Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
☒ | Accelerated filer | ☐ | |
Non-accelerated filer | ☐ | Smaller reporting company | |
Emerging growth company |
Page | ||
PART I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(Unaudited) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Cash and due from banks | $ | $ | |||||
Interest-bearing balances with banks | |||||||
Cash and cash equivalents | |||||||
Securities available for sale, at fair value | |||||||
Loans held for sale ($323,219 and $219,848 carried at fair value at June 30, 2019 and December 31, 2018, respectively) | |||||||
Loans, net of unearned income: | |||||||
Non purchased loans and leases | |||||||
Purchased loans | |||||||
Total loans, net of unearned income | |||||||
Allowance for loan losses | ( | ) | ( | ) | |||
Loans, net | |||||||
Premises and equipment, net | |||||||
Other real estate owned: | |||||||
Non purchased | |||||||
Purchased | |||||||
Total other real estate owned, net | |||||||
Goodwill | |||||||
Other intangible assets, net | |||||||
Bank-owned life insurance | |||||||
Mortgage servicing rights | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and shareholders’ equity | |||||||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | $ | $ | |||||
Interest-bearing | |||||||
Total deposits | |||||||
Short-term borrowings | |||||||
Long-term debt | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Shareholders’ equity | |||||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | |||||||
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 58,297,670 and 58,546,480 shares outstanding, respectively | |||||||
Treasury stock, at cost – 999,055 and 750,245 shares, respectively | ( | ) | ( | ) | |||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive income (loss), net of taxes | ( | ) | |||||
Total shareholders’ equity | |||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||
Securities | |||||||||||||||
Taxable | |||||||||||||||
Tax-exempt | |||||||||||||||
Other | |||||||||||||||
Total interest income | |||||||||||||||
Interest expense | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | |||||||||||||||
Total interest expense | |||||||||||||||
Net interest income | |||||||||||||||
Provision for loan losses | |||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | |||||||||||||||
Fees and commissions | |||||||||||||||
Insurance commissions | |||||||||||||||
Wealth management revenue | |||||||||||||||
Mortgage banking income | |||||||||||||||
Net (loss) gain on sales of securities | ( | ) | |||||||||||||
BOLI income | |||||||||||||||
Other | |||||||||||||||
Total noninterest income | |||||||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | |||||||||||||||
Data processing | |||||||||||||||
Net occupancy and equipment | |||||||||||||||
Other real estate owned | |||||||||||||||
Professional fees | |||||||||||||||
Advertising and public relations | |||||||||||||||
Intangible amortization | |||||||||||||||
Communications | |||||||||||||||
Merger and conversion related expenses | |||||||||||||||
Other | |||||||||||||||
Total noninterest expense | |||||||||||||||
Income before income taxes | |||||||||||||||
Income taxes | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||
Cash dividends per common share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Unrealized holding gains (losses) on securities | ( | ) | ( | ) | |||||||||||
Reclassification adjustment for losses (gains) realized in net income | ( | ) | |||||||||||||
Total securities | ( | ) | ( | ) | |||||||||||
Derivative instruments: | |||||||||||||||
Unrealized holding (losses) gains on derivative instruments | ( | ) | ( | ) | |||||||||||
Total derivative instruments | ( | ) | ( | ) | |||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | |||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||
Six Months Ended June 30, 2019 | Shares | Amount | ||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Cash dividends ($0.21 per share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | ) | — | — | ( | ) | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Cash dividends ($0.22 per share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Repurchase of shares in connection with stock repurchase program | ( | ) | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | ) | — | — | |||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | ) | $ | $ | $ | $ |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||
Six Months Ended June 30, 2018 | Shares | Amount | ||||||||||||||||||||||||
Balance at January 1, 2018 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Cash dividends ($0.19 per share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | ) | — | — | ( | ) | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
Other, net | — | — | — | — | — | |||||||||||||||||||||
Balance at March 31, 2018 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||
Cash dividends ($0.20 per share) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||
Issuance of common stock for stock-based compensation awards | — | ( | ) | — | — | ( | ) | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
Other, net | — | — | — | — | — | |||||||||||||||||||||
Balance at June 30, 2018 | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Operating activities | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Provision for loan losses | |||||||
Depreciation, amortization and accretion | |||||||
Deferred income tax expense | |||||||
Funding of mortgage loans held for sale | ( | ) | ( | ) | |||
Proceeds from sales of mortgage loans held for sale | |||||||
Gains on sales of mortgage loans held for sale | ( | ) | ( | ) | |||
Gains on sales of securities | ( | ) | |||||
Gains on sales of premises and equipment | ( | ) | ( | ) | |||
Stock-based compensation expense | |||||||
Net change in other loans held for sale | |||||||
Increase in other assets | ( | ) | ( | ) | |||
Decrease in other liabilities | ( | ) | ( | ) | |||
Net cash provided by (used in) operating activities | ( | ) | |||||
Investing activities | |||||||
Purchases of securities available for sale | ( | ) | ( | ) | |||
Proceeds from sales of securities available for sale | |||||||
Proceeds from call/maturities of securities available for sale | |||||||
Net decrease (increase) in loans | ( | ) | |||||
Purchases of premises and equipment | ( | ) | ( | ) | |||
Proceeds from sales of premises and equipment | |||||||
Net change in FHLB stock | |||||||
Proceeds from sales of other assets | |||||||
Other, net | |||||||
Net cash provided by (used in) investing activities | ( | ) | |||||
Financing activities | |||||||
Net increase in noninterest-bearing deposits | |||||||
Net (decrease) increase in interest-bearing deposits | ( | ) | |||||
Net (decrease) increase in short-term borrowings | ( | ) | |||||
Repayment of long-term debt | ( | ) | ( | ) | |||
Cash paid for dividends | ( | ) | ( | ) | |||
Repurchase of shares in connection with stock repurchase program | ( | ) | |||||
Net stock-based compensation transactions | |||||||
Net cash (used in) provided by financing activities | ( | ) | |||||
Net (decrease) increase in cash and cash equivalents | ( | ) | |||||
Cash and cash equivalents at beginning of period | |||||||
Cash and cash equivalents at end of period | $ | $ | |||||
Supplemental disclosures | |||||||
Cash paid for interest | $ | $ | |||||
Cash paid for income taxes | $ | $ | |||||
Noncash transactions: | |||||||
Transfers of loans to other real estate owned | $ | $ | |||||
Financed sales of other real estate owned | $ | $ | |||||
Transfers of loans held for sale to loans held for investment | $ | $ | |||||
Recognition of operating right-of-use assets | $ | $ | — | ||||
Recognition of operating lease liabilities | $ | $ | — |
Purchase Price: | ||||||
Shares issued to common shareholders | ||||||
Purchase price per share | $ | |||||
Value of stock paid | $ | |||||
Cash consideration paid | ||||||
Cash paid for fractional shares | ||||||
Cash settlement for stock options, net of tax benefit | ||||||
Deal charges | ||||||
Total Purchase Price | $ | |||||
Net Assets Acquired: | ||||||
Stockholders’ equity at acquisition date | $ | |||||
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||||
Securities | ( | ) | ||||
Loans, including loans held for sale | ( | ) | ||||
Premises and equipment | ||||||
Intangible assets | ||||||
Other assets | ( | ) | ||||
Deposits | ( | ) | ||||
Borrowings | ( | ) | ||||
Other liabilities | ||||||
Deferred income taxes | ||||||
Total Net Assets Acquired | ||||||
Goodwill resulting from merger(1) | $ |
Cash and cash equivalents | $ | |||
Securities | ||||
Loans, including loans held for sale | ||||
Premises and equipment | ||||
Intangible assets | ||||
Other assets | ||||
Total assets | $ | |||
Deposits | $ | |||
Borrowings | ||||
Other liabilities | ||||
Total liabilities | $ |
September 1, 2018 | ||||
Loans held for sale | $ | |||
Borrowings |
(Unaudited) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2019 | 2018 | ||||||
Net interest income - pro forma | $ | $ | |||||
Noninterest income - pro forma | $ | $ | |||||
Noninterest expense - pro forma | $ | $ | |||||
Net income - pro forma | $ | $ | |||||
Earnings per share - pro forma: | |||||||
Basic | $ | $ | |||||
Diluted | $ | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
June 30, 2019 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | ( | ) | $ | |||||||||
Obligations of states and political subdivisions | ( | ) | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||||||
Government agency collateralized mortgage obligations | ( | ) | |||||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||
Trust preferred securities | ( | ) | |||||||||||||
Other debt securities | ( | ) | |||||||||||||
$ | $ | $ | ( | ) | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2018 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | ( | ) | $ | |||||||||
Obligations of states and political subdivisions | ( | ) | |||||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||||||
Government agency collateralized mortgage obligations | ( | ) | |||||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||||||
Government agency collateralized mortgage obligations | ( | ) | |||||||||||||
Trust preferred securities | ( | ) | |||||||||||||
Other debt securities | ( | ) | |||||||||||||
$ | $ | $ | ( | ) | $ |
Carrying Value | Net Proceeds | Gain/(Loss) | |||||||||
Three months ended June 30, 2019 | |||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ( | ) | ||||||
Residential mortgage backed securities: | |||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||
Government agency collateralized mortgage obligations | ( | ) | |||||||||
$ | $ | $ | ( | ) | |||||||
Six months ended June 30, 2019 | |||||||||||
Obligations of states and political subdivisions | $ | $ | $ | ||||||||
Residential mortgage backed securities: | |||||||||||
Government agency mortgage backed securities | ( | ) | |||||||||
Government agency collateralized mortgage obligations | ( | ) | |||||||||
$ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Gross gains on sales of securities available for sale | $ | $ | $ | $ | |||||||||||
Gross losses on sales of securities available for sale | ( | ) | ( | ) | |||||||||||
Gains on sales of securities available for sale, net | $ | ( | ) | $ | $ | $ |
Available for Sale | ||||||||
Amortized Cost | Fair Value | |||||||
Due within one year | $ | $ | ||||||
Due after one year through five years | ||||||||
Due after five years through ten years | ||||||||
Due after ten years | ||||||||
Residential mortgage backed securities: | ||||||||
Government agency mortgage backed securities | ||||||||
Government agency collateralized mortgage obligations | ||||||||
Commercial mortgage backed securities: | ||||||||
Government agency mortgage backed securities | ||||||||
Government agency collateralized mortgage obligations | ||||||||
Other debt securities | ||||||||
$ | $ |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||||
Obligations of states and political subdivisions | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ) | ( | ) | |||||||||||||||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||||||||||||||||
Trust preferred securities | ( | ) | ( | ) | |||||||||||||||||||||||||
Other debt securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||||
Obligations of states and political subdivisions | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Government agency collateralized mortgage obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Trust preferred securities | ( | ) | ( | ) | |||||||||||||||||||||||||
Other debt securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
Name | Single/ Pooled | Class/ Tranche | Amortized Cost | Fair Value | Unrealized Loss | Lowest Credit Rating | Issuers Currently in Deferral or Default | |||||||||||||
XXIII | Pooled | B-2 | $ | $ | $ | ( | ) | BB | % | |||||||||||
XXVI | Pooled | B-2 | ( | ) | B | % | ||||||||||||||
$ | $ | $ | ( | ) |
2019 | 2018 | ||||||
Balance at January 1 | $ | ( | ) | $ | ( | ) | |
Additions related to credit losses for which OTTI was not previously recognized | |||||||
Increases in credit loss for which OTTI was previously recognized | |||||||
Reductions for securities sold during the period | |||||||
Balance at June 30 | $ | ( | ) | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||
Commercial, financial, agricultural | $ | $ | |||||
Lease financing | |||||||
Real estate – construction | |||||||
Real estate – 1-4 family mortgage | |||||||
Real estate – commercial mortgage | |||||||
Installment loans to individuals | |||||||
Gross loans | |||||||
Unearned income | ( | ) | ( | ) | |||
Loans, net of unearned income | $ | $ |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||
Unearned income | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Lease financing | |||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||
Unearned income | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
June 30, 2019 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Lease financing | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
December 31, 2018 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Lease financing | |||||||||||||||||||
Real estate – construction | |||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Three Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Lease financing | |||||||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Lease financing | |||||||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Three months ended June 30, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | ||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Total | $ | $ | ||||||||
Three months ended June 30, 2018 | ||||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Total | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Six months ended June 30, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | ||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Total | $ | $ | ||||||||
Six months ended June 30, 2018 | ||||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Real estate – commercial mortgage | ||||||||||
Total | $ | $ |
Number of Loans | Recorded Investment | |||||
Totals at January 1, 2019 | $ | |||||
Additional advances or loans with concessions | ||||||
Reclassified as performing restructured loan | ||||||
Reductions due to: | ||||||
Reclassified as nonperforming | ( | ) | ( | ) | ||
Paid in full | ( | ) | ( | ) | ||
Principal paydowns | ( | ) | ||||
Totals at June 30, 2019 | $ |
Pass | Watch | Substandard | Total | ||||||||||||
June 30, 2019 | |||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
December 31, 2018 | |||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Performing | Non- Performing | Total | |||||||||
June 30, 2019 | |||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||
Lease financing | |||||||||||
Real estate – construction | |||||||||||
Real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Total | $ | $ | $ | ||||||||
December 31, 2018 | |||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||
Lease financing | |||||||||||
Real estate – construction | |||||||||||
Real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Total | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
Commercial, financial, agricultural | $ | $ | |||||
Real estate – construction | |||||||
Real estate – 1-4 family mortgage | |||||||
Real estate – commercial mortgage | |||||||
Installment loans to individuals | |||||||
Gross loans | |||||||
Unearned income | |||||||
