Florida | 59-2260678 | |||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
815 Colorado Avenue, | Stuart | FL | 34994 | |
(Address of Principal Executive Offices) | (Zip Code) |
(772) | 287-4000 | |||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |
Common Stock | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | |||
Non-accelerated filer | Smaller reporting company | ☐ | |||
Emerging growth company |
• | other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov. |
Item 1. | Business |
Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well-Capitalized(1) | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well-Capitalized1 | ||||||||
Total Risk-Based Capital Ratio | 14.43 | % | 13.60 | % | 10.0 | % | 15.71% | 14.68% | 10.00% | ||||
Tier 1 Capital Ratio | 13.80 | % | 12.97 | % | 8.0 | % | 15.06% | 14.04% | 8.00% | ||||
Common Equity Tier 1 Capital Ratio (CET1) | 12.43 | % | 12.97 | % | 6.5 | % | 13.77% | 14.04% | 6.50% | ||||
Leverage Ratio | 11.16 | % | 10.49 | % | 5.0 | % | 12.20% | 11.38% | 5.00% | ||||
(1)For subsidiary bank only | |||||||||||||
1For subsidiary bank only |
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Item 6. | Selected Financial Data |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities represented in column (a)) | |||||||
Equity compensation plans approved by shareholders: | ||||||||||
2013 Plan(1) | 933,495 | $ | 22.00 | 1,255,593 | ||||||
Employee Stock Purchase Plan(2) | — | — | 69,434 | |||||||
TOTAL | 933,495 | $ | 22.00 | 1,325,027 |
(In thousands) | Date of Acquisition | Acquired Loans | Acquired Deposits | |||||||
First Green Bank(1) | October 19, 2018 | $ | 631,497 | $ | 624,289 | |||||
Palm Beach Community Bank | November 3, 2017 | 270,318 | 268,633 | |||||||
NorthStar Bank(2) | October 20, 2017 | 136,832 | 182,443 | |||||||
GulfShore Bank(3) | April 7, 2017 | 250,876 | 285,350 | |||||||
BMO Harris(4) | June 3, 2016 | 62,671 | 314,248 | |||||||
Floridian Bank(5) | March 11, 2016 | 266,137 | 337,341 |
(In thousands) | Date of Acquisition | Acquired Loans | Acquired Deposits | |||||||
Freedom Bank1 (acquisition pending) | Second Quarter 2020 | $ | 248,948 | $ | 276,401 | |||||
First Bank of the Palm Beaches2 (acquisition pending) | First Quarter 2020 | 150,228 | 171,681 | |||||||
First Green Bank3 | October 19, 2018 | 631,497 | 624,289 | |||||||
Palm Beach Community Bank | November 3, 2017 | 270,318 | 268,633 | |||||||
NorthStar Bank4 | October 20, 2017 | 136,832 | 182,443 | |||||||
GulfShore Bank5 | April 7, 2017 | 250,876 | 285,350 | |||||||
BMO Harris6 | June 3, 2016 | 62,671 | 314,248 | |||||||
Floridian Bank7 | March 11, 2016 | 266,137 | 337,341 | |||||||
Grand Bank & Trust of Florida8 | July 17, 2015 | 111,292 | 188,469 | |||||||
BankFirst9 | October 1, 2014 | 365,363 | 516,297 | |||||||
1Wholly-owned subsidiary of Fourth Street Banking Company. Loan and deposit balances as of September 30, 2019 | ||||||||||
2Loan and deposit balances as of September 30, 2019 | ||||||||||
3Wholly-owned subsidiary of First Green Bancorp, Inc. | ||||||||||
4Wholly-owned subsidiary of NorthStar Banking Corporation, Inc. | ||||||||||
5Wholly-owned subsidiary of GulfShore BancShares, Inc. | ||||||||||
6Orlando banking operations of BMO Harris Bank, N.A. | ||||||||||
7Wholly-owned subsidiary of Floridian Financial Group, Inc. | ||||||||||
8Wholly-owned subsidiary of Grand Bankshares, Inc. | ||||||||||
9Wholly-owned subsidiary of BANKshares, Inc. |
• | 15% year-over-year growth in revenue on a GAAP basis enhanced by a 1% decrease in noninterest expense on the same basis. 14% year-over-year adjusted revenue1 growth during 2019 combined with a 3% increase in adjusted noninterest expense1 over the corresponding period. |
• | Diluted earnings per share of $1.90 for 2019, compared to $1.38 diluted earnings per share for 2018 on a GAAP basis. Achievement of the $2.01 adjusted diluted earnings per share1 goal for 2019. |
Quarter | ||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | 2018 | |||||||||||||
Return on average tangible assets | 1.48 | % | 1.50 | % | 1.61 | % | 1.66 | % | 1.56 | % | 1.20 | % | ||||||
Return on average tangible shareholders' equity | 14.86 | 14.30 | 14.73 | 14.95 | 14.72 | 12.54 | ||||||||||||
Efficiency ratio | 56.55 | 53.48 | 48.62 | 48.36 | 51.71 | 59.98 | ||||||||||||
Adjusted return on average tangible assets1 | 1.50 | % | 1.59 | % | 1.67 | % | 1.57 | % | 1.58 | % | 1.35 | % | ||||||
Adjusted return on average tangible shareholders' equity1 | 15.11 | 15.17 | 15.30 | 14.19 | 14.93 | 14.06 | ||||||||||||
Adjusted efficiency ratio1 | 55.81 | 51.44 | 48.96 | 47.52 | 50.90 | 56.13 | ||||||||||||
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
(In thousands, except percentages) | Net Interest Income(1) | Net Interest Margin(1) | Yield on Earning Assets(1) | Rate on Interest Bearing Liabilities | |||||||||
Fourth quarter 2017 | $ | 48,402 | 3.71 | % | 4.11 | % | 0.56 | % | |||||
First quarter 2018 | 49,853 | 3.80 | 4.23 | 0.62 | |||||||||
Second quarter 2018 | 50,294 | 3.77 | 4.25 | 0.71 | |||||||||
Third quarter 2018 | 51,709 | 3.82 | 4.38 | 0.82 | |||||||||
Fourth quarter 2018 | 60,100 | 4.00 | 4.67 | 0.97 |
(In thousands, except percentages) | Net Interest Income1 | Net Interest Margin1 | Yield on Earning Assets1 | Rate on Interest Bearing Liabilities | |||||||||
Fourth quarter 2018 | $ | 60,100 | 4.00 | % | 4.67 | % | 0.97 | % | |||||
First quarter 2019 | 60,861 | 4.02 | 4.79 | 1.13 | |||||||||
Second quarter 2019 | 60,219 | 3.94 | 4.73 | 1.18 | |||||||||
Third quarter 2019 | 61,027 | 3.89 | 4.65 | 1.13 | |||||||||
Fourth quarter 2019 | 61,846 | 3.84 | 4.49 | 0.98 | |||||||||
1On a fully taxable equivalent basis - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
For the Year Ended December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Commercial/commercial real estate loan pipeline at year-end | $ | 255,993 | $ | 164,064 | ||||
Commercial/commercial real estate loans closed | 795,238 | 552,878 | ||||||
Residential pipeline-saleable | $ | 18,995 | $ | 13,555 | ||||
Residential loan sold | 236,528 | 189,235 | ||||||
Residential pipeline-portfolio | $ | 19,107 | $ | 30,100 | ||||
Residential loans-retained | 287,025 | 305,953 | ||||||
Consumer and small business pipeline | $ | 45,106 | $ | 53,453 | ||||
Consumer and small business originations | 473,119 | 443,406 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Commercial/commercial real estate loan pipeline at year-end | $ | 164,064 | $ | 118,930 | $ | 88,814 | ||||||
Commercial/commercial real estate loans closed | 552,878 | 482,705 | 432,438 | |||||||||
Residential loan pipeline at year-end | $ | 43,655 | $ | 48,836 | $ | 72,604 | ||||||
Residential loan originations retained | 305,953 | 312,656 | 243,831 | |||||||||
Residential loan originations sold(1) | 189,235 | 261,458 | 230,136 | |||||||||
Consumer and small business pipeline | $ | 53,453 | $ | 38,790 | $ | 45,936 | ||||||
Consumer and small business originations | 443,406 | 354,383 | 302,317 |
December 31, | December 31, | |||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 2019 | 2018 | |||||||||||||||
Noninterest demand | $ | 1,569,602 | $ | 1,400,227 | $ | 1,148,309 | $ | 1,590,493 | $ | 1,569,602 | ||||||||||
Interest-bearing demand | 1,014,032 | 1,050,755 | 873,727 | 1,181,732 | 1,014,032 | |||||||||||||||
Money market | 1,173,950 | 931,458 | 802,697 | 1,108,363 | 1,173,950 | |||||||||||||||
Savings | 493,807 | 434,346 | 346,662 | 519,152 | 493,807 | |||||||||||||||
Time certificates of deposit | 925,849 | 775,934 | 351,850 | 1,185,013 | 925,849 | |||||||||||||||
Total deposits | $ | 5,177,240 | $ | 4,592,720 | $ | 3,523,245 | $ | 5,584,753 | $ | 5,177,240 | ||||||||||
Customer sweep accounts | $ | 214,323 | $ | 216,094 | $ | 204,202 | $ | 86,121 | $ | 214,323 | ||||||||||
Total core customer funding(1) | $ | 4,465,714 | $ | 4,032,880 | $ | 3,375,597 | ||||||||||||||
Noninterest demand deposit mix | 30.3 | % | 30.5 | % | 32.6 | % | 28 | % | 30 | % | ||||||||||
(1)Total deposits and customer sweep accounts, excluding time certificates of deposit. |
Total Year | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Total Year | Fourth Quarter | ||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2018 | 2018 | 2018 | 2018 | 2017 | 2017 | |||||||||||||||||||||
Nontaxable interest adjustment | $ | 441 | $ | 116 | $ | 147 | $ | 87 | $ | 91 | $ | 706 | $ | 176 | ||||||||||||||
Tax rate | 21 | % | 21 | % | 21 | % | 21 | % | 21 | % | 35 | % | 35 | % | ||||||||||||||
Net interest income (TE) | $ | 211,956 | $ | 60,100 | $ | 51,709 | $ | 50,294 | $ | 49,853 | $ | 177,002 | $ | 48,402 | ||||||||||||||
Total net interest income (not TE) | 211,515 | 59,984 | 51,562 | 50,207 | 49,762 | 176,296 | 48,226 | |||||||||||||||||||||
Net interest margin (TE) | 3.85 | % | 4.00 | % | 3.82 | % | 3.77 | % | 3.80 | % | 3.73 | % | 3.71 | % | ||||||||||||||
Net interest margin (not TE) | 3.84 | 3.99 | 3.81 | 3.76 | 3.79 | 3.72 | 3.70 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | |||||||||||||||
Noninterest expense, as reported | $ | 162,273 | $ | 149,916 | $ | 130,881 | $ | 160,739 | $ | 162,273 | ||||||||||
Merger related charges | 9,681 | 12,922 | 9,028 | (969 | ) | (9,681 | ) | |||||||||||||
Amortization of intangibles | 4,300 | 3,360 | 2,486 | (5,826 | ) | (4,300 | ) | |||||||||||||
Business continuity expenses - hurricane events | (95 | ) | — | |||||||||||||||||
Branch reductions and other expense initiatives | 587 | 4,321 | 3,357 | (1,846 | ) | (587 | ) | |||||||||||||
Business continuity expenses for Hurricane Irma | — | 352 | — | |||||||||||||||||
Early redemption cost for FHLB advances | — | — | 1,777 | |||||||||||||||||
Total adjustments | 14,568 | 20,955 | 16,648 | (8,736 | ) | (14,568 | ) | |||||||||||||
Adjusted noninterest expense(1) | $ | 147,705 | $ | 128,961 | $ | 114,233 | ||||||||||||||
Adjusted noninterest expense1 | $ | 152,003 | $ | 147,705 | ||||||||||||||||
Adjusted efficiency ratio(1)(2) | 56.1 | % | 58.7 | % | 64.6 | % | ||||||||||||||
(1)See pages 46-47, "Explanation of Certain Unaudited Non-GAAP Financial Measures." | ||||||||||||||||||||
(2)Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense (see pages 46-47) divided by aggregated tax equivalent net interest income (see pages 41) and noninterest income, including adjustments to revenue (see pages 46-47). | ||||||||||||||||||||
Efficiency ratio | 51.71 | % | 59.98 | % | ||||||||||||||||
Adjusted efficiency ratio1,2 | 50.90 | 56.13 | ||||||||||||||||||
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | 1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. | |||||||||||||||||||
2Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense divided by aggregated tax equivalent net interest income and noninterest income, including adjustments to revenue. | 2Adjusted efficiency ratio is defined as noninterest expense, including adjustments to noninterest expense divided by aggregated tax equivalent net interest income and noninterest income, including adjustments to revenue. |
Vision 2020 Targets | |||
Return on Tangible Assets | 1.30%+ | ||
Return on Tangible Common Equity | 16%+ | ||
Efficiency Ratio | Below 50% | ||
1See "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
Quarters | Quarters | |||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Total | Fourth | Third | Second | First | Total | |||||||||||||||||||||||||||||||
(In thousands except per share data) | 2018 | 2018 | 2018 | 2018 | Year | 2019 | 2019 | 2019 | 2019 | Year | ||||||||||||||||||||||||||||||
Net income, as reported: | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 15,962 | $ | 16,322 | $ | 16,964 | $ | 18,027 | $ | 67,275 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 22,705 | $ | 98,739 | ||||||||||||||||||||
Diluted earnings per share | $ | 0.31 | $ | 0.34 | $ | 0.35 | $ | 0.38 | $ | 1.38 | $ | 0.52 | $ | 0.49 | $ | 0.45 | $ | 0.44 | $ | 1.90 | ||||||||||||||||||||
Adjusted net income: | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 15,962 | $ | 16,322 | $ | 16,964 | $ | 18,027 | $ | 67,275 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 22,705 | $ | 98,739 | ||||||||||||||||||||
Securities losses, net | (2,539 | ) | 847 | 466 | 9 | (1,217 | ) | |||||||||||||||||||||||||||||||||
BOLI benefits on death (included in other income) | $ | (280 | ) | $ | — | $ | — | $ | — | $ | (280 | ) | — | (956 | ) | — | — | (956 | ) | |||||||||||||||||||||
Securities losses | 425 | 48 | 48 | 102 | 623 | |||||||||||||||||||||||||||||||||||
Total adjustments to revenue | 145 | 48 | 48 | 102 | 343 | (2,539 | ) | (109 | ) | 466 | 9 | (2,173 | ) | |||||||||||||||||||||||||||
Merger related charges | 8,034 | 482 | 695 | 470 | 9,681 | (634 | ) | — | — | (335 | ) | (969 | ) | |||||||||||||||||||||||||||
Amortization of intangibles | 1,303 | 1,004 | 1,004 | 989 | 4,300 | (1,456 | ) | (1,456 | ) | (1,456 | ) | (1,458 | ) | (5,826 | ) | |||||||||||||||||||||||||
Branch reductions and other expense initiatives | 587 | — | — | — | 587 | |||||||||||||||||||||||||||||||||||
Total adjustments to noninterest expense | 9,924 | 1,486 | 1,699 | 1,459 | 14,568 | |||||||||||||||||||||||||||||||||||
Tax effect of adjustments | (2,623 | ) | (230 | ) | (443 | ) | (538 | ) | (3,834 | ) | ||||||||||||||||||||||||||||||
Taxes and tax penalties on acquisition-related BOLI redemption | 485 | — | — | — | 485 | |||||||||||||||||||||||||||||||||||
Effect of change in corporate tax rate | — | — | — | 248 | 248 | |||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 23,893 | $ | 17,626 | $ | 18,268 | $ | 19,298 | $ | 79,085 | ||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.47 | $ | 0.37 | $ | 0.38 | $ | 0.40 | $ | 1.62 |
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2017 | 2017 | 2017 | 2017 | Year | |||||||||||||||
Net income, as reported: | ||||||||||||||||||||
Net income | $ | 13,047 | $ | 14,216 | $ | 7,676 | $ | 7,926 | $ | 42,865 | ||||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.32 | $ | 0.18 | $ | 0.20 | $ | 0.99 | ||||||||||
Adjusted net income: | ||||||||||||||||||||
Net income | $ | 13,047 | $ | 14,216 | $ | 7,676 | $ | 7,926 | $ | 42,865 | ||||||||||
Gain on sale of VISA stock | (15,153 | ) | — | — | — | (15,153 | ) | |||||||||||||
Securities (gains) losses | (112 | ) | 47 | (21 | ) | — | (86 | ) | ||||||||||||
Total adjustments to revenue | (15,265 | ) | 47 | (21 | ) | — | (15,239 | ) | ||||||||||||
Merger related charges | 6,817 | 491 | 5,081 | 533 | 12,922 | |||||||||||||||
Amortization of intangibles | 963 | 839 | 839 | 719 | 3,360 | |||||||||||||||
Business continuity expenses - Hurricane Irma | — | 352 | — | — | 352 | |||||||||||||||
Branch reductions and other expense initiatives(1) | — | (127 | ) | 1,876 | 2,572 | 4,321 | ||||||||||||||
Total adjustments to noninterest expense | 7,780 | 1,555 | 7,796 | 3,824 | 20,955 | |||||||||||||||
Tax effect of adjustments | 3,147 | (673 | ) | (2,786 | ) | (1,480 | ) | (1,792 | ) | |||||||||||
Effect of change in corporate tax rate | 8,552 | — | — | — | 8,552 | |||||||||||||||
Adjusted net income | $ | 17,261 | $ | 15,145 | $ | 12,665 | $ | 10,270 | $ | 55,341 | ||||||||||
Adjusted diluted earnings per share | $ | 0.37 | $ | 0.35 | $ | 0.29 | $ | 0.26 | $ | 1.28 |
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2019 | 2019 | 2019 | 2019 | Year | |||||||||||||||
Business continuity expenses - hurricane events | — | (95 | ) | — | — | (95 | ) | |||||||||||||
Branch reductions and other expense initiatives1 | — | (121 | ) | (1,517 | ) | (208 | ) | (1,846 | ) | |||||||||||
Total adjustments to noninterest expense | (2,090 | ) | (1,672 | ) | (2,973 | ) | (2,001 | ) | (8,736 | ) | ||||||||||
Tax effect of adjustments | (110 | ) | 572 | 874 | 510 | 1,846 | ||||||||||||||
Effect of change in corporate tax rate on deferred tax assets | — | (1,135 | ) | — | — | (1,135 | ) | |||||||||||||
Adjusted net income | $ | 26,837 | $ | 27,731 | $ | 25,818 | $ | 24,205 | $ | 104,591 | ||||||||||
Adjusted diluted earnings per share | $ | 0.52 | $ | 0.53 | $ | 0.50 | $ | 0.47 | $ | 2.01 | ||||||||||
Average Assets | $ | 6,996,214 | $ | 6,820,576 | $ | 6,734,994 | $ | 6,770,978 | $ | 6,831,280 | ||||||||||
Less average goodwill and intangible assets | (226,060 | ) | (227,389 | ) | (228,706 | ) | (230,066 | ) | (228,042 | ) | ||||||||||
Average Tangible Assets | $ | 6,770,154 | $ | 6,593,187 | $ | 6,506,288 | $ | 6,540,912 | $ | 6,603,238 | ||||||||||
Return on Average Assets (ROA) | 1.54 | % | 1.49 | % | 1.38 | % | 1.36 | % | 1.45 | % | ||||||||||
Impact of removing average intangible assets and related amortization | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 | |||||||||||||||
Return on Average Tangible Assets (ROTA) | 1.66 | 1.61 | 1.50 | 1.48 | 1.56 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | (0.09 | ) | 0.06 | 0.09 | 0.02 | 0.02 | ||||||||||||||
Adjusted Return on Average Tangible Assets | 1.57 | 1.67 | 1.59 | 1.50 | 1.58 | |||||||||||||||
Average Shareholders' Equity | $ | 976,200 | $ | 946,670 | $ | 911,479 | $ | 879,564 | $ | 928,793 | ||||||||||
Less average goodwill and intangible assets | (226,060 | ) | (227,389 | ) | (228,706 | ) | (230,066 | ) | (228,042 | ) | ||||||||||
Average Tangible Equity | $ | 750,140 | $ | 719,281 | $ | 682,773 | $ | 649,498 | $ | 700,751 | ||||||||||
Return on Average Shareholders' Equity | 11.04 | % | 10.73 | % | 10.23 | % | 10.47 | % | 10.63 | % | ||||||||||
Impact of removing average intangible assets and related amortization | 3.91 | 4.00 | 4.07 | 4.39 | 4.09 | |||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 14.95 | 14.73 | 14.30 | 14.86 | 14.72 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | (0.76 | ) | 0.57 | 0.87 | 0.25 | 0.21 | ||||||||||||||
Adjusted Return on Average Tangible Common Equity | 14.19 | 15.30 | 15.17 | 15.11 | 14.93 | |||||||||||||||
Loan interest income excluding accretion on acquired loans2 | $ | 59,515 | $ | 59,279 | $ | 58,169 | $ | 58,397 | $ | 235,359 | ||||||||||
Accretion on acquired loans | 3,407 | 3,859 | 4,166 | 3,938 | 15,371 | |||||||||||||||
Loan Interest Income2 | $ | 62,922 | $ | 63,138 | $ | 62,335 | $ | 62,335 | $ | 250,730 | ||||||||||
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2016 | 2016 | 2016 | 2016 | Year | |||||||||||||||
Net income, as reported: | ||||||||||||||||||||
Net income | $ | 10,771 | $ | 9,133 | $ | 5,332 | $ | 3,966 | $ | 29,202 | ||||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.24 | $ | 0.14 | $ | 0.11 | $ | 0.78 | ||||||||||
Adjusted net income: | ||||||||||||||||||||
Net income | $ | 10,771 | $ | 9,133 | $ | 5,332 | $ | 3,966 | $ | 29,202 | ||||||||||
Securities gains | (7 | ) | (225 | ) | (47 | ) | (89 | ) | (368 | ) | ||||||||||
BOLI benefits on death (included in other income) | 0 | 0 | 0 | (464 | ) | (464 | ) | |||||||||||||
Total adjustments to revenue | (7 | ) | (225 | ) | (47 | ) | (553 | ) | (832 | ) | ||||||||||
Merger related charges | 561 | 1,699 | 2,446 | 4,322 | 9,028 | |||||||||||||||
Amortization of intangibles | 719 | 728 | 593 | 446 | 2,486 | |||||||||||||||
Branch reductions and other expense initiatives(1) | 163 | 894 | 1,587 | 713 | 3,357 | |||||||||||||||
Early redemption cost for FHLB advances | — | — | 1,777 | — | 1,777 | |||||||||||||||
Total adjustments to noninterest expense | 1,443 | 3,321 | 6,403 | 5,481 | 16,648 | |||||||||||||||
Tax effect of adjustments | (404 | ) | (1,168 | ) | (2,532 | ) | (1,845 | ) | (5,949 | ) | ||||||||||
Adjusted net income | $ | 11,803 | $ | 11,061 | $ | 9,156 | $ | 7,049 | $ | 39,069 | ||||||||||
Adjusted diluted earnings per share | $ | 0.31 | $ | 0.29 | $ | 0.24 | $ | 0.20 | $ | 1.04 |
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2019 | 2019 | 2019 | 2019 | Year | |||||||||||||||
Yield on loans excluding accretion on acquired loans2 | 4.63 | % | 4.76 | % | 4.82 | % | 4.89 | % | 4.77 | % | ||||||||||
Impact of accretion on acquired loans | 0.26 | 0.30 | 0.34 | 0.33 | 0.31 | |||||||||||||||
Yield on Loans2 | 4.89 | 5.06 | 5.16 | 5.22 | 5.08 | |||||||||||||||
Net interest income excluding accretion on acquired loans2 | $ | 58,439 | $ | 57,168 | $ | 56,053 | $ | 56,923 | $ | 228,582 | ||||||||||
Accretion on acquired loans | 3,407 | 3,859 | 4,166 | 3,938 | 15,371 | |||||||||||||||
Net Interest Income2 | $ | 61,846 | $ | 61,027 | $ | 60,219 | $ | 60,861 | $ | 243,953 | ||||||||||
Net interest margin excluding accretion on acquired loans2 | 3.63 | % | 3.64 | % | 3.67 | % | 3.76 | % | 3.67 | % | ||||||||||
Impact of accretion on acquired loans | 0.21 | 0.25 | 0.27 | 0.26 | 0.25 | |||||||||||||||
Net Interest Margin2 | 3.84 | 3.89 | 3.94 | 4.02 | 3.92 | |||||||||||||||
Loan interest income excluding tax equivalent adjustment | $ | 62,867 | $ | 63,091 | $ | 62,287 | $ | 62,287 | $ | 250,532 | ||||||||||
Tax equivalent adjustment to loans | 55 | 47 | 48 | 48 | 198 | |||||||||||||||
Loan Interest Income2 | $ | 62,922 | $ | 63,138 | $ | 62,335 | $ | 62,335 | $ | 250,730 | ||||||||||
Security interest income excluding tax equivalent adjustment | $ | 8,630 | $ | 8,933 | $ | 9,076 | $ | 9,270 | $ | 35,909 | ||||||||||
Tax equivalent adjustment to securities | 32 | 33 | 36 | 39 | 140 | |||||||||||||||
Securities Interest Income2 | $ | 8,662 | $ | 8,966 | $ | 9,112 | $ | 9,309 | $ | 36,049 | ||||||||||
Net interest income excluding tax equivalent adjustments | $ | 61,759 | $ | 60,947 | $ | 60,135 | $ | 60,774 | $ | 243,615 | ||||||||||
Tax equivalent adjustment to loans | 55 | 47 | 48 | 48 | 198 | |||||||||||||||
Tax equivalent adjustment to securities | 32 | 33 | 36 | 39 | 140 | |||||||||||||||
Net Interest Income2 | $ | 61,846 | $ | 61,027 | $ | 60,219 | $ | 60,861 | $ | 243,953 | ||||||||||
1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect our branch consolidation and other expense reduction strategies. | ||||||||||||||||||||
2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2018 | 2018 | 2018 | 2018 | Year | |||||||||||||||
Net income, as reported: | ||||||||||||||||||||
Net income | $ | 15,962 | $ | 16,322 | $ | 16,964 | $ | 18,027 | $ | 67,275 | ||||||||||
Diluted earnings per share | $ | 0.31 | $ | 0.34 | $ | 0.35 | $ | 0.38 | $ | 1.38 | ||||||||||
Adjusted net income: | ||||||||||||||||||||
Net income | 15,962 | 16,322 | 16,964 | 18,027 | 67,275 | |||||||||||||||
Securities losses, net | 425 | 48 | 48 | 102 | 623 | |||||||||||||||
BOLI benefits on death (included in other income) | (280 | ) | — | — | — | (280 | ) | |||||||||||||
Total adjustments to revenue | 145 | 48 | 48 | 102 | 343 | |||||||||||||||
Merger related charges | (8,034 | ) | (482 | ) | (695 | ) | (470 | ) | (9,681 | ) | ||||||||||
Amortization of intangibles | (1,303 | ) | (1,004 | ) | (1,004 | ) | (989 | ) | (4,300 | ) | ||||||||||
Branch reductions and other expense initiatives1 | (587 | ) | — | — | — | (587 | ) | |||||||||||||
Total adjustments to noninterest expense | (9,924 | ) | (1,486 | ) | (1,699 | ) | (1,459 | ) | (14,568 | ) | ||||||||||
Tax effect of adjustments | 2,138 | 230 | 443 | 290 | 3,101 | |||||||||||||||
Effect of change in corporate tax rate on deferred tax assets | — | — | — | (248 | ) | (248 | ) | |||||||||||||
Adjusted net income | $ | 23,893 | $ | 17,626 | $ | 18,268 | $ | 19,298 | $ | 79,085 | ||||||||||
Adjusted diluted earnings per share | $ | 0.47 | $ | 0.37 | $ | 0.38 | $ | 0.40 | $ | 1.62 | ||||||||||
Average Assets | $ | 6,589,870 | $ | 5,903,327 | $ | 5,878,035 | $ | 5,851,688 | $ | 6,057,335 | ||||||||||
Less average goodwill and intangible assets | (213,713 | ) | (165,534 | ) | (166,393 | ) | (167,136 | ) | (178,287 | ) | ||||||||||
Average Tangible Assets | $ | 6,376,157 | $ | 5,737,793 | $ | 5,711,642 | $ | 5,684,552 | $ | 5,879,048 | ||||||||||
Return on Average Assets (ROA) | 0.96 | % | 1.10 | % | 1.16 | % | 1.25 | % | 1.11 | % | ||||||||||
Impact of removing average intangible assets and related amortization | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | |||||||||||||||
Return on Average Tangible Assets (ROTA) | 1.05 | 1.18 | 1.24 | 1.34 | 1.20 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 0.44 | 0.04 | 0.04 | 0.04 | 0.15 | |||||||||||||||
Adjusted Return on Average Tangible Assets | 1.49 | 1.22 | 1.28 | 1.38 | 1.35 | |||||||||||||||
Average Shareholders' Equity | 827,759 | 728,290 | 709,674 | 695,240 | 740,571 | |||||||||||||||
Less average goodwill and intangible assets | (213,713 | ) | (165,534 | ) | (166,393 | ) | (167,136 | ) | (178,287 | ) | ||||||||||
Average Tangible Equity | 614,046 | 562,756 | 543,281 | 528,104 | 562,284 | |||||||||||||||
Return on Average Shareholders' Equity | 7.65 | % | 8.89 | % | 9.59 | % | 10.52 | % | 9.08 | % | ||||||||||
Impact of removing average intangible assets and related amortization | 3.29 | 3.15 | 3.49 | 3.89 | 3.46 | |||||||||||||||
Return on Average Tangible Common Equity (ROTCE) | 10.94 | 12.04 | 13.08 | 14.41 | 12.54 | |||||||||||||||
Impact of other adjustments for Adjusted Net Income | 4.50 | 0.39 | 0.41 | 0.41 | 1.52 | |||||||||||||||
Adjusted Return on Average Tangible Common Equity | 15.44 | 12.43 | 13.49 | 14.82 | 14.06 | |||||||||||||||
Loan interest income excluding accretion on acquired loans2 | $ | 55,470 | $ | 46,349 | $ | 44,341 | $ | 42,705 | $ | 188,865 | ||||||||||
Accretion on acquired loans | 4,089 | 2,453 | 2,208 | 2,579 | 11,329 | |||||||||||||||
Loan Interest Income2 | $ | 59,559 | $ | 48,802 | $ | 46,549 | $ | 45,284 | $ | 200,194 | ||||||||||
Yield on loans excluding accretion on acquired loans2 | 4.77 | % | 4.59 | % | 4.50 | % | 4.47 | % | 4.59 | % | ||||||||||
Impact of accretion on acquired loans | 0.35 | 0.24 | 0.23 | 0.27 | 0.28 | |||||||||||||||
Yield on Loans2 | 5.12 | 4.83 | 4.73 | 4.74 | 4.87 |
Quarters | ||||||||||||||||||||
Fourth | Third | Second | First | Total | ||||||||||||||||
(In thousands except per share data) | 2018 | 2018 | 2018 | 2018 | Year | |||||||||||||||
Net interest income excluding accretion on acquired loans2 | $ | 56,011 | $ | 49,256 | $ | 48,086 | $ | 47,274 | $ | 200,627 | ||||||||||
Accretion on acquired loans | 4,089 | 2,453 | 2,208 | 2,579 | 11,329 | |||||||||||||||
Net Interest Income2 | $ | 60,100 | $ | 51,709 | $ | 50,294 | $ | 49,853 | $ | 211,956 | ||||||||||
Net interest margin excluding accretion on acquired loans2 | 3.73 | % | 3.64 | % | 3.60 | % | 3.60 | % | 3.65 | % | ||||||||||
Impact of accretion on acquired loans | 0.27 | 0.18 | 0.17 | 0.20 | 0.20 | |||||||||||||||
Net Interest Margin2 | 4.00 | 3.82 | 3.77 | 3.80 | 3.85 | |||||||||||||||
