Montana | 81-0331430 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
401 North 31st Street, Billings, MT | 59116-0918 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | (Do not check if smaller reporting company) | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
March 31, 2018 – Class A common stock | 34,067,912 | ||||
March 31, 2018 – Class B common stock | 22,631,503 |
Quarterly Report on Form 10-Q | ||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES | ||
Index | ||
March 31, 2018 | ||
Page Nos. | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A . | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited) | |||||||
March 31, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Cash and due from banks | $ | 187.7 | $ | 196.5 | |||
Interest bearing deposits in banks | 556.4 | 562.3 | |||||
Federal funds sold | 0.1 | 0.1 | |||||
Total cash and cash equivalents | 744.2 | 758.9 | |||||
Investment securities: | |||||||
Available-for-sale | 2,280.7 | 2,208.7 | |||||
Held-to-maturity (estimated fair values of $455.5 and $483.3 at March 31, 2018 and December 31, 2017, respectively) | 462.3 | 484.5 | |||||
Total investment securities | 2,743.0 | 2,693.2 | |||||
Loans held for investment | 7,614.5 | 7,567.7 | |||||
Mortgage loans held for sale | 32.3 | 46.6 | |||||
Total loans | 7,646.8 | 7,614.3 | |||||
Less allowance for loan losses | 73.5 | 72.1 | |||||
Net loans | 7,573.3 | 7,542.2 | |||||
Goodwill | 445.6 | 444.7 | |||||
Company-owned life insurance | 261.9 | 260.6 | |||||
Premises and equipment, net of accumulated depreciation | 240.2 | 241.9 | |||||
Accrued interest receivable | 38.9 | 38.0 | |||||
Mortgage servicing rights, net of accumulated amortization and impairment reserve | 25.2 | 24.8 | |||||
Core deposit intangibles, net of accumulated amortization | 47.3 | 49.1 | |||||
Other real estate owned (“OREO”) | 11.0 | 10.1 | |||||
Deferred tax asset, net | — | 4.0 | |||||
Other assets | 142.8 | 145.8 | |||||
Total assets | $ | 12,273.4 | $ | 12,213.3 | |||
Liabilities and Stockholders’ Equity | |||||||
Deposits: | |||||||
Non-interest bearing | $ | 2,897.6 | $ | 2,900.0 | |||
Interest bearing | 7,128.3 | 7,034.9 | |||||
Total deposits | 10,025.9 | 9,934.9 | |||||
Securities sold under repurchase agreements | 633.8 | 643.0 | |||||
Accounts payable and accrued expenses | 75.7 | 86.6 | |||||
Accrued interest payable | 5.7 | 5.6 | |||||
Deferred tax liability, net | 1.7 | — | |||||
Long-term debt | 15.7 | 13.1 | |||||
Other borrowed funds | — | 20.0 | |||||
Subordinated debentures held by subsidiary trusts | 82.5 | 82.5 | |||||
Total liabilities | 10,841.0 | 10,785.7 | |||||
Stockholders’ equity: | |||||||
Nonvoting noncumulative preferred stock without par value; authorized 100,000 shares; no shares issued and outstanding as of March 31, 2018 or December 31, 2017 | — | — | |||||
Common stock | 688.0 | 687.0 | |||||
Retained earnings | 776.7 | 752.6 | |||||
Accumulated other comprehensive loss, net | (32.3 | ) | (12.0 | ) | |||
Total stockholders’ equity | 1,432.4 | 1,427.6 | |||||
Total liabilities and stockholders’ equity | $ | 12,273.4 | $ | 12,213.3 |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Interest income: | |||||||
Interest and fees on loans | $ | 91.7 | $ | 63.7 | |||
Interest and dividends on investment securities: | |||||||
Taxable | 13.2 | 8.7 | |||||
Exempt from federal taxes | 0.6 | 0.8 | |||||
Interest on deposits in banks | 2.1 | 1.2 | |||||
Total interest income | 107.6 | 74.4 | |||||
Interest expense: | |||||||
Interest on deposits | 6.2 | 4.1 | |||||
Interest on securities sold under repurchase agreements | 0.4 | 0.2 | |||||
Interest on other borrowed funds | 0.1 | — | |||||
Interest on other debt | 0.2 | 0.5 | |||||
Interest on subordinated debentures held by subsidiary trusts | 0.9 | 0.7 | |||||
Total interest expense | 7.8 | 5.5 | |||||
Net interest income | 99.8 | 68.9 | |||||
Provision for loan losses | 2.1 | 1.7 | |||||
Net interest income after provision for loan losses | 97.7 | 67.2 | |||||
Non-interest income: | |||||||
Payment services revenues | 10.5 | 8.4 | |||||
Mortgage banking revenues | 5.4 | 6.5 | |||||
Wealth management revenues | 5.9 | 5.0 | |||||
Service charges on deposit accounts | 5.6 | 4.4 | |||||
Other service charges, commissions and fees | 3.9 | 2.7 | |||||
Investment securities gains (losses), net | — | — | |||||
Other income | 3.9 | 2.1 | |||||
Total non-interest income | 35.2 | 29.1 | |||||
Non-interest expense: | |||||||
Salaries and wages | 34.6 | 25.7 | |||||
Employee benefits | 11.3 | 9.6 | |||||
Outsourced technology services | 7.0 | 5.3 | |||||
Occupancy, net | 6.3 | 4.8 | |||||
Furniture and equipment | 3.1 | 2.3 | |||||
OREO expense, net of income | 0.2 | — | |||||
Professional fees | 1.2 | 1.0 | |||||
FDIC insurance premiums | 1.5 | 0.9 | |||||
Mortgage servicing rights amortization | 0.8 | 0.6 | |||||
Mortgage servicing rights recovery | — | (0.1 | ) | ||||
Core deposit intangibles amortization | 1.8 | 0.6 | |||||
Other expenses | 15.8 | 12.3 | |||||
Acquisition related expenses | 2.3 | 0.7 | |||||
Total non-interest expense | 85.9 | 63.7 | |||||
Income before income tax expense | 47.0 | 32.6 | |||||
Income tax expense | 10.3 | 9.4 | |||||
Net income | $ | 36.7 | $ | 23.2 | |||
Earnings per common share (Basic) | $ | 0.65 | $ | 0.52 | |||
Earnings per common share (Diluted) | $ | 0.65 | $ | 0.51 | |||
Weighted average common shares outstanding (Basic) | 56,241,201 | 44,680,258 | |||||
Weighted average common shares outstanding (Diluted) | 56,652,178 | 45,238,908 |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) | ||||||
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Net income | $ | 36.7 | $ | 23.2 | ||
Other comprehensive income, before tax: | ||||||
Investment securities available-for sale: | ||||||
Change in net unrealized (losses) gains during period | (23.7 | ) | 9.3 | |||
Change in unamortized loss on available-for-sale securities transferred into held-to-maturity | 0.5 | 0.5 | ||||
Defined benefit post-retirement benefits plans: | ||||||
Change in net actuarial gain | (0.1 | ) | (0.7 | ) | ||
Other comprehensive income, before tax | (23.3 | ) | 9.1 | |||
Deferred tax benefit (expense) related to other comprehensive income | 6.1 | (3.6 | ) | |||
Other comprehensive (loss) income, net of tax | (17.2 | ) | 5.5 | |||
Comprehensive income, net of tax | $ | 19.5 | $ | 28.7 |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (In millions, except share and per share data) (Unaudited) | |||||||||||||||
Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||
Balance at December 31, 2017 | $ | 687.0 | $ | 752.6 | $ | (12.0 | ) | $ | 1,427.6 | ||||||
Net income | — | 36.7 | — | 36.7 | |||||||||||
Reclassification of the income tax effects of the Tax Cut and Jobs Act from AOCI | — | 3.1 | (3.1 | ) | — | ||||||||||
Other comprehensive loss, net of tax expense | — | — | (17.2 | ) | (17.2 | ) | |||||||||
Common stock transactions: | |||||||||||||||
21,700 Common shares purchased and retired | (0.9 | ) | — | — | (0.9 | ) | |||||||||
204,991 Non-vested common shares issued | — | — | — | — | |||||||||||
16,581 Non-vested common shares forfeited | — | — | — | — | |||||||||||
67,146 stock options exercised, net of 20,469 shares tendered in payment of option price and income tax withholding amounts | 0.8 | — | — | 0.8 | |||||||||||
Stock-based compensation expense | 1.1 | — | — | 1.1 | |||||||||||
Common cash dividend declared ($0.28 per share) | — | (15.7 | ) | — | (15.7 | ) | |||||||||
Balance at March 31, 2018 | $ | 688.0 | $ | 776.7 | $ | (32.3 | ) | $ | 1,432.4 | ||||||
Balance at December 31, 2016 | $ | 296.1 | $ | 694.6 | $ | (8.1 | ) | $ | 982.6 | ||||||
Net income | — | 23.2 | — | 23.2 | |||||||||||
Other comprehensive income, net of tax expense | — | — | 5.5 | 5.5 | |||||||||||
Common stock transactions: | |||||||||||||||
20,621 common shares purchased and retired | (0.9 | ) | — | — | (0.9 | ) | |||||||||
200 common shares issued | — | — | — | — | |||||||||||
132,531 non-vested common shares issued | — | — | — | — | |||||||||||
7,214 non-vested common shares forfeited | — | — | — | — | |||||||||||
112,936 stock options exercised, net of 43,534 shares tendered in payment of option price and income tax withholding amounts | 1.1 | — | — | 1.1 | |||||||||||
Stock-based compensation expense | 0.9 | — | — | 0.9 | |||||||||||
Common cash dividend declared ($0.24 per share) | — | (10.8 | ) | — | (10.8 | ) | |||||||||
Balance at March 31, 2017 | $ | 297.2 | $ | 707.0 | $ | (2.6 | ) | $ | 1,001.6 |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 36.7 | $ | 23.2 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 2.1 | 1.7 | |||||
Net loss on disposal of premises and equipment | — | 0.1 | |||||
Depreciation and amortization | 6.6 | 4.6 | |||||
Net premium amortization on investment securities | 2.8 | 2.8 | |||||
Realized and unrealized net gains on mortgage banking activities | (1.6 | ) | (4.9 | ) | |||
Net loss on sale of OREO | — | 0.2 | |||||
Mortgage servicing rights recovery | — | (0.1 | ) | ||||
Deferred tax expenses | 10.1 | 2.0 | |||||
Net increase in cash surrender value of company-owned life insurance | (1.3 | ) | (1.1 | ) | |||
Stock-based compensation expense | 1.1 | 0.9 | |||||
Originations of mortgage loans held for sale | (204.1 | ) | (193.1 | ) | |||
Proceeds from sales of mortgage loans held for sale | 218.8 | 235.0 | |||||
Changes in operating assets and liabilities, net of effects of acquisition: | |||||||
(Increase) decrease in interest receivable | (0.9 | ) | 2.1 | ||||
Decrease in other assets | 3.9 | 1.7 | |||||
Increase (decrease) in accrued interest payable | 0.1 | (0.6 | ) | ||||
Decrease in accounts payable and accrued expenses | (10.9 | ) | (1.5 | ) | |||
Net cash provided by operating activities | 63.4 | 73.0 | |||||
Cash flows from investing activities: | |||||||
Purchases of investment securities: | |||||||
Held-to-maturity | — | (0.9 | ) | ||||
Available-for-sale | (212.9 | ) | (113.4 | ) | |||
Proceeds from maturities and pay-downs of investment securities: | |||||||
Held-to-maturity | 22.2 | 22.8 | |||||
Available-for-sale | 114.9 | 74.5 | |||||
Extensions of credit to customers, net of repayments | (53.3 | ) | 36.0 | ||||
Recoveries of loans charged-off | 4.5 | 2.1 | |||||
Proceeds from sale of OREO | 0.3 | 0.7 | |||||
Acquisition of intangible assets | — | (28.0 | ) | ||||
Capital expenditures, net of sales | (2.4 | ) | (4.4 | ) | |||
Net cash used in investing activities | $ | (126.7 | ) | $ | (10.6 | ) |
FIRST INTERSTATE BANCSYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (In thousands) (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Cash flows from financing activities: | |||||||
Net increase (decrease) in deposits | $ | 91.0 | $ | (75.9 | ) | ||
Net (decrease) increase in securities sold under repurchase agreements | (9.2 | ) | 50.0 | ||||
Net decrease in other borrowed funds | (20.0 | ) | — | ||||
Advances on long-term debt | 2.6 | — | |||||
Proceeds from issuance of common stock | 0.8 | 1.1 | |||||
Purchase and retirement of common stock | (0.9 | ) | (0.9 | ) | |||
Dividends paid to common stockholders | (15.7 | ) | (10.8 | ) | |||
Net cash provided by (cash used) in financing activities | 48.6 | (36.5 | ) | ||||
Net increases (decrease) in cash and cash equivalents | (14.7 | ) | 25.9 | ||||
Cash and cash equivalents at beginning of period | 758.9 | 782.0 | |||||
Cash and cash equivalents at end of period | $ | 744.2 | $ | 807.9 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for income taxes | $ | 4.6 | $ | 28.8 | |||
Cash paid during the period for interest expense | 7.7 | 6.2 | |||||
Supplemental disclosures of noncash investing and financing activities: | |||||||
Transfer of loans to loans held for sale | $ | 0.5 | $ | — | |||
Transfer of loans to other real estate owned | 1.2 | 0.4 | |||||
Capitalization of internally originated mortgage servicing rights | 1.3 | 1.5 |
(1) | Basis of Presentation |
• | Wealth management and trust fee income - this represents monthly fees due from wealth management customers as consideration for managing the customers’ assets. Wealth management and trust services include custody of assets, investment management, fees for trust services and similar fiduciary activities. Revenue is recognized when our performance obligation is completed. The Company does not earn performance-based incentives. Optional services such as settlement, court, and regulatory fees are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). |
• | Service charges on deposit accounts - these represent general service fees for account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed for account maintenance services or when a transaction has been completed (such as a wire transfer or check orders). Payment for such performance obligations are generally received at a point in time when the performance obligations are satisfied. |
• | Interchange and other fees - these fees primarily represent debit and credit card income comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Mastercard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income primarily represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Swap fee income primarily represents income associated with the execution of dealer bank swap agreements. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance |
• | Annuity and Insurance commissions - these primarily represent commissions received on annuity product sales. The Company acts as an intermediary between the Company’s customer and the insurance carrier. The Company’s performance obligation is generally satisfied upon the issuance of the annuity policy, the carrier then remits the commission payment to the Company, and the Company recognizes the revenue at a point in time. |
(2) | Acquisitions |
As Recorded | Fair Value | As Recorded | ||||||||
As of May 30, 2017 | by Cascade | Adjustments | by the Company | |||||||
Assets acquired: | ||||||||||
Cash and cash equivalents | $ | 246.8 | $ | — | $ | 246.8 | ||||
Investment securities | 476.7 | 4.9 | (1) | 481.6 | ||||||
Loans held for investment | 2,111.0 | (31.7 | ) | (2) | 2,079.3 | |||||
Mortgage loans held for sale | 10.3 | — | 10.3 | |||||||
Allowance for loan loss | (24.0 | ) | 24.0 | (3) | — | |||||
Premises and equipment | 46.6 | 0.1 | (4) | 46.7 | ||||||
Other real estate owned ("OREO") | 1.2 | — | 1.2 | |||||||
Core deposit intangible assets | — | 48.0 | (5) | 48.0 | ||||||
Deferred tax assets, net | 47.6 | (20.9 | ) | (6) | 26.7 | |||||
Other assets | 98.6 | 2.1 | (7) | 100.7 | ||||||
Total assets acquired | 3,014.8 | 26.5 | 3,041.3 | |||||||
Liabilities assumed: | ||||||||||
Deposits | 2,669.9 | (0.9 | ) | (8) | 2,669.0 | |||||
Accounts Payable and Accrued Expense | 62.2 | 1.9 | (9) | 64.1 | ||||||
Total liabilities assumed | 2,732.1 | 1.0 | 2,733.1 | |||||||
Net assets acquired | $ | 282.7 | $ | 25.5 | $ | 308.2 | ||||
Consideration paid: | ||||||||||
Cash | $ | 155.0 | ||||||||
Class A common stock | 386.0 | |||||||||
Total consideration paid | 541.0 | |||||||||
Goodwill | $ | 232.8 | ||||||||
Explanation of fair value adjustments. Note marks for the deferred tax assets and other assets were updated since prior quarter. Certain other balances have been reclassified, none of which are material. The adjustment resulted in a net increase to goodwill of $0.9 million from fourth quarter reported balances. | |
(1) | Write up of the book value of investments to their estimated fair values on the date of acquisition based upon quotes obtained from an independent third party pricing service. |
(2) | Write down of the book value of loans to their estimated fair values. Shared National Credits (SNC) were recorded at quoted sales prices where available. The fair value of the remaining loans was estimated using cash flow projections based on the remaining maturity and repricing terms, adjusted for estimated future credit losses and prepayments and discounted to present value using a risk-adjusted market rate for similar loans. The fair value of collateral dependent loans acquired with deteriorated credit quality was estimated based on the Company's analysis of the fair value of each loan's underlying collateral, discounted using market-derived rates of return with consideration given to the period of time and costs associated with foreclosure and disposition of the collateral. |