Loans, net of unearned income | $ | $ |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
June 30, 2019 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Real estate – construction | |||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
December 31, 2018 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Real estate – construction | |||||||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Three Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Lease financing | |||||||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
June 30, 2019 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||
December 31, 2018 | |||||||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | $ | ||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||||||
Real estate – commercial mortgage | |||||||||||||||||||
Installment loans to individuals | |||||||||||||||||||
Totals | $ | $ | $ | $ | $ |
Three Months Ended | Three Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Lease financing | |||||||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Three months ended June 30, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | ||||||||
Real estate – commercial mortgage | ||||||||||
Total | $ | $ | ||||||||
Three months ended June 30, 2018 | ||||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Total | $ | $ |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
Six months ended June 30, 2019 | ||||||||||
Commercial, financial, agricultural | $ | $ | ||||||||
Real estate – commercial mortgage | ||||||||||
Total | $ | $ | ||||||||
Six months ended June 30, 2018 | ||||||||||
Commercial, financial, agricultural | $ | $ | ||||||||
Real estate – 1-4 family mortgage | $ | $ | ||||||||
Real estate – commercial mortgage | ||||||||||
Total | $ | $ |
Number of Loans | Recorded Investment | |||||
Totals at January 1, 2019 | $ | |||||
Additional advances or loans with concessions | ||||||
Reclassified as performing restructured loan | ||||||
Reductions due to: | ||||||
Reclassified to nonperforming loans | ( | ) | ( | ) | ||
Paid in full | ( | ) | ( | ) | ||
Principal paydowns | ( | ) | ||||
Totals at June 30, 2019 | $ |
Pass | Watch | Substandard | Total | ||||||||||||
June 30, 2019 | |||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ | |||||||||||
December 31, 2018 | |||||||||||||||
Commercial, financial, agricultural | $ | $ | $ | $ | |||||||||||
Real estate – construction | |||||||||||||||
Real estate – 1-4 family mortgage | |||||||||||||||
Real estate – commercial mortgage | |||||||||||||||
Installment loans to individuals | |||||||||||||||
Total | $ | $ | $ | $ |
Performing | Non- Performing | Total | |||||||||
June 30, 2019 | |||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||
Real estate – construction | |||||||||||
Real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Total | $ | $ | $ | ||||||||
December 31, 2018 | |||||||||||
Commercial, financial, agricultural | $ | $ | $ | ||||||||
Real estate – construction | |||||||||||
Real estate – 1-4 family mortgage | |||||||||||
Real estate – commercial mortgage | |||||||||||
Installment loans to individuals | |||||||||||
Total | $ | $ | $ |
Total Purchased Credit Deteriorated Loans | |||
June 30, 2019 | |||
Commercial, financial, agricultural | $ | ||
Real estate – 1-4 family mortgage | |||
Real estate – commercial mortgage | |||
Installment loans to individuals | |||
Total | $ | ||
December 31, 2018 | |||
Commercial, financial, agricultural | $ | ||
Real estate – 1-4 family mortgage | |||
Real estate – commercial mortgage | |||
Installment loans to individuals | |||
Total | $ |
Total Purchased Credit Deteriorated Loans | |||
Contractually-required principal and interest | $ | ||
Nonaccretable difference(1) | ( | ) | |
Cash flows expected to be collected | |||
Accretable yield(2) | ( | ) | |
Fair value | $ |
(1) | Represents contractual principal and interest cash flows of $ |
(2) | Represents contractual principal and interest cash flows of $ |
Total Purchased Credit Deteriorated Loans | |||
Balance at January 1, 2019 | $ | ( | ) |
Reclassification from nonaccretable difference | ( | ) | |
Accretion | |||
Charge-offs | |||
Balance at June 30, 2019 | $ | ( | ) |
At acquisition date: | September 1, 2018 | |||
Contractually-required principal and interest | $ | |||
Nonaccretable difference | ( | ) | ||
Cash flows expected to be collected | ||||
Accretable yield | ( | ) | ||
Fair value | $ |
June 30, 2019 | December 31, 2018 | ||||||
Commercial, financial, agricultural | $ | $ | |||||
Lease financing | |||||||
Real estate – construction | |||||||
Real estate – 1-4 family mortgage | |||||||
Real estate – commercial mortgage | |||||||
Installment loans to individuals | |||||||
Gross loans | |||||||
Unearned income | ( | ) | ( | ) | |||
Loans, net of unearned income | |||||||
Allowance for loan losses | ( | ) | ( | ) | |||
Net loans | $ | $ |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Net recoveries (charge-offs) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Provision for loan losses charged to operations | ( | ) | |||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Provision for loan losses charged to operations | ( | ) | |||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
(1) | Includes lease financing receivables. |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Provision for loan losses charged to operations | ( | ) | |||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Provision for loan losses charged to operations | ( | ) | ( | ) | |||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Period-End Amount Allocated to: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
(1) | Includes lease financing receivables. |
Commercial | Real Estate - Construction | Real Estate - 1-4 Family Mortgage | Real Estate - Commercial Mortgage | Installment and Other(1) | Total | ||||||||||||||||||
June 30, 2019 | |||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||
Purchased with deteriorated credit quality | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
(1) | Includes lease financing receivables. |
Purchased OREO | Non Purchased OREO | Total OREO | |||||||||
June 30, 2019 | |||||||||||
Residential real estate | $ | $ | $ | ||||||||
Commercial real estate | |||||||||||
Residential land development | |||||||||||
Commercial land development | |||||||||||
Total | $ | $ | $ | ||||||||
December 31, 2018 | |||||||||||
Residential real estate | $ | $ | $ | ||||||||
Commercial real estate | |||||||||||
Residential land development | |||||||||||
Commercial land development | |||||||||||
Total | $ | $ | $ |
Purchased OREO | Non Purchased OREO | Total OREO | |||||||||
Balance at January 1, 2019 | $ | $ | $ | ||||||||
Transfers of loans | |||||||||||
Impairments | ( | ) | ( | ) | ( | ) | |||||
Dispositions | ( | ) | ( | ) | ( | ) | |||||
Balance at June 30, 2019 | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Repairs and maintenance | $ | $ | $ | $ | |||||||||||
Property taxes and insurance | |||||||||||||||
Impairments | |||||||||||||||
Net (gains) losses on OREO sales | ( | ) | ( | ) | ( | ) | |||||||||
Rental income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total | $ | $ | $ | $ |
Community Banks | Insurance | Total | |||||||||
Balance at January 1, 2019 | $ | $ | $ | ||||||||
Measurement period adjustment to goodwill from previous acquisition | |||||||||||
Balance at June 30, 2019 | $ | $ | $ |
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
June 30, 2019 | |||||||||||
Core deposit intangibles | $ | $ | ( | ) | $ | ||||||
Customer relationship intangible | ( | ) | |||||||||
Total finite-lived intangible assets | $ | $ | ( | ) | $ | ||||||
December 31, 2018 | |||||||||||
Core deposit intangibles | $ | $ | ( | ) | $ | ||||||
Customer relationship intangible | ( | ) | |||||||||
Total finite-lived intangible assets | $ | $ | ( | ) | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Amortization expense for: | |||||||||||||||
Core deposit intangibles | $ | $ | $ | $ | |||||||||||
Customer relationship intangible | |||||||||||||||
Total intangible amortization | $ | $ | $ | $ |
Core Deposit Intangibles | Customer Relationship Intangible | Total | |||||||||
2019 | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 |
Balance at January 1, 2019 | $ | ||
Capitalization | |||
Amortization | ( | ) | |
Balance at June 30, 2019 | $ |
June 30, 2019 | December 31, 2018 | |||||||
Unpaid principal balance | $ | $ | ||||||
Weighted-average prepayment speed (CPR) | % | % | ||||||
Estimated impact of a 10% increase | $ | ( | ) | $ | ( | ) | ||
Estimated impact of a 20% increase | ( | ) | ( | ) | ||||
Discount rate | % | % | ||||||
Estimated impact of a 10% increase | $ | ( | ) | $ | ( | ) | ||
Estimated impact of a 20% increase | ( | ) | ( | ) | ||||
Weighted-average coupon interest rate | % | % | ||||||
Weighted-average servicing fee (basis points) | ||||||||
Weighted-average remaining maturity (in years) |
Pension Benefits | Other Benefits | ||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | |||||||||||
Recognized actuarial loss | |||||||||||||||
Net periodic benefit (return) cost | $ | $ | ( | ) | $ | $ |
Pension Benefits | Other Benefits | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||
Interest cost | |||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | |||||||||||
Recognized actuarial loss (gain) | ( | ) | |||||||||||||
Net periodic benefit (return) cost | $ | $ | ( | ) | $ | $ |
Shares | Weighted Average Exercise Price | ||||||
Options outstanding at beginning of period | $ | ||||||
Granted | |||||||
Exercised | ( | ) | |||||
Forfeited | |||||||
Options outstanding at end of period | $ |
Performance-Based Restricted Stock | Weighted Average Grant-Date Fair Value | Time- Based Restricted Stock | Weighted Average Grant-Date Fair Value | |||||||||||
Nonvested at beginning of period | $ | $ | ||||||||||||
Awarded | ||||||||||||||
Vested | ( | ) | ||||||||||||
Cancelled | ( | ) | ||||||||||||
Nonvested at end of period | $ | $ |
Fair Value | |||||||||
Balance Sheet Location | June 30, 2019 | December 31, 2018 | |||||||
Derivative assets: | |||||||||
Not designated as hedging instruments: | |||||||||
Interest rate contracts | Other Assets | $ | $ | ||||||
Interest rate lock commitments | Other Assets | ||||||||
Forward commitments | Other Assets | ||||||||
Totals | $ | $ | |||||||
Derivative liabilities: | |||||||||
Designated as hedging instruments: | |||||||||
Interest rate swaps | Other Liabilities | $ | $ | ||||||
Totals | $ | $ | |||||||
Not designated as hedging instruments: | |||||||||
Interest rate contracts | Other Liabilities | $ | $ | ||||||
Interest rate lock commitments | Other Liabilities | ||||||||
Forward commitments | Other Liabilities | ||||||||
Totals | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||
Interest rate contracts: | |||||||||||||||
Included in interest income on loans | $ | $ | $ | $ | |||||||||||
Interest rate lock commitments: | |||||||||||||||
Included in mortgage banking income | ( | ) | |||||||||||||
Forward commitments | |||||||||||||||
Included in mortgage banking income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total | $ | $ | ( | ) | $ | $ |
Offsetting Derivative Assets | Offsetting Derivative Liabilities | ||||||||||||||
June 30, 2019 | December 31, 2018 | June 30, 2019 | December 31, 2018 | ||||||||||||
Gross amounts recognized | $ | $ | $ | $ | |||||||||||
Gross amounts offset in the Consolidated Balance Sheets | |||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | |||||||||||||||
Gross amounts not offset in the Consolidated Balance Sheets | |||||||||||||||
Financial instruments | |||||||||||||||
Financial collateral pledged | |||||||||||||||
Net amounts | $ | $ | $ | $ |
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
Deferred tax assets | |||||||
Allowance for loan losses | $ | $ | |||||
Loans | |||||||
Deferred compensation | |||||||
Securities | ( | ) | |||||
Impairment of assets | |||||||
Federal and State net operating loss carryforwards | |||||||
Other | |||||||
Total deferred tax assets | |||||||
Deferred tax liabilities | |||||||
Investment in partnerships | |||||||
Fixed assets | |||||||
Mortgage servicing rights | |||||||
Junior subordinated debt | |||||||
Other | |||||||
Total deferred tax liabilities | |||||||
Net deferred tax assets | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Tax credit amortization | $ | $ | $ | $ | |||||||||||
Tax credits and other benefits | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Total | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
June 30, 2019 | |||||||||||||||
Financial assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | $ | |||||||||||
Obligations of states and political subdivisions | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | |||||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | |||||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||
Trust preferred securities | |||||||||||||||
Other debt securities | |||||||||||||||
Total securities available for sale | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | |||||||||||||||
Interest rate lock commitments | |||||||||||||||
Forward commitments | |||||||||||||||
Total derivative instruments | |||||||||||||||
Mortgage loans held for sale in loans held for sale | |||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||
Financial liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||
Interest rate contracts | |||||||||||||||
Interest rate lock commitments | |||||||||||||||
Forward commitments | |||||||||||||||
Total derivative instruments | |||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | Totals | ||||||||||||
December 31, 2018 | |||||||||||||||
Financial assets: | |||||||||||||||
Securities available for sale: | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | $ | $ | $ | |||||||||||
Obligations of states and political subdivisions | |||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | |||||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||
Commercial mortgage-backed securities: | |||||||||||||||
Government agency mortgage backed securities | |||||||||||||||
Government agency collateralized mortgage obligations | |||||||||||||||
Trust preferred securities | |||||||||||||||
Other debt securities | |||||||||||||||
Total securities available for sale | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | |||||||||||||||
Interest rate lock commitments | |||||||||||||||
Total derivative instruments | |||||||||||||||
Mortgage loans held for sale | |||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||
Financial liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||
Interest rate contracts | |||||||||||||||
Forward commitments | |||||||||||||||
Total derivative instruments | |||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
Three Months Ended June 30, 2019 | Trust preferred securities | ||
Balance at April 1, 2019 | $ | ||
Accretion included in net income | |||
Unrealized gains included in other comprehensive income | |||
Purchases | |||
Sales | |||
Issues | |||
Settlements | ( | ) | |
Transfers into Level 3 | |||
Transfers out of Level 3 | |||
Balance at June 30, 2019 | $ |
Three Months Ended June 30, 2018 | Trust preferred securities | ||
Balance at April 1, 2018 | $ | ||
Accretion included in net income | |||
Unrealized gains included in other comprehensive income | |||
Purchases | |||
Sales | |||
Issues | |||
Settlements | ( | ) | |
Transfers into Level 3 | |||
Transfers out of Level 3 | |||
Balance at June 30, 2018 | $ |
Six Months Ended June 30, 2019 | Trust preferred securities | ||
Balance at January 1, 2019 | $ | ||
Accretion included in net income | |||
Unrealized losses included in other comprehensive income | ( | ) | |
Purchases | |||
Sales | |||
Issues | |||
Settlements | ( | ) | |
Transfers into Level 3 | |||
Transfers out of Level 3 | |||
Balance at June 30, 2019 | $ |
Six Months Ended June 30, 2018 | Trust preferred securities | ||
Balance at January 1, 2018 | $ | ||
Accretion included in net income | |||
Unrealized gains included in other comprehensive income | |||
Reclassification adjustment | |||
Purchases | |||
Sales | |||
Issues | |||
Settlements | ( | ) | |
Transfers into Level 3 | |||
Transfers out of Level 3 | |||
Balance at June 30, 2018 | $ |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||
Trust preferred securities | $ | Discounted cash flows | Default rate | 0-100% |
June 30, 2019 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||
Impaired loans | $ | $ | $ | $ | |||||||||||