Loan interest income excluding tax equivalent adjustment | $ | 59,495 | $ | 48,713 | $ | 46,519 | $ | 45,257 | $ | 199,984 | ||||||||||
Tax equivalent adjustment to loans | 64 | 89 | 30 | 27 | 210 | |||||||||||||||
Loan Interest Income2 | $ | 59,559 | $ | 48,802 | $ | 46,549 | $ | 45,284 | $ | 200,194 | ||||||||||
Security interest income excluding tax equivalent adjustment | $ | 9,728 | $ | 9,807 | $ | 9,604 | $ | 9,604 | $ | 38,743 | ||||||||||
Tax equivalent adjustment to securities | 52 | 58 | 58 | 64 | 232 | |||||||||||||||
Securities Interest Income2 | $ | 9,780 | $ | 9,865 | $ | 9,662 | $ | 9,668 | $ | 38,975 | ||||||||||
Net interest income excluding tax equivalent adjustments | $ | 59,984 | $ | 51,562 | $ | 50,206 | $ | 49,762 | $ | 211,514 | ||||||||||
Tax equivalent adjustment to loans | 64 | 89 | 30 | 27 | 210 | |||||||||||||||
Tax equivalent adjustment to securities | 52 | 58 | 58 | 64 | 232 | |||||||||||||||
Net Interest Income2 | $ | 60,100 | $ | 51,709 | $ | 50,294 | $ | 49,853 | $ | 211,956 | ||||||||||
1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect our branch consolidation and other expense reduction strategies. | ||||||||||||||||||||
2On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
December 31, 2018 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Construction and land development | $ | 301,473 | $ | 151 | $ | 141,944 | $ | 443,568 | ||||||||
Commercial real estate(1) | 1,437,989 | 10,828 | 683,249 | 2,132,066 | ||||||||||||
Residential real estate | 1,055,525 | 2,718 | 266,134 | 1,324,377 | ||||||||||||
Commercial and financial | 603,057 | 737 | 118,528 | 722,322 | ||||||||||||
Consumer | 190,207 | — | 12,674 | 202,881 | ||||||||||||
Net Loan Balances(2) | $ | 3,588,251 | $ | 14,434 | $ | 1,222,529 | $ | 4,825,214 |
December 31, 2019 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Construction and land development | $ | 281,335 | $ | 160 | $ | 43,618 | $ | 325,113 | ||||||||
Commercial real estate1 | 1,834,811 | 10,217 | 533,943 | 2,378,971 | ||||||||||||
Residential real estate | 1,304,305 | 1,710 | 201,848 | 1,507,863 | ||||||||||||
Commercial and financial | 697,301 | 579 | 80,372 | 778,252 | ||||||||||||
Consumer | 200,166 | — | 8,039 | 208,205 | ||||||||||||
Net Loan Balances2 | $ | 4,317,918 | $ | 12,666 | $ | 867,820 | $ | 5,198,404 |
December 31, 2017 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Construction and land development | $ | 215,315 | $ | 1,121 | $ | 126,689 | $ | 343,125 | ||||||||
Commercial real estate(1) | 1,170,618 | 9,776 | 459,598 | 1,639,992 | ||||||||||||
Residential real estate | 845,420 | 5,626 | 187,764 | 1,038,810 | ||||||||||||
Commercial and financial | 512,430 | 894 | 92,690 | 606,014 | ||||||||||||
Consumer | 178,826 | — | 10,610 | 189,436 | ||||||||||||
Net Loan Balances(2) | $ | 2,922,609 | $ | 17,417 | $ | 877,351 | $ | 3,817,377 |
December 31, 2018 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Construction and land development | $ | 301,473 | $ | 151 | $ | 141,944 | $ | 443,568 | ||||||||
Commercial real estate1 | 1,437,989 | 10,828 | 683,249 | 2,132,066 | ||||||||||||
Residential real estate | 1,055,525 | 2,718 | 266,134 | 1,324,377 | ||||||||||||
Commercial and financial | 603,057 | 737 | 118,528 | 722,322 | ||||||||||||
Consumer | 190,207 | — | 12,674 | 202,881 | ||||||||||||
Net Loan Balances2 | $ | 3,588,251 | $ | 14,434 | $ | 1,222,529 | $ | 4,825,214 | ||||||||
1Commercial real estate includes owner-occupied balances of $1.0 billion and $970.2 million at December 31, 2019 and 2018, respectively. | ||||||||||||||||
2Net loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively. |
December 31, 2019 | ||||||||||||||||
Nonaccrual Loans | Accruing Restructured | |||||||||||||||
(In thousands) | Non-Current | Current | Total | Loans | ||||||||||||
Construction & land development | ||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial | 4,902 | — | 4,902 | — | ||||||||||||
Individuals | — | 35 | 35 | 131 | ||||||||||||
4,902 | 35 | 4,937 | 131 | |||||||||||||
Residential real estate mortgages | 2,552 | 6,927 | 9,479 | 6,027 | ||||||||||||
Commercial real estate mortgages | 3,802 | 2,718 | 6,520 | 4,666 | ||||||||||||
Real estate loans | 11,256 | 9,680 | 20,936 | 10,824 | ||||||||||||
Commercial and financial | 4,674 | 1,235 | 5,909 | 26 | ||||||||||||
Consumer | 38 | 72 | 110 | 250 | ||||||||||||
Total loans | $ | 15,968 | $ | 10,987 | $ | 26,955 | $ | 11,100 |
December 31, 2018 | December 31, 2018 | |||||||||||||||||||||||||||||||
Nonaccrual Loans | Accruing Restructured | Nonaccrual Loans | Accruing Restructured | |||||||||||||||||||||||||||||
(In thousands) | Non-Current | Current | Total | Loans | Non-Current | Current | Total | Loans | ||||||||||||||||||||||||
Construction & land development | ||||||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Commercial | — | — | — | 14 | — | — | — | 14 | ||||||||||||||||||||||||
Individuals | 16 | 28 | 44 | 170 | 16 | 28 | 44 | 170 | ||||||||||||||||||||||||
16 | 28 | 44 | 184 | 16 | 28 | 44 | 184 | |||||||||||||||||||||||||
Residential real estate mortgages | 5,567 | 8,141 | 13,708 | 7,176 | 5,567 | 8,141 | 13,708 | 7,176 | ||||||||||||||||||||||||
Commercial real estate mortgages | 7,720 | 1,500 | 9,220 | 5,662 | 7,720 | 1,500 | 9,220 | 5,662 | ||||||||||||||||||||||||
Real estate loans | 13,303 | 9,669 | 22,972 | 13,022 | 13,303 | 9,669 | 22,972 | 13,022 | ||||||||||||||||||||||||
Commercial and financial | 2,488 | 833 | 3,321 | — | 2,488 | 833 | 3,321 | — | ||||||||||||||||||||||||
Consumer | 108 | 75 | 183 | 324 | 108 | 75 | 183 | 324 | ||||||||||||||||||||||||
Total loans | $ | 15,899 | $ | 10,577 | $ | 26,476 | $ | 13,346 | $ | 15,899 | $ | 10,577 | $ | 26,476 | $ | 13,346 |
December 31, 2018 | December 31, 2017 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||
(Dollars in thousands) | Number | Amount | Number | Amount | Number | Amount | Number | Amount | ||||||||||||||||||||
Rate reduction | 56 | $ | 10,739 | 71 | $ | 12,843 | 52 | $ | 12,048 | 56 | $ | 10,739 | ||||||||||||||||
Maturity extended with change in terms | 48 | 5,083 | 51 | 5,803 | 41 | 3,755 | 48 | 5,083 | ||||||||||||||||||||
Chapter 7 bankruptcies | 22 | 1,275 | 28 | 1,812 | 18 | 1,920 | 22 | 1,275 | ||||||||||||||||||||
Not elsewhere classified | 11 | 966 | 11 | 1,190 | 9 | 646 | 11 | 966 | ||||||||||||||||||||
Total loans | 137 | $ | 18,063 | 161 | $ | 21,648 | 120 | $ | 18,369 | 137 | $ | 18,063 |
December 31, 2018 | ||||||||||||||||||||
One Year | Over One Year Through | Over Three Years Through | Over Five | |||||||||||||||||
(In thousands) | Total | or Less | Three Years | Five Years | Years | |||||||||||||||
Deposit maturities | $ | 5,177,240 | $ | 4,936,266 | $ | 216,498 | $ | 23,237 | $ | 1,239 | ||||||||||
Short-term borrowings | 214,323 | 214,323 | — | — | — | |||||||||||||||
FHLB borrowings | 380,000 | 380,000 | — | — | — | |||||||||||||||
Subordinated debt | 70,804 | — | — | — | 70,804 | |||||||||||||||
Operating leases(1) | 36,889 | 6,671 | 10,293 | 6,685 | 13,240 | |||||||||||||||
Total | $ | 5,879,256 | $ | 5,537,260 | $ | 226,791 | $ | 29,922 | $ | 85,283 |
December 31, 2019 | ||||||||||||||||||||
One Year | Over One Year Through | Over Three Years Through | Over Five | |||||||||||||||||
(In thousands) | Total | or Less | Three Years | Five Years | Years | |||||||||||||||
Deposit maturities | $ | 5,584,753 | $ | 5,508,476 | $ | 65,328 | $ | 9,713 | $ | 1,236 | ||||||||||
Short-term borrowings | 86,121 | 86,121 | — | — | — | |||||||||||||||
FHLB borrowings | 315,000 | 315,000 | — | — | — | |||||||||||||||
Subordinated debt | 71,085 | — | — | — | 71,085 | |||||||||||||||
Operating leases1 | 36,984 | 5,626 | 9,401 | 7,459 | 14,498 | |||||||||||||||
Total | $ | 6,093,943 | $ | 5,915,223 | $ | 74,729 | $ | 17,172 | $ | 86,819 | ||||||||||
1Of the $37.0 million, approximately $4.9 million is related to offices taken out of service (closed). |
For the Year Ended December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Beginning balance at January 1, 2018 and 2017 | $ | 689,664 | $ | 435,397 | ||||
Net income | 67,275 | 42,865 | ||||||
Issuance of stock via common stock offering on February 21, 2017 | — | 55,641 | ||||||
Issuance of stock pursuant to acquisition of First Green Bancorp, Inc. (2018), GulfShore Bancshares, Inc., NorthStar Banking Corporation, and Palm Beach Community Bank (2017) | 107,486 | 146,547 | ||||||
Stock compensation (net of Treasury shares acquired) | 8,801 | 5,211 | ||||||
Change in accumulated other comprehensive income (AOCI) | (8,959 | ) | 4,003 | |||||
Ending balance at December 31, 2018 and 2017 | $ | 864,267 | $ | 689,664 |
For the Year Ended December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Beginning balance at January 1, 2019 and 2018 | $ | 864,267 | $ | 689,664 | ||||
Net income | 98,739 | 67,275 | ||||||
Issuance of stock pursuant to acquisition of First Green Bancorp, Inc. | — | 107,486 | ||||||
Stock compensation (net of Treasury shares acquired) | 5,004 | 8,801 | ||||||
Change in accumulated other comprehensive income (AOCI) | 17,525 | (8,959 | ) | |||||
Other | 104 | — | ||||||
Ending balance at December 31, 2019 and 2018 | $ | 985,639 | $ | 864,267 |
Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well-Capitalized(1) | Seacoast (Consolidated) | Seacoast Bank | Minimum to be Well-Capitalized1 | ||||||||||
Total Risk-Based Capital Ratio | 14.43 | % | 13.60 | % | 10.0 | % | 15.71% | 14.68% | 10.00% | ||||||
Tier 1 Capital Ratio | 13.80 | % | 12.97 | % | 8.0 | % | 15.06% | 14.04% | 8.00% | ||||||
Common Equity Tier 1 Ratio (CET1) | 12.43 | % | 12.97 | % | 6.5 | % | 13.77% | 14.04% | 6.50% | ||||||
Leverage Ratio | 11.16 | % | 10.49 | % | 5.0 | % | 12.20% | 11.38% | 5.00% | ||||||
(1)For subsidiary bank only | |||||||||||||||
1For subsidiary bank only |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
% Change in Projected Baseline Net Interest Income | |||||||||
2019 | 2018 | ||||||||
Changes in Interest Rates | 1-12 months | 13-24 months | 1-12 months | 13-24 months | |||||
+2.00% | 3.6% | 6.7% | 8.4% | 13.3% | |||||
+1.00% | 1.6% | 2.8% | 4.4% | 7.0% | |||||
Current | 0.0% | 0.0% | 0.0% | 0.0% | |||||
-1.00% | (1.5)% | (5.4)% | (5.3)% | (9.2)% |
% Change in Economic Value of Equity | |||||
Changes in Interest Rates | 2019 | 2018 | |||
+2.00% | 13.2% | 15.7% | |||
+1.00% | 7.1% | 9.4% | |||
Current | 0.0% | 0.0% | |||
-1.00% | (16.4)% | (13.7)% |
For the Year Ended December 31, | For the Year Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||
Net interest income | 3.50 | % | 3.40 | % | 3.34 | % | 3.57% | 3.50% | 3.40% | ||||||
Provision for loan losses | 0.19 | 0.11 | 0.06 | 0.16 | 0.19 | 0.11 | |||||||||
Noninterest income | |||||||||||||||
Securities (losses) gains, net | (0.01 | ) | — | 0.01 | |||||||||||
Securities gains (losses), net | 0.02 | (0.01) | — | ||||||||||||
Gain on sale of Visa stock | — | 0.29 | — | — | — | 0.29 | |||||||||
Other | 0.83 | 0.83 | 0.89 | 0.81 | 0.83 | 0.83 | |||||||||
Noninterest expense | 2.68 | 2.88 | 3.11 | 2.35 | 2.68 | 2.88 | |||||||||
Income before income taxes | 1.45 | 1.53 | 1.07 | 1.89 | 1.45 | 1.53 | |||||||||
Provision for income taxes including tax equivalent adjustment | 0.34 | 0.71 | 0.38 | 0.44 | 0.34 | 0.71 | |||||||||
Net income | 1.11 | % | 0.82 | % | 0.69 | % | 1.45% | 1.11% | 0.82% | ||||||
1On a fully taxable equivalent basis. Balances presented as a percentage of average assets. | 1On a fully taxable equivalent basis. Balances presented as a percentage of average assets. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | 1,299,089 | $ | 37,860 | 2.91 | % | $ | 1,316,972 | $ | 34,442 | 2.62 | % | $ | 1,174,627 | $ | 26,133 | 2.22 | % | $ | 1,176,842 | $ | 35,354 | 3.00 | % | $ | 1,299,089 | $ | 37,860 | 2.91 | % | $ | 1,316,972 | $ | 34,442 | 2.62 | % | ||||||||||||||||||||||||||||||
Nontaxable | 31,331 | 1,115 | 3.56 | 28,369 | 1,401 | 4.94 | 25,841 | 1,592 | 6.16 | 23,122 | 695 | 3.01 | 31,331 | 1,115 | 3.56 | 28,369 | 1,401 | 4.94 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Securities | 1,330,420 | 38,975 | 2.93 | 1,345,341 | 35,843 | 2.66 | 1,200,468 | 27,725 | 2.31 | 1,199,964 | 36,049 | 3.00 | 1,330,420 | 38,975 | 2.93 | 1,345,341 | 35,843 | 2.66 | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other investments | 61,048 | 2,670 | 4.37 | 71,352 | 2,416 | 3.39 | 75,442 | 1,669 | 2.21 | 88,045 | 3,379 | 3.84 | 61,048 | 2,670 | 4.37 | 71,352 | 2,416 | 3.39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 4,112,009 | 200,194 | 4.87 | 3,323,403 | 154,043 | 4.64 | 2,584,389 | 119,587 | 4.63 | 4,933,518 | 250,730 | 5.08 | 4,112,009 | 200,194 | 4.87 | 3,323,403 | 154,043 | 4.64 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Earning Assets | 5,503,477 | 241,839 | 4.39 | 4,740,096 | 192,302 | 4.06 | 3,860,299 | 148,981 | 3.86 | 6,221,527 | 290,158 | 4.66 | 5,503,477 | 241,839 | 4.39 | 4,740,096 | 192,302 | 4.06 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (29,972 | ) | (25,485 | ) | (21,131 | ) | (33,465 | ) | (29,972 | ) | (25,485 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 114,936 | 106,710 | 88,919 | 94,643 | 114,936 | 106,710 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank premises and equipment, net | 67,332 | 59,842 | 60,470 | 69,142 | 67,332 | 59,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank owned life insurance | 124,452 | 97,939 | 45,009 | 124,803 | 124,452 | 97,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 178,287 | 115,511 | 66,611 | 228,042 | 178,287 | 115,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 98,823 | 112,004 | 101,645 | 126,588 | 98,823 | 112,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 6,057,335 | $ | 5,206,617 | $ | 4,201,822 | $ | 6,831,280 | $ | 6,057,335 | $ | 5,206,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 978,030 | 1,883 | 0.19 | % | $ | 922,353 | 1,065 | 0.12 | % | $ | 764,917 | 616 | 0.08 | % | $ | 1,114,334 | 4,025 | 0.36 | % | $ | 978,030 | 1,883 | 0.19 | % | $ | 922,353 | 1,065 | 0.12 | % | ||||||||||||||||||||||||||||||||||||
Savings deposits | 457,542 | 811 | 0.18 | 385,515 | 241 | 0.06 | 325,371 | 161 | 0.05 | 516,526 | 2,015 | 0.39 | 457,542 | 811 | 0.18 | 385,515 | 241 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 1,049,900 | 6,069 | 0.58 | 868,427 | 2,348 | 0.27 | 791,998 | 1,816 | 0.23 | 1,164,938 | 10,581 | 0.91 | 1,049,900 | 6,069 | 0.58 | 868,427 | 2,348 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 811,741 | 11,684 | 1.44 | 523,646 | 4,678 | 0.89 | 351,646 | 2,074 | 0.59 | 1,092,516 | 21,776 | 1.99 | 811,741 | 11,684 | 1.44 | 523,646 | 4,678 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and other short term borrowings | 200,839 | 1,804 | 0.90 | 171,686 | 781 | 0.45 | 187,560 | 484 | 0.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 224,982 | 4,468 | 1.99 | 377,396 | 3,744 | 0.99 | 198,268 | 1,256 | 0.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | 106,142 | 1,431 | 1.35 | 200,839 | 1,804 | 0.90 | 171,686 | 781 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and Federal Home Loan Bank borrowings | 131,921 | 3,010 | 2.28 | 224,982 | 4,468 | 1.99 | 377,396 | 3,744 | 0.99 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 70,658 | 3,164 | 4.48 | 70,377 | 2,443 | 3.47 | 70,097 | 2,060 | 2.94 | 70,939 | 3,367 | 4.75 | 70,658 | 3,164 | 4.48 | 70,377 | 2,443 | 3.47 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 3,793,692 | 29,883 | 0.79 | 3,319,400 | 15,300 | 0.46 | 2,689,857 | 8,467 | 0.31 | 4,197,316 | 46,205 | 1.10 | 3,793,692 | 29,883 | 0.79 | 3,319,400 | 15,300 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest demand | 1,492,451 | 1,279,825 | 1,066,463 | 1,641,766 | 1,492,451 | 1,279,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 30,621 | 36,993 | 31,628 | 63,405 | 30,621 | 36,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 5,316,764 | 4,636,218 | 3,787,948 | 5,902,487 | 5,316,764 | 4,636,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 740,571 | 570,399 | 413,874 | 928,793 | 740,571 | 570,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 6,057,335 | $ | 5,206,617 | $ | 4,201,822 | $ | 6,831,280 | $ | 6,057,335 | $ | 5,206,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | 0.43 | % | 0.21 | % | 0.14 | % | 0.69 | % | 0.43 | % | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense as % of earning assets | 0.54 | % | 0.32 | % | 0.22 | % | 0.74 | % | 0.54 | % | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/yield on earning assets | $ | 211,956 | 3.85 | % | $ | 177,002 | 3.73 | % | $ | 140,514 | 3.63 | % | $ | 243,953 | 3.92 | % | $ | 211,956 | 3.85 | % | $ | 177,002 | 3.73 | % | ||||||||||||||||||||||||||||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs. | 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. |
2018 vs 2017 Due to Change in: | 2017 vs 2016 Due to Change in: | 2019 vs 2018 Due to Change in: | 2018 vs 2017 Due to Change in: | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||||||||||||||||||||
Amount of increase (decrease) | Amount of increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||
Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | $ | (494 | ) | $ | 3,912 | $ | 3,418 | $ | 3,445 | $ | 4,864 | $ | 8,309 | $ | (3,618 | ) | $ | 1,112 | $ | (2,506 | ) | $ | (494 | ) | $ | 3,912 | $ | 3,418 | ||||||||||||||||||||
Nontaxable | 126 | (412 | ) | (286 | ) | 140 | (331 | ) | (191 | ) | (269 | ) | (151 | ) | (420 | ) | 126 | (412 | ) | (286 | ) | |||||||||||||||||||||||||||
Total Securities | (368 | ) | 3,500 | 3,132 | 3,585 | 4,533 | 8,118 | (3,887 | ) | 961 | (2,926 | ) | (368 | ) | 3,500 | 3,132 | ||||||||||||||||||||||||||||||||
Federal funds sold and other investments | (400 | ) | 654 | 254 | (115 | ) | 862 | 747 | 1,108 | (399 | ) | 709 | (400 | ) | 654 | 254 | ||||||||||||||||||||||||||||||||
Loans, net | 37,473 | 8,678 | 46,151 | 34,225 | 231 | 34,456 | 40,873 | 9,663 | 50,536 | 37,473 | 8,678 | 46,151 | ||||||||||||||||||||||||||||||||||||
Total Earning Assets | 36,705 | 12,832 | 49,537 | 37,695 | 5,626 | 43,321 | 38,094 | 10,225 | 48,319 | 36,705 | 12,832 | 49,537 | ||||||||||||||||||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | 86 | 732 | 818 | 154 | 295 | 449 | 377 | 1,765 | 2,142 | 86 | 732 | 818 | ||||||||||||||||||||||||||||||||||||
Savings deposits | 86 | 484 | 570 | 34 | 46 | 80 | 167 | 1,037 | 1,204 | 86 | 484 | 570 | ||||||||||||||||||||||||||||||||||||
Money market accounts | 770 | 2,951 | 3,721 | 192 | 340 | 532 | 855 | 3,657 | 4,512 | 770 | 2,951 | 3,721 | ||||||||||||||||||||||||||||||||||||
Time deposits | 3,360 | 3,646 | 7,006 | 1,276 | 1,328 | 2,604 | 4,819 | 5,273 | 10,092 | 3,360 | 3,646 | 7,006 | ||||||||||||||||||||||||||||||||||||
Federal funds purchased and other short term borrowings | 197 | 825 | 1,022 | (57 | ) | 355 | 298 | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | (2,269 | ) | 2,994 | 725 | 1,456 | 1,031 | 2,487 | |||||||||||||||||||||||||||||||||||||||||
Total Deposits | 6,218 | 11,732 | 17,950 | 4,302 | 7,813 | 12,115 | ||||||||||||||||||||||||||||||||||||||||||
Short term borrowings | (1,064 | ) | 691 | (373 | ) | 197 | 825 | 1,022 | ||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and Federal Home Loan Bank borrowings | (1,986 | ) | 528 | (1,458 | ) | (2,269 | ) | 2,994 | 725 | |||||||||||||||||||||||||||||||||||||||
Other borrowings | 11 | 710 | 721 | 9 | 374 | 383 | 13 | 190 | 203 | 11 | 710 | 721 | ||||||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | (2,061 | ) | 4,529 | 2,468 | 1,408 | 1,760 | 3,168 | 3,181 | 13,141 | 16,322 | 2,241 | 12,342 | 14,583 | |||||||||||||||||||||||||||||||||||
Net Interest Income | $ | 38,766 | $ | 8,303 | $ | 47,069 | $ | 34,631 | $ | 1,857 | $ | 36,488 | $ | 34,913 | $ | (2,916 | ) | $ | 31,997 | $ | 34,464 | $ | 490 | $ | 34,954 | |||||||||||||||||||||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs. | 1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs. | |||||||||||||||||||||||||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances. | |||||||||||||||||||||||||||||||||||||||||||||||
Changes attributable to rate/volume (mix) are allocated to rate and volume on an equal basis. | Changes attributable to rate/volume (mix) are allocated to rate and volume on an equal basis. |
For the Year Ended December 31, | % Change | For the Year Ended December 31, | % Change | |||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 18/17 | 17/16 | 2019 | 2018 | 2017 | 19/18 | 18/17 | ||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 11,198 | $ | 10,049 | $ | 9,669 | 11.4 | % | 3.9 | % | $ | 11,529 | $ | 11,198 | $ | 10,049 | 3 | % | 11 | % | ||||||||||||||||
Trust fees | 4,183 | 3,705 | 3,433 | 12.9 | 7.9 | 4,443 | 4,183 | 3,705 | 6 | 13 | ||||||||||||||||||||||||||
Mortgage banking fees | 4,682 | 6,449 | 5,864 | (27.4 | ) | 10.0 | 6,490 | 4,682 | 6,449 | 39 | (27 | ) | ||||||||||||||||||||||||
Brokerage commissions and fees | 1,732 | 1,352 | 2,044 | 28.1 | (33.9 | ) | 1,909 | 1,732 | 1,352 | 10 | 28 | |||||||||||||||||||||||||
Marine finance fees | 1,398 | 910 | 673 | 53.6 | 35.2 | 1,054 | 1,398 | 910 | (25 | ) | 54 | |||||||||||||||||||||||||
Interchange income | 12,335 | 10,583 | 9,227 | 16.6 | 14.7 | 13,399 | 12,335 | 10,583 | 9 | 17 | ||||||||||||||||||||||||||
BOLI income | 4,291 | 3,426 | 2,213 | 25.2 | 54.8 | 3,674 | 4,291 | 3,426 | (14 | ) | 25 | |||||||||||||||||||||||||
SBA gains | 2,472 | 2,474 | 579 | — | 327 | |||||||||||||||||||||||||||||||
Other | 10,826 | 6,756 | 4,304 | 60.2 | 57.0 | 10,545 | 8,352 | 6,177 | 26 | 35 | ||||||||||||||||||||||||||
50,645 | 43,230 | 37,427 | 17.2 | 15.5 | 55,515 | 50,645 | 43,230 | 10 | 17 | |||||||||||||||||||||||||||
Gain on sale of Visa stock | — | 15,153 | — | (100.0 | ) | 100.0 | — | — | 15,153 | n/m | (100 | ) | ||||||||||||||||||||||||
Securities (losses) gains, net | (623 | ) | 86 | 368 | n/m | (76.6 | ) | |||||||||||||||||||||||||||||
Securities gains (losses), net | 1,217 | (623 | ) | 86 | (295 | ) | (824 | ) | ||||||||||||||||||||||||||||
Total Noninterest Income | $ | 50,022 | $ | 58,469 | $ | 37,795 | (14.4 | ) | 54.7 | $ | 56,732 | $ | 50,022 | $ | 58,469 | 13 | % | (14 | )% | |||||||||||||||||
n/m = not meaningful | n/m = not meaningful |
For the Year Ended December 31, | % Change | For the Year Ended December 31, | % Change | |||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 18/17 | 17/16 | 2019 | 2018 | 2017 | 19/18 | 18/17 | ||||||||||||||||||||||||||
Salaries and wages | $ | 71,111 | $ | 65,692 | $ | 54,096 | 8.2 | % | 21.4 | % | $ | 73,829 | $ | 71,111 | $ | 65,692 | 4 | % | 8 | % | ||||||||||||||||
Employee benefits | 12,945 | 11,732 | 9,903 | 10.3 | 18.5 | 13,697 | 12,945 | 11,732 | 6 | 10 | ||||||||||||||||||||||||||
Outsourced data processing costs | 16,374 | 14,116 | 13,516 | 16.0 | 4.4 | 15,077 | 16,374 | 14,116 | (8 | ) | 16 | |||||||||||||||||||||||||
Telephone / data lines | 2,481 | 2,291 | 2,108 | 8.3 | 8.7 | 2,958 | 2,481 | 2,291 | 19 | 8 | ||||||||||||||||||||||||||
Occupancy | 13,394 | 13,290 | 13,122 | 0.8 | 1.3 | 14,284 | 13,394 | 13,290 | 7 | 1 | ||||||||||||||||||||||||||
Furniture and equipment | 6,744 | 6,067 | 4,720 | 11.2 | 28.5 | 6,245 | 6,744 | 6,067 | (7 | ) | 11 | |||||||||||||||||||||||||
Marketing | 5,085 | 4,784 | 3,633 | 6.3 | 31.7 | 4,161 | 5,085 | 4,784 | (18 | ) | 6 | |||||||||||||||||||||||||
Legal and professional fees | 9,961 | 11,022 | 9,596 | (9.6 | ) | 14.9 | 8,553 | 9,961 | 11,022 | (14 | ) | (10 | ) | |||||||||||||||||||||||
FDIC assessments | 2,195 | 2,326 | 2,365 | (5.6 | ) | (1.6 | ) | 881 | 2,195 | 2,326 | (60 | ) | (6 | ) | ||||||||||||||||||||||
Amortization of intangibles | 4,300 | 3,361 | 2,486 | 27.9 | 35.2 | 5,826 | 4,300 | 3,361 | 35 | 28 | ||||||||||||||||||||||||||
Foreclosed property expense and net (gain)/loss on sale | 461 | (300 | ) | 44 | n/m | n/m | ||||||||||||||||||||||||||||||
Early redemption cost for Federal Home Loan Bank advances | — | — | 1,777 | n/m | (100.0 | ) | ||||||||||||||||||||||||||||||
Foreclosed property expense and net loss (gain) on sale | 51 | 461 | (300 | ) | (89 | ) | (254 | ) | ||||||||||||||||||||||||||||
Other | 17,222 | 15,535 | 13,515 | 10.9 | 14.9 | 15,177 | 17,222 | 15,535 | (12 | ) | 11 | |||||||||||||||||||||||||
Total Noninterest Expense | $ | 162,273 | $ | 149,916 | $ | 130,881 | 8.2 | 14.5 | $ | 160,739 | $ | 162,273 | $ | 149,916 | (1 | )% | 8 | % |
December 31, | ||||||||||||
(In thousands, except percentages) | 2019 | 2018 | 2017 | |||||||||
Tier 1 Capital | ||||||||||||
Common stock | $ | 5,151 | $ | 5,136 | $ | 4,693 | ||||||
Additional paid in capital | 786,138 | 778,501 | 661,632 | |||||||||
Retained earnings | 195,813 | 97,074 | 29,914 | |||||||||
Treasury stock | (6,032 | ) | (3,384 | ) | (2,359 | ) | ||||||
Goodwill | (205,286 | ) | (204,753 | ) | (147,578 | ) | ||||||
Intangibles | (18,305 | ) | (24,808 | ) | (15,150 | ) | ||||||
Other | (2,924 | ) | (6,426 | ) | (7,320 | ) | ||||||
Common Equity Tier 1 Capital | 754,555 | 641,340 | 523,832 | |||||||||
Qualifying trust preferred securities | 71,085 | 70,804 | 70,521 | |||||||||
Other | — | — | (1,791 | ) | ||||||||
Total Tier 1 Capital | 825,640 | 712,144 | 592,562 | |||||||||
Tier 2 Capital | ||||||||||||
Allowance for loan losses, as limited | 35,294 | 32,543 | 27,184 | |||||||||
Total Tier 2 Capital | 35,294 | 32,543 | 27,184 | |||||||||
Total Risk-Based Capital | $ | 860,934 | $ | 744,687 | $ | 619,746 | ||||||
Risk weighted assets | $ | 5,481,325 | $ | 5,159,431 | $ | 4,352,390 | ||||||
Common equity Tier 1 ratio (CET1) | 13.77 | % | 12.43 | % | 12.04 | % | ||||||
Regulatory minimum1 | 4.50 | 4.50 | 4.50 | |||||||||
Tier 1 capital ratio | 15.06 | 13.80 | 13.61 | |||||||||
Regulatory minimum1 | 6.00 | 6.00 | 6.00 | |||||||||
Total capital ratio | 15.71 | 14.43 | 14.24 | |||||||||
Regulatory minimum1 | 8.00 | 8.00 | 8.00 | |||||||||
Tier 1 capital to adjusted total assets | 12.20 | 11.16 | 10.68 | |||||||||
Regulatory minimum | 4.00 | 4.00 | 4.00 | |||||||||
Shareholders' equity to assets | 13.87 | 12.81 | 11.87 | |||||||||
Average shareholders' equity to average total assets | 13.60 | 12.23 | 10.96 | |||||||||
Tangible shareholders' equity to tangible assets | 11.05 | 9.72 | 9.27 | |||||||||
1Excludes the Basel III capital conservation buffer of 2.5% for 2019, 1.875% for 2018, and 1.25% for 2017, which if not exceeded may constrain dividends, equity repurchases and compensation. |