(3) | Adjustment to remove the Cascade allowance for loan losses at acquisition date, as the credit risk is included in the fair value adjustment for loans receivable described in (2) above. |
(4) | Write up of the book value of premises and equipment to their estimated fair values on the date of acquisition based upon appraisals obtained from an independent third party appraiser or broker's opinion of value. |
(5) | Adjustment represents the value of the core deposit base assumed in the acquisition based upon valuation from an independent accounting and advisory firm. |
(6) | Adjustment consists of the write-off of pre-existing deferred tax assets and purchase accounting adjustments as a result of the acquisition. |
(7) | Adjustment consists of various other assets recorded as a result of the acquisition, including mortgage servicing rights, SBA servicing rights, and favorable leases offset by reductions to the fair value of other items. |
(8) | Decrease in book value of time deposits to their estimated fair values based upon interest rates of similar time deposits with similar terms on the date of acquisition based upon valuation from an independent accounting and advisory firm. |
(9) | Increase in fair value due to credit card incentive program, unfavorable leases, write-off of balance sheet reserve, and swap liability offset. |
Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | |||||||
Legal and Professional Fees | $ | 0.5 | $ | 0.6 | ||||
Employee Expenses | 0.1 | — | ||||||
Technology Conversion and Contract Termination | 1.5 | — | ||||||
Other | 0.2 | 0.1 | ||||||
Total Acquisition Related Expenses | $ | 2.3 | $ | 0.7 |
Contractually required principal and interest payments | $ | 49.7 | |
Contractual cash flows not expected to be collected ("non-accretable discount") | 24.7 | ||
Cash flows expected to be collected | 25.0 | ||
Interest component of cash flows expected to be collected ("accretable discount") | 1.9 | ||
Fair value of acquired credit-impaired loans | $ | 23.1 |
Contractually required principal and interest payments | $ | 2,098.1 | |
Contractual cash flows not expected to be collected due to projected prepayment | 23.3 | ||
Fair value at acquisition | $ | 2,066.5 |
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Interest income | $ | 107.6 | $ | 100.1 | ||
Non-interest income | 35.2 | 36.6 | ||||
Total revenues | $ | 142.8 | $ | 136.7 | ||
Net income | $ | 35.9 | $ | 29.2 | ||
EPS - basic | $ | 0.63 | $ | 0.52 | ||
EPS - diluted | 0.63 | 0.52 |
(3) | Goodwill and Core Deposit Intangibles |
As of March 31, | |||||||||
2018 | 2017 | ||||||||
Net carrying value at beginning of period | $ | 444.7 | $ | 212.8 | |||||
Addition to goodwill from acquisition | — | — | |||||||
Measurement period adjustment to previously recorded goodwill | 0.9 | — | |||||||
Net carrying value at end of period | $ | 445.6 | $ | 212.8 |
Three Months Ended March 31, | |||||||||
2018 | 2017 | ||||||||
CDI, net, beginning of period | $ | 49.1 | $ | 9.7 | |||||
CDI current period amortization | (1.8 | ) | (0.6 | ) | |||||
Total CDI, net, end of period | $ | 47.3 | $ | 9.1 |
Years Ending December 31, | ||||||
2018 remaining | $ | 5.2 | ||||
2019 | 6.6 | |||||
2020 | 6.2 | |||||
2021 | 5.7 | |||||
2022 | 5.3 | |||||
Thereafter | 18.3 | |||||
Total | $ | 47.3 |
(4) | Investment Securities |
March 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||
Available-for-Sale: | ||||||||||||
U.S. Treasury notes | $ | 3.2 | $ | — | $ | — | $ | 3.2 | ||||
Obligations of U.S. government agencies | 562.8 | — | (13.0 | ) | 549.8 | |||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1,578.2 | 1.9 | (30.8 | ) | 1,549.3 | |||||||
Private mortgage-backed securities | 84.7 | — | (1.5 | ) | 83.2 | |||||||
Corporate securities | 93.1 | 0.1 | (1.0 | ) | 92.2 | |||||||
Other investments | 3.0 | — | — | 3.0 | ||||||||
Total | $ | 2,325.0 | $ | 2.0 | $ | (46.3 | ) | $ | 2,280.7 |
March 31, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||
Held-to-Maturity: | ||||||||||||
State, county and municipal securities | $ | 168.3 | $ | 1.8 | $ | (1.3 | ) | $ | 168.8 | |||
Obligations of U.S. government agencies | 19.8 | — | (0.3 | ) | 19.5 | |||||||
U.S agency residential mortgage-backed securities & collateralized mortgage obligations | 217.6 | 7.7 | (14.1 | ) | 211.2 | |||||||
Corporate securities | 56.5 | 0.1 | (0.7 | ) | 55.9 | |||||||
Other investments | 0.1 | — | — | 0.1 | ||||||||
Total | $ | 462.3 | $ | 9.6 | $ | (16.4 | ) | $ | 455.5 |
December 31, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||
Available-for-Sale: | ||||||||||||
U.S. Treasury notes | $ | 3.2 | $ | — | $ | — | $ | 3.2 | ||||
Obligations of U.S. government agencies | 569.5 | — | (8.0 | ) | 561.5 | |||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 1,474.1 | 3.8 | (15.4 | ) | 1,462.5 | |||||||
Private mortgage-backed securities | 91.5 | — | (0.8 | ) | 90.7 | |||||||
Corporate securities | 88.0 | 0.1 | (0.3 | ) | 87.8 | |||||||
Other investments | 3.0 | — | — | 3.0 | ||||||||
Total | $ | 2,229.3 | $ | 3.9 | $ | (24.5 | ) | $ | 2,208.7 |
December 31, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||
Held-to-Maturity: | ||||||||||||
State, county and municipal securities | $ | 172.4 | $ | 2.6 | $ | (0.6 | ) | $ | 174.4 | |||
Obligations of U.S. government agencies | 19.8 | — | (0.2 | ) | 19.6 | |||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 230.5 | 8.8 | (11.6 | ) | 227.7 | |||||||
Corporate securities | 61.6 | 0.1 | (0.3 | ) | 61.4 | |||||||
Other investments | 0.2 | — | — | 0.2 | ||||||||
Total | $ | 484.5 | $ | 11.5 | $ | (12.7 | ) | $ | 483.3 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
March 31, 2018 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Available-for-Sale: | ||||||||||||||||||||
Obligations of U.S. government agencies | $ | 310.1 | $ | (7.0 | ) | $ | 239.7 | $ | (6.0 | ) | $ | 549.8 | $ | (13.0 | ) | |||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 954.2 | (17.5 | ) | 408.4 | (13.3 | ) | 1,362.6 | (30.8 | ) | |||||||||||
Private mortgage-backed securities | 74.7 | (1.5 | ) | — | — | 74.7 | (1.5 | ) | ||||||||||||
Corporate securities | 60.8 | (1.0 | ) | — | — | 60.8 | (1.0 | ) | ||||||||||||
Total | $ | 1,399.8 | $ | (27.0 | ) | $ | 648.1 | $ | (19.3 | ) | $ | 2,047.9 | $ | (46.3 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
March 31, 2018 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||
State, county and municipal securities | $ | 74.0 | $ | (1.0 | ) | $ | 11.7 | $ | (0.3 | ) | $ | 85.7 | $ | (1.3 | ) | |||||
Obligations of U.S. government agencies | 9.6 | (0.1 | ) | 9.9 | (0.2 | ) | 19.5 | (0.3 | ) | |||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 85.6 | (11.0 | ) | 47.2 | (3.1 | ) | 132.8 | (14.1 | ) | |||||||||||
Corporate securities | 44.8 | (0.6 | ) | 4.9 | (0.1 | ) | 49.7 | (0.7 | ) | |||||||||||
Total | $ | 214.0 | $ | (12.7 | ) | $ | 73.7 | $ | (3.7 | ) | $ | 287.7 | $ | (16.4 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
December 31, 2017 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Available-for-Sale: | ||||||||||||||||||||
Obligations of U.S. government agencies | $ | 284.9 | $ | (3.4 | ) | $ | 266.1 | $ | (4.6 | ) | $ | 551.0 | $ | (8.0 | ) | |||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 670.1 | (6.2 | ) | 439.2 | (9.2 | ) | 1,109.3 | (15.4 | ) | |||||||||||
Private mortgage-backed securities | 74.0 | (0.8 | ) | — | — | 74.0 | (0.8 | ) | ||||||||||||
Corporate securities | 51.3 | (0.3 | ) | — | — | 51.3 | (0.3 | ) | ||||||||||||
Total | $ | 1,080.3 | $ | (10.7 | ) | $ | 705.3 | $ | (13.8 | ) | $ | 1,785.6 | $ | (24.5 | ) |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
December 31, 2017 | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||
Held-to-Maturity: | ||||||||||||||||||||
State, county and municipal securities | $ | 53.3 | $ | (0.4 | ) | $ | 12.3 | $ | (0.2 | ) | $ | 65.6 | $ | (0.6 | ) | |||||
Obligations of U.S. government agencies | 9.7 | — | 9.9 | (0.2 | ) | 19.6 | (0.2 | ) | ||||||||||||
U.S. agency residential mortgage-backed securities & collateralized mortgage obligations | 76.4 | (9.1 | ) | 60.5 | (2.5 | ) | 136.9 | (11.6 | ) | |||||||||||
Corporate securities | 41.2 | (0.2 | ) | 5.0 | (0.1 | ) | 46.2 | (0.3 | ) | |||||||||||
Total | $ | 180.6 | $ | (9.7 | ) | $ | 87.7 | $ | (3.0 | ) | $ | 268.3 | $ | (12.7 | ) |
Available-for-Sale | Held-to-Maturity | ||||||||||||
March 31, 2018 | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||
Within one year | $ | 433.0 | $ | 426.3 | $ | 61.4 | $ | 61.2 | |||||
After one year but within five years | 1,445.7 | 1,417.8 | 247.2 | 241.6 | |||||||||
After five years but within ten years | 278.8 | 272.2 | 121.0 | 120.8 | |||||||||
After ten years | 167.5 | 164.4 | 32.7 | 31.9 | |||||||||
Total | $ | 2,325.0 | $ | 2,280.7 | $ | 462.3 | $ | 455.5 |
(5) | Loans |
March 31, 2018 | December 31, 2017 | ||||||
Real estate loans: | |||||||
Commercial | $ | 2,821.9 | $ | 2,822.9 | |||
Construction: | |||||||
Land acquisition & development | 364.6 | 348.7 | |||||
Residential | 230.6 | 240.2 | |||||
Commercial | 140.8 | 119.4 | |||||
Total construction loans | 736.0 | 708.3 | |||||
Residential | 1,486.6 | 1,487.4 | |||||
Agricultural | 156.9 | 158.2 | |||||
Total real estate loans | 5,201.4 | 5,176.8 | |||||
Consumer: | |||||||
Indirect consumer | 782.9 | 784.7 | |||||
Other consumer | 173.0 | 175.1 | |||||
Credit card | 75.2 | 74.6 | |||||
Total consumer loans | 1,031.1 | 1,034.4 | |||||
Commercial | 1,244.1 | 1,215.4 | |||||
Agricultural | 133.9 | 136.2 | |||||
Other, including overdrafts | 4.0 | 4.9 | |||||
Loans held for investment | 7,614.5 | 7,567.7 | |||||
Mortgage loans held for sale | 32.3 | 46.6 | |||||
Total loans | $ | 7,646.8 | $ | 7,614.3 |
Total Loans | |||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | ||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | |||||||||||||||
As of March 31, 2018 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | ||||||||||||||
Real estate | |||||||||||||||||||||
Commercial | $ | 4.4 | $ | 1.0 | $ | 0.5 | $ | 5.9 | $ | 2,792.2 | $ | 23.8 | $ | 2,821.9 | |||||||
Construction: | |||||||||||||||||||||
Land acquisition & development | 0.7 | 0.2 | 0.3 | 1.2 | 360.3 | 3.1 | 364.6 | ||||||||||||||
Residential | 3.5 | 0.7 | — | 4.2 | 225.7 | 0.7 | 230.6 | ||||||||||||||
Commercial | 0.1 | — | — | 0.1 | 136.9 | 3.8 | 140.8 | ||||||||||||||
Total construction loans | 4.3 | 0.9 | 0.3 | 5.5 | 722.9 | 7.6 | 736.0 | ||||||||||||||
Residential | 3.5 | 6.8 | 0.6 | 10.9 | 1,469.2 | 6.5 | 1,486.6 | ||||||||||||||
Agricultural | 2.2 | 8.4 | 0.1 | 10.7 | 141.6 | 4.6 | 156.9 | ||||||||||||||
Total real estate loans | 14.4 | 17.1 | 1.5 | 33.0 | 5,125.9 | 42.5 | 5,201.4 | ||||||||||||||
Consumer: | |||||||||||||||||||||
Indirect consumer | 5.5 | 0.9 | 0.5 | 6.9 | 774.1 | 1.9 | 782.9 | ||||||||||||||
Other consumer | 1.2 | 0.3 | — | 1.5 | 171.1 | 0.4 | 173.0 | ||||||||||||||
Credit card | 0.7 | 0.4 | 0.7 | 1.8 | 73.4 | — | 75.2 | ||||||||||||||
Total consumer loans | 7.4 | 1.6 | 1.2 | 10.2 | 1,018.6 | 2.3 | 1,031.1 | ||||||||||||||
Commercial | 6.7 | 4.9 | 1.0 | 12.6 | 1,215.1 | 16.4 | 1,244.1 | ||||||||||||||
Agricultural | 1.2 | 0.3 | — | 1.5 | 130.5 | 1.9 | 133.9 | ||||||||||||||
Other, including overdrafts | — | — | — | — | 4.0 | — | 4.0 | ||||||||||||||
Loans held for investment | 29.7 | 23.9 | 3.7 | 57.3 | 7,494.1 | 63.1 | 7,614.5 | ||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 32.3 | — | 32.3 | ||||||||||||||
Total loans | $ | 29.7 | $ | 23.9 | $ | 3.7 | $ | 57.3 | $ | 7,526.4 | $ | 63.1 | $ | 7,646.8 |
Total Loans | |||||||||||||||||||||
30 - 59 | 60 - 89 | > 90 | 30 or More | ||||||||||||||||||
Days | Days | Days | Days | Current | Non-accrual | Total | |||||||||||||||
As of December 31, 2017 | Past Due | Past Due | Past Due | Past Due | Loans | Loans | Loans | ||||||||||||||
Real estate | |||||||||||||||||||||
Commercial | $ | 2.9 | $ | 0.5 | $ | 0.3 | $ | 3.7 | $ | 2,792.4 | $ | 26.8 | $ | 2,822.9 | |||||||
Construction: | |||||||||||||||||||||
Land acquisition & development | 7.3 | 0.3 | 0.3 | 7.9 | 337.8 | 3.0 | 348.7 | ||||||||||||||
Residential | 2.1 | — | — | 2.1 | 236.4 | 1.7 | 240.2 | ||||||||||||||
Commercial | — | — | — | — | 115.6 | 3.8 | 119.4 | ||||||||||||||
Total construction loans | 9.4 | 0.3 | 0.3 | 10.0 | 689.8 | 8.5 | 708.3 | ||||||||||||||
Residential | 13.3 | 1.4 | 0.4 | 15.1 | 1,464.1 | 8.2 | 1,487.4 | ||||||||||||||
Agricultural | 0.3 | — | 0.2 | 0.5 | 154.3 | 3.4 | 158.2 | ||||||||||||||
Total real estate loans | 25.9 | 2.2 | 1.2 | 29.3 | 5,100.6 | 46.9 | 5,176.8 | ||||||||||||||
Consumer: | |||||||||||||||||||||
Indirect consumer | 7.8 | 2.1 | 0.4 | 10.3 | 772.6 | 1.8 | 784.7 | ||||||||||||||
Other consumer | 1.6 | 0.5 | 0.1 | 2.2 | 172.6 | 0.3 | 175.1 | ||||||||||||||
Credit card | 0.9 | 0.6 | 0.7 | 2.2 | 72.4 | — | 74.6 | ||||||||||||||
Total consumer loans | 10.3 | 3.2 | 1.2 | 14.7 | 1,017.6 | 2.1 | 1,034.4 | ||||||||||||||
Commercial | 3.9 | 1.7 | 0.7 | 6.3 | 1,189.5 | 19.6 | 1,215.4 | ||||||||||||||
Agricultural | 1.8 | 0.1 | — | 1.9 | 133.5 | 0.8 | 136.2 | ||||||||||||||
Other, including overdrafts | — | — | — | — | 4.9 | — | 4.9 | ||||||||||||||
Loans held for investment | 41.9 | 7.2 | 3.1 | 52.2 | 7,446.1 | 69.4 | 7,567.7 | ||||||||||||||
Mortgage loans originated for sale | — | — | — | — | 46.6 | — | 46.6 | ||||||||||||||
Total loans | $ | 41.9 | $ | 7.2 | $ | 3.1 | $ | 52.2 | $ | 7,492.7 | $ | 69.4 | $ | 7,614.3 |
As of March 31, | |||||||
2018 | 2017 | ||||||
Outstanding balance | $ | 33.5 | $ | 32.6 | |||
Carrying value | |||||||
Loans on accrual status | 20.7 | 18.9 | |||||
Total carrying value | $ | 20.7 | $ | 18.9 |
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Beginning balance | $ | 7.3 | $ | 6.8 | ||
Accretion income | (0.7 | ) | (0.6 | ) | ||
Reductions due to exit events | (0.2 | ) | (0.6 | ) | ||
Reclassifications from nonaccretable differences | 0.8 | 0.8 | ||||
Ending balance | $ | 7.2 | $ | 6.4 |
As of March 31, 2018 | Unpaid Total Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | ||||||||||
Real estate: | |||||||||||||||
Commercial | $ | 44.0 | $ | 17.5 | $ | 16.1 | $ | 33.6 | $ | 3.4 | |||||
Construction: | |||||||||||||||
Land acquisition & development | 9.2 | 3.4 | — | 3.4 | — | ||||||||||
Residential | 0.8 | 0.2 | 0.5 | 0.7 | 0.1 | ||||||||||
Commercial | 4.6 | 0.3 | 3.4 | 3.7 | 2.1 | ||||||||||
Total construction loans | 14.6 | 3.9 | 3.9 | 7.8 | 2.2 | ||||||||||
Residential | 9.7 | 6.2 | 2.1 | 8.3 | 0.4 | ||||||||||
Agricultural | 4.6 | 4.4 | — | 4.4 | — | ||||||||||
Total real estate loans | 72.9 | 32.0 | 22.1 | 54.1 | 6.0 | ||||||||||
Commercial | 25.4 | 6.7 | 13.7 | 20.4 | 4.5 | ||||||||||
Agricultural | 2.0 | 1.7 | 0.3 | 2.0 | 0.1 | ||||||||||
Total | $ | 100.3 | $ | 40.4 | $ | 36.1 | $ | 76.5 | $ | 10.6 |
As of December 31, 2017 | Unpaid Total Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | ||||||||||
Real estate: | |||||||||||||||
Commercial | $ | 45.6 | $ | 20.9 | $ | 14.1 | $ | 35.0 | $ | 3.9 | |||||
Construction: | |||||||||||||||
Land acquisition & development | 10.0 | 3.4 | 0.5 | 3.9 | — | ||||||||||
Residential | 1.8 | 1.7 | — | 1.7 | — | ||||||||||
Commercial | 4.7 | 0.4 | 3.5 | 3.9 | 2.2 | ||||||||||
Total construction loans | 16.5 | 5.5 | 4.0 | 9.5 | 2.2 | ||||||||||
Residential | 11.5 | 8.2 | 2.0 | 10.2 | 0.1 | ||||||||||
Agricultural | 3.7 | 3.6 | — | 3.6 | — | ||||||||||
Total real estate loans | 77.3 | 38.2 | 20.1 | 58.3 | 6.2 | ||||||||||
Commercial | 29.5 | 12.4 | 11.4 | 23.8 | 4.4 | ||||||||||
Agricultural | 1.1 | 0.8 | 0.3 | 1.1 | 0.2 | ||||||||||
Total | $ | 107.9 | $ | 51.4 | $ | 31.8 | $ | 83.2 | $ | 10.8 |
Three Months Ended March 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
Average Recorded Investment | Income Recognized | Average Recorded Investment | Income Recognized | ||||||||||||
Real estate | $ | 56.1 | $ | — | $ | 66.1 | $ | 0.2 | |||||||
Consumer | — | — | — | — | |||||||||||
Commercial | 22.1 | — | 32.7 | — | |||||||||||
Agricultural | 1.5 | — | 2.4 | — | |||||||||||
Total | $ | 79.7 | $ | — | $ | 101.2 | $ | 0.2 |
As of March 31, 2018 | Other Assets Especially Mentioned | Substandard | Doubtful | Total Criticized Loans | ||||||||
Real estate: | ||||||||||||
Commercial | $ | 76.7 | $ | 92.8 | $ | 8.0 | $ | 177.5 | ||||