OREO | |||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2018 | Level 1 | Level 2 | Level 3 | Totals | |||||||||||
Impaired loans | $ | $ | $ | $ | |||||||||||
OREO | |||||||||||||||
Total | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
Carrying amount prior to remeasurement | $ | $ | |||||
Impairment recognized in results of operations | ( | ) | ( | ) | |||
Fair value | $ | $ |
Financial instrument | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range of Inputs | |||||
Impaired loans | $ | Appraised value of collateral less estimated costs to sell | Estimated costs to sell | 4-10% | |||||
OREO | Appraised value of property less estimated costs to sell | Estimated costs to sell | 4-10% |
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | |||||||||
Mortgage loans held for sale measured at fair value | $ | $ | $ | ||||||||
Past due loans of 90 days or more | |||||||||||
Nonaccrual loans |
Fair Value | |||||||||||||||||||
As of June 30, 2019 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Securities available for sale | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans, net | |||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||
Derivative instruments | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Short-term borrowings | |||||||||||||||||||
Other long-term borrowings | |||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||
Subordinated notes | |||||||||||||||||||
Derivative instruments |
Fair Value | |||||||||||||||||||
As of December 31, 2018 | Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial assets | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Securities available for sale | |||||||||||||||||||
Loans held for sale | |||||||||||||||||||
Loans, net | |||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||
Derivative instruments | |||||||||||||||||||
Financial liabilities | |||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||
Short-term borrowings | |||||||||||||||||||
Other long-term borrowings | |||||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||||
Junior subordinated debentures | |||||||||||||||||||
Subordinated notes | |||||||||||||||||||
Derivative instruments |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||
Three months ended June 30, 2019 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | $ | $ | ||||||||
Reclassification adjustment for losses realized in net income | |||||||||||
Total securities available for sale | |||||||||||
Derivative instruments: | |||||||||||
Unrealized holding losses on derivative instruments | ( | ) | ( | ) | ( | ) | |||||
Total derivative instruments | ( | ) | ( | ) | ( | ) | |||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||
Total other comprehensive income | $ | $ | $ | ||||||||
Three months ended June 30, 2018 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding losses on securities | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Total securities available for sale | ( | ) | ( | ) | ( | ) | |||||
Derivative instruments: | |||||||||||
Unrealized holding gains on derivative instruments | |||||||||||
Total derivative instruments | |||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||
Total other comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pre-Tax | Tax Expense (Benefit) | Net of Tax | |||||||||
Six months ended June 30, 2019 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding gains on securities | $ | $ | $ | ||||||||
Reclassification adjustment for gains realized in net income | ( | ) | ( | ) | ( | ) | |||||
Total securities available for sale | |||||||||||
Derivative instruments: | |||||||||||
Unrealized holding losses on derivative instruments | ( | ) | ( | ) | ( | ) | |||||
Total derivative instruments | ( | ) | ( | ) | ( | ) | |||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||
Total other comprehensive income | $ | $ | $ | ||||||||
Six months ended June 30, 2018 | |||||||||||
Securities available for sale: | |||||||||||
Unrealized holding losses on securities | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Total securities available for sale | ( | ) | ( | ) | ( | ) | |||||
Derivative instruments: | |||||||||||
Unrealized holding gains on derivative instruments | |||||||||||
Total derivative instruments | |||||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | |||||||||||
Total defined benefit pension and post-retirement benefit plans | |||||||||||
Total other comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||
Unrealized gains on securities | $ | $ | |||||
Non-credit related portion of other-than-temporary impairment on securities | ( | ) | ( | ) | |||
Unrealized losses on derivative instruments | ( | ) | ( | ) | |||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | ( | ) | ( | ) | |||
Total accumulated other comprehensive income (loss) | $ | $ | ( | ) |
Three Months Ended | |||||||
June 30, | |||||||
2019 | 2018 | ||||||
Basic | |||||||
Net income applicable to common stock | $ | $ | |||||
Average common shares outstanding | |||||||
Net income per common share - basic | $ | $ | |||||
Diluted | |||||||
Net income applicable to common stock | $ | $ | |||||
Average common shares outstanding | |||||||
Effect of dilutive stock-based compensation | |||||||
Average common shares outstanding - diluted | |||||||
Net income per common share - diluted | $ | $ |
Six Months Ended | |||||||
June 30, | |||||||
2019 | 2018 | ||||||
Basic | |||||||
Net income applicable to common stock | $ | $ | |||||
Average common shares outstanding | |||||||
Net income per common share - basic | $ | $ | |||||
Diluted | |||||||
Net income applicable to common stock | $ | $ | |||||
Average common shares outstanding | |||||||
Effect of dilutive stock-based compensation | |||||||
Average common shares outstanding - diluted | |||||||
Net income per common share - diluted | $ | $ |
Three Months Ended | |||
June 30, | |||
2019 | 2018 | ||
Number of shares | |||
Exercise prices (for stock option awards) |
Six Months Ended | |||
June 30, | |||
2019 | 2018 | ||
Number of shares | |||
Exercise prices (for stock option awards) |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk – Weighted Assets | Total Capital to Risk – Weighted Assets | |||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
June 30, 2019 | December 31, 2018 | ||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||
Renasant Corporation | |||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | % | $ | % | |||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||
Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||
Total Capital to Risk-Weighted Assets | % | % | |||||||||||
Renasant Bank | |||||||||||||
Tier 1 Capital to Average Assets (Leverage) | $ | % | $ | % | |||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||
Tier 1 Capital to Risk-Weighted Assets | % | % | |||||||||||
Total Capital to Risk-Weighted Assets | % | % |
• | The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities. |
• | The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. |
• | The Wealth Management segment offers a broad range of fiduciary services which include the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision for loan losses | |||||||||||||||||||
Noninterest income | ( | ) | |||||||||||||||||
Noninterest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||||
Three months ended June 30, 2018 | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision for loan losses | |||||||||||||||||||
Noninterest income | ( | ) | |||||||||||||||||
Noninterest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ |
Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision for loan losses | |||||||||||||||||||
Noninterest income (loss) | ( | ) | |||||||||||||||||
Noninterest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||||
Six months ended June 30, 2018 | |||||||||||||||||||
Net interest income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Provision for loan losses | |||||||||||||||||||
Noninterest income | ( | ) | |||||||||||||||||
Noninterest expense | |||||||||||||||||||
Income (loss) before income taxes | ( | ) | |||||||||||||||||
Income tax expense (benefit) | ( | ) | |||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ |
Remainder of 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total lease receivables | $ |
Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||||
Operating lease cost (cost resulting from lease payments) | $ | $ | ||||
Short-term lease cost | ||||||
Variable lease cost (cost excluded from lease payments) | ||||||
Sublease income | ( | ) | ( | ) | ||
Total lease cost | $ | $ | ||||
Operating lease - operating cash flows (fixed payments) | ||||||
Operating lease - operating cash flows (liability reduction) | ||||||
Weighted average lease term - operating leases (in years) | ||||||
Weighted average discount rate - operating leases | % | % | ||||
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | $ |
Remainder of 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total undiscounted cash flows | |||
Discount on cash flows | |||
Total operating lease liabilities | $ |
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||
Balance | Percentage of Portfolio | Balance | Percentage of Portfolio | ||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 2,539 | 0.20 | % | $ | 2,511 | 0.20 | % | |||||
Obligations of states and political subdivisions | 173,997 | 13.72 | 203,269 | 16.25 | |||||||||
Mortgage-backed securities | 1,032,278 | 81.39 | 990,437 | 79.19 | |||||||||
Trust preferred securities | 10,386 | 0.82 | 10,633 | 0.85 | |||||||||
Other debt securities | 49,080 | 3.87 | 43,927 | 3.51 | |||||||||
$ | 1,268,280 | 100.00 | % | $ | 1,250,777 | 100.00 | % |
June 30, 2019 | December 31, 2018 | ||||||||||||
Balance | Percentage of Total Loans | Balance | Percentage of Total Loans | ||||||||||
Commercial, financial, agricultural | $ | 1,305,076 | 14.41 | % | $ | 1,295,912 | 14.27 | % | |||||
Lease financing | 59,158 | 0.65 | 61,865 | 0.68 | |||||||||
Real estate – construction | 781,531 | 8.63 | 740,668 | 8.15 | |||||||||
Real estate – 1-4 family mortgage | 2,765,472 | 30.55 | 2,795,343 | 30.78 | |||||||||
Real estate – commercial mortgage | 4,017,969 | 44.37 | 4,051,509 | 44.60 | |||||||||
Installment loans to individuals | 125,448 | 1.39 | 137,832 | 1.52 | |||||||||
Total loans, net of unearned income | $ | 9,054,654 | 100.00 | % | $ | 9,083,129 | 100.00 | % |
June 30, 2019 | |||||||||||
Non Purchased | Purchased | Total Loans | |||||||||
Commercial, financial, agricultural | $ | 930,598 | $ | 374,478 | $ | 1,305,076 | |||||
Lease financing, net of unearned income | 59,158 | — | 59,158 | ||||||||
Real estate – construction: | |||||||||||
Residential | 246,835 | 30,644 | 277,479 | ||||||||
Commercial | 464,389 | 34,758 | 499,147 | ||||||||
Condominiums | 4,905 | — | 4,905 | ||||||||
Total real estate – construction | 716,129 | 65,402 | 781,531 | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 1,281,079 | 393,447 | 1,674,526 | ||||||||
Home equity | 455,435 | 134,426 | 589,861 | ||||||||
Rental/investment | 296,783 | 50,274 | 347,057 | ||||||||
Land development | 127,320 | 26,708 | 154,028 | ||||||||
Total real estate – 1-4 family mortgage | 2,160,617 | 604,855 | 2,765,472 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,083,059 | 510,347 | 1,593,406 | ||||||||
Non-owner occupied | 1,530,009 | 718,977 | 2,248,986 | ||||||||
Land development | 128,334 | 47,243 | 175,577 | ||||||||
Total real estate – commercial mortgage | 2,741,402 | 1,276,567 | 4,017,969 | ||||||||
Installment loans to individuals | 96,384 | 29,064 | 125,448 | ||||||||
Total loans, net of unearned income | $ | 6,704,288 | $ | 2,350,366 | $ | 9,054,654 |
December 31, 2018 | |||||||||||
Non Purchased | Purchased | Total Loans | |||||||||
Commercial, financial, agricultural | $ | 875,649 | $ | 420,263 | $ | 1,295,912 | |||||
Lease financing, net of unearned income | 61,865 | — | 61,865 | ||||||||
Real estate – construction: | |||||||||||
Residential | 214,452 | 55,096 | 269,548 | ||||||||
Commercial | 421,067 | 50,053 | 471,120 | ||||||||
Condominiums | — | — | — | ||||||||
Total real estate – construction | 635,519 | 105,149 | 740,668 | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 1,221,908 | 458,035 | 1,679,943 | ||||||||
Home equity | 452,248 | 157,245 | 609,493 | ||||||||
Rental/investment | 304,309 | 57,878 | 362,187 | ||||||||
Land development | 109,425 | 34,295 | 143,720 | ||||||||
Total real estate – 1-4 family mortgage | 2,087,890 | 707,453 | 2,795,343 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 1,052,521 | 547,741 | 1,600,262 | ||||||||
Non-owner occupied | 1,446,353 | 826,506 | 2,272,859 | ||||||||
Land development | 129,491 | 48,897 | 178,388 | ||||||||
Total real estate – commercial mortgage | 2,628,365 | 1,423,144 | 4,051,509 | ||||||||
Installment loans to individuals | 100,424 | 37,408 | 137,832 | ||||||||
Total loans, net of unearned income | $ | 6,389,712 | $ | 2,693,417 | $ | 9,083,129 |
Three Months Ended | |||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
Merger and conversion expenses | $ | 179 | $ | 138 | $ | — | $ | 500 | $ | 389 | $ | 0.01 | |||||||
Six Months Ended | |||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
Merger and conversion expenses | $ | 179 | $ | 138 | $ | — | $ | 1,400 | $ | 1,090 | $ | 0.02 |
Three Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans held for investment: | |||||||||||||||||||||
Non purchased | $ | 6,622,202 | $ | 83,922 | 5.08 | % | $ | 5,920,430 | $ | 69,737 | 4.72 | % | |||||||||
Purchased | 2,421,586 | 38,783 | 6.42 | 1,783,791 | 27,308 | 6.14 | |||||||||||||||
Total loans held for investment | 9,043,788 | 122,705 | 5.44 | 7,704,221 | 97,045 | 5.05 | |||||||||||||||
Loans held for sale | 353,103 | 5,191 | 5.90 | 209,652 | 2,381 | 4.56 | |||||||||||||||
Securities: | |||||||||||||||||||||
Taxable(1) | 1,084,736 | 7,699 | 2.85 | 819,004 | 5,638 | 2.76 | |||||||||||||||
Tax-exempt | 177,535 | 1,860 | 4.20 | 220,943 | 2,358 | 4.28 | |||||||||||||||
Interest-bearing balances with banks | 283,330 | 1,830 | 2.59 | 113,196 | 569 | 2.02 | |||||||||||||||
Total interest-earning assets | 10,942,492 | 139,285 | 5.11 | 9,067,016 | 107,991 | 4.78 | |||||||||||||||
Cash and due from banks | 178,606 | 158,173 | |||||||||||||||||||
Intangible assets | 974,628 | 633,155 | |||||||||||||||||||
Other assets | 668,943 | 483,519 | |||||||||||||||||||
Total assets | $ | 12,764,669 | $ | 10,341,863 | |||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand(2) | $ | 4,737,780 | $ | 10,495 | 0.89 | % | $ | 4,054,909 | $ | 5,441 | 0.54 | % | |||||||||
Savings deposits | 644,540 | 329 | 0.20 | 593,227 | 227 | 0.15 | |||||||||||||||
Time deposits | 2,368,666 | 10,167 | 1.72 | 1,872,987 | 5,251 | 1.12 | |||||||||||||||
Total interest-bearing deposits | 7,750,986 | 20,991 | 1.09 | 6,521,123 | 10,919 | 0.67 | |||||||||||||||
Borrowed funds | 354,234 | 4,071 | 4.61 | 329,287 | 3,266 | 3.98 | |||||||||||||||
Total interest-bearing liabilities | 8,105,220 | 25,062 | 1.24 | 6,850,410 | 14,185 | 0.83 | |||||||||||||||
Noninterest-bearing deposits | 2,395,899 | 1,867,925 | |||||||||||||||||||
Other liabilities | 161,457 | 81,457 | |||||||||||||||||||
Shareholders’ equity | 2,102,093 | 1,542,071 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,764,669 | $ | 10,341,863 | |||||||||||||||||
Net interest income/net interest margin | $ | 114,223 | 4.19 | % | $ | 93,806 | 4.15 | % |
Six Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans: | |||||||||||||||||||||
Non purchased | $ | 6,538,998 | $ | 165,106 | 5.09 | % | $ | 5,805,459 | $ | 134,348 | 4.67 | % | |||||||||
Purchased | 2,512,753 | 78,968 | 6.34 | 1,870,305 | 56,070 | 6.05 | |||||||||||||||
Total Loans | 9,051,751 | 244,074 | 5.44 | 7,675,764 | 190,418 | 5.00 | |||||||||||||||
Loans held for sale | 349,205 | 11,028 | 6.37 | 181,134 | 4,052 | 4.51 | |||||||||||||||
Securities: | |||||||||||||||||||||
Taxable(1) | 1,073,422 | 15,591 | 2.93 | 713,410 | 9,552 | 2.70 | |||||||||||||||
Tax-exempt | 184,350 | 3,882 | 4.25 | 223,673 | 4,764 | 4.30 | |||||||||||||||
Interest-bearing balances with banks | 260,251 | 3,288 | 2.55 | 120,713 | 1,152 | 1.92 | |||||||||||||||
Total interest-earning assets | 10,918,979 | 277,863 | 5.13 | 8,914,694 | 209,938 | 4.75 | |||||||||||||||
Cash and due from banks | 185,198 | 160,644 | |||||||||||||||||||
Intangible assets | 975,718 | 634,022 | |||||||||||||||||||
Other assets | 668,002 | 490,239 | |||||||||||||||||||
