Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CenterState Bank Corporation | |
Trading Symbol | CSFL | |
Entity Central Index Key | 0001102266 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 129,026,344 | |
Entity Shell Company | false | |
Entity File Number | 000-32017 | |
Entity Tax Identification Number | 593606741 | |
Entity Address, Address Line One | 1101 First Street South | |
Entity Address, Address Line Two | Suite 202 | |
Entity Address, City or Town | Winter Haven | |
Entity Address, State or Province | Florida | |
Entity Address, Postal Zip Code | 33880 | |
City Area Code | 863 | |
Local Phone Number | 293-4710 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 226,422 | $ 107,007 |
Deposits in other financial institutions (restricted cash) | 173,530 | 28,345 |
Federal funds sold and FRB deposits | 437,386 | 231,981 |
Cash and cash equivalents | 837,338 | 367,333 |
Trading securities, at fair value | 651 | 1,737 |
Available for sale debt securities, at fair value | 1,792,757 | 1,727,348 |
Held to maturity debt securities (fair value of $214,631 and $212,179 at June 30, 2019 and December 31, 2018, respectively) | 210,756 | 216,833 |
Loans held for sale (see Note 6) | 95,108 | 40,399 |
Loans, excluding purchased credit impaired | 11,555,458 | 8,181,533 |
Purchased credit impaired loans | 157,303 | 158,971 |
Allowance for loan losses | (40,653) | (39,770) |
Net Loans | 11,672,108 | 8,300,734 |
Bank premises and equipment, net | 289,892 | 227,454 |
Right-of-use lease assets | 35,082 | |
Accrued interest receivable | 43,856 | 33,143 |
FHLB, FRB and other stock, at cost | 75,325 | 79,584 |
Goodwill | 1,204,417 | 802,880 |
Core deposit intangible, net | 99,200 | 66,225 |
Other intangible assets, net | 4,620 | 2,953 |
Bank owned life insurance | 326,689 | 267,820 |
Other repossessed real estate owned | 5,881 | 2,909 |
Deferred income tax asset, net | 44,637 | 51,462 |
Bank property held for sale | 31,679 | 25,080 |
Interest rate swap derivatives, at fair value | 229,735 | 92,475 |
Prepaid expense and other assets | 36,866 | 31,219 |
TOTAL ASSETS | 17,036,597 | 12,337,588 |
Deposits: | ||
Demand - non-interest bearing | 3,990,883 | 2,923,640 |
Demand - interest bearing | 2,493,870 | 1,811,006 |
Savings and money market accounts | 4,294,149 | 2,920,730 |
Time deposits | 2,433,183 | 1,821,960 |
Total deposits | 13,212,085 | 9,477,336 |
Securities sold under agreement to repurchase | 78,277 | 57,772 |
Federal funds purchased | 276,963 | 294,360 |
Other borrowed funds | 199,727 | 361,000 |
Corporate debentures | 32,591 | 32,415 |
Accrued interest payable | 4,661 | 2,627 |
Interest rate swap derivatives, at fair value | 231,735 | 92,892 |
Operating lease liabilities | 35,136 | |
Payables and accrued expenses | 74,910 | 47,842 |
Total liabilities | 14,146,085 | 10,366,244 |
Common stockholders' equity: | ||
Common stock, $.01 par value: 200,000,000 shares authorized; 129,006,471 and 95,679,596 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 1,290 | 957 |
Additional paid-in capital | 2,496,105 | 1,699,031 |
Retained earnings | 367,108 | 293,777 |
Accumulated other comprehensive income (loss) | 13,874 | (22,421) |
Total common stockholders' equity | 2,878,377 | 1,971,344 |
Noncontrolling interest | 12,135 | |
Total equity | 2,890,512 | 1,971,344 |
TOTAL LIABILITIES AND EQUITY | $ 17,036,597 | $ 12,337,588 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, fair value | $ 214,631 | $ 212,179 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 129,006,471 | 95,679,596 |
Common stock, shares outstanding | 129,006,471 | 95,679,596 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Interest income: | |||||
Loans | $ 167,676 | $ 97,642 | $ 283,961 | $ 187,572 | |
Investment securities: | |||||
Taxable | 12,740 | 10,325 | 25,026 | 20,744 | |
Tax-exempt | 1,713 | 1,559 | 3,429 | 3,116 | |
Federal funds sold and other | 3,124 | 1,103 | 5,119 | 2,356 | |
Total interest income | 185,253 | 110,629 | 317,535 | 213,788 | |
Interest expense: | |||||
Deposits | 23,037 | 6,668 | 36,360 | 11,804 | |
Securities sold under agreement to repurchase | 299 | 138 | 535 | 260 | |
Federal funds purchased and other borrowings | 2,679 | 2,771 | 6,657 | 5,190 | |
Corporate debentures | 557 | 523 | 1,127 | 987 | |
Total interest expense | 26,572 | 10,100 | 44,679 | 18,241 | |
Net interest income | 158,681 | 100,529 | 272,856 | 195,547 | |
Provision for loan losses | 2,792 | 2,933 | 3,845 | 4,233 | |
Net interest income after loan loss provision | 155,889 | 97,596 | 269,011 | 191,314 | |
Non-interest income: | |||||
Correspondent banking capital markets revenue | 10,362 | 6,008 | 18,334 | 12,898 | |
Other correspondent banking related revenue | 1,172 | 1,068 | 2,200 | 2,301 | |
Small business administration loans revenue | 1,252 | 1,027 | 1,940 | 2,015 | |
Debit, prepaid, ATM and merchant card related fees | 6,376 | 3,498 | 11,394 | 7,225 | |
Wealth management related revenue | 875 | 640 | 1,482 | 1,256 | |
Bank owned life insurance income | 2,070 | 1,374 | 3,696 | 2,768 | |
Net (loss) gain on sale of securities available for sale debt securities | (5) | 12 | (22) | ||
Other non-interest income | 1,531 | 1,497 | 3,004 | 2,273 | |
Total other income | 37,943 | 22,589 | 67,243 | 45,627 | |
Non-interest expense: | |||||
Salaries, wages and employee benefits | 67,516 | 40,683 | 115,909 | 82,576 | |
Occupancy expense | 7,752 | 4,968 | 13,354 | 9,836 | |
Depreciation of premises and equipment | 3,550 | 2,322 | 6,400 | 4,597 | |
Supplies, stationary and printing | 822 | 558 | 1,570 | 1,094 | |
Marketing expenses | 1,797 | 1,425 | 3,817 | 2,839 | |
Data processing expense | 5,525 | 3,453 | 9,181 | 7,958 | |
Legal, audit and other professional fees | 2,106 | 1,332 | 3,548 | 2,263 | |
Amortization of intangibles | 4,435 | 2,240 | 7,249 | 4,549 | |
Postage and delivery | 963 | 746 | 1,888 | 1,434 | |
ATM and debit card and merchant card related expenses | 1,304 | 860 | 2,757 | 1,624 | |
Bank regulatory expenses | 2,074 | 1,209 | 3,690 | 2,219 | |
Gain on sale of repossessed real estate (“OREO”) | (63) | (745) | (16) | (899) | |
Valuation write down of repossessed real estate (“OREO”) | 57 | 107 | 165 | 294 | |
(Gain) loss on repossessed assets other than real estate | (84) | (6) | (71) | 19 | |
Foreclosure related expenses | 850 | 676 | 1,411 | 1,235 | |
Merger related expenses | 15,739 | 14,140 | 22,104 | 22,849 | |
Impairment on bank property held for sale | 315 | 891 | 422 | 2,340 | |
Other expenses | 7,331 | 4,753 | 13,084 | 8,781 | |
Total other expenses | 121,989 | 79,612 | 206,462 | 155,608 | |
Income before provision for income taxes | 71,843 | 40,573 | 129,792 | 81,333 | |
Provision for income taxes | 16,721 | 8,410 | 30,027 | 13,534 | |
Net income | 55,122 | 32,163 | 99,765 | 67,799 | |
Earnings attributable to noncontrolling interest | 599 | 599 | |||
Net income attributable to CenterState Bank Corporation | 54,523 | 32,163 | 99,166 | 67,799 | |
Other comprehensive gain (loss) income, net of tax: | |||||
Unrealized available for sale debt securities holding gain (loss), net of income taxes of $5,109, ($1,713), $12,423, and ($7,994), respectively | 15,039 | (5,046) | 36,610 | (23,545) | |
Unrealized interest rate swap holding loss, net of income taxes of ($104), $0, ($104), and $0, respectively | (306) | (306) | |||
Less: reclassified adjustments for loss (gain) included in net income, net income tax (benefit) expense of $(1), $0, $3, and $(6), respectively | 4 | (9) | 16 | ||
Net change in accumulated other comprehensive income (loss) | 14,737 | (5,046) | 36,295 | (23,529) | |
Total comprehensive income | 69,859 | 27,117 | 136,060 | 44,270 | |
Comprehensive income attributable to noncontrolling interest | 599 | 599 | |||
Total comprehensive income attributable to CenterState Bank Corporation | $ 69,260 | $ 27,117 | $ 135,461 | $ 44,270 | |
Earnings per share: | |||||
Basic | $ 0.42 | $ 0.38 | $ 0.88 | $ 0.81 | |
Diluted | $ 0.42 | $ 0.38 | $ 0.87 | $ 0.80 | |
Common shares used in the calculation of earnings per share: | |||||
Basic | [1] | 129,847,591 | 83,870,055 | 112,888,441 | 83,506,916 |
Diluted | [1] | 130,767,562 | 85,006,892 | 113,704,565 | 84,893,852 |
Mortgage Banking Revenue | |||||
Non-interest income: | |||||
Non interest income | $ 6,803 | $ 2,616 | $ 10,996 | $ 5,218 | |
Service Charges on Deposit Accounts | |||||
Non-interest income: | |||||
Non interest income | $ 7,507 | $ 4,861 | $ 14,185 | $ 9,695 | |
[1] | Excludes participating shares |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Unrealized available for sale debt securities holding gain (loss), income taxes | $ 5,109 | $ (1,713) | $ 12,423 | $ (7,994) |
Unrealized interest rate swap holding loss, income taxes | (104) | 0 | (104) | 0 |
Reclassifications of (loss) gain included in net income, income taxes | $ (1) | $ 0 | $ 3 | $ (6) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands | Total | Sunshine Bancorp, Inc. [Member] | HCBF Holding Company, Inc. [Member] | National Commerce Corporation [Member] | Common Stock [Member] | Common Stock [Member]Sunshine Bancorp, Inc. [Member] | Common Stock [Member]HCBF Holding Company, Inc. [Member] | Common Stock [Member]National Commerce Corporation [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Sunshine Bancorp, Inc. [Member] | Additional Paid in Capital [Member]HCBF Holding Company, Inc. [Member] | Additional Paid in Capital [Member]National Commerce Corporation [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non controlling Interest [Member] | Non controlling Interest [Member]National Commerce Corporation [Member] |
Balances at beginning at Dec. 31, 2017 | $ 904,750 | $ 602 | $ 737,905 | $ 173,248 | $ (7,005) | |||||||||||
Balances at beginning, shares at Dec. 31, 2017 | 60,161,334 | |||||||||||||||
Net income | 67,799 | 67,799 | ||||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (23,529) | (23,529) | ||||||||||||||
Dividends paid - common | (16,777) | (16,777) | ||||||||||||||
Stock grants issued | $ 2 | (2) | ||||||||||||||
Stock grants issued, shares | 195,151 | |||||||||||||||
Stock based compensation expense | 2,000 | 2,000 | ||||||||||||||
Stock options exercised | 13,854 | $ 17 | 13,837 | |||||||||||||
Stock options exercised, Shares | 1,699,158 | |||||||||||||||
Stock repurchase | (998) | $ (1) | (997) | |||||||||||||
Stock repurchase, shares | (37,506) | |||||||||||||||
Stock options acquired and convertedpursuant to Sunshine acquisition | $ 6,432 | $ 18,025 | $ 6,432 | $ 18,025 | ||||||||||||
Stock issued pursuant to HCBF acquisition | $ 181,413 | $ 387,279 | $ 70 | $ 151 | $ 181,343 | $ 387,128 | ||||||||||
Stock issued pursuant to NCOM acquisition, shares | 7,050,645 | 15,051,639 | ||||||||||||||
Balances at ending at Jun. 30, 2018 | 1,540,248 | $ 841 | 1,345,671 | 224,270 | (30,534) | |||||||||||
Balances at ending, shares at Jun. 30, 2018 | 84,120,421 | |||||||||||||||
Balances at beginning at Mar. 31, 2018 | 1,517,846 | $ 837 | 1,341,986 | 200,511 | (25,488) | |||||||||||
Balances at beginning, shares at Mar. 31, 2018 | 83,757,950 | |||||||||||||||
Net income | 32,163 | 32,163 | ||||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | (5,046) | (5,046) | ||||||||||||||
Dividends paid - common | (8,404) | (8,404) | ||||||||||||||
Stock grants issued, shares | 10,583 | |||||||||||||||
Stock based compensation expense | 1,009 | 1,009 | ||||||||||||||
Stock options exercised | 2,698 | $ 4 | 2,694 | |||||||||||||
Stock options exercised, Shares | 352,466 | |||||||||||||||
Stock repurchase | (18) | (18) | ||||||||||||||
Stock repurchase, shares | (578) | |||||||||||||||
Balances at ending at Jun. 30, 2018 | 1,540,248 | $ 841 | 1,345,671 | 224,270 | (30,534) | |||||||||||
Balances at ending, shares at Jun. 30, 2018 | 84,120,421 | |||||||||||||||
Balances at beginning at Dec. 31, 2018 | $ 1,971,344 | $ 957 | 1,699,031 | 293,777 | (22,421) | |||||||||||
Balances at beginning, shares at Dec. 31, 2018 | 95,679,596 | 95,679,596 | ||||||||||||||
Net income | $ 99,765 | 99,166 | $ 599 | |||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 36,601 | 36,601 | ||||||||||||||
Unrealized holding loss on interest swap, net of deferred income tax | (306) | (306) | ||||||||||||||
Cumulative adjustment pursuant to adoption of ASU 842 | (1,093) | (1,093) | ||||||||||||||
Dividends paid - common | (24,742) | (24,742) | ||||||||||||||
Stock grants issued | $ 1 | (1) | ||||||||||||||
Stock grants issued, shares | 144,222 | |||||||||||||||
Stock based compensation expense | 2,504 | 2,504 | ||||||||||||||
Stock options exercised | 2,257 | $ 2 | 2,255 | |||||||||||||
Stock options exercised, Shares | 212,096 | |||||||||||||||
Stock repurchase | (39,030) | $ (17) | (39,013) | |||||||||||||
Stock repurchase, shares | (1,697,411) | |||||||||||||||
Stock options acquired and convertedpursuant to Sunshine acquisition | $ 6,232 | $ 6,232 | ||||||||||||||
Stock issued pursuant to HCBF acquisition | 825,444 | $ 347 | 825,097 | |||||||||||||
Stock issued pursuant to NCOM acquisition, shares | 34,667,968 | |||||||||||||||
Noncontrolling interest from NCOM acquisition | 12,002 | $ 12,002 | ||||||||||||||
Earnings attributable to noncontrolling interest | 599 | |||||||||||||||
Distributions paid to noncontrolling interest | (466) | (466) | ||||||||||||||
Balances at ending at Jun. 30, 2019 | $ 2,890,512 | $ 1,290 | 2,496,105 | 367,108 | 13,874 | 12,135 | ||||||||||
Balances at ending, shares at Jun. 30, 2019 | 129,006,471 | 129,006,471 | ||||||||||||||
Balances at beginning at Mar. 31, 2019 | $ 2,027,552 | $ 959 | 1,701,047 | 326,409 | (863) | |||||||||||
Balances at beginning, shares at Mar. 31, 2019 | 95,913,307 | |||||||||||||||
Net income | 55,122 | 54,523 | 599 | |||||||||||||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 15,043 | 15,043 | ||||||||||||||
Unrealized holding loss on interest swap, net of deferred income tax | (306) | (306) | ||||||||||||||
Cumulative adjustment pursuant to adoption of ASU 842 | 371 | 371 | ||||||||||||||
Dividends paid - common | (14,195) | (14,195) | ||||||||||||||
Stock grants issued, shares | 11,304 | |||||||||||||||
Stock based compensation expense | 1,286 | 1,286 | ||||||||||||||
Stock options exercised | 1,058 | $ 1 | 1,057 | |||||||||||||
Stock options exercised, Shares | 95,332 | |||||||||||||||
Stock repurchase | (38,631) | $ (17) | (38,614) | |||||||||||||
Stock repurchase, shares | (1,681,440) | |||||||||||||||
Stock options acquired and convertedpursuant to Sunshine acquisition | 6,232 | 6,232 | ||||||||||||||
Stock issued pursuant to HCBF acquisition | 825,444 | $ 347 | $ 825,097 | |||||||||||||
Stock issued pursuant to NCOM acquisition, shares | 34,667,968 | |||||||||||||||
Noncontrolling interest from NCOM acquisition | $ 12,002 | $ 12,002 | ||||||||||||||
Earnings attributable to noncontrolling interest | 599 | |||||||||||||||
Distributions paid to noncontrolling interest | (466) | (466) | ||||||||||||||
Balances at ending at Jun. 30, 2019 | $ 2,890,512 | $ 1,290 | $ 2,496,105 | $ 367,108 | $ 13,874 | $ 12,135 | ||||||||||
Balances at ending, shares at Jun. 30, 2019 | 129,006,471 | 129,006,471 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized holding gain on available for sale securities, deferred income tax | $ 5,108 | $ 1,713 | $ 12,426 | $ 7,988 |
Retained Earnings [Member] | ||||
Unrealized holding loss on interest rate swaps, net of income tax | $ 104 | $ 104 | ||
Dividends paid - common, per share | $ 0.11 | $ 0.10 | $ 0.22 | $ 0.20 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 99,765 | $ 67,799 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 3,845 | 4,233 |
Depreciation of premises and equipment | 6,400 | 4,597 |
Accretion of purchase accounting adjustments | (28,373) | (27,114) |
Net amortization of investment securities | 5,164 | 6,284 |
Net deferred loan origination fees | 1,663 | 73 |
Loss on sale of securities available for sale debt securities | (12) | 22 |
Trading securities revenue | (54) | (22) |
Purchases of trading securities | (70,028) | (187,179) |
Proceeds from sale of trading securities | 71,168 | 192,130 |
Repossessed real estate owned valuation write down | 165 | 294 |
Gain on sale of repossessed real estate (“OREO”) | (16) | (899) |
(Gain) loss on repossessed assets other than real estate | (71) | 19 |
Gain on sale of residential loans held for sale | (10,664) | (3,944) |
Residential loans originated and held for sale | (392,135) | (150,316) |
Proceeds from sale of residential loans held for sale | 363,619 | 144,387 |
Net change in fair value of residential loans held for sale | (941) | (722) |
Gain on disposal of and or sale of fixed assets | (11) | (10) |
Gain on disposal of bank property held for sale | (1,079) | (1,090) |
Impairment on bank property held for sale | 422 | 2,340 |
Gain on sale of small business administration loans | (1,940) | (2,015) |
Small business administration loans originated for sale | (21,059) | (19,686) |
Proceeds from sale of small business administration loans | 22,999 | 21,701 |
Deferred income taxes | 11,160 | 10,586 |
Tax deduction in excess of book deduction for stock awards | (508) | (5,840) |
Stock based compensation expense | 2,504 | 2,000 |
Bank owned life insurance income | (3,696) | (2,768) |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | 23,911 | 48,483 |
Net change in accrued interest payable, accrued expense, and other liabilities | (21,417) | 8,451 |
Net cash provided by operating activities | 60,781 | 111,794 |
Cash flows from investing activities: | ||
Purchases of investment securities | (3,282) | (89,216) |
Purchases of mortgage-backed securities | (73,781) | (228,327) |
Proceeds from pay-downs of mortgage-backed securities | 125,824 | 102,257 |
Proceeds from sales of investment securities | 44,300 | 58,768 |
Proceeds from sales of mortgage-backed securities | 64,177 | 305,384 |
Proceeds from called investment securities | 1,045 | |
Proceeds from maturities of investment securities | 295 | 0 |
Proceeds from pay-downs of mortgage-backed securities | 5,498 | 7,867 |
Purchases of FHLB, FRB and other stock | (15,342) | (12,723) |
Proceeds from sales of FHLB, FRB and other stock | 36,677 | 18,819 |
Net increase in loans | (20,931) | (227,620) |
Purchases of premises and equipment, net | (10,239) | (10,666) |
Proceeds from sale of repossessed real estate | 3,635 | 6,938 |
Proceeds from sale of fixed assets | 1 | 11 |
Proceeds from sale of bank property held for sale | 11,889 | 8,409 |
Net cash from bank acquisitions | 268,504 | 81,293 |
Net cash provided by investing activities | 437,225 | 22,239 |
Cash flows from financing activities: | ||
Net increase in deposits | 249,758 | 188,083 |
Net increase (decrease) in securities sold under agreement to repurchase | 1,672 | (634) |
Net decrease in federal funds purchased | (17,397) | (97,278) |
Net decrease in other borrowings | (200,000) | (107,920) |
Net decrease in payable to shareholders for acquisitions | (53) | (18) |
Stock options exercised | 2,257 | 13,854 |
Stock repurchased | (39,030) | (998) |
Dividends paid | (24,742) | (16,777) |
Cash distribution paid to noncontrolling interest | (466) | |
Net cash used in financing activities | (28,001) | (21,688) |
Net increase in cash and cash equivalents | 470,005 | 112,345 |
Cash and cash equivalents, beginning of period | 367,333 | 280,619 |
Cash and cash equivalents, end of period | 837,338 | 392,964 |
Supplemental Information | ||
Transfer of loans to other real estate owned | 5,881 | 2,578 |
Transfers of bank property to held for sale | 6,450 | 3,502 |
New operating right-of-use assets | 35,617 | |
Cash paid during the period for: | ||
Interest | 44,288 | 18,912 |
Income taxes | $ 21,671 | $ 9,693 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1: Nature of operations and basis of presentation The consolidated financial statements include the accounts of CenterState Bank Corporation (the “Parent Company,” “Company” or “CSFL”), and its wholly owned subsidiary bank, CenterState Bank, N.A. (“CenterState” or “Bank”), and non-bank subsidiaries, R4ALL, Inc., CSFL Insurance Corp. and National Commerce Risk Management, Inc. The Company operates as one of the largest community bank franchises headquartered in the state of Florida. The Bank provides traditional retail, commercial, mortgage, wealth management and SBA services throughout its Florida, Georgia and Alabama branch network and customer relationships in neighboring states. The Bank, headquartered in Winter Haven, Florida, also operates a correspondent banking and capital markets division, of which the majority of its bond salesmen, traders and operational personnel are primarily housed in facilities located in Birmingham, Alabama and Atlanta, Georgia. This division’s primary revenue generating activities are related to its capital markets division, which includes commissions earned on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities; and its correspondent banking division, which includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and correspondent bank checking account deposits and fees from safe-keeping activities, bond accounting services for correspondents, asset/liability consulting related activities, international wires, and other clearing and corporate checking account services. The customer base includes small to medium size financial institutions primarily located in the Southeastern United States, although clients are located across the United States. The Bank also controls CBI Holding Company, LLC (“CBI”), which in turn owns Corporate Billing, LLC (“Corporate Billing”), a transaction-based finance company headquartered in Decatur, Alabama that provides factoring, invoicing, collection and accounts receivable management services to transportation companies and automotive parts and service providers nationwide. R4ALL, Inc. manages troubled loans purchased from the Bank to their eventual disposition. CSFL Insurance Corp. is a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. National Commerce Risk Management, Inc., acquired from the National Commerce Corporation (“NCOM”) transaction, is also a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These statements should be read in conjunction with the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018. In the Company’s opinion, all adjustments, consisting primarily of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods have been made. The results of operations of the three and six-month ended June 30, 2019 are not necessarily indicative of the results expected for the full year. Some items in the prior period financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or shareholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Common Stock Outstanding and Earnings Per Share Data | NOTE 2: Common stock outstanding and earnings per share data The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. There were no Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic Net income available to common shareholders $54,523 $32,163 $99,166 $67,799 Less: Earnings allocated to participating securities (21) (26) (44) (56) Net income allocated to common shareholders $54,502 $32,137 $99,122 $67,743 Weighted average common shares outstanding including participating securities 129,897,191 83,938,755 112,938,041 83,575,831 Less: Participating securities (1) (49,600) (68,700) (49,600) (68,915) Average shares 129,847,591 83,870,055 112,888,441 83,506,916 Basic earnings per common share $0.42 $0.38 $0.88 $0.81 Diluted Net income available to common shareholders $54,502 $32,137 $99,122 $67,743 Weighted average common shares outstanding for basic earnings per common share 129,847,591 83,870,055 112,888,441 83,506,916 Add: Dilutive effects of stock based compensation awards and warrants 919,971 1,136,837 816,124 1,386,936 Average shares and dilutive potential common shares 130,767,562 85,006,892 113,704,565 84,893,852 Diluted earnings per common share $0.42 $0.38 $0.87 $0.80 (1) Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 3: Fair value Generally accepted accounting principles establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of available for sale debt securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair values of corporate debt securities are calculated using market indicators such as broker quotes (Level 2). The fair values of trading securities are determined as follows: (1) for those securities that have traded prior to the date of the consolidated balance sheet but have not settled (date of sale) until after such date, the sales price is used as the fair value; and, (2) for those securities which have not traded as of the date of the consolidated balance sheet, the fair value was determined by broker price indications of similar or same securities. The Company accounts for mortgage loans held for sale under the fair value option with changes in fair value recognized in current period earnings. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans (Level 2). In conjunction with the fair value election on loans held for sale, Mortgage banking uses derivative forward sales contracts and interest rate lock commitments on residential mortgage loans. Fair values of these mortgage derivatives are estimated based on changes in market prices for mortgage forward trades and mortgage interest rates (Level 2) and estimated pull through percentages from the date the interest on the loan is locked (Level 3). The Company has the rights to service a portfolio of Fannie Mae and other government guaranteed loans sold on a servicing retained basis. Mortgage servicing assets are measured at fair value when the loan is sold and subsequently measured at fair value on a recurring basis utilizing Level 2 inputs. Management uses a model operated and maintained by a third party to calculate the present value of future cash flows using the third party's market-based assumptions. The future cash flows for each asset are based on the asset's unique characteristics and the third party's market-based assumptions for prepayment speeds, default and voluntary prepayments. Adjustments to fair value are recorded as a component of Mortgage Banking Revenue in the Consolidated Statements of Income and Comprehensive Income. The fair value of interest rate swap derivatives is based on valuation models using observable market data as of the measurement date (Level 2). The derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. The fair value of impaired loans with specific valuation allowance for loan losses and other real estate owned is based on recent real estate appraisals. For residential real estate impaired loans and other real estate owned, appraised values are based on the comparative sales approach. For commercial and commercial real estate impaired loans, and other real estate owned, appraisers may use either a single valuation approach or a combination of approaches such as comparative sales, cost or the income approach. A significant unobservable input in the income approach is the estimated income capitalization rate for a given piece of collateral. At June 30, 2019, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 5% to 12%. Adjustments to appraisals may be made by the appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of a given asset over time. As such, the fair value of impaired loans, other real estate owned and bank property held for sale are considered a Level 3 in the fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at June 30,2019 Assets: Trading securities $651 — $651 — Available for sale debt securities Corporate debt securities 5,654 — 5,654 — Obligations of U.S. government sponsored entities and agencies 37,177 — 37,177 — Mortgage-backed securities 1,657,646 — 1,657,646 — Municipal securities 92,280 — 92,280 — Loans held for sale, at fair value 95,108 — 95,108 — Mortgage servicing assets 1,475 — 1,475 — Mortgage banking derivatives 2,198 — 19 2,179 Interest rate swap derivatives 229,735 — 229,735 — Liabilities: Mortgage banking derivatives 566 — 547 19 Interest rate swap derivatives 231,735 — 231,735 — at December 31,2018 Assets: Trading securities $1,737 — $1,737 — Available for sale debt securities Corporate debt securities 6,427 — 6,427 — Obligations of U.S. government sponsored entities and agencies 37,868 — 37,868 — Mortgage-backed securities 1,594,275 — 1,594,275 — Municipal securities 88,778 — 88,778 — Loans held for sale, at fair value 40,399 — 40,399 — Mortgage servicing assets 1,565 — 1,565 — Mortgage banking derivatives 783 — — 783 Interest rate swap derivatives 92,475 — 92,475 — Liabilities: Mortgage banking derivatives 169 — 164 5 Interest rate swap derivatives 92,892 — 92,892 — Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at June 30,2019 Assets: Impaired loans Residential real estate $1,604 — — $1,604 Commercial real estate 6,259 — — 6,259 Land, land development and construction 49 — — 49 Commercial 2,042 — — 2,042 Consumer 30 — — 30 Other real estate owned Residential real estate — — — — Commercial real estate — — — — Land, land development and construction 367 — — 367 Bank property held for sale 3,960 — — 3,960 at December 31,2018 Assets: Impaired loans Residential real estate $1,811 — — $1,811 Commercial real estate 5,614 — — 5,614 Land, land development and construction 90 — — 90 Commercial 1,274 — — 1,274 Consumer 40 — — 40 Other real estate owned Residential real estate — — — — Commercial real estate — — — — Land, land development and construction 867 — — 867 Bank property held for sale 5,805 — — 5,805 Impaired loans measured at fair value had a recorded investment of $11,724, with a valuation allowance of $1,740 at June 30, 2019, and a recorded investment of $8,829, with a valuation allowance of $1,463 at December 31, 2018. The Company recorded a provision for loan loss expense of $492, $275 , $1,056 and $353 on impaired loans carried at fair value during three and six-month periods ending June 30, 2019 and 2018 Other real estate owned had a decline in fair value of $57, $107, $165 and $294 during the three and six-month periods ending June 30, 2019 and 2018, respectively. Changes in fair value were recorded directly to current earnings through non-interest expense. Bank property held for sale represents certain branch office buildings which the Company has closed and consolidated with other existing branches. The real estate was transferred out of the Bank Premises and Equipment category into Bank Property Held for Sale at the lower of amortized cost or fair value less estimated costs to sell. The fair values were based upon appraisals. Fair Value of Financial Instruments: The methods and assumptions, not previously presented, used to estimate fair value are described as follows: Cash and Cash Equivalents: FHLB, FRB and Other Stock Investment securities held to maturity industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Loans, net Accrued Interest Receivable Deposits Short-term Borrowings Corporate Debentures Accrued Interest Payable Off-balance Sheet Instruments The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at June 30,2019 Financial assets: Cash and cash equivalents $837,338 $837,338 $ — $ — $837,338 Trading securities 651 — 651 — 651 Available for sale debt securities 1,792,757 — 1,792,757 — 1,792,757 Held to maturity debt securities 210,756 — 214,631 — 214,631 Loans held for sale, at fair value 95,108 — 95,108 — 95,108 Loans, net 11,672,108 — — 11,653,849 11,653,849 Mortgage servicing assets 1,475 — 1,475 — 1,475 Mortgage banking derivatives 2,198 — 19 2,179 2,198 Interest rate swap derivatives 229,735 — 229,735 — 229,735 Accrued interest receivable 43,856 — 8,733 35,123 43,856 Financial liabilities: Deposits - without stated maturities $10,778,902 $10,778,902 $ — $ — $10,778,902 Deposits - with stated maturities 2,433,183 — 2,445,556 — 2,445,556 Securities sold under agreement to repurchase 78,277 — 78,277 — 78,277 Federal funds purchased and other borrowings 476,690 — 476,690 — 476,690 Corporate debentures 32,591 — — 28,463 28,463 Mortgage banking derivatives 566 — 547 19 566 Interest rate swap derivatives 231,735 — 231,735 — 231,735 Accrued interest payable 4,661 — 4,661 — 4,661 Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at December 31,2018 Financial assets: Cash and cash equivalents $367,333 $367,333 $ — $ — $367,333 Trading securities 1,737 — 1,737 — 1,737 Available for sale debt securities 1,727,348 — 1,727,348 — 1,727,348 Held to maturity debt securities 216,833 — 212,179 — 212,179 Loans held for sale, at fair value 40,399 — 40,399 — 40,399 Loans, net 8,300,734 — — 8,342,220 8,342,220 Mortgage servicing assets 1,565 — 1,565 — 1,565 Mortgage banking derivatives 783 — — 783 783 Interest rate swap derivatives 92,475 — 92,475 — 92,475 Accrued interest receivable 33,143 — 8,355 24,788 33,143 Financial liabilities: Deposits - without stated maturities $7,655,376 $7,655,376 $ — $ — $7,655,376 Deposits - with stated maturities 1,821,960 — 1,827,299 — 1,827,299 Securities sold under agreement to repurchase 57,772 — 57,772 — 57,772 Federal funds purchased and other borrowings 655,360 — 655,360 — 655,360 Corporate debentures 32,415 — — 28,621 28,621 Mortgage banking derivatives 169 — 164 5 169 Interest rate swap derivatives 92,892 — 92,892 — 92,892 Accrued interest payable 2,627 — 2,627 — 2,627 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 4: Reportable segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and six-month periods ending June 30, 2019 and 2018. Three-month period ending June 30, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $180,672 $4,581 $ — $ — $185,253 Interest expense (22,666) (2,697) (1,209) — (26,572) Net interest income (expense) 158,006 1,884 (1,209) — 158,681 Provision for loan losses (2,762) (30) — — (2,792) Non-interest income 26,409 11,534 — — 37,943 Non-interest expense (114,106) (6,683) (1,200) — (121,989) Net income (loss) before taxes 67,547 6,705 (2,409) — 71,843 Income tax (provision) benefit (15,741) (1,699) 719 — (16,721) Net income (loss) 51,806 5,006 (1,690) — 55,122 Earnings attributable to noncontrolling interest (599) — — — (599) Net income (loss) attributable to CenterState Bank Corporation $51,207 $5,006 $(1,690) $ — $54,523 Total assets $16,464,806 $566,514 $2,975,710 $(2,970,433) $17,036,597 Six-month period ending June 30, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $308,504 $9,031 $ — $ — $317,535 Interest expense (37,517) (5,246) (1,916) — (44,679) Net interest income (expense) 270,987 3,785 (1,916) — 272,856 Provision for loan losses (3,777) (68) — — (3,845) Non-interest income 46,709 20,534 — — 67,243 Non-interest expense (191,687) (12,396) (2,379) — (206,462) Net income (loss) before taxes 122,232 11,855 (4,295) — 129,792 Income tax (provision) benefit (28,431) (3,004) 1,408 — (30,027) Net income (loss) 93,801 8,851 (2,887) — 99,765 Earnings attributable to noncontrolling interest (599) — — — (599) Net income (loss) attributable to CenterState Bank Corporation $93,202 $8,851 $(2,887) $ — $99,166 Total assets $16,464,806 $566,514 $2,975,710 $(2,970,433) $17,036,597 Three-month period ending June 30, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $107,172 $3,457 $ — $ — $110,629 Interest expense (7,490) (1,657) (953) — (10,100) Net interest income (expense) 99,682 1,800 (953) — 100,529 Provision for loan losses (2,912) (21) — — (2,933) Non-interest income 15,505 7,076 8 — 22,589 Non-interest expense (73,285) (4,884) (1,443) — (79,612) Net income (loss) before taxes 38,990 3,971 (2,388) — 40,573 Income tax (provision) benefit (9,267) (1,006) 1,863 — (8,410) Net income (loss) attributable to CenterState Bank Corporation $29,723 $2,965 $(525) $ — $32,163 Total assets $9,963,206 $564,133 $1,607,900 $(1,598,516) $10,536,723 Six-month period ending June 30, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $207,087 $6,701 $ — $ — $213,788 Interest expense (13,697) (2,729) (1,815) — (18,241) Net interest income (expense) 193,390 3,972 (1,815) — 195,547 Provision for loan losses (4,074) (159) — — (4,233) Non-interest income 30,420 15,199 8 — 45,627 Non-interest expense (143,282) (10,494) (1,832) — (155,608) Net income (loss) before taxes 76,454 8,518 (3,639) — 81,333 Income tax (provision) benefit (17,499) (2,158) 6,123 — (13,534) Net income attributable to CenterState Bank Corporation $58,955 $6,360 $2,484 $ — $67,799 Total assets $9,963,206 $564,133 $1,607,900 $(1,598,516) $10,536,723 Commercial and retail banking Correspondent banking and capital markets division correspondent banking services includes spread income earned on correspondent bank deposits (i.e. federal funds purchased) and fees generated from safe-keeping activities, bond accounting services, asset/liability consulting services, international wires, clearing and corporate checking account services and other correspondent banking related services. The fees derived from the correspondent banking services are less volatile than those generated through the capital markets group. The customer base includes small to medium size financial institutions primarily located in Southeastern United States. Corporate overhead and administration |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment securities | NOTE 5: Investment securities Available for Sale Debt Securities All of the mortgage-backed securities (“MBS”) listed below are residential Fannie Mae, Freddie Mac and Ginnie Mae MBSs . The fair value of available for sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: June 30, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $5,505 $149 $ — $5,654 Obligations of U.S. government sponsored entities and agencies 37,445 15 283 37,177 Mortgage-backed securities 1,643,074 19,301 4,729 1,657,646 Municipal securities 87,738 4,542 — 92,280 Total available for sale debt securities $1,773,762 $24,007 $5,012 $1,792,757 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $6,265 $162 $ — $6,427 Obligations of U.S. government sponsored entities and agencies 38,794 7 933 37,868 Mortgage-backed securities 1,623,906 3,792 33,423 1,594,275 Municipal securities 88,415 698 335 88,778 Total available for sale debt securities $1,757,380 $4,659 $34,691 $1,727,348 The cost of securities sold is determined using the specific identification method. All of the securities sold during the second quarter of 2019 were collateralized loan obligation securities (“CLOs”) acquired through the NCOM acquisition. The CLOs were marked to fair value at acquisition and subsequently sold resulting in a loss of $5.The securities sold during the first quarter of 2018 include some securities acquired through the acquisitions of Sunshine Bancorp, Inc. (“Sunshine”) and HCBF Holding Company, Inc. (“Harbor”) on January 1, 2018. These acquired securities were marked to fair value and subsequently sold after the acquisition date, and no gain or loss was recognized from the sale of these securities. Sales of available for sale debt securities for the six-month ended June 30, 2019 and 2018 were as follows: For the six months ended: June 30, 2019 June 30, 2018 Proceeds $108,477 $364,152 Gross gains 646 68 Gross losses 634 90 The tax provision related to these net realized gain and loss were $3 and ($6), respectively. The fair value of available for sale debt securities at June 30, 2019 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due one year or less $525 $525 Due after one year through five years 9,001 8,872 Due after five years through ten years 28,026 27,459 Due after ten years through thirty years 97,559 93,832 Mortgage-backed securities 1,657,646 1,643,074 Total available for sale debt securities $1,792,757 $1,773,762 Available for sale debt securities pledged at June 30, 2019 and December 31, 2018 had a carrying amount (estimated fair value) of $909,669 and $961,721 respectively. These securities were pledged primarily to increase borrowing capacity at the FHLB, secure public deposits and repurchase agreements. At June 30, 2019 and December 31, 2018, there were no holdings of securities of any one issuer, other than mortgage-backed securities issued by U.S. Government sponsored entities, in an amount greater than 10% of stockholders’ equity. The following tables show the Company’s available for sale debt investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $2,731 $10 $20,219 $273 $22,950 $283 Mortgage-backed securities — — 512,428 4,729 512,428 4,729 Total temporarily impaired available for sale debt securities $2,731 $10 $532,647 $5,002 $535,378 $5,012 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $25,104 $332 $9,398 $601 $34,502 $933 Mortgage-backed securities 647,923 10,782 635,172 22,641 1,283,095 33,423 Total temporarily impaired available for sale debt securities $673,027 $11,114 $644,570 $23,242 $1,317,597 $34,356 Obligations of U.S. government sponsored entities and agencies: Obligations of U.S. government-sponsored entities and agencies are mainly comprised of pools of securities issued by the Small Business Administration (“SBA”). Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2019. Mortgage-backed securities: At June 30, 2019, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2019. Held to Maturity Debt Securities The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of June 30, 2019 and December 31, 2018. June 30, 2019 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage-backed securities $79,160 $16 $483 $78,693 Municipal securities 131,596 4,352 10 135,938 Total held to maturity debt securities $210,756 $4,368 $493 $214,631 December 31, 2018 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage-backed securities $84,983 $ — $2,462 $82,521 Municipal securities 131,850 799 2,991 129,658 Total held to maturity debt securities $216,833 $799 $5,453 $212,179 Held to maturity securities pledged at June 30, 2019 and December 31, 2018 had a carrying amount of $102,338 and $103,710 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At June 30, 2019, there were no holdings of held to maturity securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The fair value and amortized cost of held to maturity securities at June 30, 2019 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Held to maturity debt securities Value Cost Due after five years through ten years $2,072 $2,038 Due after ten years through thirty years 133,866 129,558 Mortgage-backed securities 78,693 79,160 Total held to maturity debt securities $214,631 $210,756 The following table shows the Company’s held to maturity debt investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage-backed securities $ — $ — $71,798 $483 $71,798 $483 Municipal securities — — 1,990 10 1,990 10 Total temporarily impaired held to maturity debt securities $ — $ — $73,788 $493 $73,788 $493 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage-backed securities $ — $ — $82,521 $2,462 $82,521 $2,462 Municipal securities 22,560 203 47,807 2,788 70,367 2,991 Total temporarily impaired held to maturity debt securities $22,560 $203 $130,328 $5,250 $152,888 $5,453 Mortgage-backed securities: At June 30, 2019, 100% of the mortgage-backed securities held by the Company were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae, Freddie Mac, and Ginnie Mae, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at June 30, 2019. Municipal securities: Unrealized losses on municipal securities have not been recognized into income because the issuers bonds are of high quality, and because management does not intend to sell these investments or more likely than not will not be required to sell these investments before their anticipated recovery. The fair value is expected to recover as the securities approach maturity. |
Loans Held for Sale
Loans Held for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Loans Receivable Held For Sale Net [Abstract] | |
Loans Held for Sale | NOTE 6: Loans Held for Sale The Company accounts for loans held for sale under the fair value option with changes in fair value recognized in current period earnings. At the date of funding of the loan, the funded amount of the loan, the relative derivative asset or liability of the associated interest rate lock commitment, less direct costs, becomes the initial recorded investment in the loan held for sale. Such amount approximates the fair value of the loan. Net gains from changes in estimated fair value of mortgage loans held for sale were $941 and $722 for the six-month periods ended June 30, 2019 and 2018, respectively. The total unpaid principal balance of loans held for sale was $94,167 and $39,318 at June 30, 2019 and December 31, 2018, respectively. No loans held for sale at June 30, 2019 or at December 31, 2018 were past due or on nonaccrual. The table below summarizes the activity in mortgage loans held for sale during the three and six-month periods ending June 30, 2019 and 2018. Three-month periods ended Six-month periods ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Beginning balance $49,474 $28,485 $40,399 $19,647 Effect from acquisitions 14,588 — 14,588 6,124 Loans originated 257,383 92,218 392,135 150,316 Proceeds from sales (233,962) (87,066) (363,619) (144,387) Net change in fair value 937 359 941 722 Net realized gain on sales 6,688 2,370 10,664 3,944 Ending balance $95,108 $36,366 $95,108 $36,366 As loans are closed, they are typically sold at prices specified in the forward contracts. Gains or losses may arise if the yields of the loans delivered vary from those specified in the forward contracts. Derivative mortgage loan commitments, or interest rate locks, are also utilized and relate to the origination of a mortgage that will be held for sale upon funding. The Company uses these derivative financial instruments on its loans held for sale to manage interest rate risk and not for speculative purposes. The table below summarizes the main components of Mortgage Banking Revenue during the three and six-month periods ending June 30, 2019 and 2018. The Mortgage Banking Revenue amounts are reported in the Company’s Consolidated Statements of Income and Comprehensive Income. Three-month periods ended Six-month periods ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Servicing fees and commissions $96 $20 $188 $20 Gain on sale of loans held for sale 6,688 2,370 10,664 3,944 Unrealized gain on loans held for sale 937 359 941 722 Gain (loss) on mortgage derivatives 52 (107) 609 558 Loss on mortgage hedge (703) (26) (1,106) (26) Loss on mortgage servicing assets (267) — (300) — Mortgage banking revenue $6,803 $2,616 $10,996 $5,218 The table below summarizes the notional amounts for interest rate lock commitments, best efforts forward trades and MBS forward trades pertaining to loans held for sale at June 30, 2019 and 2018. Notional at June 30, 2019 June 30, 2018 Interest rate lock commitments $160,461 $33,306 Best efforts forward trades 129,738 52,614 MBS forward trades 110,500 14,250 Total derivative instruments $400,699 $100,170 Mortgage banking derivatives used in the ordinary course of business consist of forward sales contracts and interest rate lock commitments on residential mortgage loans. Forward sales contracts represent future commitments to deliver loans at a specified price and by a specified date and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Rate lock commitments represent commitments to fund loans at a specific rate and by a specified expiration date. These derivatives involve underlying items, such as interest rates, and are designed to mitigate risk. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure is limited to the amounts required to be received or paid. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 7: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. June 30, 2019 December 31, 2018 Loans excluding PCI loans Real estate loans Residential $2,481,717 $1,702,114 Commercial 6,062,203 4,454,098 Land, development and construction 1,051,307 635,562 Total real estate 9,595,227 6,791,774 Commercial, industrial and factored receivables 1,709,019 1,183,380 Consumer and other loans 246,856 203,686 Loans before unearned fees and deferred cost 11,551,102 8,178,840 Net unearned fees and costs 4,356 2,693 Total loans excluding PCI loans 11,555,458 8,181,533 PCI loans (note 1) Real estate loans Residential 54,607 58,804 Commercial 91,176 87,336 Land, development and construction 6,225 7,028 Total real estate 152,008 153,168 Commercial and industrial 5,102 5,594 Consumer and other loans 193 209 Total PCI loans 157,303 158,971 Total loans 11,712,761 8,340,504 Allowance for loan losses for loans that are not PCI loans (40,455) (39,579) Allowance for loan losses for PCI loans (198) (191) Total loans, net of allowance for loan losses $11,672,108 $8,300,734 n ote 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three-month ended June 30, 2019 Balance at beginning of period $39,861 $191 $40,052 Loans charged-off (3,325) — (3,325) Recoveries of loans previously charged-off 1,134 — 1,134 Net charge-offs (2,191) — (2,191) Provision for loan losses 2,785 7 2,792 Balance at end of period $40,455 $198 $40,653 Three-month ended June 30, 2018 Balance at beginning of period $34,154 $275 $34,429 Loans charged-off (589) — (589) Recoveries of loans previously charged-off 711 — 711 Net recoveries 122 — 122 Provision for loan losses 2,933 — 2,933 Balance at end of period $37,209 $275 $37,484 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Six-month ended June 30, 2019 Balance at beginning of period $39,579 $191 $39,770 Loans charged-off (4,772) — (4,772) Recoveries of loans previously charged-off 1,810 — 1,810 Net charge-offs (2,962) — (2,962) Provision for loan losses 3,838 7 3,845 Balance at end of period $40,455 $198 $40,653 Six-month ended June 30, 2018 Balance at beginning of period $32,530 $295 $32,825 Loans charged-off (992) — (992) Recoveries of loans previously charged-off 1,343 75 1,418 Net recoveries 351 75 426 Provision for loan losses 4,328 (95) 4,233 Balance at end of period $37,209 $275 $37,484 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three-month ended June 30, 2019 Beginning of the period $5,448 $22,247 $2,220 $6,930 $ — $3,016 $39,861 Charge-offs (418) (4) — (1,257) (516) (1,130) (3,325) Recoveries 275 66 1 92 530 170 1,134 Provision for loan losses 424 (1,372) 269 1,577 586 1,301 2,785 Balance at end of period $5,729 $20,937 $2,490 $7,342 $600 $3,357 $40,455 Three-month ended June 30, 2018 Beginning of the period $5,747 $20,975 $1,294 $4,501 $ — $1,637 $34,154 Charge-offs — — — (221) — (368) (589) Recoveries 364 169 1 56 — 121 711 Provision for loan losses (264) 777 334 1,076 — 1,010 2,933 Balance at end of period $5,847 $21,921 $1,629 $5,412 $ — $2,400 $37,209 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three-month ended June 30, 2019 Beginning of the period $ — $ — $177 $ — $ — $14 $191 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses 7 — — — — — 7 Balance at end of period $7 $ — $177 $ — $ — $14 $198 Three-month ended June 30, 2018 Beginning of the period $ — $59 $202 $ — $ — $14 $275 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses — — — — — — — Balance at end of period $ — $59 $202 $ — $ — $14 $275 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Six-month ended June 30, 2019 Beginning of the period $5,518 $22,978 $1,781 $6,414 $ — $2,888 $39,579 Charge-offs (619) (4) (31) (1,921) (516) (1,681) (4,772) Recoveries 417 218 84 247 530 314 1,810 Provision for loan losses 413 (2,255) 656 2,602 586 1,836 3,838 Balance at end of period $5,729 $20,937 $2,490 $7,342 $600 $3,357 $40,455 Six-month ended June 30, 2018 Beginning of the period $6,003 $19,304 $1,179 $4,130 $ — $1,914 $32,530 Charge-offs (136) — — (228) — (628) (992) Recoveries 638 456 1 62 — 186 1,343 Provision for loan losses (658) 2,161 449 1,448 — 928 4,328 Balance at end of period $5,847 $21,921 $1,629 $5,412 $ — $2,400 $37,209 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are PCI loans: Six-month ended June 30, 2019 Beginning of the period $ — $ — $177 $ — $ — $14 $191 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses 7 — — — — — 7 Balance at end of period $7 $ — $177 $ — $ — $14 $198 Six-month ended June 30, 2018 Beginning of the period $ — $59 $222 $ — $ — $14 $295 Charge-offs — — — — — — — Recoveries — — — 75 — — 75 Provision for loan losses — — (20) (75) — — (95) Balance at end of period $ — $59 $202 $ — $ — $14 $275 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019 and December 31, 2018. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total As of June 30, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $292 $322 $ — $1,234 $ — $1,848 Collectively evaluated for impairment 5,437 20,615 2,490 6,708 3,357 38,607 Purchased credit impaired 7 — 177 — 14 198 Total ending allowance balance $5,736 $20,937 $2,667 $7,942 $3,371 $40,653 Loans: Individually evaluated for impairment $5,563 $7,478 $72 $3,957 $131 $17,201 Collectively evaluated for impairment 2,476,154 6,054,725 1,051,235 1,705,062 246,725 11,533,901 Purchased credit impaired 54,607 91,176 6,225 5,102 193 157,303 Total ending loan balances $2,536,324 $6,153,379 $1,057,532 $1,714,121 $247,049 $11,708,405 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total As of December 31, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $331 $250 $ — $1,034 $1 $1,616 Collectively evaluated for impairment 5,187 22,728 1,781 5,380 2,887 37,963 Purchased credit impaired — — 177 — 14 191 Total ending allowance balance $5,518 $22,978 $1,958 $6,414 $2,902 $39,770 Loans: Individually evaluated for impairment $6,234 $7,496 $117 $1,708 $145 $15,700 Collectively evaluated for impairment 1,695,880 4,446,602 635,445 1,181,672 203,541 8,163,140 Purchased credit impaired 58,804 87,336 7,028 5,594 209 158,971 Total ending loan balances $1,760,918 $4,541,434 $642,590 $1,188,974 $203,895 $8,337,811 The table below summarizes impaired loan data for the periods presented. June 30, 2019 December 31, 2018 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $8,683 $8,475 Nonperforming TDRs (these are included in NPLs) 1,437 1,002 Total TDRs (these are included in impaired loans) 10,120 9,477 Impaired loans that are not TDRs 7,081 6,223 Total impaired loans $17,201 $15,700 Troubled Debt Restructurings: In certain situations, it is common to restructure or modify the terms of troubled loans (i.e. troubled debt restructure or “TDRs”). In those circumstances, it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in a distressed sale. When the terms of a loan have been modified, usually the monthly payment and/or interest rate is reduced for generally twelve to twenty-four months. The Company has not forgiven any material principal amounts on any loan modifications to date. TDRs as of June 30, 2019 and December 31, 2018 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non-performing loans) are presented in the tables below. Accruing Non-Accrual Total As of June 30, 2019 Real estate loans: Residential $5,205 $479 $5,684 Commercial 2,076 156 2,232 Land, development, construction 72 — 72 Total real estate loans 7,353 635 7,988 Commercial and industrial 1,198 802 2,000 Consumer and other 132 — 132 Total TDRs $8,683 $1,437 $10,120 Accruing Non-Accrual Total As of December 31, 2018 Real estate loans: Residential $5,848 $386 $6,234 Commercial 1,837 566 2,403 Land, development, construction 77 41 118 Total real estate loans 7,762 993 8,755 Commercial and industrial 577 — 577 Consumer and other 136 9 145 Total TDRs $8,475 $1,002 $9,477 The Company’s policy is to return non-accrual TDR loans to accrual status when all the principal and interest amounts contractually due, pursuant to its modified terms, are brought current and future payments are reasonably assured. Our policy also considers the payment history of the borrower, but is not dependent upon a specific number of payments. The Company recorded a provision for loan loss expense of $126 and $157 and partial charge offs of $42 and $50 on the TDR loans described above during the three and six-month periods ending June 30, 2019, respectively. The Company recorded a provision Loans are modified to minimize loan losses when we believe the modification will improve the borrower’s financial condition and ability to repay the loan. We typically do not forgive principal. We generally either reduce interest rates or decrease monthly payments for a temporary period of time and those reductions of cash flows are capitalized into the loan balance. We may also extend maturities, convert balloon loans to longer-term amortizing loans, or vice versa, or change interest rates between variable and fixed rate. Each borrower and situation is unique and we try to accommodate the borrower and minimize the Company’s potential losses. Approximately 86% of our TDRs are current pursuant to their modified terms, and $1,437, or approximately 14% of our total TDRs are not performing pursuant to their modified terms. There does not appear to be any significant difference in success rates with one type of concession versus another. Loans modified as TDRs during the three and six-month periods ending June 30, 2019 were $1,142 and $1,820, respectively. Loans modified as TDRs during the three and six-month periods ending June 30, 2018 were $601 and $2,148, respectively. The Company recorded $100 and $119 loan loss provision for loans modified during the three and six-month periods ending June 30, 2019. The Company recorded $13 and $14 loan loss provision for loans modified during the three and six-month periods ending June 30, 2018. The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending June 30, 2019 and 2018. Period ending Period ending June 30, 2019 June 30, 2018 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — 1 $51 Commercial real estate — — 1 120 Land, development, construction — — — — Commercial and industrial 3 801 — — Consumer and other — — — — Total 3 $801 2 $171 The Company recorded $85 and $85 provision for loan loss expense for three and six-month periods ending June 30, 2019. The Company recorded no partial charge offs on TDR loans subsequently defaulted during the three and six-month periods ending June 30, 2019. The Company recorded a provision for loan loss expense of $3 and $5 and partial charge offs of $3 and $5 on TDR loans that subsequently defaulted as described above during the three and six-month periods ending June 30, 2018. The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. Unpaid principal balance Recorded investment Allowance for loan losses allocated As of June 30, 2019 With no related allowance recorded: Residential real estate $2,990 $2,864 $ — Commercial real estate 6,318 5,644 — Land, development, construction 81 72 — Commercial and industrial 1,312 1,282 — Consumer, other 106 105 — With an allowance recorded: Residential real estate 2,842 2,699 292 Commercial real estate 1,859 1,834 322 Land, development, construction — — — Commercial and industrial 2,732 2,675 1,234 Consumer, other 32 26 — Total $18,272 $17,201 $1,848 Unpaid principal balance Recorded investment Allowance for loan losses allocated As of December 31, 2018 With no related allowance recorded: Residential real estate $3,608 $3,485 $ — Commercial real estate 6,447 5,906 — Land, development, construction 144 117 — Commercial and industrial 364 353 — Consumer, other 109 108 — With an allowance recorded: Residential real estate 2,897 2,749 331 Commercial real estate 1,593 1,590 250 Land, development, construction — — — Commercial and industrial 1,378 1,355 1,034 Consumer, other 53 37 1 Total $16,593 $15,700 $1,616 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended June 30, 2019 Real estate loans: Residential $5,609 $59 $ — Commercial 7,778 30 — Land, development, construction 94 1 — Total real estate loans 13,481 90 — Commercial and industrial 3,724 16 — Consumer and other loans 133 2 — Total $17,338 $108 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Six-month ended June 30, 2019 Real estate loans: Residential $5,776 $121 $ — Commercial 7,782 55 — Land, development, construction 105 3 — Total real estate loans 13,663 179 — Commercial and industrial 3,165 28 — Consumer and other loans 136 4 — Total $16,964 $211 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended June 30, 2018 Real estate loans: Residential $7,882 $82 $ — Commercial 7,986 35 — Land, development, construction 574 1 — Total real estate loans 16,442 118 — Commercial and industrial 2,227 9 — Consumer and other loans 179 2 — Total $18,848 $129 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Six-month ended June 30, 2018 Real estate loans: Residential $8,007 $159 $ — Commercial 8,124 48 — Land, development, construction 420 4 — Total real estate loans 16,551 211 — Commercial and industrial 2,624 14 — Consumer and other loans 187 4 — Total $19,362 $229 $ — Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: June 30, 2019 December 31, 2018 Non-accrual loans $26,334 $23,567 Loans past due over 90 days and still accruing interest — — Total nonperforming loans $26,334 $23,567 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans: Non-accrual Loans past due over 90 days still accruing As of June 30, 2019 Residential real estate $10,368 $ — Commercial real estate 8,758 — Land, development, construction 1,811 — Commercial and industrial 4,783 — Consumer, other 614 — Total $26,334 $ — Non-accrual Loans past due over 90 days still accruing As of December 31, 2018 Residential real estate $11,488 $ — Commercial real estate 8,445 — Land, development, construction 795 — Commercial and industrial 2,274 — Consumer, other 565 — Total $23,567 $ — The following table presents the aging of the recorded investment in past due loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans. The increase in the 30 – 59 days past due loans is primarily due to factored commercial receivables: Accruing Loans As of June 30, 2019 Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans Residential real estate $2,481,717 $6,795 $6,588 $ — $13,383 $2,457,966 $10,368 Commercial real estate 6,062,203 11,742 5,446 — 17,188 6,036,257 8,758 Land/dev/construction 1,051,307 1,401 615 — 2,016 1,047,480 1,811 Comm., industrial & factored receivables 1,709,019 13,792 3,003 — 16,795 1,687,441 4,783 Consumer 246,856 1,024 184 — 1,208 245,034 614 $11,551,102 $34,754 $15,836 $ — $50,590 $11,474,178 $26,334 Accruing Loans As of December 31, 2018 Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans Residential real estate $1,702,114 $5,730 $5,631 $ — $11,360 $1,679,266 $11,488 Commercial real estate 4,454,098 10,840 4,607 — 15,446 4,430,207 8,445 Land/dev/construction 635,562 661 4,022 — 4,683 630,084 795 Comm. & industrial 1,183,380 2,803 878 — 3,681 1,177,425 2,274 Consumer 203,686 1,061 271 — 1,332 201,789 565 $8,178,840 $21,094 $15,408 $ — $36,502 $8,118,771 $23,567 Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as; current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on at least an annual basis. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of June 30, 2019 and December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans, excluding purchased credit-impaired loans accounted for pursuant to ASC Topic 310-30, is presented below. As of June 30, 2019 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $2,421,011 $34,189 $26,517 $ — Commercial real estate 5,865,703 139,490 57,010 — Land/dev/construction 1,037,448 9,921 3,938 — Comm., industrial & factored receivables 1,653,775 43,047 12,197 — Consumer 245,665 207 984 — Total $11,223,602 $226,854 $100,646 $ — As of December 31, 2018 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $1,633,810 $41,522 $26,782 $ — Commercial real estate 4,246,687 160,981 46,430 — Land/dev/construction 610,631 20,586 4,345 — Commercial & industrial 1,137,272 40,836 5,272 — Consumer 202,701 247 738 — Total $7,831,100 $264,172 $83,568 $ — The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of June 30, 2019 and December 31, 2018: As of June 30, 2019 Residential Consumer Performing $2,471,349 $246,242 Nonperforming 10,368 614 Total $2,481,717 $246,856 As of December 31, 2018 Residential Consumer Performing $1,690,626 $203,121 Nonperforming 11,488 565 Total $1,702,114 $203,686 Purchased Credit Impaired (“PCI”) loans: Income is recognized on PCI loans pursuant to ASC Topic 310-30. A portion of the fair value discount has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represents cash flows not expected to be collected. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of June 30, 2019 and December 31, 2018. Contractually required principal and interest payments have been adjusted for estimated prepayments. June 30, 2019 December 31, 2018 Contractually required principal and interest $283,501 $267,815 Non-accretable difference (56,084) (38,602) Cash flows expected to be collected 227,417 229,213 Accretable yield (70,114) (70,242) Carrying value of acquired loans 157,303 158,971 Allowance for loan losses (198) (191) Carrying value less allowance for loan losses $157,105 $158,780 The Company adjusted its estimates of future expected losses, cash flows and renewal assumptions during the current quarter. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The Company reclassified $3,466, $2,187, $10,665 and $3,914 from non-accretable difference to accretable yield during the three and six-month periods ending June 30, 2019 and 2018 to reflect its adjusted estimates of future expected cash flows. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and six-month periods ending June 30, 2019 and 2018. Activity during the Effect of income all other three-month period ending June 30, 2019 March 31, 2019 acquisitions accretion adjustments June 30, 2019 Contractually required principal and interest $248,243 $51,527 $ — $(16,269) $283,501 Non-accretable difference (28,865) (29,187) — 1,968 (56,084) Cash flows expected to be collected 229,213 22,340 — (14,301) 227,417 Accretable yield (69,922) (3,724) 7,750 (4,218) (70,114) Carry value of acquired loans $149,456 $18,616 $7,750 $(18,519) $157,303 Activity during the Effect of income all other six-month period ending June 30, 2019 December 31, 2018 acquisitions accretion adjustments June 30, 2019 Contractually required principal and interest $267,815 $51,527 $ — $(35,841) $283,501 Non-accretable difference (38,602) (29,187) — 11,705 (56,084) Cash flows expected to be collected 229,213 22,340 — (24,136) 227,417 Accretable yield (70,242) (3,724) 17,890 (14,038) (70,114) Carry value of acquired loans $158,971 $18,616 $17,890 $(38,174) $157,303 Activity during the Effect of income all other three-month period ending June 30, 2018 March 31, 2018 acquisitions accretion adjustments June 30, 2018 Contractually required principal and interest $315,277 $ — $ — $(29,701) $285,576 Non-accretable difference (50,237) — — 6,071 (44,166) Cash flows expected to be collected 265,040 — — (23,630) 241,410 Accretable yield (71,857) — 11,096 (6,699) (67,460) Carry value of acquired loans $193,183 $ — $11,096 $(30,329) $173,950 Activity during the Effect of income all other six-month period ending June 30, 2018 December 31, 2017 acquisitions accretion adjustments June 30, 2018 Contractually required principal and interest $248,283 $88,705 $ — $(51,412) $285,576 Non-accretable difference (13,183) (38,164) — 7,181 (44,166) Cash flows expected to be collected 235,100 50,541 — (44,231) 241,410 Accretable yield (70,942) (6,278) 18,814 (9,054) (67,460) Carry value of acquired loans $164,158 $44,263 $18,814 $(53,285) $173,950 |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 6 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Securities Sold Under Agreement to Repurchase | NOTE 8: Securities sold under agreement to repurchase The Company enters into borrowing arrangements with our retail business customers by agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these one-day borrowing arrangements. These short-term borrowings totaled $ at June 30, 2019 MBS Municipal As of June 30, 2019 Securities Securities Total Market value of securities pledged $98,673 $450 $99,123 Borrowings related to pledged amounts 78,150 127 78,277 Market value pledged as a % of borrowings 126% 354% 127% As of December 31, 2018 Market value of securities pledged $64,269 $437 $64,706 Borrowings related to pledged amounts 57,594 178 57,772 Market value pledged as a % of borrowings 112% 246% 112% Any risk related to these arrangements, primarily market value changes, are minimized due to the overnight (one day) maturity and the additional collateral pledged over the borrowed amounts. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 9: Business Combinations Acquisition of Sunshine Bancorp, Inc. On January 1, 2018, the Company completed its acquisition of Sunshine, whereby Sunshine merged with and into the Company. Pursuant to and simultaneously with the merger of Sunshine with and into the Company, Sunshine’s wholly owned subsidiary bank, Sunshine Bank merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 14% and 13%, respectively, as compared with the balances at December 31, 2017, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The Company incurred no acquisition costs related to this transaction during the three and six-month periods ending June 30, 2019. During the three and six-month periods ending June 30, 2018, the Company incurred approximately $8,403 and $10,474 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Sunshine. The purchase price consisted of stock plus cash in lieu of fractional shares. Each share of Sunshine common stock was exchanged for 0.89 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on December 29, 2017, the resulting purchase price was $187,852. The table below summarizes the purchase price calculation. Number of shares of Sunshine common stock outstanding at December 31, 2017 7,922,479 Per share exchange ratio 0.89 Number of shares of CenterState common stock less 361 of fractional shares 7,050,645 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 181,413 Cash consideration paid for 361 of fractional shares 7 Total consideration to be paid to Sunshine common shareholders $ 181,420 Fair value of Sunshine stock options converted to CenterState stock options 6,432 Total Purchase Price for Sunshine $ 187,852 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 47,056 Loans, held for investment 676,090 Purchased credit impaired loans 8,232 Loans held for sale 430 Investments 93,006 Accrued interest receivable 2,170 Branch real estate 9,375 Furniture and fixtures 916 Bank property held for sale 9,503 FHLB stock 4,875 Bank owned life insurance 23,101 Core deposit intangible 8,525 Goodwill 114,228 Deferred tax asset 11,670 Other assets 6,135 Total assets acquired $ 1,015,312 Liabilities: Deposits $ 719,039 Federal Home Loan Bank advances 95,001 Securities sold under agreement to repurchase 353 Subordinated notes 11,000 Accrued interest payable 457 Other liabilities 1,610 Total liabilities assumed $ 827,460 In the acquisition, the Company acquired $684,322 of loans at fair value, net of $22,657, or 3.2%, estimated discount to the outstanding principal balance, representing 14.3% of the Company’s total loans at December 31, 2017. Of the total loans acquired, management identified $8,232 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 21,598 Non-accretable difference (12,213 ) Cash flows expected to be collected 9,385 Accretable yield (1,153 ) Total purchased credit-impaired loans acquired $ 8,232 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 148,342 $ 146,057 Commercial real estate 375,377 371,323 Construction/development/land 58,530 57,331 Commercial loans 104,811 99,650 Consumer and other loans 1,770 1,729 Purchased credit-impaired 18,149 8,232 Total earning assets $ 706,979 $ 684,322 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $8,525, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of HCBF Holding Company, Inc. On January 1, 2018, the Company completed its acquisition of HCBF, whereby Harbor merged with and into the Company. Pursuant to and simultaneously with the merger of Harbor with and into the Company, Harbor’s wholly owned subsidiary bank, Harbor Bank merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to further solidify its market share in the Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 33% and 32%, respectively, as compared with the balances at December 31, 2017, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The Company incurred no acquisition costs related to this transaction during the three and six-month periods ending June 30, 2019. During the three and six-month periods ending June 30, 2018, the Company incurred approximately $ 5,737 and $11,527 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Harbor. The purchase price consisted of both cash and stock. Each share of Harbor common stock was exchanged for $1.925 cash and 0.675 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on December 29, 2017, the resulting purchase price was $448,236. The table below summarizes the purchase price calculation. Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Per share exchange ratio 0.675 Number of shares of CenterState common stock less 241 of fractional shares 15,051,639 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 387,279 Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Cash consideration each Harbor share is entitled to receive $ 1.925 Total Cash Consideration plus $6 for 241 of fractional shares $ 42,932 Total Stock Consideration $ 387,279 Total Cash Consideration 42,932 Total consideration to be paid to Harbor common shareholders $ 430,211 Fair value of Harbor stock options converted to CenterState stock options $ 18,025 Total Purchase Price for Harbor $ 448,236 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 77,176 Loans, held for investment 1,290,004 Purchased credit impaired loans 36,031 Loans held for sale 5,694 Investments 585,297 Accrued interest receivable 5,847 Branch real estate 34,035 Furniture and fixtures 3,571 Bank property held for sale 14,140 FHLB and other stock 9,488 Bank owned life insurance 39,089 Other real estate owned 5,144 Core deposit intangible 23,625 Goodwill 233,321 Deferred tax asset 14,071 Other assets 2,536 Total assets acquired $ 2,379,069 Liabilities: Deposits $ 1,755,155 Federal Home Loan Bank advances 157,919 Corporate debentures 5,872 Accrued interest payable 478 Other liabilities 11,409 Total liabilities assumed $ 1,930,833 In the acquisition, the Company acquired $1,326,035 of loans at fair value, net of $40,438, or 3.0%, estimated discount to the outstanding principal balance, representing 27.8% of the Company’s total loans at December 31, 2017. Of the total loans acquired, management identified $36,031 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and other substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 67,107 Non-accretable difference (25,951 ) Cash flows expected to be collected 41,156 Accretable yield (5,125 ) Total purchased credit-impaired loans acquired $ 36,031 The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 370,611 $ 363,559 Commercial real estate 636,517 627,900 Construction/development/land 149,547 146,639 Commercial loans 113,818 110,630 Consumer and other loans 41,660 41,276 Purchased credit-impaired 54,320 36,031 Total earning assets $ 1,366,473 $ 1,326,035 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $23,625, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of Charter Financial Corporation On September 1, 2018, the Company completed its acquisition of Charter Financial Corporation (“Charter”) whereby Charter merged with and into the Company. Pursuant to and simultaneously with the merger of Charter with and into the Company, Charter’s wholly owned subsidiary bank, CharterBank, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. The Company’s primary reasons for the transaction were to expand its franchise into Georgia and Alabama, as well as the Panhandle area of Florida, and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 24% as compared with the balances at December 31, 2017, and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the three and six-month periods ending June 30, 2019, the Company incurred approximately $885 and $5,986 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of Charter. The purchase price consisted of both cash and stock. Each share of Charter common stock was exchanged for $2.30 cash and 0.738 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on August 31, 2018, the resulting purchase price was $389,476. The table below summarizes the purchase price calculation. Number of shares of Charter common stock outstanding at August 31, 2018 15,480,776 Per share exchange ratio 0.738 Number of shares of CenterState common stock less 599 of fractional shares 11,424,214 CenterState common stock price per share on August 31, 2018 $ 30.62 Fair value of CenterState common stock issued $ 349,809 Number of shares of Charter common stock outstanding at August 31, 2018 15,480,776 Cash consideration each Charter share is entitled to receive $ 2.300 Total Cash Consideration plus $17 for 599 of fractional shares $ 35,624 Total Stock Consideration $ 349,809 Total Cash Consideration 35,624 Total consideration to be paid to Charter common shareholders $ 385,433 Cash out of Charter stock options 4,043 Total Purchase Price for Charter $ 389,476 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the September 1, 2018 purchase date. September 1, 2018 Assets: Cash and cash equivalents $ 184,020 Loans, held for investment 1,130,240 Purchased credit impaired loans 11,432 Loans held for sale 2,835 Investments 73,808 Accrued interest receivable 3,684 Branch real estate 27,930 Furniture and fixtures 1,988 Bank property held for sale 1,695 FHLB and other stock 1,483 Bank owned life insurance 54,813 Other real estate owned 257 Servicing asset 1,828 Core deposit intangible 19,795 Goodwill 197,648 Deferred tax asset 3,441 Other assets 17,644 Total assets acquired $ 1,734,541 Liabilities: Deposits $ 1,321,970 Corporate debentures 9,000 Accrued interest payable 1,015 Other liabilities 13,080 Total liabilities assumed $ 1,345,065 In the acquisition, the Company acquired $1,141,672 of loans at fair value, net of $23,118, or 2.0%, estimated discount to the outstanding principal balance, representing 23.9% of the Company’s total loans at December 31, 2017. Of the total loans acquired, management identified $11,432 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and some substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of September 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 33,687 Non-accretable difference (20,763 ) Cash flows expected to be collected 12,924 Accretable yield (1,492 ) Total purchased credit-impaired loans acquired $ 11,432 The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 284,505 $ 280,200 Commercial real estate 567,506 557,730 Construction/development/land 181,128 178,687 Commercial loans 88,308 87,062 Consumer and other loans 26,221 26,561 Purchased credit-impaired 17,122 11,432 Total earning assets $ 1,164,790 $ 1,141,672 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $19,795, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Acquisition of National Commerce Corporation On April 1, 2019, the Company completed its acquisition of NCOM whereby NCOM merged with and into the Company. Pursuant to and simultaneously with the merger of NCOM with and into the Company, NCOM’s wholly owned subsidiary bank, National Bank of Commerce, merged with and into the Company’s subsidiary bank, CenterState Bank, N.A. As a result of that merger, the Bank acquired a controlling 70% interest in CBI, and its factoring subsidiary, Corporate Billing. The Company’s primary reasons for the transaction were to further expand its franchise into Georgia and Alabama, further solidify its market share in the Florida market and expand its customer base to enhance deposit fee income and leverage operating cost through economies of scale. The acquisition increased the Company’s total assets and total deposits by approximately 36% and 37% as compared with the balances at December 31, 2018 and is expected to positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. During the three and six-month periods ending June 30, 2019, the Company incurred approximately $14,854 and $16,118 of acquisition costs related to this transaction. These acquisition costs are reported in merger and acquisition related expenses on the Company’s Consolidated Statements of Income and Comprehensive Income. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations The Company acquired 100% of the outstanding common stock of NCOM. The purchase price consisted of stock plus cash in lieu of fractional shares. Each share of NCOM common stock was exchanged for 1.65 shares of the Company’s common stock. Based on the closing price of the Company’s common stock on March 29, 2019, the resulting purchase price was $831,696. The table below summarizes the purchase price calculation. Number of shares of NCOM common stock outstanding at March 29, 2019 21,011,352 Per share exchange ratio 1.650 Number of shares of CenterState common stock less 763 of fractional shares 34,667,968 CenterState common stock price per share on March 29, 2019 $23.81 Fair value of CenterState common stock issued $825,444 Cash Consideration for 763 of fractional shares $20 Total Stock Consideration $825,444 Total Cash Consideration 20 Total consideration to be paid to NCOM common shareholders $825,464 Fair value of NCOM stock options converted to CenterState stock options 5,848 Fair value of NCOM warrants converted to CenterState warrants 384 Total Purchase Price for NCOM $831,696 The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the April 1, 2019 purchase date. April 1, 2019 Assets: Cash and cash equivalents $268,524 Loans, held for investment 3,309,234 Purchased credit impaired loans 18,616 Loans held for sale 14,588 Investments 178,488 Accrued interest receivable 11,006 Branch real estate 61,295 Furniture and fixtures 7,204 Bank property held for sale 12,436 FHLB, FRB and other stock 17,076 Bank owned life insurance 55,474 Other real estate owned 875 Servicing asset 1,580 Core deposit intangible 39,900 Goodwill 401,538 Deferred tax asset 16,285 Other assets 23,663 Total assets acquired $4,437,782 Liabilities: Deposits $3,486,732 Securities sold under agreement to repurchase 18,833 Subordinated debt 38,802 Accrued interest payable 2,095 Other liabilities 47,622 Noncontrolling interest 12,002 Total liabilities assumed and noncontrolling interest $3,606,086 In the acquisition, the Company acquired $3,327,850 of loans at fair value, net of $61,384, or 1.8%, estimated discount to the outstanding principal balance, representing 39.9% of the Company’s total loans at December 31, 2018. Of the total loans acquired, management identified $18,616 with credit deficiencies. All loans that were on non-accrual status, impaired loans including TDRs and some substandard loans were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of April 1, 2019 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $51,527 Non-accretable difference (29,187) Cash flows expected to be collected 22,340 Accretable yield (3,724) Total purchased credit-impaired loans acquired $18,616 The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $615,296 $608,705 Commercial real estate 1,762,480 1,736,653 Construction/development/land 363,005 358,643 Commercial loans 539,698 536,262 Consumer and other loans 70,058 68,971 Purchased credit-impaired 38,697 18,616 Total earning assets $3,389,234 $3,327,850 In its assumption of the deposit liabilities, the Company believed the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. The Company determined the estimated fair value of the core deposit intangible asset totaled $39,900, which will be amortized utilizing an accelerated amortization method over an estimated economic life not to exceed ten years. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-forma information Pro-forma data for the three and six-month periods ending June 30, 2018 listed in the table below presents pro-forma information as if the Charter and NCOM acquisitions occurred at the beginning of 2018. Pro-forma data for the six-month period ending June 30, 2019 listed in the table below presents pro-forma information as if the NCOM acquisition occurred at the beginning of 2018. Three months ended June 30, Six months ended June 30, 2018 2019 2018 Net interest income $154,919 $317,027 $304,885 Net income available to common shareholders $50,952 $125,218 $105,963 EPS - basic $0.41 $0.96 $0.86 EPS - diluted $0.41 $0.96 $0.85 The disclosures regarding the results of operations for NCOM and Charter subsequent to their respective acquisition dates are omitted as this information is not practical to obtain. Although the Company did not convert Charter’s core system in the third quarter of 2018 or NCOM’s core system in the second quarter of 2019, the majority of the fixed costs and purchase accounting entries were booked on the Company’s core system making it impractical to determine Charter or NCOM’s results of operation on a stand-alone basis. |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Derivatives | NOTE 10 : Interest Rate Swap Derivatives Fair Value Hedge The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from variable to fixed interest rates. Under these agreements, the Company enters into a variable rate loan with a client in addition to a swap agreement. This swap agreement effectively converts the client’s variable rate loan into a fixed rate. The Company then enters into a matching swap agreement with a third party dealer in order to offset its exposure on the customer swap. At June 30, 2019 and December 31, 2018, the notional amount of such arrangements were $7,213,713 Summary information about the interest rate swap derivative instruments is as follows: June 30, 2019 December 31, 2018 Notional amount $7,213,713 $5,743,283 Weighted average pay rate on interest-rate swaps 3.56% 3.64% Weighted average receive rate on interest rate swaps 3.57% 3.64% Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $229,735 $92,475 Fair value of interest rate swap derivatives (liability) $231,325 $92,892 Cash Flow Hedge The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swaps are utilized to manage interest rate risk associated with the Company's variable rate borrowings entered during the current quarter of 2019. The Company recognizes interest rate swaps as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets. The interest rate swap contract entered during the current quarter of 2019 on a variable rate borrowing was designated as a cash flow hedge and was negotiated over the counter. The contract was entered into by the Company with a counterparty and the specific agreement of terms were negotiated, including the amount, interest rate and maturity. The following table reflects the cash flow hedge included in the Condensed Consolidated Balance Sheets as of June 30, 2019: June 30, 2019 Notional amount $150,000 Fair value of interest rate swap derivatives (asset) — Fair value of interest rate swap derivatives (liability) 410 The following table presents the net unrealized holding losses recorded in Accumulated Other Comprehensive Income on the Company’s Condensed Consolidated Balance Sheet and Condensed Consolidated Statements of Income and Comprehensive Income relating to the cash flow derivative instrument for the six-month period ended June 30, 2019: June 30, 2019 Amount of Amount of gain / (loss) Location of gain / (loss) loss reclassified from OCI reclassified from AOCI recognized in OCI to interest income to income Interest rate contracts - pay fixed, receive floating $(306) $ — Interest expense: Federal funds purchased and other borrowings During the three and six-month ended June 30, 2019, the derivative position designed as a cash flow hedge was not discontinued and none of the losses reported in Accumulated Other Comprehensive Income were reclassified into earnings as a result of the discontinuance of a cash flow hedge or because of the early extinguishment of the borrowing. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 11: Leases In February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (ASU) No. 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Subsequently, amendments ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; and ASU No. 2018-11, Targeted Improvements were issued . ASC 842 establishes a right-of-use ( “ ROU ” ) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company leases certain properties and equipment under operating leases that resulted in the recognition of ROU Lease Assets of $20,311 and Lease Liabilities of $22,795 on the Company’s Condensed Consolidated Balance Sheets. ASC 842 was effective on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. The Company chose to use the effective date approach. As such, all periods presented after January 1, 2019 are under ASC 842 whereas periods presented prior to January 1, 2019 are in accordance with prior lease accounting of ASC 840. Financial information was not updated and the disclosures required under ASC 842 was not provided for dates and periods before January 1, 2019. ASC 842 provides a number of optional practical expedients in transition. The Company has elected the ‘package of practical expedients,’ which permits the Company not to reassess under the new standard the prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the use of the hindsight, a practical expedient which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised not available as of the leases inception. The practical expedient pertaining to land easements is not applicable to the Company. ASC 842 also requires certain accounting elections for ongoing application of ASC 842. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning those with terms under twelve months. ROU assets or lease liabilities are not to be recognized for short-term leases. However, since all real estate and equipment leases have terms greater than 12 months, no leases currently meet this exemption. The Company also elected the practical expedient to not separate lease and non-lease components for all leases, the majority of which consist of real estate common area maintenance expenses. However, since these non-lease items are subject to change, they are treated and disclosed as variable payments in the quantitative disclosures below. Consequently, ASC 842’s changed guidance on contract components will not significantly affect our financial reporting. Similarly, ASC 842’s narrowed definition of initial direct costs will not significantly affect financial reporting. Lessee Leases The majority of the Company’s lessee leases are operating leases, and consist of leased real estate for branches and operations centers. Options to extend and renew leases are generally exercised under normal circumstances. Advance notification is required prior to termination, and any noticing period is often limited to the months prior to renewal. Variable payments generally consist of common area maintenance and taxes. Rent escalations are generally specified by a payment schedule, or are subject to a defined formula. The Company also elected the practical expedient to not separate lease and non-lease components for all leases, the majority of which consist of real estate common area maintenance expenses. Generally, leases do not include guaranteed residual values, but instead typically specify that the leased premises are to be returned in satisfactory condition with the Company liable for damages. The Company also has other operating leases for various equipment, including copiers, printers, and other small equipment. Equipment lease terms and conditions generally specify a fixed amount and term with options to renew. The Company’s equipment leases are typically not renewed, and existing leases are typically assumed from prior bank acquisitions. For operating leases, the lease liability and ROU asset (before adjustments) are recorded at the present value of future lease payments. ASC 842 requires the use of the lease interest rate; however, this rate is typically not known. As an alternative, ASC 842 permits the use of an entity’s fully secured incremental borrowing rate. The Company is electing to utilize the FHLB Atlanta Fixed Rate Advance index, as it is the most actively used institution-specific collateralized borrowing source available to the Company. The Company also holds a small number of finance leases assumed in connection to prior acquisitions. These leases are all real estate leases. Terms and conditions are similar to those real estate operating leases described above, but the lease terms are generally longer. Lease classifications from the acquired institution were retained, and were again retained as a result of the election of the package of practical expedients described above. Three-month period ended Six-month period ended June 30, 2019 June 30, 2019 Amortization of ROU Assets - Finance Leases $49 $87 Interest on Lease Liabilities - Finance Leases 54 104 Operating Lease Cost (Cost resulting from lease payments) 2,009 3,335 Short-term Lease Cost — — Variable Lease Cost (Cost excluded from lease payments) 349 554 Sublease Income — — Total Lease Cost $2,461 $4,080 Finance Lease - Operating Cash Flows 76 150 Finance Lease - Financing Cash Flows 73 146 Operating Lease - Operating Cash Flows (Fixed Payments) 2,023 3,304 Operating Lease - Operating Cash Flows (Liability Reduction) 1,706 2,801 New ROU Assets - Operating Leases 15,060 35,617 New ROU Assets - Finance Leases — — Weighted Average Lease Term (Years) - Finance Leases 11.36 Weighted Average Lease Term (Years) - Operating Leases 7.54 Weighted Average Discount Rate - Finance Leases 5.83% Weighted Average Discount Rate - Operating Leases 3.32% A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of June 30, 2019 is as follows: June 30, 2019 Operating lease payments due: Within one year $7,662 After one but within two years 6,593 After two but within three years 5,469 After three but within four years 4,225 After four years but within five years 3,524 After five years 12,619 Total undiscounted cash flows 40,092 Discount on cash flows (4,957) Total operating lease liabilities $35,136 The following is a schedule of future minimum annual rentals under operating leases as of December 31, 2018: Year ending December 31, 2018 $6,524 2019 5,096 2020 4,411 2021 3,633 2022 2,558 Thereafter 11,088 $33,310 Lessor Leases ASC 842 also impacted lessor accounting. ASC 842 changed the criteria in which a lessor lease is classified. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. Similar to the above lessee leases, the Company has elected the ‘package of practical expedients,’ which allows the Company not to reassess the Company’s prior conclusions under ASC 842 about lease identification, lease classification and initial direct costs. The Company also elected the use of the hindsight, a practical expedient which permits the use of information available after lease inception to determine the lease term via the knowledge of renewal options exercised not available as of the leases inception. Lastly, the practical expedient pertaining to land easements is not applicable to the Company. While ASC 842 identifies common area building maintenance as a non-lease component of our real estate lease contracts, the Company elected to account for the Company’s real estate leases and associated common area maintenance service components as a single, combined operating lease component. Consequently, ASC 842’s changed guidance on contract components will not significantly affect financial reporting. Substantially, all of the Company’s lessor leases are related to unused real estate office space owned by the Company. Most have defined terms, though some leases have gone month-to-month once the initial term has passed. The impact of subleases is not material. Income from operating leases are reported within Occupancy Expense as an offset to Non-interest Expense in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. The Company is also the lessor on a few equipment direct finance leases (formerly known as capital leases) with three municipal entities. Interest income from these leases are tax exempt, and is reported within loan interest income. The lessee retains the title to all equipment in each of these finance leases. Each of these leases originated in 2018, and therefore the prior ASC 840 classification was not reassessed due to the election of the package of practical expedients. Three-month period ended Six-month period ended June 30, 2019 June 30, 2019 Operating Lease Income from Lease Payments $595 $785 Direct Financing Lease Income 128 301 Direct Financing Profit Recognized at Commencement Date — — Lease Income Related to Variable lease Payments not included in measurement of lease receivable — — Total Lease Income $723 $1,086 Net Investment in Direct Financing Leases 15,565 Unguaranteed Residual Assets — Deferred Selling Profit on Direct Financing Leases — Maturity Analysis of Operating Lease Receivables 0 - 12 Months 2,056 13 - 24 Months 1,738 25 - 36 Months 2,238 37 - 48 Months 431 48 - 60 Months 61 Over 60 Months — Maturity Analysis of Finance Lease Receivables 0 - 12 Months 1,392 13 - 24 Months 1,680 25 - 36 Months 1,524 37 - 48 Months 1,340 48 - 60 Months 1,339 Over 60 Months 12,366 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 12: Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available for sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company formed a CECL committee to assist with the implementation process. It has selected a third-party vendor to assist with the allowance for loan loss methodology as well as advisory services related to the implementation of the amendments of ASU 2016-13. The Company continues to work with the third-party vendor to evaluate the impact to the Company’s Consolidated Financial Statements including evaluating the impact from the loans acquired from the recent acquisitions. The standard will add new disclosures related to factors that influenced management’s estimate, including current expected credit losses, the changes in those factors, and reasons for the changes as well as the method applied to revert to historical credit loss experience . T he Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but has not yet determined the magnitude of any such one-time adjustment or the overall impact on the Company’s Financial Statements. In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment,” to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. FASB also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments in this update more closely align the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. The amendments address specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Thus, the amendments will enable an entity to report more faithfully the economic results of hedging activities for certain fair value and cash flow hedges and will avoid mismatches in earnings by allowing for greater precision when measuring changes in fair value of the hedged item for certain fair value hedges. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. Overall, those amendments are an improvement because an entity’s financial statements will reflect more accurately and comprehensively the intent and outcome of its hedging strategies. The tabular disclosure related to effects on the income statement of fair value and cash flow hedges and the disclosure of cumulative basis adjustments for fair value hedges provide users with a more complete picture of the effect of hedge accounting on an entity’s income statement and balance sheet. When considered together, the amendments to presentation and disclosures are an improvement because they will provide users with more decision-useful information about the effect of an entity’s risk management activities on the financial statements. Additionally, the amendments in this Update should ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation and, allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. For public business entities, the amendments in this update become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. The Company adopted the new accounting guidance effective January 1, 2019, but it did not have a material impact on the Consolidated Financial Statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting,” to include share based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2018 but no earlier than an entity’s adoption date of Topic 606. The Company adopted the new accounting guidance effective January 1, 2019, but it d id not have a material impact on the Co nsolidated Financial Statements . In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement,” to modify the disclosure requirements on fair value measurements in Topic 820 based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820: (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; (3) the valuation processes for Level 3 fair value measurements; and (4) for nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. The following disclosure requirements were modified in Topic 820: (1) in lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; (2) for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and (3) the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820: (1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. |
Common Stock Outstanding and _2
Common Stock Outstanding and Earnings Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Factors Used in Earnings Per Share Computations | The following table presents the factors used in the earnings per share computations for the periods indicated. Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Basic Net income available to common shareholders $54,523 $32,163 $99,166 $67,799 Less: Earnings allocated to participating securities (21) (26) (44) (56) Net income allocated to common shareholders $54,502 $32,137 $99,122 $67,743 Weighted average common shares outstanding including participating securities 129,897,191 83,938,755 112,938,041 83,575,831 Less: Participating securities (1) (49,600) (68,700) (49,600) (68,915) Average shares 129,847,591 83,870,055 112,888,441 83,506,916 Basic earnings per common share $0.42 $0.38 $0.88 $0.81 Diluted Net income available to common shareholders $54,502 $32,137 $99,122 $67,743 Weighted average common shares outstanding for basic earnings per common share 129,847,591 83,870,055 112,888,441 83,506,916 Add: Dilutive effects of stock based compensation awards and warrants 919,971 1,136,837 816,124 1,386,936 Average shares and dilutive potential common shares 130,767,562 85,006,892 113,704,565 84,893,852 Diluted earnings per common share $0.42 $0.38 $0.87 $0.80 (1) Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at June 30,2019 Assets: Trading securities $651 — $651 — Available for sale debt securities Corporate debt securities 5,654 — 5,654 — Obligations of U.S. government sponsored entities and agencies 37,177 — 37,177 — Mortgage-backed securities 1,657,646 — 1,657,646 — Municipal securities 92,280 — 92,280 — Loans held for sale, at fair value 95,108 — 95,108 — Mortgage servicing assets 1,475 — 1,475 — Mortgage banking derivatives 2,198 — 19 2,179 Interest rate swap derivatives 229,735 — 229,735 — Liabilities: Mortgage banking derivatives 566 — 547 19 Interest rate swap derivatives 231,735 — 231,735 — at December 31,2018 Assets: Trading securities $1,737 — $1,737 — Available for sale debt securities Corporate debt securities 6,427 — 6,427 — Obligations of U.S. government sponsored entities and agencies 37,868 — 37,868 — Mortgage-backed securities 1,594,275 — 1,594,275 — Municipal securities 88,778 — 88,778 — Loans held for sale, at fair value 40,399 — 40,399 — Mortgage servicing assets 1,565 — 1,565 — Mortgage banking derivatives 783 — — 783 Interest rate swap derivatives 92,475 — 92,475 — Liabilities: Mortgage banking derivatives 169 — 164 5 Interest rate swap derivatives 92,892 — 92,892 — |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below. Fair value measurements using Quoted prices Significant in active other Significant markets for observable unobservable Carrying identical assets inputs inputs value (Level 1) (Level 2) (Level 3) at June 30,2019 Assets: Impaired loans Residential real estate $1,604 — — $1,604 Commercial real estate 6,259 — — 6,259 Land, land development and construction 49 — — 49 Commercial 2,042 — — 2,042 Consumer 30 — — 30 Other real estate owned Residential real estate — — — — Commercial real estate — — — — Land, land development and construction 367 — — 367 Bank property held for sale 3,960 — — 3,960 at December 31,2018 Assets: Impaired loans Residential real estate $1,811 — — $1,811 Commercial real estate 5,614 — — 5,614 Land, land development and construction 90 — — 90 Commercial 1,274 — — 1,274 Consumer 40 — — 40 Other real estate owned Residential real estate — — — — Commercial real estate — — — — Land, land development and construction 867 — — 867 Bank property held for sale 5,805 — — 5,805 |
Carrying Amounts and Estimated Fair Values of Company's Financial Instruments | The following table presents the carry amounts and estimated fair values of the Company’s financial instruments: Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at June 30,2019 Financial assets: Cash and cash equivalents $837,338 $837,338 $ — $ — $837,338 Trading securities 651 — 651 — 651 Available for sale debt securities 1,792,757 — 1,792,757 — 1,792,757 Held to maturity debt securities 210,756 — 214,631 — 214,631 Loans held for sale, at fair value 95,108 — 95,108 — 95,108 Loans, net 11,672,108 — — 11,653,849 11,653,849 Mortgage servicing assets 1,475 — 1,475 — 1,475 Mortgage banking derivatives 2,198 — 19 2,179 2,198 Interest rate swap derivatives 229,735 — 229,735 — 229,735 Accrued interest receivable 43,856 — 8,733 35,123 43,856 Financial liabilities: Deposits - without stated maturities $10,778,902 $10,778,902 $ — $ — $10,778,902 Deposits - with stated maturities 2,433,183 — 2,445,556 — 2,445,556 Securities sold under agreement to repurchase 78,277 — 78,277 — 78,277 Federal funds purchased and other borrowings 476,690 — 476,690 — 476,690 Corporate debentures 32,591 — — 28,463 28,463 Mortgage banking derivatives 566 — 547 19 566 Interest rate swap derivatives 231,735 — 231,735 — 231,735 Accrued interest payable 4,661 — 4,661 — 4,661 Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at December 31,2018 Financial assets: Cash and cash equivalents $367,333 $367,333 $ — $ — $367,333 Trading securities 1,737 — 1,737 — 1,737 Available for sale debt securities 1,727,348 — 1,727,348 — 1,727,348 Held to maturity debt securities 216,833 — 212,179 — 212,179 Loans held for sale, at fair value 40,399 — 40,399 — 40,399 Loans, net 8,300,734 — — 8,342,220 8,342,220 Mortgage servicing assets 1,565 — 1,565 — 1,565 Mortgage banking derivatives 783 — — 783 783 Interest rate swap derivatives 92,475 — 92,475 — 92,475 Accrued interest receivable 33,143 — 8,355 24,788 33,143 Financial liabilities: Deposits - without stated maturities $7,655,376 $7,655,376 $ — $ — $7,655,376 Deposits - with stated maturities 1,821,960 — 1,827,299 — 1,827,299 Securities sold under agreement to repurchase 57,772 — 57,772 — 57,772 Federal funds purchased and other borrowings 655,360 — 655,360 — 655,360 Corporate debentures 32,415 — — 28,621 28,621 Mortgage banking derivatives 169 — 164 5 169 Interest rate swap derivatives 92,892 — 92,892 — 92,892 Accrued interest payable 2,627 — 2,627 — 2,627 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Reportable Segment Revenues, Expenses and Profit | The table below is a reconciliation of the reportable segment revenues, expenses, and profit to the Company’s consolidated total for the three and six-month periods ending June 30, 2019 and 2018. Three-month period ending June 30, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $180,672 $4,581 $ — $ — $185,253 Interest expense (22,666) (2,697) (1,209) — (26,572) Net interest income (expense) 158,006 1,884 (1,209) — 158,681 Provision for loan losses (2,762) (30) — — (2,792) Non-interest income 26,409 11,534 — — 37,943 Non-interest expense (114,106) (6,683) (1,200) — (121,989) Net income (loss) before taxes 67,547 6,705 (2,409) — 71,843 Income tax (provision) benefit (15,741) (1,699) 719 — (16,721) Net income (loss) 51,806 5,006 (1,690) — 55,122 Earnings attributable to noncontrolling interest (599) — — — (599) Net income (loss) attributable to CenterState Bank Corporation $51,207 $5,006 $(1,690) $ — $54,523 Total assets $16,464,806 $566,514 $2,975,710 $(2,970,433) $17,036,597 Six-month period ending June 30, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $308,504 $9,031 $ — $ — $317,535 Interest expense (37,517) (5,246) (1,916) — (44,679) Net interest income (expense) 270,987 3,785 (1,916) — 272,856 Provision for loan losses (3,777) (68) — — (3,845) Non-interest income 46,709 20,534 — — 67,243 Non-interest expense (191,687) (12,396) (2,379) — (206,462) Net income (loss) before taxes 122,232 11,855 (4,295) — 129,792 Income tax (provision) benefit (28,431) (3,004) 1,408 — (30,027) Net income (loss) 93,801 8,851 (2,887) — 99,765 Earnings attributable to noncontrolling interest (599) — — — (599) Net income (loss) attributable to CenterState Bank Corporation $93,202 $8,851 $(2,887) $ — $99,166 Total assets $16,464,806 $566,514 $2,975,710 $(2,970,433) $17,036,597 Three-month period ending June 30, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $107,172 $3,457 $ — $ — $110,629 Interest expense (7,490) (1,657) (953) — (10,100) Net interest income (expense) 99,682 1,800 (953) — 100,529 Provision for loan losses (2,912) (21) — — (2,933) Non-interest income 15,505 7,076 8 — 22,589 Non-interest expense (73,285) (4,884) (1,443) — (79,612) Net income (loss) before taxes 38,990 3,971 (2,388) — 40,573 Income tax (provision) benefit (9,267) (1,006) 1,863 — (8,410) Net income (loss) attributable to CenterState Bank Corporation $29,723 $2,965 $(525) $ — $32,163 Total assets $9,963,206 $564,133 $1,607,900 $(1,598,516) $10,536,723 Six-month period ending June 30, 2018 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $207,087 $6,701 $ — $ — $213,788 Interest expense (13,697) (2,729) (1,815) — (18,241) Net interest income (expense) 193,390 3,972 (1,815) — 195,547 Provision for loan losses (4,074) (159) — — (4,233) Non-interest income 30,420 15,199 8 — 45,627 Non-interest expense (143,282) (10,494) (1,832) — (155,608) Net income (loss) before taxes 76,454 8,518 (3,639) — 81,333 Income tax (provision) benefit (17,499) (2,158) 6,123 — (13,534) Net income attributable to CenterState Bank Corporation $58,955 $6,360 $2,484 $ — $67,799 Total assets $9,963,206 $564,133 $1,607,900 $(1,598,516) $10,536,723 |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The fair value of available for sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: June 30, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $5,505 $149 $ — $5,654 Obligations of U.S. government sponsored entities and agencies 37,445 15 283 37,177 Mortgage-backed securities 1,643,074 19,301 4,729 1,657,646 Municipal securities 87,738 4,542 — 92,280 Total available for sale debt securities $1,773,762 $24,007 $5,012 $1,792,757 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $6,265 $162 $ — $6,427 Obligations of U.S. government sponsored entities and agencies 38,794 7 933 37,868 Mortgage-backed securities 1,623,906 3,792 33,423 1,594,275 Municipal securities 88,415 698 335 88,778 Total available for sale debt securities $1,757,380 $4,659 $34,691 $1,727,348 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale debt securities for the six-month ended June 30, 2019 and 2018 were as follows: For the six months ended: June 30, 2019 June 30, 2018 Proceeds $108,477 $364,152 Gross gains 646 68 Gross losses 634 90 |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the fair value of held-to-maturity securities and the related gross unrecognized gains and losses as of June 30, 2019 and December 31, 2018. June 30, 2019 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage-backed securities $79,160 $16 $483 $78,693 Municipal securities 131,596 4,352 10 135,938 Total held to maturity debt securities $210,756 $4,368 $493 $214,631 December 31, 2018 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Mortgage-backed securities $84,983 $ — $2,462 $82,521 Municipal securities 131,850 799 2,991 129,658 Total held to maturity debt securities $216,833 $799 $5,453 $212,179 |