Construction: | ||||||||||||
Land acquisition & development | 5.5 | 15.6 | — | 21.1 | ||||||||
Residential | 4.0 | 1.0 | 0.5 | 5.5 | ||||||||
Commercial | 7.9 | 3.6 | 3.5 | 15.0 | ||||||||
Total construction loans | 17.4 | 20.2 | 4.0 | 41.6 | ||||||||
Residential | 6.7 | 11.4 | 0.9 | 19.0 | ||||||||
Agricultural | 6.4 | 18.9 | — | 25.3 | ||||||||
Total real estate loans | 107.2 | 143.3 | 12.9 | 263.4 | ||||||||
Consumer: | ||||||||||||
Indirect consumer | 0.7 | 2.2 | 0.2 | 3.1 | ||||||||
Other consumer | 0.4 | 0.8 | 0.2 | 1.4 | ||||||||
Total consumer loans | 1.1 | 3.0 | 0.4 | 4.5 | ||||||||
Commercial | 47.5 | 55.5 | 10.8 | 113.8 | ||||||||
Agricultural | 3.7 | 10.6 | 0.5 | 14.8 | ||||||||
Total | $ | 159.5 | $ | 212.4 | $ | 24.6 | $ | 396.5 |
As of December 31, 2017 | Other Assets Especially Mentioned | Substandard | Doubtful | Total Criticized Loans | ||||||||
Real estate: | ||||||||||||
Commercial | $ | 78.0 | $ | 96.4 | $ | 10.3 | $ | 184.7 | ||||
Construction: | ||||||||||||
Land acquisition & development | 3.2 | 16.4 | — | 19.6 | ||||||||
Residential | 2.3 | 1.7 | 0.5 | 4.5 | ||||||||
Commercial | 2.4 | 3.6 | 3.5 | 9.5 | ||||||||
Total construction loans | 7.9 | 21.7 | 4.0 | 33.6 | ||||||||
Residential | 3.9 | 12.5 | 1.9 | 18.3 | ||||||||
Agricultural | 4.3 | 19.1 | — | 23.4 | ||||||||
Total real estate loans | 94.1 | 149.7 | 16.2 | 260.0 | ||||||||
Consumer: | ||||||||||||
Indirect consumer | 0.8 | 2.2 | 0.3 | 3.3 | ||||||||
Other consumer | 0.4 | 0.7 | 0.2 | 1.3 | ||||||||
Total consumer loans | 1.2 | 2.9 | 0.5 | 4.6 | ||||||||
Commercial | 54.7 | 56.3 | 11.1 | 122.1 | ||||||||
Agricultural | 5.1 | 8.3 | 0.4 | 13.8 | ||||||||
Total | $ | 155.1 | $ | 217.2 | $ | 28.2 | $ | 400.5 |
(6) | Allowance for Loan Losses |
Three Months Ended March 31, 2018 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 31.6 | $ | 8.7 | $ | 30.6 | $ | 1.2 | $ | — | $ | 72.1 | ||||||
Provision charged to operating expense | 1.8 | 0.7 | (0.7 | ) | 0.3 | — | 2.1 | |||||||||||
Less loans charged-off | (0.8 | ) | (2.7 | ) | (1.7 | ) | — | — | (5.2 | ) | ||||||||
Add back recoveries of loans previously charged-off | 1.2 | 1.1 | 2.0 | 0.2 | — | 4.5 | ||||||||||||
Ending balance | $ | 33.8 | $ | 7.8 | $ | 30.2 | $ | 1.7 | $ | — | $ | 73.5 | ||||||
As of March 31, 2018 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Loans individually evaluated for impairment | $ | 6.0 | $ | — | $ | 4.5 | $ | 0.1 | $ | — | $ | 10.6 | ||||||
Loans collectively evaluated for impairment | 27.8 | 7.8 | 25.7 | 1.6 | — | 62.9 | ||||||||||||
Allowance for loan losses | $ | 33.8 | $ | 7.8 | $ | 30.2 | $ | 1.7 | $ | — | $ | 73.5 | ||||||
Loans held for investment: | ||||||||||||||||||
Individually evaluated for impairment | $ | 54.1 | $ | — | $ | 20.4 | $ | 2.0 | $ | — | $ | 76.5 | ||||||
Collectively evaluated for impairment | 5,147.3 | 1,031.1 | 1,223.7 | 131.9 | 4.0 | 7,538.0 | ||||||||||||
Total loans held for investment | $ | 5,201.4 | $ | 1,031.1 | $ | 1,244.1 | $ | 133.9 | $ | 4.0 | $ | 7,614.5 |
Three Months Ended March 31, 2017 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Beginning balance | $ | 28.6 | $ | 7.7 | $ | 38.1 | $ | 1.8 | $ | — | $ | 76.2 | ||||||
Provision charged to operating expense | 4.4 | 2.0 | (4.1 | ) | (0.6 | ) | — | 1.7 | ||||||||||
Less loans charged-off | (0.4 | ) | (2.6 | ) | (0.8 | ) | — | — | (3.8 | ) | ||||||||
Add back recoveries of loans previously charged-off | 0.5 | 1.2 | 0.4 | — | — | 2.1 | ||||||||||||
Ending balance | $ | 33.1 | $ | 8.3 | $ | 33.6 | $ | 1.2 | $ | — | $ | 76.2 |
As of December 31, 2017 | Real Estate | Consumer | Commercial | Agriculture | Other | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||||
Loans individually evaluated for impairment | $ | 6.2 | $ | — | $ | 4.4 | $ | 0.2 | $ | — | $ | 10.8 | ||||||
Loans collectively evaluated for impairment | 25.4 | 8.7 | 26.2 | 1.0 | — | 61.3 | ||||||||||||
Allowance for loan losses | $ | 31.6 | $ | 8.7 | $ | 30.6 | $ | 1.2 | $ | — | $ | 72.1 | ||||||
Loans held for investment: | ||||||||||||||||||
Individually evaluated for impairment | $ | 58.3 | $ | — | $ | 23.8 | $ | 1.1 | $ | — | $ | 83.2 | ||||||
Collectively evaluated for impairment | 5,118.5 | 1,034.4 | 1,191.6 | 135.1 | 4.9 | 7,484.5 | ||||||||||||
Total loans held for investment | $ | 5,176.8 | $ | 1,034.4 | $ | 1,215.4 | $ | 136.2 | $ | 4.9 | $ | 7,567.7 |
(7) | Other Real Estate Owned |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Beginning balance | $ | 10.1 | $ | 10.0 | |||
Additions | 1.1 | 0.4 | |||||
Valuation adjustments | — | (0.1 | ) | ||||
Dispositions | (0.2 | ) | (0.9 | ) | |||
Ending balance | $ | 11.0 | $ | 9.4 |
(8) | Derivatives and Hedging Activities |
March 31, 2018 | December 31, 2017 | ||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||||
Derivative Assets (included in other assets on the consolidated balance sheets): | |||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||
Interest rate swap contracts | $ | 370.5 | $ | 8.3 | $ | 344.2 | $ | 7.5 | |||||
Interest rate lock commitments | 66.9 | 1.4 | 60.7 | 1.3 | |||||||||
Total derivative assets | $ | 437.4 | $ | 9.7 | $ | 404.9 | $ | 8.8 | |||||
Derivative Liabilities (included in accounts payable and accrued expenses on the consolidated balance sheets): | |||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||
Interest rate swap contracts | 370.5 | 7.7 | 344.2 | 7.8 | |||||||||
Forward loan sales contracts | 95.7 | 0.2 | 88.8 | 0.1 | |||||||||
Total derivative liabilities | $ | 466.2 | $ | 7.9 | $ | 433.0 | $ | 7.9 |
March 31, 2018 | |||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts in the Balance Sheet | Financial Instruments | Fair Value of Financial Collateral in the Balance Sheet | Net Amount | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Interest rate swap contracts | $ | 8.3 | $ | — | $ | 8.3 | $ | 1.7 | $ | 1.8 | $ | 4.8 | |||||||||||
Mortgage related derivatives | 1.4 | — | 1.4 | — | — | 1.4 | |||||||||||||||||
Total derivatives | 9.7 | — | 9.7 | 1.7 | 1.8 | 6.2 | |||||||||||||||||
Total assets | $ | 9.7 | $ | — | $ | 9.7 | $ | 1.7 | $ | 1.8 | $ | 6.2 | |||||||||||
Financial Liabilities | |||||||||||||||||||||||
Interest rate swap contracts | $ | 7.7 | $ | — | $ | 7.7 | $ | 1.7 | $ | 5.7 | $ | 0.3 | |||||||||||
Mortgage related derivatives | 0.2 | — | 0.2 | — | — | 0.2 | |||||||||||||||||
Total derivatives | 7.9 | — | 7.9 | 1.7 | 5.7 | 0.5 | |||||||||||||||||
Repurchase agreements | 633.8 | — | 633.8 | — | 633.8 | — | |||||||||||||||||
Total liabilities | $ | 641.7 | $ | — | $ | 641.7 | $ | 1.7 | $ | 639.5 | $ | 0.5 |
December 31, 2017 | |||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts in the Balance Sheet | Financial Instruments | Fair Value of Financial Collateral in the Balance Sheet | Net Amount | ||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Interest rate swap contracts | $ | 7.5 | $ | — | $ | 7.5 | $ | 2.4 | $ | — | $ | 5.1 | |||||||||||
Mortgage related derivatives | 1.3 | — | 1.3 | — | — | 1.3 | |||||||||||||||||
Total derivatives | 8.8 | — | 8.8 | 2.4 | — | 6.4 | |||||||||||||||||
Total assets | $ | 8.8 | $ | — | $ | 8.8 | $ | 2.4 | $ | — | $ | 6.4 | |||||||||||
Financial Liabilities | |||||||||||||||||||||||
Interest rate swap contracts | $ | 7.8 | $ | — | $ | 7.8 | $ | 2.4 | $ | 3.3 | $ | 2.1 | |||||||||||
Mortgage related derivatives | 0.1 | — | 0.1 | — | — | 0.1 | |||||||||||||||||
Total derivatives | 7.9 | — | 7.9 | 2.4 | 3.3 | 2.2 | |||||||||||||||||
Repurchase agreements | 643.0 | — | 643.0 | — | 643.0 | — | |||||||||||||||||
Total liabilities | $ | 650.9 | $ | — | $ | 650.9 | $ | 2.4 | $ | 646.3 | $ | 2.2 |
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Non-hedging interest rate derivatives: | ||||||
Amount of gain recognized in other non-interest income | $ | 0.3 | $ | — | ||
Amount of net fee income recognized in other non-interest income | 0.5 | — | ||||
Amount of net gains recognized in mortgage banking revenues | (0.1 | ) | (0.1 | ) |
(9) | Capital Stock |
(10) | Earnings per Common Share |
Three Months Ended March 31, | ||||||
2018 | 2017 | |||||
Net income | $ | 36.7 | $ | 23.2 | ||
Weighted average common shares outstanding for basic earnings per share computation | 56,241,201 | 44,680,258 | ||||
Dilutive effects of stock-based compensation | 410,977 | 558,650 | ||||
Weighted average common shares outstanding for diluted earnings per common share computation | 56,652,178 | 45,238,908 | ||||
Basic earnings per common share | $ | 0.65 | $ | 0.52 | ||
Diluted earnings per common share | $ | 0.65 | $ | 0.51 | ||
Anti-dilutive unvested time restricted stock | 139,943 | 96,897 |
(11) | Regulatory Capital |
Actual | Adequately Capitalized Basel III Phase-In Schedule | Adequately Capitalized Basel III Fully Phased-In | Well Capitalized (1) | ||||||||||||||||||||
March 31, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Total risk-based capital: | |||||||||||||||||||||||
Consolidated | $ | 1,131.5 | 12.90 | % | $ | 865.9 | 9.875 | % | $ | 920.7 | 10.50 | % | $ | 876.8 | 10.00 | % | |||||||
FIB | 1,070.5 | 12.25 | 863.0 | 9.875 | 917.6 | 10.50 | 873.9 | 10.00 | |||||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||||
Consolidated | 1,058.0 | 12.07 | 690.5 | 7.875 | 745.3 | 8.50 | 701.5 | 8.00 | |||||||||||||||
FIB | 997.0 | 11.41 | 688.2 | 7.875 | 742.8 | 8.50 | 699.1 | 8.00 | |||||||||||||||
Common equity tier 1 risk-based capital: | |||||||||||||||||||||||
Consolidated | 978.0 | 11.15 | 559.0 | 6.375 | 613.8 | 7.00 | 569.9 | 6.50 | |||||||||||||||
FIB | 997.0 | 11.41 | 557.1 | 6.375 | 611.7 | 7.00 | 568.0 | 6.50 | |||||||||||||||
Leverage capital ratio: | |||||||||||||||||||||||
Consolidated | 1,058.0 | 9.07 | 466.6 | 4.00 | 466.6 | 4.00 | 583.3 | 5.00 | |||||||||||||||
FIB | 997.0 | 8.55 | 466.5 | 4.00 | 466.5 | 4.00 | 583.1 | 5.00 |
Actual | Adequately Capitalized Basel III Phase-In Schedule | Adequately Capitalized Basel III Fully Phased-In | Well Capitalized (1) | ||||||||||||||||||||
December 31, 2017 | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Total risk-based capital: | |||||||||||||||||||||||
Consolidated | $ | 1,112.5 | 12.76 | % | $ | 806.5 | 9.25 | % | $ | 915.5 | 10.50 | % | $ | 871.9 | 10.00 | % | |||||||
FIB | 1,066.6 | 12.29 | 802.7 | 9.25 | 911.2 | 10.50 | 867.8 | 10.00 | |||||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||||
Consolidated | 1,040.3 | 11.93 | 632.1 | 7.25 | 741.1 | 8.50 | 697.5 | 8.00 | |||||||||||||||
FIB | 994.4 | 11.46 | 629.1 | 7.25 | 737.6 | 8.50 | 694.2 | 8.00 | |||||||||||||||
Common equity tier 1 risk-based capital: | |||||||||||||||||||||||
Consolidated | 962.4 | 11.04 | 501.3 | 5.75 | 610.3 | 7.00 | 566.7 | 6.50 | |||||||||||||||
FIB | 994.4 | 11.46 | 499.0 | 5.75 | 607.4 | 7.00 | 564.1 | 6.50 | |||||||||||||||
Leverage capital ratio: | |||||||||||||||||||||||
Consolidated | 1,040.3 | 8.86 | 469.9 | 4.00 | 469.9 | 4.00 | 587.4 | 5.00 | |||||||||||||||
FIB | 994.4 | 8.48 | 469.1 | 4.00 | 469.1 | 4.00 | 586.3 | 5.00 |
(12) | Commitments and Contingencies |
(13) | Financial Instruments with Off-Balance Sheet Risk |
(14) | Other Comprehensive Income/Loss |
Pre-tax | Tax Expense (Benefit) | Net of Tax | |||||||||||||||||||||
Three Months Ended March 31, | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Investment securities available-for sale: | |||||||||||||||||||||||
Change in net unrealized gains during period | $ | (23.7 | ) | $ | 9.3 | $ | (6.2 | ) | $ | 3.7 | $ | (17.5 | ) | $ | 5.6 | ||||||||
Change in unamortized loss on available- for-sale securities transferred into held-to- maturity | 0.5 | 0.5 | 0.2 | 0.2 | 0.3 | 0.3 | |||||||||||||||||
Defined benefits post-retirement benefit plan: | |||||||||||||||||||||||
Change in net actuarial (gain) loss | (0.1 | ) | (0.7 | ) | (0.1 | ) | (0.3 | ) | — | (0.4 | ) | ||||||||||||
Total other comprehensive income | $ | (23.3 | ) | $ | 9.1 | $ | (6.1 | ) | $ | 3.6 | $ | (17.2 | ) | $ | 5.5 |
March 31, 2018 | December 31, 2017 | ||||||
Net unrealized gain (loss) on investment securities available-for-sale | $ | (33.5 | ) | $ | (13.3 | ) | |
Net unrealized gain (loss) on derivatives | — | 1.3 | |||||
Net actuarial gain (loss) on defined benefit post-retirement benefit plans | 1.2 | — | |||||
Net accumulated other comprehensive gain (loss) | $ | (32.3 | ) | $ | (12.0 | ) |
(15) | Fair Value Measurements |
Fair Value Measurements at Reporting Date Using | ||||||||||
As of March 31, 2018 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investment debt securities available-for-sale: | ||||||||||
U.S. Treasury Notes | $ | 3.2 | $ | — | $ | 3.2 | $ | — | ||
Obligations of U.S. government agencies | 549.8 | — | 549.8 | — | ||||||
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 1,549.3 | — | 1,549.3 | — | ||||||
Private mortgage-backed securities | 83.2 | — | 83.2 | — | ||||||
Corporate securities | 92.2 | — | 92.2 | — | ||||||
Other investments | 3.0 | — | 3.0 | — | ||||||
Loans held for sale | 32.3 | — | 32.3 | — | ||||||
Derivative assets: | ||||||||||
Interest rate swap contracts | 8.3 | — | 8.3 | — | ||||||
Interest rate lock commitments | 1.4 | — | 1.4 | — | ||||||
Derivative liabilities: | ||||||||||
Interest rate swap contracts | 7.7 | — | 7.7 | — | ||||||
Forward loan sale contracts | 0.2 | — | 0.2 | — | ||||||
Deferred compensation plan assets | 12.1 | — | 12.1 | — | ||||||
Deferred compensation plan liabilities | 12.1 | — | 12.1 | — |
Fair Value Measurements at Reporting Date Using | ||||||||||
As of December 31, 2017 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Investment debt securities available-for-sale: | ||||||||||
U.S. Treasury notes | $ | 3.2 | $ | — | $ | 3.2 | $ | — | ||
Obligations of U.S. government agencies | 561.5 | — | 561.5 | — | ||||||
U.S. agencies mortgage-backed securities & collateralized mortgage obligations | 1,462.5 | — | 1,462.5 | — | ||||||
Private mortgage-backed securities | 90.7 | — | 90.7 | — | ||||||
Corporate securities | 87.9 | — | 87.9 | — | ||||||
Other investments | 3.0 | — | 3.0 | — | ||||||
Loans held for sale | 46.6 | — | 46.6 | — | ||||||
Derivative assets: | ||||||||||
Interest rate swap contracts | 7.5 | — | 7.5 | — | ||||||
Interest rate lock commitments | 1.3 | — | 1.3 | — | ||||||
Derivative liabilities | ||||||||||
Interest rate swap contracts | 7.8 | — | 7.8 | — | ||||||
Forward loan sales contracts | 0.1 | — | 0.1 | — | ||||||
Deferred compensation plan assets | 12.2 | — | 12.2 | — | ||||||
Deferred compensation plan liabilities | 12.2 | — | 12.2 | — |
Fair Value Measurements at Reporting Date Using | ||||||||||
As of March 31, 2018 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Impaired loans | $ | 36.0 | $ | — | $ | — | $ | 36.0 | ||
Other real estate owned | 1.3 | — | — | 1.3 | ||||||
Long-lived assets to be disposed of by sale | 0.8 | — | — | 0.8 | ||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
As of December 31, 2017 | Balance | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||
Impaired loans | $ | 32.6 | $ | — | $ | — | $ | 32.6 | ||
Other real estate owned | 1.3 | — | — | 1.3 | ||||||
Long-lived assets to be disposed of by sale | 0.8 | — | — | 0.8 |
Fair Value As of | ||||||||||||
March 31, 2018 | December 31, 2017 | Valuation Technique | Unobservable Inputs | Range (Weighted Average) | ||||||||
Impaired loans | $ | 36.0 | $ | 32.6 | Appraisal | Appraisal adjustment | 0.0% | - | 78.1% | (26.1%) | ||
Other real estate owned | 1.3 | 1.3 | Appraisal | Appraisal adjustment | 8.0% | - | 96.2% | (11.6%) | ||||
Long-lived assets to be disposed of by sale | 0.8 | 0.8 | Appraisal | Appraisal adjustment | 0.0% | - | 0.0% | 0.0% |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
As of March 31, 2018 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 744.2 | $ | 744.2 | $ | 744.2 | $ | — | $ | — | |||||
Investment debt securities available-for-sale | 2,280.7 | 2,280.7 | — | 2,280.7 | — | ||||||||||
Investment debt securities held-to-maturity | 462.3 | 455.5 | — | 455.5 | — | ||||||||||
Accrued interest receivable | 38.9 | 38.9 | — | 38.9 | — | ||||||||||
Mortgage servicing rights, net | 25.2 | 43.7 | — | 43.7 | — | ||||||||||
Loans held for sale | 32.3 | 32.3 | — | 32.3 | — | ||||||||||
Net loans held for investment | 7,614.5 | 7,388.2 | — | 7,352.2 | 36.0 | ||||||||||
Derivative assets | 9.7 | 9.7 | — | 9.7 | — | ||||||||||