December 31, | ||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | |||||||||
Tier 1 Capital | ||||||||||||
Common stock | $ | 5,136 | $ | 4,693 | $ | 3,802 | ||||||
Additional paid in capital | 778,501 | 661,632 | 454,001 | |||||||||
Retained earnings (Accumulated deficit) | 97,074 | 29,914 | (13,657 | ) | ||||||||
Treasury stock | (3,384 | ) | (2,359 | ) | (1,236 | ) | ||||||
Goodwill | (204,753 | ) | (147,578 | ) | (64,649 | ) | ||||||
Intangibles | (24,808 | ) | (15,150 | ) | (6,371 | ) | ||||||
Other | (6,426 | ) | (7,320 | ) | (20,121 | ) | ||||||
Common Equity Tier 1 Capital | 641,340 | 523,832 | 351,769 | |||||||||
Qualifying trust preferred securities | 70,804 | 70,521 | 70,241 | |||||||||
Other | — | (1,791 | ) | (13,414 | ) | |||||||
Total Tier 1 Capital | 712,144 | 592,562 | 408,596 | |||||||||
Tier 2 Capital | ||||||||||||
Allowance for loan losses, as limited | 32,543 | 27,184 | 23,462 | |||||||||
Total Tier 2 Capital | 32,543 | 27,184 | 23,462 | |||||||||
Total Risk-Based Capital | $ | 744,687 | $ | 619,746 | $ | 432,058 | ||||||
Risk weighted assets | $ | 5,159,431 | $ | 4,352,390 | $ | 3,259,871 | ||||||
Common equity Tier 1 ratio (CET1) | 12.43 | % | 12.04 | % | 10.79 | % | ||||||
Regulatory minimum(1) | 4.50 | 4.50 | 4.50 | |||||||||
Tier 1 capital ratio | 13.80 | 13.61 | 12.53 | |||||||||
Regulatory minimum(1) | 6.00 | 6.00 | 6.00 | |||||||||
Total capital ratio | 14.43 | 14.24 | 13.25 | |||||||||
Regulatory minimum(1) | 8.00 | 8.00 | 8.00 | |||||||||
Tier 1 capital to adjusted total assets | 11.16 | 10.68 | 9.15 | |||||||||
Regulatory minimum | 4.00 | 4.00 | 4.00 | |||||||||
Shareholders' equity to assets | 12.81 | 11.87 | 9.30 | |||||||||
Average shareholders' equity to average total assets | 12.23 | 10.96 | 9.85 | |||||||||
Tangible shareholders' equity to tangible assets | 9.72 | 9.27 | 7.74 |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 123,326 | $ | 97,725 | $ | 29,693 | $ | 31,650 | $ | 16,155 | $ | 94,641 | $ | 123,326 | $ | 97,725 | $ | 29,693 | $ | 31,650 | ||||||||||||||||||||
Commercial | 128,175 | 91,043 | 57,856 | 31,977 | 37,194 | 86,658 | 128,175 | 91,043 | 57,856 | 31,977 | ||||||||||||||||||||||||||||||
251,501 | 188,768 | 87,549 | 63,627 | 53,349 | 181,299 | 251,501 | 188,768 | 87,549 | 63,627 | |||||||||||||||||||||||||||||||
Individuals | 192,067 | 154,357 | 72,567 | 45,160 | 33,687 | 143,814 | 192,067 | 154,357 | 72,567 | 45,160 | ||||||||||||||||||||||||||||||
443,568 | 343,125 | 160,116 | 108,787 | 87,036 | 325,113 | 443,568 | 343,125 | 160,116 | 108,787 | |||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 970,181 | 791,400 | 623,800 | 453,300 | 362,300 | 1,034,963 | 970,181 | 791,400 | 623,800 | 453,300 | ||||||||||||||||||||||||||||||
Non owner-occupied | 1,161,885 | 848,592 | 733,792 | 556,078 | 474,847 | 1,344,008 | 1,161,885 | 848,592 | 733,792 | 556,078 | ||||||||||||||||||||||||||||||
2,132,066 | 1,639,992 | 1,357,592 | 1,009,378 | 837,147 | 2,378,971 | 2,132,066 | 1,639,992 | 1,357,592 | 1,009,378 | |||||||||||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||||||||||||||
Adjustable | 618,123 | 487,231 | 418,276 | 429,826 | 441,238 | 556,453 | 618,123 | 487,231 | 418,276 | 429,826 | ||||||||||||||||||||||||||||||
Fixed rate | 370,224 | 246,884 | 210,365 | 110,391 | 93,865 | 589,960 | 370,224 | 246,884 | 210,365 | 110,391 | ||||||||||||||||||||||||||||||
Home equity mortgages | 74,127 | 71,367 | 44,484 | 69,339 | 71,838 | 69,394 | 74,127 | 71,367 | 44,484 | 69,339 | ||||||||||||||||||||||||||||||
Home equity lines | 261,903 | 233,328 | 163,662 | 114,229 | 79,956 | 292,056 | 261,903 | 233,328 | 163,662 | 114,229 | ||||||||||||||||||||||||||||||
1,324,377 | 1,038,810 | 836,787 | 723,785 | 686,897 | 1,507,863 | 1,324,377 | 1,038,810 | 836,787 | 723,785 | |||||||||||||||||||||||||||||||
Commercial and financial | 722,322 | 606,014 | 370,589 | 228,517 | 157,396 | 778,252 | 722,322 | 606,014 | 370,589 | 228,517 | ||||||||||||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||||||||||||||||||||||
Automobiles and trucks | 20,482 | 19,006 | 19,234 | 14,965 | 7,817 | 22,939 | 20,482 | 19,006 | 19,234 | 14,965 | ||||||||||||||||||||||||||||||
Marine loans | 83,606 | 78,855 | 78,993 | 46,534 | 26,236 | 91,025 | 83,606 | 78,855 | 78,993 | 46,534 | ||||||||||||||||||||||||||||||
Other | 97,606 | 90,851 | 55,718 | 23,857 | 18,844 | 93,274 | 97,606 | 90,851 | 55,718 | 23,857 | ||||||||||||||||||||||||||||||
201,694 | 188,712 | 153,945 | 85,356 | 52,897 | 207,238 | 201,694 | 188,712 | 153,945 | 85,356 | |||||||||||||||||||||||||||||||
Other loans | 1,187 | 724 | 507 | 507 | 512 | 967 | 1,187 | 724 | 507 | 507 | ||||||||||||||||||||||||||||||
Total Loans | $ | 4,825,214 | $ | 3,817,377 | $ | 2,879,536 | $ | 2,156,330 | $ | 1,821,885 | $ | 5,198,404 | $ | 4,825,214 | $ | 3,817,377 | $ | 2,879,536 | $ | 2,156,330 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||
(In thousands) | Commercial and Financial | Construction and Land Development | Total | Commercial and Financial | Construction and Land Development | Total | ||||||||||||||||
In one year or less | $ | 331,320 | $ | 207,549 | $ | 538,869 | $ | 366,771 | $ | 150,886 | $ | 517,657 | ||||||||||
After one year but within five years: | ||||||||||||||||||||||
Interest rates are floating or adjustable | 74,175 | 48,429 | 122,604 | 71,001 | 59,159 | 130,160 | ||||||||||||||||
Interest rates are fixed | 202,370 | 31,361 | 233,731 | 198,826 | 16,783 | 215,609 | ||||||||||||||||
In five years or more: | ||||||||||||||||||||||
Interest rates are floating or adjustable | 6,375 | 69,467 | 75,842 | 20,051 | 48,910 | 68,961 | ||||||||||||||||
Interest rates are fixed | 108,082 | 86,762 | 194,844 | 121,603 | 49,375 | 170,978 | ||||||||||||||||
Total | $ | 722,322 | $ | 443,568 | $ | 1,165,890 | $ | 778,252 | $ | 325,113 | $ | 1,103,365 |
Maturity of Certificates of Deposit of $100,000 through $250,000 | ||||||||||||||
December 31, | % of | December 31, | % of | |||||||||||
(In thousands, except percentages) | 2019 | Total | 2018 | Total | ||||||||||
Maturity Group: | ||||||||||||||
Under 3 Months | $ | 110,724 | 41 | % | $ | 46,410 | 18 | % | ||||||
3 to 6 Months | 78,190 | 29 | 33,291 | 13 | ||||||||||
6 to 12 Months | 53,702 | 20 | 83,280 | 32 | ||||||||||
Over 12 Months | 25,832 | 10 | 95,798 | 37 | ||||||||||
Total Time Deposits | $ | 268,448 | 100 | % | $ | 258,779 | 100 | % |
Maturity of Certificates of Deposit of more than $250,000 | Maturity of Certificates of Deposit of more than $250,000 | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
% of | % of | December 31, | % of | December 31, | % of | |||||||||||||||||||||||
(In thousands, except percentages) | 2018 | Total | 2017 | Total | 2019 | Total | 2018 | Total | ||||||||||||||||||||
Maturity Group: | ||||||||||||||||||||||||||||
Under 3 Months | $ | 46,410 | 17.9 | % | $ | 22,266 | 10.5 | % | $ | 95,351 | 46 | % | $ | 30,542 | 16 | % | ||||||||||||
3 to 6 Months | 33,291 | 12.9 | 36,380 | 17.1 | 58,930 | 28 | 23,077 | 12 | ||||||||||||||||||||
6 to 12 Months | 83,280 | 32.2 | 89,486 | 42.2 | 34,925 | 17 | 68,600 | 36 | ||||||||||||||||||||
Over 12 Months | 95,798 | 37.0 | 63,954 | 30.2 | 18,113 | 9 | 69,722 | 36 | ||||||||||||||||||||
Total Time Deposits | $ | 258,779 | 100.0 | % | $ | 212,086 | 100.0 | % | $ | 207,319 | 100 | % | $ | 191,941 | 100 | % |
December 31, | ||||||||||||||
% of | % of | |||||||||||||
(In thousands, except percentages) | 2018 | Total | 2017 | Total | ||||||||||
Maturity Group: | ||||||||||||||
Under 3 Months | $ | 30,542 | 15.9 | % | $ | 17,774 | 12.3 | % | ||||||
3 to 6 Months | 23,077 | 12.0 | 20,100 | 13.9 | ||||||||||
6 to 12 Months | 68,600 | 35.8 | 59,344 | 41.2 | ||||||||||
Over 12 Months | 69,722 | 36.3 | 47,054 | 32.6 | ||||||||||
Total Time Deposits | $ | 191,941 | 100.0 | % | $ | 144,272 | 100.0 | % |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 27,122 | $ | 23,400 | $ | 19,128 | $ | 17,071 | $ | 20,068 | $ | 32,423 | $ | 27,122 | $ | 23,400 | $ | 19,128 | $ | 17,071 | ||||||||||||||||||||
Provision (recapture) for loan losses | 11,730 | 5,648 | 2,411 | 2,644 | (3,486 | ) | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 10,999 | 11,730 | 5,648 | 2,411 | 2,644 | |||||||||||||||||||||||||||||||||||
Charge offs: | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | 1,271 | 640 | — | — | — | — | 1,271 | ||||||||||||||||||||||||||||||
Commercial real estate | 3,139 | 407 | 256 | 263 | 285 | 248 | 3,139 | 407 | 256 | 263 | ||||||||||||||||||||||||||||||
Residential real estate | 80 | 569 | 205 | 779 | 1,126 | 152 | 80 | 569 | 205 | 779 | ||||||||||||||||||||||||||||||
Commercial and financial | 3,396 | 1,869 | 439 | 726 | 398 | 7,550 | 3,396 | 1,869 | 439 | 726 | ||||||||||||||||||||||||||||||
Consumer | 1,411 | 1,257 | 244 | 341 | 193 | 2,609 | 1,411 | 1,257 | 244 | 341 | ||||||||||||||||||||||||||||||
Total Charge Offs | 8,026 | 4,102 | 1,144 | 3,380 | 2,642 | 10,559 | 8,026 | 4,102 | 1,144 | 3,380 | ||||||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | 27 | 896 | 226 | 404 | 415 | 31 | 27 | 896 | 226 | 404 | ||||||||||||||||||||||||||||||
Commercial real estate | 292 | 747 | 306 | 700 | 1,683 | 744 | 292 | 747 | 306 | 700 | ||||||||||||||||||||||||||||||
Residential real estate | 816 | 336 | 786 | 1,260 | 902 | 338 | 816 | 336 | 786 | 1,260 | ||||||||||||||||||||||||||||||
Commercial and financial | 325 | 226 | 1,809 | 531 | 170 | 712 | 325 | 226 | 1,809 | 531 | ||||||||||||||||||||||||||||||
Consumer | 329 | 290 | 109 | 117 | 74 | 595 | 329 | 290 | 109 | 117 | ||||||||||||||||||||||||||||||
Total Recoveries | 1,789 | 2,495 | 3,236 | 3,012 | 3,244 | 2,420 | 1,789 | 2,495 | 3,236 | 3,012 | ||||||||||||||||||||||||||||||
Net loan charge offs (recoveries) | 6,237 | 1,607 | (2,092 | ) | 368 | (602 | ) | 8,139 | 6,237 | 1,607 | (2,092 | ) | 368 | |||||||||||||||||||||||||||
TDR valuation adjustments: | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | — | 2 | 8 | (43 | ) | 12 | 1 | — | 2 | 8 | (43 | ) | ||||||||||||||||||||||||||||
Commercial real estate | 62 | 64 | 132 | 69 | (25 | ) | 61 | 62 | 64 | 132 | 69 | |||||||||||||||||||||||||||||
Residential real estate | 121 | 244 | 86 | 151 | 118 | 63 | 121 | 244 | 86 | 151 | ||||||||||||||||||||||||||||||
Commercial and financial | — | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||
Consumer | 9 | 9 | 5 | 36 | 8 | 4 | 9 | 9 | 5 | 36 | ||||||||||||||||||||||||||||||
Total TDR Valuation Adjustments | 192 | 319 | 231 | 219 | 113 | 129 | 192 | 319 | 231 | 219 | ||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 32,423 | $ | 27,122 | $ | 23,400 | $ | 19,128 | $ | 17,071 | 35,154 | $ | 32,423 | $ | 27,122 | $ | 23,400 | $ | 19,128 | |||||||||||||||||||||
Loans outstanding at end of year(1) | $4,825,214 | $3,814,377 | $2,879,536 | $2,156,330 | $1,821,885 | |||||||||||||||||||||||||||||||||||
Loans outstanding at end of year1 | $ | 5,198,404 | $ | 4,825,214 | $ | 3,814,377 | $ | 2,879,536 | $ | 2,156,330 | ||||||||||||||||||||||||||||||
Ratio of allowance for loan losses to loans outstanding at end of year | 0.67 | % | 0.71 | % | 0.81 | % | 0.89 | % | 0.94 | % | 0.68 | % | 0.67 | % | 0.71 | % | 0.81 | % | 0.89 | % | ||||||||||||||||||||
Daily average loans outstanding(1) | $4,112,009 | $3,323,403 | $2,584,389 | $1,984,545 | $1,452,751 | |||||||||||||||||||||||||||||||||||
Daily average loans outstanding1 | $ | 4,933,518 | $ | 4,112,009 | $ | 3,323,403 | $ | 2,584,389 | $ | 1,984,545 | ||||||||||||||||||||||||||||||
Ratio of net charge offs (recoveries) to average loans outstanding | 0.15 | % | 0.05 | % | (0.08 | )% | 0.02 | % | (0.04 | )% | 0.16 | % | 0.15 | % | 0.05 | % | (0.08 | )% | 0.02 | % | ||||||||||||||||||||
1Net of unearned income. | 1Net of unearned income. |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Allocation by Loan Type | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 2,233 | $ | 1,642 | $ | 1,219 | $ | 1,151 | $ | 765 | $ | 1,842 | $ | 2,233 | $ | 1,642 | $ | 1,219 | $ | 1,151 | ||||||||||||||||||||
Commercial real estate loans | 11,112 | 9,285 | 9,273 | 6,756 | 4,531 | 13,224 | 11,112 | 9,285 | 9,273 | 6,756 | ||||||||||||||||||||||||||||||
Residential real estate loans | 7,775 | 7,131 | 7,483 | 8,057 | 9,802 | 7,667 | 7,775 | 7,131 | 7,483 | 8,057 | ||||||||||||||||||||||||||||||
Commercial and financial loans | 8,585 | 7,297 | 3,636 | 2,042 | 1,179 | 9,716 | 8,585 | 7,297 | 3,636 | 2,042 | ||||||||||||||||||||||||||||||
Consumer loans | 2,718 | 1,767 | 1,789 | 1,122 | 794 | 2,705 | 2,718 | 1,767 | 1,789 | 1,122 | ||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 32,423 | $ | 27,122 | $ | 23,400 | $ | 19,128 | $ | 17,071 | $ | 35,154 | $ | 32,423 | $ | 27,122 | $ | 23,400 | $ | 19,128 | ||||||||||||||||||||
Year End Loan Types as a Percent of Total Loans | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | 9.2 | % | 9.0 | % | 5.6 | % | 5.0 | % | 4.8 | % | 6 | % | 9 | % | 9 | % | 6 | % | 5 | % | ||||||||||||||||||||
Commercial real estate loans | 44.2 | 43.0 | 47.1 | 46.8 | 46.0 | 46 | 44 | 43 | 47 | 47 | ||||||||||||||||||||||||||||||
Residential real estate loans | 27.4 | 27.2 | 29.1 | 33.6 | 37.7 | 29 | 28 | 27 | 29 | 33 | ||||||||||||||||||||||||||||||
Commercial and financial loans | 15.0 | 15.9 | 12.9 | 10.6 | 8.6 | 15 | 15 | 16 | 13 | 11 | ||||||||||||||||||||||||||||||
Consumer loans | 4.2 | 4.9 | 5.3 | 4.0 | 2.9 | 4 | 4 | 5 | 5 | 4 | ||||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | 2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Nonaccrual loans(1)(2) | ||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans1,2 | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 44 | $ | 238 | $ | 470 | $ | 309 | $ | 1,963 | $ | 4,937 | $ | 44 | $ | 238 | $ | 470 | $ | 309 | ||||||||||||||||||||
Commercial real estate loans | 9,220 | 2,833 | 7,341 | 6,410 | 4,189 | 6,520 | 9,220 | 2,833 | 7,341 | 6,410 | ||||||||||||||||||||||||||||||
Residential real estate loans | 13,708 | 13,856 | 9,844 | 10,290 | 14,797 | 9,479 | 13,708 | 13,856 | 9,844 | 10,290 | ||||||||||||||||||||||||||||||
Commercial and financial loans | 3,321 | 2,499 | 246 | 130 | — | 5,909 | 3,321 | 2,499 | 246 | 130 | ||||||||||||||||||||||||||||||
Consumer loans | 183 | 98 | 170 | 247 | 191 | 110 | 183 | 98 | 170 | 247 | ||||||||||||||||||||||||||||||
Total Nonaccrual Loans | 26,476 | 19,524 | 18,071 | 17,386 | 21,140 | 26,955 | 26,476 | 19,524 | 18,071 | 17,386 | ||||||||||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||||||||||||||||
Construction and land development | 1,543 | 1,268 | 1,203 | 2,617 | 223 | 197 | 1,543 | 1,268 | 1,203 | 2,617 | ||||||||||||||||||||||||||||||
Commercial real estate loans | 1,566 | 2,550 | 3,041 | 3,959 | 5,771 | 5,111 | 1,566 | 2,550 | 3,041 | 3,959 | ||||||||||||||||||||||||||||||
Residential real estate loans | 297 | 60 | — | 463 | 1,468 | 241 | 297 | 60 | — | 463 | ||||||||||||||||||||||||||||||
Bank branches closed | 9,396 | 3,762 | 5,705 | — | — | 6,842 | 9,396 | 3,762 | 5,705 | — | ||||||||||||||||||||||||||||||
Total Other Real Estate Owned | 12,802 | 7,640 | 9,949 | 7,039 | 7,462 | 12,391 | 12,802 | 7,640 | 9,949 | 7,039 | ||||||||||||||||||||||||||||||
Total Nonperforming Assets | $ | 39,278 | $ | 27,164 | $ | 28,020 | $ | 24,425 | $ | 28,602 | $ | 39,346 | $ | 39,278 | $ | 27,164 | $ | 28,020 | $ | 24,425 | ||||||||||||||||||||
Amount of loans outstanding at end of year(2) | 4,825,214 | 3,817,377 | 2,879,536 | 2,156,330 | 1,821,885 | |||||||||||||||||||||||||||||||||||
Amount of loans outstanding at end of year2 | $ | 5,198,404 | $ | 4,825,214 | $ | 3,817,377 | $ | 2,879,536 | $ | 2,156,330 | ||||||||||||||||||||||||||||||
Ratio of total nonperforming assets to loans outstanding and other real estate owned at end of period | 0.81 | % | 0.71 | % | 0.97 | % | 1.13 | % | 1.56 | % | 0.76 | % | 0.81 | % | 0.71 | % | 0.97 | % | 1.13 | % | ||||||||||||||||||||
Accruing loans past due 90 days or more | $ | 526 | $ | — | $ | — | $ | — | $ | 311 | $ | 108 | $ | 526 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Loans restructured and in compliance with modified terms(3) | 13,346 | 15,559 | 17,711 | 19,970 | 24,997 | |||||||||||||||||||||||||||||||||||
Loans restructured and in compliance with modified terms3 | 11,100 | 13,346 | 15,559 | 17,711 | 19,970 | |||||||||||||||||||||||||||||||||||
1Interest income that could have been recorded during 2019, 2018, and 2017 related to nonaccrual loans was $0.4 million, $1.0 million, and $0.7 million, respectively, none of which was included in interest income or net income. | 1Interest income that could have been recorded during 2019, 2018, and 2017 related to nonaccrual loans was $0.4 million, $1.0 million, and $0.7 million, respectively, none of which was included in interest income or net income. | |||||||||||||||||||||||||||||||||||||||
2Net of unearned income. | 2Net of unearned income. | |||||||||||||||||||||||||||||||||||||||
3Interest income that would have been recorded based on original contractual terms was $0.4 million, $0.5 million, and $0.7 million, respectively, for 2019, 2018 and 2017. The amount included in interest income under the modified terms for 2019, 2018 and 2017 was $0.6 million, $0.7 million, and $0.7 million, respectively. | 3Interest income that would have been recorded based on original contractual terms was $0.4 million, $0.5 million, and $0.7 million, respectively, for 2019, 2018 and 2017. The amount included in interest income under the modified terms for 2019, 2018 and 2017 was $0.6 million, $0.7 million, and $0.7 million, respectively. |
December 31, | December 31, | |||||||||||||||||||||||||||||||
(In thousands) | Gross Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Gross Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | ||||||||||||||||||||||||||||||||
2019 | $ | 9,914 | $ | 10,114 | $ | 204 | $ | (4 | ) | |||||||||||||||||||||||
2018 | $ | 7,200 | $ | 7,300 | $ | 106 | $ | (6 | ) | 7,200 | 7,300 | 106 | (6 | ) | ||||||||||||||||||
2017 | 9,475 | 9,744 | 274 | (5 | ) | 9,475 | 9,744 | 274 | (5 | ) | ||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||||||||||||||||||||||||||||||||
2019 | 604,934 | 609,207 | 5,784 | (1,511 | ) | |||||||||||||||||||||||||||
2018 | 567,753 | 554,006 | 300 | (14,047 | ) | 567,753 | 554,006 | 300 | (14,047 | ) | ||||||||||||||||||||||
2017 | 560,396 | 553,525 | 1,163 | (8,034 | ) | 560,396 | 553,525 | 1,163 | (8,034 | ) | ||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ||||||||||||||||||||||||||||||||
2019 | 56,005 | 57,561 | 1,561 | (5 | ) | |||||||||||||||||||||||||||
2018 | 55,569 | 55,728 | 560 | (401 | ) | 55,569 | 55,728 | 560 | (401 | ) | ||||||||||||||||||||||
2017 | 75,152 | 76,021 | 1,154 | (285 | ) | 75,152 | 76,021 | 1,154 | (285 | ) | ||||||||||||||||||||||
Collateralized loan obligations | ||||||||||||||||||||||||||||||||
2019 | 239,364 | 238,218 | 7 | (1,153 | ) | |||||||||||||||||||||||||||
2018 | 212,807 | 209,366 | 1 | (3,442 | ) | 212,807 | 209,366 | 1 | (3,442 | ) | ||||||||||||||||||||||
2017 | 263,579 | 264,309 | 798 | (68 | ) | 263,579 | 264,309 | 798 | (68 | ) | ||||||||||||||||||||||
Obligations of state and political subdivisions | ||||||||||||||||||||||||||||||||
2019 | 30,548 | 31,755 | 1,208 | (1 | ) | |||||||||||||||||||||||||||
2018 | 39,543 | 39,431 | 339 | (451 | ) | 39,543 | 39,431 | 339 | (451 | ) | ||||||||||||||||||||||
2017 | 45,118 | 45,861 | 813 | (70 | ) | 45,118 | 45,861 | 813 | (70 | ) | ||||||||||||||||||||||
Total Debt Securities Available For Sale | ||||||||||||||||||||||||||||||||
Total Debt Securities Available-For-Sale | ||||||||||||||||||||||||||||||||
2019 | $ | 940,765 | $ | 946,855 | $ | 8,764 | $ | (2,674 | ) | |||||||||||||||||||||||
2018 | $ | 882,872 | $ | 865,831 | $ | 1,306 | $ | (18,347 | ) | 882,872 | 865,831 | 1,306 | (18,347 | ) | ||||||||||||||||||
2017 | $ | 953,720 | $ | 949,460 | $ | 4,202 | $ | (8,462 | ) | 953,720 | 949,460 | 4,202 | (8,462 | ) |
December 31, | December 31, | |||||||||||||||||||||||||||||||
(In thousands) | Gross Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Gross Amortized Cost | Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | ||||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | ||||||||||||||||||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | ||||||||||||||||||||||||||||||||
2019 | $ | 261,369 | $ | 262,213 | $ | 2,717 | $ | (1,873 | ) | |||||||||||||||||||||||
2018 | $ | 304,423 | $ | 297,099 | $ | — | $ | (7,324 | ) | 304,423 | 297,099 | — | (7,324 | ) | ||||||||||||||||||
2017 | 353,541 | 350,184 | 802 | (4,159 | ) | 353,541 | 350,184 | 802 | (4,159 | ) | ||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | ||||||||||||||||||||||||||||||||
2019 | — | — | — | — | ||||||||||||||||||||||||||||
2018 | 21,526 | 21,673 | 277 | (130 | ) | 21,526 | 21,673 | 277 | (130 | ) | ||||||||||||||||||||||
2017 | 22,799 | 23,460 | 714 | (53 | ) | 22,799 | 23,460 | 714 | (53 | ) | ||||||||||||||||||||||
Collateralized loan obligations | ||||||||||||||||||||||||||||||||
2019 | — | — | — | — | ||||||||||||||||||||||||||||
2018 | 32,000 | 31,123 | — | (877 | ) | 32,000 | 31,123 | — | (877 | ) | ||||||||||||||||||||||
2017 | 40,523 | 40,826 | 303 | — | 40,523 | 40,826 | 303 | — | ||||||||||||||||||||||||
Total Debt Securities Held to Maturity | ||||||||||||||||||||||||||||||||
Total Debt Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
2019 | $ | 261,369 | $ | 262,213 | $ | 2,717 | $ | (1,873 | ) | |||||||||||||||||||||||
2018 | $ | 357,949 | $ | 349,895 | $ | 277 | $ | (8,331 | ) | 357,949 | 349,895 | 277 | (8,331 | ) | ||||||||||||||||||
2017 | $ | 416,863 | $ | 414,470 | $ | 1,819 | $ | (4,212 | ) | 416,863 | 414,470 | 1,819 | (4,212 | ) |
December 31, 2018 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 1 Year Or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | Average Maturity In Years | 1 Year Or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | ||||||||||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | — | $ | 5,726 | $ | 1,474 | $ | — | $ | 7,200 | 4.17 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | 7,363 | 262,724 | 295,120 | 2,546 | 567,753 | 4.18 | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 100 | $ | 2,332 | $ | 1,317 | $ | 6,165 | $ | 9,914 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | — | 27,378 | 159,194 | 418,362 | 604,934 | ||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 2 | 41,502 | 14,065 | — | 55,569 | 4.41 | — | 4,943 | — | 51,062 | 56,005 | ||||||||||||||||||||||||||||||||
Collateralized loan obligations | 4,220 | 70,514 | 138,073 | — | 212,807 | 5.28 | — | — | 69,338 | 170,026 | 239,364 | ||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 7,970 | 12,162 | 15,946 | 3,465 | 39,543 | 3.55 | 3,372 | 6,250 | 9,171 | 11,755 | 30,548 | ||||||||||||||||||||||||||||||||
Total Debt Securities Available For Sale | $ | 19,555 | $ | 392,628 | $ | 464,678 | $ | 6,011 | $ | 882,872 | 4.25 | ||||||||||||||||||||||||||||||||
Total Debt Securities Available-For-Sale | $ | 3,472 | $ | 40,903 | $ | 239,020 | $ | 657,370 | $ | 940,765 | |||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | — | $ | 5,804 | $ | 1,496 | $ | — | $ | 7,300 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | 7,307 | 256,887 | 287,203 | 2,609 | 554,006 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 100 | $ | 2,353 | $ | 1,343 | $ | 6,318 | $ | 10,114 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | — | 27,908 | 160,681 | 420,618 | 609,207 | ||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 2 | 41,612 | 14,114 | — | 55,728 | — | 5,098 | — | 52,463 | 57,561 | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | 4,219 | 69,808 | 135,339 | — | 209,366 | — | — | 68,911 | 169,307 | 238,218 | |||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 7,912 | 12,197 | 15,871 | 3,451 | 39,431 | 3,423 | 6,345 | 9,637 | 12,350 | 31,755 | |||||||||||||||||||||||||||||||||
Total Debt Securities Available For Sale | $ | 19,440 | $ | 386,308 | $ | 454,023 | $ | 6,060 | $ | 865,831 | |||||||||||||||||||||||||||||||||
Total Debt Securities Available-For-Sale | $ | 3,523 | $ | 41,704 | $ | 240,572 | $ | 661,056 | $ | 946,855 | |||||||||||||||||||||||||||||||||
Weighted Average Yield(1) | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | — | % | 3.44 | % | 4.64 | % | — | % | 3.68 | % | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | 1.08 | % | 2.36 | % | 2.75 | % | 4.05 | % | 2.55 | % | |||||||||||||||||||||||||||||||||
Weighted Average Yield1 | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | 2.26 | % | 2.78 | % | 3.81 | % | 3.49 | % | 3.35 | % | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | — | 2.79 | 2.57 | 2.75 | 2.71 | ||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 5.00 | % | 3.74 | % | 3.59 | % | — | % | 3.70 | % | — | 4.07 | — | 3.71 | 3.74 | ||||||||||||||||||||||||||||
Collateralized loan obligations | 4.18 | % | 3.75 | % | 4.09 | % | — | % | 3.98 | % | — | — | 3.71 | 3.57 | 3.61 | ||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 2.19 | % | 3.13 | % | 2.74 | % | 3.02 | % | 2.77 | % | 4.17 | 2.54 | 3.82 | 2.60 | 3.13 | ||||||||||||||||||||||||||||
Total Debt Securities Available For Sale | 2.20 | % | 2.80 | % | 3.18 | % | 3.46 | % | 2.99 | % | |||||||||||||||||||||||||||||||||
Total Debt Securities Available-For-Sale | 4.12 | % | 2.91 | % | 2.95 | % | 3.04 | % | 3.02 | % | |||||||||||||||||||||||||||||||||
1All yields and rates have been computed using amortized costs. | 1All yields and rates have been computed using amortized costs. |
December 31, 2018 | |||||||||||||||||||||||
(In thousands) | 1 Year Or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | Average Maturity In Years | |||||||||||||||||
Amortized Cost | |||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | — | $ | 172,280 | $ | 132,143 | $ | — | $ | 304,423 | 4.20 | ||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | — | 10,622 | 10,904 | — | 21,526 | 4.93 | |||||||||||||||||
Collateralized loan obligations | — | — | 32,000 | — | 32,000 | 7.42 | |||||||||||||||||
Total Debt Securities Held for Investment | $ | — | $182,902 | $175,047 | $ | — | $357,949 | 4.68 | |||||||||||||||
Fair Value | |||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | — | $ | 168,499 | $ | 128,600 | $ | — | $ | 297,099 | |||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | — | 10,853 | 10,820 | — | 21,673 | ||||||||||||||||||
Collateralized loan obligations | — | — | 31,123 | — | 31,123 | ||||||||||||||||||