Available-for-sale Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value of available for sale debt securities at June 30, 2019 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Fair Amortized Investment securities available for sale: Value Cost Due one year or less $525 $525 Due after one year through five years 9,001 8,872 Due after five years through ten years 28,026 27,459 Due after ten years through thirty years 97,559 93,832 Mortgage-backed securities 1,657,646 1,643,074 Total available for sale debt securities $1,792,757 $1,773,762 |
Investments Gross Unrealized Losses and Fair Value | The following tables show the Company’s available for sale debt investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $2,731 $10 $20,219 $273 $22,950 $283 Mortgage-backed securities — — 512,428 4,729 512,428 4,729 Total temporarily impaired available for sale debt securities $2,731 $10 $532,647 $5,002 $535,378 $5,012 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. government sponsored entities and agencies $25,104 $332 $9,398 $601 $34,502 $933 Mortgage-backed securities 647,923 10,782 635,172 22,641 1,283,095 33,423 Total temporarily impaired available for sale debt securities $673,027 $11,114 $644,570 $23,242 $1,317,597 $34,356 |
Held-to-maturity Securities [Member] | |
Fair Value and Amortized Cost of Investment Securities by Contractual Maturity | The fair value and amortized cost of held to maturity securities at June 30, 2019 by contractual maturity were as follows. Mortgage-backed securities are not due at a single maturity date and are shown separately. Fair Amortized Held to maturity debt securities Value Cost Due after five years through ten years $2,072 $2,038 Due after ten years through thirty years 133,866 129,558 Mortgage-backed securities 78,693 79,160 Total held to maturity debt securities $214,631 $210,756 |
Investments Gross Unrealized Losses and Fair Value | The following table shows the Company’s held to maturity debt investments’ gross unrecognized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrecognized loss position, at June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage-backed securities $ — $ — $71,798 $483 $71,798 $483 Municipal securities — — 1,990 10 1,990 10 Total temporarily impaired held to maturity debt securities $ — $ — $73,788 $493 $73,788 $493 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Losses Value Losses Value Losses Mortgage-backed securities $ — $ — $82,521 $2,462 $82,521 $2,462 Municipal securities 22,560 203 47,807 2,788 70,367 2,991 Total temporarily impaired held to maturity debt securities $22,560 $203 $130,328 $5,250 $152,888 $5,453 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans Receivable Held For Sale Net [Abstract] | |
Summary of Activity in Mortgage Loans Held for Sale | The table below summarizes the activity in mortgage loans held for sale during the three and six-month periods ending June 30, 2019 and 2018. Three-month periods ended Six-month periods ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Beginning balance $49,474 $28,485 $40,399 $19,647 Effect from acquisitions 14,588 — 14,588 6,124 Loans originated 257,383 92,218 392,135 150,316 Proceeds from sales (233,962) (87,066) (363,619) (144,387) Net change in fair value 937 359 941 722 Net realized gain on sales 6,688 2,370 10,664 3,944 Ending balance $95,108 $36,366 $95,108 $36,366 |
Summary of Components of Mortgage Banking Revenue | The table below summarizes the main components of Mortgage Banking Revenue during the three and six-month periods ending June 30, 2019 and 2018. The Mortgage Banking Revenue amounts are reported in the Company’s Consolidated Statements of Income and Comprehensive Income. Three-month periods ended Six-month periods ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Servicing fees and commissions $96 $20 $188 $20 Gain on sale of loans held for sale 6,688 2,370 10,664 3,944 Unrealized gain on loans held for sale 937 359 941 722 Gain (loss) on mortgage derivatives 52 (107) 609 558 Loss on mortgage hedge (703) (26) (1,106) (26) Loss on mortgage servicing assets (267) — (300) — Mortgage banking revenue $6,803 $2,616 $10,996 $5,218 |
Summary of Notional Amounts for Interest Rate Lock Commitments, Best Efforts Forward Trades and MBS Forward Trades Pertaining to Loans Held for Sale | The table below summarizes the notional amounts for interest rate lock commitments, best efforts forward trades and MBS forward trades pertaining to loans held for sale at June 30, 2019 and 2018. Notional at June 30, 2019 June 30, 2018 Interest rate lock commitments $160,461 $33,306 Best efforts forward trades 129,738 52,614 MBS forward trades 110,500 14,250 Total derivative instruments $400,699 $100,170 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Information Concerning Loan Portfolio by Collateral Types | The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. June 30, 2019 December 31, 2018 Loans excluding PCI loans Real estate loans Residential $2,481,717 $1,702,114 Commercial 6,062,203 4,454,098 Land, development and construction 1,051,307 635,562 Total real estate 9,595,227 6,791,774 Commercial, industrial and factored receivables 1,709,019 1,183,380 Consumer and other loans 246,856 203,686 Loans before unearned fees and deferred cost 11,551,102 8,178,840 Net unearned fees and costs 4,356 2,693 Total loans excluding PCI loans 11,555,458 8,181,533 PCI loans (note 1) Real estate loans Residential 54,607 58,804 Commercial 91,176 87,336 Land, development and construction 6,225 7,028 Total real estate 152,008 153,168 Commercial and industrial 5,102 5,594 Consumer and other loans 193 209 Total PCI loans 157,303 158,971 Total loans 11,712,761 8,340,504 Allowance for loan losses for loans that are not PCI loans (40,455) (39,579) Allowance for loan losses for PCI loans (198) (191) Total loans, net of allowance for loan losses $11,672,108 $8,300,734 n ote 1: Purchased credit impaired (“PCI”) loans are being accounted for pursuant to ASC Topic 310-30. |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | The table below set forth the activity in the allowance for loan losses for the periods presented. Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Three-month ended June 30, 2019 Balance at beginning of period $39,861 $191 $40,052 Loans charged-off (3,325) — (3,325) Recoveries of loans previously charged-off 1,134 — 1,134 Net charge-offs (2,191) — (2,191) Provision for loan losses 2,785 7 2,792 Balance at end of period $40,455 $198 $40,653 Three-month ended June 30, 2018 Balance at beginning of period $34,154 $275 $34,429 Loans charged-off (589) — (589) Recoveries of loans previously charged-off 711 — 711 Net recoveries 122 — 122 Provision for loan losses 2,933 — 2,933 Balance at end of period $37,209 $275 $37,484 Allowance for loan losses for loans that are not PCI loans Allowance for loan losses on PCI loans Total Six-month ended June 30, 2019 Balance at beginning of period $39,579 $191 $39,770 Loans charged-off (4,772) — (4,772) Recoveries of loans previously charged-off 1,810 — 1,810 Net charge-offs (2,962) — (2,962) Provision for loan losses 3,838 7 3,845 Balance at end of period $40,455 $198 $40,653 Six-month ended June 30, 2018 Balance at beginning of period $32,530 $295 $32,825 Loans charged-off (992) — (992) Recoveries of loans previously charged-off 1,343 75 1,418 Net recoveries 351 75 426 Provision for loan losses 4,328 (95) 4,233 Balance at end of period $37,209 $275 $37,484 The following tables present the activity in the allowance for loan losses by portfolio segment for the periods presented. Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Three-month ended June 30, 2019 Beginning of the period $5,448 $22,247 $2,220 $6,930 $ — $3,016 $39,861 Charge-offs (418) (4) — (1,257) (516) (1,130) (3,325) Recoveries 275 66 1 92 530 170 1,134 Provision for loan losses 424 (1,372) 269 1,577 586 1,301 2,785 Balance at end of period $5,729 $20,937 $2,490 $7,342 $600 $3,357 $40,455 Three-month ended June 30, 2018 Beginning of the period $5,747 $20,975 $1,294 $4,501 $ — $1,637 $34,154 Charge-offs — — — (221) — (368) (589) Recoveries 364 169 1 56 — 121 711 Provision for loan losses (264) 777 334 1,076 — 1,010 2,933 Balance at end of period $5,847 $21,921 $1,629 $5,412 $ — $2,400 $37,209 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are PCI loans: Three-month ended June 30, 2019 Beginning of the period $ — $ — $177 $ — $ — $14 $191 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses 7 — — — — — 7 Balance at end of period $7 $ — $177 $ — $ — $14 $198 Three-month ended June 30, 2018 Beginning of the period $ — $59 $202 $ — $ — $14 $275 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses — — — — — — — Balance at end of period $ — $59 $202 $ — $ — $14 $275 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are not PCI loans: Six-month ended June 30, 2019 Beginning of the period $5,518 $22,978 $1,781 $6,414 $ — $2,888 $39,579 Charge-offs (619) (4) (31) (1,921) (516) (1,681) (4,772) Recoveries 417 218 84 247 530 314 1,810 Provision for loan losses 413 (2,255) 656 2,602 586 1,836 3,838 Balance at end of period $5,729 $20,937 $2,490 $7,342 $600 $3,357 $40,455 Six-month ended June 30, 2018 Beginning of the period $6,003 $19,304 $1,179 $4,130 $ — $1,914 $32,530 Charge-offs (136) — — (228) — (628) (992) Recoveries 638 456 1 62 — 186 1,343 Provision for loan losses (658) 2,161 449 1,448 — 928 4,328 Balance at end of period $5,847 $21,921 $1,629 $5,412 $ — $2,400 $37,209 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Factored commercial receivables Consumer & other Total Allowance for loan losses for loans that are PCI loans: Six-month ended June 30, 2019 Beginning of the period $ — $ — $177 $ — $ — $14 $191 Charge-offs — — — — — — — Recoveries — — — — — — — Provision for loan losses 7 — — — — — 7 Balance at end of period $7 $ — $177 $ — $ — $14 $198 Six-month ended June 30, 2018 Beginning of the period $ — $59 $222 $ — $ — $14 $295 Charge-offs — — — — — — — Recoveries — — — 75 — — 75 Provision for loan losses — — (20) (75) — — (95) Balance at end of period $ — $59 $202 $ — $ — $14 $275 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019 and December 31, 2018. Accrued interest receivable and unearned loan fees and costs are not included in the recorded investment because they are not material. Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total As of June 30, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $292 $322 $ — $1,234 $ — $1,848 Collectively evaluated for impairment 5,437 20,615 2,490 6,708 3,357 38,607 Purchased credit impaired 7 — 177 — 14 198 Total ending allowance balance $5,736 $20,937 $2,667 $7,942 $3,371 $40,653 Loans: Individually evaluated for impairment $5,563 $7,478 $72 $3,957 $131 $17,201 Collectively evaluated for impairment 2,476,154 6,054,725 1,051,235 1,705,062 246,725 11,533,901 Purchased credit impaired 54,607 91,176 6,225 5,102 193 157,303 Total ending loan balances $2,536,324 $6,153,379 $1,057,532 $1,714,121 $247,049 $11,708,405 Real Estate Loans Residential Commercial Land, develop., constr. Comm. & industrial Consumer & other Total As of December 31, 2018 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $331 $250 $ — $1,034 $1 $1,616 Collectively evaluated for impairment 5,187 22,728 1,781 5,380 2,887 37,963 Purchased credit impaired — — 177 — 14 191 Total ending allowance balance $5,518 $22,978 $1,958 $6,414 $2,902 $39,770 Loans: Individually evaluated for impairment $6,234 $7,496 $117 $1,708 $145 $15,700 Collectively evaluated for impairment 1,695,880 4,446,602 635,445 1,181,672 203,541 8,163,140 Purchased credit impaired 58,804 87,336 7,028 5,594 209 158,971 Total ending loan balances $1,760,918 $4,541,434 $642,590 $1,188,974 $203,895 $8,337,811 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. June 30, 2019 December 31, 2018 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $8,683 $8,475 Nonperforming TDRs (these are included in NPLs) 1,437 1,002 Total TDRs (these are included in impaired loans) 10,120 9,477 Impaired loans that are not TDRs 7,081 6,223 Total impaired loans $17,201 $15,700 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of June 30, 2019 and December 31, 2018 quantified by loan type classified separately as accrual (performing loans) and non-accrual (non-performing loans) are presented in the tables below. Accruing Non-Accrual Total As of June 30, 2019 Real estate loans: Residential $5,205 $479 $5,684 Commercial 2,076 156 2,232 Land, development, construction 72 — 72 Total real estate loans 7,353 635 7,988 Commercial and industrial 1,198 802 2,000 Consumer and other 132 — 132 Total TDRs $8,683 $1,437 $10,120 Accruing Non-Accrual Total As of December 31, 2018 Real estate loans: Residential $5,848 $386 $6,234 Commercial 1,837 566 2,403 Land, development, construction 77 41 118 Total real estate loans 7,762 993 8,755 Commercial and industrial 577 — 577 Consumer and other 136 9 145 Total TDRs $8,475 $1,002 $9,477 |
Summary of Loans by Class Modified | The following table presents loans by class modified and for which there was a payment default within twelve months following the modification during the periods ending June 30, 2019 and 2018. Period ending Period ending June 30, 2019 June 30, 2018 Number Recorded Number Recorded of loans investment of loans investment Residential — $ — 1 $51 Commercial real estate — — 1 120 Land, development, construction — — — — Commercial and industrial 3 801 — — Consumer and other — — — — Total 3 $801 2 $171 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by class of loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. The recorded investment is less than the unpaid principal balance due to partial charge-offs. Unpaid principal balance Recorded investment Allowance for loan losses allocated As of June 30, 2019 With no related allowance recorded: Residential real estate $2,990 $2,864 $ — Commercial real estate 6,318 5,644 — Land, development, construction 81 72 — Commercial and industrial 1,312 1,282 — Consumer, other 106 105 — With an allowance recorded: Residential real estate 2,842 2,699 292 Commercial real estate 1,859 1,834 322 Land, development, construction — — — Commercial and industrial 2,732 2,675 1,234 Consumer, other 32 26 — Total $18,272 $17,201 $1,848 Unpaid principal balance Recorded investment Allowance for loan losses allocated As of December 31, 2018 With no related allowance recorded: Residential real estate $3,608 $3,485 $ — Commercial real estate 6,447 5,906 — Land, development, construction 144 117 — Commercial and industrial 364 353 — Consumer, other 109 108 — With an allowance recorded: Residential real estate 2,897 2,749 331 Commercial real estate 1,593 1,590 250 Land, development, construction — — — Commercial and industrial 1,378 1,355 1,034 Consumer, other 53 37 1 Total $16,593 $15,700 $1,616 |
Summary of Impairment by Class of Loans | Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended June 30, 2019 Real estate loans: Residential $5,609 $59 $ — Commercial 7,778 30 — Land, development, construction 94 1 — Total real estate loans 13,481 90 — Commercial and industrial 3,724 16 — Consumer and other loans 133 2 — Total $17,338 $108 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Six-month ended June 30, 2019 Real estate loans: Residential $5,776 $121 $ — Commercial 7,782 55 — Land, development, construction 105 3 — Total real estate loans 13,663 179 — Commercial and industrial 3,165 28 — Consumer and other loans 136 4 — Total $16,964 $211 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended June 30, 2018 Real estate loans: Residential $7,882 $82 $ — Commercial 7,986 35 — Land, development, construction 574 1 — Total real estate loans 16,442 118 — Commercial and industrial 2,227 9 — Consumer and other loans 179 2 — Total $18,848 $129 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Six-month ended June 30, 2018 Real estate loans: Residential $8,007 $159 $ — Commercial 8,124 48 — Land, development, construction 420 4 — Total real estate loans 16,551 211 — Commercial and industrial 2,624 14 — Consumer and other loans 187 4 — Total $19,362 $229 $ — |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans, excluding purchased credit impaired loans accounted for pursuant to ASC Topic 310-30. Nonperforming loans were as follows: June 30, 2019 December 31, 2018 Non-accrual loans $26,334 $23,567 Loans past due over 90 days and still accruing interest — — Total nonperforming loans $26,334 $23,567 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans: Non-accrual Loans past due over 90 days still accruing As of June 30, 2019 Residential real estate $10,368 $ — Commercial real estate 8,758 — Land, development, construction 1,811 — Commercial and industrial 4,783 — Consumer, other 614 — Total $26,334 $ — Non-accrual Loans past due over 90 days still accruing As of December 31, 2018 Residential real estate $11,488 $ — Commercial real estate 8,445 — Land, development, construction 795 — Commercial and industrial 2,274 — Consumer, other 565 — Total $23,567 $ — |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans as of June 30, 2019 and December 31, 2018, excluding purchased credit impaired loans. The increase in the 30 – 59 days past due loans is primarily due to factored commercial receivables: Accruing Loans As of June 30, 2019 Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans Residential real estate $2,481,717 $6,795 $6,588 $ — $13,383 $2,457,966 $10,368 Commercial real estate 6,062,203 11,742 5,446 — 17,188 6,036,257 8,758 Land/dev/construction 1,051,307 1,401 615 — 2,016 1,047,480 1,811 Comm., industrial & factored receivables 1,709,019 13,792 3,003 — 16,795 1,687,441 4,783 Consumer 246,856 1,024 184 — 1,208 245,034 614 $11,551,102 $34,754 $15,836 $ — $50,590 $11,474,178 $26,334 Accruing Loans As of December 31, 2018 Total 30 - 59 days past due 60 - 89 days past due Greater than 90 days past due Total Past Due Loans Not Past Due Nonaccrual Loans Residential real estate $1,702,114 $5,730 $5,631 $ — $11,360 $1,679,266 $11,488 Commercial real estate 4,454,098 10,840 4,607 — 15,446 4,430,207 8,445 Land/dev/construction 635,562 661 4,022 — 4,683 630,084 795 Comm. & industrial 1,183,380 2,803 878 — 3,681 1,177,425 2,274 Consumer 203,686 1,061 271 — 1,332 201,789 565 $8,178,840 $21,094 $15,408 $ — $36,502 $8,118,771 $23,567 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of June 30, 2019 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $2,421,011 $34,189 $26,517 $ — Commercial real estate 5,865,703 139,490 57,010 — Land/dev/construction 1,037,448 9,921 3,938 — Comm., industrial & factored receivables 1,653,775 43,047 12,197 — Consumer 245,665 207 984 — Total $11,223,602 $226,854 $100,646 $ — As of December 31, 2018 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $1,633,810 $41,522 $26,782 $ — Commercial real estate 4,246,687 160,981 46,430 — Land/dev/construction 610,631 20,586 4,345 — Commercial & industrial 1,137,272 40,836 5,272 — Consumer 202,701 247 738 — Total $7,831,100 $264,172 $83,568 $ — |
Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans | The following table presents the recorded investment in residential and consumer loans, excluding purchased credit impaired loans, based on payment activity as of June 30, 2019 and December 31, 2018: As of June 30, 2019 Residential Consumer Performing $2,471,349 $246,242 Nonperforming 10,368 614 Total $2,481,717 $246,856 As of December 31, 2018 Residential Consumer Performing $1,690,626 $203,121 Nonperforming 11,488 565 Total $1,702,114 $203,686 |
Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans as of June 30, 2019 and December 31, 2018. Contractually required principal and interest payments have been adjusted for estimated prepayments. June 30, 2019 December 31, 2018 Contractually required principal and interest $283,501 $267,815 Non-accretable difference (56,084) (38,602) Cash flows expected to be collected 227,417 229,213 Accretable yield (70,114) (70,242) Carrying value of acquired loans 157,303 158,971 Allowance for loan losses (198) (191) Carrying value less allowance for loan losses $157,105 $158,780 |
Summary of Changes in Total Contractually Required Principal and Interest Cash Payments | The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the loans during the three and six-month periods ending June 30, 2019 and 2018. Activity during the Effect of income all other three-month period ending June 30, 2019 March 31, 2019 acquisitions accretion adjustments June 30, 2019 Contractually required principal and interest $248,243 $51,527 $ — $(16,269) $283,501 Non-accretable difference (28,865) (29,187) — 1,968 (56,084) Cash flows expected to be collected 229,213 22,340 — (14,301) 227,417 Accretable yield (69,922) (3,724) 7,750 (4,218) (70,114) Carry value of acquired loans $149,456 $18,616 $7,750 $(18,519) $157,303 Activity during the Effect of income all other six-month period ending June 30, 2019 December 31, 2018 acquisitions accretion adjustments June 30, 2019 Contractually required principal and interest $267,815 $51,527 $ — $(35,841) $283,501 Non-accretable difference (38,602) (29,187) — 11,705 (56,084) Cash flows expected to be collected 229,213 22,340 — (24,136) 227,417 Accretable yield (70,242) (3,724) 17,890 (14,038) (70,114) Carry value of acquired loans $158,971 $18,616 $17,890 $(38,174) $157,303 Activity during the Effect of income all other three-month period ending June 30, 2018 March 31, 2018 acquisitions accretion adjustments June 30, 2018 Contractually required principal and interest $315,277 $ — $ — $(29,701) $285,576 Non-accretable difference (50,237) — — 6,071 (44,166) Cash flows expected to be collected 265,040 — — (23,630) 241,410 Accretable yield (71,857) — 11,096 (6,699) (67,460) Carry value of acquired loans $193,183 $ — $11,096 $(30,329) $173,950 Activity during the Effect of income all other six-month period ending June 30, 2018 December 31, 2017 acquisitions accretion adjustments June 30, 2018 Contractually required principal and interest $248,283 $88,705 $ — $(51,412) $285,576 Non-accretable difference (13,183) (38,164) — 7,181 (44,166) Cash flows expected to be collected 235,100 50,541 — (44,231) 241,410 Accretable yield (70,942) (6,278) 18,814 (9,054) (67,460) Carry value of acquired loans $164,158 $44,263 $18,814 $(53,285) $173,950 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreement to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of June 30, 2019 Securities Securities Total Market value of securities pledged $98,673 $450 $99,123 Borrowings related to pledged amounts 78,150 127 78,277 Market value pledged as a % of borrowings 126% 354% 127% As of December 31, 2018 Market value of securities pledged $64,269 $437 $64,706 Borrowings related to pledged amounts 57,594 178 57,772 Market value pledged as a % of borrowings 112% 246% 112% |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the three and six-month periods ending June 30, 2018 listed in the table below presents pro-forma information as if the Charter and NCOM acquisitions occurred at the beginning of 2018. Pro-forma data for the six-month period ending June 30, 2019 listed in the table below presents pro-forma information as if the NCOM acquisition occurred at the beginning of 2018. Three months ended June 30, Six months ended June 30, 2018 2019 2018 Net interest income $154,919 $317,027 $304,885 Net income available to common shareholders $50,952 $125,218 $105,963 EPS - basic $0.41 $0.96 $0.86 EPS - diluted $0.41 $0.96 $0.85 |
Sunshine Bancorp, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Sunshine common stock outstanding at December 31, 2017 7,922,479 Per share exchange ratio 0.89 Number of shares of CenterState common stock less 361 of fractional shares 7,050,645 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 181,413 Cash consideration paid for 361 of fractional shares 7 Total consideration to be paid to Sunshine common shareholders $ 181,420 Fair value of Sunshine stock options converted to CenterState stock options 6,432 Total Purchase Price for Sunshine $ 187,852 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 47,056 Loans, held for investment 676,090 Purchased credit impaired loans 8,232 Loans held for sale 430 Investments 93,006 Accrued interest receivable 2,170 Branch real estate 9,375 Furniture and fixtures 916 Bank property held for sale 9,503 FHLB stock 4,875 Bank owned life insurance 23,101 Core deposit intangible 8,525 Goodwill 114,228 Deferred tax asset 11,670 Other assets 6,135 Total assets acquired $ 1,015,312 Liabilities: Deposits $ 719,039 Federal Home Loan Bank advances 95,001 Securities sold under agreement to repurchase 353 Subordinated notes 11,000 Accrued interest payable 457 Other liabilities 1,610 Total liabilities assumed $ 827,460 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 21,598 Non-accretable difference (12,213 ) Cash flows expected to be collected 9,385 Accretable yield (1,153 ) Total purchased credit-impaired loans acquired $ 8,232 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 148,342 $ 146,057 Commercial real estate 375,377 371,323 Construction/development/land 58,530 57,331 Commercial loans 104,811 99,650 Consumer and other loans 1,770 1,729 Purchased credit-impaired 18,149 8,232 Total earning assets $ 706,979 $ 684,322 |
HCBF Holding Company, Inc. [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Per share exchange ratio 0.675 Number of shares of CenterState common stock less 241 of fractional shares 15,051,639 CenterState common stock price per share on December 29, 2017 $ 25.73 Fair value of CenterState common stock issued $ 387,279 Number of shares of Harbor common stock outstanding at December 31, 2017 22,299,082 Cash consideration each Harbor share is entitled to receive $ 1.925 Total Cash Consideration plus $6 for 241 of fractional shares $ 42,932 Total Stock Consideration $ 387,279 Total Cash Consideration 42,932 Total consideration to be paid to Harbor common shareholders $ 430,211 Fair value of Harbor stock options converted to CenterState stock options $ 18,025 Total Purchase Price for Harbor $ 448,236 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the January 1, 2018 purchase date. January 1, 2018 Assets: Cash and cash equivalents $ 77,176 Loans, held for investment 1,290,004 Purchased credit impaired loans 36,031 Loans held for sale 5,694 Investments 585,297 Accrued interest receivable 5,847 Branch real estate 34,035 Furniture and fixtures 3,571 Bank property held for sale 14,140 FHLB and other stock 9,488 Bank owned life insurance 39,089 Other real estate owned 5,144 Core deposit intangible 23,625 Goodwill 233,321 Deferred tax asset 14,071 Other assets 2,536 Total assets acquired $ 2,379,069 Liabilities: Deposits $ 1,755,155 Federal Home Loan Bank advances 157,919 Corporate debentures 5,872 Accrued interest payable 478 Other liabilities 11,409 Total liabilities assumed $ 1,930,833 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of January 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 67,107 Non-accretable difference (25,951 ) Cash flows expected to be collected 41,156 Accretable yield (5,125 ) Total purchased credit-impaired loans acquired $ 36,031 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 370,611 $ 363,559 Commercial real estate 636,517 627,900 Construction/development/land 149,547 146,639 Commercial loans 113,818 110,630 Consumer and other loans 41,660 41,276 Purchased credit-impaired 54,320 36,031 Total earning assets $ 1,366,473 $ 1,326,035 |