Deferred compensation plan assets | 12.1 | 12.1 | — | 12.1 | — | ||||||||||
Total financial assets | $ | 11,219.9 | $ | 11,005.3 | $ | 744.2 | $ | 10,225.1 | $ | 36.0 | |||||
Financial liabilities: | |||||||||||||||
Total deposits, excluding time deposits | $ | 8,891.2 | $ | 8,891.2 | $ | 8,891.2 | $ | — | $ | — | |||||
Time deposits | 1,134.7 | 1,116.8 | — | 1,116.8 | — | ||||||||||
Securities sold under repurchase agreements | 633.8 | 633.8 | — | 633.8 | — | ||||||||||
Other borrowed funds | — | — | — | — | — | ||||||||||
Accrued interest payable | 75.7 | 75.7 | — | 75.7 | — | ||||||||||
Long-term debt | 15.7 | 15.8 | — | 15.8 | — | ||||||||||
Subordinated debentures held by subsidiary trusts | 82.5 | 76.9 | — | 76.9 | — | ||||||||||
Derivative liabilities | 7.9 | 7.9 | — | 7.9 | — | ||||||||||
Deferred compensation plan liabilities | 12.1 | 12.1 | — | 12.1 | — | ||||||||||
Total financial liabilities | $ | 10,853.6 | $ | 10,830.2 | $ | 8,891.2 | $ | 1,939.0 | $ | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
As of December 31, 2017 | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 759.0 | $ | 759.0 | $ | 759.0 | $ | — | $ | — | |||||
Investment debt securities available-for-sale | 2,208.7 | 2,208.7 | — | 2,208.7 | — | ||||||||||
Investment debt securities held-to-maturity | 484.5 | 483.3 | — | 483.3 | — | ||||||||||
Accrued interest receivable | 38.0 | 38.0 | — | 38.0 | — | ||||||||||
Mortgage servicing rights, net | 24.8 | 40.1 | — | 40.1 | — | ||||||||||
Loans held for sale | — | — | — | — | — | ||||||||||
Net loans held for investment | 7,542.2 | 7,298.8 | — | 7,266.2 | 32.6 | ||||||||||
Derivative assets | 8.8 | 8.8 | — | 8.8 | — | ||||||||||
Deferred compensation plan assets | 12.2 | 12.2 | — | 12.2 | — | ||||||||||
Total financial assets | $ | 11,078.2 | $ | 10,848.9 | $ | 759.0 | $ | 10,057.3 | $ | 32.6 | |||||
Financial liabilities: | |||||||||||||||
Total deposits, excluding time deposits | $ | 8,783.0 | $ | 8,783.0 | $ | 8,783.0 | $ | — | $ | — | |||||
Time deposits | 1,151.9 | 1,137.9 | — | 1,137.9 | — | ||||||||||
Securities sold under repurchase agreements | 643.0 | 643.0 | — | 643.0 | — | ||||||||||
Other borrowed funds | 20.0 | 20.0 | — | 20.0 | — | ||||||||||
Accrued interest payable | 5.6 | 5.6 | — | 5.6 | — | ||||||||||
Long-term debt | 13.1 | 11.3 | — | 11.3 | — | ||||||||||
Subordinated debentures held by subsidiary trusts | 82.5 | 76.7 | — | 76.7 | — | ||||||||||
Derivative liabilities | 7.9 | 7.9 | — | 7.9 | — | ||||||||||
Deferred compensation plan liabilities | 12.2 | 12.2 | — | 12.2 | — | ||||||||||
Total financial liabilities | $ | 10,719.2 | $ | 10,697.6 | $ | 8,783.0 | $ | 1,914.6 | $ | — |
(16) | Recent Authoritative Accounting Guidance |
• | Net income for the first quarter of 2018 was $36.7 million, or $0.65 per share, compared to $34.2 million, or $0.61 per share, for the fourth quarter of 2017 ("linked quarter") and $23.2 million, or $0.51 per share, for the first quarter of 2017. |
• | Acquisition related expenses were $2.3 million, $3.3 million, and $0.7 million for the first quarter of 2018, the fourth quarter of 2017, and the first quarter of 2017, respectively. The after-tax impact of acquisition related expenses on earnings per share was $0.03, $0.04 and $0.01 per share for the respective periods. |
• | Net interest income was $99.8 million for the first quarter of 2018, down from $100.8 million in the linked quarter and up from $68.9 million in the first quarter of 2017. The increase over the comparable prior year period is a result of organic growth and the BOTC acquisition. |
• | Net interest margin (“NIM”) increased to 3.75% from 3.71% in the linked quarter and 3.49% in the first quarter of 2017. The increase in NIM was due to a higher yield on elevated levels of earning assets. |
• | Non-interest income was $35.2 million, as compared to $37.2 million in the linked quarter and $29.1 million in the first quarter of 2017, primarily resulting from the impact of the non-interest revenue streams from the BOTC acquisition. |
• | Non-interest expense was $85.9 million for the first quarter of 2018, as compared to $85.1 million for the linked quarter and $63.7 million for the first quarter of 2017. Non-interest expense included $2.3 million, $3.3 million and $0.7 million of acquisition related costs for the first quarter of 2018, the fourth quarter of 2017, and the first quarter of 2017, respectively. Elevated levels for non-interest expense, exclusive of acquisition costs, were primarily related to staffing and operating the expanded branch network following the BOTC acquisition. |
• | The first quarter of 2018 efficiency ratio was 62.3%, an increase from 60.3% for the fourth quarter of 2017 and down from 64.4% for the first quarter of 2017. Efficiency ratios in all three periods were elevated as a result of acquisition related costs incurred in each quarter. |
• | Total loan balances at March 31, 2018 increased $32.5 million from the linked quarter due to organic growth, and increased $2,247.0 million from March 31, 2017, primarily as a result of the BOTC acquisition. Yields on average loans for the three months ended March 31, 2018 and December 31, 2017 were 4.92% and 4.94%, respectively. |
• | Asset quality improved during the first quarter of 2018 compared to the linked quarter, had a $4.8 million decrease in non-performing assets and a $4.0 million decrease in criticized loans. |
• | Investment securities increased $49.8 million, or 1.8%, to $2,743.0 million from $2,693.2 million at December 31, 2017. |
• | Deposit balances at March 31, 2018 were $10,025.9 million, up 0.9% as compared to the prior year end. |
• | The allowance for loan losses at the end of the first quarter of 2018 was 0.96% of total loans, compared to 0.95% in the linked quarter, and 1.41% for the first quarter of 2017. The decrease from the first quarter of 2017 was primarily a result of higher acquired loan balances from BOTC, which were recorded at fair value in purchase accounting, with no corresponding allowance for loan losses. |
• | At March 31, 2018, stockholders’ equity increased over the linked quarter to $1,432.4 million, primarily due to the net income from the first quarter of 2018. Book value per common share was $25.26, $25.28 and $22.19 for the current, linked and the first quarter of 2017, respectively. |
Average Balance Sheets, Yields and Rates | |||||||||||||||||
(Dollars in millions) | Three Months Ended | ||||||||||||||||
March 31, 2018 | March 31, 2017 | ||||||||||||||||
Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||
Interest earning assets: | |||||||||||||||||
Loans (1) (2) | $ | 7,590.6 | $ | 92.0 | 4.92 | % | $ | 5,420.2 | $ | 64.3 | 4.81 | % | |||||
Investment securities (2) | 2,695.6 | 14.0 | 2.11 | 2,107.9 | 10.0 | 1.92 | |||||||||||
Interest bearing deposits in banks | 553.2 | 2.1 | 1.55 | 596.9 | 1.2 | 0.82 | |||||||||||
Federal funds sold | 0.2 | — | 2.57 | 0.7 | — | 1.20 | |||||||||||
Total interest earnings assets | $ | 10,839.6 | $ | 108.1 | 4.05 | % | $ | 8,125.7 | $ | 75.5 | 3.77 | % | |||||
Non-earning assets | 1,319.6 | 808.2 | |||||||||||||||
Total assets | $ | 12,159.2 | $ | 8,933.9 | |||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Demand deposits | $ | 2,797.8 | $ | 1.6 | 0.23 | % | $ | 2,231.3 | $ | 1.0 | 0.18 | % | |||||
Savings deposits | 3,134.2 | 2.3 | 0.30 | 2,167.2 | 1.3 | 0.24 | |||||||||||
Time deposits | 1,142.0 | 2.3 | 0.82 | 1,025.9 | 1.8 | 0.72 | |||||||||||
Repurchase agreements | 635.2 | 0.4 | 0.27 | 559.6 | 0.2 | 0.18 | |||||||||||
Other borrowed funds | 3.1 | 0.1 | 18.36 | — | — | — | |||||||||||
Long-term debt | 14.2 | 0.2 | 5.64 | 28.0 | 0.5 | 6.57 | |||||||||||
Subordinated debentures held by subsidiary trusts | 82.5 | 0.9 | 4.37 | 82.5 | 0.7 | 3.66 | |||||||||||
Total interest bearing liabilities | $ | 7,809.0 | $ | 7.8 | 0.41 | % | $ | 6,094.5 | $ | 5.6 | 0.37 | % | |||||
Non-interest bearing deposits | 2,819.8 | 1,802.4 | |||||||||||||||
Other non-interest bearing liabilities | 92.2 | 48.0 | |||||||||||||||
Stockholders’ equity | 1,438.2 | 989.0 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,159.2 | $ | 8,933.9 | |||||||||||||
Net FTE interest income | 100.3 | 70.0 | |||||||||||||||
Less FTE adjustments (2) | (0.5 | ) | (1.1 | ) | |||||||||||||
Net interest income from consolidated statements of income | $ | 99.8 | $ | 68.9 | |||||||||||||
Interest rate spread | 3.64 | % | 3.40 | % | |||||||||||||
Net FTE interest margin (3) | 3.75 | % | 3.49 | % | |||||||||||||
Cost of funds, including non-interest bearing demand deposits (4) | 0.30 | % | 0.29 | % |
(1) | Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees net of deferred loan costs, which is not material. |
(2) | Interest income and average rates for tax exempt loans and securities are presented on a fully taxable equivalent (“FTE”) basis. |
(3) | Net FTE interest margin during the period equals (i) the difference between annualized interest income on interest earning assets and the annualized interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period. |
(4) | Calculated by dividing total annualized interest on interest bearing liabilities by the sum of total interest bearing liabilities plus non-interest bearing deposits. |
Analysis of Interest Changes Due to Volume and Rates | |||||||||||
(Dollars in millions) | Three Months Ended March 31, 2018 compared with Three Months Ended March 31, 2017 | ||||||||||
Volume | Rate | Net | |||||||||
Interest earning assets: | |||||||||||
Loans (1) | $ | 25.8 | $ | 1.9 | $ | 27.7 | |||||
Investment securities (1) | 2.8 | 1.2 | 4.0 | ||||||||
Interest bearing deposits in banks | (0.1 | ) | 1.0 | 0.9 | |||||||
Federal funds sold | — | — | — | ||||||||
Total change | 28.5 | 4.1 | 32.6 | ||||||||
Interest bearing liabilities: | |||||||||||
Demand deposits | 0.3 | 0.3 | 0.6 | ||||||||
Savings deposits | 0.6 | 0.4 | 1.0 | ||||||||
Time deposits | 0.2 | 0.3 | 0.5 | ||||||||
Repurchase agreements | — | 0.1 | 0.1 | ||||||||
Other borrowed funds | — | 0.1 | 0.1 | ||||||||
Long-term debt | (0.2 | ) | — | (0.2 | ) | ||||||
Subordinated debentures held by subsidiary trusts | — | 0.1 | 0.1 | ||||||||
Total change | 0.9 | 1.3 | 2.2 | ||||||||
Increase in FTE net interest income (1) | $ | 27.6 | $ | 2.8 | $ | 30.4 |
Non-interest income | ||||||||||
(Dollars in millions) | Three Months Ended March 31, | % Change | ||||||||
2018 | 2017 | 2018 vs 2017 | ||||||||
Payment services revenues | $ | 10.5 | $ | 8.4 | 25.0 | % | ||||
Mortgage banking revenues | 5.4 | 6.5 | (16.9 | ) | ||||||
Wealth management revenues | 5.9 | 5.0 | 18.0 | |||||||
Service charges on deposit accounts | 5.6 | 4.4 | 27.3 | |||||||
Other service charges, commissions and fees | 3.9 | 2.7 | 44.4 | |||||||
Other income | 3.9 | 2.1 | 85.7 | |||||||
Total non-interest income | $ | 35.2 | $ | 29.1 | 21.0 | % |
Non-interest expense | ||||||||||
(Dollars in millions) | Three Months Ended March 31, | % Change | ||||||||
2018 | 2017 | 2018 vs 2017 | ||||||||
Salaries and wages | $ | 34.6 | $ | 25.7 | 34.6 | % | ||||
Employee benefits | 11.3 | 9.6 | 17.7 | |||||||
Outsourced technology services | 7.0 | 5.3 | 32.1 | |||||||
Occupancy, net | 6.3 | 4.8 | 31.3 | |||||||
Furniture and equipment | 3.1 | 2.3 | 34.8 | |||||||
OREO expense, net of income | 0.2 | — | — | |||||||
Professional fees | 1.2 | 1.0 | 20.0 | |||||||
FDIC insurance premiums | 1.5 | 0.9 | 66.7 | |||||||
Mortgage servicing rights amortization | 0.8 | 0.6 | 33.3 | |||||||
Mortgage servicing rights impairment (recovery) | — | (0.1 | ) | — | ||||||
Core deposit intangibles amortization | 1.8 | 0.6 | 200.0 | |||||||
Other expenses | 15.8 | 12.3 | 28.5 | |||||||
Acquisition related expenses | 2.3 | 0.7 | 228.6 | |||||||
Total non-interest expense | $ | 85.9 | $ | 63.7 | 34.9 | % |
Non-Performing Assets and Troubled Debt Restructurings | |||||||||||||||||||
(Dollars in millions) | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||||||
Non-performing loans: | |||||||||||||||||||
Non-accrual loans | $ | 63.1 | $ | 69.4 | $ | 74.5 | $ | 76.7 | $ | 74.6 | |||||||||
Accruing loans past due 90 days or more | 3.7 | 3.1 | 5.7 | 9.4 | 4.5 | ||||||||||||||
Total non-performing loans | 66.8 | 72.5 | 80.2 | 86.1 | 79.1 | ||||||||||||||
OREO | 11.0 | 10.1 | 10.3 | 11.3 | 9.4 | ||||||||||||||
Total non-performing assets | $ | 77.8 | $ | 82.6 | $ | 90.5 | $ | 97.4 | $ | 88.5 | |||||||||
Troubled debt restructurings not included above | $ | 6.9 | $ | 12.6 | $ | 10.9 | $ | 15.0 | $ | 16.4 | |||||||||
Non-performing loans to total loans | 0.87 | % | 0.95 | % | 1.06 | % | 1.14 | % | 1.47 | % | |||||||||
Non-performing assets to total loans and OREO | 1.02 | 1.08 | 1.20 | 1.29 | 1.64 | ||||||||||||||
Non-performing assets to total assets | 0.63 | 0.68 | 0.74 | 0.80 | 0.98 |
Non-Performing Loans by Loan Type | |||||||||||||
(Dollars in millions) | March 31, 2018 | Percent of Total | December 31, 2017 | Percent of Total | |||||||||
Real estate: | |||||||||||||
Commercial | $ | 24.3 | 36.4 | % | $ | 27.1 | 37.4 | % | |||||
Construction: | |||||||||||||
Land acquisition and development | 3.4 | 5.1 | 3.3 | 4.6 | |||||||||
Commercial | 3.8 | 5.7 | 3.8 | 5.2 | |||||||||
Residential | 0.7 | 1.0 | 1.7 | 2.3 | |||||||||
Total construction | 7.9 | 11.8 | 8.8 | 12.1 | |||||||||
Residential | 7.1 | 10.6 | 8.6 | 11.8 | |||||||||
Agricultural | 4.7 | 7.0 | 3.6 | 5.0 | |||||||||
Total real estate | 44.0 | 65.8 | 48.1 | 66.3 | |||||||||
Consumer | 3.5 | 5.2 | 3.3 | 4.6 | |||||||||
Commercial | 17.4 | 26.1 | 20.3 | 28.0 | |||||||||
Agricultural | 1.9 | 2.9 | 0.8 | 1.1 | |||||||||
Total non-performing loans | $ | 66.8 | 100.0 | % | $ | 72.5 | 100.0 | % |
(1) | Specific valuation allowances associated with impaired loans. Specific valuation allowances are determined based on assessment of the fair value of the collateral underlying the loans as determined through independent appraisals, the present value of future cash flows, observable market prices and any relevant qualitative or environmental factors impacting loans. No specific valuation allowances are recorded for impaired loans that are adequately secured. |
(2) | Historical valuation allowances based on loan loss experience for similar loans with similar characteristics and trends. Historical valuation allowances are determined by applying percentage loss factors to the credit exposures from outstanding loans. For commercial, agricultural and real estate loans, loss factors are applied based on the internal risk classifications of these loans. For consumer loans, loss factors are applied on a portfolio basis. For commercial, agriculture and real estate loans, loss factor percentages are based on a migration analysis of our historical loss experience, designed to account for credit deterioration. For consumer loans, loss factor percentages are based on a three-year loss history. |
(3) | General valuation allowances determined based on changes in the nature of the loan portfolio, overall portfolio quality, industry concentrations, delinquency trends, general economic conditions and other qualitative risk factors both internal and external to us. |
Allowance for Loan Losses | |||||||||||||||||||
(Dollars in millions) | Three Months Ended | ||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
2018 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||
Balance at beginning of period | $ | 72.1 | $ | 74.6 | $ | 75.7 | $ | 76.2 | $ | 76.2 | |||||||||
Provision charged to operating expense | 2.1 | 3.5 | 3.4 | 2.4 | 1.7 | ||||||||||||||
Charge offs: | |||||||||||||||||||
Real estate | |||||||||||||||||||
Commercial | 0.5 | 0.8 | 1.1 | 0.5 | — | ||||||||||||||
Construction | — | 0.3 | 0.4 | — | 0.2 | ||||||||||||||
Residential | 0.3 | 0.4 | 0.2 | 0.5 | 0.2 | ||||||||||||||
Consumer | 2.7 | 3.2 | 3.1 | 2.4 | 2.6 | ||||||||||||||
Commercial | 1.7 | 2.3 | 2.6 | 1.0 | 0.8 | ||||||||||||||
Agricultural | — | 0.3 | — | 0.1 | — | ||||||||||||||
Total charge-offs | 5.2 | 7.3 | 7.4 | 4.5 | 3.8 | ||||||||||||||
Recoveries: | |||||||||||||||||||
Real estate | |||||||||||||||||||
Commercial | 1.0 | — | 0.3 | 0.3 | 0.4 | ||||||||||||||
Construction | 0.1 | — | 0.2 | — | 0.1 | ||||||||||||||
Residential | 0.1 | 0.1 | 0.1 | — | — | ||||||||||||||
Consumer | 1.1 | 1.0 | 1.0 | 1.1 | 1.2 | ||||||||||||||
Commercial | 2.0 | 0.2 | 1.3 | 0.2 | 0.4 | ||||||||||||||