Total Debt Securities Held for Investment | $ | — | $179,352 | $170,543 | $— | $349,895 | |||||||||||||||||
Weighted Average Yield(1) | |||||||||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | — | % | 2.20 | % | 2.77 | % | — | % | 2.45 | % | |||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | — | % | 4.21 | % | 3.76 | % | — | % | 3.98 | % | |||||||||||||
Collateralized loan obligations | — | % | — | % | 4.95 | % | — | % | 4.95 | % | |||||||||||||
Total Debt Securities Held for Investment | — | % | 2.31 | % | 3.23 | % | — | % | 2.76 | % |
December 31, 2019 | ||||||||||||||||||||
(In thousands) | 1 Year Or Less | 1-5 Years | 5-10 Years | After 10 Years | Total | |||||||||||||||
Amortized Cost | ||||||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | $ | — | $ | 55,483 | $ | 31,332 | $ | 174,554 | $ | 261,369 | ||||||||||
Total Debt Securities Held for Investment | $ | — | $ | 55,483 | $ | 31,332 | $ | 174,554 | $ | 261,369 | ||||||||||
Fair Value | ||||||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | $ | — | $ | 56,125 | $ | 32,722 | $ | 173,366 | $ | 262,213 | ||||||||||
Total Debt Securities Held for Investment | $ | — | $ | 56,125 | $ | 32,722 | $ | 173,366 | $ | 262,213 | ||||||||||
Weighted Average Yield1 | ||||||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | — | % | 2.36 | % | 3.12 | % | 2.41 | % | 2.49 | % | ||||||||||
Total Debt Securities Held for Investment | — | % | 2.36 | % | 3.12 | % | 2.41 | % | 2.49 | % | ||||||||||
1All yields and rates have been computed using amortized costs. |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | 0-3 Months | 4-12 Months | 1-5 Years | Over 5 Years | Total | 0-3 Months | 4-12 Months | 1-5 Years | Over 5 Years | Total | ||||||||||||||||||||||||||||||
Federal funds sold and interest bearing deposits | $ | 12,553 | $ | — | $ | — | $ | — | $ | 12,553 | $ | 38,430 | $ | — | $ | — | $ | — | $ | 38,430 | ||||||||||||||||||||
Securities(2) | 491,399 | 58,750 | 282,622 | 539,896 | 1,372,667 | |||||||||||||||||||||||||||||||||||
Loans, net(3) | 1,316,938 | 486,273 | 1,468,700 | 569,772 | 3,841,683 | |||||||||||||||||||||||||||||||||||
Securities2 | 300,019 | 95,035 | 431,135 | 382,035 | 1,208,224 | |||||||||||||||||||||||||||||||||||
Loans, net3 | 1,757,776 | 622,369 | 2,068,986 | 769,302 | 5,218,433 | |||||||||||||||||||||||||||||||||||
Other assets4 | 25,853 | 25,689 | — | — | 51,542 | |||||||||||||||||||||||||||||||||||
Earning assets | 1,820,890 | 545,023 | 1,751,322 | 1,109,668 | 5,226,903 | 2,122,078 | 743,093 | 2,500,121 | 1,151,337 | 6,516,629 | ||||||||||||||||||||||||||||||
Savings deposits(4) | 2,416,559 | — | — | — | 2,416,559 | |||||||||||||||||||||||||||||||||||
Savings deposits | 27,786 | 83,358 | 943,473 | 1,754,630 | 2,809,247 | |||||||||||||||||||||||||||||||||||
Time deposits | 154,351 | 473,088 | 147,466 | 1,028 | 775,933 | 766,008 | 342,728 | 75,041 | 1,236 | 1,185,013 | ||||||||||||||||||||||||||||||
Borrowings | 497,615 | — | — | — | 497,615 | 535,096 | — | — | — | 535,096 | ||||||||||||||||||||||||||||||
Interest bearing liabilities | 3,068,525 | 473,088 | 147,466 | 1,028 | 3,690,107 | 1,328,890 | 426,086 | 1,018,514 | 1,755,866 | 4,529,356 | ||||||||||||||||||||||||||||||
Interest sensitivity gap | $ | (1,247,635 | ) | $ | 71,935 | $ | 1,603,856 | $ | 1,108,640 | $ | 1,536,796 | $ | 793,188 | $ | 317,007 | $ | 1,481,607 | $ | (604,529 | ) | $ | 1,987,273 | ||||||||||||||||||
Cumulative gap | $ | (1,247,635 | ) | $ | (1,175,700 | ) | $ | 428,156 | $ | 1,536,796 | $ | 793,188 | $ | 1,110,195 | $ | 2,591,802 | $ | 1,987,273 | ||||||||||||||||||||||
Cumulative gap to total earning assets (%) | (23.9 | ) | (22.5 | ) | 8.2 | 29.4 | ||||||||||||||||||||||||||||||||||
Earning assets to interest bearing liabilities (%) | 59.3 | 115.2 | 1,187.6 | n/m | ||||||||||||||||||||||||||||||||||||
Cumulative gap to total earning assets | 12 | % | 17 | % | 40 | % | 31 | % | ||||||||||||||||||||||||||||||||
Earning assets to interest bearing liabilities | 160 | 174 | 245 | 66 | ||||||||||||||||||||||||||||||||||||
1The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions. | 1The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions. | |||||||||||||||||||||||||||||||||||||||
2Securities are stated at carrying value. | 2Securities are stated at carrying value. | |||||||||||||||||||||||||||||||||||||||
3Includes loans available-for-sale. | 3Includes loans available-for-sale. | |||||||||||||||||||||||||||||||||||||||
4"0-3 Months" includes FHLB stock for which interest resets quarterly and a mutual fund that invests in CRA qualified debt securities which reprices daily and "4-12 Months" includes Federal Reserve Bank stock for which interest resets semiannually. | 4"0-3 Months" includes FHLB stock for which interest resets quarterly and a mutual fund that invests in CRA qualified debt securities which reprices daily and "4-12 Months" includes Federal Reserve Bank stock for which interest resets semiannually. |
Period Ending | Period Ending | |||||||||||||||||||||||||||||||||||
Index | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | ||||||||||||||||||||||||
Seacoast Banking Corporation of Florida | 100.00 | 112.70 | 122.79 | 180.82 | 206.64 | 213.28 | 100.00 | 108.95 | 160.44 | 183.35 | 189.24 | 222.33 | ||||||||||||||||||||||||
NASDAQ Composite Index | 100.00 | 114.75 | 122.74 | 133.62 | 173.22 | 168.30 | 100.00 | 106.96 | 116.45 | 150.96 | 146.67 | 200.49 | ||||||||||||||||||||||||
SNL Southeast Bank Index | 100.00 | 112.63 | 110.87 | 147.18 | 182.06 | 150.42 | 100.00 | 98.44 | 130.68 | 161.65 | 133.56 | 188.08 | ||||||||||||||||||||||||
Source: S&P Global Market Intelligence © 2020 | Source: S&P Global Market Intelligence © 2020 |
2018 Quarters | 2017 Quarters | 2019 Quarters | 2018 Quarters | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Fourth | Third | Second | First | Fourth | Third | Second | First | Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 70,058 | $ | 59,154 | $ | 56,709 | $ | 55,477 | $ | 53,344 | $ | 50,079 | $ | 47,398 | $ | 40,775 | $ | 72,286 | $ | 72,825 | $ | 72,237 | $ | 72,475 | $ | 70,058 | $ | 59,154 | $ | 56,709 | $ | 55,477 | ||||||||||||||||||||||||||||||||
Interest expense | 10,074 | 7,592 | 6,502 | 5,715 | 5,118 | 4,330 | 3,242 | 2,610 | 10,526 | 11,877 | 12,101 | 11,701 | 10,074 | 7,592 | 6,502 | 5,715 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 59,984 | 51,562 | 50,207 | 49,762 | 48,226 | 45,749 | 44,156 | 38,165 | 61,760 | 60,948 | 60,136 | 60,774 | 59,984 | 51,562 | 50,207 | 49,762 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 2,342 | 5,774 | 2,529 | 1,085 | 2,263 | 680 | 1,401 | 1,304 | 4,800 | 2,251 | 2,551 | 1,397 | 2,342 | 5,774 | 2,529 | 1,085 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 57,642 | 45,788 | 47,678 | 48,677 | 45,963 | 45,069 | 42,755 | 36,861 | 56,960 | 58,697 | 57,585 | 59,377 | 57,642 | 45,788 | 47,678 | 48,677 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,019 | 2,833 | 2,674 | 2,672 | 2,566 | 2,626 | 2,435 | 2,422 | 2,960 | 2,978 | 2,894 | 2,697 | 3,019 | 2,833 | 2,674 | 2,672 | ||||||||||||||||||||||||||||||||||||||||||||||||
Trust fees | 1,040 | 1,083 | 1,039 | 1,021 | 941 | 967 | 917 | 880 | 1,096 | 1,183 | 1,147 | 1,017 | 1,040 | 1,083 | 1,039 | 1,021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking fees | 809 | 1,135 | 1,336 | 1,402 | 1,487 | 2,138 | 1,272 | 1,552 | 1,514 | 2,127 | 1,734 | 1,115 | 809 | 1,135 | 1,336 | 1,402 | ||||||||||||||||||||||||||||||||||||||||||||||||
Brokerage commissions and fees | 468 | 444 | 461 | 359 | 273 | 351 | 351 | 377 | 483 | 449 | 541 | 436 | 468 | 444 | 461 | 359 | ||||||||||||||||||||||||||||||||||||||||||||||||
Marine finance fees | 185 | 194 | 446 | 573 | 313 | 137 | 326 | 134 | 338 | 153 | 201 | 362 | 185 | 194 | 446 | 573 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interchange income | 3,198 | 3,119 | 3,076 | 2,942 | 2,836 | 2,582 | 2,671 | 2,494 | 3,387 | 3,206 | 3,405 | 3,401 | 3,198 | 3,119 | 3,076 | 2,942 | ||||||||||||||||||||||||||||||||||||||||||||||||
BOLI income | 1,091 | 1,078 | 1,066 | 1,056 | 1,100 | 836 | 757 | 733 | 904 | 928 | 927 | 915 | 1,091 | 1,078 | 1,066 | 1,056 | ||||||||||||||||||||||||||||||||||||||||||||||||
SBA gains | 576 | 569 | 691 | 636 | 519 | 473 | 748 | 734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | 3,329 | 2,453 | 2,671 | 2,373 | 1,861 | 1,844 | 1,738 | 1,313 | 2,579 | 3,197 | 2,503 | 2,266 | 2,810 | 1,980 | 1,923 | 1,639 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of VISA stock | — | — | — | — | 15,153 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities gains (losses), net | (425 | ) | (48 | ) | (48 | ) | (102 | ) | 112 | (47 | ) | 21 | — | 2,539 | (847 | ) | (466 | ) | (9 | ) | (425 | ) | (48 | ) | (48 | ) | (102 | ) | ||||||||||||||||||||||||||||||||||||
Total noninterest income | 12,714 | 12,291 | 12,721 | 12,296 | 26,642 | 11,434 | 10,488 | 9,905 | 16,376 | 13,943 | 13,577 | 12,836 | 12,714 | 12,291 | 12,721 | 12,296 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and wages | 22,172 | 17,129 | 16,429 | 15,381 | 16,321 | 15,627 | 18,375 | 15,369 | 17,263 | 18,640 | 19,420 | 18,506 | 22,172 | 17,129 | 16,429 | 15,381 | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefits | 3,625 | 3,205 | 3,034 | 3,081 | 2,812 | 2,917 | 2,935 | 3,068 | 3,323 | 2,973 | 3,195 | 4,206 | 3,625 | 3,205 | 3,034 | 3,081 | ||||||||||||||||||||||||||||||||||||||||||||||||
Outsourced data processing costs | 5,809 | 3,493 | 3,393 | 3,679 | 4,160 | 3,231 | 3,456 | 3,269 | 3,645 | 3,711 | 3,876 | 3,845 | 5,809 | 3,493 | 3,393 | 3,679 | ||||||||||||||||||||||||||||||||||||||||||||||||
Telephone / data lines | 602 | 624 | 643 | 612 | 538 | 573 | 648 | 532 | 651 | 603 | 893 | 811 | 602 | 624 | 643 | 612 | ||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | 3,747 | 3,214 | 3,316 | 3,117 | 3,265 | 2,447 | 4,421 | 3,157 | 3,368 | 3,368 | 3,741 | 3,807 | 3,747 | 3,214 | 3,316 | 3,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Furniture and equipment | 2,452 | 1,367 | 1,468 | 1,457 | 1,806 | 1,191 | 1,679 | 1,391 | 1,416 | 1,528 | 1,544 | 1,757 | 2,452 | 1,367 | 1,468 | 1,457 | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 1,350 | 1,139 | 1,344 | 1,252 | 1,490 | 1,298 | 1,074 | 922 | 885 | 933 | 1,211 | 1,132 | 1,350 | 1,139 | 1,344 | 1,252 | ||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional fees | 3,668 | 2,019 | 2,301 | 1,973 | 3,054 | 2,560 | 3,276 | 2,132 | 2,025 | 1,648 | 2,033 | 2,847 | 3,668 | 2,019 | 2,301 | 1,973 | ||||||||||||||||||||||||||||||||||||||||||||||||
FDIC assessments | 571 | 431 | 595 | 598 | 558 | 548 | 650 | 570 | — | 56 | 337 | 488 | 571 | 431 | 595 | 598 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,303 | 1,004 | 1,004 | 989 | 964 | 839 | 839 | 719 | 1,456 | 1,456 | 1,456 | 1,458 | 1,303 | 1,004 | 1,004 | 989 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net (gain)/loss on other real estate owned and repossessed assets | — | (136 | ) | 405 | 192 | (7 | ) | (297 | ) | 297 | (293 | ) | 3 | 262 | (174 | ) | (40 | ) | — | (136 | ) | 405 | 192 | |||||||||||||||||||||||||||||||||||||||||
Other | 4,165 | 3,910 | 4,314 | 4,833 | 4,223 | 3,427 | 3,975 | 3,910 | 4,022 | 3,405 | 3,468 | 4,282 | 4,165 | 3,910 | 4,314 | 4,833 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expenses | 49,464 | 37,399 | 38,246 | 37,164 | 39,184 | 34,361 | 41,625 | 34,746 | 38,057 | 38,583 | 41,000 | 43,099 | 49,464 | 37,399 | 38,246 | 37,164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 20,892 | 20,680 | 22,153 | 23,809 | 33,421 | 22,142 | 11,618 | 12,020 | 35,279 | 34,057 | 30,162 | 29,114 | 20,892 | 20,680 | 22,153 | 23,809 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 4,930 | 4,358 | 5,189 | 5,782 | 20,374 | 7,926 | 3,942 | 4,094 | 8,103 | 8,452 | 6,909 | 6,409 | 4,930 | 4,358 | 5,189 | 5,782 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 15,962 | $ | 16,322 | $ | 16,964 | $ | 18,027 | $ | 13,047 | $ | 14,216 | $ | 7,676 | $ | 7,926 | $ | 27,176 | $ | 25,605 | $ | 23,253 | $ | 22,705 | $ | 15,962 | $ | 16,322 | $ | 16,964 | $ | 18,027 | ||||||||||||||||||||||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income diluted | $ | 0.31 | $ | 0.34 | $ | 0.35 | $ | 0.38 | $ | 0.28 | $ | 0.32 | $ | 0.18 | $ | 0.20 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income basic | 0.32 | 0.35 | 0.36 | 0.38 | 0.29 | 0.33 | 0.18 | 0.20 |
2019 Quarters | 2018 Quarters | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Common Share Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income diluted | $ | 0.52 | $ | 0.49 | $ | 0.45 | $ | 0.44 | $ | 0.31 | $ | 0.34 | $ | 0.35 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income basic | 0.53 | 0.50 | 0.45 | 0.44 | 0.32 | 0.35 | 0.36 | 0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
Market price common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low close | 21.74 | 28.30 | 25.61 | 23.96 | 22.42 | 20.58 | 21.65 | 20.59 | 24.21 | 22.54 | 23.19 | 25.49 | 21.74 | 28.30 | 25.61 | 23.96 | ||||||||||||||||||||||||||||||||||||||||||||||||
High close | 29.86 | 34.95 | 33.51 | 28.44 | 27.13 | 24.87 | 25.88 | 25.13 | 31.02 | 27.36 | 28.54 | 29.57 | 29.86 | 34.95 | 33.51 | 28.44 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bid price at end of period | 26.02 | 29.20 | 31.58 | 26.47 | 25.21 | 23.89 | 24.10 | 23.98 | 30.57 | 25.31 | 25.44 | 26.35 | 26.02 | 29.20 | 31.58 | 26.47 |
For the Year Ended and at December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Net interest income | $ | 243,618 | $ | 211,515 | $ | 176,296 | $ | 139,588 | $ | 109,487 | ||||||||||
Provision for loan losses | 10,999 | 11,730 | 5,648 | 2,411 | 2,644 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Other | 55,515 | 50,645 | 43,230 | 37,427 | 32,018 | |||||||||||||||
Securities (losses) gains, net | 1,217 | (623 | ) | 86 | 368 | 161 | ||||||||||||||
Gain on sale of VISA stock | — | — | 15,153 | — | — | |||||||||||||||
Bargain purchase gains, net | — | — | — | — | 416 | |||||||||||||||
Noninterest expenses | 160,739 | 162,273 | 149,916 | 130,881 | 103,770 | |||||||||||||||
Income before income taxes | 128,612 | 87,534 | 79,201 | 44,091 | 35,668 | |||||||||||||||
Income taxes | 29,873 | 20,259 | 36,336 | 14,889 | 13,527 | |||||||||||||||
Net income | $ | 98,739 | $ | 67,275 | $ | 42,865 | $ | 29,202 | $ | 22,141 | ||||||||||
Per Share Data | ||||||||||||||||||||
Net income available to common shareholders: | ||||||||||||||||||||
Diluted | $ | 1.90 | $ | 1.38 | $ | 0.99 | $ | 0.78 | $ | 0.66 | ||||||||||
Basic | 1.92 | 1.40 | 1.01 | 0.79 | 0.66 | |||||||||||||||
Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Book value per share common | 19.13 | 16.83 | 14.70 | 11.45 | 10.29 | |||||||||||||||
Tangible book value per share | 14.76 | 12.33 | 11.15 | 9.37 | 9.31 | |||||||||||||||
Assets | $ | 7,108,511 | $ | 6,747,659 | $ | 5,810,129 | $ | 4,680,932 | $ | 3,534,780 | ||||||||||
Securities | 1,208,224 | 1,223,780 | 1,372,667 | 1,323,001 | 994,291 | |||||||||||||||
Net loans | 5,163,250 | 4,792,791 | 3,790,255 | 2,856,136 | 2,137,202 | |||||||||||||||
Deposits | 5,584,753 | 5,177,240 | 4,592,720 | 3,523,245 | 2,844,387 | |||||||||||||||
FHLB borrowings | 315,000 | 380,000 | 211,000 | 415,000 | 50,000 | |||||||||||||||
Subordinated debt | 71,085 | 70,804 | 70,521 | 70,241 | 69,961 | |||||||||||||||
Shareholders' equity | 985,639 | 864,267 | 689,664 | 435,397 | 353,453 | |||||||||||||||
For the Year Ended and at December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net interest income | $ | 211,515 | $ | 176,296 | $ | 139,588 | $ | 109,487 | $ | 74,907 | ||||||||||
Provision (recapture) for loan losses | 11,730 | 5,648 | 2,411 | 2,644 | (3,486 | ) | ||||||||||||||
Noninterest income: | ||||||||||||||||||||
Other | 50,645 | 43,230 | 37,427 | 32,018 | 24,744 | |||||||||||||||
Securities (losses) gains, net | (623 | ) | 86 | 368 | 161 | 469 | ||||||||||||||
Gain on sale of VISA stock | — | 15,153 | — | — | — | |||||||||||||||
Bargain purchase gains, net | — | — | — | 416 | — | |||||||||||||||
Noninterest expenses | 162,273 | 149,916 | 130,881 | 103,770 | 93,366 | |||||||||||||||
Income before income taxes | 87,534 | 79,201 | 44,091 | 35,668 | 10,240 | |||||||||||||||
Income taxes | 20,259 | 36,336 | 14,889 | 13,527 | 4,544 | |||||||||||||||
Net income | $ | 67,275 | $ | 42,865 | $ | 29,202 | $ | 22,141 | $ | 5,696 | ||||||||||
Per Share Data | ||||||||||||||||||||
Net income available to common shareholders: | ||||||||||||||||||||
Diluted | 1.38 | 0.99 | 0.78 | 0.66 | 0.21 | |||||||||||||||
Basic | 1.40 | 1.01 | 0.79 | 0.66 | 0.21 | |||||||||||||||
Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Book value per share common | 16.83 | 14.70 | 11.45 | 10.29 | 9.44 | |||||||||||||||
Tangible book value per share | 12.33 | 11.15 | 9.37 | 9.31 | 8.51 | |||||||||||||||
Assets | $ | 6,747,659 | $ | 5,810,129 | $ | 4,680,932 | $ | 3,534,780 | $3,093,335 | |||||||||||
Securities | 1,223,780 | 1,372,667 | 1,323,001 | 994,291 | 949,279 | |||||||||||||||
Net loans | 4,792,791 | 3,790,255 | 2,856,136 | 2,137,202 | 1,804,814 | |||||||||||||||
Deposits | 5,177,240 | 4,592,720 | 3,523,245 | 2,844,387 | 2,416,534 | |||||||||||||||
FHLB borrowings | 380,000 | 211,000 | 415,000 | 50,000 | 130,000 | |||||||||||||||
Subordinated debt | 70,804 | 70,521 | 70,241 | 69,961 | 64,583 | |||||||||||||||
Shareholders' equity | 864,267 | 689,664 | 435,397 | 353,453 | 312,651 | |||||||||||||||
For the Year Ended and at December 31, | ||||||||||||||||||||
(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Performance ratios: | ||||||||||||||||||||
Return on average assets | 1.45 | % | 1.11 | % | 0.82 | % | 0.69 | % | 0.67 | % | ||||||||||
Return on average equity | 10.63 | 9.08 | 7.51 | 7.06 | 6.56 | |||||||||||||||
Net interest margin1 | 3.92 | 3.85 | 3.73 | 3.63 | 3.64 | |||||||||||||||
Average equity to average assets | 13.60 | 12.23 | 10.96 | 9.85 | 10.21 | |||||||||||||||
Return on tangible assets | 1.56 | 1.20 | 0.88 | 0.75 | 0.71 | |||||||||||||||
Return on tangible common equity | 14.72 | 12.54 | 9.90 | 8.87 | 7.59 | |||||||||||||||
1On a fully taxable equivalent basis, a non-GAAP measure. |
Performance ratios: | ||||||||||||||||||||
Return on average assets | 1.11 | % | 0.82 | % | 0.69 | % | 0.67 | % | 0.23 | % | ||||||||||
Return on average equity | 9.08 | 7.51 | 7.06 | 6.56 | 2.22 | |||||||||||||||
Net interest margin(1) | 3.85 | 3.73 | 3.63 | 3.64 | 3.25 | |||||||||||||||
Average equity to average assets | 9.72 | 10.96 | 9.85 | 10.21 | 10.34 | |||||||||||||||
Return on tangible assets | 1.20 | 0.88 | 0.75 | 0.71 | 0.26 | |||||||||||||||
Return on tangible common equity | 12.54 | 9.90 | 8.87 | 7.59 | 2.57 | |||||||||||||||
(1)On a fully taxable equivalent basis, a non-GAAP measure (see pages 46-47 of Management's Discussion and Analysis). |
Item 8. | Financial Statements and Supplementary Data |
◦ | The review of the completeness and accuracy of data inputs used as the basis for the adjustments relating to loss factors. |
◦ | The review of the accuracy of the general allowance model calculations. |
◦ | The review of the qualitative and quantitative conclusions related to the loss factors and the resulting allocation to the allowance. |
◦ | Evaluation of the completeness and accuracy of data inputs used as a basis for the adjustments relating to loss factors. |
◦ | Evaluation of the reasonableness of management’s judgments related to the qualitative and quantitative assessment of the data used in the determination of loss factors and the resulting allocation to the allowance. Among other procedures, our evaluation considered, the weight of confirming and disconfirming evidence from internal and external sources, loan portfolio performance and third-party data, and whether such assumptions were applied consistently period over period. |
◦ | Analytically evaluating the loss factor allocation year over year and testing allocations for reasonableness. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
(In thousands, except per share data) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Interest on securities | ||||||||||||||||||||||||
Taxable | $ | 37,860 | $ | 34,442 | $ | 26,133 | $ | 35,354 | $ | 37,860 | $ | 34,442 | ||||||||||||
Nontaxable | 884 | 913 | 1,036 | 555 | 884 | 913 | ||||||||||||||||||
Interest and fees on loans | 199,984 | 153,825 | 119,217 | 250,535 | 199,984 | 153,825 | ||||||||||||||||||
Interest on federal funds sold and other investments | 2,670 | 2,416 | 1,669 | 3,379 | 2,670 | 2,416 | ||||||||||||||||||
Total Interest Income | 241,398 | 191,596 | 148,055 | 289,823 | 241,398 | 191,596 | ||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Interest on savings deposits | 8,763 | 3,654 | 2,593 | 16,621 | 8,763 | 3,654 | ||||||||||||||||||
Interest on time certificates | 11,684 | 4,678 | 2,074 | 21,776 | 11,684 | 4,678 | ||||||||||||||||||
Interest on federal funds purchased and other short term borrowings | 1,804 | 781 | 484 | 1,431 | 1,804 | 781 | ||||||||||||||||||
Interest on Federal Home Loan Bank borrowings | 4,468 | 3,744 | 1,256 | 3,010 | 4,468 | 3,744 | ||||||||||||||||||
Interest on subordinated debt | 3,164 | 2,443 | 2,060 | 3,367 | 3,164 | 2,443 | ||||||||||||||||||
Total Interest Expense | 29,883 | 15,300 | 8,467 | 46,205 | 29,883 | 15,300 | ||||||||||||||||||
Net Interest Income | 211,515 | 176,296 | 139,588 | 243,618 | 211,515 | 176,296 | ||||||||||||||||||
Provision for loan losses | 11,730 | 5,648 | 2,411 | 10,999 | 11,730 | 5,648 | ||||||||||||||||||
Net Interest Income After Provision for Loan Losses | 199,785 | 170,648 | 137,177 | 232,619 | 199,785 | 170,648 | ||||||||||||||||||
Noninterest Income (Note M) | ||||||||||||||||||||||||
Gain on sale of Visa stock | — | 15,153 | — | — | — | 15,153 | ||||||||||||||||||
Securities (losses) gains, net (includes net losses of ($96) for 2018, net gains of $1,950 for 2017, and net losses of ($617) for 2016 in other comprehensive income reclassifications) | (623 | ) | 86 | 368 | ||||||||||||||||||||
Securities gains (losses), net (includes net gains of $6.2 million for 2019, net losses of $96 thousand for 2018 and net gains of $2.0 million for 2017 in other comprehensive income reclassifications) | 1,217 | (623 | ) | 86 | ||||||||||||||||||||
Other | 50,645 | 43,230 | 37,427 | 55,515 | 50,645 | 43,230 | ||||||||||||||||||
Total Noninterest Income | 50,022 | 58,469 | 37,795 | 56,732 | 50,022 | 58,469 | ||||||||||||||||||
Noninterest Expense (Note M) | 162,273 | 149,916 | 130,881 | 160,739 | 162,273 | 149,916 | ||||||||||||||||||
Income Before Income Taxes | 87,534 | 79,201 | 44,091 | 128,612 | 87,534 | 79,201 | ||||||||||||||||||
Income taxes | 20,259 | 36,336 | 14,889 | 29,873 | 20,259 | 36,336 | ||||||||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||||||||
Share Data | ||||||||||||||||||||||||
Net income per share of common stock | ||||||||||||||||||||||||
Diluted | $ | 1.38 | $ | 0.99 | $ | 0.78 | $ | 1.90 | $ | 1.38 | $ | 0.99 | ||||||||||||
Basic | 1.40 | 1.01 | 0.79 | 1.92 | 1.40 | 1.01 | ||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||||||
Diluted | 48,748 | 43,350 | 37,508 | 52,029 | 48,748 | 43,350 | ||||||||||||||||||
Basic | 47,969 | 42,613 | 36,872 | 51,449 | 47,969 | 42,613 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale | (13,266 | ) | 5,976 | (2,129 | ) | |||||||||||||||||||
Amortization of unrealized losses on securities transferred to held to maturity, net | 550 | 596 | 488 | |||||||||||||||||||||
Reclassification adjustment for losses (gains) included in net income | 485 | (86 | ) | (368 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | 3,272 | (2,483 | ) | 709 | ||||||||||||||||||||
Unrealized gains (losses) on securities available-for-sale | 24,892 | (13,266 | ) | 5,976 | ||||||||||||||||||||
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement | (730 | ) | — | — | ||||||||||||||||||||
Amortization of unrealized losses on securities transferred to held-to-maturity, net | 262 | 550 | 596 | |||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | (1,031 | ) | 485 | (86 | ) | |||||||||||||||||||
(Provision) benefit for income taxes | (5,868 | ) | 3,272 | (2,483 | ) | |||||||||||||||||||
Total Other Comprehensive Income (Loss) | (8,959 | ) | 4,003 | (1,300 | ) | 17,525 | (8,959 | ) | 4,003 | |||||||||||||||
Comprehensive Income | $ | 58,316 | $ | 46,868 | $ | 27,902 | $ | 116,264 | $ | 58,316 | $ | 46,868 |
December 31, | December 31, | ||||||||||||||
(In thousands, except share data) | 2018 | 2017 | 2019 | 2018 | |||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 92,242 | $ | 104,039 | $ | 89,843 | $ | 92,242 | |||||||
Interest bearing deposits with other banks | 23,709 | 5,465 | 34,688 | 23,709 | |||||||||||
Total Cash and Cash Equivalents | 115,951 | 109,504 | 124,531 | 115,951 | |||||||||||
Time deposits with other banks | 8,243 | 12,553 | 3,742 | 8,243 | |||||||||||
Debt securities: | |||||||||||||||
Securities available for sale (at fair value) | 865,831 | 949,460 | |||||||||||||
Securities held to maturity (fair value $349,895 in 2018 and $414,470 in 2017) | 357,949 | 416,863 | |||||||||||||
Securities available-for-sale (at fair value) | 946,855 | 865,831 | |||||||||||||
Securities held-to-maturity (fair value $262,213 in 2019 and $349,895 in 2018) | 261,369 | 357,949 | |||||||||||||
Total Debt Securities | 1,223,780 | 1,366,323 | 1,208,224 | 1,223,780 | |||||||||||
Loans held for sale | 11,873 | 24,306 | 20,029 | 11,873 | |||||||||||
Loans | 4,825,214 | 3,817,377 | 5,198,404 | 4,825,214 | |||||||||||
Less: Allowance for loan losses | (32,423 | ) | (27,122 | ) | (35,154 | ) | (32,423 | ) | |||||||
Loans, Net of Allowance for Loan Losses | 4,792,791 | 3,790,255 | 5,163,250 | 4,792,791 | |||||||||||
Bank premises and equipment, net | 71,024 | 66,883 | 66,615 | 71,024 | |||||||||||
Other real estate owned | 12,802 | 7,640 | 12,390 | 12,802 | |||||||||||
Goodwill | 204,753 | 147,578 | 205,286 | 204,753 | |||||||||||
Other intangible assets, net | 25,977 | 19,099 | 20,066 | 25,977 | |||||||||||
Bank owned life insurance | 123,394 | 123,981 | 126,181 | 123,394 | |||||||||||
Net deferred tax assets | 28,954 | 25,417 | 16,457 | 28,954 | |||||||||||
Other assets | 128,117 | 116,590 | 141,740 | 128,117 | |||||||||||
Total Assets | $ | 6,747,659 | $ | 5,810,129 | $ | 7,108,511 | $ | 6,747,659 | |||||||
Liabilities | |||||||||||||||