Total assets | $ | 12,747,897 | $ | 10,199,599 | |||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Interest-bearing demand(2) | $ | 4,763,837 | $ | 20,569 | 0.87 | % | $ | 3,983,751 | $ | 8,848 | 0.45 | % | |||||||||
Savings deposits | 637,644 | 621 | 0.20 | 587,244 | 378 | 0.13 | |||||||||||||||
Time deposits | 2,373,823 | 19,573 | 1.66 | 1,847,195 | 9,752 | 1.06 | |||||||||||||||
Total interest-bearing deposits | 7,775,304 | 40,763 | 1.06 | 6,418,190 | 18,978 | 0.60 | |||||||||||||||
Borrowed funds | 358,662 | 8,246 | 4.64 | 321,799 | 6,347 | 3.98 | |||||||||||||||
Total interest-bearing liabilities | 8,133,966 | 49,009 | 1.22 | 6,739,989 | 25,325 | 0.76 | |||||||||||||||
Noninterest-bearing deposits | 2,369,300 | 1,843,025 | |||||||||||||||||||
Other liabilities | 160,798 | 83,563 | |||||||||||||||||||
Shareholders’ equity | 2,083,833 | 1,533,022 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,747,897 | $ | 10,199,599 | |||||||||||||||||
Net interest income/net interest margin | $ | 228,854 | 4.23 | % | $ | 184,613 | 4.18 | % |
Three Months Ended June 30, 2019 | |||||||||||
Volume | Rate | Net | |||||||||
Interest income: | |||||||||||
Loans held for investment: | |||||||||||
Non purchased | $ | 8,648 | $ | 5,537 | $ | 14,185 | |||||
Purchased | 10,163 | 1,312 | 11,475 | ||||||||
Loans held for sale | 2,906 | (96 | ) | 2,810 | |||||||
Securities: | |||||||||||
Taxable | 1,881 | 180 | 2,061 | ||||||||
Tax-exempt | (455 | ) | (43 | ) | (498 | ) | |||||
Interest-bearing balances with banks | 1,060 | 201 | 1,261 | ||||||||
Total interest-earning assets | 24,203 | 7,091 | 31,294 | ||||||||
Interest expense: | |||||||||||
Interest-bearing demand deposits | 1,039 | 4,015 | 5,054 | ||||||||
Savings deposits | 21 | 81 | 102 | ||||||||
Time deposits | 1,635 | 3,281 | 4,916 | ||||||||
Borrowed funds | 260 | 545 | 805 | ||||||||
Total interest-bearing liabilities | 2,955 | 7,922 | 10,877 | ||||||||
Change in net interest income | $ | 21,248 | $ | (831 | ) | $ | 20,417 | ||||
Six Months Ended June 30, 2019 | |||||||||||
Volume | Rate | Net | |||||||||
Interest income: | |||||||||||
Loans: | |||||||||||
Non purchased | $ | 17,874 | $ | 12,884 | $ | 30,758 | |||||
Purchased | 20,075 | 2,823 | 22,898 | ||||||||
Loans held for sale | 6,981 | (5 | ) | 6,976 | |||||||
Securities: | |||||||||||
Taxable | 5,170 | 869 | 6,039 | ||||||||
Tax-exempt | (828 | ) | (54 | ) | (882 | ) | |||||
Interest-bearing balances with banks | 1,669 | 467 | 2,136 | ||||||||
Total interest-earning assets | 50,941 | 16,984 | 67,925 | ||||||||
Interest expense: | |||||||||||
Interest-bearing demand deposits | 2,013 | 9,708 | 11,721 | ||||||||
Savings deposits | 35 | 208 | 243 | ||||||||
Time deposits | 3,306 | 6,515 | 9,821 | ||||||||
Borrowed funds | 776 | 1,123 | 1,899 | ||||||||
Total interest-bearing liabilities | 6,130 | 17,554 | 23,684 | ||||||||
Change in net interest income | $ | 44,811 | $ | (570 | ) | $ | 44,241 |
Percentage of Total Average Earning Assets | Yield | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Loans held for investment | 82.65 | % | 84.97 | % | 5.44 | % | 5.05 | % | |||
Loans held for sale | 3.23 | 2.31 | 5.90 | 4.56 | |||||||
Securities | 11.54 | 11.47 | 3.04 | 3.08 | |||||||
Other | 2.58 | 1.25 | 2.59 | 2.02 | |||||||
Total earning assets | 100.00 | % | 100.00 | % | 5.11 | % | 4.78 | % |
Percentage of Total Average Earning Assets | Yield | ||||||||||
Six Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Loans | 82.90 | % | 86.10 | % | 5.44 | % | 5.00 | % | |||
Loans held for sale | 3.20 | 2.03 | 6.37 | 4.51 | |||||||
Securities | 11.52 | 10.51 | 3.12 | 3.08 | |||||||
Interest-bearing balances with banks | 2.38 | 1.36 | 2.55 | 1.92 | |||||||
Total earning assets | 100.00 | % | 100.00 | % | 5.13 | % | 4.75 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Taxable equivalent interest income on loans | $ | 127,896 | $ | 99,426 | $ | 255,102 | $ | 194,470 | |||||||
Average loans, including loans held for sale | 9,396,891 | 7,913,873 | 9,400,956 | 7,856,898 | |||||||||||
Loan yield | 5.46 | % | 5.04 | % | 5.47 | % | 4.99 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net interest income collected on problem loans | $ | 2,173 | $ | 1,045 | $ | 2,985 | $ | 1,403 | |||||||
Accretable yield recognized on purchased loans(1) | 7,513 | 5,719 | 15,056 | 11,837 | |||||||||||
Total impact to interest income on loans | $ | 9,686 | $ | 6,764 | $ | 18,041 | $ | 13,240 | |||||||
Impact to loan yield | 0.41 | % | 0.35 | % | 0.39 | % | 0.35 | % | |||||||
Impact to net interest margin | 0.36 | % | 0.30 | % | 0.33 | % | 0.30 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $4,197 and $3,316, for the second quarter of 2019 and 2018, respectively. This impact was $8,030 and $6,674 for the six months ended June 30, 2019 and 2018, respectively. This additional interest income increased total loan yield by 18 basis points and 17 basis points for the second quarter of 2019 and 2018, respectively, while increasing net interest margin by 15 basis points for the same periods. For the six months ended June 30, 2019 and 2018 the additional interest income increased total loan yield by 17 basis points for each period while increasing net interest margin by 15 basis points in each period. |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Noninterest-bearing demand | 22.82 | % | 21.43 | % | — | % | — | % | |||
Interest-bearing demand | 45.12 | 46.51 | 0.89 | 0.54 | |||||||
Savings | 6.14 | 6.80 | 0.20 | 0.15 | |||||||
Time deposits | 22.56 | 21.48 | 1.72 | 1.12 | |||||||
Short term borrowings | 0.85 | 1.40 | 2.66 | 1.52 | |||||||
Long-term Federal Home Loan Bank advances | 0.06 | 0.08 | 3.28 | 3.30 | |||||||
Subordinated notes | 1.40 | 1.31 | 6.13 | 5.57 | |||||||
Other borrowed funds | 1.05 | 0.99 | 4.60 | 5.41 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.96 | % | 0.65 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||
Six Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Noninterest-bearing demand | 22.56 | % | 21.47 | % | — | % | — | % | |||
Interest-bearing demand | 45.36 | 46.43 | 0.87 | 0.45 | |||||||
Savings | 6.07 | 6.84 | 0.20 | 0.13 | |||||||
Time deposits | 22.60 | 21.52 | 1.66 | 1.06 | |||||||
Short-term borrowings | 0.91 | 1.33 | 2.52 | 1.48 | |||||||
Long-term Federal Home Loan Bank advances | 0.06 | 0.08 | 3.26 | 3.35 | |||||||
Subordinated notes | 1.40 | 1.33 | 6.10 | 5.60 | |||||||
Other long term borrowings | 1.04 | 1.00 | 4.59 | 5.19 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.94 | % | 0.60 | % |
Noninterest Income to Average Assets | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2019 | 2018 | 2019 | 2018 | |||
1.32% | 1.38% | 1.23% | 1.37% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Mortgage servicing income, net | $ | 774 | $ | 926 | $ | 1,594 | $ | 2,080 | |||||||
Gain on sales of loans, net | 12,901 | 10,719 | 20,789 | 19,517 | |||||||||||
Fees, net | 2,945 | 1,194 | 4,638 | 2,202 | |||||||||||
Mortgage banking income, net | $ | 16,620 | $ | 12,839 | $ | 27,021 | $ | 23,799 |
Noninterest Expense to Average Assets | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2019 | 2018 | 2019 | 2018 | |||
2.93% | 3.06% | 2.88% | 3.10% |
Efficiency Ratio | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Efficiency ratio (GAAP) | 59.73 | % | 61.08 | % | 59.38 | % | 61.76 | % | |||
Impact on efficiency ratio from: | |||||||||||
Intangible amortization | (1.32 | ) | (1.23 | ) | (1.35 | ) | (1.27 | ) | |||
Merger and conversion related expenses | (0.11 | ) | (0.39 | ) | (0.06 | ) | (0.55 | ) | |||
Adjusted efficiency ratio (Non-GAAP)(1) | 58.30 | % | 59.46 | % | 57.97 | % | 59.94 | % |
(1) | A reconciliation of this financial measure from GAAP to non-GAAP can be found under the “Non-GAAP Financial Measures” heading at the end of this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | ||||||||||||
Commercial, financial, agricultural | $ | 9,534 | 19.05 | % | $ | 8,269 | 16.87 | % | $ | 7,146 | 15.09 | % | |||||
Lease financing | 665 | 1.33 | % | 709 | 1.44 | % | 600 | 1.27 | % | ||||||||
Real estate – construction | 5,302 | 10.59 | % | 4,755 | 9.70 | % | 4,702 | 9.93 | % | ||||||||
Real estate – 1-4 family mortgage | 9,616 | 19.21 | % | 10,139 | 20.68 | % | 11,657 | 24.62 | % | ||||||||
Real estate – commercial mortgage | 24,302 | 48.54 | % | 24,492 | 49.96 | % | 22,450 | 47.40 | % | ||||||||
Installment loans to individuals | 640 | 1.28 | % | 662 | 1.35 | % | 800 | 1.69 | % | ||||||||
Total | $ | 50,059 | 100.00 | % | $ | 49,026 | 100.00 | % | $ | 47,355 | 100.00 | % |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||
Specific reserves for impaired loans | $ | 1,873 | $ | 1,514 | $ | 1,515 | |||||
Allocated reserves for remaining portfolio | 45,520 | 44,960 | 43,584 | ||||||||
Purchased with deteriorated credit quality | 2,666 | 2,552 | 2,256 | ||||||||
Total | $ | 50,059 | $ | 49,026 | $ | 47,355 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Balance at beginning of period | $ | 49,835 | $ | 46,401 | $ | 49,026 | $ | 46,211 | |||||||
Charge-offs | |||||||||||||||
Commercial, financial, agricultural | 694 | 457 | 952 | 1,116 | |||||||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | — | — | — | — | |||||||||||
Real estate – 1-4 family mortgage | 378 | 979 | 875 | 1,650 | |||||||||||
Real estate – commercial mortgage | 167 | 46 | 729 | 659 | |||||||||||
Installment loans to individuals | 212 | 99 | 432 | 221 | |||||||||||
Total charge-offs | 1,451 | 1,581 | 2,988 | 3,646 | |||||||||||
Recoveries | |||||||||||||||
Commercial, financial, agricultural | 241 | 114 | 615 | 349 | |||||||||||
Lease financing | 2 | — | 2 | — | |||||||||||
Real estate – construction | — | 3 | 7 | 7 | |||||||||||
Real estate – 1-4 family mortgage | 115 | 83 | 312 | 216 | |||||||||||
Real estate – commercial mortgage | 366 | 496 | 611 | 604 | |||||||||||
Installment loans to individuals | 51 | 29 | 74 | 54 | |||||||||||
Total recoveries | 775 | 725 | 1,621 | 1,230 | |||||||||||
Net charge-offs | 676 | 856 | 1,367 | 2,416 | |||||||||||
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 | |||||||||||
Balance at end of period | $ | 50,059 | $ | 47,355 | $ | 50,059 | $ | 47,355 | |||||||
Net charge-offs (annualized) to average loans | 0.03 | % | 0.04 | % | 0.03 | % | 0.06 | % | |||||||
Allowance for loan losses to: | |||||||||||||||
Total non purchased loans | 0.75 | % | 0.78 | % | 0.75 | % | 0.78 | % | |||||||
Nonperforming non purchased loans | 271.43 | % | 426.20 | % | 271.43 | % | 426.20 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Real estate – construction: | |||||||||||||||
Residential | $ | — | $ | (3 | ) | $ | (7 | ) | $ | (7 | ) | ||||
Total real estate – construction | — | (3 | ) | (7 | ) | (7 | ) | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||||||
Primary | 184 | 192 | 432 | 221 | |||||||||||
Home equity | (31 | ) | 733 | 98 | 772 | ||||||||||
Rental/investment | 155 | (19 | ) | 153 | 44 | ||||||||||
Land development | (45 | ) | (10 | ) | (120 | ) | 397 | ||||||||
Total real estate – 1-4 family mortgage | 263 | 896 | 563 | 1,434 | |||||||||||
Real estate – commercial mortgage: | |||||||||||||||
Owner-occupied | (192 | ) | (423 | ) | 44 | 123 | |||||||||
Non-owner occupied | (5 | ) | (30 | ) | 123 | (71 | ) | ||||||||
Land development | (2 | ) | 3 | (49 | ) | 3 | |||||||||
Total real estate – commercial mortgage | (199 | ) | (450 | ) | 118 | 55 | |||||||||
Total net charge-offs of loans secured by real estate | $ | 64 | $ | 443 | $ | 674 | $ | 1,482 |
Non Purchased | Purchased | Total | |||||||||
June 30, 2019 | |||||||||||
Nonaccruing loans | $ | 14,268 | $ | 7,250 | $ | 21,518 | |||||
Accruing loans past due 90 days or more | 4,175 | 7,687 | 11,862 | ||||||||
Total nonperforming loans | 18,443 | 14,937 | 33,380 | ||||||||
Other real estate owned | 3,475 | 5,258 | 8,733 | ||||||||
Total nonperforming assets | $ | 21,918 | $ | 20,195 | $ | 42,113 | |||||
Nonperforming loans to total loans | 0.37 | % | |||||||||
Nonperforming assets to total assets | 0.33 | % | |||||||||
December 31, 2018 | |||||||||||
Nonaccruing loans | $ | 10,218 | $ | 5,836 | $ | 16,054 | |||||
Accruing loans past due 90 days or more | 2,685 | 7,232 | 9,917 | ||||||||
Total nonperforming loans | 12,903 | 13,068 | 25,971 | ||||||||
Other real estate owned | 4,853 | 6,187 | 11,040 | ||||||||
Total nonperforming assets | $ | 17,756 | $ | 19,255 | $ | 37,011 | |||||
Nonperforming loans to total loans | 0.29 | % | |||||||||
Nonperforming assets to total assets | 0.29 | % |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||
Commercial, financial, agricultural | $ | 7,437 | $ | 2,461 | $ | 3,090 | |||||
Real estate – construction: | |||||||||||
Residential | — | 68 | 49 | ||||||||
Total real estate – construction | — | 68 | 49 | ||||||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 10,988 | 10,102 | 6,841 | ||||||||
Home equity | 2,033 | 2,047 | 1,545 | ||||||||
Rental/investment | 1,547 | 757 | 549 | ||||||||
Land development | 496 | 980 | 201 | ||||||||
Total real estate – 1-4 family mortgage | 15,064 | 13,886 | 9,136 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 6,254 | 3,779 | 4,048 | ||||||||
Non-owner occupied | 3,483 | 3,933 | 3,156 | ||||||||
Land development | 483 | 958 | 960 | ||||||||
Total real estate – commercial mortgage | 10,220 | 8,670 | 8,164 | ||||||||
Installment loans to individuals | 589 | 797 | 345 | ||||||||
Lease financing | 70 | 89 | 379 | ||||||||
Total nonperforming loans | $ | 33,380 | $ | 25,971 | $ | 21,163 |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||
Commercial, financial, agricultural | $ | 2,669 | $ | 337 | $ | 363 | |||||
Real estate – 1-4 family mortgage: | |||||||||||
Primary | 7,020 | 6,261 | 6,129 | ||||||||
Home equity | 332 | 186 | 42 | ||||||||
Rental/investment | 1,833 | 2,005 | 1,946 | ||||||||
Land development | — | 1 | 5 | ||||||||
Total real estate – 1-4 family mortgage | 9,185 | 8,453 | 8,122 | ||||||||
Real estate – commercial mortgage: | |||||||||||
Owner-occupied | 3,121 | 3,189 | 3,256 | ||||||||
Non-owner occupied | 534 | 722 | 725 | ||||||||
Land development | — | 56 | 287 | ||||||||
Total real estate – commercial mortgage | 3,655 | 3,967 | 4,268 | ||||||||
Installment loans to individuals | — | 63 | 65 | ||||||||
Total restructured loans in compliance with modified terms | $ | 15,509 | $ | 12,820 | $ | 12,818 |
2019 | 2018 | ||||||
Balance at January 1, | $ | 12,820 | $ | 14,553 | |||
Additional advances or loans with concessions | 3,321 | 839 | |||||
Reclassified as performing restructured loan | 1,502 | 177 | |||||
Reductions due to: | |||||||
Reclassified as nonperforming | (1,211 | ) | (795 | ) | |||
Paid in full | (542 | ) | (1,344 | ) | |||
Paydowns | (381 | ) | (612 | ) | |||
Balance at June 30, | $ | 15,509 | $ | 12,818 |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||
Nonaccruing loans | $ | 21,518 | $ | 16,054 | $ | 13,482 | |||||
Accruing loans past due 90 days or more | 11,862 | 9,917 | 7,681 | ||||||||
Total nonperforming loans | 33,380 | 25,971 | 21,163 | ||||||||
Restructured loans in compliance with modified terms | 15,509 | 12,820 | 12,818 | ||||||||
Total nonperforming and restructured loans | $ | 48,889 | $ | 38,791 | $ | 33,981 |
June 30, 2019 | December 31, 2018 | June 30, 2018 | |||||||||
Residential real estate | $ | 5,179 | $ | 2,333 | $ | 2,083 | |||||
Commercial real estate | 1,604 | 4,297 | 4,741 | ||||||||
Residential land development | 1,023 | 1,099 | 1,329 | ||||||||
Commercial land development | 927 | 3,311 | 5,551 | ||||||||
Total other real estate owned | $ | 8,733 | $ | 11,040 | $ | 13,704 |
2019 | 2018 | ||||||
Balance at January 1, | $ | 11,040 | $ | 15,934 | |||
Transfers of loans | 1,796 | 2,291 | |||||
Impairments | (868 | ) | (749 | ) | |||
Dispositions | (3,235 | ) | (3,769 | ) | |||
Other | — | (3 | ) | ||||
Balance at June 30, | $ | 8,733 | $ | 13,704 |
Percentage Change In: | ||||||
Immediate Change in Rates of (in basis points): | Economic Value Equity (EVE) | Earning at Risk (Net Interest Income) | ||||
Static | 1-12 Months | 13-24 Months | ||||
+400 | 16.18% | 5.74% | 12.41% | |||
+300 | 15.23% | 4.44% | 9.49% | |||
+200 | 12.08% | 3.10% | 6.52% | |||
+100 | 6.83% | 1.66% | 3.41% | |||
-100 | (8.55)% | (2.42)% | (4.02)% |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||
Six Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Noninterest-bearing demand | 22.82 | % | 21.47 | % | — | % | — | % | |||
Interest-bearing demand | 45.12 | 46.43 | 0.89 | 0.45 | |||||||
Savings | 6.14 | 6.84 | 0.20 | 0.13 | |||||||
Time deposits | 22.56 | 21.52 | 1.72 | 1.06 | |||||||
Short-term borrowings | 0.85 | 1.33 | 2.66 | 1.48 | |||||||