Agricultural | 0.2 | — | — | — | — | ||||||||||||||
Total recoveries | 4.5 | 1.3 | 2.9 | 1.6 | 2.1 | ||||||||||||||
Net charge-offs | 0.7 | 6.0 | 4.5 | 2.9 | 1.7 | ||||||||||||||
Balance at end of period | $ | 73.5 | $ | 72.1 | $ | 74.6 | $ | 75.7 | $ | 76.2 | |||||||||
Period end loans | $ | 7,646.8 | $ | 7,614.3 | $ | 7,522.1 | $ | 7,556.0 | $ | 5,399.8 | |||||||||
Average loans | 7,590.6 | 7,539.8 | 7,579.4 | 6,128.9 | 5,420.2 | ||||||||||||||
Net loans charged-off to average loans, annualized | 0.04 | % | 0.32 | % | 0.24 | % | 0.19 | % | 0.13 | % | |||||||||
Allowance to period end loans | 0.96 | 0.95 | 0.99 | 1.00 | 1.41 |
Deposits | |||||||||||||
(Dollars in millions) | March 31, 2018 | Percent of Total | December 31 2017 | Percent of Total | |||||||||
Non-interest bearing demand | $ | 2,897.6 | 28.9 | % | $ | 2,900.0 | 29.2 | % | |||||
Interest bearing: | |||||||||||||
Demand | 2,853.3 | 28.5 | 2,787.5 | 28.1 | |||||||||
Savings | 3,140.3 | 31.3 | 3,095.4 | 31.2 | |||||||||
Time, $100 and over | 420.6 | 4.2 | 432.0 | 4.3 | |||||||||
Time, other (1) | 714.1 | 7.1 | 720.0 | 7.2 | |||||||||
Total interest bearing | $ | 7,128.3 | 71.1 | % | $ | 7,034.9 | 70.8 | % | |||||
Total deposits | $ | 10,025.9 | 100.0 | % | $ | 9,934.9 | 100.0 | % |
(1) | Included in Time, other are Certificate of Deposit Account Registry Service, or CDARS, deposits of $99.2 million as of March 31, 2018 and $94.2 million as of December 31, 2017. |
Actual | Regulatory minimum to be "well capitalized" (1) | ||||||||||
Amount | Ratio | Amount | Ratio | ||||||||
March 31, 2018 | |||||||||||
Total risk-based capital: | |||||||||||
Consolidated | $ | 1,131.5 | 12.90 | % | $ | 876.8 | 10.00 | % | |||
FIB | 1,070.5 | 12.25 | 873.9 | 10.00 | |||||||
Tier 1 risk-based capital: | |||||||||||
Consolidated | 1,058.0 | 12.07 | 701.5 | 8.00 | |||||||
FIB | 997.0 | 11.41 | 699.1 | 8.00 | |||||||
Common equity tier 1 risk-based capital: | |||||||||||
Consolidated | 978.0 | 11.15 | 569.9 | 6.50 | |||||||
FIB | 997.0 | 11.41 | 568.0 | 6.50 | |||||||
Leverage capital ratio: | |||||||||||
Consolidated | 1,058.0 | 9.07 | 583.3 | 5.00 | |||||||
FIB | 997.0 | 8.55 | 583.1 | 5.00 |
Actual | Regulatory minimum to be "well capitalized" (1) | ||||||||||
Amount | Ratio | Amount | Ratio | ||||||||
December 31, 2017 | |||||||||||
Total risk-based capital: | |||||||||||
Consolidated | $ | 1,112.5 | 12.76 | % | $ | 871.9 | 10.00 | % | |||
FIB | 1,066.6 | 12.29 | 867.8 | 10.00 | |||||||
Tier 1 risk-based capital: | |||||||||||
Consolidated | 1,040.3 | 11.93 | $ | 697.5 | 8.00 | ||||||
FIB | 994.4 | 11.46 | 694.2 | 8.00 | |||||||
Common equity tier 1 risk-based capital: | |||||||||||
Consolidated | 962.4 | 11.04 | $ | 566.7 | 6.50 | ||||||
FIB | 994.4 | 11.46 | 564.1 | 6.50 | |||||||
Leverage capital ratio: | |||||||||||
Consolidated | 1,040.3 | 8.86 | $ | 587.4 | 5.00 | ||||||
FIB | 994.4 | 8.48 | 586.3 | 5.00 |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of | Maximum Number | ||||||||||||
Shares Purchased | of Shares That | ||||||||||||
Total Number | Average | as Part of Publicly | May Yet Be | ||||||||||
of Shares | Price Paid | Announced Plans | Purchased Under the | ||||||||||
Period | Purchased (1) | Per Share | or Programs | Plans or Programs | |||||||||
January 2018 | — | $ | — | — | 24,123 | ||||||||
February 2018 | — | — | — | 24,123 | |||||||||
March 2018 | 21,700 | 40.80 | — | 24,123 | |||||||||
Total | 21,700 | $ | 40.80 | — | 24,123 |
(1) | Stock repurchases were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants of the Company's 2015 Equity Compensation Plan. |
Item 3. | Defaults upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Exhibit Number | Description | |
31.1* | Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2* | Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
32** | 18 U.S.C. Section 1350 Certifications. | |
101* | Interactive data file |
FIRST INTERSTATE BANCSYSTEM, INC. | |||||
Date: | May 8, 2018 | By: | /S/ KEVIN P. RILEY | ||
Kevin P. Riley | |||||
President and Chief Executive Officer | |||||
Date: | May 8, 2018 | By: | /S/ MARCY D. MUTCH | ||
Marcy D. Mutch | |||||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |
31.1* | Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
31.2* | Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended. | |
32** | 18 U.S.C. Section 1350 Certifications. | |
101* | Interactive data file |
1. | I have reviewed this quarterly report on Form 10-Q of First Interstate BancSystem, Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions); |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ KEVIN P. RILEY |
Kevin P. Riley |
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of First Interstate BancSystem, Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions); |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MARCY D. MUTCH |
Marcy D. Mutch |
Executive Vice President and Chief Financial Officer |
/s/ KEVIN P. RILEY |
Kevin P. Riley |
President and Chief Executive Officer |
/s/ MARCY D. MUTCH |
Marcy D. Mutch |
Executive Vice President and Chief Financial Officer |
Document and Entity Information |
3 Months Ended |
---|---|
Mar. 31, 2018
shares
| |
Entity Registrant Name | FIRST INTERSTATE BANCSYSTEM INC |
Entity Central Index Key | 0000860413 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Class A Common Stock | |
Entity Common Stock, Shares Outstanding | 34,067,912 |
Class B Common Stock | |
Entity Common Stock, Shares Outstanding | 22,631,503 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investment securities: | ||
Estimated fair value | $ 455,500 | $ 483,300 |
Stockholders' equity: | ||
Nonvoting, noncumulative preferred stock, shares authorized | 100,000 | 100,000 |
Nonvoting, noncumulative preferred stock, shares issued | 0 | 0 |
Nonvoting, noncumulative preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 36.7 | $ 23.2 |
Other comprehensive income, before tax: | ||
Change in net unrealized (losses) gains during period | (23.7) | 9.3 |
Change in unamortized loss on available-for-sale securities transferred into held-to-maturity | 0.5 | 0.5 |
Defined benefit post-retirement benefits plans: | ||
Change in net actuarial gain | (0.1) | (0.7) |
Other comprehensive income, before tax | (23.3) | 9.1 |
Deferred tax benefit (expense) related to other comprehensive income | 6.1 | (3.6) |
Other comprehensive (loss) income, net of tax | (17.2) | 5.5 |
Comprehensive income, net of tax | $ 19.5 | $ 28.7 |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Common stock | ||
Common stock transactions: | ||
Common shares purchased and retired | 21,700 | 20,621 |
Common shares issued | 0 | 200 |
Non-vested common shares issued | 204,991 | 132,531 |
Non-vested common shares forfeited | 16,581 | 7,214 |
Stock options exercised (in shares) | 67,146 | 112,936 |
Shares tendered in payment of option price and income tax withholding amounts | 20,469 | 43,534 |
Retained earnings | ||
Common stock transactions: | ||
Common dividends (in dollars per share) | $ 0.28 | $ 0.24 |
Basis of Presentation |
3 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements of First Interstate BancSystem, Inc. and subsidiaries (the “Company”) contain all adjustments (all of which are of a normal recurring nature) necessary to present fairly the financial position of the Company at March 31, 2018 and December 31, 2017, the results of operations for each of the three month periods ended March 31, 2018 and 2017, and cash flows and changes in stockholders' equity for each of the three month periods ended March 31, 2018 and 2017, in conformity with U.S. generally accepted accounting principles. The balance sheet information at December 31, 2017 is derived from audited consolidated financial statements. Certain reclassifications, none of which were material, have been made to conform prior year financial statements to the March 31, 2018 presentation. These reclassifications did not change previously reported net income or stockholders’ equity. Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The new revenue recognition standards became effective for the Company on January 1, 2018. The majority of our revenue-generating transactions were not subject to ASC 606, including revenue generated from financial instruments, such as our loans, guarantees, derivatives and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. ASC 606 is applicable to non-interest revenue streams such as wealth management and trust fee income, service charges on deposit accounts, interchange and other fees, and annuity and insurance commissions. However, the recognition of these revenue streams did not change significantly upon the adoption of ASC 606. Substantially all of the Company’s revenue is generated from contracts with customers. Descriptions of our revenue-generating activities that are within the scope of ASC 606 are discussed below:
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Cascade Bancorp. On November 17, 2016, the Company entered into an agreement and plan of merger (the “Agreement”) to acquire all of the outstanding stock of Cascade Bancorp (“Cascade”), parent company of Bank of the Cascades, an Oregon-based community bank with 46 banking offices across Oregon, Idaho, and Washington. This transaction solidifies the Company's ability to strategically expand its community banking footprint in the Northwest corridor of the United States. The merger was completed on May 30, 2017. Holders of each share of Cascade common stock received 0.14864 shares of First Interstate Class A common stock and $1.91 in cash, without interest, for each share of Cascade common stock. In connection with the merger, the Company issued approximately 11.3 million shares of First Interstate Class A common stock, which was valued at $34.30 per share, which was the closing price of First Interstate Class A common stock on the acquisition date. Cash paid by First Interstate was approximately $155.0 million, which included the cash portion of the merger consideration and the cash in lieu of fractional shares that Cascade Bancorp shareholders would have otherwise been entitled to receive. Total consideration exchanged in connection with the merger amounted to $541.0 million. All “in-the-money” Cascade options and all Cascade restricted stock units outstanding immediately prior to the transaction close were canceled in exchange for the right to receive a cash payment as provided in the Agreement. The Company paid approximately $9.3 million in cash related to Cascade options and restricted stock units, which was included in the consideration paid. Unvested Cascade restricted stock awards outstanding immediately prior to the transaction close were canceled in exchange for the right to receive a cash payment and Company shares as provided in the Agreement. The Company paid a total of approximately $2.2 million in cash and issued approximately 168 thousand Company shares, valued at $34.30 per share, related to Cascade unvested restricted stock awards. Of the cash paid and shares issued related to Cascade unvested restricted stock awards, approximately $2.4 million was allocated to expense and excluded from consideration paid due to the acceleration of award vesting at the Company’s discretion. The remaining balance of approximately $5.5 million related to unvested Cascade restricted stock awards is included in the consideration paid. The assets and liabilities of Cascade were recorded in the Company's consolidated financial statements at their estimated fair values as of the acquisition date. The excess value of the consideration paid over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The purchase price allocation resulted in goodwill of $232.8 million, which is not deductible for income tax purposes. Goodwill resulting from the acquisition was allocated to the Company's one operating segment, community banking, and consists largely of the synergies and economies of scale expected from combining the operations of Cascade and the Company. The following table summarizes the consideration paid, fair values of the Cascade assets acquired and liabilities assumed, and the resulting goodwill. All amounts are final.
Core deposit intangible assets of $48.0 million are being amortized using an accelerated method over the estimated useful lives of the related deposits of 10 years. The Company recorded $2.3 million and $0.7 million in pre-tax acquisition related expenses for the three months ended March 31, 2018 and March 31, 2017. These costs are incorporated in non-interest expenses in the Company’s consolidated statements of income and are summarized below.
The Company acquired certain loans that are subject to Accounting Standards Codification ("ASC") Topic 310-30 "Loans and Debt Securities Acquired with Deteriorated Credit Quality." ASC Topic 310-30 provides recognition, measurement and disclosure guidance for acquired loans that have evidence of deterioration in credit quality since origination for which it is probable, at acquisition, the Company will be unable to collect all contractual amounts owed. For loans that meet the criteria stipulated in ASC Topic 310-30, the excess of all cash flows expected at acquisition over the initial fair value of the loans acquired ("accretable yield") is amortized to interest income over the expected remaining lives of the underlying loans using the effective interest method. The accretable yield will fluctuate due to changes in (i) estimated lives of underling credit-impaired loans, (ii) assumptions regarding future principal and interest amounts collected, and (iii) indices used to fair value variable rate loans. Information regarding loans acquired credit-impaired as of the May 30, 2017 acquisition date is as follows:
Information regarding acquired loans not deemed credit-impaired at the acquisition date is as follows:
The accompanying consolidated statements of income include the results of operations of the acquired entity from the May 30, 2017 acquisition date. The acquired entity continued to operate as Bank of the Cascades until August 11, 2017 at which point the operations were integrated with the Company's operations, and Bank of the Cascades merged with First Interstate Bank. Standalone amounts for the Bank of the Cascades were no longer available after that date. The following table presents unaudited pro forma consolidated revenues and net income as if the acquisition had occurred as of January 1, 2016.
The unaudited pro forma net income presented in the table above for 2017 was adjusted to exclude acquisition-related costs, including change in control expenses related to employee benefit plans and legal and professional expenses of $0.5 million, net of tax. The unaudited pro forma net income presented in the table above for 2018 and 2017 includes adjustments for scheduled amortization of core deposit intangible assets acquired in the acquisition. The unaudited supplemental pro forma net income presented in the table above for 2018 and 2017 does not capture operating costs savings and other business synergies expected as a result of the acquisition. |
Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Core Deposit Intangibles Management analyzes its goodwill for impairment on an annual basis and between annual tests in certain circumstances, such as upon material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an impairment assessment as of July 1, 2017 and 2016 and concluded that there was no impairment to goodwill. Goodwill
Core deposit intangibles (“CDI”)
Core deposit intangibles are evaluated for impairment if events and circumstances indicate a possible impairment. The CDI are amortized using an accelerated method based on the estimated weighted average useful lives of the related deposits, which is generally ten years. The following table provides the estimated future CDI amortization expense:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and approximate fair values of investment securities are summarized as follows:
There were no material gross realized gains and losses from the disposition of available-for-sale investment securities for the three months ended March 31, 2018 and 2017. The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of March 31, 2018 and December 31, 2017:
The investment portfolio is evaluated quarterly for other-than-temporary declines in the market value of each individual investment security. The Company had 707 and 581 individual investment securities that were in an unrealized loss position as of March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018, the Company had the intent and ability to hold these investment securities for a period of time sufficient to allow for an anticipated recovery. Furthermore, the Company does not have the intent to sell any of the available-for-sale securities in the above table and it is more likely than not that the Company will not have to sell any securities before a recovery in cost. No impairment losses were recorded during three months ended March 31, 2018 or 2017. Maturities of investment securities at March 31, 2018 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
As of March 31, 2018, the Company had investment securities callable within one year with amortized costs and estimated fair values of $147.5 million and $144.4 million, respectively. These investment securities are primarily included in the after one year but within five years category in the table above. As of March 31, 2018, the Company did not have any structured notes callable within one year. |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The following table presents loans by class as of the dates indicated:
The following tables present the Company's recorded investment and contractual aging of the Company's recorded investment in loans by class as of the dates indicated. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
Loans from business combinations included in the tables above include certain loans that had evidence of deterioration in credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The following table displays the outstanding unpaid balances and accrual status of loans acquired with credit impairment as of March 31, 2018 and 2017:
The following table summarizes changes in the accretable yield for loans acquired credit impaired for the three months ended March 31, 2018 and 2017:
Acquired loans that met the criteria for nonaccrual of interest prior to acquisition were considered performing upon acquisition. If interest on non-accrual loans had been accrued, such income would have been approximately $0.8 million and $0.9 million for the three months ended March 31, 2018 and 2017, respectively. The Company considers impaired loans to include all originated loans, except consumer loans, that are risk rated as doubtful, or have been placed on non-accrual status or renegotiated in troubled debt restructurings, and all loans acquired with evidence of deterioration in credit quality and for which it was probable, at acquisition, that the Company would be unable to collect all contractual amounts owed. The following tables present information on the Company’s recorded investment in impaired loans as of dates indicated:
The following table presents the average recorded investment in and income recognized on impaired loans for the periods indicated:
The amount of interest income recognized by the Company within the period that the loans were impaired was primarily related to loans modified in a troubled debt restructuring that remained on accrual status. Interest payments received on non-accrual impaired loans are applied to principal. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. If interest on impaired loans had been accrued, interest income on impaired loans would have been approximately $0.8 million and $0.9 million for the three months ended March 31, 2018 and 2017, respectively. Collateralized impaired loans are generally recorded at the fair value of the underlying collateral using discounted cash flows, independent appraisals and management estimates based upon current market conditions. For loans measured under the present value of cash flows method, the change in present value attributable to the passage of time, if applicable, is recognized in the provision for loan losses and thus no interest income is recognized. Modifications of performing loans are made in the ordinary course of business and are completed on a case-by-case basis as negotiated with the borrower. Loan modifications typically include interest rate changes, interest only periods of less than twelve months, short-term payment deferrals and extension of amortization periods to provide payment relief. A loan modification is considered a troubled debt restructuring if the borrower is experiencing financial difficulties and the Company, for economic or legal reasons, grants a concession to the borrower that it would not otherwise consider. Certain troubled debt restructurings are on non-accrual status at the time of restructuring and may be returned to accrual status after considering the borrower's sustained repayment performance in accordance with the restructuring agreement for a period of at least six months and management is reasonably assured of future performance. If the troubled debt restructuring meets these performance criteria and the interest rate granted at the modification is equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk, then the loan will return to performing status and the accrual of interest will resume, although they continue to be individually evaluated for impairment and disclosed as impaired loans. The Company had loans renegotiated in troubled debt restructurings of $34.9 million as of March 31, 2018, of which $28.0 million were included in non-accrual loans and $6.9 million were on accrual status. The Company had loans renegotiated in troubled debt restructurings of $44.5 million as of December 31, 2017, of which $31.9 million were included in non-accrual loans and $12.6 million were on accrual status. The Company had no troubled debt restructurings that occurred during the three months ended March 31, 2018. For troubled debt restructurings that were on non-accrual status or otherwise deemed impaired before the modification, a specific reserve may already be recorded. In periods subsequent to modification, the Company continues to evaluate all troubled debt restructurings for possible impairment and recognizes impairment through the allowance. Additionally these loans continue to work their way through the credit cycle through charge-off, pay-off or foreclosure. Financial effects of modifications of troubled debt restructurings may include principal loan forgiveness or other charge-offs directly related to the restructuring. The Company had no charge-offs directly related to modifying troubled debt restructurings during the three months ended March 31, 2018 or 2017. The Company had no troubled debt restructurings during the previous 12 months for which there was a payment default during the three months ended March 31, 2018. The Company considers a payment default to occur on troubled debt restructurings when the loan is 90 days or more past due or was placed on non-accrual status after the modification. At March 31, 2018, there were no material commitments to lend additional funds to borrowers whose existing loans have been renegotiated or are classified as non-accrual. As part of the on-going and continuous monitoring of the credit quality of the Company’s loan portfolio, management tracks internally assigned risk classifications of loans. The Company adheres to a Uniform Classification System developed jointly by the various bank regulatory agencies to internally risk rate loans. The Uniform Classification System defines three broad categories of criticized assets, which the Company uses as credit quality indicators: Other Assets Especially Mentioned — includes loans that exhibit weaknesses in financial condition, loan structure or documentation, which if not promptly corrected, may lead to the development of abnormal risk elements. Substandard — includes loans that are inadequately protected by the current sound worth and paying capacity of the borrower. Although the primary source of repayment for a substandard loan is not currently sufficient, collateral or other sources of repayment are sufficient to satisfy the debt. Continuance of a substandard loan is not warranted unless positive steps are taken to improve the worthiness of the credit. Doubtful — includes loans that exhibit pronounced weaknesses to a point where collection or liquidation in full, on the basis of currently existing facts, conditions and values, is highly questionable and improbable. Doubtful loans are required to be placed on non-accrual status and are assigned specific loss exposure. Company management undertakes the same process for assigning risk ratings to acquired loans as it does for originated loans. Acquired loans rated as substandard or lower or that were on non-accrual status or designated as troubled debt restructurings at the time of acquisition are deemed to be acquired credit impaired loans accounted for under ASC Topic 310-30, regardless of whether they are classified as performing or non-performing loans. The following tables present the Company’s recorded investment in criticized loans by class and credit quality indicator based on the most recent analysis performed as of the dates indicated:
The Company maintains a credit review function, which is independent of the credit approval process, to assess assigned internal risk classifications and monitor compliance with internal lending policies and procedures. Written action plans with firm target dates for resolution of identified problems are maintained and reviewed on a quarterly basis for all categories of criticized loans. |
Allowance for Loan Losses |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses The following tables present a summary of changes in the allowance for loan losses by portfolio segment for the periods indicated:
The Company performs a quarterly assessment of the adequacy of its allowance for loan losses in accordance with generally accepted accounting principles. The methodology used to assess the adequacy is consistently applied to the Company's loan portfolio and consists of three elements: (1) specific valuation allowances based on probable losses on impaired loans; (2) historical valuation allowances based on loan loss experience for similar loans with similar characteristics and trends; and (3) general valuation allowances determined based on changes in the nature of the loan portfolio, overall portfolio quality, industry concentrations, delinquency trends, general economic conditions and other qualitative risk factors both internal and external to the Company. Specific allowances are established for loans where management has determined that probability of a loss exists by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies and any relevant qualitative or economic factors impacting the loan. Historical valuation allowances are determined by applying percentage loss factors to the credit exposures from outstanding loans. For commercial, agricultural and real estate loans, loss factors are applied based on the internal risk classifications of these loans. For consumer loans, loss factors are applied on a portfolio basis. For commercial, agriculture and real estate loans, loss factor percentages are based on a migration analysis of our historical loss experience, designed to account for credit deterioration. For consumer loans, the loss factor percentages are based on a three-year loss history for the 2018 period and on a one-year loss history for the comparable periods. The loan loss rates for 2018 also incorporate the available loss history data from BOTC prior to the merger date to represent a consolidated institutional loss rate for both originated and acquired portfolios. General valuation allowances are determined by evaluating, on a quarterly basis, changes in the nature and volume of the loan portfolio, overall portfolio quality, industry concentrations, current economic and regulatory conditions and the estimated impact of these factors on historical loss rates. An allowance for loan losses is established for loans acquired credit impaired and for which the Company projects a decrease in the expected cash flows in periods subsequent to the acquisition of such loans. As of both March 31, 2018 and December 31, 2017, the Company's allowance for loan losses included $1.0 million related to loans acquired credit impaired. |
Other Real Estate Owned |
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Other Real Estate Owned | Other Real Estate Owned Information with respect to the Company's other real estate owned follows:
The carrying values of foreclosed residential real estate properties included in other real estate owned were $2.9 million and $2.7 million as of March 31, 2018 and December 31, 2017, respectively. The Company had $0.3 million of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure as of March 31, 2018 and none as of December 31, 2017. |
Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivatives and Hedging Activities For asset and liability management purposes, the Company enters into interest rate swap contracts to hedge against changes in forecasted cash flows due to interest rate exposures. Interest rate swaps are contracts in which a series of interest payments are exchanged over a prescribed period. The notional amount upon which the interest payments are based is not exchanged. The swap agreements are derivative instruments and convert a portion of the Company’s forecasted variable rate debt to a fixed rate (i.e., cash flow hedge) over the payment term of the interest rate swap. The effective portion of the gain or loss on cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period during which the transaction affects earnings. The ineffective portion of the gain or loss on derivative instruments, if any, is recognized in earnings. The Company does not enter into interest rate swap agreements for trading or speculative purposes. As of March 31, 2018, the Company does not have an existing agreement. The Company also enters into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with a third party financial institution. Because the Company acts as an intermediary for the customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company's results of operations. In the normal course of business, the Company enters into interest rate lock commitments to finance residential mortgage loans that are not designated as accounting hedges. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Loan commitments related to residential mortgage loans intended to be sold are considered derivatives and are marked to market through earnings. In addition to the effects of the change in market interest rate, the fair value measurement of the derivative also contemplates the expected cash flows to be received from the counterparty from the future sale of the loan. The Company sells residential mortgage loans on either a best efforts or mandatory delivery basis. The Company mitigates the effect of the interest rate risk inherent in providing interest rate lock commitments by entering into forward loan sales contracts. During the interest rate lock commitment period, these forward loan sales contracts are marked to market through earnings and are not designated as accounting hedges. Exclusive of the fair value component associated with the projected cash flows from the loan delivery to the investor, the changes in fair value related to movements in market rates of the interest rate lock commitments and the forward loan sales contracts generally move in opposite directions, and the net impact of changes in these valuations on net income during the loan commitment period is generally inconsequential. When the loan is funded to the borrower, the interest rate lock commitment derivative expires and the Company records a loan held for sale. The forward loan sales contract acts as a hedge against the variability in cash to be received from the loan sale. The changes in measurement of the estimated fair values of the interest rate lock commitments and forward loan sales contracts are included in mortgage banking revenues in the accompanying consolidated statements of income. The notional amounts and estimated fair values of the Company's derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models.