Deposits | |||||||||||||||
Noninterest demand | $ | 1,569,602 | $ | 1,400,227 | $ | 1,590,493 | $ | 1,569,602 | |||||||
Interest-bearing demand | 1,014,032 | 1,050,755 | 1,181,732 | 1,014,032 | |||||||||||
Savings | 493,807 | 434,346 | 519,152 | 493,807 | |||||||||||
Money market | 1,173,950 | 931,458 | 1,108,363 | 1,173,950 | |||||||||||
Other time deposits | 513,312 | 414,277 | 504,837 | 513,312 | |||||||||||
Brokered time certificates | 220,594 | 217,385 | 472,857 | 220,594 | |||||||||||
Time certificates of more than $250,000 | 191,943 | 144,272 | 207,319 | 191,943 | |||||||||||
Total Deposits | 5,177,240 | 4,592,720 | 5,584,753 | 5,177,240 | |||||||||||
Securities sold under agreements to repurchase, maturing within 30 days | 214,323 | 216,094 | 86,121 | 214,323 | |||||||||||
Federal Home Loan Bank borrowings | 380,000 | 211,000 | 315,000 | 380,000 | |||||||||||
Subordinated debt | 70,804 | 70,521 | 71,085 | 70,804 | |||||||||||
Other liabilities | 41,025 | 30,130 | 65,913 | 41,025 | |||||||||||
Total Liabilities | 5,883,392 | 5,120,465 | 6,122,872 | 5,883,392 | |||||||||||
Commitments and Contingencies (Notes K and P) |
December 31, | |||||||||||||||
(In thousands, except share data) | 2019 | 2018 | |||||||||||||
Shareholders' Equity | |||||||||||||||
Common stock, par value $0.10 per share authorized 120,000,000 shares, issued 51,514,734 and outstanding 51,361,079 shares in 2018 and authorized 60,000,000 shares, issued 47,032,259 and outstanding 46,917,735 shares in 2017 | 5,136 | 4,693 | |||||||||||||
Common stock, par value $0.10 per share authorized 120,000,000 shares, issued 51,760,617 and outstanding 51,513,733 shares in 2019 and authorized 120,000,000 shares, issued 51,514,734 and outstanding 51,361,079 shares in 2018 | 5,151 | 5,136 | |||||||||||||
Additional paid-in capital | 778,501 | 661,632 | 786,242 | 778,501 | |||||||||||
Retained earnings | 97,074 | 29,914 | 195,813 | 97,074 | |||||||||||
Less: Treasury stock (153,655 shares in 2018 and 114,524 shares in 2017), at cost | (3,384 | ) | (2,359 | ) | |||||||||||
Less: Treasury stock (246,884 shares in 2019 and 153,655 shares in 2018), at cost | (6,032 | ) | (3,384 | ) | |||||||||||
877,327 | 693,880 | 981,174 | 877,327 | ||||||||||||
Accumulated other comprehensive loss, net | (13,060 | ) | (4,216 | ) | |||||||||||
Accumulated other comprehensive income (loss), net | 4,465 | (13,060 | ) | ||||||||||||
Total Shareholders' Equity | 864,267 | 689,664 | 985,639 | 864,267 | |||||||||||
Total Liabilities & Shareholders' Equity | $ | 6,747,659 | $ | 5,810,129 | $ | 7,108,511 | $ | 6,747,659 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | ||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation | 6,353 | 5,614 | 5,076 | 6,421 | 6,353 | 5,614 | ||||||||||||||||||
Amortization of premiums and discounts on securities, net | 3,196 | 3,977 | 7,559 | 2,548 | 3,196 | 3,977 | ||||||||||||||||||
Amortization of operating lease right-of-use assets | 4,117 | — | — | |||||||||||||||||||||
Other amortization and accretion, net | (1,158 | ) | (697 | ) | (2,238 | ) | (2,005 | ) | (1,158 | ) | (697 | ) | ||||||||||||
Stock based compensation | 7,823 | 5,267 | 4,154 | 7,243 | 7,823 | 5,267 | ||||||||||||||||||
Origination of loans designated for sale | (303,928 | ) | (213,027 | ) | (175,842 | ) | (329,177 | ) | (303,928 | ) | (213,027 | ) | ||||||||||||
Sale of loans designated for sale | 326,328 | 211,091 | 190,843 | 333,591 | 326,328 | 211,091 | ||||||||||||||||||
Provision for loan losses | 11,730 | 5,648 | 2,411 | 10,999 | 11,730 | 5,648 | ||||||||||||||||||
Deferred income taxes | 459 | 35,827 | 14,206 | 6,791 | 459 | 35,827 | ||||||||||||||||||
Losses (gains) on sale of securities | 485 | (86 | ) | (368 | ) | |||||||||||||||||||
(Gains) losses on sale of securities | (1,031 | ) | 485 | (86 | ) | |||||||||||||||||||
Gain on sale of VISA Class B stock | — | (15,153 | ) | — | — | — | (15,153 | ) | ||||||||||||||||
Gains on sale of loans | (8,961 | ) | (7,038 | ) | (6,335 | ) | (9,794 | ) | (8,961 | ) | (7,038 | ) | ||||||||||||
Gains on sale and write-downs of other real estate owned | (107 | ) | (711 | ) | (509 | ) | (432 | ) | (107 | ) | (711 | ) | ||||||||||||
Losses on disposition of fixed assets | 1,235 | 2,270 | 2,442 | 511 | 1,235 | 2,270 | ||||||||||||||||||
Bank owned life insurance death benefits | (956 | ) | (280 | ) | — | |||||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquired companies: | ||||||||||||||||||||||||
Net increase (decrease) in other assets | 10,051 | (5,506 | ) | (11,573 | ) | |||||||||||||||||||
Net increase (decrease) in other liabilities | 8,827 | (21,432 | ) | 2,979 | ||||||||||||||||||||
Net (increase) decrease in other assets | (5,614 | ) | 10,331 | (5,506 | ) | |||||||||||||||||||
Net (decrease) increase in other liabilities | (4,206 | ) | 8,827 | (21,432 | ) | |||||||||||||||||||
Net Cash Provided by Operating Activities | 129,608 | 48,909 | 62,007 | 117,745 | 129,608 | 48,909 | ||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||
Maturities and repayments of debt securities available for sale | 141,223 | 211,173 | 127,879 | |||||||||||||||||||||
Maturities and repayments of debt securities held to maturity | 58,315 | 86,460 | 48,705 | |||||||||||||||||||||
Proceeds from sale of debt securities available for sale | 31,694 | 235,613 | 40,421 | |||||||||||||||||||||
Purchases of debt securities available for sale | (72,505 | ) | (371,926 | ) | (297,719 | ) | ||||||||||||||||||
Purchases of debt securities held to maturity | — | (131,439 | ) | (218,654 | ) | |||||||||||||||||||
Maturities and repayments of debt securities available-for-sale | 101,674 | 141,223 | 211,173 | |||||||||||||||||||||
Maturities and repayments of debt securities held-to-maturity | 42,495 | 58,315 | 86,460 | |||||||||||||||||||||
Proceeds from sale of debt securities available-for-sale | 202,724 | 64,366 | 235,613 | |||||||||||||||||||||
Purchases of debt securities available-for-sale | (309,461 | ) | (104,650 | ) | (371,926 | ) | ||||||||||||||||||
Purchases of debt securities held-to-maturity | — | — | (131,439 | ) | ||||||||||||||||||||
Maturities of time deposits with other banks | 4,310 | 4,720 | — | 4,501 | 4,310 | 4,720 | ||||||||||||||||||
Net new loans and principal repayments | (365,816 | ) | (328,868 | ) | (396,862 | ) | (109,614 | ) | (365,816 | ) | (328,868 | ) | ||||||||||||
Proceeds from the sale of portfolio loans | — | 106,815 | 71,433 | — | — | 106,815 | ||||||||||||||||||
Purchases of loans held for investment | (19,541 | ) | (55,352 | ) | (64,925 | ) | (270,791 | ) | (19,541 | ) | (55,352 | ) | ||||||||||||
Proceeds from the sale of other real estate owned | 10,072 | 6,069 | 7,952 | 6,509 | 10,072 | 6,069 | ||||||||||||||||||
Proceeds from sale of Federal Home Loan Bank (FHLB) and Federal Reserve Bank Stock | 44,731 | 48,295 | 9,350 | |||||||||||||||||||||
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 74,120 | 44,731 | 48,295 | |||||||||||||||||||||
Purchase of FHLB and Federal Reserve Bank Stock | (51,505 | ) | (42,680 | ) | (28,857 | ) | (75,193 | ) | (51,505 | ) | (42,680 | ) | ||||||||||||
Purchase of Visa Class B stock | — | (6,180 | ) | — | — | — | (6,180 | ) | ||||||||||||||||
Proceeds from sale of Visa Class B stock | 21,333 | — | — | — | 21,333 | — | ||||||||||||||||||
Redemption of bank owned life insurance | 4,232 | 3,609 | — | 14,218 | 4,232 | 3,609 | ||||||||||||||||||
Purchase of bank owned life insurance | — | (30,000 | ) | (40,000 | ) | — | — | (30,000 | ) | |||||||||||||||
Net cash from bank acquisitions | 22,876 | 23,825 | 235,546 | |||||||||||||||||||||
Additions to bank premises and equipment | (4,019 | ) | (5,710 | ) | (6,054 | ) |
For the Year Ended December 31, | ||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||||||||||||||
Net cash from bank acquisitions | — | 22,349 | 23,825 | |||||||||||||||||||||
Additions to bank premises and equipment | (2,523 | ) | (4,019 | ) | (5,710 | ) | ||||||||||||||||||
Net Cash Used in Investing Activities | (174,600 | ) | (245,576 | ) | (511,785 | ) | (321,341 | ) | (174,600 | ) | (245,576 | ) | ||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||
Net (decrease) increase in deposits | (39,769 | ) | 333,049 | 27,320 | ||||||||||||||||||||
Net increase (decrease) in deposits | 407,513 | (39,769 | ) | 333,049 | ||||||||||||||||||||
Net (decrease) increase in federal funds purchased and repurchase agreements | (1,771 | ) | 11,892 | 32,196 | (128,202 | ) | (1,771 | ) | 11,892 | |||||||||||||||
Net increase (decrease) in FHLB borrowings with original maturities of three months or less | 32,000 | (204,000 | ) | 415,000 | ||||||||||||||||||||
Net (decrease) increase in FHLB borrowings with original maturities of three months or less | (67,000 | ) | 32,000 | (204,000 | ) | |||||||||||||||||||
Repayments of FHLB borrowings with original maturities of more than three months | (63,000 | ) | — | — | ||||||||||||||||||||
Proceeds from FHLB borrowings with original maturities of more than three months | 60,000 | — | — | 65,000 | 60,000 | — | ||||||||||||||||||
Early redemption of FHLB borrowings | — | — | (50,000 | ) | ||||||||||||||||||||
Stock based employee benefit plans | 979 | (55 | ) | (1,161 | ) | (2,135 | ) | 979 | (55 | ) | ||||||||||||||
Issuance of common stock, net of related expense | — | 55,641 | — | — | — | 55,641 | ||||||||||||||||||
Dividends paid | — | — | — | — | — | — | ||||||||||||||||||
Net Cash Provided by Financing Activities | 51,439 | 196,527 | 423,355 | 212,176 | 51,439 | 196,527 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,447 | (140 | ) | (26,423 | ) | 8,580 | 6,447 | (140 | ) | |||||||||||||||
Cash and cash equivalents at beginning of year | 109,504 | 109,644 | 136,067 | 115,951 | 109,504 | 109,644 | ||||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 115,951 | $ | 109,504 | $ | 109,644 | $ | 124,531 | $ | 115,951 | $ | 109,504 | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||
Cash paid during the period for interest | $ | 28,301 | $ | 15,125 | $ | 7,855 | $ | 46,130 | $ | 28,301 | $ | 15,125 | ||||||||||||
Cash paid during the period for taxes | 13,200 | 400 | 703 | 16,000 | 13,200 | 400 | ||||||||||||||||||
New operating lease right-of-use assets | 30,301 | — | — | |||||||||||||||||||||
New operating lease liabilities | 34,627 | — | — | |||||||||||||||||||||
Supplemental disclosure of non cash investing activities: | ||||||||||||||||||||||||
Transfer of debt securities from held-to-maturity to available-for-sale | $ | 52,796 | $ | — | $ | — | ||||||||||||||||||
Transfer from loans to other real estate owned | $ | 5,549 | $ | 1,774 | $ | 3,009 | 5,665 | 5,549 | 1,774 | |||||||||||||||
Transfer from bank premises to other real estate owned | 9,168 | 1,212 | 7,708 | — | 9,168 | 1,212 | ||||||||||||||||||
Transfer from loans held for investment to loans held for sale | — | 5,664 | — | 801 | — | 5,664 |
Retained Earnings | Accumulated Other | Retained Earnings | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in | (Accumulated | Treasury | Comprehensive | Common Stock | Paid-in | (Accumulated | Treasury | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands) | Shares | Amount | Capital | Deficit) | Stock | Income (Loss), Net | Total | Shares | Amount | Capital | Deficit) | Stock | Income (Loss), Net | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | 34,351 | $ | 3,435 | $ | 399,162 | $ | (42,858 | ) | $ | (73 | ) | $ | (6,213 | ) | $ | 353,453 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 29,202 | — | (1,300 | ) | 27,902 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 4,154 | — | — | — | 4,154 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock based employee benefit plans | 87 | — | 2 | — | (1,163 | ) | — | (1,161 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 12 | 1 | 133 | — | — | — | 134 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | 3,291 | 329 | 50,584 | — | — | — | 50,913 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 281 | 37 | (34 | ) | (1 | ) | — | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | 38,022 | $ | 3,802 | $ | 454,001 | $ | (13,657 | ) | $ | (1,236 | ) | $ | (7,513 | ) | $ | 435,397 | 38,022 | $ | 3,802 | $ | 454,001 | $ | (13,657 | ) | $ | (1,236 | ) | $ | (7,513 | ) | $ | 435,397 | ||||||||||||||||||||||
Comprehensive income | — | — | — | 42,865 | — | 4,003 | 46,868 | — | — | — | 42,865 | — | 4,003 | 46,868 | ||||||||||||||||||||||||||||||||||||||||
Reclassification of disproportionate tax effects upon adoption of new accounting pronouncement | — | — | — | 706 | — | (706 | ) | — | — | — | — | 706 | — | (706 | ) | — | ||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 5,267 | — | — | — | 5,267 | — | — | 5,267 | — | — | — | 5,267 | ||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock based employee benefit plans | 61 | — | (15 | ) | — | (1,123 | ) | — | (1,138 | ) | 61 | — | (15 | ) | — | (1,123 | ) | — | (1,138 | ) | ||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 91 | 16 | 1,066 | — | — | — | 1,082 | 91 | 16 | 1,066 | — | — | — | 1,082 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of related expenses | 2,703 | 270 | 55,371 | — | — | — | 55,641 | 2,703 | 270 | 55,371 | — | — | — | 55,641 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | 6,041 | 605 | 145,942 | — | — | — | 146,547 | 6,041 | 605 | 145,942 | — | — | — | 146,547 | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 46,918 | $ | 4,693 | $ | 661,632 | $ | 29,914 | $ | (2,359 | ) | $ | (4,216 | ) | 689,664 | 46,918 | $ | 4,693 | $ | 661,632 | $ | 29,914 | $ | (2,359 | ) | $ | (4,216 | ) | $ | 689,664 | |||||||||||||||||||||||||
Comprehensive income | — | — | — | 67,275 | — | (8,959 | ) | 58,316 | — | — | — | 67,275 | — | (8,959 | ) | 58,316 | ||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized losses on equity investment upon adoption of new accounting pronouncement | — | — | — | (115 | ) | — | 115 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of disproportionate tax effects upon adoption of new accounting pronouncement | — | — | — | (115 | ) | — | 115 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | 32 | — | 7,823 | — | — | — | 7,823 | 32 | — | 7,823 | — | — | — | 7,823 | ||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock based employee benefit plans | 43 | — | (6 | ) | — | (1,025 | ) | — | (1,031 | ) | 43 | — | (6 | ) | — | (1,025 | ) | — | (1,031 | ) | ||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 368 | 43 | 1,966 | — | — | — | 2,009 | 368 | 43 | 1,966 | — | — | — | 2,009 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, pursuant to acquisition | 4,000 | 400 | 107,086 | — | — | — | 107,486 | 4,000 | 400 | 107,086 | — | — | — | 107,486 | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 51,361 | $ | 5,136 | $ | 778,501 | $ | 97,074 | $ | (3,384 | ) | $ | (13,060 | ) | $ | 864,267 | 51,361 | $ | 5,136 | $ | 778,501 | $ | 97,074 | $ | (3,384 | ) | $ | (13,060 | ) | $ | 864,267 | ||||||||||||||||||||||||
Comprehensive income | — | — | — | 98,739 | — | 17,525 | 116,264 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | 30 | — | 7,244 | — | — | — | 7,244 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock based employee benefit plans | 94 | 12 | (32 | ) | — | (2,648 | ) | — | (2,668 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued for stock options | 29 | 3 | 425 | — | — | — | 428 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 104 | — | — | — | 104 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 51,514 | $ | 5,151 | $ | 786,242 | $ | 195,813 | $ | (6,032 | ) | $ | 4,465 | $ | 985,639 |
January 1, 2019 | ||||||||||||
(In thousands) | Amortized Cost | Net Unrealized Gain (Loss) Reflected in OCI | Fair Value | |||||||||
Private mortgage-backed securities and collateralized mortgage obligations | $ | 21,526 | $ | 147 | $ | 21,673 | ||||||
Collateralized loan obligations | 32,000 | (877 | ) | 31,123 | ||||||||
Totals | $ | 53,526 | $ | (730 | ) | $ | 52,796 |
ASU 2016-13, Financial Instruments –Credit Losses (Topic 326) | |
Description | In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and |
Date of Adoption | |
Effect on the Consolidated Financial Statements | The Company currently expects that the initial adjustment to the allowance for loan losses will be an increase of approximately $19 - $23 million, bringing the ratio of allowance to total loans from 0.68% to between 1.06% and 1.12%. The increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio, and to the new requirement to estimate losses over the full remaining expected life of the loans. For loans previously classified as purchased unimpaired (“PUL”), the standard requires that a reserve for expected credit losses be recorded through a cumulative effect adjustment in retained earnings, regardless of the impact of a purchase discount on the amortized cost basis. Existing purchase discounts and premiums on these loans are not affected by adoption of the standard, and these amounts will continue to accrete into interest income over the remaining lives of the loans on a level-yield basis. Existing purchased credit impaired (“PCI”) loans will be classified as purchased credit deteriorated (“PCD”) loans, and a reserve for expected credit losses will be established with a corresponding adjustment to the loans’ amortized cost basis. The remaining non-credit discounts on these loans will accrete into interest income on a level-yield basis over the remaining lives of the loans. The estimation process applies an economic forecast scenario which, as of January 1, 2020, projects a stable macroeconomic environment over the Company’s three year forecast period. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life of the loans within each segment. The Company estimates the impact on the tier one capital ratio upon adoption is a decrease of approximately 32 basis points. Federal banking regulatory agencies have provided banks with the ability to mitigate the impact on capital at adoption by allowing the impact to be phased in over a four year period; however, the Company expects to forgo the phased in approach and recognize the impact to capital at the time of adoption. The Company does not expect adoption of the standard to have a material impact to its held-to-maturity debt security portfolio, which is comprised of securities guaranteed either explicitly or implicitly by government-sponsored entities. While available-for-sale debt (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS debt securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect adoption of the standard to have a material impact to AFS securities upon adoption. The disclosed estimates are subject to further refinement upon finalization of the Company’s review of the calculations, assumptions, methodologies and judgments. Internal controls over financial reporting relating to these new processes have been designed and implemented and are being evaluated. The Company is in the final stages of completing the formal governance and approval process. The ongoing impact to the Company’s results of operations in future periods will be influenced by the loan portfolio composition and by macroeconomic conditions and forecasts at each reporting date. Adoption of the standard is expected to result in higher volatility in the quarterly provision for credit losses when compared to the Company’s historical results under the incurred loss model. |
ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill | |
Description | In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss. |
Date of Adoption | This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017. |
Effect on the Consolidated Financial Statements | The impact to the consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
December 31, 2019 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 9,914 | $ | 204 | $ | (4 | ) | $ | 10,114 | |||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | 604,934 | 5,784 | (1,511 | ) | 609,207 | |||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 56,005 | 1,561 | (5 | ) | 57,561 | |||||||||||
Collateralized loan obligations | 239,364 | 7 | (1,153 | ) | 238,218 | |||||||||||
Obligations of state and political subdivisions | 30,548 | 1,208 | (1 | ) | 31,755 | |||||||||||
Totals | $ | 940,765 | $ | 8,764 | $ | (2,674 | ) | $ | 946,855 | |||||||
Debt Securities Held-to-Maturity | ||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | $ | 261,369 | $ | 2,717 | $ | (1,873 | ) | $ | 262,213 | |||||||
Totals | $ | 261,369 | $ | 2,717 | $ | (1,873 | ) | $ | 262,213 |
December 31, 2018 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Debt Securities Available-for-Sale | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 7,200 | $ | 106 | $ | (6 | ) | $ | 7,300 | |||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | 567,753 | 300 | (14,047 | ) | 554,006 | |||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 55,569 | 560 | (401 | ) | 55,728 | |||||||||||
Collateralized loan obligations | 212,807 | 1 | (3,442 | ) | 209,366 | |||||||||||
Obligations of state and political subdivisions | 39,543 | 339 | (451 | ) | 39,431 | |||||||||||
Totals | $ | 882,872 | $ | 1,306 | $ | (18,347 | ) | $ | 865,831 | |||||||
Debt Securities Held-to-Maturity | ||||||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | $ | 304,423 | $ | — | $ | (7,324 | ) | $ | 297,099 | |||||||
Private mortgage-backed securities and collateralized mortgage obligations | 21,526 | 277 | (130 | ) | 21,673 | |||||||||||
Collateralized loan obligations | 32,000 | — | (877 | ) | 31,123 | |||||||||||
Totals | $ | 357,949 | $ | 277 | $ | (8,331 | ) | $ | 349,895 |
December 31, 2018 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 7,200 | $ | 106 | $ | (6 | ) | $ | 7,300 | |||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | 567,753 | 300 | (14,047 | ) | 554,006 | |||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 55,569 | 560 | (401 | ) | 55,728 | |||||||||||
Collateralized loan obligations | 212,807 | 1 | (3,442 | ) | 209,366 | |||||||||||
Obligations of state and political subdivisions | 39,543 | 339 | (451 | ) | 39,431 | |||||||||||
$ | 882,872 | $ | 1,306 | $ | (18,347 | ) | $ | 865,831 | ||||||||
Debt Securities Held to Maturity | ||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 304,423 | $ | — | $ | (7,324 | ) | $ | 297,099 | |||||||
Private mortgage-backed securities and collateralized mortgage obligations | 21,526 | 277 | (130 | ) | 21,673 | |||||||||||
Collateralized loan obligations | 32,000 | — | (877 | ) | 31,123 | |||||||||||
$ | 357,949 | $ | 277 | $ | (8,331 | ) | $ | 349,895 |
December 31, 2017 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Debt Securities Available for Sale | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 9,475 | $ | 274 | $ | (5 | ) | $ | 9,744 | |||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities | 560,396 | 1,163 | (8,034 | ) | 553,525 | |||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 75,152 | 1,154 | (285 | ) | 76,021 | |||||||||||
Collateralized loan obligations | 263,579 | 798 | (68 | ) | 264,309 | |||||||||||
Obligations of state and political subdivisions | 45,118 | 813 | (70 | ) | 45,861 | |||||||||||
$ | 953,720 | $ | 4,202 | $ | (8,462 | ) | $ | 949,460 | ||||||||
Debt Securities Held to Maturity | ||||||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | $ | 353,541 | $ | 802 | $ | (4,159 | ) | $ | 350,184 | |||||||
Private mortgage-backed securities and collateralized mortgage obligations | 22,799 | 714 | (53 | ) | 23,460 | |||||||||||
Collateralized loan obligations | 40,523 | 303 | — | 40,826 | ||||||||||||
$ | 416,863 | $ | 1,819 | $ | (4,212 | ) | $ | 414,470 |
Held-to-Maturity | Available-for-Sale | |||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in less than one year | $ | — | $ | — | $ | 3,472 | $ | 3,523 | ||||||||
Due after one year through five years | — | — | 8,582 | 8,698 | ||||||||||||
Due after five years through ten years | — | — | 10,488 | 10,979 | ||||||||||||
Due after ten years | — | — | 17,920 | 18,669 | ||||||||||||
— | — | 40,462 | 41,869 | |||||||||||||
Mortgage-backed securities of U.S. government sponsored entities | 261,369 | 262,213 | 604,934 | 609,207 | ||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | — | — | 56,005 | 57,561 | ||||||||||||
Collateralized loan obligations | — | — | 239,364 | 238,218 | ||||||||||||
Totals | $ | 261,369 | $ | 262,213 | $ | 940,765 | $ | 946,855 |
Held to Maturity | Available for Sale | |||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due in less than one year | $ | — | $ | — | $ | 12,190 | $ | 12,131 | ||||||||
Due after one year through five years | — | — | 88,402 | 87,808 | ||||||||||||
Due after five years through ten years | 32,000 | 31,123 | 155,493 | 152,707 | ||||||||||||
Due after ten years | — | 3,465 | 3,451 | |||||||||||||
32,000 | 31,123 | 259,550 | 256,097 | |||||||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities | 304,423 | 297,099 | 567,753 | 554,006 | ||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 21,526 | 21,673 | 55,569 | 55,728 | ||||||||||||
$ | 357,949 | $ | 349,895 | $ | 882,872 | $ | 865,831 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 99 | $ | (1 | ) | $ | 642 | $ | (5 | ) | $ | 741 | $ | (6 | ) | |||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 200,184 | (2,235 | ) | 623,420 | (19,136 | ) | 823,604 | (21,371 | ) | |||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 758 | $ | (4 | ) | $ | — | $ | — | $ | 758 | $ | (4 | ) | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | 220,057 | (1,461 | ) | 104,184 | (1,923 | ) | 324,241 | (3,384 | ) | |||||||||||||||||||||||||||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 20,071 | (344 | ) | 12,739 | (187 | ) | 32,810 | (531 | ) | 2,978 | (5 | ) | — | — | 2,978 | (5 | ) | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 238,894 | (4,319 | ) | — | — | 238,894 | (4,319 | ) | 88,680 | (570 | ) | 110,767 | (583 | ) | 199,447 | (1,153 | ) | |||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 19,175 | (241 | ) | 9,553 | (210 | ) | 28,728 | (451 | ) | 515 | (1 | ) | — | — | 515 | (1 | ) | |||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 478,423 | $ | (7,140 | ) | $ | 646,354 | $ | (19,538 | ) | $ | 1,124,777 | $ | (26,678 | ) | $ | 312,988 | $ | (2,041 | ) | $ | 214,951 | $ | (2,506 | ) | $ | 527,939 | $ | (4,547 | ) |