Charter Financial Corporation [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of Charter common stock outstanding at August 31, 2018 15,480,776 Per share exchange ratio 0.738 Number of shares of CenterState common stock less 599 of fractional shares 11,424,214 CenterState common stock price per share on August 31, 2018 $ 30.62 Fair value of CenterState common stock issued $ 349,809 Number of shares of Charter common stock outstanding at August 31, 2018 15,480,776 Cash consideration each Charter share is entitled to receive $ 2.300 Total Cash Consideration plus $17 for 599 of fractional shares $ 35,624 Total Stock Consideration $ 349,809 Total Cash Consideration 35,624 Total consideration to be paid to Charter common shareholders $ 385,433 Cash out of Charter stock options 4,043 Total Purchase Price for Charter $ 389,476 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the September 1, 2018 purchase date. September 1, 2018 Assets: Cash and cash equivalents $ 184,020 Loans, held for investment 1,130,240 Purchased credit impaired loans 11,432 Loans held for sale 2,835 Investments 73,808 Accrued interest receivable 3,684 Branch real estate 27,930 Furniture and fixtures 1,988 Bank property held for sale 1,695 FHLB and other stock 1,483 Bank owned life insurance 54,813 Other real estate owned 257 Servicing asset 1,828 Core deposit intangible 19,795 Goodwill 197,648 Deferred tax asset 3,441 Other assets 17,644 Total assets acquired $ 1,734,541 Liabilities: Deposits $ 1,321,970 Corporate debentures 9,000 Accrued interest payable 1,015 Other liabilities 13,080 Total liabilities assumed $ 1,345,065 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of September 1, 2018 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $ 33,687 Non-accretable difference (20,763 ) Cash flows expected to be collected 12,924 Accretable yield (1,492 ) Total purchased credit-impaired loans acquired $ 11,432 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $ 284,505 $ 280,200 Commercial real estate 567,506 557,730 Construction/development/land 181,128 178,687 Commercial loans 88,308 87,062 Consumer and other loans 26,221 26,561 Purchased credit-impaired 17,122 11,432 Total earning assets $ 1,164,790 $ 1,141,672 |
National Commerce Corporation [Member] | |
Summary of Purchase Price Calculation | The table below summarizes the purchase price calculation. Number of shares of NCOM common stock outstanding at March 29, 2019 21,011,352 Per share exchange ratio 1.650 Number of shares of CenterState common stock less 763 of fractional shares 34,667,968 CenterState common stock price per share on March 29, 2019 $23.81 Fair value of CenterState common stock issued $825,444 Cash Consideration for 763 of fractional shares $20 Total Stock Consideration $825,444 Total Cash Consideration 20 Total consideration to be paid to NCOM common shareholders $825,464 Fair value of NCOM stock options converted to CenterState stock options 5,848 Fair value of NCOM warrants converted to CenterState warrants 384 Total Purchase Price for NCOM $831,696 |
Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed | The list below summarizes the fair value of the assets purchased, including goodwill, and liabilities assumed as of the April 1, 2019 purchase date. April 1, 2019 Assets: Cash and cash equivalents $268,524 Loans, held for investment 3,309,234 Purchased credit impaired loans 18,616 Loans held for sale 14,588 Investments 178,488 Accrued interest receivable 11,006 Branch real estate 61,295 Furniture and fixtures 7,204 Bank property held for sale 12,436 FHLB, FRB and other stock 17,076 Bank owned life insurance 55,474 Other real estate owned 875 Servicing asset 1,580 Core deposit intangible 39,900 Goodwill 401,538 Deferred tax asset 16,285 Other assets 23,663 Total assets acquired $4,437,782 Liabilities: Deposits $3,486,732 Securities sold under agreement to repurchase 18,833 Subordinated debt 38,802 Accrued interest payable 2,095 Other liabilities 47,622 Noncontrolling interest 12,002 Total liabilities assumed and noncontrolling interest $3,606,086 |
Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of April 1, 2019 for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. Contractually required principal and interest $51,527 Non-accretable difference (29,187) Cash flows expected to be collected 22,340 Accretable yield (3,724) Total purchased credit-impaired loans acquired $18,616 |
Summary of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their Book Balance at acquisition date. Book Fair Balance Value Loans: Single family residential real estate $615,296 $608,705 Commercial real estate 1,762,480 1,736,653 Construction/development/land 363,005 358,643 Commercial loans 539,698 536,262 Consumer and other loans 70,058 68,971 Purchased credit-impaired 38,697 18,616 Total earning assets $3,389,234 $3,327,850 |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information about the Interest Rate Swap Derivative Instruments | Summary information about the interest rate swap derivative instruments is as follows: June 30, 2019 December 31, 2018 Notional amount $7,213,713 $5,743,283 Weighted average pay rate on interest-rate swaps 3.56% 3.64% Weighted average receive rate on interest rate swaps 3.57% 3.64% Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $229,735 $92,475 Fair value of interest rate swap derivatives (liability) $231,325 $92,892 |
Summary Information about Cash Flow Hedges Included in Condensed Consolidated Balance Sheets | The following table reflects the cash flow hedge included in the Condensed Consolidated Balance Sheets as of June 30, 2019: June 30, 2019 Notional amount $150,000 Fair value of interest rate swap derivatives (asset) — Fair value of interest rate swap derivatives (liability) 410 |
Summary Information about Net Unrealized Holding Losses in AOCI and Condensed Consolidated Statements of Income and Comprehensive Income Relating to Cash Flow Derivative Instrument | The following table presents the net unrealized holding losses recorded in Accumulated Other Comprehensive Income on the Company’s Condensed Consolidated Balance Sheet and Condensed Consolidated Statements of Income and Comprehensive Income relating to the cash flow derivative instrument for the six-month period ended June 30, 2019: June 30, 2019 Amount of Amount of gain / (loss) Location of gain / (loss) loss reclassified from OCI reclassified from AOCI recognized in OCI to interest income to income Interest rate contracts - pay fixed, receive floating $(306) $ — Interest expense: Federal funds purchased and other borrowings |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lessee Leases | Three-month period ended Six-month period ended June 30, 2019 June 30, 2019 Amortization of ROU Assets - Finance Leases $49 $87 Interest on Lease Liabilities - Finance Leases 54 104 Operating Lease Cost (Cost resulting from lease payments) 2,009 3,335 Short-term Lease Cost — — Variable Lease Cost (Cost excluded from lease payments) 349 554 Sublease Income — — Total Lease Cost $2,461 $4,080 Finance Lease - Operating Cash Flows 76 150 Finance Lease - Financing Cash Flows 73 146 Operating Lease - Operating Cash Flows (Fixed Payments) 2,023 3,304 Operating Lease - Operating Cash Flows (Liability Reduction) 1,706 2,801 New ROU Assets - Operating Leases 15,060 35,617 New ROU Assets - Finance Leases — — Weighted Average Lease Term (Years) - Finance Leases 11.36 Weighted Average Lease Term (Years) - Operating Leases 7.54 Weighted Average Discount Rate - Finance Leases 5.83% Weighted Average Discount Rate - Operating Leases 3.32% |
Schedule of Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of June 30, 2019 is as follows: June 30, 2019 Operating lease payments due: Within one year $7,662 After one but within two years 6,593 After two but within three years 5,469 After three but within four years 4,225 After four years but within five years 3,524 After five years 12,619 Total undiscounted cash flows 40,092 Discount on cash flows (4,957) Total operating lease liabilities $35,136 |
Schedule of Future Minimum Annual Rentals under All Leases | The following is a schedule of future minimum annual rentals under operating leases as of December 31, 2018: Year ending December 31, 2018 $6,524 2019 5,096 2020 4,411 2021 3,633 2022 2,558 Thereafter 11,088 $33,310 |
Schedule of Lessor Leases | Three-month period ended Six-month period ended June 30, 2019 June 30, 2019 Operating Lease Income from Lease Payments $595 $785 Direct Financing Lease Income 128 301 Direct Financing Profit Recognized at Commencement Date — — Lease Income Related to Variable lease Payments not included in measurement of lease receivable — — Total Lease Income $723 $1,086 Net Investment in Direct Financing Leases 15,565 Unguaranteed Residual Assets — Deferred Selling Profit on Direct Financing Leases — Maturity Analysis of Operating Lease Receivables 0 - 12 Months 2,056 13 - 24 Months 1,738 25 - 36 Months 2,238 37 - 48 Months 431 48 - 60 Months 61 Over 60 Months — Maturity Analysis of Finance Lease Receivables 0 - 12 Months 1,392 13 - 24 Months 1,680 25 - 36 Months 1,524 37 - 48 Months 1,340 48 - 60 Months 1,339 Over 60 Months 12,366 |
Common Stock Outstanding and _3
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Anti dilutive stock options | 0 | 0 | 0 | 0 |
Common Stock Outstanding and _4
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Basic | |||||
Net income available to common shareholders | $ 54,523 | $ 32,163 | $ 99,166 | $ 67,799 | |
Less: Earnings allocated to participating securities | (21) | (26) | (44) | (56) | |
Net income allocated to common shareholders | $ 54,502 | $ 32,137 | $ 99,122 | $ 67,743 | |
Weighted average common shares outstanding including participating securities | 129,897,191 | 83,938,755 | 112,938,041 | 83,575,831 | |
Less: Participating securities | [1] | (49,600) | (68,700) | (49,600) | (68,915) |
Average shares | [2] | 129,847,591 | 83,870,055 | 112,888,441 | 83,506,916 |
Basic earnings per common share | $ 0.42 | $ 0.38 | $ 0.88 | $ 0.81 | |
Diluted | |||||
Net income available to common shareholders | $ 54,502 | $ 32,137 | $ 99,122 | $ 67,743 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 129,847,591 | 83,870,055 | 112,888,441 | 83,506,916 |
Add: Dilutive effects of stock based compensation awards and warrants | 919,971 | 1,136,837 | 816,124 | 1,386,936 | |
Average shares and dilutive potential common shares | [2] | 130,767,562 | 85,006,892 | 113,704,565 | 84,893,852 |
Diluted earnings per common share | $ 0.42 | $ 0.38 | $ 0.87 | $ 0.80 | |
[1] | Participating securities are restricted stock awards whereby the stock certificates have been issued, are included in outstanding shares, receive dividends and can be voted, but have not vested. | ||||
[2] | Excludes participating shares |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Impaired loans with allocated allowance for loan losses | $ 11,724 | $ 11,724 | $ 8,829 | ||
Impaired valuation allowance | 1,740 | 1,740 | $ 1,463 | ||
Provision for loan loss expense on impaired loans | 2,792 | $ 2,933 | 3,845 | $ 4,233 | |
Repossessed real estate owned valuation write down | 57 | 107 | 165 | 294 | |
Impairment on bank property held for sale | 315 | 891 | 422 | 2,340 | |
Impaired Loans [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Provision for loan loss expense on impaired loans | $ 492 | $ 275 | $ 1,056 | $ 353 | |
Minimum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 5.00% | 5.00% | |||
Maximum [Member] | |||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||||
Capitalization rates to determine fair value of collateral | 12.00% | 12.00% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Trading securities, at fair value | $ 651 | $ 1,737 |
Available for sale debt securities | 1,792,757 | 1,727,348 |
Loans held for sale, carrying value | 95,108 | 40,399 |
Mortgage servicing assets, carrying amount | 1,475 | 1,565 |
Mortgage banking derivatives, carrying amount assets | 2,198 | 783 |
Interest rate swap derivatives, at fair value | 229,735 | 92,475 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 566 | 169 |
Interest rate swap derivatives, carrying amount liability | 231,735 | 92,892 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 651 | 1,737 |
Available for sale debt securities | 1,792,757 | 1,727,348 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 651 | 1,737 |
Loans held for sale, carrying value | 95,108 | 40,399 |
Mortgage servicing assets, carrying amount | 1,475 | 1,565 |
Mortgage banking derivatives, carrying amount assets | 2,198 | 783 |
Interest rate swap derivatives, at fair value | 229,735 | 92,475 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 566 | 169 |
Interest rate swap derivatives, carrying amount liability | 231,735 | 92,892 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 5,654 | 6,427 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale debt securities | 37,177 | 37,868 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 1,657,646 | 1,594,275 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 92,280 | 88,778 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 651 | 1,737 |
Loans held for sale, carrying value | 95,108 | 40,399 |
Mortgage servicing assets, carrying amount | 1,475 | 1,565 |
Mortgage banking derivatives, carrying amount assets | 19 | |
Interest rate swap derivatives, at fair value | 229,735 | 92,475 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 547 | 164 |
Interest rate swap derivatives, carrying amount liability | 231,735 | 92,892 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 5,654 | 6,427 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Assets: | ||
Available for sale debt securities | 37,177 | 37,868 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 1,657,646 | 1,594,275 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 92,280 | 88,778 |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Mortgage banking derivatives, carrying amount assets | 2,179 | 783 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | $ 19 | $ 5 |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value Measurements on Non-Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 1,604 | $ 1,811 |
Impaired loans on Commercial real estate at Carrying value | 6,259 | 5,614 |
Impaired loans on Land, land development and construction at Carrying value | 49 | 90 |
Impaired loans on Commercial at Carrying value | 2,042 | 1,274 |
Impaired loans on Consumer at Carrying value | 30 | 40 |
Other real estate owned on Land, land development and construction at Carrying value | 367 | 867 |
Bank owned real estate held for sale | 3,960 | 5,805 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bank owned real estate held for sale | 3,960 | 5,805 |
Impaired loans on Residential real estate | 1,604 | 1,811 |
Impaired loans on Commercial real estate | 6,259 | 5,614 |
Impaired loans on Land, land development and construction | 49 | 90 |
Impaired loans on Commercial | 2,042 | 1,274 |
Impaired loans on Consumer | 30 | 40 |
Other real estate owned on Land, land development and construction | $ 367 | $ 867 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||||||
Cash and cash equivalents | $ 837,338 | $ 367,333 | ||||
Cash and cash equivalents, fair value | 837,338 | 367,333 | ||||
Trading securities, at fair value | 651 | 1,737 | ||||
Available for sale debt securities, at fair value | 1,792,757 | 1,727,348 | ||||
Held to maturity debt securities, carrying amount | 210,756 | 216,833 | ||||
Held to maturity debt securities, at fair value | 214,631 | 212,179 | ||||
Loans held for sale, carrying value | 95,108 | 40,399 | ||||
Loans held for sale, fair value | 95,108 | $ 49,474 | 40,399 | $ 36,366 | $ 28,485 | $ 19,647 |
Loans, net, carrying amount | 11,672,108 | 8,300,734 | ||||
Loans, net, fair value | 11,653,849 | 8,342,220 | ||||
Mortgage servicing assets, carrying amount | 1,475 | 1,565 | ||||
Mortgage servicing assets, at fair value | 1,475 | 1,565 | ||||
Mortgage banking derivatives, carrying amount assets | 2,198 | 783 | ||||
Mortgage banking derivatives, assets fair value | 2,198 | 783 | ||||
Interest rate swap derivatives, carrying amount assets | 229,735 | 92,475 | ||||
Interest rate swap derivatives, assets fair value | 229,735 | 92,475 | ||||
Accrued interest receivable, carrying amount | 43,856 | 33,143 | ||||
Accrued interest receivable, fair value | 43,856 | 33,143 | ||||
Financial liabilities: | ||||||
Deposits- without stated maturities, carrying amount | 10,778,902 | 7,655,376 | ||||
Deposits- without stated maturities, fair value | 10,778,902 | 7,655,376 | ||||
Deposits- with stated maturities, carrying amount | 2,433,183 | 1,821,960 | ||||
Deposits- with stated maturities, fair value | 2,445,556 | 1,827,299 | ||||
Securities sold under agreement to repurchase, fair value | 78,277 | 57,772 | ||||
Securities sold under agreement to repurchase | 78,277 | 57,772 | ||||
Federal funds purchased and other borrowings, carrying amount | 476,690 | 655,360 | ||||
Federal funds purchased and other borrowings, fair value | 476,690 | 655,360 | ||||
Corporate debentures, carrying amount | 32,591 | 32,415 | ||||
Corporate debentures, fair value | 28,463 | 28,621 | ||||
Mortgage banking derivatives, carrying amount liability | 566 | 169 | ||||
Mortgage banking derivatives, liability fair value | 566 | 169 | ||||
Interest rate swap derivatives, carrying amount | 231,735 | 92,892 | ||||
Accrued interest payable, carrying amount | 4,661 | 2,627 | ||||
Accrued interest payable, fair value | 4,661 | 2,627 | ||||
Interest rate swap derivatives, fair value | 231,735 | 92,892 | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||||
Financial assets: | ||||||
Cash and cash equivalents, fair value | 837,338 | 367,333 | ||||
Financial liabilities: | ||||||
Deposits- without stated maturities, fair value | 10,778,902 | 7,655,376 | ||||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Financial assets: | ||||||
Trading securities, at fair value | 651 | 1,737 | ||||
Available for sale debt securities, at fair value | 1,792,757 | 1,727,348 | ||||
Held to maturity debt securities, at fair value | 214,631 | 212,179 | ||||
Loans held for sale, fair value | 95,108 | 40,399 | ||||
Mortgage servicing assets, at fair value | 1,475 | 1,565 | ||||
Mortgage banking derivatives, assets fair value | 19 | |||||
Interest rate swap derivatives, assets fair value | 229,735 | 92,475 | ||||
Accrued interest receivable, fair value | 8,733 | 8,355 | ||||
Financial liabilities: | ||||||
Deposits- with stated maturities, fair value | 2,445,556 | 1,827,299 | ||||
Securities sold under agreement to repurchase, fair value | 78,277 | 57,772 | ||||
Federal funds purchased and other borrowings, fair value | 476,690 | 655,360 | ||||
Mortgage banking derivatives, liability fair value | 547 | 164 | ||||
Accrued interest payable, fair value | 4,661 | 2,627 | ||||
Interest rate swap derivatives, fair value | 231,735 | 92,892 | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Financial assets: | ||||||
Loans, net, fair value | 11,653,849 | 8,342,220 | ||||
Mortgage banking derivatives, assets fair value | 2,179 | 783 | ||||
Accrued interest receivable, fair value | 35,123 | 24,788 | ||||
Financial liabilities: | ||||||
Corporate debentures, fair value | 28,463 | 28,621 | ||||
Mortgage banking derivatives, liability fair value | $ 19 | $ 5 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 185,253 | $ 110,629 | $ 317,535 | $ 213,788 | |
Interest expense | (26,572) | (10,100) | (44,679) | (18,241) | |
Net interest income | 158,681 | 100,529 | 272,856 | 195,547 | |
Provision for loan losses | (2,792) | (2,933) | (3,845) | (4,233) | |
Non-interest income | 37,943 | 22,589 | 67,243 | 45,627 | |
Non-interest expense | (121,989) | (79,612) | (206,462) | (155,608) | |
Income before provision for income taxes | 71,843 | 40,573 | 129,792 | 81,333 | |
Income tax (provision) benefit | (16,721) | (8,410) | (30,027) | (13,534) | |
Net income | 55,122 | 32,163 | 99,765 | 67,799 | |
Earnings attributable to noncontrolling interest | (599) | (599) | |||
Net income attributable to CenterState Bank Corporation | 54,523 | 32,163 | 99,166 | 67,799 | |
Total assets | 17,036,597 | 10,536,723 | 17,036,597 | 10,536,723 | $ 12,337,588 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 180,672 | 107,172 | 308,504 | 207,087 | |
Interest expense | (22,666) | (7,490) | (37,517) | (13,697) | |
Net interest income | 158,006 | 99,682 | 270,987 | 193,390 | |
Provision for loan losses | (2,762) | (2,912) | (3,777) | (4,074) | |
Non-interest income | 26,409 | 15,505 | 46,709 | 30,420 | |
Non-interest expense | (114,106) | (73,285) | (191,687) | (143,282) | |
Income before provision for income taxes | 67,547 | 38,990 | 122,232 | 76,454 | |
Income tax (provision) benefit | (15,741) | (9,267) | (28,431) | (17,499) | |
Net income | 51,806 | 93,801 | |||
Earnings attributable to noncontrolling interest | (599) | (599) | |||
Net income attributable to CenterState Bank Corporation | 51,207 | 29,723 | 93,202 | 58,955 | |
Total assets | 16,464,806 | 9,963,206 | 16,464,806 | 9,963,206 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 4,581 | 3,457 | 9,031 | 6,701 | |
Interest expense | (2,697) | (1,657) | (5,246) | (2,729) | |
Net interest income | 1,884 | 1,800 | 3,785 | 3,972 | |
Provision for loan losses | (30) | (21) | (68) | (159) | |
Non-interest income | 11,534 | 7,076 | 20,534 | 15,199 | |
Non-interest expense | (6,683) | (4,884) | (12,396) | (10,494) | |
Income before provision for income taxes | 6,705 | 3,971 | 11,855 | 8,518 | |
Income tax (provision) benefit | (1,699) | (1,006) | (3,004) | (2,158) | |
Net income | 5,006 | 8,851 | |||
Net income attributable to CenterState Bank Corporation | 5,006 | 2,965 | 8,851 | 6,360 | |
Total assets | 566,514 | 564,133 | 566,514 | 564,133 | |
Corporate Overhead and Administration [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (1,209) | (953) | (1,916) | (1,815) | |
Net interest income | (1,209) | (953) | (1,916) | (1,815) | |
Non-interest income | 8 | 8 | |||
Non-interest expense | (1,200) | (1,443) | (2,379) | (1,832) | |
Income before provision for income taxes | (2,409) | (2,388) | (4,295) | (3,639) | |
Income tax (provision) benefit | 719 | 1,863 | 1,408 | 6,123 | |
Net income | (1,690) | (2,887) | |||
Net income attributable to CenterState Bank Corporation | (1,690) | (525) | (2,887) | 2,484 | |
Total assets | 2,975,710 | 1,607,900 | 2,975,710 | 1,607,900 | |
Elimination Entries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ (2,970,433) | $ (1,598,516) | $ (2,970,433) | $ (1,598,516) |
Investment Securities Available
Investment Securities Available for Sale - Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,773,762 | $ 1,757,380 |
Gross Unrealized Gains | 24,007 | 4,659 |
Gross Unrealized Losses | 5,012 | 34,691 |
Fair Value | 1,792,757 | 1,727,348 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,643,074 | 1,623,906 |
Gross Unrealized Gains | 19,301 | 3,792 |
Gross Unrealized Losses | 4,729 | 33,423 |
Fair Value | 1,657,646 | 1,594,275 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 87,738 | 88,415 |
Gross Unrealized Gains | 4,542 | 698 |
Gross Unrealized Losses | 0 | 335 |
Fair Value | 92,280 | 88,778 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,505 | 6,265 |
Gross Unrealized Gains | 149 | 162 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5,654 | 6,427 |
US Government-sponsored Enterprises Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 37,445 | 38,794 |
Gross Unrealized Gains | 15 | 7 |
Gross Unrealized Losses | 283 | 933 |
Fair Value | $ 37,177 | $ 37,868 |
Investment Securities Availab_2
Investment Securities Available for Sale - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (loss) on sale of collateralized loan obligation securities | $ (5,000) | ||||
Tax provisions related to net realized gains | (1,000) | $ 0 | $ 3,000 | $ (6,000) | |
Securities estimated fair value | $ 909,669,000 | $ 909,669,000 | $ 961,721,000 | ||
Debt securities, Held-to-maturity, Restricted [Extensible List] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | ||
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 10.00% | 10.00% | 10.00% | ||
Number of securities representing specified criteria | Security | 0 | 0 | |||
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | 100.00% | |||
Sunshine Bancorp, Inc. [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 | ||||
HCBF Holding Company, Inc. [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Gain (loss) on sale of securities acquired through acquisition | $ 0 |
Investment Securities Availab_3
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 108,477 | $ 364,152 |
Gross gains | 646 | 68 |
Gross losses | $ 634 | $ 90 |
Investment Securities Availab_4
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Investment securities available for sale, Due in one year or less, Fair Value | $ 525 |
Investment securities available for sale, Due after one year through five years, Fair Value | 9,001 |
Investment securities available for sale, Due after five years through ten years, Fair Value | 28,026 |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 97,559 |
Investment securities available for sale, Mortgage backed securities, Fair Value | 1,657,646 |
Fair value | 1,792,757 |
Investment securities available for sale, Due one year or less, Amortized Cost | 525 |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 8,872 |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 27,459 |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 93,832 |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 1,643,074 |
Amortized Cost | $ 1,773,762 |
Investment Securities Availab_5
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 2,731 | $ 673,027 |
Less than 12 months, Unrealized Losses | 10 | 11,114 |
12 months or more, Fair Value | 532,647 | 644,570 |
12 months or more, Unrealized Losses | 5,002 | 23,242 |
Total, Fair Value | 535,378 | 1,317,597 |
Total, Unrealized Losses | 5,012 | 34,356 |
US Government-sponsored Enterprises Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 2,731 | 25,104 |
Less than 12 months, Unrealized Losses | 10 | 332 |
12 months or more, Fair Value | 20,219 | 9,398 |
12 months or more, Unrealized Losses | 273 | 601 |
Total, Fair Value | 22,950 | 34,502 |
Total, Unrealized Losses | 283 | 933 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 0 | 647,923 |
Less than 12 months, Unrealized Losses | 0 | 10,782 |
12 months or more, Fair Value | 512,428 | 635,172 |
12 months or more, Unrealized Losses | 4,729 | 22,641 |
Total, Fair Value | 512,428 | 1,283,095 |
Total, Unrealized Losses | $ 4,729 | $ 33,423 |
Investment Securities Held to M
Investment Securities Held to Maturity - Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 210,756 | $ 216,833 |
Gross Unrecognized Gains | 4,368 | 799 |
Gross Unrecognized Losses | 493 | 5,453 |
Held-to-maturity securities, fair value | 214,631 | 212,179 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 79,160 | 84,983 |
Gross Unrecognized Gains | 16 | 0 |
Gross Unrecognized Losses | 483 | 2,462 |
