Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CENTERSTATE BANK CORPORATION | |
Trading Symbol | CSFL | |
Entity Central Index Key | 0001102266 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | 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 | 124,132,401 | |
Entity Shell Company | false | |
Entity File Number | 000-32017 | |
Entity Tax Identification Number | 59-3606741 | |
Entity Incorporation, State or Country Code | FL | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NASDAQ | |
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 | FL | |
Entity Address, Postal Zip Code | 33880 | |
City Area Code | 863 | |
Local Phone Number | 293-4710 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 135,338 | $ 185,255 |
Deposits in other financial institutions (restricted cash) | 550,101 | 140,913 |
Federal funds sold and FRB deposits | 461,252 | 163,890 |
Cash and cash equivalents | 1,146,691 | 490,058 |
Trading securities, at fair value | 8,432 | 4,987 |
Available for sale debt securities, at fair value | 2,138,442 | 1,886,724 |
Held to maturity debt securities, net of allowance for credit losses of $10 at March 31, 2020 (fair value of $205,458 and $208,852 at March 31, 2020 and December 31, 2019, respectively) | 195,948 | 202,903 |
Loans held for sale (see Note 6) | 188,316 | 142,801 |
Loans, excluding Purchased Credit Deteriorated ("PCD") loans | 11,876,909 | 11,848,475 |
PCD loans | 150,322 | 135,468 |
Allowance for credit losses | (158,733) | (40,655) |
Net Loans | 11,868,498 | 11,943,288 |
Bank premises and equipment, net | 296,471 | 296,706 |
Right-of-use operating lease assets | 33,062 | 32,163 |
Accrued interest receivable | 43,382 | 40,945 |
FHLB, FRB and other stock, at cost | 100,463 | 100,305 |
Goodwill | 1,204,417 | 1,204,417 |
Core deposit intangible, net | 87,295 | 91,157 |
Other intangible assets, net | 4,131 | 4,507 |
Bank owned life insurance | 331,713 | 330,155 |
Other repossessed real estate owned | 9,942 | 5,092 |
Deferred income tax asset, net | 37,687 | 28,786 |
Bank property held for sale | 21,347 | 23,781 |
Interest rate swap derivatives, at fair value | 831,891 | 273,068 |
Prepaid expense and other assets | 48,164 | 40,182 |
TOTAL ASSETS | 18,596,292 | 17,142,025 |
Deposits: | ||
Demand - non-interest bearing | 4,164,091 | 3,929,183 |
Demand - interest bearing | 2,650,252 | 2,613,933 |
Savings and money market accounts | 4,413,773 | 4,336,721 |
Time deposits | 2,893,383 | 2,256,555 |
Total deposits | 14,121,499 | 13,136,392 |
Securities sold under agreement to repurchase | 81,736 | 93,141 |
Federal funds purchased | 255,433 | 379,193 |
Other borrowed funds | 211,000 | 161,000 |
Corporate and subordinated debentures | 71,356 | 71,343 |
Accrued interest payable | 4,334 | 3,998 |
Interest rate swap derivatives, at fair value | 842,451 | 275,033 |
Operating lease liabilities | 35,168 | 34,485 |
Reserve for unfunded commitments | 7,110 | |
Payables and accrued expenses | 95,953 | 90,722 |
Total liabilities | 15,726,040 | 14,245,307 |
Equity: | ||
Common stock, $.01 par value: 200,000,000 shares authorized; 124,131,401 and 125,173,597 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 1,241 | 1,252 |
Additional paid-in capital | 2,376,637 | 2,407,385 |
Retained earnings | 435,984 | 465,680 |
Accumulated other comprehensive income | 56,390 | 22,401 |
Total equity | 2,870,252 | 2,896,718 |
TOTAL LIABILITIES AND EQUITY | $ 18,596,292 | $ 17,142,025 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Allowance for credit losses, net | $ 10 | |
Held-to-maturity securities, fair value | $ 205,458 | $ 208,852 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 124,131,401 | 125,173,597 |
Common stock, shares outstanding | 124,131,401 | 125,173,597 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Interest income: | |||
Loans | $ 160,675 | $ 116,285 | |
Investment securities: | |||
Taxable | 12,534 | 12,286 | |
Tax-exempt | 1,737 | 1,716 | |
Federal funds sold and other | 1,813 | 1,995 | |
Total interest income | 176,759 | 132,282 | |
Interest expense: | |||
Deposits | 19,836 | 13,323 | |
Securities sold under agreement to repurchase | 252 | 236 | |
Federal funds purchased and other borrowings | 2,321 | 3,978 | |
Corporate and subordinated debentures | 997 | 570 | |
Total interest expense | 23,406 | 18,107 | |
Net interest income | 153,353 | 114,175 | |
Provision for credit losses | 44,914 | 1,053 | |
Net interest income after credit loss provision | 108,439 | 113,122 | |
Non-interest income: | |||
Correspondent banking capital markets revenue | 26,424 | 7,972 | |
Other correspondent banking related revenue | 1,384 | 1,028 | |
Small business administration loans revenue | 1,403 | 688 | |
Debit, prepaid, ATM and merchant card related fees | 3,667 | 5,018 | |
Wealth management related revenue | 831 | 607 | |
Bank owned life insurance income | 1,927 | 1,626 | |
Net gain on sale of available for sale debt securities | 17 | ||
Other non-interest income | 1,659 | 1,473 | |
Total other income | 55,790 | 29,300 | |
Non-interest expense: | |||
Salaries, wages and employee benefits | 77,077 | 48,393 | |
Occupancy expense | 7,346 | 5,602 | |
Depreciation of premises and equipment | 4,045 | 2,850 | |
Supplies, stationary and printing | 861 | 748 | |
Marketing expenses | 2,158 | 2,020 | |
Data processing expense | 5,617 | 3,656 | |
Legal, audit and other professional fees | 2,682 | 1,442 | |
Amortization of intangibles | 4,535 | 2,814 | |
Credit loss expense for unfunded commitments | 1,027 | ||
Postage and delivery | 1,160 | 925 | |
ATM and debit card and merchant card related expenses | 1,598 | 1,453 | |
Bank regulatory expenses | 1,807 | 1,616 | |
Loss on sale of repossessed real estate (“OREO”) | 1 | 47 | |
Valuation write down of OREO | 95 | 108 | |
(Gain) loss on repossessed assets other than real estate | (8) | 13 | |
Foreclosure related expenses | 856 | 561 | |
Merger related expenses | 3,051 | 6,365 | |
Impairment on bank property held for sale | 31 | 107 | |
Other expenses | 8,833 | 5,753 | |
Total other expenses | 122,772 | 84,473 | |
Income before provision for income taxes | 41,457 | 57,949 | |
Provision for income taxes | 6,025 | 13,306 | |
Net income | 35,432 | 44,643 | |
Other comprehensive income, net of tax | |||
Unrealized available for sale debt securities holding gain, net of taxes of $13,268 and $7,322, respectively | 39,729 | 21,571 | |
Unrealized interest rate swap holding loss, net of taxes of ($1,917) and $0, respectively | (5,740) | ||
Less: reclassified adjustments for gain included in net income, net income tax expense of $0 and $4, respectively | (13) | ||
Net change in accumulated other comprehensive income | 33,989 | 21,558 | |
Total comprehensive income | $ 69,421 | $ 66,201 | |
Earnings per share: | |||
Basic | $ 0.28 | $ 0.47 | |
Diluted | $ 0.28 | $ 0.46 | |
Common shares used in the calculation of earnings per share: | |||
Basic | [1] | 124,798,732 | 95,740,856 |
Diluted | [1] | 125,341,227 | 96,500,740 |
Mortgage Banking Revenue [Member] | |||
Non-interest income: | |||
Non interest income | $ 10,973 | $ 4,193 | |
Service Charges on Deposit Accounts [Member] | |||
Non-interest income: | |||
Non interest income | $ 7,522 | $ 6,678 | |
[1] | Excludes participating shares |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Unrealized holding gain on available for sale debt securities, income tax | $ 13,268 | $ 7,322 |
Unrealized interest rate swap holding loss, income taxes | (1,917) | 0 |
Reclassifications of gain included in net income, income taxes | $ 0 | $ 4 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 | ||||
Net income | 44,643 | 44,643 | |||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 21,558 | 21,558 | |||
Cumulative adjustment pursuant to adoption of ASU | Accounting Standards Update 2016-02 [Member] | (1,464) | (1,464) | |||
Dividends paid - common | (10,547) | (10,547) | |||
Stock grants issued | $ 1 | (1) | |||
Stock grants issued, shares | 132,918 | ||||
Stock based compensation expense | 1,218 | 1,218 | |||
Stock options exercised | 1,199 | $ 1 | 1,198 | ||
Stock options exercised, shares | 116,764 | ||||
Stock repurchase | (399) | (399) | |||
Stock repurchase, shares | (15,971) | ||||
Balances at ending at Mar. 31, 2019 | 2,027,552 | $ 959 | 1,701,047 | 326,409 | (863) |
Balances at ending, shares at Mar. 31, 2019 | 95,913,307 | ||||
Balances at beginning at Dec. 31, 2019 | $ 2,896,718 | $ 1,252 | 2,407,385 | 465,680 | 22,401 |
Balances at beginning, shares at Dec. 31, 2019 | 125,173,597 | 125,173,597 | |||
Net income | $ 35,432 | 35,432 | |||
Unrealized holding gain (loss) on available for sale securities, net of deferred income tax | 39,729 | 39,729 | |||
Unrealized holding loss on interest rate swaps, net of deferred income tax | (5,740) | (5,740) | |||
Cumulative adjustment pursuant to adoption of ASU | 1,093 | ||||
Cumulative adjustment pursuant to adoption of ASU | Accounting Standards Update 2016-13 [Member] | (47,751) | (47,751) | |||
Dividends paid - common | (17,377) | (17,377) | |||
Stock grants issued | $ 3 | (3) | |||
Stock grants issued, shares | 258,616 | ||||
Stock based compensation expense | 1,796 | 1,796 | |||
Stock options exercised | 1,359 | $ 1 | 1,358 | ||
Stock options exercised, shares | 179,174 | ||||
Stock repurchase | (33,914) | $ (15) | (33,899) | ||
Stock repurchase, shares | (1,479,986) | ||||
Balances at ending at Mar. 31, 2020 | $ 2,870,252 | $ 1,241 | $ 2,376,637 | $ 435,984 | $ 56,390 |
Balances at ending, shares at Mar. 31, 2020 | 124,131,401 | 124,131,401 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unrealized holding gain on available for sale debt securities, income tax | $ 13,268 | $ 7,322 |
Unrealized interest rate swap holding loss, income taxes | (1,917) | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized holding gain on available for sale debt securities, income tax | 13,268 | $ 7,318 |
Unrealized interest rate swap holding loss, income taxes | $ 1,917 | |
Retained Earnings [Member] | ||
Dividends paid - common, per share | $ 0.14 | $ 0.11 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 35,432 | $ 44,643 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 44,914 | 1,053 |
Credit loss on unfunded commitments | 1,027 | |
Depreciation of premises and equipment | 4,045 | 2,850 |
Accretion of purchase accounting adjustments | (12,575) | (12,982) |
Net amortization of investment securities | 2,273 | 2,421 |
Net deferred loan origination fees | 435 | 344 |
Gain on sale of securities available for sale debt securities | (17) | |
Trading securities revenue | (153) | (25) |
Purchases of trading securities | (54,723) | (51,691) |
Proceeds from sale of trading securities | 51,431 | 53,453 |
Repossessed real estate owned valuation write down | 95 | 108 |
Loss on sale of repossessed real estate owned | 1 | 47 |
(Gain) loss on repossessed assets other than real estate | (8) | 13 |
Gain on sale of residential loans held for sale | (10,781) | (3,976) |
Residential loans originated and held for sale | (423,622) | (134,752) |
Proceeds from sale of residential loans held for sale | 391,242 | 129,657 |
Net change in fair value of residential loans held for sale | (2,354) | (4) |
Gain on disposal of and or sale of fixed assets | (6) | (1) |
Gain on disposal of bank property held for sale | (236) | (618) |
Impairment on bank property held for sale | 31 | 107 |
Gain on sale of small business administration loans | (1,403) | (688) |
Small business administration loans originated for sale | (12,255) | (7,482) |
Proceeds from sale of small business administration loans | 13,658 | 8,170 |
Deferred income taxes | (4,306) | 6,114 |
Tax deduction in excess of book deduction for stock awards | (1,391) | (376) |
Stock based compensation expense | 1,796 | 1,218 |
Bank owned life insurance income | (1,927) | (1,626) |
Net cash from changes in: | ||
Net changes in accrued interest receivable, prepaid expenses, and other assets | 10,211 | 11,461 |
Net change in accrued interest payable, accrued expense, and other liabilities | (12,867) | (5,019) |
Net cash provided by operating activities | 17,984 | 42,402 |
Cash flows from investing activities: | ||
Purchases of investment securities | (229,404) | (1,037) |
Purchases of mortgage-backed securities | (50,138) | (66,624) |
Proceeds from pay-downs of mortgage-backed securities | 78,830 | 53,579 |
Proceeds from sales of investment securities | 2,309 | |
Proceeds from sales of mortgage-backed securities | 64,177 | |
Proceeds from maturities of investment securities | 0 | 295 |
Proceeds from called investment securities | 3,110 | |
Proceeds from pay-downs of mortgage-backed securities | 3,551 | 2,317 |
Purchases of FHLB, FRB and other stock | (20,344) | (4,717) |
Proceeds from sales of FHLB, FRB and other stock | 20,188 | 10,826 |
Net (increase) decrease in loans | (16,919) | 1,956 |
Purchases of premises and equipment, net | (3,813) | (3,931) |
Proceeds from sale of repossessed real estate | 438 | 430 |
Proceeds from sale of fixed assets | 9 | 1 |
Proceeds from sale of bank property held for sale | 2,639 | 6,365 |
Net cash (used in) provided by investing activities | (211,853) | 65,946 |
Cash flows from financing activities: | ||
Net increase in deposits | 985,602 | 269,954 |
Net (decrease) increase in securities sold under agreement to repurchase | (11,405) | 1,259 |
Net (decrease) increase in federal funds purchased | (123,760) | 8,657 |