December 31, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities | $ | 1,107 | $ | (5 | ) | $ | — | $ | — | $ | 1,107 | $ | (5 | ) | ||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 304,723 | (2,047 | ) | 413,725 | (10,146 | ) | 718,448 | (12,193 | ) | |||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | — | — | 20,744 | (338 | ) | 20,744 | (338 | ) | ||||||||||||||||
Collateralized loan obligations | 14,933 | (68 | ) | — | — | 14,933 | (68 | ) | ||||||||||||||||
Obligations of state and political subdivisions | 5,414 | (14 | ) | 5,864 | (56 | ) | 11,278 | (70 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 326,177 | $ | (2,134 | ) | $ | 440,333 | $ | (10,540 | ) | $ | 766,510 | $ | (12,674 | ) |
December 31, 2018 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies | $ | 99 | $ | (1 | ) | $ | 642 | $ | (5 | ) | $ | 741 | $ | (6 | ) | |||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | 200,184 | (2,235 | ) | 623,420 | (19,136 | ) | 823,604 | (21,371 | ) | |||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 20,071 | (344 | ) | 12,739 | (187 | ) | 32,810 | (531 | ) | |||||||||||||||
Collateralized loan obligations | 238,894 | (4,319 | ) | — | — | 238,894 | (4,319 | ) | ||||||||||||||||
Obligations of state and political subdivisions | 19,175 | (241 | ) | 9,553 | (210 | ) | 28,728 | (451 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 478,423 | $ | (7,140 | ) | $ | 646,354 | $ | (19,538 | ) | $ | 1,124,777 | $ | (26,678 | ) |
• | Construction and Land Development Loans: The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from proceeds of the sale, refinancing, or permanent financing of the property. |
• | Commercial Real Estate Loans: Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on rental income from the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. |
• | Residential Real Estate Loans: The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations. |
• | Commercial and Financial Loans: Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are based primarily on the historical and projected cash flow of the borrower and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types. |
• | Consumer Loans: The Company originates consumer loans including installment loans and revolving lines, loans for automobiles, boats, and other personal, family and household purposes. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower are considered during the underwriting process. |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
Construction and land development | $ | 301,473 | $ | 151 | $ | 141,944 | $ | 443,568 | $ | 281,335 | $ | 160 | $ | 43,618 | $ | 325,113 | ||||||||||||||||
Commercial real estate | 1,437,989 | 10,828 | 683,249 | 2,132,066 | 1,834,811 | 10,217 | 533,943 | 2,378,971 | ||||||||||||||||||||||||
Residential real estate | 1,055,525 | 2,718 | 266,134 | 1,324,377 | 1,304,305 | 1,710 | 201,848 | 1,507,863 | ||||||||||||||||||||||||
Commercial and financial | 603,057 | 737 | 118,528 | 722,322 | 697,301 | 579 | 80,372 | 778,252 | ||||||||||||||||||||||||
Consumer | 190,207 | — | 12,674 | 202,881 | 200,166 | — | 8,039 | 208,205 | ||||||||||||||||||||||||
Total Loans(1) | $ | 3,588,251 | $ | 14,434 | $ | 1,222,529 | $ | 4,825,214 | ||||||||||||||||||||||||
Total Loans1 | $ | 4,317,918 | $ | 12,666 | $ | 867,820 | $ | 5,198,404 |
December 31, 2018 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Loans | ||||||||||||||||
Construction and land development | $ | 301,473 | $ | 151 | $ | 141,944 | $ | 443,568 | ||||||||
Commercial real estate | 1,437,989 | 10,828 | 683,249 | 2,132,066 | ||||||||||||
Residential real estate | 1,055,525 | 2,718 | 266,134 | 1,324,377 | ||||||||||||
Commercial and financial | 603,057 | 737 | 118,528 | 722,322 | ||||||||||||
Consumer | 190,207 | — | 12,674 | 202,881 | ||||||||||||
Total Loans1 | $ | 3,588,251 | $ | 14,434 | $ | 1,222,529 | $ | 4,825,214 | ||||||||
1Loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively. |
December 31, 2017 | ||||||||||||||||
(In thousands) | Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
Loans | ||||||||||||||||
Construction and land development | $ | 215,315 | $ | 1,121 | $ | 126,689 | $ | 343,125 | ||||||||
Commercial real estate | 1,170,618 | 9,776 | 459,598 | 1,639,992 | ||||||||||||
Residential real estate | 845,420 | 5,626 | 187,764 | 1,038,810 | ||||||||||||
Commercial and financial | 512,430 | 894 | 92,690 | 606,014 | ||||||||||||
Consumer | 178,826 | — | 10,610 | 189,436 | ||||||||||||
Total Loans(1) | $ | 2,922,609 | $ | 17,417 | $ | 877,351 | $ | 3,817,377 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing 30-59 Days | Accruing 60-89 Days | Accruing Greater Than | Total Financing | Accruing 30-59 Days | Accruing 60-89 Days | Accruing Greater Than | Total Financing | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Current | Past Due | Past Due | 90 Days | Nonaccrual | Receivables | Current | Past Due | Past Due | 90 Days | Nonaccrual | Receivables | ||||||||||||||||||||||||||||||||||||
Portfolio Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 301,348 | $ | 97 | $ | — | $ | — | $ | 28 | $ | 301,473 | $ | 276,984 | $ | — | $ | — | $ | — | $ | 4,351 | $ | 281,335 | ||||||||||||||||||||||||
Commercial real estate | 1,427,413 | 3,852 | 97 | 141 | 6,486 | 1,437,989 | 1,828,629 | 1,606 | 220 | — | 4,356 | 1,834,811 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 1,044,375 | 2,524 | 525 | 295 | 7,806 | 1,055,525 | 1,294,778 | 1,564 | 18 | — | 7,945 | 1,304,305 | ||||||||||||||||||||||||||||||||||||
Commercial and financial | 594,930 | 5,186 | 1,661 | — | 1,280 | 603,057 | 690,412 | 2,553 | — | 108 | 4,228 | 697,301 | ||||||||||||||||||||||||||||||||||||
Consumer | 189,061 | 637 | 326 | — | 183 | 190,207 | 199,424 | 317 | 315 | — | 110 | 200,166 | ||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | 3,557,127 | 12,296 | 2,609 | 436 | 15,783 | 3,588,251 | 4,290,227 | 6,040 | 553 | 108 | 20,990 | 4,317,918 | ||||||||||||||||||||||||||||||||||||
PULs | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 140,013 | 1,931 | — | — | — | 141,944 | 43,044 | — | — | — | 574 | 43,618 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 680,060 | 1,846 | — | — | 1,343 | 683,249 | 531,325 | 942 | 431 | — | 1,245 | 533,943 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 260,781 | 1,523 | — | 90 | 3,740 | 266,134 | 201,159 | 277 | — | — | 412 | 201,848 | ||||||||||||||||||||||||||||||||||||
Commercial and financial | 116,173 | 342 | — | — | 2,013 | 118,528 | 78,705 | — | — | — | 1,667 | 80,372 | ||||||||||||||||||||||||||||||||||||
Consumer | 12,643 | — | 31 | — | — | 12,674 | 8,039 | — | — | — | — | 8,039 | ||||||||||||||||||||||||||||||||||||
Total PULs | 1,209,670 | 5,642 | 31 | 90 | 7,096 | 1,222,529 | 862,272 | 1,219 | 431 | — | 3,898 | 867,820 | ||||||||||||||||||||||||||||||||||||
PCI Loans | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 135 | — | — | — | 16 | 151 | 148 | — | — | — | 12 | 160 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 8,403 | 1,034 | — | — | 1,391 | 10,828 | 9,298 | — | — | — | 919 | 10,217 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 556 | — | — | — | 2,162 | 2,718 | 587 | — | — | — | 1,123 | 1,710 | ||||||||||||||||||||||||||||||||||||
Commercial and financial | 74 | 635 | — | — | 28 | 737 | 566 | — | — | — | 13 | 579 | ||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total PCI Loans | 9,168 | 1,669 | — | — | 3,597 | 14,434 | 10,599 | — | — | — | 2,067 | 12,666 | ||||||||||||||||||||||||||||||||||||
Total Loans | $ | 4,775,965 | $ | 19,607 | $ | 2,640 | $ | 526 | $ | 26,476 | $ | 4,825,214 | $ | 5,163,098 | $ | 7,259 | $ | 984 | $ | 108 | $ | 26,955 | $ | 5,198,404 |
December 31, 2017 | ||||||||||||||||||||||||
Accruing 30-59 Days | Accruing 60-89 Days | Accruing Greater Than | Total Financing | |||||||||||||||||||||
(In thousands) | Current | Past Due | Past Due | 90 Days | Nonaccrual | Receivables | ||||||||||||||||||
Portfolio Loans | ||||||||||||||||||||||||
Construction and land development | $ | 215,077 | $ | — | $ | — | $ | — | $ | 238 | $ | 215,315 | ||||||||||||
Commercial real estate | 1,165,738 | 2,605 | 585 | — | 1,690 | 1,170,618 | ||||||||||||||||||
Residential real estate | 836,117 | 812 | 75 | — | 8,416 | 845,420 | ||||||||||||||||||
Commercial and financial | 507,501 | 2,776 | 26 | — | 2,127 | 512,430 | ||||||||||||||||||
Consumer | 178,676 | 52 | — | — | 98 | 178,826 | ||||||||||||||||||
Total Portfolio Loans | 2,903,109 | 6,245 | 686 | — | 12,569 | 2,922,609 | ||||||||||||||||||
PULs | ||||||||||||||||||||||||
Construction and land development | 126,655 | 34 | — | — | — | 126,689 | ||||||||||||||||||
Commercial real estate | 457,899 | 979 | — | — | 720 | 459,598 | ||||||||||||||||||
Residential real estate | 186,549 | 128 | 87 | — | 1,000 | 187,764 | ||||||||||||||||||
Commercial and financial | 92,315 | 54 | — | — | 321 | 92,690 | ||||||||||||||||||
Consumer | 10,610 | — | — | — | — | 10,610 | ||||||||||||||||||
Total PULs | 874,028 | 1,195 | 87 | — | 2,041 | 877,351 | ||||||||||||||||||
PCI Loans | ||||||||||||||||||||||||
Construction and land development | 1,121 | — | — | — | — | 1,121 | ||||||||||||||||||
Commercial real estate | 9,352 | — | — | — | 424 | 9,776 | ||||||||||||||||||
Residential real estate | 544 | 642 | — | — | 4,440 | 5,626 | ||||||||||||||||||
Commercial and financial | 844 | — | — | — | 50 | 894 | ||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||
Total PCI Loans | 11,861 | 642 | — | — | 4,914 | 17,417 | ||||||||||||||||||
Total Loans | $ | 3,788,998 | $ | 8,082 | $ | 773 | $ | — | $ | 19,524 | $ | 3,817,377 |
December 31, 2018 | ||||||||||||||||||||||||
Accruing 30-59 Days | Accruing 60-89 Days | Accruing Greater Than | Total Financing | |||||||||||||||||||||
(In thousands) | Current | Past Due | Past Due | 90 Days | Nonaccrual | Receivables | ||||||||||||||||||
Portfolio Loans | ||||||||||||||||||||||||
Construction and land development | $ | 301,348 | $ | 97 | $ | — | $ | — | $ | 28 | $ | 301,473 | ||||||||||||
Commercial real estate | 1,427,413 | 3,852 | 97 | 141 | 6,486 | 1,437,989 | ||||||||||||||||||
Residential real estate | 1,044,375 | 2,524 | 525 | 295 | 7,806 | 1,055,525 | ||||||||||||||||||
Commercial and financial | 594,930 | 5,186 | 1,661 | — | 1,280 | 603,057 | ||||||||||||||||||
Consumer | 189,061 | 637 | 326 | — | 183 | 190,207 | ||||||||||||||||||
Total Portfolio Loans | 3,557,127 | 12,296 | 2,609 | 436 | 15,783 | 3,588,251 | ||||||||||||||||||
PULs | ||||||||||||||||||||||||
Construction and land development | 140,013 | 1,931 | — | — | — | 141,944 | ||||||||||||||||||
Commercial real estate | 680,060 | 1,846 | — | — | 1,343 | 683,249 | ||||||||||||||||||
Residential real estate | 260,781 | 1,523 | — | 90 | 3,740 | 266,134 | ||||||||||||||||||
Commercial and financial | 116,173 | 342 | — | — | 2,013 | 118,528 | ||||||||||||||||||
Consumer | 12,643 | — | 31 | — | — | 12,674 | ||||||||||||||||||
Total PULs | 1,209,670 | 5,642 | 31 | 90 | 7,096 | 1,222,529 | ||||||||||||||||||
PCI Loans | ||||||||||||||||||||||||
Construction and land development | 135 | — | — | — | 16 | 151 | ||||||||||||||||||
Commercial real estate | 8,403 | 1,034 | — | — | 1,391 | 10,828 | ||||||||||||||||||
Residential real estate | 556 | — | — | — | 2,162 | 2,718 | ||||||||||||||||||
Commercial and financial | 74 | 635 | — | — | 28 | 737 | ||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||
Total PCI Loans | 9,168 | 1,669 | — | — | 3,597 | 14,434 | ||||||||||||||||||
Total Loans | $ | 4,775,965 | $ | 19,607 | $ | 2,640 | $ | 526 | $ | 26,476 | $ | 4,825,214 |
December 31, 2019 | ||||||||||||||||||||
(In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Net Loans | ||||||||||||||||||||
Construction and land development | $ | 317,765 | $ | 2,235 | $ | 5,113 | $ | — | $ | 325,113 | ||||||||||
Commercial real estate | 2,331,725 | 26,827 | 20,098 | 321 | 2,378,971 | |||||||||||||||
Residential real estate | 1,482,278 | 7,364 | 18,221 | — | 1,507,863 | |||||||||||||||
Commercial and financial | 755,957 | 11,925 | 9,496 | 874 | 778,252 | |||||||||||||||
Consumer | 203,966 | 3,209 | 1,030 | — | 208,205 | |||||||||||||||
Total Net Loans | $ | 5,091,691 | $ | 51,560 | $ | 53,958 | $ | 1,195 | $ | 5,198,404 |
December 31, 2018 | ||||||||||||||||||||
(In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Net Loans | ||||||||||||||||||||
Construction and land development | $ | 428,044 | $ | 10,429 | $ | 5,095 | $ | — | $ | 443,568 | ||||||||||
Commercial real estate | 2,063,589 | 41,429 | 27,048 | — | 2,132,066 | |||||||||||||||
Residential real estate | 1,296,634 | 3,654 | 24,089 | — | 1,324,377 | |||||||||||||||
Commercial and financial | 707,663 | 8,387 | 6,247 | 25 | 722,322 | |||||||||||||||
Consumer | 198,367 | 3,397 | 1,117 | — | 202,881 | |||||||||||||||
Total Net Loans | $ | 4,694,297 | $ | 67,296 | $ | 63,596 | $ | 25 | $ | 4,825,214 |
December 31, 2017 | ||||||||||||||||||||
(In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
Net Loans | ||||||||||||||||||||
Construction and land development | $ | 328,127 | $ | 10,414 | $ | 4,584 | $ | — | $ | 343,125 | ||||||||||
Commercial real estate | 1,586,932 | 29,273 | 23,787 | — | 1,639,992 | |||||||||||||||
Residential real estate | 1,023,925 | 4,621 | 10,203 | 61 | 1,038,810 | |||||||||||||||
Commercial and financial | 593,689 | 3,237 | 8,838 | 250 | 606,014 | |||||||||||||||
Consumer | 189,354 | — | 82 | — | 189,436 | |||||||||||||||
Total Net Loans | $ | 3,722,027 | $ | 47,545 | $ | 47,494 | $ | 311 | $ | 3,817,377 |
December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Beginning balance | $ | 2,924 | $ | 3,699 | $ | 3,807 | ||||||
Additions | — | — | 763 | |||||||||
Deletions | — | (43 | ) | (11 | ) | |||||||
Accretion | (1,778 | ) | (1,291 | ) | (1,647 | ) | ||||||
Reclassifications from non-accretable difference | 703 | 559 | 787 | |||||||||
Ending Balance | $ | 1,849 | $ | 2,924 | $ | 3,699 |
December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Beginning balance | $ | 3,699 | $ | 3,807 | $ | 2,610 | ||||||
Additions | — | 763 | 2,052 | |||||||||
Deletions | (43 | ) | (11 | ) | (15 | ) | ||||||
Accretion | (1,291 | ) | (1,647 | ) | (1,734 | ) | ||||||
Reclassifications from non-accretable difference | 559 | 787 | 894 | |||||||||
Ending Balance | $ | 2,924 | $ | 3,699 | $ | 3,807 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||
Recorded | Unpaid Principal | Related Valuation | Recorded | Unpaid Principal | Related Valuation | |||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||
Impaired Loans with No Related Allowance Recorded: | ||||||||||||||||||||||||
Construction and land development | $ | 15 | $ | 229 | $ | — | $ | 4,995 | $ | 5,186 | $ | — | ||||||||||||
Commercial real estate | 3,852 | 5,138 | — | 6,070 | 7,590 | — | ||||||||||||||||||
Residential real estate | 13,510 | 18,111 | — | 9,470 | 14,182 | — | ||||||||||||||||||
Commercial and financial | 1,191 | 1,414 | — | 3,485 | 4,475 | — | ||||||||||||||||||
Consumer | 280 | 291 | — | 111 | 125 | — | ||||||||||||||||||
Impaired Loans with an Allowance Recorded: | ||||||||||||||||||||||||
Construction and land development | 196 | 211 | 22 | 62 | 78 | 14 | ||||||||||||||||||
Commercial real estate | 9,786 | 12,967 | 369 | 4,196 | 4,196 | 220 | ||||||||||||||||||
Residential real estate | 5,537 | 5,664 | 805 | 4,914 | 4,914 | 834 | ||||||||||||||||||
Commercial and financial | 2,131 | 2,309 | 1,498 | 2,567 | 3,115 | 1,731 | ||||||||||||||||||
Consumer | 202 | 211 | 34 | 226 | 239 | 59 | ||||||||||||||||||
Total Impaired Loans | ||||||||||||||||||||||||
Construction and land development | 211 | 440 | 22 | 5,057 | 5,264 | 14 | ||||||||||||||||||
Commercial real estate | 13,638 | 18,105 | 369 | 10,266 | 11,786 | 220 | ||||||||||||||||||
Residential real estate | 19,047 | 23,775 | 805 | 14,384 | 19,096 | 834 | ||||||||||||||||||
Commercial and financial | 3,322 | 3,723 | 1,498 | 6,052 | 7,590 | 1,731 | ||||||||||||||||||
Consumer | 482 | 502 | 34 | 337 | 364 | 59 | ||||||||||||||||||
Total Impaired Loans | $ | 36,700 | $ | 46,545 | $ | 2,728 | $ | 36,096 | $ | 44,100 | $ | 2,858 |
December 31, 2017 | ||||||||||||
Recorded | Unpaid Principal | Related Valuation | ||||||||||
(In thousands) | Investment | Balance | Allowance | |||||||||
Impaired Loans with No Related Allowance Recorded: | ||||||||||||
Construction and land development | $ | 223 | $ | 510 | $ | — | ||||||
Commercial real estate | 3,475 | 4,873 | — | |||||||||
Residential real estate | 10,272 | 15,063 | — | |||||||||
Commercial and financial | 19 | 29 | — | |||||||||
Consumer | 105 | 180 | — | |||||||||
Impaired Loans with an Allowance Recorded: | ||||||||||||
Construction and land development | 251 | 264 | 23 | |||||||||
Commercial real estate | 4,780 | 4,780 | 195 | |||||||||
Residential real estate | 8,448 | 8,651 | 1,091 | |||||||||
Commercial and financial | 2,436 | 883 | 1,050 | |||||||||
Consumer | 282 | 286 | 43 | |||||||||
Total Impaired Loans | ||||||||||||
Construction and land development | 474 | 774 | 23 | |||||||||
Commercial real estate | 8,255 | 9,653 | 195 | |||||||||
Residential real estate | 18,720 | 23,714 | 1,091 | |||||||||
Commercial and financial | 2,455 | 912 | 1,050 | |||||||||
Consumer | 387 | 466 | 43 | |||||||||
Total Impaired Loans | $ | 30,291 | $ | 35,519 | $ | 2,402 |
December 31, 2018 | ||||||||||||
Recorded | Unpaid Principal | Related Valuation | ||||||||||
(In thousands) | Investment | Balance | Allowance | |||||||||
Impaired Loans with No Related Allowance Recorded: | ||||||||||||
Construction and land development | $ | 15 | $ | 229 | $ | — | ||||||
Commercial real estate | 3,852 | 5,138 | — | |||||||||
Residential real estate | 13,510 | 18,111 | — | |||||||||
Commercial and financial | 1,191 | 1,414 | — | |||||||||
Consumer | 280 | 291 | — | |||||||||
Impaired Loans with an Allowance Recorded: | ||||||||||||
Construction and land development | 196 | 211 | 22 | |||||||||
Commercial real estate | 9,786 | 12,967 | 369 | |||||||||
Residential real estate | 5,537 | 5,664 | 805 | |||||||||
Commercial and financial | 2,131 | 2,309 | 1,498 | |||||||||
Consumer | 202 | 211 | 34 | |||||||||
Total Impaired Loans | ||||||||||||
Construction and land development | 211 | 440 | 22 | |||||||||
Commercial real estate | 13,638 | 18,105 | 369 | |||||||||
Residential real estate | 19,047 | 23,775 | 805 | |||||||||
Commercial and financial | 3,322 | 3,723 | 1,498 | |||||||||
Consumer | 482 | 502 | 34 | |||||||||
Total Impaired Loans | $ | 36,700 | $ | 46,545 | $ | 2,728 |
(In thousands) | Beginning Balance | Provision for Loan Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Construction and land development | $ | 2,233 | $ | (421 | ) | $ | — | $ | 31 | $ | (1 | ) | $ | 1,842 | ||||||||||
Commercial real estate | 11,112 | 1,677 | (248 | ) | 744 | (61 | ) | 13,224 | ||||||||||||||||
Residential real estate | 7,775 | (231 | ) | (152 | ) | 338 | (63 | ) | 7,667 | |||||||||||||||
Commercial and financial | 8,585 | 7,969 | (7,550 | ) | 712 | — | 9,716 | |||||||||||||||||
Consumer | 2,718 | 2,005 | (2,609 | ) | 595 | (4 | ) | 2,705 | ||||||||||||||||
Total | $ | 32,423 | $ | 10,999 | $ | (10,559 | ) | $ | 2,420 | $ | (129 | ) | $ | 35,154 | ||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Construction and land development | $ | 1,642 | $ | 564 | $ | — | $ | 27 | $ | — | $ | 2,233 | ||||||||||||
Commercial real estate | 9,285 | 4,736 | (3,139 | ) | 292 | (62 | ) | 11,112 | ||||||||||||||||
Residential real estate | 7,131 | 29 | (80 | ) | 816 | (121 | ) | 7,775 | ||||||||||||||||
Commercial and financial | 7,297 | 4,359 | (3,396 | ) | 325 | — | 8,585 | |||||||||||||||||
Consumer | 1,767 | 2,042 | (1,411 | ) | 329 | (9 | ) | 2,718 | ||||||||||||||||
Total | $ | 27,122 | $ | 11,730 | $ | (8,026 | ) | $ | 1,789 | $ | (192 | ) | $ | 32,423 | ||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction and land development | $ | 1,219 | $ | (471 | ) | $ | — | $ | 896 | $ | (2 | ) | $ | 1,642 | ||||||||||
Commercial real estate | 9,273 | (264 | ) | (407 | ) | 747 | (64 | ) | 9,285 | |||||||||||||||
Residential real estate | 7,483 | 125 | (569 | ) | 336 | (244 | ) | 7,131 | ||||||||||||||||
Commercial and financial | 3,636 | 5,304 | (1,869 | ) | 226 | — | 7,297 | |||||||||||||||||
Consumer | 1,789 | 954 | (1,257 | ) | 290 | (9 | ) | 1,767 | ||||||||||||||||
Total | $ | 23,400 | $ | 5,648 | $ | (4,102 | ) | $ | 2,495 | $ | (319 | ) | $ | 27,122 |
(In thousands) | Beginning Balance | Provision for Loan Losses | Charge- Offs | Recoveries | TDR Allowance Adjustments | Ending Balance | ||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Construction and land development | $ | 1,642 | $ | 564 | $ | — | $ | 27 | $ | — | $ | 2,233 | ||||||||||||
Commercial real estate | 9,285 | 4,736 | (3,139 | ) | 292 | (62 | ) | 11,112 | ||||||||||||||||
Residential real estate | 7,131 | 29 | (80 | ) | 816 | (121 | ) | 7,775 | ||||||||||||||||
Commercial and financial | 7,297 | 4,359 | (3,396 | ) | 325 | — | 8,585 | |||||||||||||||||
Consumer | 1,767 | 2,042 | (1,411 | ) | 329 | (9 | ) | 2,718 | ||||||||||||||||
Total | $ | 27,122 | $ | 11,730 | $ | (8,026 | ) | $ | 1,789 | $ | (192 | ) | $ | 32,423 | ||||||||||
December 31, 2017 | ||||||||||||||||||||||||
Construction and land development | $ | 1,219 | $ | (471 | ) | $ | — | $ | 896 | $ | (2 | ) | $ | 1,642 | ||||||||||
Commercial real estate | 9,273 | (264 | ) | (407 | ) | 747 | (64 | ) | 9,285 | |||||||||||||||
Residential real estate | 7,483 | 125 | (569 | ) | 336 | (244 | ) | 7,131 | ||||||||||||||||
Commercial and financial | 3,636 | 5,304 | (1,869 | ) | 226 | — | 7,297 | |||||||||||||||||
Consumer | 1,789 | 954 | (1,257 | ) | 290 | (9 | ) | 1,767 | ||||||||||||||||
Total | $ | 23,400 | $ | 5,648 | $ | (4,102 | ) | $ | 2,495 | $ | (319 | ) | $ | 27,122 | ||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Construction and land development | $ | 1,151 | $ | (150 | ) | $ | — | $ | 226 | $ | (8 | ) | $ | 1,219 | ||||||||||
Commercial real estate | 6,756 | 2,599 | (256 | ) | 306 | (132 | ) | 9,273 | ||||||||||||||||
Residential real estate | 8,057 | (1,069 | ) | (205 | ) | 786 | (86 | ) | 7,483 | |||||||||||||||
Commercial and financial | 2,042 | 224 | (439 | ) | 1,809 | — | 3,636 | |||||||||||||||||
Consumer | 1,122 | 807 | (244 | ) | 109 | (5 | ) | 1,789 | ||||||||||||||||
Total | $ | 19,128 | $ | 2,411 | $ | (1,144 | ) | $ | 3,236 | $ | (231 | ) | $ | 23,400 |
December 31, 2018 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 211 | $ | 22 | $ | 443,206 | $ | 2,211 | $ | 443,417 | $ | 2,233 | $ | 5,057 | $ | 14 | $ | 319,896 | $ | 1,828 | $ | 324,953 | $ | 1,842 | ||||||||||||||||||||||||
Commercial real estate | 13,638 | 369 | 2,107,600 | 10,743 | 2,121,238 | 11,112 | 10,267 | 220 | 2,358,487 | 13,004 | 2,368,754 | 13,224 | ||||||||||||||||||||||||||||||||||||
Residential real estate | 19,047 | 805 | 1,302,612 | 6,970 | 1,321,659 | 7,775 | 14,383 | 834 | 1,491,770 | 6,833 | 1,506,153 | 7,667 | ||||||||||||||||||||||||||||||||||||
Commercial and financial | 3,322 | 1,498 | 718,263 | 7,087 | 721,585 | 8,585 | 6,052 | 1,731 | 771,621 | 7,985 | 777,673 | 9,716 | ||||||||||||||||||||||||||||||||||||
Consumer | 482 | 34 | 202,399 | 2,684 | 202,881 | 2,718 | 337 | 59 | 207,868 | 2,646 | 208,205 | 2,705 | ||||||||||||||||||||||||||||||||||||
Total | $ | 36,700 | $ | 2,728 | $ | 4,774,080 | $ | 29,695 | $ | 4,810,780 | $ | 32,423 | $ | 36,096 | $ | 2,858 | $ | 5,149,642 | $ | 32,296 | $ | 5,185,738 | $ | 35,154 |
December 31, 2017 | ||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | ||||||||||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||||||||
Construction and land development | $ | 474 | $ | 23 | $ | 341,530 | $ | 1,619 | $ | 342,004 | $ | 1,642 | ||||||||||||
Commercial real estate | 8,255 | 195 | 1,621,960 | 9,090 | 1,630,215 | 9,285 | ||||||||||||||||||
Residential real estate | 18,720 | 1,091 | 1,014,465 | 6,040 | 1,033,185 | 7,131 | ||||||||||||||||||
Commercial and financial | 2,455 | 1,050 | 602,666 | 6,247 | 605,121 | 7,297 | ||||||||||||||||||
Consumer | 387 | 43 | 189,049 | 1,724 | 189,436 | 1,767 | ||||||||||||||||||
Total | $ | 30,291 | $ | 2,402 | $ | 3,769,670 | $ | 24,720 | $ | 3,799,961 | $ | 27,122 |
December 31, 2018 | ||||||||||||||||||||||||
Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | ||||||||||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||||||||
Construction and land development | $ | 211 | $ | 22 | $ | 443,206 | $ | 2,211 | $ | 443,417 | $ | 2,233 | ||||||||||||
Commercial real estate | 13,638 | 369 | 2,107,600 | 10,743 | 2,121,238 | 11,112 | ||||||||||||||||||
Residential real estate | 19,047 | 805 | 1,302,612 | 6,970 | 1,321,659 | 7,775 | ||||||||||||||||||
Commercial and financial | 3,322 | 1,498 | 718,263 | 7,087 | 721,585 | 8,585 | ||||||||||||||||||
Consumer | 482 | 34 | 202,399 | 2,684 | 202,881 | 2,718 | ||||||||||||||||||
Total | $ | 36,700 | $ | 2,728 | $ | 4,774,080 | $ | 29,695 | $ | 4,810,780 | $ | 32,423 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
PCI Loans Individually Evaluated for Impairment | PCI Loans Individually Evaluated for Impairment | |||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||
Construction and land development | $ | 160 | $ | — | $ | 151 | $ | — | ||||||||
Commercial real estate | 10,217 | — | 10,828 | — | ||||||||||||
Residential real estate | 1,710 | — | 2,718 | — | ||||||||||||
Commercial and financial | 579 | — | 737 | — | ||||||||||||
Consumer | — | — | — | — | ||||||||||||
Total | $ | 12,666 | $ | — | $ | 14,434 | $ | — |
December 31, 2018 | December 31, 2017 | |||||||||||||||
PCI Loans Individually Evaluated for Impairment | PCI Loans Individually Evaluated for Impairment | |||||||||||||||
(In thousands) | Recorded Investment | Associated Allowance | Recorded Investment | Associated Allowance | ||||||||||||
Construction and land development | $ | 151 | $ | — | $ | 1,121 | $ | — | ||||||||
Commercial real estate | 10,828 | — | 9,776 | — | ||||||||||||
Residential real estate | 2,718 | — | 5,626 | — | ||||||||||||
Commercial and financial | 737 | — | 894 | — | ||||||||||||
Consumer | — | — | — | — | ||||||||||||
Total | $ | 14,434 | $ | — | $ | 17,417 | $ | — |
(In thousands) | Cost | Accumulated Depreciation & Amortization | Net Carrying Value | |||||||||
December 31, 2019 | ||||||||||||
Premises (including land of $18,546) | $ | 83,020 | $ | (26,180 | ) | $ | 56,840 | |||||
Furniture and equipment | 37,364 | (27,589 | ) | 9,775 | ||||||||