Long-term Federal Home Loan Bank advances | 0.06 | 0.08 | 3.28 | 3.35 | |||||||
Subordinated notes | 1.40 | 1.33 | 6.13 | 5.60 | |||||||
Other borrowed funds | 1.05 | 1.00 | 4.60 | 5.19 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.96 | % | 0.60 | % |
June 30, 2019 | December 31, 2018 | ||||||
Loan commitments | $ | 2,178,719 | $ | 2,068,749 | |||
Standby letters of credit | 95,287 | 104,664 |
Capital Tiers | Tier 1 Capital to Average Assets (Leverage) | Common Equity Tier 1 to Risk - Weighted Assets | Tier 1 Capital to Risk – Weighted Assets | Total Capital to Risk – Weighted Assets | |||
Well capitalized | 5% or above | 6.5% or above | 8% or above | 10% or above | |||
Adequately capitalized | 4% or above | 4.5% or above | 6% or above | 8% or above | |||
Undercapitalized | Less than 4% | Less than 4.5% | Less than 6% | Less than 8% | |||
Significantly undercapitalized | Less than 3% | Less than 3% | Less than 4% | Less than 6% | |||
Critically undercapitalized | Tangible Equity / Total Assets less than 2% |
Actual | Minimum Capital Requirement to be Well Capitalized | Minimum Capital Requirement to be Adequately Capitalized (including the phase-in of the Capital Conservation Buffer) | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Renasant Corporation: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,151,807 | 11.64 | % | $ | 643,307 | 6.50 | % | $ | 692,792 | 7.00 | % | ||||||||
Tier 1 risk-based capital ratio | 1,256,295 | 12.69 | % | 791,762 | 8.00 | % | 841,248 | 8.50 | % | |||||||||||
Total risk-based capital ratio | 1,447,352 | 14.62 | % | 989,703 | 10.00 | % | 1,039,188 | 10.50 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 1,256,295 | 10.65 | % | 589,694 | 5.00 | % | 471,755 | 4.00 | % | |||||||||||
Renasant Bank: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,355,408 | 13.71 | % | $ | 642,748 | 6.50 | % | $ | 692,190 | 7.00 | % | ||||||||
Tier 1 risk-based capital ratio | 1,355,408 | 13.71 | % | 791,074 | 8.00 | % | 840,516 | 8.50 | % | |||||||||||
Total risk-based capital ratio | 1,408,931 | 14.25 | % | 988,843 | 10.00 | % | 1,038,285 | 10.50 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 1,355,408 | 11.50 | % | 589,070 | 5.00 | % | 471,256 | 4.00 | % | |||||||||||
December 31, 2018 | ||||||||||||||||||||
Renasant Corporation: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,085,751 | 11.05 | % | $ | 638,468 | 6.50 | % | $ | 626,189 | 6.375 | % | ||||||||
Tier 1 risk-based capital ratio | 1,188,412 | 12.10 | % | 785,806 | 8.00 | % | 773,528 | 7.875 | % | |||||||||||
Total risk-based capital ratio | 1,386,507 | 14.12 | % | 982,258 | 10.00 | % | 969,979 | 9.875 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 1,188,412 | 10.11 | % | 587,939 | 5.00 | % | 470,352 | 4.00 | % | |||||||||||
Renasant Bank: | ||||||||||||||||||||
Risk-based capital ratios: | ||||||||||||||||||||
Common equity tier 1 capital ratio | $ | 1,276,976 | 13.02 | % | $ | 637,552 | 6.50 | % | $ | 625,291 | 6.375 | % | ||||||||
Tier 1 risk-based capital ratio | 1,276,976 | 13.02 | % | 784,679 | 8.00 | % | 772,418 | 7.875 | % | |||||||||||
Total risk-based capital ratio | 1,331,619 | 13.58 | % | 980,849 | 10.00 | % | 968,588 | 9.875 | % | |||||||||||
Leverage capital ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 1,276,976 | 10.88 | % | 587,090 | 5.00 | % | 469,672 | 4.00 | % |
Efficiency Ratio | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest income (fully tax equivalent basis) | $ | 139,285 | $ | 107,991 | $ | 277,863 | $ | 209,938 | ||||||||
Interest expense | 25,062 | 14,185 | 49,009 | 25,325 | ||||||||||||
Net interest income (fully tax equivalent basis) | 114,223 | 93,806 | 228,854 | 184,613 | ||||||||||||
Total noninterest income | 41,960 | 35,581 | 77,845 | 69,534 | ||||||||||||
Net gains on sales of securities | (8 | ) | — | 5 | — | |||||||||||
Adjusted noninterest income | 41,968 | 35,581 | 77,840 | 69,534 | ||||||||||||
Total noninterest expense | 93,290 | 79,026 | 182,122 | 156,970 | ||||||||||||
Intangible amortization | 2,053 | 1,594 | 4,163 | 3,245 | ||||||||||||
Merger and conversion related expenses | 179 | 500 | 179 | 1,400 | ||||||||||||
Extinguishment of debt | — | — | — | — | ||||||||||||
Adjusted noninterest expense | 91,058 | 76,932 | 177,780 | 152,325 | ||||||||||||
Efficiency Ratio (GAAP) | 59.73 | % | 61.08 | % | 59.38 | % | 61.76 | % | ||||||||
Adjusted Efficiency Ratio (non-GAAP) | 58.30 | % | 59.46 | % | 57.97 | % | 59.94 | % |
Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs(2) | |||||||||||
April 1, 2019 to April 30, 2019 | 20,098 | $ | 35.48 | 20,000 | $ | 42,228 | ||||||||
May 1, 2019 to May 31, 2019 | 312,737 | 35.70 | 310,427 | 31,148 | ||||||||||
June 1, 2019 to June 30, 2019 | 33,277 | 34.51 | 33,277 | 30,000 | ||||||||||
Total | 366,112 | $ | 35.58 | 363,704 |
(1) | The Company announced a $50.0 million stock repurchase program on October 24, 2018, under which the Company may repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. The stock repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased by the Board. Under the program, 363,704 shares were repurchased in the second quarter of 2019. Share amounts in this column also include shares of Renasant common stock withheld to satisfy federal and state tax liabilities related to the vesting of time-based and performance-based restricted stock awards during the three month period ended June 30, 2019. A total of 98 and 2,310 shares were withheld for such purpose in April 2019 and May 2019, respectively; no shares were withheld for tax purposes in June 2019. |
(2) | Dollars in thousands |
Exhibit Number | Description | |
(2)(i) | ||
(3)(i) | ||
(3)(ii) | ||
(31)(i) | ||
(31)(ii) | ||
(32)(i) | ||
(32)(ii) | ||
(101) | The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited). | |
(104) | The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL (included in Exhibit 101). |
(1) | Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on March 30, 2018 and incorporated herein by reference. |
(2) | Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission on May 10, 2016 and incorporated herein by reference. |
(3) | Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on July 20, 2018 and incorporated herein by reference. |
RENASANT CORPORATION | ||
(Registrant) | ||
Date: | August 7, 2019 | /s/ C. Mitchell Waycaster |
C. Mitchell Waycaster | ||
President and | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | August 7, 2019 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial and Operating Officer | ||
(Principal Financial Officer) |
Date: | August 7, 2019 | /s/ C. Mitchell Waycaster |
C. Mitchell Waycaster | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
Date: | August 7, 2019 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial and Operating Officer | ||
(Principal Financial Officer) |
Date: | August 7, 2019 | /s/ C. Mitchell Waycaster |
C. Mitchell Waycaster | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
Date: | August 7, 2019 | /s/ Kevin D. Chapman |
Kevin D. Chapman | ||
Executive Vice President and | ||
Chief Financial and Operating Officer | ||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale measured at fair value | $ 323,219 | $ 219,848 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 5.00 | $ 5.00 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 59,296,725 | 59,296,725 |
Common stock, shares outstanding (shares) | 58,297,670 | 58,546,480 |
Treasury stock (in shares) | 999,055 | 750,245 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Interest income | ||||
Loans | $ 127,011 | $ 98,656 | $ 253,312 | $ 192,774 |
Securities | ||||
Taxable | 7,730 | 5,700 | 15,655 | 9,694 |
Tax-exempt | 1,291 | 1,649 | 2,700 | 3,334 |
Other | 1,830 | 569 | 3,289 | 1,152 |
Total interest income | 137,862 | 106,574 | 274,956 | 206,954 |
Interest expense | ||||
Deposits | 20,991 | 10,919 | 40,763 | 18,978 |
Borrowings | 4,071 | 3,266 | 8,246 | 6,347 |
Total interest expense | 25,062 | 14,185 | 49,009 | 25,325 |
Net interest income | 112,800 | 92,389 | 225,947 | 181,629 |
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 |
Net interest income after provision for loan losses | 111,900 | 90,579 | 223,547 | 178,069 |
Noninterest income | ||||
Service charges on deposit accounts | 8,605 | 8,271 | 17,707 | 16,744 |
Fees and commissions | 7,047 | 5,917 | 13,518 | 11,602 |
Insurance commissions | 2,190 | 2,110 | 4,306 | 4,115 |
Wealth management revenue | 3,601 | 3,446 | 6,925 | 6,708 |
Mortgage banking income | 16,620 | 12,839 | 27,021 | 23,799 |
Net (loss) gain on sales of securities | (8) | 0 | 5 | 0 |
BOLI income | 1,340 | 1,195 | 2,748 | 2,140 |
Other | 2,565 | 1,803 | 5,615 | 4,426 |
Total noninterest income | 41,960 | 35,581 | 77,845 | 69,534 |
Noninterest expense | ||||
Salaries and employee benefits | 60,325 | 52,010 | 117,675 | 100,794 |
Data processing | 4,698 | 4,600 | 9,604 | 8,844 |
Net occupancy and equipment | 11,544 | 9,805 | 23,379 | 19,627 |
Other real estate owned | 252 | 232 | 1,256 | 889 |
Professional fees | 2,431 | 2,176 | 4,885 | 4,314 |
Advertising and public relations | 2,648 | 2,647 | 5,515 | 4,850 |
Intangible amortization | 2,053 | 1,594 | 4,163 | 3,245 |
Communications | 2,348 | 1,877 | 4,243 | 3,846 |
Merger and conversion related expenses | 179 | 500 | 179 | 1,400 |
Other | 6,812 | 3,585 | 11,223 | 9,161 |
Total noninterest expense | 93,290 | 79,026 | 182,122 | 156,970 |
Income before income taxes | 60,570 | 47,134 | 119,270 | 90,633 |
Income taxes | 13,945 | 10,424 | 27,535 | 20,097 |
Net income (loss) | $ 46,625 | $ 36,710 | $ 91,735 | $ 70,536 |
Basic earnings per share (usd per share) | $ 0.80 | $ 0.74 | $ 1.57 | $ 1.43 |
Diluted earnings per share (usd per share) | 0.80 | 0.74 | 1.56 | 1.42 |
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.20 | $ 0.43 | $ 0.39 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends per common share (usd per share) | $ 0.22 | $ 0.21 | $ 0.20 | $ 0.19 | $ 0.43 | $ 0.39 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (In Thousands) Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. (“Renasant Insurance”). The Company offers a diversified range of financial, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Georgia, Alabama and north Florida. Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 28, 2019. Business Combinations: The Company completed its acquisition of Brand Group Holdings, Inc. (“Brand”) on September 1, 2018. The acquired institution’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. Due to the timing of the system conversion and the integration of operations into the Company’s existing operations, historical reporting for acquired operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of the acquired institution since the acquisition date is impracticable. In connection with the acquisition of Brand, the Company acquired a portfolio of non-mortgage consumer loans, which is included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet with a balance of $138,462 as of June 30, 2019. In the second quarter of 2019, the Company purchased additional loans in the amount of $31,308. There were no such purchases during the first quarter of 2019. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 850, “Business Combinations”, the loans acquired from Brand were measured at fair value as of the acquisition date. Subsequent to their applicable acquisition date, all of these consumer loans are carried at the lower of amortized cost or fair value. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. Impact of Recently-Issued Accounting Standards and Pronouncements: Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and its related amendments, which changes the accounting model and disclosure requirements for leases. The former accounting model for leases distinguished between capital leases, which were recognized on the balance sheet, and operating leases, which were not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under prior GAAP, and operating leases. Further, under the new standard a lessee recognizes a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification. The accounting model and disclosure requirements for lessors remains substantially unchanged from prior GAAP. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company chose to use the effective date approach and, as such, all periods presented after January 1, 2019 are in accordance with ASC 842 whereas periods presented prior to January 1, 2019 are in accordance with prior lease accounting. Financial information was not updated, and the disclosures required under ASC 842, were not provided for dates and periods before January 1, 2019. Upon adoption, the Company recorded a right-of-use asset in the amount of $53,042 and a corresponding lease liability in the amount of $56,562 on January 1, 2019. The Company has included newly applicable lease disclosures in this filing in Note 19, “Leases.” In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset’s remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model includes loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update is effective for interim and annual periods beginning after December 15, 2019. The Company has formed an implementation committee comprised of both accounting and credit employees to guide Renasant Bank through the implementation of ASU 2016-13. The Company has also engaged a third party to act as a consultant and software provider to assist in the implementation of the CECL model. The implementation committee and the consultant have established the CECL blueprint for the Bank, which includes the selected methodology, proper pool segmentation and loan data validation. Currently, the CECL committee is working with the consultant to build the CECL model and expects to run a preliminary CECL calculation in the third quarter of 2019. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. In March 2017, FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 requires the amortization period for certain callable debt securities held at a premium to be the earliest call date. ASU 2017-08 became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. In August 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to simplify hedge accounting by eliminating the requirement to separately measure and report hedge effectiveness. ASU 2017-12 also expands the application of hedge accounting by modifying current requirements to include hedge accounting on partial-term hedges, the hedging of prepayable financial instruments and other strategies. This update became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users. ASU 2018-13 will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect that ASU 2018-13 will have on its financial position and results of operations and its financial statement disclosures. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”). ASU 2019-01 is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect that ASU 2019-01 will have on its financial position and results of operations and its financial statement disclosures.
|
Mergers and Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers and Acquisitions | Mergers and Acquisitions (Dollar Amounts In Thousands, Except Share Data) Acquisition of Brand Group Holdings, Inc. Effective September 1, 2018, the Company completed its acquisition by merger of Brand, the parent company of The Brand Banking Company (“Brand Bank”), in a transaction valued at approximately $474,453. The Company issued 9,306,477 shares of common stock and paid approximately $21,879 to Brand shareholders, excluding cash paid for fractional shares, and paid approximately $17,157, net of tax benefit, to Brand stock option holders for 100% of the voting equity interest in Brand. At closing, Brand merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, Brand Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. On September 1, 2018, Brand operated thirteen banking locations throughout the greater Atlanta market. The Company recorded approximately $349,459 in intangible assets which consist of goodwill of $321,925 and a core deposit intangible of $27,534. Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Brand based on their fair values on September 1, 2018.
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table summarizes the estimated fair value on September 1, 2018 of assets acquired and liabilities assumed on that date in connection with the merger with Brand. These estimates are subject to change pending the finalization of all valuations.