Net increase (decrease) in other borrowings | 50,000 | (150,000) |
Net decrease in payable to shareholders for acquisitions | (3) | (1) |
Stock options exercised | 1,359 | 1,199 |
Stock repurchased | (33,914) | (399) |
Dividends paid | (17,377) | (10,547) |
Net cash provided by financing activities | 850,502 | 120,122 |
Net increase in cash and cash equivalents | 656,633 | 228,470 |
Cash and cash equivalents, beginning of period | 490,058 | 367,333 |
Cash and cash equivalents, end of period | 1,146,691 | 595,803 |
Supplemental Information | ||
Transfer of loans to other real estate owned | 5,384 | 3,657 |
New right-of-use operating lease assets | 4,749 | 21,351 |
Cash paid during the period for: | ||
Interest | $ 23,889 | $ 17,689 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 the “Bank”), and non-bank subsidiaries, R4ALL, Inc., and CSFL Insurance Corp. 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 owns 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. 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, 2019. 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-month ended March 31, 2020 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 common stockholders’ equity. |
Common Stock Outstanding and Ea
Common Stock Outstanding and Earnings Per Share Data | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Basic Net income available to common shareholders $35,432 $44,643 Less: Earnings allocated to participating securities (8) (23) Net income allocated to common shareholders $35,424 $44,620 Weighted average common shares outstanding including participating securities 124,831,232 95,790,456 Less: Participating securities (1) (32,500) (49,600) Average shares 124,798,732 95,740,856 Basic earnings per common share $0.28 $0.47 Diluted Net income available to common shareholders $35,424 $44,620 Weighted average common shares outstanding for basic earnings per common share 124,798,732 95,740,856 Add: Dilutive effects of stock based compensation awards 542,495 759,884 Average shares and dilutive potential common shares 125,341,227 96,500,740 Diluted earnings per common share $0.28 $0.46 (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 | 3 Months Ended |
Mar. 31, 2020 | |
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). U.S. Treasury securities are valued using quoted market prices. Valuation adjustments are not applied (Level 1). 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 account s 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 I nterest R ate L ock C ommitments (“IRLCs”) 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 fair values of IRLCs are derived by a valuation model using various unobservable inputs, such as an estimate of the fair value of the servicing rights expected to be recorded upon sale of the loans, estimated costs to originate the loans, and the pull through rate. At March 31, 2020, the estimated gain on sale before the pull through rate ranged from (1.45%) to 9.34% with an average of 3.19% . The costs to originate ranged from 0.70% to 0.89% with an average of 0.82% . The pull through rates ranged from 47.00% to 100.00% with an average of 85.19% . At December 31, 2019, the estimated gain on sale before the pull through rate ranged from (2.41%) to 8.21% with an average of 2.54% . The costs to originate ranged from 0.70% to 0.89% with an average of 0.82% . The pull through rates ranged from 58.00% to 100.00% with an average of 89.00% . 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 Condensed 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 credit 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 March 31, 2020, the range of capitalization rates utilized to determine the fair value of the underlying collateral ranged from 5% to 13%. 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 March 31,2020 Assets: Trading securities $8,432 $ — $8,432 $ — Available for sale debt securities Corporate debt securities 5,757 — 5,757 — Obligations of U.S. government sponsored entities and agencies 147,959 — 147,959 — Mortgage-backed securities 1,787,846 — 1,787,846 — U.S. treasuries 99,997 — 99,997 — Municipal securities 96,883 — 96,883 — Loans held for sale 188,316 — 188,316 — Mortgage servicing assets 1,038 — 1,038 — Mortgage banking derivatives 6,436 — 57 6,379 Interest rate swap derivatives 831,891 — 831,891 — Liabilities: Mortgage banking derivatives 6,126 — 6,032 94 Interest rate swap derivatives 842,451 — 842,451 — at December 31,2019 Assets: Trading securities $4,987 $ — $4,987 $ — Available for sale debt securities Corporate debt securities 5,657 — 5,657 — Obligations of U.S. government sponsored entities and agencies 19,930 — 19,930 — Mortgage-backed securities 1,767,242 — 1,767,242 — Municipal securities 93,895 — 93,895 — Loans held for sale 142,801 — 142,801 — Mortgage servicing assets 1,332 — 1,332 — Mortgage banking derivatives 1,761 — 14 1,747 Interest rate swap derivatives 273,068 — 273,068 — Liabilities: Mortgage banking derivatives 305 — 288 17 Interest rate swap derivatives 275,033 — 275,033 — 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 March 31,2020 Assets: Impaired loans, non-PCD Residential real estate $1,916 $ — $ — $1,916 Commercial real estate 12,748 — — 12,748 Land, land development and construction 725 — — 725 Commercial 4,944 — — 4,944 Consumer 47 — — 47 Impaired loans, PCD Commercial real estate 9,694 — — 9,694 Commercial 766 — — 766 Other real estate owned Residential real estate 363 — — 363 Commercial real estate 2,129 — — 2,129 Land, land development and construction 289 — — 289 Bank property held for sale 2,834 — — 2,834 at December 31,2019 Assets: Impaired loans Residential real estate $2,213 $ — $ — $2,213 Commercial real estate 8,177 — — 8,177 Land, land development and construction 847 — — 847 Commercial 5,564 — — 5,564 Consumer 47 — — 47 Other real estate owned Residential real estate — — — — Commercial real estate 2,129 — — 2,129 Land, land development and construction 340 — — 340 Bank property held for sale 4,160 — — 4,160 Non-PCD impaired loans measured at fair value had a recorded investment of $22,169, with a valuation allowance of $1,789 at March 31, 2020, and a recorded investment of $18,556, with a valuation allowance of $1,708 at December 31, 2019. The Company recorded a provision for credit loss expense of $911 and $1,124 on non-PCD impaired loans carried at fair value during three-month periods ending March 31, 2020 . Other real estate owned had a decline in fair value of $95 and $108 during the three-month periods ending March 31, 2020 and 2019, 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 Loans, net Quantitative information about Level 3 fair value measurements Fair value Valuation Unobservable Range at March 31, 2020 technique inputs (weighted average rate) Loan, net $12,008,094 Discounted cash flow Probability of default (PD) 0.51% - 100.00% (1.43%) Loss given default (LGD) 0% - 100.00% (17.95%) Prepayment rate 0.00% - 34.47% (20.76%) Discount rate 3.03% - 8.28% (4.5%) Quantitative information about Level 3 fair value measurements Fair value Valuation Unobservable Range at December 31, 2019 technique inputs (average) (1) Loan, net $11,925,693 Discounted cash flow Probability of default (PD) 1.04% - 2.79% (1.83%) Loss given default (LGD) 6.44% - 46.26% (22.02%) Prepayment rate 10.00% - 34.47% (19.19%) Discount rate 1.48% - 2.39% (1.62%) (1) Average rates are median rates. Accrued Interest Receivable Deposits Short-term Borrowings Corporate and Subordinated 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 March 31,2020 Financial assets: Cash and cash equivalents $1,146,691 $1,146,691 $ — $ — $1,146,691 Trading securities 8,432 — 8,432 — 8,432 Available for sale debt securities 2,138,442 — 2,138,442 — 2,138,442 Held to maturity debt securities 195,948 — 205,458 — 205,458 Loans held for sale, at fair value 188,316 — 188,316 — 188,316 Loans, net 11,868,498 — — 12,008,094 12,008,094 Mortgage servicing assets 1,038 — 1,038 — 1,038 Mortgage banking derivatives 6,436 — 57 6,379 6,436 Interest rate swap derivatives 831,891 — 831,891 — 831,891 Accrued interest receivable 43,382 — 7,594 35,788 43,382 Financial liabilities: Deposits - without stated maturities $11,228,116 $11,228,116 $ — $ — $11,228,116 Deposits - with stated maturities 2,893,383 — 2,918,615 — 2,918,615 Securities sold under agreement to repurchase 81,736 — 81,736 — 81,736 Federal funds purchased and other borrowings 466,433 — 466,433 — 466,433 Corporate and subordinated debentures 71,356 — — 66,669 66,669 Mortgage banking derivatives 6,126 — 6,032 94 6,126 Interest rate swap derivatives 842,451 — 842,451 — 842,451 Accrued interest payable 4,334 — 4,334 — 4,334 Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at December 31,2019 Financial assets: Cash and cash equivalents $490,058 $490,058 $ — $ — $490,058 Trading securities 4,987 — 4,987 — 4,987 Available for sale debt securities 1,886,724 — 1,886,724 — 1,886,724 Held to maturity debt securities 202,903 — 208,852 — 208,852 Loans held for sale, at fair value 142,801 — 142,801 — 142,801 Loans, net 11,943,288 — — 11,925,693 11,925,693 Mortgage servicing assets 1,332 — 1,332 — 1,332 Mortgage banking derivatives 1,761 — 14 1,747 1,761 Interest rate swap derivatives 273,068 — 273,068 — 273,068 Accrued interest receivable 40,945 — 7,547 33,398 40,945 Financial liabilities: Deposits - without stated maturities $10,879,837 $10,879,837 $ — $ — $10,879,837 Deposits - with stated maturities 2,256,555 — 2,271,497 — 2,271,497 Securities sold under agreement to repurchase 93,141 — 93,141 — 93,141 Federal funds purchased and other borrowings 540,193 — 540,193 — 540,193 Corporate and subordinated debentures 71,343 — — 66,964 66,964 Mortgage banking derivatives 305 — 288 17 305 Interest rate swap derivatives 275,033 — 275,033 — 275,033 Accrued interest payable 3,998 — 3,998 — 3,998 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2020 | |
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-month periods ending March 31, 2020 and 2019. Three-month period ending March 31, 2020 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $173,702 $3,057 $ — $ — $176,759 Interest expense (20,434) (1,664) (1,308) — (23,406) Net interest income (expense) 153,268 1,393 (1,308) — 153,353 Provision for credit losses (45,156) 242 — — (44,914) Non-interest income 27,981 27,809 — — 55,790 Non-interest expense (108,373) (12,503) (1,896) — (122,772) Net income (loss) before taxes 27,720 16,941 (3,204) — 41,457 Income tax (provision) benefit (3,487) (4,241) 1,703 — (6,025) Net income (loss) 24,233 12,700 (1,501) — 35,432 Total assets $17,954,442 $641,599 $3,005,931 $(3,005,680) $18,596,292 Three-month period ending March 31, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $127,832 $4,450 $ — $ — $132,282 Interest expense (14,851) (2,549) (707) — (18,107) Net interest income (expense) 112,981 1,901 (707) — 114,175 Provision for credit losses (1,015) (38) — — (1,053) Non-interest income 20,300 9,000 — — 29,300 Non-interest expense (77,581) (5,713) (1,179) — (84,473) Net income (loss) before taxes 54,685 5,150 (1,886) — 57,949 Income tax (provision) benefit (12,690) (1,305) 689 — (13,306) Net income (loss) $41,995 $3,845 $(1,197) $ — $44,643 Total assets $11,939,930 $647,046 $2,073,703 $(2,073,042) $12,587,637 Commercial and retail banking Correspondent banking and capital markets division Corporate overhead and administration |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2020 | |