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2018, the Company did not record any hedge ineffectiveness. Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting arrangements. Master netting arrangements allow the Company to settle all contracts held with a single counterparty on a net basis and to offset net contract position with related collateral where applicable. The following table illustrates the potential effect of the Company's master netting arrangements, by type of financial instrument, on the Company's consolidated balance sheets as of March 31, 2018 and December 31, 2017:
The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company's statements of income for the periods indicated:
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Capital Stock |
3 Months Ended |
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Mar. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The Company had 34,067,912 shares of Class A common stock and 22,631,503 shares of Class B common stock outstanding as of March 31, 2018. The Company had 33,560,202 shares of Class A common stock and 22,905,357 shares of Class B common stock outstanding as of December 31, 2017. During the three months ended March 31, 2018, the Company did not repurchase any shares of its Class A common stock. All other stock repurchases during the three months ended March 31, 2018 and 2017 were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company's equity compensation plans. |
Earnings per Common Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period presented, excluding unvested restricted stock. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares determined for the basic earnings per share computation plus the dilutive effects of stock-based compensation using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the three month periods ended March 31, 2018 and 2017:
The Company had 164,019 and 187,680 shares of unvested restricted stock as of March 31, 2018 and 2017, respectively, that were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. |
Regulatory Capital |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital | Regulatory Capital On July 2, 2013, the Board of Governors of the Federal Reserve Bank issued a final rule implementing a revised regulatory capital framework for U.S. banks in accordance with the Basel III international accord and satisfying related mandates under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The revised regulatory capital framework (the "Basel III Capital Rules") substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions by defining the components of capital and addressing other issues affecting the numerator in banking institutions’ regulatory capital ratios, addressing risk weights and other issues affecting the denominator in banking institutions’ regulatory capital ratios and replacing the existing risk-weighting approach with a more risk-sensitive approach. The Basel III Capital Rules became effective for the Company on January 1, 2015, subject to a phase-in period for certain provisions. The capital conservation buffer required under Basel III began to phase in starting January 1, 2016 and will be fully implemented on January 1, 2019. As of March 31, 2018 and December 31, 2017, the Company exceeded all capital adequacy requirements to which it is subject. Actual capital amounts and ratios for the Company and its bank subsidiary, as of March 31, 2018 and December 31, 2017 are presented in the following tables:
(1) The ratios for the well capitalized requirement are only applicable to FIB. However, the Company manages its capital position as if the requirement applies to the consolidated entity and has presented the ratios as if they also applied on a consolidated basis. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is involved in various other claims and litigation. In the opinion of management, following consultation with legal counsel, the ultimate liability or disposition thereof of all other claims and litigation is not expected to have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. As of March 31, 2018, the Company had commitments under construction contracts of $1.2 million. On April 25, 2018, the Company announced that it had entered into a definitive agreement to acquire all of the outstanding stock of Northwest Bancorporation, Inc., the parent company of Inland Northwest Bank (“INB”), a Spokane, Washington based community bank with 20 banking offices across Idaho, Oregon and Washington in an all-stock transaction valued at approximately $160.9 million in aggregate, or $21.03 per share of INB stock. The transaction has been approved by the boards of directors of both companies and is expected to close late in the third quarter or early in the fourth quarter of 2018, subject to customary, regulatory, and INB shareholder approval. Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially all of the loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty or covenant; untimely document delivery; false or misleading statements; failure to obtain certain certificates or insurance; unmarketability; etc. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days or months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements, the Company had $0.6 million of sold residential mortgage loans with recourse provisions still in effect as of March 31, 2018. |
Financial Instruments with Off-Balance Sheet Risk |
3 Months Ended |
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Mar. 31, 2018 | |
Financial Instruments with Off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At March 31, 2018, commitments to extend credit to existing and new borrowers approximated $2,216.5 million, which included $656.7 million on unused credit card lines and $795.7 million with commitment maturities beyond one year. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. At March 31, 2018, the Company had outstanding standby letters of credit of $50.2 million. The estimated fair value of the obligation undertaken by the Company in issuing the standby letters of credit is included in other liabilities in the Company’s consolidated balance sheet. |
Other Comprehensive Income/Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/Loss | Other Comprehensive Income/Loss The gross amounts of each component of other comprehensive income and the related tax effects are as follows:
The components of accumulated other comprehensive loss, net of related tax effects, are as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities •Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities The methodologies used by the Company in determining the fair values of each class of financial instruments are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date, and therefore are classified within Level 2 of the valuation hierarchy. The Company's policy is to recognize transfers between levels as of the end of the reporting period. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2018 and 2017. Further details on the methods used to estimate the fair value of each class of financial instruments above are discussed below: Investment Debt Securities Available-for-Sale. The Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the investment's terms and conditions, among other things. Vendors chosen by the Company are widely recognized vendors whose evaluations support the pricing functions of financial institutions, investment and mutual funds, and portfolio managers. If needed, a broker may be utilized to determine the reported fair value of investment securities. Loans Held for Sale. Fair value measurements for loans held for sale are obtained from an independent pricing service. The fair value measurements consider observable data that may include binding contracts or quotes or bids from third party investors as well as loan level pricing adjustments. Interest Rate Swap Contracts. Fair values for derivative interest rate swap contracts are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data. The inputs used to determine fair value include the 3 month LIBOR forward curve to estimate variable rate cash inflows and the federal funds effective swap rate to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The change in the value of derivative assets attributable to basis risk, or the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other, was not significant in the reported periods. The Company also obtains and compares the reasonableness of the pricing from an independent third party. Interest Rate Lock Commitments. Fair value measurements for interest rate lock commitments are obtained from an independent pricing service. The fair value measurements consider observable data that may include prices available from secondary market investors taking into consideration various characteristics of the loan, including the loan amount, interest rate, value of the servicing and loan to value ratio, among other things. Observable data is then adjusted to reflect changes in interest rates, the Company's estimated pull-through rate and estimated direct costs necessary to complete the commitment into a closed loan net of origination and processing fees collected from the borrower. Forward Loan Sales Contracts. The fair value measurements for forward loan sales contracts are obtained from an independent pricing service. The fair value measurements consider observable data that includes sales of similar loans. Deferred Compensation Plan Assets and Liabilities. The fair values of deferred compensation plan assets are based primarily on the use of independent, market-based data to reflect a value that would be reasonably expected in an orderly transaction between market participants at the measurement date. These investments are in the same funds and purchased in the same amounts as the participants’ selected investments, which represent the underlying liabilities to plan participants. Deferred compensation plan liabilities are recorded at amounts due to participants, based on the fair value of participants’ selected investments. Financial assets and liabilities measured at fair value on a recurring basis are as follows:
Additionally, from time to time, certain assets are measured at fair value on a non-recurring basis. Adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
Impaired Loans. Collateralized impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from collateral. The impaired loans are reported at fair value through specific valuation allowance allocations. In addition, when it is determined that the fair value of an impaired loan is less than the recorded investment in the loan, the carrying value of the loan is adjusted to fair value through a charge to the allowance for loan losses. Collateral values are estimated using independent appraisals and management estimates of current market conditions. As of March 31, 2018, certain impaired loans with a carrying value of $57.7 million were reduced by specific valuation allowance allocations of $10.6 million and partial loan charge-offs of $11.1 million resulting in a reported fair value of $36.0 million. As of December 31, 2017, certain impaired loans with a carrying value of $54.8 million were reduced by specific valuation allowance allocations of $10.8 million and partial loan charge-offs of $11.4 million resulting in a reported fair value of $32.6 million. OREO. The fair values of OREO are estimated using independent appraisals and management estimates of current market conditions. Upon initial recognition, write-downs based on the foreclosed asset's fair value at foreclosure are reported through charges to the allowance for loan losses. Periodically, the fair value of foreclosed assets is remeasured with any subsequent write-downs charged to OREO expense in the period in which they are identified. The Company had no material write downs on OREO properties during the three months ended March 31, 2018 and 2017. Long-lived Assets to be Disposed of by Sale. Long-lived assets to be disposed of by sale are carried at the lower of carrying value or fair value less estimated costs to sell. The fair values of long-lived assets to be disposed of by sale are based upon observable market data and management estimates of current market conditions. The Company had long-lived assets to be disposed of by sale with carrying values aggregating $0.8 million that were reduced by write-downs of zero resulting in an aggregate fair value of $0.8 million as of March 31, 2018 and December 31, 2017. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
The Company is required to disclose the fair value of financial instruments for which it is practical to estimate fair value. The methodologies for estimating the fair value of financial instruments that are measured at fair value on a recurring or non-recurring basis are discussed above. The methodologies for estimating the fair value of other financial instruments are discussed below. For financial instruments bearing a variable interest rate where no credit risk exists, it is presumed that recorded book values are reasonable estimates of fair value. Financial Assets. Carrying values of cash, cash equivalents and accrued interest receivable approximate fair values due to the liquid and/or short-term nature of these instruments. Fair values for investment securities held-to-maturity are obtained from an independent pricing service, which considers observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the investment’s terms and conditions, among other things. Fair values of fixed rate loans and variable rate loans that reprice on an infrequent basis are estimated by discounting future cash flows using current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. Carrying values of variable rate loans that reprice frequently, and with no change in credit risk, approximate the fair values of these instruments. Financial Liabilities. The fair values of demand deposits, savings accounts, securities sold under repurchase agreements and accrued interest payable are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using external market rates currently offered for deposits with similar remaining maturities. The fair values of derivative liabilities are obtained from an independent pricing service, which considers observable data that may include the three-month LIBOR forward curve, the federal funds effective swap rate and cash flows, among other things. The carrying values of the interest bearing demand notes to the United States Treasury are deemed an approximation of fair values due to the frequent repayment and repricing at market rates. The fixed and floating rate subordinated debentures, floating rate subordinated term loan, notes payable to the FHLB, fixed rate subordinated term debt, and capital lease obligation are estimated by discounting future cash flows using current rates for advances with similar characteristics. Commitments to Extend Credit and Standby Letters of Credit. The fair value of commitments to extend credit and standby letters of credit, based on fees currently charged to enter into similar agreements, is not significant. The estimated fair values of financial instruments that are reported in the Company's consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
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Recent Authoritative Accounting Guidance |
3 Months Ended |
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Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Authoritative Accounting Guidance | Recent Authoritative Accounting Guidance ASU 2014-09, “Revenue from Contracts with Customers.” In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 introduced a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date” was released in August of 2015 deferring the effective date of ASU 2014-09 for all entities by one year until January 1, 2018. ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal vs Agent Considerations (Reporting Revenue Gross versus Net)” was released in March of 2016 to clarify certain principal versus agent considerations within the implementation guidance of ASC Topic 606, “Revenue from Contracts with Customers.” The effective date and transition of ASU 2016-08 is the same as the effective date and transition of ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as discussed above. ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” was released in April 2016 to clarify ASC Topic 606, “Revenue from Contracts with Customers” related to (i) identifying performance obligations; and (ii) the licensing implementation guidance. The effective date and transition of ASU 2016-10 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. The new revenue recognition standards became effective for the Company on January 1, 2018, and did not have a material impact to our net income, or have a significant impact on the Company's consolidated financial statements, results of operations or liquidity. ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01, among other things, (i) require equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale investment securities. The amendments in ASU 2016-01 became effective for the Company on January 1, 2018, and did not have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2016-02, “Leases (Topic 842).” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” Under the new guidance, lessees will be required to recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. Accounting by lessors is largely unchanged. ASU 2016-02 will be effective for the Company on January 1, 2019 and will be applied using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Additionally, in January 2018, the Financial Accounting Standards Board issued a proposal to provide an additional transition method that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is evaluating the new guidance to determine the impact ASU 2016-02 will have on its consolidated financial statements, results of operations or liquidity. ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The amendments in ASU 2016-13 require a financial asset or group of financial assets measured at amortized cost basis to be presented on a company's financial statements at the net amount expected to be collected based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13 requires a company's income statement to reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. The amendments in ASU 2016-13 require that the allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination be measured at amortized cost basis with the initial allowance for credit losses added to the purchase price rather than being reported as a credit loss expense. ASU 2016-13 also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses. The amendments in ASU 2016-13 are effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendments will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period. A prospective transition approach is required for debt securities for which other-than-temporary impairment was recognized before the effective date. Amounts previously recognized in accumulated other comprehensive income as of the date of adoption that relate to improvement in cash flows expected to be collected will continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption will be recorded in earnings when received. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements, results of operations and liquidity. ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The amendments in ASU 2016-15 are intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. The amendments in ASU 2016-15 became effective for the Company on January 1, 2018, and did not have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this update (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in ASU 2017-01 became effective for the Company on January 1, 2018, and did not have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The amendments in ASU 2017-04 remove Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. ASU No. 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019, applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. The amendments in ASU 2017-04 are not expected to have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2017-07, “Compensation – Retirement Benefits (Topic 750): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The amendments in ASU 2017-07 requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are required to be presented in the income separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendments in ASU 2017-07 also allow only the service cost component to be eligible for capitalization. The amendments in ASU 2017-07 are applied retrospectively for the presentation of the service cost and other components of net periodic benefit cost in the income statement and prospectively for the capitalization of the service cost in other assets. ASU 2017-07 allows the use of a practical expedient that permits an employer to use the amounts disclosed in its pension and other post-retirement benefits plan footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. ASU 2017-07 is effective for the Company for interim and annual reporting periods beginning after December 15, 2017. The amendments in ASU 2017-07 became effective for the Company on January 1, 2018, and did not have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” The amendments in ASU 2017-08 shorten the amortization period for the premium on certain purchased callable debt securities to the earliest call date. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company currently amortizes premiums on callable debt securities to the earliest call date. As such, the amendments in ASU 2017-08 will not impact the Company's consolidated financial statements, results of operations and liquidity. ASU 2017-09, "Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting." In May 2017, the FASB issued ASU 2017-09, which clarifies when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. Under the new guidance, an entity will not apply modification accounting to a share-based payment award if there is no change to the award's fair value, vesting conditions and classification as an equity or liability instrument. The guidance is effective prospectively for all companies for annual periods beginning after December 15, 2017. The amendments in ASU 2017-09 became effective for the Company on January 1, 2018, and did not have a significant impact on the Company’s consolidated financial statements, results of operations or liquidity. ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the beginning balance of each affected component of equity in the statement of financial position as of the date of adoption. While the Company continues to assess all potential impacts of the standard, we currently expect adoption to have an immaterial impact on our consolidated financial statements. ASU 2018-02, "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). The purpose of this updated guidance is to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The updated amendments are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company early adopted ASU 2018-02, which resulted in the reclassification from accumulated other comprehensive income to retained earnings totaling $3.1 million, reflected in the Consolidated Statements of Changes in Stockholders' Equity. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events have been evaluated for potential recognition and disclosure through the date financial statements were filed with the SEC. On April 25, 2018, the Company declared a quarterly dividend to common shareholders of $0.28 per share, to be paid on May 24, 2018 to shareholders of record as of May 14, 2018. On April 25, 2018, the Company announced that it had entered into a definitive agreement to acquire all of the outstanding stock of Northwest Bancorporation, Inc., the parent company of Inland Northwest Bank (“INB”), a Spokane, Washington based community bank with 20 banking offices across Idaho, Oregon and Washington in an all-stock transaction valued at approximately $160.9 million in aggregate, or $21.03 per share of INB stock. The transaction has been approved by the boards of directors of both companies and is expected to close late in the third quarter or early in the fourth quarter of 2018, subject to customary, regulatory, and INB shareholder approval. No other events requiring recognition or disclosure were identified. |
Basis of Presentation Basis of Presentation (Policies) |
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Mar. 31, 2018 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The new revenue recognition standards became effective for the Company on January 1, 2018. The majority of our revenue-generating transactions were not subject to ASC 606, including revenue generated from financial instruments, such as our loans, guarantees, derivatives and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. ASC 606 is applicable to non-interest revenue streams such as wealth management and trust fee income, service charges on deposit accounts, interchange and other fees, and annuity and insurance commissions. However, the recognition of these revenue streams did not change significantly upon the adoption of ASC 606. Substantially all of the Company’s revenue is generated from contracts with customers. Descriptions of our revenue-generating activities that are within the scope of ASC 606 are discussed below:
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
Acquisitions (Tables) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid, fair values of the Cascade assets acquired and liabilities assumed, and the resulting goodwill. All amounts are final.