As part of the merger agreement, Brand agreed to divest the operations of its subsidiary Brand Mortgage Group, LLC (“BMG”), which was completed as of October 31, 2018. As a result, the balance sheet and results of operations of BMG, which the Company considers to be immaterial to the overall results of the Company, were included in the Company's balance sheet and results of operations from September 1, 2018 to October 31, 2018. The following table summarizes the significant assets acquired and liabilities assumed from BMG:
Supplemental Pro Forma Combined Condensed Results of Operations The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the six months ended June 30, 2019 and 2018 of the Company as though the Brand merger had been completed as of January 1, 2018. The unaudited pro forma information combines the historical results of Brand with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2018. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
Securities sold were as follows for the period presented:
There were no securities sold during the three and six months ended June 30, 2018. Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2019 and 2018, respectively, were as follows:
At June 30, 2019 and December 31, 2018, securities with a carrying value of $451,943 and $619,308, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $24,695 and $18,299 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2019 and December 31, 2018, respectively. The amortized cost and fair value of securities at June 30, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity. The Company does not intend to sell any securities in an unrealized loss position that it holds, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any OTTI for the six months ended June 30, 2019 or 2018. The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $12,245 and $12,359 and a fair value of $10,386 and $10,633 at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019, the investments in pooled trust preferred securities consisted of two securities representing interests in various tranches of trusts collateralized by debt issued by over 150 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments before recovery of the investments’ amortized cost, and it is not more likely than not that the Company will be required to sell the investments before recovery of the investments’ amortized cost, which may be at maturity. At June 30, 2019, management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for both trust preferred securities and recognized credit related impairment losses on these securities in 2011. No additional impairment was recognized during the six months ended June 30, 2019. The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2019:
The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
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Non Purchased Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented:
Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans of $500 or more by, as applicable, the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, the loan is placed on nonaccrual status and all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2019, $61 have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018, none subsequently defaulted within twelve months of the restructuring. Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019 and two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018. The outstanding balance of restructured loans on nonaccrual status was $3,288 and $2,417 at June 30, 2019 and June 30, 2018, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $30 and $37 at June 30, 2019 and June 30, 2018, respectively. The Company had $1 and $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018, respectively. Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. Management has established more granular risk rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A, and the “Watch” grade (those with a risk rating of 4B and 4E) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
(In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented:
Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased Loans.” The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2019, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018, $5 have subsequently defaulted within twelve months of the restructuring. There was one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019 and four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018. The outstanding balance of restructured loans on nonaccrual status was $1,276 and $684 at June 30, 2019 and June 30, 2018, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $79 and $69 at June 30, 2019 and June 30, 2018, respectively. The Company had $3 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018, respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
Loans Purchased with Deteriorated Credit Quality Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019:
Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2019:
The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date.
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases as of the dates presented:
Past Due and Nonaccrual Loans Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial, consumer and construction loans of $500 or more by, as applicable, the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, the loan is placed on nonaccrual status and all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2019, $61 have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018, none subsequently defaulted within twelve months of the restructuring. Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019 and two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018. The outstanding balance of restructured loans on nonaccrual status was $3,288 and $2,417 at June 30, 2019 and June 30, 2018, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $30 and $37 at June 30, 2019 and June 30, 2018, respectively. The Company had $1 and $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018, respectively. Credit Quality For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. Management has established more granular risk rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A, and the “Watch” grade (those with a risk rating of 4B and 4E) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
(In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans as of the dates presented:
Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased Loans.” The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
With respect to loans that were restructured during the six months ended June 30, 2019, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2018, $5 have subsequently defaulted within twelve months of the restructuring. There was one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019 and four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018. The outstanding balance of restructured loans on nonaccrual status was $1,276 and $684 at June 30, 2019 and June 30, 2018, respectively. Changes in the Company’s restructured loans are set forth in the table below:
The allocated allowance for loan losses attributable to restructured loans was $79 and $69 at June 30, 2019 and June 30, 2018, respectively. The Company had $3 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2019 and June 30, 2018, respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
Loans Purchased with Deteriorated Credit Quality Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019:
Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2019:
The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date.
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Allowance for Loan Losses |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands) The following is a summary of total non purchased and purchased loans as of the dates presented:
Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management based on its ongoing analysis of the loan portfolio to absorb probable credit losses inherent in the entire loan portfolio, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310. The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The following table provides a roll forward of the allowance for loan losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
(1) Includes lease financing receivables.
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Other Real Estate Owned |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:
Changes in the Company’s purchased and non purchased OREO were as follows:
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
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Goodwill and Other Intangible Assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the six months ended June 30, 2019 were as follows:
The addition to goodwill from the Brand acquisition is due to changes in estimated values of assets acquired and liabilities assumed in the Brand acquisition. The Company is finalizing the fair values of certain assets, including loans, property and equipment, taxes and certain other assets, related to the acquisition; as such, the recorded balance of goodwill is subject to change. The following table provides a summary of finite-lived intangible assets as of the dates presented:
Current year amortization expense for finite-lived intangible assets is presented in the table below.
The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2019 and the succeeding four years is summarized as follows:
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Mortgage Servicing Rights |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Impairment losses on MSRs are recognized to the extent that unamortized cost exceeds fair value. There were no impairment losses recognized during the six months ended June 30, 2019 and 2018. Changes in the Company’s MSRs were as follows:
Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
The Company recorded servicing fees of $2,481 and $2,124 for the three months ended June 30, 2019 and 2018, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $4,735 and $4,494 for the six months ended June 30, 2019 and 2018, respectively.
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Employee Benefit and Deferred Compensation Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996. The Company provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. Employees eligible to participate must: (i) have been employed by the Company and enrolled in the Company’s group medical plan as of December 31, 2004; and (ii) retire from the Company between ages 55 and 65 with at least 15 years of service or 70 points (points determined as the sum of age and service.) The Company periodically determines the portion of the premiums to be paid by each retiree and the portion to be paid by the Company. Coverage ceases when a retiree attains age 65 and is eligible for Medicare. The Company also provides life insurance for each retiree who receives retiree medical benefits. The face amount of the coverage is $5; coverage is provided until each retiree attains age 70. Retirees may purchase additional insurance or continue coverage beyond age 70 at their sole expense. Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
Incentive Compensation Plans The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. The plan replaced the long-term incentive plan adopted in 2001, which expired in October 2011. Options granted under the plan permit the acquisition of shares of the Company’s common stock at an exercise price equal to the fair market value of the shares on the date of grant. Options are subject to time-based vesting and expire ten years after the date of grant. Options that do not vest or expire unexercised are forfeited and canceled. There were no stock options granted, nor compensation expense associated with options recorded, during the six months ended June 30, 2019 or 2018. The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2019:
The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. Performance-based awards are subject to the attainment of designated performance criteria during a fixed performance cycle. Performance criteria may relate to the Company’s performance or to the performance of an affiliate, region, division or profit center in each case measured on an absolute basis or relative to a defined peer group. The Company annually sets minimum, target, and superior levels of performance. Minimum performance must be attained for the vesting of any shares; superior performance must be attained for maximum payouts. Time-based restricted stock awards relate to a fixed number of shares that vest at the end of a designated service period. The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2019:
During the six months ended June 30, 2019, the Company reissued 107,194 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $2,082 and $1,920 for the three months ended June 30, 2019 and 2018, respectively, and $4,719 and $3,712 for the six months ended June 30, 2019 and 2018, respectively.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments (In Thousands) The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company also from time to time enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At June 30, 2019, the Company had notional amounts of $200,544 on interest rate contracts with corporate customers and $200,544 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans. In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are each accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, the Bank pays a fixed interest rate and receives a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements. In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures. In April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018. Under this swap agreement, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreement, which terminates in June 2028, is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the Company’s junior subordinated debentures. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $319,845 and $159,464 at June 30, 2019 and December 31, 2018, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $498,000 and $281,343 at June 30, 2019 and December 31, 2018, respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented:
Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented:
For the Company’s derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the six months ended June 30, 2019 or 2018. The impact on other comprehensive income for the six months ended June 30, 2019 and 2018, respectively, can be seen at Note 15, “Other Comprehensive Income (Loss).” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.
For the six months ended June 30, 2019 and 2018, the Company recorded a provision for income taxes totaling $27,535 and $20,097, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The effective tax rate was 23.09% and 22.17% for the six months ending June 30, 2019 and 2018, respectively. The Company and its subsidiary file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and the state departments of revenue for the years ending December 31, 2015 through December 31, 2018. The Company acquired both federal and state net operating losses as part of its previous acquisitions with varying expiration periods. The federal and state net operating losses acquired in the Brand acquisition were $83,960 and $67,168, respectively, as of the September 1, 2018 acquisition date, all created in 2018. As part of The Tax Cuts and Jobs Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand have an indefinite carryforward period. As of December 31, 2018, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $71,963 and $63,218, respectively. The federal and state net operating losses acquired in the Heritage acquisition were $18,321 and $16,877, respectively, of which $4,956 and $2,365 remain to be utilized as of December 31, 2018. These losses begin to expire in 2029 and are expected to be utilized. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the period ending June 30, 2019.
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Investments in Qualified Affordable Housing Projects |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Qualified Affordable Housing Projects | Investments in Qualified Affordable Housing Projects (In Thousands) The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. At June 30, 2019 and December 31, 2018, the carrying value of the Company’s QAHPs was $5,248 and $6,037, respectively. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets. Components of the Company’s investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements (In Thousands) Fair Value Measurements and the Fair Level Hierarchy ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale: Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, obligations of states and political subdivisions, mortgage-backed securities and trust preferred securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments: The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts such as interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale in loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2019. The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
For each of the three and the six months ended June 30, 2019 and 2018, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
Nonrecurring Fair Value Measurements Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis: Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $16,315 and $22,621 at June 30, 2019 and December 31, 2018, respectively, and a specific reserve for these loans of $1,569 and $935 was included in the allowance for loan losses as of such dates. Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:
The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Fair Value Option The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net gains of $3,534 and $4,177 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2019 and 2018, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2019:
Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
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Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented:
The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented:
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Net Income Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:
Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
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Regulatory Matters |
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Regulatory Matters | Regulatory Matters (In Thousands) The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:
Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of June 30, 2019, the Company’s CET1 capital was in excess of the capital conservation buffer. In addition, the Basel III regulatory capital reforms and rules effecting certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 issued by the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (the “Basel III Rules”) have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision. These revisions affect the calculation of the denominator of a banking organization’s risk-based capital ratios to reflect the higher-risk nature of certain types of loans. As applicable to the Bank: — For residential mortgages, the former 50% risk weight for performing residential first-lien mortgages and 100% risk-weight for all other mortgages has been replaced with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income. — For commercial mortgages, a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans has been substituted for the former 100% risk weight. — For nonperforming loans, the former 100% risk weight is now a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. Finally, Tier 1 capital treatment for “hybrid” capital items like trust preferred securities has been eliminated, subject to various grandfathering and transition rules.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows:
In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following table provides financial information for the Company’s operating segments as of and for the periods presented:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases (In Thousands) The Company adopted ASC 842 in the first quarter of 2019. The Company enters into leases in both lessor and lessee capacities. ASC 842 provided for a number of optional practical expedients, of which the Company has elected several including (i) the option not to separate the lease and non-lease components; (ii) the “package of practical expedients,” where the Company does not have to reassess (A) whether expired or existing contracts contain leases under the new definition of a lease, (B) lease classification for expired or existing leases and (C) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842; and (iii) the use of hindsight in determining the lease term, which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised but not available at the lease’s inception. The practical expedient pertaining to land easements is not applicable to the Company. Lessor Arrangements The Company provides equipment financing to its customers through sales type or direct financing lease arrangements. These leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted into interest income over the lease’s term using methods that approximate the interest method. These arrangements generally do not contain non-lease components. Lease agreements may include renewal and purchase options. As of June 30, 2019, the net investment in these leases was $8,729, comprised of $6,971 in lease receivables, $2,332 in residual balances and $574 in deferred income. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the three and six months ended June 30, 2019, the Company generated $78 and $159, respectively, in income, which is included in interest income on loans on the Consolidated Statements of Income from these leases. The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below.
Lessee Arrangements All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities. Under these arrangements, the Company records right-of-use assets and corresponding lease liabilities, each of which is based on the present value of the remaining lease payments and are discounted at the Company’s incremental borrowing rate. Right-of-use assets are reported in premises and equipment on the Consolidated Balance Sheet and the related lease liabilities are reported in other liabilities. All leases are recorded on the Consolidated Balance Sheet except for leases with an initial term less than 12 months for which the Company elected the short-term lease recognition exemption. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. Variable lease payments consist primarily of common area maintenance and taxes. The Company does not have any material sublease agreements currently in place. As of June 30, 2019, right-of-use assets totaled $73,791 and lease liabilities totaled $77,449. Lease terms may contain renewal and extension options and early termination features. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options which are reasonably certain to be exercised in the future were included in the measurement of right-of-use assets and lease liabilities. The table below provides the components of lease cost and supplemental information for the periods presented.
The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below.
As of June 30, 2019, the Company had leases with related parties that were obtained in the Brand acquisition. The related party leases have right-of-use assets of $13,424 and lease liabilities of $15,668, with total lease cost of $492 and $984 for the three and six months ended June 30, 2019, respectively. As required, the following disclosure is provided for periods prior to the adoption of ASC 842. The following is a summary of future minimum lease payments for years following December 31, 2018:
For more information on lease accounting, see Note 1, “Summary of Significant Accounting Policies” and on lease financing receivables, see Note 4, “Non Purchased Loans.”
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Leases | Leases (In Thousands) The Company adopted ASC 842 in the first quarter of 2019. The Company enters into leases in both lessor and lessee capacities. ASC 842 provided for a number of optional practical expedients, of which the Company has elected several including (i) the option not to separate the lease and non-lease components; (ii) the “package of practical expedients,” where the Company does not have to reassess (A) whether expired or existing contracts contain leases under the new definition of a lease, (B) lease classification for expired or existing leases and (C) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842; and (iii) the use of hindsight in determining the lease term, which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised but not available at the lease’s inception. The practical expedient pertaining to land easements is not applicable to the Company. Lessor Arrangements The Company provides equipment financing to its customers through sales type or direct financing lease arrangements. These leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted into interest income over the lease’s term using methods that approximate the interest method. These arrangements generally do not contain non-lease components. Lease agreements may include renewal and purchase options. As of June 30, 2019, the net investment in these leases was $8,729, comprised of $6,971 in lease receivables, $2,332 in residual balances and $574 in deferred income. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the three and six months ended June 30, 2019, the Company generated $78 and $159, respectively, in income, which is included in interest income on loans on the Consolidated Statements of Income from these leases. The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below.
Lessee Arrangements All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities. Under these arrangements, the Company records right-of-use assets and corresponding lease liabilities, each of which is based on the present value of the remaining lease payments and are discounted at the Company’s incremental borrowing rate. Right-of-use assets are reported in premises and equipment on the Consolidated Balance Sheet and the related lease liabilities are reported in other liabilities. All leases are recorded on the Consolidated Balance Sheet except for leases with an initial term less than 12 months for which the Company elected the short-term lease recognition exemption. Lease expense is recognized on a straight-line basis over the lease term and is recorded in occupancy and equipment expense in the Consolidated Statement of Income. Variable lease payments consist primarily of common area maintenance and taxes. The Company does not have any material sublease agreements currently in place. As of June 30, 2019, right-of-use assets totaled $73,791 and lease liabilities totaled $77,449. Lease terms may contain renewal and extension options and early termination features. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options which are reasonably certain to be exercised in the future were included in the measurement of right-of-use assets and lease liabilities. The table below provides the components of lease cost and supplemental information for the periods presented.
The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below.
As of June 30, 2019, the Company had leases with related parties that were obtained in the Brand acquisition. The related party leases have right-of-use assets of $13,424 and lease liabilities of $15,668, with total lease cost of $492 and $984 for the three and six months ended June 30, 2019, respectively. As required, the following disclosure is provided for periods prior to the adoption of ASC 842. The following is a summary of future minimum lease payments for years following December 31, 2018:
For more information on lease accounting, see Note 1, “Summary of Significant Accounting Policies” and on lease financing receivables, see Note 4, “Non Purchased Loans.”
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on February 28, 2019.
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Business combinations | Business Combinations: The Company completed its acquisition of Brand Group Holdings, Inc. (“Brand”) on September 1, 2018. The acquired institution’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. Due to the timing of the system conversion and the integration of operations into the Company’s existing operations, historical reporting for acquired operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of the acquired institution since the acquisition date is impracticable. In connection with the acquisition of Brand, the Company acquired a portfolio of non-mortgage consumer loans, which is included in the line item “Loans held for sale” on the Company’s Consolidated Balance Sheet with a balance of $138,462 as of June 30, 2019. In the second quarter of 2019, the Company purchased additional loans in the amount of $31,308. There were no such purchases during the first quarter of 2019. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 850, “Business Combinations”, the loans acquired from Brand were measured at fair value as of the acquisition date. Subsequent to their applicable acquisition date, all of these consumer loans are carried at the lower of amortized cost or fair value.