Total | $ | 120,384 | $ | (53,769 | ) | $ | 66,615 | |||||
December 31, 2018 | ||||||||||||
Premises (including land of $18,546) | $ | 85,027 | $ | (26,107 | ) | $ | 58,920 | |||||
Furniture and equipment | 36,892 | (24,788 | ) | 12,104 | ||||||||
Total | $ | 121,919 | $ | (50,895 | ) | $ | 71,024 |
(In thousands) | Cost | Accumulated Depreciation & Amortization | Net Carrying Value | |||||||||
December 31, 2018 | ||||||||||||
Premises (including land of $18,546) | $ | 85,027 | $ | (26,107 | ) | $ | 58,920 | |||||
Furniture and equipment | 36,892 | (24,788 | ) | 12,104 | ||||||||
Total | $ | 121,919 | $ | (50,895 | ) | $ | 71,024 | |||||
December 31, 2017 | ||||||||||||
Premises (including land of $18,269) | $ | 78,255 | $ | (24,045 | ) | $ | 54,210 | |||||
Furniture and equipment | 34,532 | (21,859 | ) | 12,673 | ||||||||
Total | $ | 112,787 | $ | (45,904 | ) | $ | 66,883 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Beginning of year | $ | 204,753 | $ | 147,578 | $ | 64,649 | ||||||
Changes from business combinations | 533 | 57,175 | 82,929 | |||||||||
Total | $ | 205,286 | $ | 204,753 | $ | 147,578 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Beginning of year | $ | 147,578 | $ | 64,649 | $ | 25,211 | ||||||
Changes from business combinations | 57,175 | 82,929 | 39,438 | |||||||||
Total | $ | 204,753 | $ | 147,578 | $ | 64,649 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Beginning of year | $ | 24,807 | $ | 18,937 | $ | 14,572 | ||||||
Acquired CDI, including measurement period adjustments | (676 | ) | 10,170 | 7,726 | ||||||||
Amortization expense | (5,826 | ) | (4,300 | ) | (3,361 | ) | ||||||
End of year | $ | 18,305 | $ | 24,807 | $ | 18,937 | ||||||
(In months) | ||||||||||||
Remaining average amortization period for CDI | 47 | 58 | 63 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Beginning of year | $ | 18,937 | $ | 14,572 | $ | 8,594 | ||||||
Acquired CDI | 10,170 | 7,726 | 8,464 | |||||||||
Amortization expense | (4,300 | ) | (3,361 | ) | (2,486 | ) | ||||||
End of year | $ | 24,807 | $ | 18,937 | $ | 14,572 | ||||||
(In months) | ||||||||||||
Remaining average amortization period for CDI | 58 | 63 | 64 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Deposit base | $ | 36,015 | $ | (17,710 | ) | $ | 36,691 | $ | (11,884 | ) |
December 31, 2018 | December 31, 2017 | |||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||
Deposit base | $ | 36,691 | $ | (11,884 | ) | $ | 26,522 | $ | (7,585 | ) |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Maximum amount outstanding at any month end | $ | 193,388 | $ | 341,213 | $ | 216,094 | ||||||
Weighted average interest rate at end of year | 1.17 | % | 1.14 | % | 0.71 | % | ||||||
Average amount outstanding | $ | 106,142 | $ | 200,839 | $ | 171,686 | ||||||
Weighted average interest rate during the year | 1.35 | % | 0.90 | % | 0.46 | % |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Maximum amount outstanding at any month end | $ | 341,213 | $ | 216,094 | $ | 236,099 | ||||||
Weighted average interest rate at end of year | 1.14 | % | 0.71 | % | 0.31 | % | ||||||
Average amount outstanding | $ | 200,839 | $ | 171,686 | $ | 187,560 | ||||||
Weighted average interest rate during the year | 0.90 | % | 0.46 | % | 0.26 | % |
December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Fair value of pledged securities - overnight and continuous: | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | $ | 94,354 | $ | 246,829 | $ | 248,654 |
December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Fair value of pledged securities – overnight and continuous | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 246,829 | $ | 216,094 | $ | 204,202 |
(In thousands) | ||||||||||||||||||||||
Description | Issuance Date | Acquisition Date1 | Maturity Date | Junior Subordinated Debt | Trust Preferred Securities | Common Equity Securities | Contractual Interest Rate | Interest Rate at December 31, 2019 | ||||||||||||||
SBCF Capital Trust I | 3/31/2005 | n/a | 3/31/2035 | $ | 20,619 | $ | 20,000 | $ | 619 | 3 month LIBOR +175bps | 3.69% | |||||||||||
SBCF Statutory Trust II | 12/16/2005 | n/a | 12/16/2035 | 20,619 | 20,000 | 619 | 3 month LIBOR +133bps | 3.22% | ||||||||||||||
SBCF Statutory Trust III | 6/29/2007 | n/a | 6/15/2037 | 12,372 | 12,000 | 372 | 3 month LIBOR +135bps | 3.24% | ||||||||||||||
BANKshares, Inc. Statutory Trust I | 12/19/2002 | 10/1/2014 | 12/26/2032 | 5,155 | 5,000 | 155 | 3 month LIBOR +325bps | 5.20% | ||||||||||||||
BANKshares, Inc. Statutory Trust II | 3/17/2004 | 10/1/2014 | 3/17/2034 | 4,124 | 4,000 | 124 | 3 month LIBOR +279bps | 4.69% | ||||||||||||||
BANKshares, Inc. Capital Trust I | 12/15/2005 | 10/1/2014 | 12/15/2035 | 5,155 | 5,000 | 155 | 3 month LIBOR +139bps | 3.30% | ||||||||||||||
Grand Bank Capital Trust I | 10/29/2004 | 7/17/2015 | 10/29/2034 | 7,217 | 7,000 | 217 | 3 month LIBOR +198bps | 3.94% | ||||||||||||||
$ | 75,261 | $ | 73,000 | $ | 2,261 | |||||||||||||||||
1Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity. |
For the Year Ended December 31, | |||||||||||
(In thousands) | 2019 | 2018 | 2017 | ||||||||
Share-based compensation expense | $ | 7,244 | $ | 7,823 | 5,267 | ||||||
Income tax benefit | (1,723 | ) | (1,911 | ) | (1,966 | ) |
For the Year Ended December 31, | |||||||||||
(In thousands) | 2018 | 2017 | 2016 | ||||||||
Share-based compensation expense | $ | 7,823 | $ | 5,267 | 4,154 | ||||||
Income tax benefit | (1,911 | ) | (1,966 | ) | (1,602 | ) |
(In thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | ||||
Restricted stock awards | $ | 3,577 | 1.6 | |||
Restricted stock units | 3,921 | 1.7 | ||||
Stock options | 697 | 0.9 | ||||
Total | $ | 8,195 | 1.6 |
(In thousands) | Unrecognized Compensation Cost | Weighted-Average Period Remaining (Years) | ||||
Restricted stock awards | $ | 4,637 | 1.5 | |||
Restricted stock units | 4,319 | 1.7 | ||||
Stock options | 1,653 | 1.8 | ||||
Total | $ | 10,609 | 1.7 |
Restricted Award Shares | Weighted-Average Grant-Date Fair Value | ||||||
Non-vested at January 1, 2019 | 295,130 | $ | 24.09 | ||||
Granted | 157,861 | 26.86 | |||||
Forfeited/Canceled | (63,666 | ) | 25.83 | ||||
Vested | (175,374 | ) | 23.54 | ||||
Non-vested at December 31, 2019 | 213,951 | 26.07 |
Restricted Award Shares | Weighted-Average Grant-Date Fair Value | ||||||
Non-vested at January 1, 2018 | 187,511 | $ | 19.18 | ||||
Granted | 242,613 | 26.48 | |||||
Forfeited/Canceled | (15,514 | ) | 25.47 | ||||
Vested | (119,480 | ) | 21.05 | ||||
Non-vested at December 31, 2018 | 295,130 | 24.09 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Shares granted | 157,861 | 242,613 | 114,331 | |||||||||
Weighted-average grant date fair value | $ | 26.86 | $ | 26.48 | $ | 24.08 | ||||||
Fair value of awards vested1 | $ | 4,128 | $ | 2,515 | $ | 1,407 | ||||||
1Based on grant date fair value, in thousands |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Shares granted | 242,613 | 114,331 | 164,599 | |||||||||
Weighted-average grant date fair value | $ | 26.48 | $ | 24.08 | $ | 16.03 | ||||||
Fair value of awards vested(1) | $ | 2,515 | $ | 1,407 | $ | 1,981 | ||||||
(1)Based on grant date fair value |
Restricted Award Shares | Weighted-Average Grant-Date Fair Value | ||||||
Non-vested at January 1, 2019 | 503,111 | $ | 19.69 | ||||
Granted | 75,002 | 30.02 | |||||
Forfeited/Canceled | (8,242 | ) | 20.29 | ||||
Vested | (187,941 | ) | 15.24 | ||||
Non-vested at December 31, 2019 | 381,930 | 23.89 |
Restricted Award Shares | Weighted-Average Grant-Date Fair Value | ||||||
Non-vested at January 1, 2018 | 375,967 | $ | 16.96 | ||||
Granted | 173,193 | 24.02 | |||||
Forfeited/Canceled | (247 | ) | 10.50 | ||||
Vested | (82,077 | ) | 13.34 | ||||
Non-vested at December 31, 2018 | 466,836 | 20.22 |
For the Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Shares granted | 75,002 | 173,193 | 164,268 | |||||||||
Weighted-average grant date fair value | $ | 30.02 | $ | 24.02 | $ | 23.94 | ||||||
Fair value of awards vested1 | $ | 2,864 | $ | 1,095 | $ | 937 | ||||||
1Based on grant date fair value |
For the Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Shares granted | 173,193 | 164,268 | 136,188 | |||||||||
Weighted-average grant date fair value | $ | 24.02 | $ | 23.94 | $ | 13.53 | ||||||
Fair value of awards vested(1) | $ | 1,095 | $ | 937 | $ | 846 | ||||||
(1)Based on grant date fair value |
For the Year Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Risk-free interest rates | 2.53 | % | 2.56 | % | 1.85 | % | |||
Expected dividend yield | — | % | — | % | — | % | |||
Expected volatility | 34.5 | % | 26.6 | % | 25.4 | % | |||
Expected lives (years) | 5.0 | 5.0 | 5.0 |
For the Year Ended December 31, | |||||||||
2018 | 2017 | 2016 | |||||||
Risk-free interest rates | 2.56 | % | 1.85 | % | 1.63 | % | |||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||
Expected volatility | 26.6 | % | 25.4 | % | 21.9 | % | |||
Expected lives (years) | 5.0 | 5.0 | 5.0 |
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (000s) | ||||||||||
Outstanding at January 1, 2018 | 951,349 | $ | 17.29 | ||||||||||
Granted | 219,118 | 30.98 | |||||||||||
Exercised | (175,541 | ) | 11.45 | ||||||||||
Forfeited | (61,431 | ) | 11.17 | ||||||||||
Outstanding at December 31, 2018 | 933,495 | 22.00 | 7.09 | $ | 5,569 | ||||||||
Exercisable at December 31, 2018 | 447,033 | 16.50 | 6.04 | 4,511 |
Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (000s) | ||||||||||
Outstanding at January 1, 2019 | 933,495 | $ | 22.00 | ||||||||||
Granted | 3,438 | 28.42 | |||||||||||
Exercised | (28,824 | ) | 14.86 | ||||||||||
Forfeited | (4,330 | ) | 29.17 | ||||||||||
Outstanding at December 31, 2019 | 903,779 | 22.22 | 6.14 | $ | 7,669 | ||||||||
Exercisable at December 31, 2019 | 633,561 | 19.82 | 5.65 | 6,848 |
For the Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Options granted | 3,438 | 219,118 | 297,576 | |||||||||
Weighted-average grant date fair value | $ | 28.42 | $ | 5.65 | $ | 4.66 | ||||||
Intrinsic value of stock options exercised | 277 | 3,045 | 1,143 |
For the Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Options granted | 219,118 | 297,576 | 243,391 | |||||||||
Weighted-average grant date fair value | $ | 5.65 | $ | 4.66 | $ | 3.41 | ||||||
Intrinsic value of stock options exercised | 3,045 | 1,143 | 80 |
Range of Exercise Prices | Options Outstanding | Remaining Contractual Life (Years) | Options Exercisable | Weighted Average Exercise Price | ||||||||
$10.54 to $14.82 | 368,611 | 4.2 | 334,016 | $ | 12.42 | |||||||
$15.99 to $28.69 | 326,909 | 7.1 | 229,824 | 27.16 | ||||||||
$31.15 to $31.15 | 208,259 | 8.2 | 69,721 | 31.15 | ||||||||
Total | 903,779 | 6.1 | 633,561 | $ | 19.82 |
Range of Exercise Prices | Options Outstanding | Remaining Contractual Life (Years) | Options Exercisable | Weighted Average Exercise Price | ||||||||
$10.54 to $14.82 | 391,113 | 5.2 | 311,759 | $ | 12.23 | |||||||
$15.99 to $28.69 | 333,281 | 8.0 | 135,274 | 26.35 | ||||||||
$31.15 to $31.15 | 209,101 | 9.3 | — | — | ||||||||
Total | 933,495 | 7.1 | 447,033 | $ | 16.50 |
2019 | 2018 | 2017 | ||||||||||
ESPP shares purchased | 16,320 | 15,225 | 12,434 | |||||||||
Weighted-average employee purchase price | $ | 25.39 | $ | 26.85 | $ | 22.67 |
2018 | 2017 | 2016 | ||||||||||
ESPP shares purchased | 15,225 | 12,434 | 10,483 | |||||||||
Weighted-average employee purchase price | $ | 26.85 | $ | 22.67 | $ | 16.02 |
(In thousands) | |||
2019 | $ | 6,671 | |
2020 | 5,778 | ||
2021 | 4,515 | ||
2022 | 3,718 | ||
2023 | 2,967 | ||
Thereafter | 13,240 | ||
$ | 36,889 |
(In thousands) | For the Year Ended December 31, 2019 | |||
Operating lease cost | $ | 5,570 | ||
Variable lease cost | 1,211 | |||
Short-term lease cost | 715 | |||
Sublease income | (618 | ) | ||
Total lease cost | $ | 6,878 |
(In thousands, except for weighted average data) | December 31, 2019 | |||
Operating lease right-of-use assets | $ | 26,165 | ||
Operating lease liabilities | 30,098 | |||
Cash paid for amounts included in the measurement of operating lease liabilities | 5,936 | |||
Right-of-use assets obtained in exchange for new operating lease obligations | 1,224 | |||
Weighted average remaining lease term for operating leases | 8.5 years | |||
Weighted average discount rate for operating leases | 4.70 | % |
For the Year Ended December 31, 2019 | (In thousands) | |||
2020 | $ | 5,626 | ||
2021 | 4,965 | |||
2022 | 4,436 | |||
2023 | 3,725 | |||
2024 | 3,734 | |||
Thereafter | 14,498 | |||
Total undiscounted cash flows | 36,984 | |||
Less: Net present value adjustment | (6,886 | ) | ||
Total | $ | 30,098 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Current | ||||||||||||
Federal | $ | 20,954 | $ | 9,078 | $ | 667 | ||||||
State | 1,932 | — | 2 | |||||||||
Deferred | ||||||||||||
Federal | 2,808 | 7,018 | 32,791 | |||||||||
State | 4,179 | 4,163 | 2,876 | |||||||||
$ | 29,873 | $ | 20,259 | $ | 36,336 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Current | ||||||||||||
Federal | $ | 9,078 | $ | 667 | $ | 653 | ||||||
State | — | 2 | 30 | |||||||||
Deferred | ||||||||||||
Federal | 7,018 | 32,791 | 12,163 | |||||||||
State | 4,163 | 2,876 | 2,043 | |||||||||
$ | 20,259 | $ | 36,336 | $ | 14,889 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Tax rate applied to income before income taxes | $ | 27,008 | $ | 18,381 | $ | 27,720 | ||||||
Increase (decrease) resulting from the effects of: | ||||||||||||
Tax law change | — | — | 8,552 | |||||||||
Nondeductible acquisition costs | 125 | 207 | 657 | |||||||||
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance | (1,282 | ) | (667 | ) | (1,445 | ) | ||||||
State income taxes | (1,283 | ) | (874 | ) | (1,007 | ) | ||||||
Tax credit investments | (72 | ) | (33 | ) | (165 | ) | ||||||
Stock compensation | (698 | ) | (918 | ) | (1,027 | ) | ||||||
Other | (36 | ) | — | 173 | ||||||||
Federal tax provision | 23,762 | 16,096 | 33,458 | |||||||||
State tax provision | 6,111 | 4,163 | 2,878 | |||||||||
Total income tax provision | $ | 29,873 | $ | 20,259 | $ | 36,336 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Tax rate applied to income before income taxes | $ | 18,381 | $ | 27,720 | $ | 15,431 | ||||||
Increase (decrease) resulting from the effects of: | ||||||||||||
Tax law change | — | 8,552 | — | |||||||||
Nondeductible acquisition costs | 207 | 657 | 217 | |||||||||
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance | (667 | ) | (1,445 | ) | (1,215 | ) | ||||||
State income taxes | (874 | ) | (1,007 | ) | (726 | ) | ||||||
Tax credit investments | (33 | ) | (165 | ) | (55 | ) | ||||||
Stock compensation | (918 | ) | (1,027 | ) | (731 | ) | ||||||
Other | — | 173 | (105 | ) | ||||||||
Federal tax provision | 16,096 | 33,458 | 12,816 | |||||||||
State tax provision | 4,163 | 2,878 | 2,073 | |||||||||
Total income tax provision | $ | 20,259 | $ | 36,336 | $ | 14,889 |
December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Allowance for loan losses | $ | 8,949 | $ | 8,592 | ||||
Premises and equipment | — | 1,670 | ||||||
Other real estate owned | 8 | 207 | ||||||
Accrued stock compensation | 2,406 | 2,547 | ||||||
Federal tax loss carryforward | 3,601 | 4,699 | ||||||
State tax loss carryforward | 1,110 | 2,912 | ||||||
Alternative minimum tax credit carryforward | 530 | — | ||||||
Lease liabilities | 7,381 | — | ||||||
Net unrealized securities losses | — | 4,658 | ||||||
Deferred compensation | 2,458 | 2,287 | ||||||
Accrued interest and fee income | 3,106 | 7,674 | ||||||
Other | 378 | 1,627 | ||||||
Gross deferred tax assets | 29,927 | 36,873 | ||||||
Less: Valuation allowance | — | — | ||||||
Deferred tax assets net of valuation allowance | 29,927 | 36,873 | ||||||
Core deposit base intangible | (4,005 | ) | (5,706 | ) | ||||
Net unrealized securities gains | (1,210 | ) | — | |||||
Premises and equipment | (114 | ) | — | |||||
Right of use assets | (6,416 | ) | — | |||||
Other | (1,725 | ) | (2,213 | ) | ||||
Gross deferred tax liabilities | (13,470 | ) | (7,919 | ) | ||||
Net deferred tax assets | $ | 16,457 | $ | 28,954 |
December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Allowance for loan losses | $ | 8,592 | $ | 7,187 | ||||
Premises and equipment | 1,670 | 1,390 | ||||||
Other real estate owned | 207 | 207 | ||||||
Accrued stock compensation | 2,547 | 1,569 | ||||||
Federal tax loss carryforward | 4,699 | 4,755 | ||||||
State tax loss carryforward | 2,912 | 5,578 | ||||||
Alternative minimum tax credit carryforward | — | 2,209 | ||||||
Net unrealized securities losses | 4,658 | 1,429 | ||||||
Deferred compensation | 2,287 | 2,125 | ||||||
Accrued interest and fee income | 7,674 | 2,411 | ||||||
Other | 1,627 | 2,248 | ||||||
Gross deferred tax assets | 36,873 | 31,108 | ||||||
Less: Valuation allowance | — | — | ||||||
Deferred tax assets net of valuation allowance | 36,873 | 31,108 | ||||||
Core deposit base intangible | (5,706 | ) | (3,964 | ) | ||||
Other | (2,213 | ) | (1,727 | ) | ||||
Gross deferred tax liabilities | (7,919 | ) | (5,691 | ) | ||||
Net deferred tax assets | $ | 28,954 | $ | 25,417 |
Jurisdiction | Tax Year |
United States of America | |
Florida |
(In thousands) | Unadjusted as of December 31, 2017 | Adjustment | Adjusted as of December 31, 2017 | |||||||||
Retained Earnings | $ | 29,208 | $ | 706 | $ | 29,914 | ||||||
Accumulated Other Comprehensive Income | (3,510 | ) | (706 | ) | (4,216 | ) |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Noninterest Income | ||||||||||||
Service charges on deposit accounts | $ | 11,529 | $ | 11,198 | $ | 10,049 | ||||||
Trust fees | 4,443 | 4,183 | 3,705 | |||||||||
Mortgage banking fees | 6,490 | 4,682 | 6,449 | |||||||||
Brokerage commissions and fees | 1,909 | 1,732 | 1,352 | |||||||||
Marine finance fees | 1,054 | 1,398 | 910 | |||||||||
Interchange income | 13,399 | 12,335 | 10,583 | |||||||||
BOLI income | 3,674 | 4,291 | 3,426 | |||||||||
SBA gains | 2,472 | 2,474 | 579 | |||||||||
Other | 10,545 | 8,352 | 6,177 | |||||||||
55,515 | 50,645 | 43,230 | ||||||||||
Gain on sale of Visa stock | — | — | 15,153 | |||||||||
Securities gains (losses), net | 1,217 | (623 | ) | 86 | ||||||||
Total Noninterest Income | $ | 56,732 | $ | 50,022 | $ | 58,469 | ||||||
Noninterest Expenses | ||||||||||||
Salaries and wages | 73,829 | 71,111 | 65,692 | |||||||||
Employee benefits | 13,697 | 12,945 | 11,732 | |||||||||
Outsourced data processing costs | 15,077 | 16,374 | 14,116 | |||||||||
Telephone and data lines | 2,958 | 2,481 | 2,291 | |||||||||
Occupancy | 14,284 | 13,394 | 13,290 | |||||||||
Furniture and equipment | 6,245 | 6,744 | 6,067 | |||||||||
Marketing | 4,161 | 5,085 | 4,784 | |||||||||
Legal and professional fees | 8,553 | 9,961 | 11,022 | |||||||||
FDIC assessments | 881 | 2,195 | 2,326 | |||||||||
Amortization of intangibles | 5,826 | 4,300 | 3,361 | |||||||||
Foreclosed property expense and net loss (gain) on sale | 51 | 461 | (300 | ) | ||||||||
Other | 15,177 | 17,222 | 15,535 | |||||||||
Total Noninterest Expenses | $ | 160,739 | $ | 162,273 | $ | 149,916 |
For the Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Noninterest Income | ||||||||||||
Service charges on deposit accounts | $ | 11,198 | $ | 10,049 | $ | 9,669 | ||||||
Trust fees | 4,183 | 3,705 | 3,433 | |||||||||
Mortgage banking fees | 4,682 | 6,449 | 5,864 | |||||||||
Brokerage commissions and fees | 1,732 | 1,352 | 2,044 | |||||||||
Marine finance fees | 1,398 | 910 | 673 | |||||||||
Interchange income | 12,335 | 10,583 | 9,227 | |||||||||
BOLI Income | 4,291 | 3,426 | 2,213 | |||||||||
Other | 10,826 | 6,756 | 4,304 | |||||||||
50,645 | 43,230 | 37,427 | ||||||||||
Gain on sale of Visa stock | — | 15,153 | — | |||||||||
Securities (losses) gains, net | (623 | ) | 86 | 368 | ||||||||
Total Noninterest Income | $ | 50,022 | $ | 58,469 | $ | 37,795 | ||||||
Noninterest Expenses | ||||||||||||
Salaries and wages | 71,111 | 65,692 | 54,096 | |||||||||
Employee benefits | 12,945 | 11,732 | 9,903 | |||||||||
Outsourced data processing costs | 16,374 | 14,116 | 13,516 | |||||||||
Telephone and data lines | 2,481 | 2,291 | 2,108 | |||||||||
Occupancy | 13,394 | 13,290 | 13,122 | |||||||||
Furniture and equipment | 6,744 | 6,067 | 4,720 | |||||||||
Marketing | 5,085 | 4,784 | 3,633 | |||||||||
Legal and professional fees | 9,961 | 11,022 | 9,596 | |||||||||
FDIC assessments | 2,195 | 2,326 | 2,365 | |||||||||
Amortization of intangibles | 4,300 | 3,361 | 2,486 | |||||||||
Foreclosed property expense and net loss (gain) on sale | 461 | (300 | ) | 44 | ||||||||
Early redemption cost for Federal Home Loan Bank advances | — | — | 1,777 | |||||||||
Other | 17,222 | 15,535 | 13,515 | |||||||||
Total Noninterest Expenses | $ | 162,273 | $ | 149,916 | $ | 130,881 |
Minimum to meet "Well Capitalized" Requirements | Minimum for Capital Adequacy Purpose1 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
Seacoast Banking Corporation of Florida | |||||||||||||||||||||||
(Consolidated) | |||||||||||||||||||||||
At December 31, 2019: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 860,934 | 15.71 | % | n/a | n/a | $ | 438,506 | ≥ | 8.00 | % | ||||||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 825,640 | 15.06 | n/a | n/a | 328,880 | ≥ | 6.00 | ||||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 754,555 | 13.77 | n/a | n/a | 246,660 | ≥ | 4.50 | ||||||||||||||||
Leverage Ratio (to adjusted average assets) | 825,640 | 12.20 | n/a | n/a | 270,788 | ≥ | 4.00 | ||||||||||||||||
At December 31, 2018: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 744,687 | 14.43 | % | n/a | n/a | $ | 412,754 | ≥ | 8.00 | % | ||||||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 712,144 | 13.80 | n/a | n/a | 309,566 | ≥ | 6.00 | ||||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 641,340 | 12.43 | n/a | n/a | 232,174 | ≥ | 4.50 | ||||||||||||||||
Leverage Ratio (to adjusted average assets) | 712,144 | 11.16 | n/a | n/a | 255,167 | ≥ | 4.00 | ||||||||||||||||
Seacoast National Bank | |||||||||||||||||||||||
(A Wholly Owned Bank Subsidiary) | |||||||||||||||||||||||
At December 31, 2019: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 804,058 | 14.68 | % | $ | 547,440 | ≥ | 10.00 | % | $ | 437,952 | ≥ | 8.00 | % | |||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 768,764 | 14.04 | 437,952 | ≥ | 8.00 | 328,464 | ≥ | 6.00 | |||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 768,764 | 14.04 | 355,836 | ≥ | 6.50 | 246,348 | ≥ | 4.50 | |||||||||||||||
Leverage Ratio (to adjusted average assets) | 768,764 | 11.38 | 337,787 | ≥ | 5.00 | 270,230 | ≥ | 4.00 | |||||||||||||||
At December 31, 2018: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 701,093 | 13.60 | % | $ | 515,607 | ≥ | 10.00 | % | $ | 412,486 | ≥ | 8.00 | % | |||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 668,550 | 12.97 | 412,486 | ≥ | 8.00 | 309,364 | ≥ | 6.00 | |||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 668,550 | 12.97 | 335,145 | ≥ | 6.50 | 232,023 | ≥ | 4.50 | |||||||||||||||
Leverage Ratio (to adjusted average assets) | 668,550 | 10.49 | 318,795 | ≥ | 5.00 | 255,036 | ≥ | 4.00 | |||||||||||||||
1Excludes the Basel III capital conservation buffer of 2.5% for 2019 and 1.875% for 2018, which if not exceeded may constrain dividends, equity repurchases and compensation. | |||||||||||||||||||||||
n/a - not applicable |
Minimum to meet "Well Capitalized" Requirements | Minimum for Capital Adequacy Purpose(1) | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
Seacoast Banking Corporation | |||||||||||||||||||||||
(Consolidated) | |||||||||||||||||||||||
At December 31, 2018: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 744,687 | 14.43 | % | n/a | n/a | $ | 412,754 | ≥ | 8.00 | % | ||||||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 712,144 | 13.80 | % | n/a | n/a | 309,566 | ≥ | 6.00 | % | ||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 641,340 | 12.43 | % | n/a | n/a | 232,174 | ≥ | 4.50 | % | ||||||||||||||
Leverage Ratio (to adjusted average assets) | 712,144 | 11.16 | % | n/a | n/a | 255,167 | ≥ | 4.00 | % | ||||||||||||||
At December 31, 2017: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 619,746 | 14.24 | % | n/a | n/a | $ | 348,191 | ≥ | 8.00 | % | ||||||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 592,562 | 13.61 | % | n/a | n/a | 261,143 | ≥ | 6.00 | % | ||||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 523,832 | 12.04 | % | n/a | n/a | 195,858 | ≥ | 4.50 | % | ||||||||||||||
Leverage Ratio (to adjusted average assets) | 592,562 | 10.68 | % | n/a | n/a | 221,863 | ≥ | 4.00 | % | ||||||||||||||
Seacoast National Bank | |||||||||||||||||||||||
(A Wholly Owned Bank Subsidiary) | |||||||||||||||||||||||
At December 31, 2018: | |||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 701,093 | 13.60 | % | $ | 515,607 | ≥ | 10.00 | % | $ | 412,486 | ≥ | 8.00 | % | |||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 668,550 | 12.97 | % | 412,486 | ≥ | 8.00 | % | 309,364 | ≥ | 6.00 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 668,550 | 12.97 | % | 335,145 | ≥ | 6.50 | % | 232,023 | ≥ | 4.50 | % | ||||||||||||
Leverage Ratio (to adjusted average assets) | 668,550 | 10.49 | % | 318,795 | ≥ | 5.00 | % | 255,036 | ≥ | 4.00 | % | ||||||||||||
At December 31, 2017: | ≥ | ||||||||||||||||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets) | $ | 565,149 | 13.04 | % | $ | 433,475 | ≥ | 10.00 | % | $ | 346,780 | ≥ | 8.00 | % | |||||||||
Tier 1 Capital Ratio (to risk-weighted assets) | 537,965 | 12.41 | % | 346,780 | ≥ | 8.00 | % | 260,085 | ≥ | 6.00 | % | ||||||||||||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets) | 537,965 | 12.41 | % | 281,759 | ≥ | 6.50 | % | 195,022 | ≥ | 4.50 | % | ||||||||||||
Leverage Ratio (to adjusted average assets) | 537,965 | 9.72 | % | 276,791 | ≥ | 5.00 | % | 221,432 | ≥ | 4.00 | % |
December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Assets | ||||||||
Cash | $ | 70 | $ | 197 | ||||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 52,979 | 40,130 | ||||||
Investment in subsidiaries | 1,005,756 | 897,683 | ||||||
Other assets | 1,515 | 777 | ||||||
$ | 1,060,320 | $ | 938,787 | |||||
Liabilities and Shareholders' Equity | ||||||||
Subordinated debt | $ | 71,085 | $ | 70,804 | ||||
Other liabilities | 3,700 | 3,716 | ||||||
Shareholders' equity | 985,535 | 864,267 | ||||||
$ | 1,060,320 | $ | 938,787 |