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 amortized cost, fair value and allowance for credit losses of available for sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2020 Gross Gross Allowance Amortized unrealized unrealized for credit Fair cost gains losses losses value Corporate debt securities $5,504 $253 $ — $ — $5,757 Obligations of U.S. government sponsored entities and agencies 147,339 620 — — 147,959 Mortgage-backed securities 1,711,738 76,108 — — 1,787,846 U.S. treasuries 100,001 — 4 — 99,997 Municipal securities 90,162 6,721 — — 96,883 Total available for sale debt securities $2,054,744 $83,702 $4 $ — $2,138,442 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $5,504 $153 $ — $5,657 Obligations of U.S. government sponsored entities and agencies 20,000 — 70 19,930 Mortgage-backed securities 1,742,221 26,403 1,382 1,767,242 Municipal securities 88,301 5,594 — 93,895 Total available for sale debt securities $1,856,026 $32,150 $1,452 $1,886,724 The cost of securities sold is determined using the specific identification method. No available for sale debt securities were sold during the three-month ended March 31, 2020. Sales of available for sale debt securities for the three-month ended March 31, 2019 were as follows: For the three months ended: March 31, 2020 March 31, 2019 Proceeds $ — $66,486 Gross gains — 646 Gross losses — 629 The tax provision related to these net realized gain at March 31, 2019 was $4. The fair value of available for sale debt securities at March 31, 2020 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 $102,204 $102,191 Due after one year through five years 131,668 131,295 Due after five years through ten years 45,763 44,017 Due after ten years through thirty years 70,961 65,503 Mortgage-backed securities 1,787,846 1,711,738 Total available for sale debt securities $2,138,442 $2,054,744 Available for sale debt securities pledged at March 31, 2020 and December 31, 2019 had a carrying amount (estimated fair value) of $1,403,169 and $1,195,664, respectively. These securities were pledged primarily to increase borrowing capacity at the FHLB, secure public deposits and repurchase agreements. In addition, the amounts at March 31, 2020 and December 31, 2019 include $605,100 and $361,127 of securities pledged to the third party dealers and clearinghouse exchanges for the Company’s cash flow hedge interest rate swaps, respectively. At March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019. March 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities $100 $ — $ — $ — $100 $ — U.S. treasuries 99,997 4 — — 99,997 4 Total temporarily impaired available for sale debt securities $100,097 $4 $ — $ — $100,097 $4 December 31, 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 $19,930 $70 $ — $ — $19,930 $70 Mortgage-backed securities 125,249 388 117,903 994 243,152 1,382 Total temporarily impaired available for sale debt securities $145,179 $458 $117,903 $994 $263,082 $1,452 Mortgage-backed securities: At March 31, 2020, 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. As of March 31, 2020, none of our mortgage-backed securities were in a loss position. U.S. treasuries: U.S. treasuries have almost no credit risk since they are backed by the full faith and credit of the U.S. government. Because the decline in fair value is attributable to changes in interest rates and inflation, 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 March 31, 2020. Held to Maturity Debt Securities Mortgage-Backed Securities: Most of the held to maturity securities investment portfolio is invested in U.S. Government Agency MBS. Given that the principal and interest payments on these securities are guaranteed by a U.S. Government Agency, there is minimal risk. Default from mortgage-backed securities would be present in macroeconomic events such as a recession which would result in insufficient cash flow to the servicer to continue regular payments. Municipal Securities: Defaults on municipal bonds are not common, but they are not without risk. Risks stem from the potential for financial mismanagement of the municipal entity or a significant deterioration in the tax or revenue base of the municipal entity. The following reflects the amortized cost, fair value and allowance for credit losses and the related gross unrecognized gains and losses of held to maturity securities as of March 31, 2020 and December 31, 2019. March 31, 2020 Gross Gross Allowance Amortized unrecognized unrecognized Fair for credit cost gains losses value losses Mortgage-backed securities $67,841 $2,317 $ — $70,158 $ — Municipal securities 128,117 7,183 — 135,300 (10) Total held to maturity debt securities $195,958 $9,500 $ — $205,458 $(10) December 31, 2019 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value Mortgage-backed securities $71,560 $456 $29 $71,987 Municipal securities 131,343 5,522 — 136,865 Total held to maturity debt securities $202,903 $5,978 $29 $208,852 Held to maturity securities pledged at March 31, 2020 and December 31, 2019 had a carrying amount of $130,281 and $100,582 respectively. These securities were pledged primarily to secure public deposits and repurchase agreements. At March 31, 2020, 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 March 31, 2020 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 $2,193 $2,138 Due after ten years through thirty years 133,107 125,979 Mortgage-backed securities 70,158 67,841 Total held to maturity debt securities $205,458 $195,958 As of March 31, 2020, there were no held to maturity debt securities in an unrecognized loss position. 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 December 31, 2019. December 31, 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 $ — $ — $8,445 $29 $8,445 $29 Total temporarily impaired held to maturity debt securities $ — $ — $8,445 $29 $8,445 $29 The following table shows a roll-forward for the three-month ended March 31, 2020 for the of the allowance for credit losses on held to maturity debt investments: Municipal Held to maturity debt securities securities Allowance for credit losses: Beginning balance, January 1, 2020 $ — Impact of adopting ASC 326 10 Provision for credit loss expense — Allowance on purchased financial assets with credit deterioration — Securities charged off — Recoveries — Total ending allowance balance $10 The Company adopted CECL effective January 1, 2020 and recorded allowance for credit losses of $10 for held to maturity debt securities. The Company did not record any provision for credit loss on held to maturity debt securities for the three-month ended March 31, 2020. Credit Quality Indicators: Pursuant to ASC 326, the Company must also determine if the decline in fair value of investment securities, relative to its amortized cost, is due to credit-related factors. With respect to U.S. Government agency securities, the Bank has determined that a decline in fair value is not due to credit-related factors. In addition, no held to maturity debt securities were past due or on non-accrual as of March 31, 2020. The Company monitors the credit quality of debt securities held to maturity through the use of credit rating and other factors specific to an individual security in assessing whether or not the decline in fair value of municipal and corporate securities, relative to their amortized cost, is due to credit-related factors. The Company uses the following triggers to prompt further investigation of securities when the fair value is less than amortized costs: the security has been downgraded and fallen below an A credit rating, and the security’s unrealized loss exceeds 20% of its book value. The Company monitors credit ratings quarterly and annually performs an internal credit review of its municipal securities. The following table summarizes the amortized costs of held to maturity debt securities at March 31, 2020, aggregated by credit quality indicator: Mortgage-backed Municipal securities securities At March 31, 2020 AAA/AA/A $ — $126,737 Not rated (1) 67,841 1,380 Total $67,841 $128,117 (1) All unrated mortgage-backed securities are FNMA and GNMA. The federal backing of these securities result in negligible credit risk. |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Receivables Held For Sale [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 $2,354 and $4 for the three-month periods ending March 31, 2020 and 2019, respectively. The total unpaid principal balance of loans held for sale was $185,962 and $141,627 at March 31, 2020 and December 31, 2019, respectively. No loans held for sale at March 31, 2020 or at December 31, 2019 were past due or on nonaccrual. The table below summarizes the activity in mortgage loans held for sale during the three-month period ending March 31, 2020 and 2019. Three-month periods ended March 31, 2020 March 31, 2019 Beginning balance $142,801 $40,399 Loans originated 423,622 134,752 Proceeds from sales (391,242) (129,657) Net change in fair value 2,354 4 Net realized gain on sales 10,781 3,976 Ending balance $188,316 $49,474 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-month period ending March 31, 2020 and 2019. The Mortgage Banking Revenue amounts are reported in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. Three-month periods ended March 31, 2020 March 31, 2019 Servicing fees and commissions $83 $93 Gain on sale of loans held for sale 10,781 3,976 Unrealized gain on loans held for sale 2,354 4 (Loss) gain on mortgage derivatives (1,147) 557 Loss on mortgage hedge (1,098) (404) Loss on mortgage servicing assets — (33) Mortgage banking revenue $10,973 $4,193 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 March 31, 2020 and 2019. Notional at March 31, 2020 March 31, 2019 Interest rate lock commitments $389,387 $85,802 Best efforts forward trades 152,788 92,115 MBS forward trades 345,500 57,000 Total derivative instruments $887,675 $234,917 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 | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | NOTE 7: Loans The following table sets forth information concerning the loan portfolio by collateral types as of the dates indicated. March 31, 2020 December 31, 2019 Loans excluding PCD loans Real estate loans Residential $2,537,240 $2,512,544 Commercial 6,391,975 6,325,108 Land, development and construction 929,014 999,923 Total real estate 9,858,229 9,837,575 Commercial, industrial & factored receivables 1,778,526 1,759,074 Consumer and other loans 235,200 247,307 Loans before unearned fees and deferred cost 11,871,955 11,843,956 Net unearned fees and costs 4,954 4,519 Total loans excluding PCD loans 11,876,909 11,848,475 PCD loans (note 1) Real estate loans Residential 42,779 45,795 Commercial 92,281 81,576 Land, development and construction 5,447 4,655 Total real estate 140,507 132,026 Commercial and industrial 9,756 3,342 Consumer and other loans 59 100 Total PCD loans 150,322 135,468 Total loans 12,027,231 11,983,943 Allowance for credit losses for loans that are not PCD loans (140,803) (40,429) Allowance for credit losses for PCD loans (17,930) (226) Total loans, net of allowance for credit losses $11,868,498 $11,943,288 n ote 1: Purchased credit deteriorated (“PCD”) loans are being accounted for pursuant to ASC Topic 326 effective January 1, 2020. The table below set forth the activity in the allowance for credit losses for the periods presented. Allowance for credit losses for loans that are not PCD loans Allowance for credit losses on PCD loans Total Three-month ended March 31, 2020 Balance at beginning of period, prior to adoption of ASC 326 $40,429 $226 $40,655 Impact of adopting ASC 326 57,604 17,004 74,608 Loans charged-off (2,350) (1,257) (3,607) Recoveries of loans previously charged-off 1,201 962 2,163 Net charge-offs (1,149) (295) (1,444) Provision for credit losses 43,919 995 44,914 Balance at end of period $140,803 $17,930 $158,733 Three-month ended March 31, 2019 Balance at beginning of period $39,579 $191 $39,770 Loans charged-off (1,447) — (1,447) Recoveries of loans previously charged-off 676 — 676 Net charge-offs (771) — (771) Provision for credit losses 1,053 — 1,053 Balance at end of period $39,861 $191 $40,052 The following tables present the activity in the allowance for credit Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total Allowance for credit losses for loans that are not PCD loans: Three-month ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $4,257 $18,552 $2,319 $11,282 $4,019 $40,429 Impact of adopting ASC 326 11,412 35,596 6,932 2,995 669 57,604 Charge-offs (294) — (24) (1,117) (915) (2,350) Recoveries 181 305 25 556 134 1,201 Provision for credit losses 4,675 37,073 4,929 (2,727) (31) 43,919 Balance at end of period $20,231 $91,526 $14,181 $10,989 $3,876 $140,803 Three-month ended March 31, 2019 Beginning of the period $5,518 $22,978 $1,781 $6,414 $2,888 $39,579 Charge-offs (201) — (31) (664) (551) (1,447) Recoveries 142 152 83 155 144 676 Provision for loan losses (11) (883) 387 1,025 535 1,053 Balance at end of period $5,448 $22,247 $2,220 $6,930 $3,016 $39,861 Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total Allowance for credit losses for loans that are PCD loans: Three-month ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $ — $ — $177 $ — $49 $226 Impact of adopting ASC 326 3,021 11,966 79 1,924 14 17,004 Charge-offs (156) (1,021) — (80) — (1,257) Recoveries 141 244 293 283 1 962 Provision for credit losses (154) 914 (291) 533 (7) 995 Balance at end of period $2,852 $12,103 $258 $2,660 $57 $17,930 Three-month ended March 31, 2019 Beginning of the period $ — $ — $177 $ — $14 $191 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses — — — — — — Balance at end of period $ — $ — $177 $ — $14 $191 The following tables present the balance in the allowance for credit losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2020 and December 31, 2019 . Upon adoption of ASC Topic 326 effective January 1, 2020, the Company began to evaluate PCD loans that met the criteria for individual impairment analysis on a loan level basis. Previously, the Company accounted for PCD (formerly PCI) loans on a pool level basis pursuant to ASC 310-30 and were therefore collectively evaluated for period end December 31, 2019. 