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Use of estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material.
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Impact of recently-issued accounting standards and pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements: Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” and its related amendments, which changes the accounting model and disclosure requirements for leases. The former accounting model for leases distinguished between capital leases, which were recognized on the balance sheet, and operating leases, which were not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under prior GAAP, and operating leases. Further, under the new standard a lessee recognizes a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification. The accounting model and disclosure requirements for lessors remains substantially unchanged from prior GAAP. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company chose to use the effective date approach and, as such, all periods presented after January 1, 2019 are in accordance with ASC 842 whereas periods presented prior to January 1, 2019 are in accordance with prior lease accounting. Financial information was not updated, and the disclosures required under ASC 842, were not provided for dates and periods before January 1, 2019. Upon adoption, the Company recorded a right-of-use asset in the amount of $53,042 and a corresponding lease liability in the amount of $56,562 on January 1, 2019. The Company has included newly applicable lease disclosures in this filing in Note 19, “Leases.” In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset’s remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model includes loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update is effective for interim and annual periods beginning after December 15, 2019. The Company has formed an implementation committee comprised of both accounting and credit employees to guide Renasant Bank through the implementation of ASU 2016-13. The Company has also engaged a third party to act as a consultant and software provider to assist in the implementation of the CECL model. The implementation committee and the consultant have established the CECL blueprint for the Bank, which includes the selected methodology, proper pool segmentation and loan data validation. Currently, the CECL committee is working with the consultant to build the CECL model and expects to run a preliminary CECL calculation in the third quarter of 2019. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. In March 2017, FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 requires the amortization period for certain callable debt securities held at a premium to be the earliest call date. ASU 2017-08 became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. In August 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to simplify hedge accounting by eliminating the requirement to separately measure and report hedge effectiveness. ASU 2017-12 also expands the application of hedge accounting by modifying current requirements to include hedge accounting on partial-term hedges, the hedging of prepayable financial instruments and other strategies. This update became effective January 1, 2019 and did not have a material impact on the Company’s financial statements. In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users. ASU 2018-13 will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect that ASU 2018-13 will have on its financial position and results of operations and its financial statement disclosures. In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”). ASU 2019-01 is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect that ASU 2019-01 will have on its financial position and results of operations and its financial statement disclosures.
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Mergers and Acquisitions (Tables) |
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Summary of the allocation of purchase price to assets and liabilities acquired | The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Brand based on their fair values on September 1, 2018.
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.
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Summary of the fair value of assets acquired and liabilities assumed | The following table summarizes the estimated fair value on September 1, 2018 of assets acquired and liabilities assumed on that date in connection with the merger with Brand. These estimates are subject to change pending the finalization of all valuations.
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Pro forma combined condensed consolidated financial information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the six months ended June 30, 2019 and 2018 of the Company as though the Brand merger had been completed as of January 1, 2018. The unaudited pro forma information combines the historical results of Brand with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2018. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.
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Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented:
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Schedule of realized gain (loss) | Securities sold were as follows for the period presented:
There were no securities sold during the three and six months ended June 30, 2018. Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2019 and 2018, respectively, were as follows:
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Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at June 30, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
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Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category as of the dates presented:
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Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2019:
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Cumulative credit related losses recognized in earnings | The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:
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Non Purchased Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of non-purchased loans and leases | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Aging of past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
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Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
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Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
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Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
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Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below:
Changes in the Company’s restructured loans are set forth in the table below:
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Loan portfolio by risk-rating grades | The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
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Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
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Purchased Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of purchased loans | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Aging of past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:
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Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented:
Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented:
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Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented:
The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented:
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Impact of modifications classified as restructured loans | The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
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Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below:
Changes in the Company’s restructured loans are set forth in the table below:
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Loan portfolio by risk-rating grades | The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:
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Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
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Loans acquired with deteriorated credit quality | Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:
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Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2019:
(2) Represents contractual principal and interest cash flows of $1,584 and $26,260, respectively, expected to be collected.
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Changes in accretable yield of loans acquired with deteriorated credit quality | Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2019:
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Fair value of loans purchased from KeyWorth | The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date.
The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
(1) Includes lease financing receivables.
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Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of total non purchased and purchased loans | The following is a summary of non purchased loans and leases as of the dates presented:
The following is a summary of purchased loans as of the dates presented:
The following is a summary of total non purchased and purchased loans as of the dates presented:
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Roll forward of the allowance for loan losses | The following table provides a roll forward of the allowance for loan losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:
(1) Includes lease financing receivables.
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Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from Brand as of the September 1, 2018 acquisition date.
The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:
(1) Includes lease financing receivables.
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Other Real Estate Owned (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned (OREO) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:
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Changes in purchased and non purchased OREO | Changes in the Company’s purchased and non purchased OREO were as follows:
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Components of OREO in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts of goodwill by operating segments | The carrying amounts of goodwill by operating segments for the six months ended June 30, 2019 were as follows:
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Summary of finite-lived intangible assets | The following table provides a summary of finite-lived intangible assets as of the dates presented:
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Current year amortization expense for finite-lived intangible assets | Current year amortization expense for finite-lived intangible assets is presented in the table below.
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Estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2019 and the succeeding four years is summarized as follows:
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Mortgage Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows:
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Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
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Employee Benefit and Deferred Compensation Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
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Summary of the changes in stock options and restricted stock | The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2019:
The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2019:
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Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented:
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Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income | Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented:
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Gross and net derivative positions, including pledged collateral | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant components of the Company's deferred tax assets and liabilities | The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.
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Investments in Qualified Affordable Housing Projects (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of qualified affordable housing projects included in income taxes | Components of the Company’s investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
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Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
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Assets measured at fair value on a nonrecurring basis | The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
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OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:
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Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of June 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
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Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2019:
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Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
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Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented:
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Accumulated balances for each component of other comprehensive income (loss), net of tax | The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented:
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Net Income Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net income per common share | Basic and diluted net income per common share calculations are as follows for the periods presented:
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Schedule of antidilutive securities | Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
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Regulatory Matters (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guidelines governing the classification of capital tiers | Those guidelines specify capital tiers, which include the following classifications:
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Capital and risk-based capital and leverage ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information for the company's operating segments | The following table provides financial information for the Company’s operating segments as of and for the periods presented:
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Payments to be Received, Maturity | The maturities of the lessor arrangements outstanding at June 30, 2019 is presented in the table below.
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Lease, Cost | The table below provides the components of lease cost and supplemental information for the periods presented.
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Lessee, Operating Lease, Liability, Maturity | The maturities of the lessee arrangements outstanding at June 30, 2019 are presented in the table below.
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Lessee, Operating Lease Payments | As required, the following disclosure is provided for periods prior to the adoption of ASC 842. The following is a summary of future minimum lease payments for years following December 31, 2018:
|
Summary of Significant Accounting Policies (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans held for sale | $ 461,681,000 | $ 411,427,000 | ||
Right-of-use asset | 73,791,000 | |||
Operating lease, liability | 77,449,000 | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-use asset | $ 53,042,000 | |||
Operating lease, liability | $ 56,562,000 | |||
Brand | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans held for sale | 138,462,000 | |||
Payments to purchase loans held-for-sale | $ 31,308,000 | $ 0 |
Mergers and Acquisitions - Narrative (Details) $ in Thousands |
Sep. 01, 2018
USD ($)
branch
shares
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill resulting from merger | $ 932,971 | $ 932,928 | $ 611,046 | |
Brand | ||||
Business Acquisition [Line Items] | ||||
Transaction value | $ 474,453 | |||
Shares issued to common shareholders (in shares) | shares | 9,306,477 | |||
Cash consideration paid | $ 21,879 | |||
Cash settlement for stock options | $ 17,157 | |||
Voting interest acquired (percent) | 100.00% | |||
Number of locations acquired | branch | 13 | |||
Intangible assets, including goodwill | $ 349,459 | |||
Goodwill resulting from merger | 321,925 | |||
Core deposit intangible | $ 27,534 | |||
Weighted average useful life (in years) | 10 years |
Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands |
Sep. 01, 2018
USD ($)
|
---|---|
Brand | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 193,436 |
Securities | 71,246 |
Loans, including mortgage loans held for sale | 1,589,195 |
Premises and equipment | 20,070 |
Intangible assets | 349,459 |
Other assets | 112,066 |
Total assets | 2,335,472 |
Deposits | 1,714,177 |
Borrowings | 90,912 |
Other liabilities | 55,930 |
Total liabilities | 1,861,019 |
Brand Mortgage Group, LLC | |
Business Acquisition [Line Items] | |
Borrowings | 34,139 |
Loans held for sale | $ 48,100 |
Mergers and Acquisitions - Pro Forma Combined Condensed Consolidated Financial Information (Details) - Brand Mortgage Group, LLC - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Business Acquisition [Line Items] | ||
Net interest income - pro forma | $ 225,947 | $ 226,266 |
Noninterest income - pro forma | 77,845 | 86,995 |
Noninterest expense - pro forma | 182,122 | 219,184 |
Net income - pro forma | $ 91,735 | $ 65,181 |
Earnings per share - pro forma: | ||
Basic (usd per share) | $ 1.57 | $ 1.11 |
Diluted (usd per share) | $ 1.56 | $ 1.11 |
Securities - Securities Sold (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | $ 2,009,000 | $ 12,607,000 | ||
Net Proceeds | 2,001,000 | $ 0 | 12,612,000 | $ 0 |
Gain/(Loss) | (8,000) | $ 0 | 5,000 | $ 0 |
Obligations of states and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 320,000 | 10,688,000 | ||
Net Proceeds | 319,000 | 10,703,000 | ||
Gain/(Loss) | (1,000) | 15,000 | ||
Government agency mortgage backed securities | Residential mortgage backed securities: | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 1,400,000 | 1,630,000 | ||
Net Proceeds | 1,396,000 | 1,623,000 | ||
Gain/(Loss) | (4,000) | (7,000) | ||
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Carrying Value | 289,000 | 289,000 | ||
Net Proceeds | 286,000 | 286,000 | ||
Gain/(Loss) | $ (3,000) | $ (3,000) |
Securities - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on sales of securities available for sale | $ 1 | $ 0 | $ 46 | $ 0 |
Gross losses on sales of securities available for sale | (9) | 0 | (41) | 0 |
Gains on sales of securities available for sale, net | $ (8) | $ 0 | $ 5 | $ 0 |
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 1,254,258 | $ 1,264,529 |
Fair Value | 1,268,280 | 1,250,777 |
Unrealized Loss | (4,441) | (18,269) |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 12,245 | 12,359 |
Fair Value | 10,386 | $ 10,633 |
Unrealized Loss | (1,859) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,199 | |
Fair Value | 6,693 | |
Unrealized Loss | $ (1,506) | |
Issuers Currently in Deferral or Default | 15.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,046 | |
Fair Value | 3,693 | |
Unrealized Loss | $ (353) | |
Issuers Currently in Deferral or Default | 18.00% |
Securities - Cumulative Credit Related Losses Recognized in Earnings (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cumulative credit related losses recognized in earnings | ||
Beginning balance | $ (261) | $ (261) |
Additions related to credit losses for which OTTI was not previously recognized | 0 | 0 |
Increases in credit loss for which OTTI was previously recognized | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Ending balance | $ (261) | $ (261) |
Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
loan
| |
Changes in restructured loans [Roll Forward] | |
Totals at January 1, 2019 (loans) | loan | 51 |
Additional advances or loans with concessions (loans) | loan | 5 |
Reclassified as performing restructured loans (loans) | loan | 1 |
Reductions due to: | |
Reclassified as nonperforming (loans) | loan | (5) |
Paid in full (loans) | loan | (5) |