December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Assets | ||||||||
Cash | $ | 197 | $ | 1,154 | ||||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 40,130 | 33,151 | ||||||
Investment in subsidiaries | 897,683 | 711,973 | ||||||
Other assets | 777 | 21,337 | ||||||
$ | 938,787 | $ | 767,615 | |||||
Liabilities and Shareholders' Equity | ||||||||
Subordinated debt | $ | 70,804 | $ | 70,521 | ||||
Other liabilities | 3,716 | 7,430 | ||||||
Shareholders' equity | 864,267 | 689,664 | ||||||
$ | 938,787 | $ | 767,615 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Income | ||||||||||||
Interest/other | $ | 679 | $ | 484 | $ | 2,104 | ||||||
Dividends from subsidiary Bank | — | — | — | |||||||||
Gain on sale of Visa Class B stock | — | — | 15,153 | |||||||||
679 | 484 | 17,257 | ||||||||||
Interest expense | 3,368 | 3,165 | 2,499 | |||||||||
Other expenses | 651 | 879 | 649 | |||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | (3,340 | ) | (3,560 | ) | 14,109 | |||||||
Income tax (benefit) provision | (702 | ) | (747 | ) | 4,938 | |||||||
(Loss) Income before equity in undistributed income of subsidiaries | (2,638 | ) | (2,813 | ) | 9,171 | |||||||
Equity in undistributed income of subsidiaries | 101,377 | 70,088 | 33,694 | |||||||||
Net income | $ | 98,739 | $ | 67,275 | $ | 42,865 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Income | ||||||||||||
Interest/other | $ | 484 | $ | 2,104 | $ | 352 | ||||||
Dividends from subsidiary Bank | — | — | — | |||||||||
Gain on sale of Visa Class B stock | — | 15,153 | — | |||||||||
484 | 17,257 | 352 | ||||||||||
Interest expense | 3,165 | 2,499 | 2,115 | |||||||||
Other expenses | 879 | 649 | 462 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | (3,560 | ) | 14,109 | (2,225 | ) | |||||||
Income tax provision (benefit) | (747 | ) | 4,938 | (801 | ) | |||||||
Income (loss) before equity in undistributed income of subsidiaries | (2,813 | ) | 9,171 | (1,424 | ) | |||||||
Equity in undistributed income of subsidiaries | 70,088 | 33,694 | 30,626 | |||||||||
Net income | $ | 67,275 | $ | 42,865 | $ | 29,202 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Cash flows from operating activities | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net Income | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||
Equity in undistributed income of subsidiaries | (101,377 | ) | (70,088 | ) | (33,694 | ) | ||||||
Gain on sale of Visa Class B stock | — | — | (15,153 | ) | ||||||||
Net (increase) decrease in other assets | (738 | ) | (10,045 | ) | 1,415 | |||||||
Net increase (decrease) in other liabilities | 265 | (3,431 | ) | 4,005 | ||||||||
Net cash provided by (used in) operating activities | (3,111 | ) | (16,289 | ) | (562 | ) | ||||||
Cash flows from investing activities | ||||||||||||
Net cash paid for bank acquisition | — | (6,558 | ) | (27,862 | ) | |||||||
Investment in unconsolidated subsidiary | (10 | ) | — | — | ||||||||
Purchase of Visa Class B stock | — | — | (6,180 | ) | ||||||||
Proceeds from sale of Visa Class B stock | — | 21,333 | — | |||||||||
Dividends from bank subsidiary | 18,082 | — | — | |||||||||
(Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net | (12,849 | ) | (421 | ) | (20,475 | ) | ||||||
Net cash provided by (used in) investment activities | 5,223 | 14,354 | (54,517 | ) | ||||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock, net of related expense | — | — | 55,641 | |||||||||
Stock based employment benefit plans | (2,239 | ) | 978 | (56 | ) | |||||||
Net cash provided by financing activities | (2,239 | ) | 978 | 55,585 | ||||||||
Net change in cash | (127 | ) | (957 | ) | 506 | |||||||
Cash at beginning of year | 197 | 1,154 | 648 | |||||||||
Cash at end of year | $ | 70 | $ | 197 | $ | 1,154 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the period for interest | $ | 3,186 | $ | 2,936 | $ | 2,205 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Cash flows from operating activities | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | ||||||
Equity in undistributed income of subsidiaries | (70,088 | ) | (33,694 | ) | (30,626 | ) | ||||||
Gain on sale of Visa Class B stock | — | (15,153 | ) | — | ||||||||
Net (increase) decrease in other assets | (10,045 | ) | 1,415 | (12 | ) | |||||||
Net increase (decrease) in other liabilities | (3,431 | ) | 4,005 | 12 | ||||||||
Net cash provided by (used in) operating activities | (16,289 | ) | (562 | ) | (1,424 | ) | ||||||
Cash flows from investing activities | ||||||||||||
Net cash paid for bank acquisition | (6,558 | ) | (27,862 | ) | (28,905 | ) | ||||||
Investment in unconsolidated subsidiary | — | — | (200 | ) | ||||||||
Purchase of Visa Class B stock | — | (6,180 | ) | — | ||||||||
Proceeds from sale of Visa Class B stock | 21,333 | — | — | |||||||||
(Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net | (421 | ) | (20,475 | ) | 30,647 | |||||||
Net cash provided by (used in) investment activities | 14,354 | (54,517 | ) | 1,542 | ||||||||
Cash flows from financing activities | ||||||||||||
Issuance of common stock, net of related expense | — | 55,641 | — | |||||||||
Stock based employment benefit plans | 978 | (56 | ) | 166 | ||||||||
Net cash provided by financing activities | 978 | 55,585 | 166 | |||||||||
Net change in cash | (957 | ) | 506 | 284 | ||||||||
Cash at beginning of year | 1,154 | 648 | 364 | |||||||||
Cash at end of year | $ | 197 | $ | 1,154 | $ | 648 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid during the period for interest | $ | 2,936 | $ | 2,205 | $ | 1,824 |
December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Contract or Notional Amount | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to extend credit | $ | 1,018,020 | $ | 982,739 | ||||
Standby letters of credit and financial guarantees written: | ||||||||
Secured | 13,073 | 17,736 | ||||||
Unsecured | 663 | 847 | ||||||
Unfunded limited partner equity commitment | 6,011 | 7,252 |
December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Contract or Notional Amount | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to extend credit | $ | 982,739 | $ | 807,651 | ||||
Standby letters of credit and financial guarantees written: | ||||||||
Secured | 17,736 | 12,913 | ||||||
Unsecured | 847 | 681 | ||||||
Unfunded limited partner equity commitment | 7,252 | 10,914 |
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||
(In thousands) | Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||
At December 31, 2019 | ||||||||||||||||
Available-for-sale debt securities1 | $ | 946,855 | $ | 100 | $ | 946,755 | $ | — | ||||||||
Loans held for sale2 | 20,029 | — | 20,029 | — | ||||||||||||
Loans3 | 5,123 | — | 1,419 | 3,704 | ||||||||||||
Other real estate owned4 | 12,390 | — | 241 | 12,149 | ||||||||||||
Equity securities5 | 6,392 | 6,392 | — | — | ||||||||||||
At December 31, 2018 | ||||||||||||||||
Available-for-sale debt securities1 | $ | 865,831 | $ | 100 | $ | 865,731 | $ | — | ||||||||
Loans held for sale2 | 11,873 | — | 11,873 | — | ||||||||||||
Loans3 | 8,590 | — | 2,290 | 6,300 | ||||||||||||
Other real estate owned4 | 12,802 | — | 297 | 12,505 | ||||||||||||
Equity securities5 | 6,205 | 6,205 | — | — | ||||||||||||
1See Note D for further detail of fair value of individual investment categories. | ||||||||||||||||
2Recurring fair value basis determined using observable market data. | ||||||||||||||||
3See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write- downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310. | ||||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. | ||||||||||||||||
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||
(In thousands) | Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||
At December 31, 2018 | ||||||||||||||||
Available for sale debt securities(1) | $ | 865,831 | $ | 100 | $ | 865,731 | $ | — | ||||||||
Loans held for sale(2) | 11,873 | — | 11,873 | — | ||||||||||||
Loans(3) | 8,590 | — | 2,290 | 6,300 | ||||||||||||
Other real estate owned(4) | 12,802 | — | 297 | 12,505 | ||||||||||||
Equity securities(5) | 6,205 | 6,205 | — | — | ||||||||||||
At December 31, 2017 | ||||||||||||||||
Available for sale debt securities(1)(5) | $ | 949,460 | $ | 100 | $ | 949,360 | $ | — | ||||||||
Loans held for sale(2) | 24,306 | — | 24,306 | — | ||||||||||||
Loans(3) | 4,192 | — | 3,454 | 738 | ||||||||||||
Other real estate owned(4) | 7,640 | — | 60 | 7,580 | ||||||||||||
Equity securities(5) | 6,344 | 6,344 | — | — |
December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Aggregate fair value | $ | 20,029 | $ | 11,873 | ||||
Contractual balance | 19,445 | 11,562 | ||||||
Excess | 584 | 311 |
December 31, | ||||||||
(In thousands) | 2018 | 2017 | ||||||
Aggregate fair value | $ | 11,873 | $ | 24,306 | ||||
Contractual balance | 11,562 | 23,627 | ||||||
Excess | 311 | 679 |
Carrying | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
At December 31, 2019 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Debt securities held-to-maturity1 | $ | 261,369 | $ | — | $ | 262,213 | $ | — | ||||||||
Time deposits with other banks | 3,742 | — | — | 3,744 | ||||||||||||
Loans, net | 5,158,127 | — | — | 5,139,491 | ||||||||||||
Financial Liabilities | ||||||||||||||||
Deposits | 5,584,753 | — | — | 5,584,621 | ||||||||||||
Federal Home Loan Bank (FHLB) borrowings | 315,000 | — | — | 314,995 | ||||||||||||
Subordinated debt | 71,085 | — | 64,017 | — | ||||||||||||
At December 31, 2018 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Debt securities held-to-maturity1 | $ | 357,949 | $ | — | $ | 349,895 | $ | — | ||||||||
Time deposits with other banks | 8,243 | — | — | 8,132 | ||||||||||||
Loans, net | 4,784,201 | — | — | 4,835,248 | ||||||||||||
Financial Liabilities | ||||||||||||||||
Deposits | 5,177,240 | — | — | 5,172,098 | ||||||||||||
Federal Home Loan Bank (FHLB) borrowings | 380,000 | — | — | 380,027 | ||||||||||||
Subordinated debt | 70,804 | — | 61,224 | — | ||||||||||||
1See Note D for further detail of recurring fair value basis of individual investment categories. |
Carrying | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
At December 31, 2018 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Debt securities held to maturity (1) | $ | 357,949 | $ | — | $ | 349,895 | $ | — | ||||||||
Time deposits with other banks | 8,243 | — | — | 8,132 | ||||||||||||
Loans, net | 4,784,201 | — | — | 4,835,248 | ||||||||||||
Financial Liabilities | ||||||||||||||||
Deposits | 5,177,240 | — | — | 5,172,098 | ||||||||||||
Federal Home Loan Bank (FHLB) borrowings | 380,000 | — | — | 380,027 | ||||||||||||
Subordinated debt | 70,804 | — | 61,224 | — | ||||||||||||
At December 31, 2017 | ||||||||||||||||
Financial Assets | ||||||||||||||||
Debt securities held to maturity (1) | $ | 416,863 | $ | — | $ | 414,470 | $ | — | ||||||||
Time deposits with other banks | 12,553 | — | — | 12,493 | ||||||||||||
Loans, net | 3,786,063 | — | — | 3,760,754 | ||||||||||||
Financial Liabilities | ||||||||||||||||
Deposits | 4,592,720 | — | — | 4,588,515 | ||||||||||||
Federal Home Loan Bank (FHLB) borrowings | 211,000 | — | — | 211,000 | ||||||||||||
Subordinated debt | 70,521 | — | 61,530 | — |
For the Year Ended December 31 | ||||||||||||
(In thousands, except per share data) | 2019 | 2018 | 2017 | |||||||||
Basic earnings per share | ||||||||||||
Net Income | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||
Total weighted average common stock outstanding | 51,449 | 47,969 | 42,613 | |||||||||
Net income per share | $ | 1.92 | $ | 1.40 | $ | 1.01 | ||||||
Diluted earnings per share | ||||||||||||
Net Income | $ | 98,739 | $ | 67,275 | $ | 42,865 | ||||||
Total weighted average common stock outstanding | 51,449 | 47,969 | 42,613 | |||||||||
Add: Dilutive effect of employee restricted stock and stock options (See Note J) | 580 | 779 | 737 | |||||||||
Total weighted average diluted stock outstanding | 52,029 | 48,748 | 43,350 | |||||||||
Net income per share | $ | 1.90 | $ | 1.38 | $ | 0.99 |
For the Year Ended December 31 | ||||||||||||
(In thousands, except per share data) | 2018 | 2017 | 2016 | |||||||||
Basic earnings per share | ||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | ||||||
Total weighted average common stock outstanding | 47,969 | 42,613 | 36,872 | |||||||||
Net income per share | $ | 1.40 | $ | 1.01 | $ | 0.79 | ||||||
Diluted earnings per share | ||||||||||||
Net Income | $ | 67,275 | $ | 42,865 | $ | 29,202 | ||||||
Total weighted average common stock outstanding | 47,969 | 42,613 | 36,872 | |||||||||
Add: Dilutive effect of employee restricted stock and stock options (See Note J) | 779 | 737 | 636 | |||||||||
Total weighted average diluted stock outstanding | 48,748 | 43,350 | 37,508 | |||||||||
Net income per share | $ | 1.38 | $ | 0.99 | $ | 0.78 |
(In thousands, except per share data) | April 7, 2017 | ||
Shares exchanged for cash | $ | 8,034 | |
Number of GulfShore Bancshares, Inc. common shares outstanding | 5,464 | ||
Per share exchange ratio | 0.4807 | ||
Number of shares of common stock issued | 2,627 | ||
Multiplied by common stock price per share on April 7, 2017 | $ | 23.94 | |
Value of common stock issued | 62,883 | ||
Total purchase price | $ | 70,917 |
(In thousands, except per share data) | April 7, 2017 | ||
Shares exchanged for cash | $ | 8,034 | |
Number of GulfShore Bancshares, Inc. common shares outstanding | 5,464 | ||
Per share exchange ratio | 0.4807 | ||
Number of shares of common stock issued | 2,627 | ||
Multiplied by common stock price per share on April 7, 2017 | $ | 23.94 | |
Value of common stock issued | 62,883 | ||
Total purchase price | $ | 70,917 |
(In thousands) | April 7, 2017 | |||
Assets: | ||||
Cash | $ | 38,267 | ||
Time deposits with other banks | 17,273 | |||
Investment securities | 316 | |||
Loans, net | 250,876 | |||
Fixed assets | 1,307 | |||
Other real estate owned | 13 | |||
Core deposit intangibles | 3,927 | |||
Goodwill | 37,098 | |||
Other assets | 8,572 | |||
Total assets | $ | 357,649 | ||
Liabilities: | ||||
Deposits | $ | 285,350 | ||
Other liabilities | 1,382 | |||
Total liabilities | $ | 286,732 |
(In thousands) | April 7, 2017 | |||
Assets: | ||||
Cash | $ | 38,267 | ||
Time deposits with other banks | 17,273 | |||
Investment securities | 316 | |||
Loans, net | 250,876 | |||
Fixed assets | 1,307 | |||
Other real estate owned | 13 | |||
Core deposit intangibles | 3,927 | |||
Goodwill | 37,098 | |||
Other assets | 8,572 | |||
Total assets | $ | 357,649 | ||
Liabilities: | ||||
Deposits | $ | 285,350 | ||
Other liabilities | 1,382 | |||
Total liabilities | $ | 286,732 |
April 7, 2017 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 101,281 | $ | 99,598 | ||||
Commercial real estate | 106,729 | 103,905 | ||||||
Construction/development/land | 13,175 | 11,653 | ||||||
Commercial loans | 32,137 | 32,247 | ||||||
Consumer and other loans | 3,554 | 3,473 | ||||||
Purchased credit-impaired | — | — | ||||||
Total acquired loans | $ | 256,876 | $ | 250,876 |
(In thousands, except per share data) | October 20, 2017 | ||
Shares exchanged for cash | $ | 4,701 | |
Number of NorthStar Banking Corporation common shares outstanding | 1,958 | ||
Per share exchange ratio | 0.5605 | ||
Number of shares of common stock issued | 1,098 | ||
Multiplied by common stock price per share on October 20, 2017 | $ | 24.92 | |
Value of common stock issued | 27,353 | ||
Cash paid for NorthStar Banking Corporation vested stock options | 801 | ||
Total purchase price | $ | 32,855 |
(In thousands, except per share data) | October 20, 2017 | ||
Shares exchanged for cash | $ | 4,701 | |
Number of NorthStar Banking Corporation Common shares outstanding | 1,958 | ||
Per share exchange ratio | 0.5605 | ||
Number of shares of common stock issued | 1,098 | ||
Multiplied by common stock price per share on October 20, 2017 | $ | 24.92 | |
Value of common stock issued | 27,353 | ||
Cash paid for NorthStar Banking Corporation vested stock options | 801 | ||
Total purchase price | $ | 32,855 |
(In thousands) | Initially Measured October 20, 2017 | Measurement Period Adjustments | As Adjusted October 20, 2017 | ||||||||
Assets: | |||||||||||
Cash | $ | 5,485 | $ | — | $ | 5,485 | |||||
Investment securities | 56,123 | — | 56,123 | ||||||||
Loans, net | 136,832 | — | 136,832 | ||||||||
Fixed assets | 2,637 | — | 2,637 | ||||||||
Core deposit intangibles | 1,275 | — | 1,275 | ||||||||
Goodwill | 12,404 | (99 | ) | 12,305 | |||||||
Other assets | 1,522 | 99 | 1,621 | ||||||||
Total assets | $ | 216,278 | $ | — | $ | 216,278 | |||||
Liabilities: | |||||||||||
Deposits | $ | 182,443 | $ | — | $ | 182,443 | |||||
Other liabilities | 980 | — | 980 | ||||||||
Total liabilities | $ | 183,423 | $ | — | $ | 183,423 |
October 20, 2017 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 15,111 | $ | 15,096 | ||||
Commercial real estate | 73,139 | 69,554 | ||||||
Construction/development/land | 11,706 | 10,390 | ||||||
Commercial loans | 31,200 | 30,854 | ||||||
Consumer and other loans | 6,761 | 6,645 | ||||||
Purchased credit-impaired | 5,527 | 4,293 | ||||||
Total acquired loans | $ | 143,444 | $ | 136,832 |
October 20, 2017 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 15,111 | $ | 15,096 | ||||
Commercial real estate | 73,139 | 69,554 | ||||||
Construction/development/land | 11,706 | 10,390 | ||||||
Commercial loans | 31,200 | 30,854 | ||||||
Consumer and other loans | 6,761 | 6,645 | ||||||
Purchased Credit Impaired | 5,527 | 4,293 | ||||||
Total acquired loans | $ | 143,444 | $ | 136,832 |
(In thousands) | October 20, 2017 | ||
Contractually required principal and interest | $ | 5,596 | |
Non-accretable difference | (689 | ) | |
Cash flows expected to be collected | 4,907 | ||
Accretable yield | (614 | ) | |
Total purchased credit-impaired loans acquired | $ | 4,293 |
(In thousands, except per share data) | November 3, 2017 | ||
Shares exchanged for cash | $ | 15,694 | |
Number of Palm Beach Community Bank common shares outstanding | 2,507 | ||
Per share exchange ratio | 0.9240 | ||
Number of shares of common stock issued | 2,316 | ||
Multiplied by common stock price per share on November 3, 2017 | $ | 24.31 | |
Value of common stock issued | 56,312 | ||
Total purchase price | $ | 72,006 |
(In thousands, except per share data) | November 3, 2017 | ||
Shares exchanged for cash | $ | 15,694 | |
Number of Palm Beach Community Bank Common shares outstanding | 2,507 | ||
Per share exchange ratio | 0.9240 | ||
Number of shares of common stock issued | 2,316 | ||
Multiplied by common stock price per share on November 3, 2017 | $ | 24.31 | |
Value of common stock issued | 56,312 | ||
Total purchase price | $ | 72,006 |
(In thousands) | Initially Measured November 3, 2017 | Measurement Period Adjustments | As Adjusted November 3, 2017 | ||||||||
Assets: | |||||||||||
Cash | $ | 9,301 | $ | — | $ | 9,301 | |||||
Investment securities | 22,098 | — | 22,098 | ||||||||
Loans, net | 272,090 | (1,772 | ) | 270,318 | |||||||
Fixed assets | 7,641 | — | 7,641 | ||||||||
Core deposit intangibles | 2,523 | — | 2,523 | ||||||||
Goodwill | 33,428 | 1,076 | 34,504 | ||||||||
Other assets | 9,909 | 696 | 10,605 | ||||||||
Total assets | $ | 356,990 | $ | — | $ | 356,990 | |||||
Liabilities: | |||||||||||
Deposits | $ | 268,633 | $ | — | $ | 268,633 | |||||
Other liabilities | 16,351 | — | 16,351 | ||||||||
Total liabilities | $ | 284,984 | $ | — | $ | 284,984 |
November 3, 2017 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 30,153 | $ | 30,990 | ||||
Commercial real estate | 134,705 | 132,089 | ||||||
Construction/development/land | 69,686 | 67,425 | ||||||
Commercial loans | 36,076 | 35,876 | ||||||
Consumer and other loans | 179 | 172 | ||||||
Purchased credit-impaired | 4,768 | 3,766 | ||||||
Total acquired loans | $ | 275,567 | $ | 270,318 |
November 3, 2017 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 30,153 | $ | 30,990 | ||||
Commercial real estate | 134,705 | 132,089 | ||||||
Construction/development/land | 69,686 | 67,425 | ||||||
Commercial loans | 36,076 | 35,876 | ||||||
Consumer and other loans | 179 | 172 | ||||||
Purchased Credit Impaired | 4,768 | 3,766 | ||||||
Total acquired loans | $ | 275,567 | $ | 270,318 |
(In thousands) | November 3, 2017 | ||
Contractually required principal and interest | $ | 4,768 | |
Non-accretable difference | (1,002 | ) | |
Cash flows expected to be collected | 3,766 | ||
Accretable yield | — | ||
Total purchased credit-impaired loans acquired | $ | 3,766 |
(In thousands, except per share data) | October 19, 2018 | ||
Number of First Green common shares outstanding | 5,462 | ||
Per share exchange ratio | 0.7324 | ||
Number of shares of common stock issued | 4,000 | ||
Multiplied by common stock price per share on October 19, 2018 | $ | 26.87 | |
Value of common stock issued | 107,486 | ||
Cash paid for First Green vested stock options | 6,558 | ||
Total purchase price | $ | 114,044 |
(In thousands) | Initially Measured October 19, 2018 | Measurement Period Adjustments | As Adjusted October 19, 2018 | |||||||||
Assets: | ||||||||||||
Cash | $ | 29,434 | $ | — | $ | 29,434 | ||||||
Investment securities | 32,145 | — | 32,145 | |||||||||
Loans, net | 631,497 | — | 631,497 | |||||||||
Fixed assets | 16,828 | — | 16,828 | |||||||||
Other real estate owned | 410 | — | 410 | |||||||||
Core deposit intangibles | 10,170 | (676 | ) | 9,494 | ||||||||
Goodwill | 56,198 | 533 | 56,731 | |||||||||
Other assets | 40,669 | 178 | 40,847 | |||||||||
Total assets | $ | 817,351 | $ | 35 | $ | 817,386 | ||||||
Liabilities: | ||||||||||||
Deposits | $ | 624,289 | $ | — | $ | 624,289 | ||||||
Other liabilities | 79,018 | 35 | 79,053 | |||||||||
Total liabilities | $ | 703,307 | $ | 35 | $ | 703,342 |
(In thousands) | October 19, 2018 | |||
Assets: | ||||
Cash | $ | 29,434 | ||
Investment securities | 32,145 | |||
Loans, net | 631,497 | |||
Fixed assets | 16,828 | |||
Other real estate owned | 410 | |||
Core deposit intangibles | 10,170 | |||
Goodwill | 56,198 | |||
Other assets | 40,669 | |||
Total assets | $ | 817,351 | ||
Liabilities: | ||||
Deposits | $ | 624,289 | ||
Other liabilities | 79,018 | |||
Total liabilities | $ | 703,307 |
October 19, 2018 | ||||||||
(In thousands) | Book Balance | Fair Value | ||||||
Loans: | ||||||||
Single family residential real estate | $ | 101,674 | $ | 101,119 | ||||
Commercial real estate | 437,767 | 406,613 | ||||||
Construction/development/land | 61,195 | 58,385 | ||||||
Commercial loans | 56,288 | 54,973 | ||||||
Consumer and other loans | 9,156 | 8,942 | ||||||
Purchased credit-impaired | 2,136 | 1,465 | ||||||
Total acquired loans | $ | 668,216 | $ | 631,497 |
(In thousands) | October 19, 2018 | ||
Contractually required principal and interest | $ | 2,136 | |
Non-accretable difference | (671 | ) | |
Cash flows expected to be collected | 1,465 | ||
Accretable yield | — | ||
Total purchased credit-impaired loans acquired | $ | 1,465 |
Twelve Months Ended December 31, | ||||||||
(In thousands, except per share data) | 2018 | 2017 | ||||||
Net interest income | $ | 238,498 | $ | 223,508 | ||||
Net income available to common shareholders | 82,307 | 62,188 | ||||||
EPS - basic | $ | 1.61 | $ | 1.24 | ||||
EPS - diluted | $ | 1.58 | $ | 1.22 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information. |
Twelve Months Ended December 31, | ||||||||
(In thousands, except per share data) | 2018 | 2017 | ||||||
Net interest income | $ | 238,498 | $ | 223,508 | ||||
Net income available to common shareholders | 82,307 | 62,188 | ||||||
EPS - basic | $ | 1.61 | $ | 1.24 | ||||
EPS - diluted | $ | 1.58 | $ | 1.22 |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities represented in column (a)) | |||||||
Equity compensation plans approved by shareholders: | ||||||||||
2013 Plan1 | 903,779 | $ | 22.00 | 1,056,520 | ||||||
Employee Stock Purchase Plan2 | — | — | 53,114 | |||||||
TOTAL | 903,779 | $ | 22.00 | 1,109,634 | ||||||
1Seacoast Banking Corporation of Florida 2013 Long-Term Incentive Plan. Shares reserved under this plan are available for issuance pursuant to the exercise of stock options and stock appreciation rights granted under the plan, and may be granted as awards of restricted stock, performance shares, or other stock-based awards, prospectively. | ||||||||||
2Seacoast Banking Corporation of Florida Employee Stock Purchase Plan, as amended. |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits, Financial Statement Schedules |
(a)(1) | The Consolidated Financial Statements and the report of the Independent Registered Public Accounting Firm thereon listed in Item 8 are set forth commencing on page 77. |
(a)(2) | List of financial statement schedules |
(a)(3) | Listing of exhibits |
* | Management contract or compensatory plan or arrangement. |
** | The certifications attached as Exhibits 32.1 and 32.2 accompany this Annual Report on Form 10-K and are “furnished” to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act. |
(b) | Exhibits |
(c) | Financial Statement Schedules |
Item 16. | Form 10-K Summary |
SEACOAST BANKING CORPORATION OF FLORIDA | ||
(Registrant) | ||
By: | /s/ Dennis S. Hudson, III | |
Dennis S. Hudson, III | ||
Chairman of the Board and Chief Executive Officer |
Date | ||
/s/ Dennis S. Hudson, III | February 27, 2020 | |
Dennis S. Hudson, III, Chairman of the Board, | ||
Chief Executive Officer and Director | ||
(principal executive officer) | ||
/s/ Charles M. Shaffer | February 27, 2020 | |
Charles M. Shaffer, Executive Vice President and | ||
Chief Operating Officer and Chief Financial Officer | ||
(principal financial and accounting officer) | ||
/s/ Dennis J. Arczynski | February 27, 2020 | |
Dennis J. Arczynski, Director | ||
/s/ Jacqueline L. Bradley | February 27, 2020 | |
Jacqueline L. Bradley, Director | ||
/s/ H. Gilbert Culbreth, Jr. | February 27, 2020 | |
H. Gilbert Culbreth, Jr, Director | ||
/s/ Julie H. Daum | February 27, 2020 | |
Julie H. Daum, Director | ||
/s/ Christopher E. Fogal | February 27, 2020 | |
Christopher E. Fogal, Director | ||
/s/ Maryann B. Goebel | February 27, 2020 | |
Maryann B. Goebel, Director | ||
/s/ Robert J. Lipstein | February 27, 2020 | |
Robert J. Lipstein, Director |
/s/ Herbert A. Lurie | February 27, 2020 | |
Herbert A. Lurie, Director | ||
/s/ Alvaro J. Monserrat | February 27, 2020 | |
Alvaro J. Monserrat, Director | ||
/s/ Thomas E. Rossin | February 27, 2020 | |
Thomas E. Rossin, Director |