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 March 31, 2020 Allowance for credit losses: Ending allowance balance attributable to: Non-PCD loans Individually evaluated for impairment $322 $280 $4 $1,314 $ — $1,920 Collectively evaluated for impairment 19,909 91,246 14,177 9,675 3,876 138,883 Total ending allowance balance, non-PCD $20,231 $91,526 $14,181 $10,989 $3,876 $140,803 PCD loans Individually evaluated for impairment $ — $9,917 $ — $2,398 $ — $12,315 Collectively evaluated for impairment 2,852 2,186 258 262 57 5,615 Total ending allowance balance, PCD $2,852 $12,103 $258 $2,660 $57 $17,930 Total ending allowance balance $23,083 $103,629 $14,439 $13,649 $3,933 $158,733 Loans: Non-PCD loans Individually evaluated for impairment $4,659 $18,145 $781 $7,276 $134 $30,995 Collectively evaluated for impairment 2,532,581 6,373,830 928,233 1,771,250 235,066 11,840,960 Total non-PCD loans $2,537,240 $6,391,975 $929,014 $1,778,526 $235,200 $11,871,955 PCD loans Individually evaluated for impairment $ — $19,611 $ — $3,165 $ — $22,776 Collectively evaluated for impairment 42,779 72,670 5,447 6,591 59 127,546 Total PCD loans $42,779 $92,281 $5,447 $9,756 $59 $150,322 Total ending loan balances $2,580,019 $6,484,256 $934,461 $1,788,282 $235,259 $12,022,277 Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total As of December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $588 $375 $ — $914 $1 $1,878 Collectively evaluated for impairment 3,669 18,177 2,319 10,368 4,018 38,551 Purchased credit impaired — — 177 — 49 226 Total ending allowance balance $4,257 $18,552 $2,496 $11,282 $4,068 $40,655 Loans: Individually evaluated for impairment $6,475 $11,445 $865 $7,232 $123 $26,140 Collectively evaluated for impairment 2,506,069 6,313,663 999,058 1,751,842 247,184 11,817,816 Purchased credit impaired 45,795 81,576 4,655 3,342 100 135,468 Total ending loan balances $2,558,339 $6,406,684 $1,004,578 $1,762,416 $247,407 $11,979,424 The table below summarizes impaired loan data for the periods presented. March 31, 2020 December 31, 2019 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $7,215 $8,012 Nonperforming TDRs (these are included in NPLs) 4,648 4,512 Total TDRs (these are included in impaired loans) 11,863 12,524 Impaired loans that are not TDRs 19,132 13,616 Total impaired loans, excluding PCD loans $30,995 $26,140 Impaired PCD loans 22,776 — Total impaired loans $53,771 $26,140 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 March 31, 2020 and December 31, 2019 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 March 31, 2020 Real estate loans: Residential $4,660 $813 $5,473 Commercial 1,290 — 1,290 Land, development, construction 46 470 516 Total real estate loans 5,996 1,283 7,279 Commercial and industrial 1,085 3,365 4,450 Consumer and other 134 — 134 Total TDRs $7,215 $4,648 $11,863 Accruing Non-Accrual Total As of December 31, 2019 Real estate loans: Residential $4,862 $1,147 $6,009 Commercial 1,706 — 1,706 Land, development, construction 175 — 175 Total real estate loans 6,743 1,147 7,890 Commercial and industrial 1,146 3,365 4,511 Consumer and other 123 — 123 Total TDRs $8,012 $4,512 $12,524 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 credit loss expense of $22 and partial charge offs of $21 on the TDR loans described above during the three-month period ending March 31, 2020. The Company recorded a provision Loans are modified to minimize credit Loans modified as TDRs during the three-month period ending March 31, 2020 were $482. Loans modified as TDRs during the three-month period ending March 31, 2019 were $713. The Company recorded $14 of credit loss provision for loans modified during the three-month period ending March 31, 2020. No credit loss provision was recorded during the three-month period ending March 31, 2019. 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 March 31, 2020 and 2019. Period ending Period ending March 31, 2020 March 31, 2019 Number Recorded Number Recorded of loans investment of loans investment Residential 1 $169 — $ — Commercial real estate 1 267 — — Land, development, construction — — — — Commercial and industrial 1 61 1 122 Consumer and other — — — — Total 3 $497 1 $122 The Company recorded $1 provision for credit loss expense related to TDRs and $1 partial charge offs on TDR loans subsequently defaulted during the for three-month period ending March 31, 2020. The Company recorded no provision for loan loss expense of and no partial charge offs on TDR loans that subsequently defaulted as described above during the three-month period ending March 31, 2019. The following tables present non-PCD loans individually evaluated for impairment by class of loans as March 31, 2020 and December 31, 2019. The recorded investment is less than the unpaid principal balance due to partial charge-offs. Unpaid principal balance Recorded investment Allowance for credit losses allocated As of March 31, 2020 With no related allowance recorded: Residential real estate $2,822 $2,669 $ — Commercial real estate 16,470 15,003 — Land, development, construction 755 725 — Commercial and industrial 3,737 3,424 — Consumer, other 110 109 — With an allowance recorded: Residential real estate 2,126 1,990 322 Commercial real estate 3,175 3,142 280 Land, development, construction 56 56 4 Commercial and industrial 3,922 3,852 1,314 Consumer, other 30 25 — Total $33,203 $30,995 $1,920 Unpaid principal balance Recorded investment Allowance for loan losses allocated As of December 31, 2019 With no related allowance recorded: Residential real estate $2,894 $2,744 $ — Commercial real estate 11,031 10,015 — Land, development, construction 886 865 — Commercial and industrial 5,522 4,820 — Consumer, other 99 98 — With an allowance recorded: Residential real estate 3,920 3,731 588 Commercial real estate 1,438 1,430 375 Land, development, construction — — — Commercial and industrial 2,486 2,412 914 Consumer, other 31 25 1 Total $28,307 $26,140 $1,878 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2020 Real estate loans: Residential $5,567 $37 $ — Commercial 14,795 31 — Land, development, construction 823 2 — Total real estate loans 21,185 70 — Commercial and industrial 7,254 18 — Consumer and other loans 129 2 — Total $28,568 $90 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2019 Real estate loans: Residential $5,945 $62 $ — Commercial 7,787 25 — Land, development, construction 117 1 — Total real estate loans 13,849 88 — Commercial and industrial 2,600 12 — Consumer and other loans 140 2 — Total $16,589 $102 $ — The following tables present PCD loans, accounted for pursuant to ASC Topic 326, individually evaluated for impairment by class of loans as of March 31, 2020. The recorded investment is less than the unpaid principal balance due to partial charge-offs and non-credit discounts. In addition, the interest income recognized during impairment excludes interest accretion recognized during the current reporting period. Unpaid principal balance Recorded investment Allowance for credit losses allocated As of March 31, 2020, PCD loans With no related allowance recorded: Residential real estate $ — $ — $ — Commercial real estate — — — Land, development, construction — — — Commercial and industrial — — — Consumer, other — — — With an allowance recorded: Residential real estate — — — Commercial real estate 35,999 19,611 9,917 Land, development, construction — — — Commercial and industrial 4,745 3,165 2,398 Consumer, other — — — Total $40,744 $22,776 $12,315 Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2020, PCD loans Real estate loans: Residential $ — $ — $ — Commercial 20,128 125 — Land, development, construction — — — Total real estate loans 20,128 125 — Commercial and industrial 3,593 23 — Consumer and other loans — — — Total $23,721 $148 $ — Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All loans greater than 90 days past due are placed on non-accrual status, excluding factored receivables. For CBI’s factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement billing date. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual PCD loans in its nonperforming loans. As such the nonperforming loans as of March 31, 2020 include PCD loans accounted for pursuant to ASC 326 as these loans are individually evaluated. The nonperforming loans do not include PCD (formerly PCI) loans as of December 31, 2019, as the PCD loans prior to adopting ASC Topic 326 were evaluated on a pool level basis. Nonperforming loans were as follows: March 31, 2020 December 31, 2019 Non-accrual loans, non-PCD $45,305 $36,916 Non-accrual loans, PCD 33,893 — Loans past due over 90 days and still accruing interest 535 1,692 Total nonperforming loans $79,733 $38,608 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 March 31, 2020 and December 31, 2019. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual PCD loans in its nonperforming loans. As such the nonperforming loans as of March 31, 2020 below include PCD loans accounted for pursuant to ASC 326 but does not include PCD (formerly PCI) loans in non-performing loans as of December 31, 2019. Non-accrual with no allocated allowance for credit losses Non-accrual with allocated allowance for credit losses Loans past due over 90 days still accruing As of March 31, 2020 Non-PCD loans: Residential real estate $11,537 $926 $ — Commercial real estate 18,386 2,264 — Land, development, construction 2,107 470 — Comm., industrial & factored receivables 5,713 2,869 535 Consumer, other 1,033 — — Total $38,776 $6,529 $535 Non-accrual with no allocated allowance for credit losses Non-accrual with allocated allowance for credit losses Loans past due over 90 days still accruing As of March 31, 2020 PCD loans: Residential real estate $ 8,847 $— $ — Commercial real estate 10,722 9,609 — Land, development, construction 1,334 — — Comm., industrial & factored receivables 1,396 1,969 — Consumer, other 16 — — Total $ 22,315 $11,578 $ — Non-accrual Loans past due over 90 days still accruing As of December 31, 2019 Non-PCD loans: Residential real estate $13,455 $ — Commercial real estate 12,141 — Land, development, construction 2,516 — Commercial and industrial 7,884 1,692 Consumer, other 920 — Total $36,916 $1,692 Collateral dependent loans: Collateral dependent loans are impaired loans where repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. They are written down to the lower of cost or collateral value less estimated selling costs. As of March 31, 2020, there were $19,611 of collateral-dependent loans which are secured by real-estate. The following table presents the aging of the recorded investment in past due non-PCD loans as of March 31, 2020 and December 31, 2019: Accruing Loans As of March 31, 2020 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 $2,537,240 $17,555 $910 $ — $18,465 $2,506,312 $12,463 Commercial real estate 6,391,975 10,802 7,147 — 17,949 6,353,376 20,650 Land, development, construction 929,014 4,757 74 — 4,831 921,606 2,577 Comm., industrial & factored receivables 1,778,526 15,859 2,043 535 18,437 1,751,507 8,582 Consumer 235,200 1,870 377 — 2,247 231,920 1,033 $11,871,955 $50,843 $10,551 $535 $61,929 $11,764,721 $45,305 Accruing Loans As of December 31, 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 $2,512,544 $7,601 $5,928 $ — $13,529 $2,485,560 $13,455 Commercial real estate 6,325,108 7,554 2,577 — 10,131 6,302,836 12,141 Land, development, construction 999,923 1,343 2,349 — 3,692 993,715 2,516 Comm., industrial & factored receivables 1,759,074 14,924 12,465 1,692 29,081 1,722,109 7,884 Consumer 247,307 1,663 907 — 2,570 243,817 920 $11,843,956 $33,085 $24,226 $1,692 $59,003 $11,748,037 $36,916 The following table presents the aging of the recorded investment in past due PCD loans as of March 31, 2020: Accruing Loans As of March 31, 2020 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 $42,779 $782 $ — $ — $782 $33,150 $8,847 Commercial real estate 92,281 870 — — 870 71,080 20,331 Land, development, construction 5,447 12 35 — 47 4,066 1,334 Comm., industrial & factored receivables 9,756 1,049 168 — 1,217 5,174 3,365 Consumer 59 3 — — 3 40 16 $150,322 $2,716 $203 $ — $2,919 $113,510 $33,893 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. Effective January 1, 2020, the Company began accounting for PCD loans pursuant to ASC Topic 326. Previously, PCD (formerly PCI) loans were accounted for pursuant to ASC Topic 310-30. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential Non-PCD: Risk rating Pass $96,916 $331,772 $340,612 $235,228 $191,581 $626,533 $659,493 $2,482,135 Special mention — — 272 1,258 3,182 21,568 3,414 29,694 Substandard — 19 1,893 1,642 1,200 16,183 4,474 25,411 Total residential loans $96,916 $331,791 $342,777 $238,128 $195,963 $664,284 $667,381 $2,537,240 Commercial Non-PCD: Risk rating Pass $231,694 $1,068,021 $1,013,588 $908,262 $827,344 $2,162,917 $ — $6,211,826 Special mention 555 6,378 3,801 16,580 13,985 79,175 — 120,474 Substandard — 439 1,111 9,406 10,942 37,777 — 59,675 Total commercial loans $232,249 $1,074,838 $1,018,500 $934,248 $852,271 $2,279,869 $ — $6,391,975 Land, Dev., Construction Non-PCD: Risk rating Pass $55,460 $414,429 $218,397 $84,358 $51,453 $93,530 $ — $917,627 Special mention — 184 626 584 — 6,042 — 7,436 Substandard — 348 274 154 919 2,256 — 3,951 Total land, dev., construction loans $55,460 $414,961 $219,297 $85,096 $52,372 $101,828 $ — $929,014 Commercial & Industrial Non-PCD: Risk rating Pass $113,652 $334,843 $382,869 $287,342 $161,970 $449,985 $ — $1,730,661 Special mention — — 75 3,026 2,264 25,662 — 31,027 Substandard 98 995 5,212 5,480 3,020 2,033 — 16,838 Total commercial & industrial loans $113,750 $335,838 $388,156 $295,848 $167,254 $477,680 $ — $1,778,526 Consumer & Other Non-PCD: Risk rating Pass $20,977 $65,488 $42,744 $25,046 $29,300 $23,642 $26,498 $233,695 Special mention — — — 5 33 108 — 146 Substandard — 141 106 137 670 267 38 1,359 Total consumer & other loans $20,977 $65,629 $42,850 $25,188 $30,003 $24,017 $26,536 $235,200 Total, non-PCD loans $ 519,352 $ 2,223,057 $ 2,011,580 $ 1,578,508 $ 1,297,863 $ 3,547,678 $ 693,917 $ 11,871,955 Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential PCD: Risk rating Pass $ — $ — $ — $ — $268 $14,814 $3,695 $18,777 Special mention — — — — — 3,849 224 4,073 Substandard — 98 — 3 500 16,945 2,383 19,929 Total residential loans $ — $98 $ — $3 $768 $35,608 $6,302 $42,779 Commercial PCD: Risk rating Pass $ — $ — $ — $ — $ — $25,820 $ — $25,820 Special mention — — — — — 10,792 — 10,792 Substandard — 1,807 — 2,801 678 50,383 — 55,669 Total commercial loans $ — $1,807 $ — $2,801 $678 $86,995 $ — $92,281 Land, Dev., Construction PCD: Risk rating Pass $ — $ — $ — $ — $ — $1,810 $ — $1,810 Special mention — — — — — 630 — 630 Substandard — — 188 — 121 2,698 — 3,007 Total land, dev., construction loans $ — $ — $188 $ — $121 $5,138 $ — $5,447 Commercial & Industrial PCD: Risk rating Pass $ — $ — $15 $ — $ — $1,398 $ — $1,413 Special mention — — — — — 405 — 405 Substandard — — 48 1,123 1,286 5,481 — 7,938 Total commercial & industrial loans $ — $ — $63 $1,123 $1,286 $7,284 $ — $9,756 Consumer & Other PCD: Risk rating Pass $ — $ — $ — $ — $ — $30 $3 $33 Special mention — — — — — — — — Substandard — — — 1 — 25 — 26 Total consumer & other loans $ — $ — $ — $1 $ — $55 $3 $59 Total, PCD loans $ — $1,905 $251 $3,928 $2,853 $135,080 $6,305 $150,322 As of December 31, 2019, the risk category of loans by class of loans, excluding purchased credit deteriorated loans, is presented below. As of December 31, 2019 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $2,455,752 $31,189 $25,603 $ — Commercial real estate 6,151,309 118,412 55,387 — Land, development, construction 989,860 6,418 3,645 — Comm., industrial & factored receivables 1,705,862 35,070 18,142 — Consumer 245,905 160 1,242 — Total $11,548,688 $191,249 $104,019 $ — The Company considers the performance of the loan portfolio and its impact on the allowance for credit 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. Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential Non-PCD: Performing $96,916 $331,639 $342,340 $236,663 $195,436 $657,475 $664,308 $2,524,777 Nonperforming — 152 437 1,465 527 6,809 3,073 12,463 Total residential loans $96,916 $331,791 $342,777 $238,128 $195,963 $664,284 $667,381 $2,537,240 Consumer & Other Non-PCD: Performing $20,977 $65,599 $42,794 $25,055 $29,469 $23,750 $26,523 $234,167 Nonperforming — 30 56 133 534 267 13 1,033 Total consumer & other loans $20,977 $65,629 $42,850 $25,188 $30,003 $24,017 $26,536 $235,200 As of March 31, 2020 Residential PCD: Performing $ — $98 $ — $ — $471 $27,984 $5,379 $33,932 Nonperforming — — — 3 297 7,624 923 8,847 Total residential loans $ — $98 $ — $3 $768 $35,608 $6,302 $42,779 Consumer & Other PCD: Performing $ — $ — $ — $1 $ — $39 $3 $43 Nonperforming — — — — — 16 — 16 Total consumer & other loans $ — $ — $ — $1 $ — $55 $3 $59 As of December 31, 2019 Residential Consumer Performing $2,499,089 $246,387 Nonperforming 13,455 920 Total $2,512,544 $247,307 Purchased Credit Deteriorated (“PCD”) loans: Effective January 1, 2020, the Company began accounting for PCD loans pursuant to ASC Topic 326. As such, the following disclosures are no longer applicable for the current period and are only presented for periods prior to the adoption of ASC Topic 326. Prior to the adoption of ASC 326, income was recognized on PCD (formerly PCI) loans pursuant to ASC Topic 310. A portion of the fair value discount was ascribed as an accretable yield that was accreted into interest income over the estimated remaining life of the loans. The remaining non-accretable difference represented 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 December 31, 2019. Contractually required principal and interest payments were adjusted for estimated prepayments. December 31, 2019 Contractually required principal and interest $244,189 Non-accretable difference (46,271) Cash flows expected to be collected 197,918 Accretable yield (62,450) Carrying value of acquired loans 135,468 Allowance for credit losses (226) Carrying value less allowance for credit losses $135,242 The Company adjusted its estimates of future expected losses, cash flows and renewal assumptions for the three months ended March 31, 2019. These adjustments resulted in an increase in expected cash flows and accretable yield, and a decrease in the non-accretable difference. The Company reclassified $7,199 from non-accretable difference to accretable yield during the three-month period ending March 31, 2019 to reflect its adjusted estimates of future expected cash flows at that time. 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-month period ending March 31, 2019. Activity during the Effect of income all other three-month period ending March 31, 2019 December 31, 2018 acquisitions accretion adjustments March 31, 2019 Contractually required principal and interest $267,815 $ — $ — $(19,572) $248,243 Non-accretable difference (38,602) — — 9,737 (28,865) Cash flows expected to be collected 229,213 — — (9,835) 219,378 Accretable yield (70,242) — 10,140 (9,820) (69,922) Carry value of acquired loans $158,971 $ — $10,140 $(19,655) $149,456 |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 at March 31, 2020 and MBS Municipal As of March 31, 2020 securities securities Total Market value of securities pledged $112,973 $453 $113,426 Borrowings related to pledged amounts 81,520 216 81,736 Market value pledged as a % of borrowings 139% 209% 139% As of December 31, 2019 Market value of securities pledged $130,942 $451 $131,394 Borrowings related to pledged amounts 92,953 188 93,141 Market value pledged as a % of borrowings 141% 240% 141% 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 | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 9: Business Combinations 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. Effective September 30, 2019, the Company purchased the 30% noncontrolling interest of CBI for $11,400. 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-month periods ending March 31, 2020 and 2019, the Company incurred approximately ($25) and $1,264, respectively, 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 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 1,581 Core deposit intangible 39,900 Goodwill 401,537 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 including accruing loans that are 90 days or more past due that should be recognized as non-accrual, all substandard loans or all loans with impaired collateral value including TDRs and all loans under litigation were considered by management to be credit impaired and are accounted for pursuant to ASC Topic 310-30. No TDRs were acquired from the NCOM transaction. 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-month period ending March 31, 2019 listed in the table below presents pro-forma information as if the NCOM acquisitions occurred at the beginning of 2019. Three-month ended March 31, 2019 Net interest income $163,968 Net income available to common shareholders $65,178 EPS - basic $0.50 EPS - diluted $0.50 The disclosures regarding the results of operations for NCOM subsequent to its respective acquisition date are omitted as this information is not practical to obtain. Although the Company did not convert NCOM’s core system until the third 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 NCOM’s results of operation on a stand-alone basis. Announcement of Merger of Equals between CenterState and South State Corporation On January 27, 2020, the Company and South State Corporation (“South State”) announced the execution of an Agreement and Plan of Merger, dated as of January 25, 2020 (the “Merger Agreement”), providing for the merger of the Company and South State, subject to the terms and conditions set forth therein. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, the Company’s shareholders will receive 0.3001 shares of South State common stock for each share of CenterState common stock they own. The transaction is expected to close in the third quarter of 2020 subject to customary closing conditions, including receipt of all applicable regulatory approvals and shareholder approval of each company. The Company’s primary reason for the transaction is to create a leading Southeastern-based regional bank, which diversifies each company’s geographies into a contiguous six-state footprint, spanning from Florida to Virginia. The transaction will also expand both companies’ customer base which will enhance deposit fee income and leverage operating cost through economies of scale. The combined company will operate under the South State Bank name and will trade under the South State ticker symbol SSB on the Nasdaq stock market. The company will be headquartered in Winter Haven, Florida and will maintain a significant presence in Columbia and Charleston, South Carolina; Charlotte, North Carolina; and Atlanta, Georgia. South State is a bank holding company headquartered in Columbia, South Carolina. South State’s bank subsidiary South State Bank operates 157 banking locations. South State reported total assets of $ 16,642,911 , total loans of $ and total deposits of $ as of March 31, 2020 . |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019, the notional amount of such arrangements were $12,408,888 and $10,596,427, respectively. The Company pledged $550,101 and $140,913 of cash as collateral to the third party dealers at March 31, 2020 and December 31, 2019, respectively. The Company also pledged $605,100 and $361,127 of securities to the third party dealers and clearinghouse exchanges at March 31, 2020 and December 31, 2019, respectively. As the interest rate swaps with the clients and third parties are not designated as hedges under ASC 815, changes in market values are reported in earnings. Summary information about the interest rate swap derivative instruments is as follows: March 31, 2020 December 31, 2019 Notional amount $12,408,888 $10,596,427 Weighted average pay rate on interest-rate swaps 2.70% 3.20% Weighted average receive rate on interest rate swaps 2.70% 3.20% Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $831,891 $273,068 Fair value of interest rate swap derivatives (liability) $833,977 $274,216 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 second 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 second 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 March 31, 2020: March 31, 2020 Notional amount $150,000 Fair value of interest rate swap derivatives (asset) — Fair value of interest rate swap derivatives (liability) 8,474 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 three-month period ended March 31, 2020: March 31, 2020 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 $(5,740) $ — Interest expense: Federal funds purchased and other borrowings During the three-month ended March 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lessee and Lessor Leases Text Block | 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 established 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. ASC 842 was effective on January 1, 2019. 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 provides a number of optional practical expedients in transition. The Company 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 was 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. 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 v alue of future lease payments. ASC 842 requires the use of the lease interest rate; however, this rate is ty pically not known. As an alternative, ASC 842 permits the use of an entity’s fully secur ed 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 periods ended March 31, 2020 March 31, 2019 Amortization of ROU Assets - Finance Leases $55 $38 Interest on Lease Liabilities - Finance Leases 72 50 Operating Lease Cost (Cost resulting from lease payments) 2,141 1,287 Short-term Lease Cost 1 — Variable Lease Cost (Cost excluded from lease payments) 296 235 Total Lease Cost $2,565 $1,610 Finance Lease - Operating Cash Flows 65 57 Finance Lease - Financing Cash Flows 78 91 Operating Lease - Operating Cash Flows (Fixed Payments) 2,191 1,241 Operating Lease - Operating Cash Flows (Liability Reduction) 3,974 1,181 New ROU Assets - Operating Leases 4,749 21,351 Weighted Average Lease Term (Years) - Finance Leases 10.64 19.22 Weighted Average Lease Term (Years) - Operating Leases 6.59 7.65 Weighted Average Discount Rate - Finance Leases 5.83% 5.95% Weighted Average Discount Rate - Operating Leases 3.25% 3.65% A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of March 31, 2020 is as follows: March 31, 2020 Operating lease payments due: Within one year $8,380 After one but within two years 7,165 After two but within three years 5,667 After three but within four years 4,823 After four years but within five years 3,932 After five years 9,401 Total undiscounted cash flows 39,368 Discount on cash flows (4,200) Total operating lease liabilities $35,168 The following is a schedule of future minimum annual rentals under operating leases as of December 31, 2019: December 31, 2019 Operating lease payments due: Within one year $7,577 After one but within two years 6,693 After two but within three years 5,358 After three but within four years 4,419 After four years but within five years 3,723 After five years 11,410 Total undiscounted cash flows 39,180 Discount on cash flows (4,695) Total operating lease liabilities $34,485 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 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 did 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 was 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 periods ended March 31, 2020 March 31, 2019 Operating Lease Income from Lease Payments $476 $212 Direct Financing Lease Income 25 173 Total Lease Income $501 $385 Net Investment in Direct Financing Leases $1,167 $15,785 Unguaranteed Residual Assets — — Deferred Selling Profit on Direct Financing Leases — — Maturity Analysis of