Held-to-maturity securities, fair value | 78,693 | 82,521 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 131,596 | 131,850 |
Gross Unrecognized Gains | 4,352 | 799 |
Gross Unrecognized Losses | 10 | 2,991 |
Held-to-maturity securities, fair value | $ 135,938 | $ 129,658 |
Investment Securities Held to_2
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)Security | Sep. 30, 2018Security | Dec. 31, 2018USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Number of securities representing specified criteria | 0 | 0 | |
Percentage of HTM securities held by any one issuer as a percentage of stockholders' equity | 10.00% | ||
Held to maturity securities pledged, carrying amount | $ | $ 102,338 | $ 103,710 | |
Debt securities, available-for-sale, restriction type [extensible list] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | |
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% | ||
Held-to-maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Number of securities representing specified criteria | 0 | ||
Percentage of mortgage-backed securities held from U.S. government-sponsored entities and agencies | 100.00% |
Investment Securities Held to_3
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Investment securities held-to-maturity, Due after five years through ten years, Fair Value | $ 2,072 |
Investment securities held-to-maturity, Due after ten years through thirty years, Fair Value | 133,866 |
Investment securities held-to-maturity, Mortgage backed securities, Fair Value | 78,693 |
Held-to- maturity, Fair Value | 214,631 |
Investment securities held-to-maturity, Due after five years through ten years, Amortized Cost | 2,038 |
Investment securities held-to-maturity, Due after ten years through thirty years, Amortized Cost | 129,558 |
Investment securities held-to-maturity, Mortgage backed securities, Amortized Cost | 79,160 |
Held-to-maturity, Amortized Cost | $ 210,756 |
Investment Securities Held to_4
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 22,560 | |
Less than 12 months, Unrecognized Losses | 203 | |
12 months or more, Fair Value | $ 73,788 | 130,328 |
12 months or more, Unrecognized Losses | 493 | 5,250 |
Total, Fair Value | 73,788 | 152,888 |
Total, Unrecognized Losses | 493 | 5,453 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
12 months or more, Fair Value | 71,798 | 82,521 |
12 months or more, Unrecognized Losses | 483 | 2,462 |
Total, Fair Value | 71,798 | 82,521 |
Total, Unrecognized Losses | 483 | 2,462 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 22,560 | |
Less than 12 months, Unrecognized Losses | 203 | |
12 months or more, Fair Value | 1,990 | 47,807 |
12 months or more, Unrecognized Losses | 10 | 2,788 |
Total, Fair Value | 1,990 | 70,367 |
Total, Unrecognized Losses | $ 10 | $ 2,991 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans Receivable Held For Sale Net [Abstract] | |||||
Net gains from changes in estimated fair value of mortgage loans held for sale | $ 937,000 | $ 359,000 | $ 941,000 | $ 722,000 | |
Total unpaid principal balance of loans held for sale | 94,167,000 | 94,167,000 | $ 39,318,000 | ||
Loans held for sale, past due | 0 | 0 | 0 | ||
Loans held for sale, on nonaccrual | $ 0 | $ 0 | $ 0 |
Loans Held for Sale - Summary o
Loans Held for Sale - Summary of Activity in Mortgage Loans Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loans Receivable Held For Sale Net [Abstract] | ||||
Beginning balance | $ 49,474 | $ 28,485 | $ 40,399 | $ 19,647 |
Effect from acquisitions | 14,588 | 14,588 | 6,124 | |
Loans originated | 257,383 | 92,218 | 392,135 | 150,316 |
Proceeds from sales | (233,962) | (87,066) | (363,619) | (144,387) |
Net change in fair value | 937 | 359 | 941 | 722 |
Net realized gain on sales | 6,688 | 2,370 | 10,664 | 3,944 |
Ending balance | $ 95,108 | $ 36,366 | $ 95,108 | $ 36,366 |
Loans Held for Sale - Summary_2
Loans Held for Sale - Summary of Components of Mortgage Banking Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Servicing fees and commissions | $ 96 | $ 20 | $ 188 | $ 20 |
Gain on sale of loans held for sale | 6,688 | 2,370 | 10,664 | 3,944 |
Unrealized gain on loans held for sale | 937 | 359 | 941 | 722 |
Gain (loss) on mortgage derivatives | 52 | (107) | 609 | 558 |
Loss on mortgage hedge | (703) | (26) | (1,106) | (26) |
Loss on mortgage servicing assets | (267) | (300) | ||
Mortgage Banking Revenue | ||||
Non interest income | $ 6,803 | $ 2,616 | $ 10,996 | $ 5,218 |
Loans Held for Sale - Schedule
Loans Held for Sale - Schedule of Summarizes The Notional Amounts For Interest Rate Lock Commitments And Best Efforts Forward Trades Pertaining To Loans Held For Sale (Detail) - Loans Held for Sale [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Loans Held For Sale [Line Items] | ||
Total derivative instruments | $ 400,699 | $ 100,170 |
Interest Rate Lock Commitments [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | 160,461 | 33,306 |
Best Efforts Forward Trades [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | 129,738 | 52,614 |
MBS Forward Trades [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | $ 110,500 | $ 14,250 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit impaired loans | $ 11,555,458 | $ 8,181,533 |
Total PCI loans | 157,303 | 158,971 |
Total loans | 11,712,761 | 8,340,504 |
Allowance for loan losses for loans that are not PCI loans | (40,455) | (39,579) |
Net Loans | 11,672,108 | 8,300,734 |
Allowance for loan losses for loans that are not PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 2,481,717 | 1,702,114 |
Real estate loans, Commercial | 6,062,203 | 4,454,098 |
Land, development and construction | 1,051,307 | 635,562 |
Total real estate | 9,595,227 | 6,791,774 |
Commercial, industrial and factored receivables | 1,709,019 | 1,183,380 |
Consumer and other loans | 246,856 | 203,686 |
Loans before unearned fees and deferred cost | 11,551,102 | 8,178,840 |
Net unearned fees and costs | 4,356 | 2,693 |
Allowance for loan losses on PCI loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 54,607 | 58,804 |
Real estate loans, Commercial | 91,176 | 87,336 |
Land, development and construction | 6,225 | 7,028 |
Total real estate | 152,008 | 153,168 |
Consumer and other loans | 193 | 209 |
Commercial and industrial | 5,102 | 5,594 |
Allowance for loan losses for PCI loans | $ (198) | $ (191) |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 40,052 | $ 34,429 | $ 39,770 | $ 32,825 |
Loans charged-off | (3,325) | (589) | (4,772) | (992) |
Recoveries of loans previously charged-off | 1,134 | 711 | 1,810 | 1,418 |
Net (charge-offs) recoveries | (2,191) | 122 | 2,962 | (426) |
Provision for loan losses | 2,792 | 2,933 | 3,845 | 4,233 |
Balance at end of period | 40,653 | 37,484 | 40,653 | 37,484 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 5,518 | |||
Balance at end of period | 5,736 | 5,736 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 22,978 | |||
Balance at end of period | 20,937 | 20,937 | ||
Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,958 | |||
Balance at end of period | 2,667 | 2,667 | ||
Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,902 | |||
Balance at end of period | 3,371 | 3,371 | ||
Allowance for loan losses for loans that are not PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 39,861 | 34,154 | 39,579 | 32,530 |
Loans charged-off | (3,325) | (589) | (4,772) | (992) |
Recoveries of loans previously charged-off | 1,134 | 711 | 1,810 | 1,343 |
Net (charge-offs) recoveries | (2,191) | 122 | (2,962) | (351) |
Provision for loan losses | 2,785 | 2,933 | 3,838 | 4,328 |
Balance at end of period | 40,455 | 37,209 | 40,455 | 37,209 |
Allowance for loan losses for loans that are not PCI loans [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 5,448 | 5,747 | 5,518 | 6,003 |
Loans charged-off | (418) | (619) | (136) | |
Recoveries of loans previously charged-off | 275 | 364 | 417 | 638 |
Provision for loan losses | 424 | (264) | 413 | (658) |
Balance at end of period | 5,729 | 5,847 | 5,729 | 5,847 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 22,247 | 20,975 | 22,978 | 19,304 |
Loans charged-off | (4) | (4) | ||
Recoveries of loans previously charged-off | 66 | 169 | 218 | 456 |
Provision for loan losses | (1,372) | 777 | (2,255) | 2,161 |
Balance at end of period | 20,937 | 21,921 | 20,937 | 21,921 |
Allowance for loan losses for loans that are not PCI loans [Member] | Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,220 | 1,294 | 1,781 | 1,179 |
Loans charged-off | (31) | |||
Recoveries of loans previously charged-off | 1 | 1 | 84 | 1 |
Provision for loan losses | 269 | 334 | 656 | 449 |
Balance at end of period | 2,490 | 1,629 | 2,490 | 1,629 |
Allowance for loan losses for loans that are not PCI loans [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,930 | 4,501 | 6,414 | 4,130 |
Loans charged-off | (1,257) | (221) | (1,921) | (228) |
Recoveries of loans previously charged-off | 92 | 56 | 247 | 62 |
Provision for loan losses | 1,577 | 1,076 | 2,602 | 1,448 |
Balance at end of period | 7,342 | 5,412 | 7,342 | 5,412 |
Allowance for loan losses for loans that are not PCI loans [Member] | Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,016 | 1,637 | 2,888 | 1,914 |
Loans charged-off | (1,130) | (368) | (1,681) | (628) |
Recoveries of loans previously charged-off | 170 | 121 | 314 | 186 |
Provision for loan losses | 1,301 | 1,010 | 1,836 | 928 |
Balance at end of period | 3,357 | 2,400 | 3,357 | 2,400 |
Allowance for loan losses for loans that are not PCI loans [Member] | Factored Commercial Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans charged-off | (516) | (516) | ||
Recoveries of loans previously charged-off | 530 | 530 | ||
Provision for loan losses | 586 | 586 | ||
Balance at end of period | 600 | 600 | ||
Allowance for loan losses on PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 191 | 275 | 191 | 295 |
Recoveries of loans previously charged-off | 75 | |||
Net (charge-offs) recoveries | (75) | |||
Provision for loan losses | 7 | 7 | (95) | |
Balance at end of period | 198 | 275 | 198 | 275 |
Allowance for loan losses on PCI loans [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 7 | 7 | ||
Balance at end of period | 7 | 7 | ||
Allowance for loan losses on PCI loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 59 | 59 | ||
Balance at end of period | 59 | 59 | ||
Allowance for loan losses on PCI loans [Member] | Land, Development, Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 177 | 202 | 177 | 222 |
Provision for loan losses | (20) | |||
Balance at end of period | 177 | 202 | 177 | 202 |
Allowance for loan losses on PCI loans [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Recoveries of loans previously charged-off | 75 | |||
Provision for loan losses | (75) | |||
Allowance for loan losses on PCI loans [Member] | Consumer and Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 14 | 14 | 14 | 14 |
Balance at end of period | $ 14 | $ 14 | $ 14 | $ 14 |
Loans - Allowance for Loan Loss
Loans - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 1,848 | $ 1,616 | ||||
Collectively evaluated for impairment | 38,607 | 37,963 | ||||
Purchased credit impaired | 198 | 191 | ||||
Total ending allowance balance | 40,653 | $ 40,052 | 39,770 | $ 37,484 | $ 34,429 | $ 32,825 |
Loans: | ||||||
Individually evaluated for impairment | 17,201 | 15,700 | ||||
Collectively evaluated for impairment | 11,533,901 | 8,163,140 | ||||
Purchased credit impaired | 157,303 | 158,971 | ||||
Total ending loan balances | 11,708,405 | 8,337,811 | ||||
Residential Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 292 | 331 | ||||
Collectively evaluated for impairment | 5,437 | 5,187 | ||||
Purchased credit impaired | 7 | |||||
Total ending allowance balance | 5,736 | 5,518 | ||||
Loans: | ||||||
Individually evaluated for impairment | 5,563 | 6,234 | ||||
Collectively evaluated for impairment | 2,476,154 | 1,695,880 | ||||
Purchased credit impaired | 54,607 | 58,804 | ||||
Total ending loan balances | 2,536,324 | 1,760,918 | ||||
Commercial Real Estate [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 322 | 250 | ||||
Collectively evaluated for impairment | 20,615 | 22,728 | ||||
Total ending allowance balance | 20,937 | 22,978 | ||||
Loans: | ||||||
Individually evaluated for impairment | 7,478 | 7,496 | ||||
Collectively evaluated for impairment | 6,054,725 | 4,446,602 | ||||
Purchased credit impaired | 91,176 | 87,336 | ||||
Total ending loan balances | 6,153,379 | 4,541,434 | ||||
Land, Development, Construction [Member] | ||||||
Allowance for loan losses: | ||||||
Collectively evaluated for impairment | 2,490 | 1,781 | ||||
Purchased credit impaired | 177 | 177 | ||||
Total ending allowance balance | 2,667 | 1,958 | ||||
Loans: | ||||||
Individually evaluated for impairment | 72 | 117 | ||||
Collectively evaluated for impairment | 1,051,235 | 635,445 | ||||
Purchased credit impaired | 6,225 | 7,028 | ||||
Total ending loan balances | 1,057,532 | 642,590 | ||||
Commercial Industrial and Factored Receivables [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1,234 | 1,034 | ||||
Collectively evaluated for impairment | 6,708 | 5,380 | ||||
Total ending allowance balance | 7,942 | 6,414 | ||||
Loans: | ||||||
Individually evaluated for impairment | 3,957 | 1,708 | ||||
Collectively evaluated for impairment | 1,705,062 | 1,181,672 | ||||
Purchased credit impaired | 5,102 | 5,594 | ||||
Total ending loan balances | 1,714,121 | 1,188,974 | ||||
Consumer and Other [Member] | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1 | |||||
Collectively evaluated for impairment | 3,357 | 2,887 | ||||
Purchased credit impaired | 14 | 14 | ||||
Total ending allowance balance | 3,371 | 2,902 | ||||
Loans: | ||||||
Individually evaluated for impairment | 131 | 145 | ||||
Collectively evaluated for impairment | 246,725 | 203,541 | ||||
Purchased credit impaired | 193 | 209 | ||||
Total ending loan balances | $ 247,049 | $ 203,895 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 10,120 | $ 9,477 |
Impaired loans that are not TDRs | 7,081 | 6,223 |
Total impaired loans | 17,201 | 15,700 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 8,683 | 8,475 |
Non-performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 1,437 | $ 1,002 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Receivables [Abstract] | ||||
Loans modification, modified terms allowance period minimum | 12 months | |||
Loans modification, modified terms allowance period maximum | 24 months | |||
Provision for loan loss expense | $ 126 | $ 19 | $ 157 | $ 28 |
Partial charge offs for troubled debt restructured | 42 | 10 | $ 50 | 21 |
Percentage of troubled debt restructured current pursuant to modified terms | 86.00% | |||
Non performing TDRs | 1,437 | $ 1,437 | ||
Percentage of troubled debt restructured not performing pursuant to their modified terms | 14.00% | |||
Loans modified as TDRs | 1,142 | 601 | $ 1,820 | 2,148 |
Loan loss provision modified as TDRs | 100 | 13 | 119 | 14 |
Provision for loan loss expense within twelve months | 85 | 3 | 85 | 5 |
Partial charge offs for troubled debt restructured | 0 | 3 | 0 | 5 |
Reclassification from non-accretable difference | $ 3,466 | $ 2,187 | $ 10,665 | $ 3,914 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 10,120 | $ 9,477 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,988 | 8,755 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 8,683 | 8,475 |
Accruing [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,353 | 7,762 |
Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,437 | 1,002 |
Non Accrual [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 635 | 993 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,684 | 6,234 |
Residential Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,205 | 5,848 |
Residential Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 479 | 386 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,232 | 2,403 |
Commercial Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,076 | 1,837 |
Commercial Real Estate [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 156 | 566 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 72 | 118 |
Land, Development, Construction [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 72 | 77 |
Land, Development, Construction [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 41 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 2,000 | 577 |
Commercial and Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,198 | 577 |
Commercial and Industrial [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 802 | |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 132 | 145 |
Consumer and Other [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 132 | 136 |
Consumer and Other [Member] | Non Accrual [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 9 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)SecurityLoan | Jun. 30, 2018USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | 2 |
Recorded investment | $ | $ 801 | $ 171 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 51 | |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 120 | |
Commercial and Industrial [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | |
Recorded investment | $ | $ 801 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | $ 18,272 | $ 16,593 |
Total impaired loans | 17,201 | 15,700 |
Amount of allowance for loan losses allocated to impaired loans | 1,848 | 1,616 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 2,990 | 3,608 |
Unpaid principal balance, With an allowance recorded | 2,842 | 2,897 |
Recorded investment, With no related allowance | 2,864 | 3,485 |
Recorded investment, With an allowance recorded | 2,699 | 2,749 |
Total impaired loans | 5,563 | 6,234 |
Amount of allowance for loan losses allocated to impaired loans | 292 | 331 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 6,318 | 6,447 |
Unpaid principal balance, With an allowance recorded | 1,859 | 1,593 |
Recorded investment, With no related allowance | 5,644 | 5,906 |
Recorded investment, With an allowance recorded | 1,834 | 1,590 |
Total impaired loans | 7,478 | 7,496 |
Amount of allowance for loan losses allocated to impaired loans | 322 | 250 |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 81 | 144 |
Recorded investment, With no related allowance | 72 | 117 |
Total impaired loans | 72 | 117 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 1,312 | 364 |
Unpaid principal balance, With an allowance recorded | 2,732 | 1,378 |
Recorded investment, With no related allowance | 1,282 | 353 |
Recorded investment, With an allowance recorded | 2,675 | 1,355 |
Amount of allowance for loan losses allocated to impaired loans | 1,234 | 1,034 |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 106 | 109 |
Unpaid principal balance, With an allowance recorded | 32 | 53 |
Recorded investment, With no related allowance | 105 | 108 |
Recorded investment, With an allowance recorded | 26 | 37 |
Total impaired loans | $ 131 | 145 |
Amount of allowance for loan losses allocated to impaired loans | $ 1 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | $ 17,338 | $ 18,848 | $ 16,964 | $ 19,362 |
Interest income recognized during impairment | 108 | 129 | 211 | 229 |
Total Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 13,481 | 16,442 | 13,663 | 16,551 |
Interest income recognized during impairment | 90 | 118 | 179 | 211 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 5,609 | 7,882 | 5,776 | 8,007 |
Interest income recognized during impairment | 59 | 82 | 121 | 159 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 7,778 | 7,986 | 7,782 | 8,124 |
Interest income recognized during impairment | 30 | 35 | 55 | 48 |
Land, Development, Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 94 | 574 | 105 | 420 |
Interest income recognized during impairment | 1 | 1 | 3 | 4 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 3,724 | 2,227 | 3,165 | 2,624 |
Interest income recognized during impairment | 16 | 9 | 28 | 14 |
Consumer and Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average of impaired loans during the period | 133 | 179 | 136 | 187 |
Interest income recognized during impairment | $ 2 | $ 2 | $ 4 | $ 4 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Non-accrual loans | $ 26,334 | $ 23,567 |
Loans past due over 90 days and still accruing interest | 0 | 0 |
Total nonperforming loans | $ 26,334 | $ 23,567 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 26,334 | $ 23,567 |
Loans past due over 90 days still accruing | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 10,368 | 11,488 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 8,758 | 8,445 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,811 | 795 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 4,783 | 2,274 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 614 | $ 565 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 11,551,102 | $ 8,178,840 |
Total Past Due | 50,590 | 36,502 |
Loans Not Past Due | 11,474,178 | 8,118,771 |
Nonaccrual Loans | 26,334 | 23,567 |
30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,754 | 21,094 |
60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,836 | 15,408 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 2,481,717 | 1,702,114 |
Total Past Due | 13,383 | 11,360 |
Loans Not Past Due | 2,457,966 | 1,679,266 |
Nonaccrual Loans | 10,368 | 11,488 |
Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,795 | 5,730 |
Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,588 | 5,631 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,062,203 | 4,454,098 |
Total Past Due | 17,188 | 15,446 |
Loans Not Past Due | 6,036,257 | 4,430,207 |
Nonaccrual Loans | 8,758 | 8,445 |
Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,742 | 10,840 |
Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,446 | 4,607 |
Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,051,307 | 635,562 |
Total Past Due | 2,016 | 4,683 |
Loans Not Past Due | 1,047,480 | 630,084 |
Nonaccrual Loans | 1,811 | 795 |
Land, Development, Construction [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,401 | 661 |
Land, Development, Construction [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 615 | 4,022 |
Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,709,019 | |
Total Past Due | 16,795 | |
Loans Not Past Due | 1,687,441 | |
Nonaccrual Loans | 4,783 | |
Commercial Industrial and Factored Receivables [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,792 | |
Commercial Industrial and Factored Receivables [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,003 | |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 246,856 | 203,686 |
Total Past Due | 1,208 | 1,332 |
Loans Not Past Due | 245,034 | 201,789 |
Nonaccrual Loans | 614 | 565 |
Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,024 | 1,061 |
Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 184 | 271 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,183,380 | |
Total Past Due | 3,681 | |
Loans Not Past Due | 1,177,425 | |
Nonaccrual Loans | 2,274 | |
Commercial and Industrial [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,803 | |
Commercial and Industrial [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 878 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,481,717 | $ 1,702,114 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 246,856 | 203,686 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,223,602 | 7,831,100 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,421,011 | 1,633,810 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,865,703 | 4,246,687 |
Pass [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,037,448 | 610,631 |
Pass [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,653,775 | |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 245,665 | 202,701 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,137,272 | |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 226,854 | 264,172 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34,189 | 41,522 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 139,490 | 160,981 |
Special Mention [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,921 | 20,586 |
Special Mention [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,047 | |
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 207 | 247 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 40,836 | |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 100,646 | 83,568 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 26,517 | 26,782 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 57,010 | 46,430 |
Substandard [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,938 | 4,345 |
Substandard [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,197 | |
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 984 | 738 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 5,272 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,481,717 | $ 1,702,114 |
Residential Real Estate [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,471,349 | 1,690,626 |
Residential Real Estate [Member] | Non-performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,368 | 11,488 |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 246,856 | 203,686 |
Consumer and Other [Member] | Performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 246,242 | 203,121 |
Consumer and Other [Member] | Non-performing TDRs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 614 | $ 565 |
Loans - Summary of Total Contra
Loans - Summary of Total Contractually Required Principal and Interest Cash Payments, Management's Estimate of Expected Total Cash Payments and Carrying Value of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 283,501 | $ 267,815 |
Non-accretable difference | (56,084) | (38,602) |
Cash flows expected to be collected | 227,417 | 229,213 |
Accretable yield | (70,114) | (70,242) |
Purchased credit impaired loans | 157,303 | 158,971 |
Allowance for loan losses | (198) | (191) |
Carrying value less allowance for loan losses | $ 157,105 | $ 158,780 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | $ 267,815 | |||
Non-accretable difference, beginning balance | (38,602) | |||
Cash flows expected to be collected, beginning balance | 229,213 | |||
Accretable yield, beginning balance | (70,242) | |||
Carrying value of acquired loans, beginning balance | 158,971 | |||
Contractually required principal and interest, ending balance | $ 283,501 | 283,501 | ||
Non-accretable difference, ending balance | (56,084) | (56,084) | ||
Cash flows expected to be collected, ending balance | 227,417 | 227,417 | ||
Accretable yield, ending balance | (70,114) | (70,114) | ||
Carrying value of acquired loans, ending balance | 157,303 | 157,303 | ||
Contractually Required Principal and Interest [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Contractually required principal and interest, beginning balance | 248,243 | $ 315,277 | 267,815 | $ 248,283 |
Effect of acquisitions | 51,527 | 51,527 | 88,705 | |
All other adjustments | (16,269) | (29,701) | (35,841) | (51,412) |
Contractually required principal and interest, ending balance | 283,501 | 285,576 | 283,501 | 285,576 |
Non-Accretable Difference [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Non-accretable difference, beginning balance | (28,865) | (50,237) | (38,602) | (13,183) |
Effect of acquisitions | (29,187) | (29,187) | (38,164) | |
All other adjustments | 1,968 | 6,071 | 11,705 | 7,181 |
Non-accretable difference, ending balance | (56,084) | (44,166) | (56,084) | (44,166) |
Cash Flows Expected to be Collected [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Cash flows expected to be collected, beginning balance | 229,213 | 265,040 | 229,213 | 235,100 |
Effect of acquisitions | 22,340 | 22,340 | 50,541 | |
All other adjustments | (14,301) | (23,630) | (24,136) | (44,231) |