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Summary of Pre-tax Merger Related Expenses | These costs are incorporated in non-interest expenses in the Company’s consolidated statements of income and are summarized below.
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Schedule of Acquired Loans with Credit Impairment | Information regarding loans acquired credit-impaired as of the May 30, 2017 acquisition date is as follows:
The following table displays the outstanding unpaid balances and accrual status of loans acquired with credit impairment as of March 31, 2018 and 2017:
The following table summarizes changes in the accretable yield for loans acquired credit impaired for the three months ended March 31, 2018 and 2017:
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Schedule of Acquired Loans not Deemed to Have Credit Impairment | Information regarding acquired loans not deemed credit-impaired at the acquisition date is as follows:
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Summary of Pro Forma Information | The following table presents unaudited pro forma consolidated revenues and net income as if the acquisition had occurred as of January 1, 2016.
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Goodwill and Intangibles (Tables) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] |
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Schedule of Finite-Lived Intangible Assets |
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Schedule of Future Amortization Expense | The following table provides the estimated future CDI amortization expense:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Approximate Fair Values of Investment Securities | The amortized cost and approximate fair values of investment securities are summarized as follows:
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Gross Unrealized Losses and Fair Values of Investment Securities | The following tables show the gross unrealized losses and fair values of investment securities, aggregated by investment category, and the length of time individual investment securities have been in a continuous unrealized loss position, as of March 31, 2018 and December 31, 2017:
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Maturities of Investment Securities | Maturities of investment securities at March 31, 2018 are shown below. Maturities of mortgage-backed securities have been adjusted to reflect shorter maturities based upon estimated prepayments of principal. All other investment securities maturities are shown at contractual maturity dates.
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Loans (Tables) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Class | The following table presents loans by class as of the dates indicated:
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Schedule of Recorded Investment in Past Due Loans by Class | The following tables present the Company's recorded investment and contractual aging of the Company's recorded investment in loans by class as of the dates indicated. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
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Schedule of Acquired Loans with Credit Impairment | Information regarding loans acquired credit-impaired as of the May 30, 2017 acquisition date is as follows:
The following table displays the outstanding unpaid balances and accrual status of loans acquired with credit impairment as of March 31, 2018 and 2017:
The following table summarizes changes in the accretable yield for loans acquired credit impaired for the three months ended March 31, 2018 and 2017:
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Schedule of Recorded Investment in Impaired Loans | The following tables present information on the Company’s recorded investment in impaired loans as of dates indicated:
The following table presents the average recorded investment in and income recognized on impaired loans for the periods indicated:
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Schedule of Recorded Investment in Criticized Loans by Class and Credit Quality Indicator | The following tables present the Company’s recorded investment in criticized loans by class and credit quality indicator based on the most recent analysis performed as of the dates indicated:
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Allowance for Loan Losses (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | The following tables present a summary of changes in the allowance for loan losses by portfolio segment for the periods indicated:
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Other Real Estate Owned (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repossessed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned Roll Forward | Information with respect to the Company's other real estate owned follows:
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Derivatives and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts and Estimated Fair Values of Derivatives | The notional amounts and estimated fair values of the Company's derivatives are presented in the following table. Fair value estimates are obtained from third parties and are based on pricing models.
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Offsetting Assets and Liabilities | The following table illustrates the potential effect of the Company's master netting arrangements, by type of financial instrument, on the Company's consolidated balance sheets as of March 31, 2018 and December 31, 2017:
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table presents the pre-tax gains or losses related to derivative contracts that were recorded in other non-interest income in the Company's statements of income for the periods indicated:
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Earnings per Common Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share for the three month periods ended March 31, 2018 and 2017:
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Regulatory Capital (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual capital amounts and ratios for the Company and its bank subsidiary, as of March 31, 2018 and December 31, 2017 are presented in the following tables:
(1) The ratios for the well capitalized requirement are only applicable to FIB. However, the Company manages its capital position as if the requirement applies to the consolidated entity and has presented the ratios as if they also applied on a consolidated basis. |
Other Comprehensive Income/Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | The gross amounts of each component of other comprehensive income and the related tax effects are as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss, net of related tax effects, are as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis are as follows:
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Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a non-recurring basis:
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Fair Value Inputs, Assets, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair values:
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Fair Value, by Balance Sheet Grouping | The estimated fair values of financial instruments that are reported in the Company's consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows:
|
Acquisitions - Summary of Pre-tax Merger Related Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Business Acquisition [Line Items] | ||
Employee Expenses | $ 34.6 | $ 25.7 |
Total Acquisition Related Expenses | 2.3 | 0.7 |
Bank of the Cascades | ||
Business Acquisition [Line Items] | ||
Legal and Professional Fees | 0.5 | 0.6 |
Employee Expenses | 0.1 | 0.0 |
Technology Conversion and Contract Termination | 1.5 | 0.0 |
Other | $ 0.2 | 0.1 |
Total Acquisition Related Expenses | $ 0.7 |
Acquisitions - Schedule of Acquired loans with credit impairment (Details) $ in Millions |
May 30, 2017
USD ($)
|
---|---|
Business Combinations [Abstract] | |
Contractually required principal and interest payments | $ 49.7 |
Contractual cash flows not expected to be collected (non-accretable discount) | 24.7 |
Cash flows expected to be collected | 25.0 |
Interest component of cash flows expected to be collected (accretable discount) | 1.9 |
Fair value of acquired credit-impaired loans | $ 23.1 |
Acquisitions - Schedule of Acquired Loans not Deemed to Have Credit Impairment (Details) $ in Millions |
May 30, 2017
USD ($)
|
---|---|
Business Combinations [Abstract] | |
Contractually required principal and interest payments | $ 2,098.1 |
Contractual cash flows not expected to be collected due to projected prepayment | 23.3 |
Fair value at acquisition | $ 2,066.5 |
Acquisitions - Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Business Combinations [Abstract] | ||
Pro Forma Acquisition Expenses, Net of Tax | $ 0.5 | |
Interest income | 107.6 | $ 100.1 |
Non-interest income | 35.2 | 36.6 |
Total revenues | 142.8 | 136.7 |
Net income | $ 35.9 | $ 29.2 |
EPS - basic (in dollars per share) | $ 0.63 | $ 0.52 |
EPS - diluted (in dollars per share) | $ 0.63 | $ 0.52 |
Goodwill and Intangibles - Narrative (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
May 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | |||||
Goodwill | $ 445,600,000 | $ 212,800,000 | $ 444,700,000 | $ 212,800,000 | |
Addition to goodwill from acquisition | 0 | 0 | |||
Measurement period adjustment to previously recorded goodwill | 900,000 | $ 0 | |||
Impairment of goodwill | $ 0 | ||||
Core Deposits | |||||
Goodwill [Line Items] | |||||
Weighted average useful lives of related deposits | 10 years | ||||
Core Deposits | Bank of the Cascades | |||||
Goodwill [Line Items] | |||||
Weighted average useful lives of related deposits | 10 years |
Goodwill and Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Goodwill [Roll Forward] | ||
CDI, net, beginning of period | $ 49.1 | $ 9.7 |
CDI current period amortization | (1.8) | (0.6) |
Total CDI, net, at September 30 | $ 47.3 | $ 9.1 |
Goodwill and Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
2018 remaining | $ 5.2 | |||
2018 | 6.6 | |||
2019 | 6.2 | |||
2020 | 5.7 | |||
2021 | 5.3 | |||
Thereafter | 18.3 | |||
Finite-Lived Intangible Assets, Net | $ 47.3 | $ 49.1 | $ 9.1 | $ 9.7 |
Loans - Schedule of Outstanding Unpaid Balances and Accrual Status of Loans Acquired with Credit Impairment (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2016 |
---|---|---|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract] | ||
Outstanding balance | $ 33.5 | $ 32.6 |
Loans on accrual status | 20.7 | 18.9 |
Total carrying value | $ 20.7 | $ 18.9 |
Loans - Schedule of Changes in the Accretable Yield for Loans Acquired (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning Balance | $ 7.3 | $ 6.8 |
Accretion income | (0.7) | (0.6) |
Reductions due to exit events | (0.2) | (0.6) |
Reclassifications from nonaccretable differences | 0.8 | 0.8 |
Ending Balance | 7.2 | 6.4 |
Interest Income on Non-Accrual Loans if Accrued | $ 0.8 | $ 0.9 |
Loans - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Receivables [Abstract] | |||
Interest Income on Non-Accrual Loans if Accrued | $ 800,000 | $ 900,000 | |
Loans renegotiated in troubled debt restructurings | 34,900,000 | $ 44,500,000 | |
Loans restructured during period | 0 | ||
Charge-offs directly related to modifying troubled debt restructurings | 0 | $ 0 | |
Balance of defaulted loans under trouble debt restructurings | $ 0 |
Loans - Schedule of Loans Renegotiated in Troubled Debt Restructurings (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Loans and Leases Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans renegotiated in troubled debt restructurings | $ 34,900,000 | $ 44,500,000 | |
Loans renegotiated in troubled debt restructurings, non-accrual loans | 28,000,000 | 31,900,000 | |
Loans renegotiated in troubled debt restructurings, accrual loans | 6,900,000 | $ 12,600,000 | |
Loans restructured during period | 0 | ||
Charge-offs directly related to modifying troubled debt restructurings | 0 | $ 0 | |
Balance of defaulted loans under trouble debt restructurings | 0 | ||
Commitments to lend additional funds | $ 0 |
Other Real Estate Owned (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Real Estate Acquired Through Foreclosure [Roll Forward] | |||
Beginning balance | $ 10.1 | $ 10.0 | |
Additions | 1.1 | 0.4 | |
Valuation adjustments | 0.0 | (0.1) | |
Dispositions | (0.2) | (0.9) | |
Ending balance | 11.0 | $ 9.4 | |
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure | 0.3 | $ 0.0 | |
Residential real estate | |||
Real Estate Acquired Through Foreclosure [Roll Forward] | |||
Beginning balance | 2.7 | ||
Ending balance | $ 2.9 |
Derivatives and Hedging Activities - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Derivative [Line Items] | ||
Amount of gain recognized in other non-interest income | $ 0.3 | $ 0.0 |
Amount of net fee income recognized in other non-interest income | 0.5 | 0.0 |
Amount of net gains recognized in mortgage banking revenues | $ (0.1) | $ (0.1) |
Capital Stock (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 30, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Class of Stock [Line Items] | ||||
Number of shares issued as partial consideration for acquisition of Cascade Bancorp | 11,300,000 | |||
Payment amount for repurchase of common stock | $ 0.9 | $ 0.9 | ||
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 34,067,912 | 33,560,202 | ||
Stock repurchased and retired (in shares) | 0 | |||
Class B Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock outstanding (in shares) | 22,631,503 | 22,905,357 |
Earnings per Common Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net income | $ 36.7 | $ 23.2 |
Weighted average common shares outstanding for basic earnings per share computation | 56,241,201 | 44,680,258 |
Dilutive effects of stock-based compensation | 410,977 | 558,650 |
Weighted average common shares outstanding for diluted earnings per common share computation | 56,652,178 | 45,238,908 |
Basic earnings per common share (in dollars per share) | $ 0.65 | $ 0.52 |
Diluted earnings per common share (in dollars per share) | $ 0.65 | $ 0.51 |
Unvested Restricted Stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock | 139,943 | 96,897 |
Restricted stock | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Anti-dilutive unvested time restricted stock | 164,019 | 187,680 |
Commitments and Contingencies (Details) $ / shares in Units, $ in Millions |
Apr. 25, 2018
USD ($)
office
$ / shares
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
May 30, 2017
$ / shares
|
---|---|---|---|---|
Loss Contingencies [Line Items] | ||||
Notional amount of terminated commitment | $ 466.2 | $ 433.0 | ||
Price per share (in dollars per share) | $ / shares | $ 34.30 | |||
Mortgage Loans Held for Sale | ||||
Loss Contingencies [Line Items] | ||||
Mortgage loans with recourse provision in effect | 0.6 | |||
Construction Contracts | ||||
Loss Contingencies [Line Items] | ||||
Commitments under construction contracts | $ 1.2 | |||
Subsequent Event | INB | ||||
Loss Contingencies [Line Items] | ||||
Date of agreement and plan for merger with Cascade Bancorp | Apr. 25, 2018 | |||
Number of banking offices acquired | office | 20 | |||
All-stock transaction value | $ 160.9 | |||
Price per share (in dollars per share) | $ / shares | $ 21.03 |
Financial Instruments with Off-Balance Sheet Risk (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
---|---|
Entity Information [Line Items] | |
Credit extension commitments | $ 2,216.5 |
Credit extension commitments beyond one year | 795.7 |
Unused Credit Card Lines | |
Entity Information [Line Items] | |
Credit extension commitments | 656.7 |
Standby Letters of Credit | |
Entity Information [Line Items] | |
Credit extension commitments | $ 50.2 |
Other Comprehensive Income/Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Net accumulated other comprehensive income: | ||
Net unrealized gain (loss) on investment securities available-for-sale | $ (33.5) | $ (13.3) |
Net unrealized gain (loss) on derivatives | 0.0 | 1.3 |
Net actuarial gain (loss) on defined benefit post-retirement benefit plans | 1.2 | 0.0 |
Net accumulated other comprehensive gain (loss) | $ (32.3) | $ (12.0) |
Recent Authoritative Accounting Guidance (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Retained earnings | ASU 2018-02 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of the income tax effects of the Tax Cut and Jobs Act from AOCI | $ 3.1 |
Subsequent Events (Details) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 25, 2018
USD ($)
office
$ / shares
|
Mar. 31, 2018 |
|
Class A Common Stock | ||
Subsequent Event [Line Items] | ||
Declaration date of quarterly dividend | Apr. 25, 2018 | |
Dividend payment date | May 24, 2018 | |
Dividend record date | May 14, 2018 | |
Class A Common Stock | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Dividend amount per share (in dollars) | $ 0.28 | |
Inland Northwest Bank [Member] | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Apr. 25, 2018 | |
Number of banking offices acquired | office | 20 | |
Estimate of Payments to Acquire Businesses, Gross | $ | $ 160.9 | |
Estimate value per share of Acquisition | $ 21.03 |
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