Principal paydowns (loans) | loan | 0 |
Totals at June 30, 2019 (loans) | loan | 47 |
Recorded Investment | |
Totals at January 1, 2019 | $ | $ 5,325 |
Additional advances or loans with concessions | $ | 498 |
Reclassified as performing restructured loan | $ | 41 |
Reductions due to: | |
Reclassified as nonperforming | $ | (465) |
Paid in full | $ | (414) |
Principal paydowns | $ | (85) |
Totals at June 30, 2019 | $ | $ 4,900 |
Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
loan
| |
Number of Loans | |
Totals at January 1, 2019 (loans) | loan | 54 |
Additional advances or loans with concessions (loans) | loan | 2 |
Reclassified as performing restructured loan (loan) | loan | 5 |
Reclassified to nonperforming loans (loans) | loan | (9) |
Paid in full (loans) | loan | (5) |
Principal paydowns (loans) | loan | 0 |
Totals at June 30, 2019 (loans) | loan | 47 |
Recorded Investment | |
Totals at January 1, 2019 | $ | $ 7,495 |
Additional advances or loans with concessions | $ | 2,823 |
Reclassified as performing restructured loan | $ | 1,461 |
Reclassified to nonperforming loans | $ | (746) |
Paid in full | $ | (128) |
Principal paydowns | $ | (296) |
Totals at June 30, 2019 | $ | $ 10,609 |
Purchased Loans - Fair Value of Loans Determined to Be Impaired and Not to Be Impaired at The Time of Acquisition (Details) - Purchased loans - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Accretable yield | $ (27,845) | $ (34,265) |
Fair value of loans contractual principal cash flows amount | 45,518 | |
Fair value of loans contractual interest cash flows | 8,654 | |
Fair value of loans contractual purchase discount | 1,584 | |
Fair value of loans contractual interest payments | 26,260 | |
Receivables Acquired with Deteriorated Credit Quality | ||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Contractually-required principal and interest | 273,362 | |
Nonaccretable difference | (54,172) | |
Cash flows expected to be collected | 219,190 | |
Accretable yield | (27,845) | |
Fair value | $ 191,345 |
Purchased Loans - Changes in Accretable Yield of Loans Purchased with Deteriorated Credit Quality (Details) - Purchased loans $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2019 | $ (34,265) |
Reclassification from nonaccretable difference | (4,470) |
Accretion | 9,757 |
Charge-offs | 1,133 |
Balance at June 30, 2019 | $ (27,845) |
Purchased Loans - Fair Value of Loans Purchased (Details) - Purchased loans - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 01, 2018 |
---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accretable yield | $ (27,845) | $ (34,265) | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Contractually-required principal and interest | 273,362 | ||
Nonaccretable difference | (54,172) | ||
Cash flows expected to be collected | 219,190 | ||
Accretable yield | (27,845) | ||
Fair value | $ 191,345 | ||
Brand | Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Contractually-required principal and interest | $ 1,625,079 | ||
Nonaccretable difference | (123,399) | ||
Cash flows expected to be collected | 1,501,680 | ||
Accretable yield | (170,651) | ||
Fair value | $ 1,331,029 |
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Purchased OREO | |
Balance at January 1, 2019 | $ 6,187 |
Transfers of loans | 969 |
Impairments | (599) |
Dispositions | (1,299) |
Balance at June 30, 2019 | 5,258 |
Non Purchased OREO | |
Balance at January 1, 2019 | 4,853 |
Transfers of loans | 827 |
Impairments | (269) |
Dispositions | (1,936) |
Balance at June 30, 2019 | 3,475 |
Total OREO | |
Balance at January 1, 2019 | 11,040 |
Transfers of loans | 1,796 |
Impairments | (868) |
Dispositions | (3,235) |
Balance at June 30, 2019 | $ 8,733 |
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 116 | $ 55 | $ 211 | $ 168 |
Property taxes and insurance | 19 | 37 | 126 | 149 |
Impairments | 140 | 397 | 868 | 749 |
Net (gains) losses on OREO sales | (19) | (239) | 60 | (143) |
Rental income | (4) | (18) | (9) | (34) |
Total | $ 252 | $ 232 | $ 1,256 | $ 889 |
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | $ 932,928 |
Measurement period adjustment to goodwill from previous acquisition | 43 |
Balance at June 30, 2019 | 932,971 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | 930,161 |
Measurement period adjustment to goodwill from previous acquisition | 43 |
Balance at June 30, 2019 | 930,204 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2019 | 2,767 |
Measurement period adjustment to goodwill from previous acquisition | 0 |
Balance at June 30, 2019 | $ 2,767 |
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 84,462 | $ 84,462 |
Accumulated Amortization | (43,760) | (39,597) |
Net Carrying Amount | 40,702 | 44,865 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 82,492 | 82,492 |
Accumulated Amortization | (42,731) | (38,634) |
Net Carrying Amount | 39,761 | 43,858 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (1,029) | (963) |
Net Carrying Amount | $ 941 | $ 1,007 |
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 2,053 | $ 1,594 | $ 4,163 | $ 3,245 |
Core Deposit Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 2,020 | 1,561 | 4,097 | 3,179 |
Customer Relationship Intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 33 | $ 33 | $ 66 | $ 66 |
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
2019 | $ 8,096 |
2020 | 7,070 |
2021 | 5,991 |
2022 | 5,072 |
2023 | 4,175 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2019 | 7,965 |
2020 | 6,939 |
2021 | 5,860 |
2022 | 4,941 |
2023 | 4,044 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2019 | 131 |
2020 | 131 |
2021 | 131 |
2022 | 131 |
2023 | $ 131 |
Mortgage Servicing Rights - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||||
Impairment losses on mortgage servicing rights | $ 0 | $ 0 | ||
Bank Servicing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,481,000 | $ 2,124,000 | $ 4,735,000 | $ 4,494,000 |
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Changes in mortgage servicing rights | |
Balance at January 1, 2019 | $ 48,230 |
Capitalization | 3,694 |
Amortization | (3,145) |
Balance at June 30, 2019 | $ 48,779 |
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 4,650,878 | $ 4,635,712 |
Weighted-average prepayment speed (CPR) | 10.95% | 7.95% |
Estimated impact of a 10% increase | $ (2,111) | $ (1,264) |
Estimated impact of a 20% increase | $ (4,077) | $ (2,569) |
Discount rate | 9.57% | 9.45% |
Estimated impact of a 10% increase | $ (1,935) | $ (2,657) |
Estimated impact of a 20% increase | $ (3,727) | $ (5,103) |
Weighted-average coupon interest rate | 4.08% | 4.04% |
Weighted-average servicing fee | 27.87% | 27.47% |
Weighted-average remaining maturity | 6 years 6 months 10 days | 8 years 10 days |
Employee Benefit and Deferred Compensation Plans - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
point
shares
|
Jun. 30, 2018
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum retirement age for benefits | 55 years | |||
Maximum retirement age for benefits | 65 years | |||
Eligible employee years of service | 15 years | |||
Number of points for eligibility | point | 70 | |||
Minimum eligible age for medicare coverage | 65 years | |||
Life insurance coverage face value | $ | $ 5,000 | |||
Age limit for life insurance coverage provided by the Company | 70 years | |||
Age at which retiree's pay for life insurance coverage at their sole expense | 70 years | |||
Option expiration period | 10 years | |||
Stock options granted (in shares) | shares | 0 | 0 | ||
Treasury shares reissued (in shares) | shares | 107,194 | |||
Total stock-based compensation expense | $ | $ 2,082,000 | $ 1,920,000 | $ 4,719,000 | $ 3,712,000 |
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 315 | 256 | 588 | 522 |
Expected return on plan assets | (362) | (520) | (725) | (1,038) |
Recognized actuarial loss (gain) | 135 | 77 | 221 | 164 |
Net periodic benefit (return) cost | 88 | (187) | 84 | (352) |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 1 | 2 | 3 | 4 |
Interest cost | 8 | 7 | 16 | 16 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 3 | 0 | (11) | 0 |
Net periodic benefit (return) cost | $ 12 | $ 9 | $ 8 | $ 20 |
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Shares | ||
Options outstanding at beginning of period (shares) | 43,750 | |
Granted (shares) | 0 | 0 |
Exercised (shares) | (6,000) | |
Forfeited (shares) | 0 | |
Options outstanding at end of period (shares) | 37,750 | |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (usd per share) | $ 15.84 | |
Granted (usd per share) | 0 | |
Exercised (usd per share) | 16.59 | |
Forfeited (usd per share) | 0 | |
Options outstanding at end of period (usd per share) | $ 15.72 |
Derivative Instruments - Gains (Losses) On Derivative Financial Instruments (Details) - Not designated as hedging instruments: - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ 1,744 | $ (212) | $ 4,913 | $ 3,046 |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 989 | 1,038 | 2,035 | 2,024 |
Interest rate lock commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 2,176 | (238) | 3,398 | 1,946 |
Forward commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ (1,421) | $ (1,012) | $ (520) | $ (924) |
Derivative Instruments - Gross and Net Derivative Positions, Including Pledged Collateral (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 158 | $ 1,620 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 158 | 1,620 |
Financial instruments | 158 | 1,620 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 0 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 13,495 | 6,768 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 13,495 | 6,768 |
Financial instruments | 158 | 1,620 |
Financial collateral pledged | 9,907 | 2,745 |
Net amounts | $ 3,430 | $ 2,403 |
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Deferred tax assets | ||
Allowance for loan losses | $ 14,146 | $ 14,097 |
Loans | 14,977 | 18,655 |
Deferred compensation | 9,301 | 10,001 |
Securities | (103) | 6,180 |
Impairment of assets | 2,336 | 1,280 |
Federal and State net operating loss carryforwards | 14,899 | 19,065 |
Other | 21,358 | 3,610 |
Total deferred tax assets | 76,914 | 72,888 |
Deferred tax liabilities | ||
Investment in partnerships | 1,367 | 1,572 |
Fixed assets | 3,864 | 3,865 |
Mortgage servicing rights | 12,492 | 12,350 |
Junior subordinated debt | 1,697 | 1,607 |
Other | 20,645 | 1,792 |
Total deferred tax liabilities | 40,065 | 21,186 |
Net deferred tax assets | $ 36,849 | $ 51,702 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Sep. 01, 2018 |
Jul. 31, 2015 |
|
Operating Loss Carryforwards [Line Items] | |||||||
Income taxes | $ 13,945 | $ 10,424 | $ 27,535 | $ 20,097 | |||
Effective income tax rate | 23.09% | 22.17% | |||||
Domestic Tax Authority | Brand | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | $ 71,963 | $ 83,960 | |||||
Domestic Tax Authority | Heritage Financial Group | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | 4,956 | $ 18,321 | |||||
State and Local Jurisdiction | Brand | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | 63,218 | $ 67,168 | |||||
State and Local Jurisdiction | Heritage Financial Group | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating loss carryforwards | $ 2,365 | $ 16,877 |
Investments in Qualified Affordable Housing Projects Investments in Qualified Affordable Housing Projects - Narrative (Details) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Equity Method Investments and Joint Ventures [Abstract] | ||
Carrying value of qualified affordable housing project investments | $ 5,248,000 | $ 6,037,000 |
Funding obligation related to qualified affordable housing projects | $ 0 |
Investments in Qualified Affordable Housing Projects - Components of Qualified Affordable Housing Projects Included in Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||||
Tax credit amortization | $ 394 | $ 410 | $ 788 | $ 804 |
Tax credits and other benefits | (572) | (572) | (1,145) | (1,145) |
Total | $ (178) | $ (162) | $ (357) | $ (341) |
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Trust preferred securities - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | $ 10,246 | $ 10,045 | $ 10,633 | $ 9,388 |
Accretion included in net income | 9 | 8 | 18 | 17 |
Unrealized gains (losses) included in other comprehensive income | 154 | 383 | (133) | 1,052 |
Reclassification adjustment | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | (23) | (35) | (132) | (56) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 10,386 | $ 10,401 | $ 10,386 | $ 10,401 |
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Trust preferred securities $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 10,386 |
Measurement Input, Price Volatility | Minimum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs | 0 |
Measurement Input, Price Volatility | Maximum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs | 1.00 |
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 14,746 | $ 21,686 |
OREO | 2,626 | 4,319 |
Total financial assets | 17,372 | 26,005 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total financial assets | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 14,746 | 21,686 |
OREO | 2,626 | 4,319 |
Total financial assets | $ 17,372 | $ 26,005 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 16,315 | $ 22,621 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 50,059 | 49,026 | |
Changes in fair value, gain (loss) | 3,534 | $ 4,177 | |
Impaired Loans, Not Covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 1,569 | $ 935 |
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 3,312 | $ 5,258 |
Impairment recognized in results of operations | (686) | (939) |
Fair value | $ 2,626 | $ 4,319 |
Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains on securities | $ 21,772 | $ 1,066 |
Non-credit related portion of other-than-temporary impairment on securities | (11,319) | (11,319) |
Unrealized losses on derivative instruments | (3,086) | |
Unrealized losses on derivative instruments | (630) | |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (6,857) | (7,013) |
Total accumulated other comprehensive income (loss) | $ 510 | $ (17,896) |
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Basic | ||||||
Net income applicable to common stock | $ 46,625 | $ 45,110 | $ 36,710 | $ 33,826 | $ 91,735 | $ 70,536 |
Average common shares outstanding (shares) | 58,461,024 | 49,413,754 | 58,523,007 | 49,385,244 | ||
Net income per common share - basic (usd per share) | $ 0.80 | $ 0.74 | $ 1.57 | $ 1.43 | ||
Diluted | ||||||
Net income applicable to common stock | $ 46,625 | $ 45,110 | $ 36,710 | $ 33,826 | $ 91,735 | $ 70,536 |
Average common shares outstanding (shares) | 58,461,024 | 49,413,754 | 58,523,007 | 49,385,244 | ||
Effect of dilutive stock-based compensation (shares) | 157,952 | 136,007 | 146,049 | 136,801 | ||
Average common shares outstanding - diluted (shares) | 58,618,976 | 49,549,761 | 58,669,056 | 49,522,045 | ||
Net income per common share - diluted (usd per share) | $ 0.80 | $ 0.74 | $ 1.56 | $ 1.42 |
Net Income Per Common Share - Additional Information (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Exercise prices (for stock option awards) (usd per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Employee Stock Option | ||||
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Number of antiduilutive shares (in shares) | 4,524 | 44,273 | 643 | 44,273 |
Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | $ 112,800 | $ 92,389 | $ 225,947 | $ 181,629 | |||
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 | |||
Noninterest income | 41,960 | 35,581 | 77,845 | 69,534 | |||
Noninterest expense | 93,290 | 79,026 | 182,122 | 156,970 | |||
Income before income taxes | 60,570 | 47,134 | 119,270 | 90,633 | |||
Income tax expense (benefit) | 13,945 | 10,424 | 27,535 | 20,097 | |||
Net income (loss) | 46,625 | $ 45,110 | 36,710 | $ 33,826 | 91,735 | 70,536 | |
Total assets | 12,892,653 | 10,544,475 | 12,892,653 | 10,544,475 | $ 12,934,878 | ||
Goodwill | 932,971 | 611,046 | 932,971 | 611,046 | 932,928 | ||
Community Banks | |||||||
Financial information for the Company's operating segments | |||||||
Goodwill | 930,204 | 930,204 | 930,161 | ||||
Insurance | |||||||
Financial information for the Company's operating segments | |||||||
Goodwill | 2,767 | 2,767 | $ 2,767 | ||||
Operating Segments | Community Banks | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 115,664 | 94,676 | 231,722 | 186,103 | |||
Provision for loan losses | 900 | 1,810 | 2,400 | 3,560 | |||
Noninterest income | 36,293 | 29,949 | 65,878 | 57,867 | |||
Noninterest expense | 87,596 | 73,628 | 170,909 | 146,261 | |||
Income before income taxes | 63,461 | 49,187 | 124,291 | 94,149 | |||
Income tax expense (benefit) | 14,910 | 11,165 | 29,196 | 21,332 | |||
Net income (loss) | 48,551 | 38,022 | 95,095 | 72,817 | |||
Total assets | 12,790,623 | 10,439,785 | 12,790,623 | 10,439,785 | |||
Goodwill | 930,204 | 608,279 | 930,204 | 608,279 | |||
Operating Segments | Insurance | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 171 | 118 | 339 | 224 | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | 2,222 | 2,148 | 5,101 | 4,920 | |||
Noninterest expense | 1,898 | 1,819 | 3,713 | 3,550 | |||
Income before income taxes | 495 | 447 | 1,727 | 1,594 | |||
Income tax expense (benefit) | 128 | 116 | 448 | 413 | |||
Net income (loss) | 367 | 331 | 1,279 | 1,181 | |||
Total assets | 26,722 | 24,513 | 26,722 | 24,513 | |||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | |||
Operating Segments | Wealth Management | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | 409 | 315 | 759 | 628 | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | 3,890 | 3,714 | 7,549 | 7,241 | |||
Noninterest expense | 3,464 | 3,213 | 6,912 | 6,605 | |||
Income before income taxes | 835 | 816 | 1,396 | 1,264 | |||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |||
Net income (loss) | 835 | 816 | 1,396 | 1,264 | |||
Total assets | 61,363 | 61,869 | 61,363 | 61,869 | |||
Goodwill | 0 | 0 | 0 | 0 | |||
Other | |||||||
Financial information for the Company's operating segments | |||||||
Net interest income (loss) | (3,444) | (2,720) | (6,873) | (5,326) | |||
Provision for loan losses | 0 | 0 | 0 | 0 | |||
Noninterest income | (445) | (230) | (683) | (494) | |||
Noninterest expense | 332 | 366 | 588 | 554 | |||
Income before income taxes | (4,221) | (3,316) | (8,144) | (6,374) | |||
Income tax expense (benefit) | (1,093) | (857) | (2,109) | (1,648) | |||
Net income (loss) | (3,128) | (2,459) | (6,035) | (4,726) | |||
Total assets | 13,945 | 18,308 | 13,945 | 18,308 | |||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||
Net investment in lease | $ 8,729 | $ 8,729 |
Net investment in lease, current | 6,971 | 6,971 |
Residual value of leased asset | 2,332 | 2,332 |
Net investment in lease, noncurrent | 574 | 574 |
Lease income | 78 | 159 |
Right-of-use asset | 73,791 | 73,791 |
Operating lease, liability | 77,449 | 77,449 |
Lease cost | 2,788 | 5,369 |
Affiliated Entity | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | 13,424 | 13,424 |
Operating lease, liability | 15,668 | 15,668 |
Lease cost | $ 492 | $ 984 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 1 year | 1 year |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 20 years | 20 years |
Leases - Lessor Maturity (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2019 | $ 245 |
2020 | 1,492 |
2021 | 1,591 |
2022 | 2,326 |
2023 | 2,299 |
Thereafter | 776 |
Total lease receivables | $ 8,729 |
Leases - Lease Cost (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Leases [Abstract] | ||
Operating lease cost (cost resulting from lease payments) | $ 2,490 | $ 4,848 |
Short-term lease cost | 10 | 20 |
Variable lease cost (cost excluded from lease payments) | 458 | 797 |
Sublease income | (170) | (296) |
Total lease cost | 2,788 | 5,369 |
Operating lease - operating cash flows (fixed payments) | 2,364 | 4,680 |
Operating lease - operating cash flows (liability reduction) | $ 1,680 | $ 3,488 |
Weighted average lease term - operating leases (in years) | 14 years 8 months 26 days | 12 years 5 months 1 day |
Weighted average discount rate - operating leases | 3.58% | 3.58% |
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ 21,448 | $ 22,743 |
Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Topic 842 | ||
Remainder of 2019 | $ 4,901 | |
2020 | 9,250 | |
2021 | 8,109 | |
2022 | 7,628 | |
2023 | 7,339 | |
Thereafter | 65,589 | |
Total undiscounted cash flows | 102,816 | |
Discount on cash flows | 25,367 | |
Total operating lease liabilities | $ 77,449 | |
Topic 840 | ||
2019 | $ 9,389 | |
2020 | 8,199 | |
2021 | 6,339 | |
2022 | 4,929 | |
2023 | 3,711 | |
Thereafter | 12,592 | |
Total | $ 45,159 |
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