Cash flows expected to be collected, ending balance | 227,417 | 241,410 | 227,417 | 241,410 |
Accretable Yield [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Accretable yield, beginning balance | (69,922) | (71,857) | (70,242) | (70,942) |
Effect of acquisitions | (3,724) | (3,724) | (6,278) | |
Income accretion | 7,750 | 11,096 | 17,890 | 18,814 |
All other adjustments | (4,218) | (6,699) | (14,038) | (9,054) |
Accretable yield, ending balance | (70,114) | (67,460) | (70,114) | (67,460) |
Carry Value of Acquired Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Carrying value of acquired loans, beginning balance | 149,456 | 193,183 | 158,971 | 164,158 |
Effect of acquisitions | 18,616 | 18,616 | 44,263 | |
Income accretion | 7,750 | 11,096 | 17,890 | 18,814 |
All other adjustments | (18,519) | (30,329) | (38,174) | (53,285) |
Carrying value of acquired loans, ending balance | $ 157,303 | $ 173,950 | $ 157,303 | $ 173,950 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 78,277 | $ 57,772 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 99,123 | $ 64,706 |
Securities sold under agreement to repurchase | $ 78,277 | $ 57,772 |
Market value pledged as a % of borrowings | 127.00% | 112.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 98,673 | $ 64,269 |
Securities sold under agreement to repurchase | $ 78,150 | $ 57,594 |
Market value pledged as a % of borrowings | 126.00% | 112.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 450 | $ 437 |
Securities sold under agreement to repurchase | $ 127 | $ 178 |
Market value pledged as a % of borrowings | 354.00% | 246.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 01, 2019USD ($) | Sep. 01, 2018USD ($)$ / shares | Jan. 01, 2018USD ($)$ / shares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||||
Goodwill on the acquisition | $ 1,204,417 | $ 1,204,417 | $ 802,880 | |||||||
Sunshine Bancorp, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Jan. 1, 2018 | |||||||||
Increase in total assets | 14.00% | |||||||||
Increase in total deposits | 13.00% | |||||||||
Merger and acquisition related expenses | 0 | $ 8,403 | $ 0 | $ 10,474 | ||||||
Goodwill on the acquisition | $ 114,228 | |||||||||
Per share exchange ratio | 0.89 | |||||||||
Total purchase consideration | $ 187,852 | |||||||||
Loans at fair value | 684,322 | |||||||||
Estimated discount on loans acquired | $ 22,657 | |||||||||
Estimated discount to outstanding principal balance | 3.20% | |||||||||
Percentage of loan acquired | 14.30% | |||||||||
Purchased credit impaired loans | $ 8,232 | |||||||||
Core deposit intangible | 8,525 | |||||||||
Sunshine Bancorp, Inc. [Member] | Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit intangible asset | 8,525 | |||||||||
Sunshine Bancorp, Inc. [Member] | Core Deposits [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated economic life | 10 years | |||||||||
Sunshine Bancorp, Inc. [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 8,232 | |||||||||
Sunshine Bancorp, Inc. [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding stock acquired | 100.00% | |||||||||
HCBF Holding Company, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Jan. 1, 2018 | |||||||||
Increase in total assets | 33.00% | |||||||||
Increase in total deposits | 32.00% | |||||||||
Merger and acquisition related expenses | 0 | $ 5,737 | $ 0 | $ 11,527 | ||||||
Goodwill on the acquisition | $ 233,321 | |||||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 1.925 | |||||||||
Per share exchange ratio | 0.675 | |||||||||
Total purchase consideration | $ 448,236 | |||||||||
Loans at fair value | 1,326,035 | |||||||||
Estimated discount on loans acquired | $ 40,438 | |||||||||
Estimated discount to outstanding principal balance | 3.00% | |||||||||
Percentage of loan acquired | 27.80% | |||||||||
Purchased credit impaired loans | $ 36,031 | |||||||||
Core deposit intangible | 23,625 | |||||||||
HCBF Holding Company, Inc. [Member] | Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit intangible asset | 23,625 | |||||||||
HCBF Holding Company, Inc. [Member] | Core Deposits [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated economic life | 10 years | |||||||||
HCBF Holding Company, Inc. [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 36,031 | |||||||||
HCBF Holding Company, Inc. [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding stock acquired | 100.00% | |||||||||
Charter Financial Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Sep. 1, 2018 | |||||||||
Increase in total assets | 24.00% | |||||||||
Increase in total deposits | 24.00% | |||||||||
Merger and acquisition related expenses | 885 | $ 5,986 | ||||||||
Goodwill on the acquisition | $ 197,648 | |||||||||
Determination period for fair value estimates | 1 year | |||||||||
Multiplied by the cash consideration each Platinum share is entitled to receive | $ / shares | $ 2.30 | |||||||||
Per share exchange ratio | 0.738 | |||||||||
Total purchase consideration | $ 389,476 | |||||||||
Loans at fair value | 1,141,672 | |||||||||
Estimated discount on loans acquired | $ 23,118 | |||||||||
Estimated discount to outstanding principal balance | 2.00% | |||||||||
Percentage of loan acquired | 23.90% | |||||||||
Purchased credit impaired loans | $ 11,432 | |||||||||
Core deposit intangible | 19,795 | |||||||||
Charter Financial Corporation [Member] | Core Deposits [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deposit intangible asset | 19,795 | |||||||||
Charter Financial Corporation [Member] | Core Deposits [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated economic life | 10 years | |||||||||
Charter Financial Corporation [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 11,432 | |||||||||
Charter Financial Corporation [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding stock acquired | 100.00% | |||||||||
National Commerce Corporation [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Apr. 1, 2019 | |||||||||
Increase in total assets | 36.00% | |||||||||
Increase in total deposits | 37.00% | |||||||||
Merger and acquisition related expenses | $ 14,854 | $ 16,118 | ||||||||
Goodwill on the acquisition | $ 401,538 | |||||||||
Determination period for fair value estimates | 1 year | |||||||||
Per share exchange ratio | 1.650 | |||||||||
Total purchase consideration | $ 831,696 | |||||||||
Loans at fair value | 3,327,850 | |||||||||
Estimated discount on loans acquired | $ 61,384 | |||||||||
Estimated discount to outstanding principal balance | 1.80% | |||||||||
Percentage of loan acquired | 39.90% | |||||||||
Purchased credit impaired loans | $ 18,616 | |||||||||
Core deposit intangible | 39,900 | |||||||||
National Commerce Corporation [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated economic life | 10 years | |||||||||
National Commerce Corporation [Member] | Purchased Credit-Impaired [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Loans with credit deficiencies | $ 18,616 | |||||||||
National Commerce Corporation [Member] | Common Stock [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of outstanding stock acquired | 100.00% | |||||||||
CBI Holding Company LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of controlling interest acquired by subsidiary | 70.00% | 70.00% |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | Apr. 01, 2019USD ($)$ / sharesshares | Sep. 01, 2018USD ($)$ / sharesshares | Jan. 01, 2018USD ($)$ / sharesshares |
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 7,922,479 | ||
Per share exchange ratio | 0.89 | ||
Number of shares of CenterState common stock less fractional shares | shares | 7,050,645 | ||
CenterState common stock price per share | $ / shares | $ 25.73 | ||
Fair value of CenterState common stock issued | $ 181,413 | ||
Total cash consideration | 7 | ||
Total consideration paid to common shareholders | 181,420 | ||
Fair value of stock options converted to CenterState stock options | 6,432 | ||
Total purchase price | $ 187,852 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 22,299,082 | ||
Per share exchange ratio | 0.675 | ||
Number of shares of CenterState common stock less fractional shares | shares | 15,051,639 | ||
CenterState common stock price per share | $ / shares | $ 25.73 | ||
Total cash consideration, not including cash for fractional shares | $ 42,932 | ||
Fair value of CenterState common stock issued | 387,279 | ||
Total cash consideration | 42,932 | ||
Total consideration paid to common shareholders | 430,211 | ||
Fair value of stock options converted to CenterState stock options | 18,025 | ||
Total purchase price | $ 448,236 | ||
Cash consideration each Harbor share is entitled to receive | $ / shares | $ 1.925 | ||
Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 15,480,776 | ||
Per share exchange ratio | 0.738 | ||
Number of shares of CenterState common stock less fractional shares | shares | 11,424,214 | ||
CenterState common stock price per share | $ / shares | $ 30.62 | ||
Total cash consideration, not including cash for fractional shares | $ 35,624 | ||
Fair value of CenterState common stock issued | 349,809 | ||
Total cash consideration | 35,624 | ||
Total consideration paid to common shareholders | 385,433 | ||
Cash out of Charter stock options | 4,043 | ||
Total purchase price | $ 389,476 | ||
Cash consideration each Harbor share is entitled to receive | $ / shares | $ 2.30 | ||
National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Number of shares of common stock outstanding | shares | 21,011,352 | ||
Per share exchange ratio | 1.650 | ||
Number of shares of CenterState common stock less fractional shares | shares | 34,667,968 | ||
CenterState common stock price per share | $ / shares | $ 23.81 | ||
Total cash consideration, not including cash for fractional shares | $ 20 | ||
Fair value of CenterState common stock issued | 825,444 | ||
Total cash consideration | 20 | ||
Total consideration paid to common shareholders | 825,464 | ||
Fair value of stock options converted to CenterState stock options | 5,848 | ||
Fair value of warrants converted to CenterState warrants | 384 | ||
Total purchase price | $ 831,696 |
Business Combinations - Summa_2
Business Combinations - Summary of Purchase Price Calculation (Parenthetical) (Detail) - USD ($) $ in Thousands | Apr. 01, 2019 | Sep. 01, 2018 | Jan. 01, 2018 |
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 361 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 241 | ||
Fractional shares amount | $ 6 | ||
Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 599 | ||
Fractional shares amount | $ 17 | ||
National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Fractional shares | 763 |
Business Combinations - Summa_3
Business Combinations - Summary of Fair Value of Assets Purchased, Including Goodwill and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Apr. 01, 2019 | Dec. 31, 2018 | Sep. 01, 2018 | Jan. 01, 2018 |
Assets: | |||||
Goodwill | $ 1,204,417 | $ 802,880 | |||
Sunshine Bancorp, Inc. [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 47,056 | ||||
Loans, held for investment | 676,090 | ||||
Purchased credit impaired loans | 8,232 | ||||
Loans held for sale | 430 | ||||
Investments | 93,006 | ||||
Accrued interest receivable | 2,170 | ||||
Branch real estate | 9,375 | ||||
Furniture and fixtures | 916 | ||||
Bank property held for sale | 9,503 | ||||
FHLB stock | 4,875 | ||||
Bank owned life insurance | 23,101 | ||||
Core deposit intangible | 8,525 | ||||
Goodwill | 114,228 | ||||
Deferred tax asset | 11,670 | ||||
Other assets | 6,135 | ||||
Total assets acquired | 1,015,312 | ||||
Liabilities: | |||||
Deposits | 719,039 | ||||
Federal Home Loan Bank advances | 95,001 | ||||
Securities sold under agreement to repurchase | 353 | ||||
Subordinated notes | 11,000 | ||||
Accrued interest payable | 457 | ||||
Other liabilities | 1,610 | ||||
Total liabilities assumed | 827,460 | ||||
HCBF Holding Company, Inc. [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 77,176 | ||||
Loans, held for investment | 1,290,004 | ||||
Purchased credit impaired loans | 36,031 | ||||
Loans held for sale | 5,694 | ||||
Investments | 585,297 | ||||
Accrued interest receivable | 5,847 | ||||
Branch real estate | 34,035 | ||||
Furniture and fixtures | 3,571 | ||||
Bank property held for sale | 14,140 | ||||
Bank owned life insurance | 39,089 | ||||
Core deposit intangible | 23,625 | ||||
Goodwill | 233,321 | ||||
Deferred tax asset | 14,071 | ||||
Other assets | 2,536 | ||||
Total assets acquired | 2,379,069 | ||||
FHLB and other stock | 9,488 | ||||
Other real estate owned | 5,144 | ||||
Liabilities: | |||||
Deposits | 1,755,155 | ||||
Federal Home Loan Bank advances | 157,919 | ||||
Corporate debentures | 5,872 | ||||
Accrued interest payable | 478 | ||||
Other liabilities | 11,409 | ||||
Total liabilities assumed | $ 1,930,833 | ||||
Charter Financial Corporation [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 184,020 | ||||
Loans, held for investment | 1,130,240 | ||||
Purchased credit impaired loans | 11,432 | ||||
Loans held for sale | 2,835 | ||||
Investments | 73,808 | ||||
Accrued interest receivable | 3,684 | ||||
Branch real estate | 27,930 | ||||
Furniture and fixtures | 1,988 | ||||
Bank property held for sale | 1,695 | ||||
Bank owned life insurance | 54,813 | ||||
Core deposit intangible | 19,795 | ||||
Goodwill | 197,648 | ||||
Deferred tax asset | 3,441 | ||||
Other assets | 17,644 | ||||
Total assets acquired | 1,734,541 | ||||
FHLB and other stock | 1,483 | ||||
Other real estate owned | 257 | ||||
Servicing asset | 1,828 | ||||
Liabilities: | |||||
Deposits | 1,321,970 | ||||
Corporate debentures | 9,000 | ||||
Accrued interest payable | 1,015 | ||||
Other liabilities | 13,080 | ||||
Total liabilities assumed | $ 1,345,065 | ||||
National Commerce Corporation [Member] | |||||
Assets: | |||||
Cash and cash equivalents | $ 268,524 | ||||
Loans, held for investment | 3,309,234 | ||||
Purchased credit impaired loans | 18,616 | ||||
Loans held for sale | 14,588 | ||||
Investments | 178,488 | ||||
Accrued interest receivable | 11,006 | ||||
Branch real estate | 61,295 | ||||
Furniture and fixtures | 7,204 | ||||
Bank property held for sale | 12,436 | ||||
Bank owned life insurance | 55,474 | ||||
Core deposit intangible | 39,900 | ||||
Goodwill | 401,538 | ||||
Deferred tax asset | 16,285 | ||||
Other assets | 23,663 | ||||
Total assets acquired | 4,437,782 | ||||
FHLB and other stock | 17,076 | ||||
Other real estate owned | 875 | ||||
Servicing asset | 1,580 | ||||
Liabilities: | |||||
Deposits | 3,486,732 | ||||
Securities sold under agreement to repurchase | 18,833 | ||||
Subordinated notes | 38,802 | ||||
Accrued interest payable | 2,095 | ||||
Other liabilities | 47,622 | ||||
Total liabilities assumed | 3,606,086 | ||||
Noncontrolling interest | $ 12,002 |
Business Combinations - Summa_4
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - Purchased Credit-Impaired [Member] - USD ($) $ in Thousands | Apr. 01, 2019 | Sep. 01, 2018 | Jan. 01, 2018 |
Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 21,598 | ||
Non-accretable difference | (12,213) | ||
Cash flows expected to be collected | 9,385 | ||
Accretable yield | (1,153) | ||
Total purchased credit-impaired loans acquired | 8,232 | ||
HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 67,107 | ||
Non-accretable difference | (25,951) | ||
Cash flows expected to be collected | 41,156 | ||
Accretable yield | (5,125) | ||
Total purchased credit-impaired loans acquired | $ 36,031 | ||
Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 33,687 | ||
Non-accretable difference | (20,763) | ||
Cash flows expected to be collected | 12,924 | ||
Accretable yield | (1,492) | ||
Total purchased credit-impaired loans acquired | $ 11,432 | ||
National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 51,527 | ||
Non-accretable difference | (29,187) | ||
Cash flows expected to be collected | 22,340 | ||
Accretable yield | (3,724) | ||
Total purchased credit-impaired loans acquired | $ 18,616 |
Business Combinations - Summa_5
Business Combinations - Summary of Fair Value of Acquired Loans and Unpaid Principal Balance (Detail) - USD ($) $ in Thousands | Apr. 01, 2019 | Sep. 01, 2018 | Jan. 01, 2018 |
Book Balance [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 706,979 | ||
Book Balance [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,366,473 | ||
Book Balance [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 1,164,790 | ||
Book Balance [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 3,389,234 | ||
Book Balance [Member] | Residential Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 148,342 | ||
Book Balance [Member] | Residential Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 370,611 | ||
Book Balance [Member] | Residential Real Estate [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 284,505 | ||
Book Balance [Member] | Residential Real Estate [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 615,296 | ||
Book Balance [Member] | Commercial Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 375,377 | ||
Book Balance [Member] | Commercial Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 636,517 | ||
Book Balance [Member] | Commercial Real Estate [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 567,506 | ||
Book Balance [Member] | Commercial Real Estate [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,762,480 | ||
Book Balance [Member] | Land, Development, Construction [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 58,530 | ||
Book Balance [Member] | Land, Development, Construction [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 149,547 | ||
Book Balance [Member] | Land, Development, Construction [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 181,128 | ||
Book Balance [Member] | Land, Development, Construction [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 363,005 | ||
Book Balance [Member] | Commercial and Industrial [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 104,811 | ||
Book Balance [Member] | Commercial and Industrial [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 113,818 | ||
Book Balance [Member] | Commercial and Industrial [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 88,308 | ||
Book Balance [Member] | Commercial and Industrial [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 539,698 | ||
Book Balance [Member] | Consumer and Other [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,770 | ||
Book Balance [Member] | Consumer and Other [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 41,660 | ||
Book Balance [Member] | Consumer and Other [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 26,221 | ||
Book Balance [Member] | Consumer and Other [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 70,058 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 18,149 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 54,320 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 17,122 | ||
Book Balance [Member] | Purchased Credit-Impaired [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 38,697 | ||
Fair Value [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 684,322 | ||
Fair Value [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,326,035 | ||
Fair Value [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,141,672 | ||
Fair Value [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 3,327,850 | ||
Fair Value [Member] | Residential Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 146,057 | ||
Fair Value [Member] | Residential Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 363,559 | ||
Fair Value [Member] | Residential Real Estate [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 280,200 | ||
Fair Value [Member] | Residential Real Estate [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 608,705 | ||
Fair Value [Member] | Commercial Real Estate [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 371,323 | ||
Fair Value [Member] | Commercial Real Estate [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 627,900 | ||
Fair Value [Member] | Commercial Real Estate [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 557,730 | ||
Fair Value [Member] | Commercial Real Estate [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,736,653 | ||
Fair Value [Member] | Land, Development, Construction [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 57,331 | ||
Fair Value [Member] | Land, Development, Construction [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 146,639 | ||
Fair Value [Member] | Land, Development, Construction [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 178,687 | ||
Fair Value [Member] | Land, Development, Construction [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 358,643 | ||
Fair Value [Member] | Commercial and Industrial [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 99,650 | ||
Fair Value [Member] | Commercial and Industrial [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 110,630 | ||
Fair Value [Member] | Commercial and Industrial [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 87,062 | ||
Fair Value [Member] | Commercial and Industrial [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 536,262 | ||
Fair Value [Member] | Consumer and Other [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 1,729 | ||
Fair Value [Member] | Consumer and Other [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 41,276 | ||
Fair Value [Member] | Consumer and Other [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 26,561 | ||
Fair Value [Member] | Consumer and Other [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 68,971 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | Sunshine Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | 8,232 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | HCBF Holding Company, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 36,031 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | Charter Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 11,432 | ||
Fair Value [Member] | Purchased Credit-Impaired [Member] | National Commerce Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Book Balance and Fair Value of acquired loans | $ 18,616 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Financial Information And Actual Results of Acquisition (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Combinations [Abstract] | |||
Net interest income | $ 154,919 | $ 317,027 | $ 304,885 |
Net income available to common shareholders | $ 50,952 | $ 125,218 | $ 105,963 |
EPS - basic | $ 0.41 | $ 0.96 | $ 0.86 |
EPS - diluted | $ 0.41 | $ 0.96 | $ 0.85 |
Interest Rate Swap Derivative_2
Interest Rate Swap Derivatives - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative Instruments Notional And Fair Value [Line Items] | |||
Amount included in the assessment of effectiveness | $ 0 | $ 0 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments Notional And Fair Value [Line Items] | |||
Derivative, Notional Amount | 7,213,713,000 | 7,213,713,000 | $ 5,743,283,000 |
Collateral reserve for derivatives | $ 173,530,000 | $ 173,530,000 | $ 28,345,000 |
Interest Rate Swap Derivative_3
Interest Rate Swap Derivatives - Summary Information about the Interest Rate Swap Derivative Instruments (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional amount | $ 7,213,713 | $ 5,743,283 |
Weighted average pay rate on interest-rate swaps | 3.56% | 3.64% |
Weighted average receive rate on interest rate swaps | 3.57% | 3.64% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 229,735 | $ 92,475 |
Fair value of interest rate swap derivatives (liability) | $ 231,325 | $ 92,892 |
Interest Rate Swap Derivative_4
Interest Rate Swap Derivatives - Summary Information about Cash Flow Hedges Included in Condensed Consolidated Balance Sheets (Detail) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] $ in Thousands | Jun. 30, 2019USD ($) |
Derivatives Fair Value [Line Items] | |
Notional amount | $ 150,000 |
Fair value of interest rate swap derivatives (liability) | $ 410 |
Interest Rate Swap Derivative_5
Interest Rate Swap Derivatives - Summary Information about Net Unrealized Holding Losses in AOCI and Condensed Consolidated Statements of Income and Comprehensive Income Relating to Cash Flow Derivative Instrument (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Interest Rate Contracts - Pay Fixed, Receive Floating [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Amount of loss recognized in OCI | $ (306) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease, Asset | $ 20,311 | $ 20,311 |
Initial recognition of operating lease liabilities | 22,795 | 22,795 |
Cumulative adjustment pursuant to adoption of ASU 842 | $ (371) | $ 1,093 |
Leases - Schedule of Lessee Lea
Leases - Schedule of Lessee Leases (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Amortization of ROU Assets - Finance Leases | $ 49 | $ 87 |
Interest on Lease Liabilities - Finance Leases | 54 | 104 |
Operating Lease Cost (Cost resulting from lease payments) | 2,009 | 3,335 |
Variable Lease Cost (Cost excluded from lease payments) | 349 | 554 |
Total Lease Cost | 2,461 | 4,080 |
Finance Lease - Operating Cash Flows | 76 | 150 |
Finance Lease - Financing Cash Flows | 73 | 146 |
Operating Lease - Operating Cash Flows (Fixed Payments) | 2,023 | 3,304 |
Operating Lease - Operating Cash Flows (Liability Reduction) | 1,706 | 2,801 |
New ROU Assets - Operating Leases | $ 15,060 | $ 35,617 |
Weighted Average Lease Term (Years) - Finance Leases | 11 years 4 months 9 days | 11 years 4 months 9 days |
Weighted Average Lease Term (Years) - Operating Leases | 7 years 6 months 14 days | 7 years 6 months 14 days |
Weighted Average Discount Rate - Finance Leases | 5.83% | 5.83% |
Weighted Average Discount Rate - Operating Leases | 3.32% | 3.32% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating lease payments due: | |
Within one year | $ 7,662 |
After one but within two years | 6,593 |
After two but within three years | 5,469 |
After three but within four years | 4,225 |
After four years but within five years | 3,524 |
After five years | 12,619 |
Total undiscounted cash flows | 40,092 |
Discount on cash flows | (4,957) |
Total operating lease liabilities | $ 35,136 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Annual Rentals under All Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2018 | $ 6,524 |
2019 | 5,096 |
2020 | 4,411 |
2021 | 3,633 |
2022 | 2,558 |
Thereafter | 11,088 |
Total minimum lease payments | $ 33,310 |
Leases - Schedule of Lessor Lea
Leases - Schedule of Lessor Leases (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease Income from Lease Payments | $ 595 | $ 785 |
Direct Financing Lease Income | 128 | 301 |
Total Lease Income | 723 | 1,086 |
Net Investment in Direct Financing Leases | 15,565 | 15,565 |
Maturity Analysis of Operating Lease Receivables | ||
Maturity Analysis of Operating Lease Receivables, 0 - 12 Months | 2,056 | 2,056 |
Maturity Analysis of Operating Lease Receivables, 13 - 24 Months | 1,738 | 1,738 |
Maturity Analysis of Operating Lease Receivables, 25 - 36 Months | 2,238 | 2,238 |
Maturity Analysis of Operating Lease Receivables, 37 - 48 Months | 431 | 431 |
Maturity Analysis of Operating Lease Receivables, 48 - 60 Months | 61 | 61 |
Maturity Analysis of Finance Lease Receivables | ||
Maturity Analysis of Finance Lease Receivables, 0 - 12 Months | 1,392 | 1,392 |
Maturity Analysis of Finance Lease Receivables, 13 - 24 Months | 1,680 | 1,680 |
Maturity Analysis of Finance Lease Receivables, 25 - 36 Months | 1,524 | 1,524 |
Maturity Analysis of Finance Lease Receivables, 37 - 48 Months | 1,340 | 1,340 |
Maturity Analysis of Finance Lease Receivables, 48 - 60 Months | 1,339 | 1,339 |
Maturity Analysis of Finance Lease Receivables, Over 60 Months | $ 12,366 | $ 12,366 |