Operating Lease Receivables 0 - 12 Months $2,089 $962 13 - 24 Months 1,609 551 25 - 36 Months 710 341 37 - 48 Months 124 166 48 - 60 Months — 6 Over 60 Months — — Maturity Analysis of Finance Lease Receivables 0 - 12 Months $912 $1,392 13 - 24 Months 251 1,841 25 - 36 Months — 1,618 37 - 48 Months — 1,356 48 - 60 Months — 1,355 Over 60 Months — 12,543 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | NOTE 12: Recently Issued Accounting Standards Adoption of ASU 2016-13 On January 1, 2020, The Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to Off-Balance Sheet (“OBS”) credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments and leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write down on available for sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and OBS credit exposures. Results for periods reporting beginning after and January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The January 1, 2020 transition to ASC 326 required an increase of $74,608 to the ACL, including a reclassification of $17,004 from loan discount to allowance for credit losses due to the transition of its PCI loans to PCD loans. This reclassification from loan discount to ACL for PCD loans did not impact retained earnings. The post-transition CECL Method ACL is $115,270 compared to the December 31, 2019 Incurred Loss Method ALLL of $40,652. CECL requires a Company to consider a credit reserve on HTM securities; however, the strong credit quality of the portfolio resulted in a minimal ACL of $10. CECL requires a Company to consider a reserve for unfunded commitments and to record this exposure as a liability separate from the ACL. Upon adoption of ASC 326, the Company recorded a $6,084 reserve for unfunded commitments. The increase to the ACL for loans, excluding the reclassification of loan discount for PCD loans, plus the reserve for unfunded commitments and allowance for credit losses for HTM debt securities resulted in a reduction to retained earnings of $47,751, net of $15,947 for deferred taxes. The Company adopted ASC 326 using the prospective transition approach for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $17,230 of the ACL. The remaining non-credit discount for PCD loans was allocated to each individual PCD loans and will be accreted into interest income at the effective interest rate as of January 1, 2020. As allowed by ASC 326, the Company elected to maintain pools of loans accounted for under ASC 310-30 for ACL purposes. CECL does not provide for the PCD pool accounting due to individual allocation of the non-credit-related discount, but does allow for the maintenance of existing pools upon the transition from PCI to PCD for ACL purposes. The Company elected to retain these pools, and consolidated them into ten pools of similar risk characteristics consistent with those segments and sub-segments of non-PCD loans. PCD loans may also be individually analyzed in a manner comparable to non-PCD loans with significant deterioration. In accordance with the standard, management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The principal balance of pooled PCD loans for ACL purposes totaled $170,921, and the principal balance for individually analyzed PCD loans totaled $31,380 as of January 1, 2020. The following table illustrates the impact of ASC 326. January 1, 2020 As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Assets: Allowance for credit losses on debt securities held to maturity Mortgage-backed $ — $ — $ — Municipal 10 — 10 Loans non-PCD Residential $15,669 $4,257 $11,412 Commercial 54,148 18,552 35,596 Construction & land development 9,251 2,319 6,932 Comm., industrial & factored receivables 14,277 11,282 2,995 Consumer & other 4,688 4,019 669 Loans PCD Residential $3,021 $ — $3,021 Commercial 11,966 — 11,966 Construction & land development 256 177 79 Commercial & industrial 1,924 — 1,924 Factored commercial receivables — — — Consumer & other 63 49 14 Liabilities: Allowance for credit losses on OBS exposures $6,084 $ — $6,084 Debt Securities Allowance for Credit Losses - Available for Sale Debt Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether or not it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the securities amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of the cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected are less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provisions for or reversal of credit loss expense. Losses are charged against the allowance when management believes an available-for-sale security is uncollectible or when either of the criteria regarding intent to sell or required to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $6,058 as of March 31, 2020 and is excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Debt Securities : Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1,536 and is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed and municipal. All of the mortgage-backed securities held by the Company are issued by US government entities and agencies. The securities are either explicitly or implicitly guaranteed by the US government, and are highly rated by major rating agencies and have a long history of no credit losses. After reviewing the portfolio and the potential for loss, management determined no allowance for credit losses is required. Other securities are comprised primarily of investments in municipal bonds. Management utilizes historical research conducted by Moody’s Investor Services to determine expected credit losses, particularly default and recovery from 2009 to 2018. Using the more recent data captures the aforementioned emerging risks in public finance. After reviewing the portfolio and the potential for loss, management determined a $10 in allowance for credit losses on adoption date. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for credit Loan segment risks: Residential, Commercial, and Other Real Estate : A significant portion of our loan portfolio is secured by real estate, a substantial majority of which is located in Florida, and events that negatively impact the real estate market could hurt our resultant business. A substantial majority of our loans are concentrated in Florida and subject to the volatility of the state’s economy and real estate market. With our loans concentrated in Florida, declines in local economic conditions will adversely affect the values of our real estate collateral. Consequently, a decline in local economic conditions may have a greater effect on our earnings and capital than on the earnings and capital of other financial institutions whose real estate loan portfolios are more geographically diverse. In addition to relying on the financial strength and cash flow characteristics of the borrower in each case, we often secure loans with real estate collateral. The real estate collateral in each case provides an alternate source of repayment in the event of default by the borrower but may deteriorate in value during the time credit is extended. If we are required to liquidate the collateral securing a loan to satisfy the debt during a period of reduced real estate values, our earnings and capital could be adversely affected. Commercial and Commercial Real Estate : Commercial and commercial real estate loans generally carry larger loan balances and can involve a greater degree of financial and credit risk than other loans. The increased financial and credit risk associated with these types of loans are a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the size of loan balances, the effects of general economic conditions on income-producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related real estate or commercial project. If the cash flows from the project are reduced, a borrower’s ability to repay the loan may be impaired. This cash flow shortage may result in the failure to make loan payments. In such cases, we may be compelled to modify the terms of the loan. In addition, the nature of these loans is such that they are generally less predictable and more difficult to evaluate and monitor. As a result, repayment of these loans may, to a greater extent than residential loans, be subject to adverse conditions in the real estate market or economy. Commercial Receivables Factoring : The Company provides receivables factoring through its subsidiary for a variety of industries, the largest portfolio segments remain in the Oil and Gas, Truck and Freight, and Parts and Services sectors. These are dependent on the cash flow from these receivables from these industries which are exposed to volatility in demand and freight costs. Economic disruptions in demand, labor, or costs in these industries may adversely impact collectability of these loans. Consumer and all other loans : While disclosed as a separate portfolio segment, many of the same events that negatively impact the real estate and commercial market could have a similar direct risk to consumer loans. While the borrower or collateral are for consumer loans, the employment and cash flow from these borrowers are similarly exposed to risk of declines in local economic conditions. Consequently, a decline in local economic conditions may have a greater effect on these loans. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for credit credit Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for non-accrual loans. Determining the contractual term : Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Nonaccrual loans : A loan is moved to non-accrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. For CBI’s factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement billing date. Past due status is based on the contractual terms of the loan. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine non-accrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on non-accrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for credit Troubled Debt Restructurings : A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. In certain circumstances, it may be beneficial to modify or 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 an unfavorable real estate market. When the Company modifies the terms of a loan, it usually either reduces the monthly payment and/or interest rate for generally twelve to twenty-four months. The Company has not forgiven any material principal amounts on any loan modifications to date. The Company has $11,863 of TDRs. Of this amount $7,215 are performing pursuant to their modified terms, and $4,648 are not performing and have been placed on non-accrual status and included in our non-performing loans (“NPLs”). Purchased Credit Deteriorated (“PCD”) Loans : The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Examples of PCD loans generally include loans on non-accrual status, loans with insufficient cash flow, loans that are delinquent, loans with high loan-to-value ratios, loans in process of foreclosure or any TDR with loss potential in accordance with guidance outlined in ASC 310-30. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. Upon adoption of ASC Topic 326, the ACL for PCD loans, except for PCD loans individually evaluated for impairment, is measured on a collective pool basis when similar risk characteristics exist. On adoption date, the credit discount on PCD loans was reclassified from loan discount to ACL, thereby establishing a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis on adoption date was non-credit discount and was subsequently allocated to each individual loan. This non-credit discount will be amortized into interest income using the effective yield method over the remaining life of the individual loans. Changes to the allowance for credit losses after adoption are recorded through provision for credit losses. Allowance for Credit Losses – Loans : The allowance for credit losses is a valuation account that is deducted from or added to the loans amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes a loan is uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Peer credit loss experience provides the basis for the estimation of expected credit losses. Given the Company’s size, complexity, and acquisitive history, loan-level loss data is not readily available to develop reasonable and supportable loss estimates. Rather, the Company is relying on peer data from Call Reports to develop models that forecast a periodic default rate for each of the portfolio segments. Adjustments to historical loss information and reversion periods are made for differences in current loan specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, the national home price index, and other factors. The Company generally utilizes a four-quarter forecast with a four-quarter reversion period. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. The company has identified the following portfolio segments: residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Reserve for unfunded commitments : The company estimates expected credit losses over the contractual period in which the company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on off balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Expected credit losses are determined using historical funding rates by loan segment. Other new accounting pronouncements 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 adopted the new accounting guidance effective January 1, 2020, but it did not have a material impact on the consolidated 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 adopted the new accounting guidance effective January 1, 2020, but it did not have a material impact on the consolidated financial statements. In March 2020, the FASB has issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, to provide optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. By way of background, as a response to concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used, regulators around the world have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders raised certain operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. Some of those challenges relate to the significant volume of contracts and other arrangements that will need to be modified to replace references to discontinued rates with references to the replacement rates. For accounting purposes, such contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts, which could prove quite costly and burdensome and undermine the intended continuation of such contracts and arrangements. Stakeholders also noted that the inability to apply hedge accounting because of reference rate reform would result in financial reporting outcomes that do not reflect entities' intended hedging strategies. The amendments, which are elective and apply to all entities, provide expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020, through December 31, 2022. The Company established a LIBOR Committee and is currently evaluating the impact of adopting ASU 2020-04 on the consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13: Subsequent Events On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 pandemic has adversely affected, and may continue to adversely affect economic activity globally, nationally and locally. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. Due to the COVID-19 pandemic, market interest rates have declined significantly, with the 10-year Treasury bond falling below 1.00 percent on March 3, 2020 for the first time. Such events also may adversely affect business and consumer confidence, generally, and the Company and its customers, and their respective suppliers, vendors and processors, may be adversely affected. On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points ly $2.1 billion. |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Adoption of ASU 2016-13 | Adoption of ASU 2016-13 On January 1, 2020, The Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to Off-Balance Sheet (“OBS”) credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments and leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write down on available for sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and OBS credit exposures. Results for periods reporting beginning after and January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The January 1, 2020 transition to ASC 326 required an increase of $74,608 to the ACL, including a reclassification of $17,004 from loan discount to allowance for credit losses due to the transition of its PCI loans to PCD loans. This reclassification from loan discount to ACL for PCD loans did not impact retained earnings. The post-transition CECL Method ACL is $115,270 compared to the December 31, 2019 Incurred Loss Method ALLL of $40,652. CECL requires a Company to consider a credit reserve on HTM securities; however, the strong credit quality of the portfolio resulted in a minimal ACL of $10. CECL requires a Company to consider a reserve for unfunded commitments and to record this exposure as a liability separate from the ACL. Upon adoption of ASC 326, the Company recorded a $6,084 reserve for unfunded commitments. The increase to the ACL for loans, excluding the reclassification of loan discount for PCD loans, plus the reserve for unfunded commitments and allowance for credit losses for HTM debt securities resulted in a reduction to retained earnings of $47,751, net of $15,947 for deferred taxes. The Company adopted ASC 326 using the prospective transition approach for PCD financial assets that were previously classified as PCI and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $17,230 of the ACL. The remaining non-credit discount for PCD loans was allocated to each individual PCD loans and will be accreted into interest income at the effective interest rate as of January 1, 2020. As allowed by ASC 326, the Company elected to maintain pools of loans accounted for under ASC 310-30 for ACL purposes. CECL does not provide for the PCD pool accounting due to individual allocation of the non-credit-related discount, but does allow for the maintenance of existing pools upon the transition from PCI to PCD for ACL purposes. The Company elected to retain these pools, and consolidated them into ten pools of similar risk characteristics consistent with those segments and sub-segments of non-PCD loans. PCD loans may also be individually analyzed in a manner comparable to non-PCD loans with significant deterioration. In accordance with the standard, management did not reassess whether modifications to individual acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The principal balance of pooled PCD loans for ACL purposes totaled $170,921, and the principal balance for individually analyzed PCD loans totaled $31,380 as of January 1, 2020. The following table illustrates the impact of ASC 326. January 1, 2020 As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Assets: Allowance for credit losses on debt securities held to maturity Mortgage-backed $ — $ — $ — Municipal 10 — 10 Loans non-PCD Residential $15,669 $4,257 $11,412 Commercial 54,148 18,552 35,596 Construction & land development 9,251 2,319 6,932 Comm., industrial & factored receivables 14,277 11,282 2,995 Consumer & other 4,688 4,019 669 Loans PCD Residential $3,021 $ — $3,021 Commercial 11,966 — 11,966 Construction & land development 256 177 79 Commercial & industrial 1,924 — 1,924 Factored commercial receivables — — — Consumer & other 63 49 14 Liabilities: Allowance for credit losses on OBS exposures $6,084 $ — $6,084 Other new accounting pronouncements 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 adopted the new accounting guidance effective January 1, 2020, but it did not have a material impact on the consolidated 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 adopted the new accounting guidance effective January 1, 2020, but it did not have a material impact on the consolidated financial statements. In March 2020, the FASB has issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, to provide optional guidance, for a limited time, to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. By way of background, as a response to concerns about structural risks of interbank offered rates (IBORs) and, particularly, the risk that the London Interbank Offer Rate (LIBOR) will no longer be used, regulators around the world have begun reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. Stakeholders raised certain operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. Some of those challenges relate to the significant volume of contracts and other arrangements that will need to be modified to replace references to discontinued rates with references to the replacement rates. For accounting purposes, such contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts, which could prove quite costly and burdensome and undermine the intended continuation of such contracts and arrangements. Stakeholders also noted that the inability to apply hedge accounting because of reference rate reform would result in financial reporting outcomes that do not reflect entities' intended hedging strategies. The amendments, which are elective and apply to all entities, provide expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The optional expedients for contract modifications apply consistently for all contracts or transactions within the relevant Codification Topic, Subtopic, or Industry Subtopic that contains the guidance that otherwise would be required to be applied, while those for hedging relationships can be elected on an individual hedging relationship basis. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020, through December 31, 2022. The Company established a LIBOR Committee and is currently evaluating the impact of adopting ASU 2020-04 on the consolidated financial statements. |
Debt Securities | Debt Securities Allowance for Credit Losses - Available for Sale Debt Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether or not it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the securities amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of the cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected are less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provisions for or reversal of credit loss expense. Losses are charged against the allowance when management believes an available-for-sale security is uncollectible or when either of the criteria regarding intent to sell or required to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $6,058 as of March 31, 2020 and is excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Debt Securities : Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1,536 and is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed and municipal. All of the mortgage-backed securities held by the Company are issued by US government entities and agencies. The securities are either explicitly or implicitly guaranteed by the US government, and are highly rated by major rating agencies and have a long history of no credit losses. After reviewing the portfolio and the potential for loss, management determined no allowance for credit losses is required. Other securities are comprised primarily of investments in municipal bonds. Management utilizes historical research conducted by Moody’s Investor Services to determine expected credit losses, particularly default and recovery from 2009 to 2018. Using the more recent data captures the aforementioned emerging risks in public finance. After reviewing the portfolio and the potential for loss, management determined a $10 in allowance for credit losses on adoption date. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balance net of purchase premiums and discounts, deferred loan fees and costs, and an allowance for credit Loan segment risks: Residential, Commercial, and Other Real Estate : A significant portion of our loan portfolio is secured by real estate, a substantial majority of which is located in Florida, and events that negatively impact the real estate market could hurt our resultant business. A substantial majority of our loans are concentrated in Florida and subject to the volatility of the state’s economy and real estate market. With our loans concentrated in Florida, declines in local economic conditions will adversely affect the values of our real estate collateral. Consequently, a decline in local economic conditions may have a greater effect on our earnings and capital than on the earnings and capital of other financial institutions whose real estate loan portfolios are more geographically diverse. In addition to relying on the financial strength and cash flow characteristics of the borrower in each case, we often secure loans with real estate collateral. The real estate collateral in each case provides an alternate source of repayment in the event of default by the borrower but may deteriorate in value during the time credit is extended. If we are required to liquidate the collateral securing a loan to satisfy the debt during a period of reduced real estate values, our earnings and capital could be adversely affected. Commercial and Commercial Real Estate : Commercial and commercial real estate loans generally carry larger loan balances and can involve a greater degree of financial and credit risk than other loans. The increased financial and credit risk associated with these types of loans are a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the size of loan balances, the effects of general economic conditions on income-producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related real estate or commercial project. If the cash flows from the project are reduced, a borrower’s ability to repay the loan may be impaired. This cash flow shortage may result in the failure to make loan payments. In such cases, we may be compelled to modify the terms of the loan. In addition, the nature of these loans is such that they are generally less predictable and more difficult to evaluate and monitor. As a result, repayment of these loans may, to a greater extent than residential loans, be subject to adverse conditions in the real estate market or economy. Commercial Receivables Factoring : The Company provides receivables factoring through its subsidiary for a variety of industries, the largest portfolio segments remain in the Oil and Gas, Truck and Freight, and Parts and Services sectors. These are dependent on the cash flow from these receivables from these industries which are exposed to volatility in demand and freight costs. Economic disruptions in demand, labor, or costs in these industries may adversely impact collectability of these loans. Consumer and all other loans : While disclosed as a separate portfolio segment, many of the same events that negatively impact the real estate and commercial market could have a similar direct risk to consumer loans. While the borrower or collateral are for consumer loans, the employment and cash flow from these borrowers are similarly exposed to risk of declines in local economic conditions. Consequently, a decline in local economic conditions may have a greater effect on these loans. A loan is considered a troubled debt restructured loan based on individual facts and circumstances. A modification may include either an increase or reduction in interest rate or deferral of principal payments or both. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings. The Company classifies troubled debt restructured loans as impaired and evaluates the need for an allowance for credit credit Loan origination fees and the incremental direct cost of loan origination, are deferred and recognized in interest income without anticipating prepayments over the contractual life of the loans. If the loan is prepaid, the remaining unamortized fees and costs are charged or credited to interest income. Amortization ceases for non-accrual loans. Determining the contractual term : Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Nonaccrual loans : A loan is moved to non-accrual status in accordance with the Company’s policy typically after 90 days of non-payment, or less than 90 days of non-payment if management determines that the full timely collection of principal and interest becomes doubtful. For CBI’s factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement billing date. Past due status is based on the contractual terms of the loan. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Single family home loans, consumer loans and smaller commercial, land, development and construction loans (less than $500) are monitored by payment history, and as such, past due payments is generally the triggering mechanism to determine non-accrual status. Larger (greater than $500) commercial, land, development and construction loans are monitored on a loan level basis, and therefore in these cases it is more likely that a loan may be placed on non-accrual status before it becomes 90 days past due. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non real estate consumer loans are typically charged off no later than 120 days past due. The Company, considering current information and events regarding the borrower’s ability to repay their obligations, considers a loan to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the secondary market value of the loan, or the fair value of the collateral for collateral dependent loans. Interest income on impaired loans is recognized in accordance with the Company’s non-accrual policy. Impaired loans are written down to the extent that principal is judged to be uncollectible and, in the case of impaired collateral dependent loans where repayment is expected to be provided solely by the underlying collateral and there is no other available and reliable sources of repayment, are written down to the lower of cost or collateral value less estimated selling costs. Impairment losses are included in the allowance for credit Troubled Debt Restructurings : A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. In certain circumstances, it may be beneficial to modify or 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 an unfavorable real estate market. When the Company modifies the terms of a loan, it usually either reduces the monthly payment and/or interest rate for generally twelve to twenty-four months. The Company has not forgiven any material principal amounts on any loan modifications to date. The Company has $11,863 of TDRs. Of this amount $7,215 are performing pursuant to their modified terms, and $4,648 are not performing and have been placed on non-accrual status and included in our non-performing loans (“NPLs”). Purchased Credit Deteriorated (“PCD”) Loans : The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Examples of PCD loans generally include loans on non-accrual status, loans with insufficient cash flow, loans that are delinquent, loans with high loan-to-value ratios, loans in process of foreclosure or any TDR with loss potential in accordance with guidance outlined in ASC 310-30. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. Upon adoption of ASC Topic 326, the ACL for PCD loans, except for PCD loans individually evaluated for impairment, is measured on a collective pool basis when similar risk characteristics exist. On adoption date, the credit discount on PCD loans was reclassified from loan discount to ACL, thereby establishing a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis on adoption date was non-credit discount and was subsequently allocated to each individual loan. This non-credit discount will be amortized into interest income using the effective yield method over the remaining life of the individual loans. Changes to the allowance for credit losses after adoption are recorded through provision for credit losses. Allowance for Credit Losses – Loans : The allowance for credit losses is a valuation account that is deducted from or added to the loans amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes a loan is uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off and expected to be charged off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Peer credit loss experience provides the basis for the estimation of expected credit losses. Given the Company’s size, complexity, and acquisitive history, loan-level loss data is not readily available to develop reasonable and supportable loss estimates. Rather, the Company is relying on peer data from Call Reports to develop models that forecast a periodic default rate for each of the portfolio segments. Adjustments to historical loss information and reversion periods are made for differences in current loan specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, the national home price index, and other factors. The Company generally utilizes a four-quarter forecast with a four-quarter reversion period. The allowance for credit losses is measured on a collective pool basis when similar risk characteristics exist. The company has identified the following portfolio segments: residential loans, commercial real estate loans, construction and land development loans, commercial and industrial and consumer and other. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Reserve for unfunded commitments : The company estimates expected credit losses over the contractual period in which the company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on off balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Expected credit losses are determined using historical funding rates by loan segment. |
Common Stock Outstanding and _2
Common Stock Outstanding and Earnings Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 2019 Basic Net income available to common shareholders $35,432 $44,643 Less: Earnings allocated to participating securities (8) (23) Net income allocated to common shareholders $35,424 $44,620 Weighted average common shares outstanding including participating securities 124,831,232 95,790,456 Less: Participating securities (1) (32,500) (49,600) Average shares 124,798,732 95,740,856 Basic earnings per common share $0.28 $0.47 Diluted Net income available to common shareholders $35,424 $44,620 Weighted average common shares outstanding for basic earnings per common share 124,798,732 95,740,856 Add: Dilutive effects of stock based compensation awards 542,495 759,884 Average shares and dilutive potential common shares 125,341,227 96,500,740 Diluted earnings per common share $0.28 $0.46 (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) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31,2020 Assets: Trading securities $8,432 $ — $8,432 $ — Available for sale debt securities Corporate debt securities 5,757 — 5,757 — Obligations of U.S. government sponsored entities and agencies 147,959 — 147,959 — Mortgage-backed securities 1,787,846 — 1,787,846 — U.S. treasuries 99,997 — 99,997 — Municipal securities 96,883 — 96,883 — Loans held for sale 188,316 — 188,316 — Mortgage servicing assets 1,038 — 1,038 — Mortgage banking derivatives 6,436 — 57 6,379 Interest rate swap derivatives 831,891 — 831,891 — Liabilities: Mortgage banking derivatives 6,126 — 6,032 94 Interest rate swap derivatives 842,451 — 842,451 — at December 31,2019 Assets: Trading securities $4,987 $ — $4,987 $ — Available for sale debt securities Corporate debt securities 5,657 — 5,657 — Obligations of U.S. government sponsored entities and agencies 19,930 — 19,930 — Mortgage-backed securities 1,767,242 — 1,767,242 — Municipal securities 93,895 — 93,895 — Loans held for sale 142,801 — 142,801 — Mortgage servicing assets 1,332 — 1,332 — Mortgage banking derivatives 1,761 — 14 1,747 Interest rate swap derivatives 273,068 — 273,068 — Liabilities: Mortgage banking derivatives 305 — 288 17 Interest rate swap derivatives 275,033 — 275,033 — |
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 March 31,2020 Assets: Impaired loans, non-PCD Residential real estate $1,916 $ — $ — $1,916 Commercial real estate 12,748 — — 12,748 Land, land development and construction 725 — — 725 Commercial 4,944 — — 4,944 Consumer 47 — — 47 Impaired loans, PCD Commercial real estate 9,694 — — 9,694 Commercial 766 — — 766 Other real estate owned Residential real estate 363 — — 363 Commercial real estate 2,129 — — 2,129 Land, land development and construction 289 — — 289 Bank property held for sale 2,834 — — 2,834 at December 31,2019 Assets: Impaired loans Residential real estate $2,213 $ — $ — $2,213 Commercial real estate 8,177 — — 8,177 Land, land development and construction 847 — — 847 Commercial 5,564 — — 5,564 Consumer 47 — — 47 Other real estate owned Residential real estate — — — — Commercial real estate 2,129 — — 2,129 Land, land development and construction 340 — — 340 Bank property held for sale 4,160 — — 4,160 |
Quantitative Information of Level 3 Fair Value Measurements | Tables below present additional information on assumptions ranges and methods used for the Level 3 fair value measurements for loans. Quantitative information about Level 3 fair value measurements Fair value Valuation Unobservable Range at March 31, 2020 technique inputs (weighted average rate) Loan, net $12,008,094 Discounted cash flow Probability of default (PD) 0.51% - 100.00% (1.43%) Loss given default (LGD) 0% - 100.00% (17.95%) Prepayment rate 0.00% - 34.47% (20.76%) Discount rate 3.03% - 8.28% (4.5%) Quantitative information about Level 3 fair value measurements Fair value Valuation Unobservable Range at December 31, 2019 technique inputs (average) (1) Loan, net $11,925,693 Discounted cash flow Probability of default (PD) 1.04% - 2.79% (1.83%) Loss given default (LGD) 6.44% - 46.26% (22.02%) Prepayment rate 10.00% - 34.47% (19.19%) Discount rate 1.48% - 2.39% (1.62%) (1) Average rates are median rates. |
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 March 31,2020 Financial assets: Cash and cash equivalents $1,146,691 $1,146,691 $ — $ — $1,146,691 Trading securities 8,432 — 8,432 — 8,432 Available for sale debt securities 2,138,442 — 2,138,442 — 2,138,442 Held to maturity debt securities 195,948 — 205,458 — 205,458 Loans held for sale, at fair value 188,316 — 188,316 — 188,316 Loans, net 11,868,498 — — 12,008,094 12,008,094 Mortgage servicing assets 1,038 — 1,038 — 1,038 Mortgage banking derivatives 6,436 — 57 6,379 6,436 Interest rate swap derivatives 831,891 — 831,891 — 831,891 Accrued interest receivable 43,382 — 7,594 35,788 43,382 Financial liabilities: Deposits - without stated maturities $11,228,116 $11,228,116 $ — $ — $11,228,116 Deposits - with stated maturities 2,893,383 — 2,918,615 — 2,918,615 Securities sold under agreement to repurchase 81,736 — 81,736 — 81,736 Federal funds purchased and other borrowings 466,433 — 466,433 — 466,433 Corporate and subordinated debentures 71,356 — — 66,669 66,669 Mortgage banking derivatives 6,126 — 6,032 94 6,126 Interest rate swap derivatives 842,451 — 842,451 — 842,451 Accrued interest payable 4,334 — 4,334 — 4,334 Fair value measurements Carrying amount Level 1 Level 2 Level 3 Total at December 31,2019 Financial assets: Cash and cash equivalents $490,058 $490,058 $ — $ — $490,058 Trading securities 4,987 — 4,987 — 4,987 Available for sale debt securities 1,886,724 — 1,886,724 — 1,886,724 Held to maturity debt securities 202,903 — 208,852 — 208,852 Loans held for sale, at fair value 142,801 — 142,801 — 142,801 Loans, net 11,943,288 — — 11,925,693 11,925,693 Mortgage servicing assets 1,332 — 1,332 — 1,332 Mortgage banking derivatives 1,761 — 14 1,747 1,761 Interest rate swap derivatives 273,068 — 273,068 — 273,068 Accrued interest receivable 40,945 — 7,547 33,398 40,945 Financial liabilities: Deposits - without stated maturities $10,879,837 $10,879,837 $ — $ — $10,879,837 Deposits - with stated maturities 2,256,555 — 2,271,497 — 2,271,497 Securities sold under agreement to repurchase 93,141 — 93,141 — 93,141 Federal funds purchased and other borrowings 540,193 — 540,193 — 540,193 Corporate and subordinated debentures 71,343 — — 66,964 66,964 Mortgage banking derivatives 305 — 288 17 305 Interest rate swap derivatives 275,033 — 275,033 — 275,033 Accrued interest payable 3,998 — 3,998 — 3,998 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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-month periods ending March 31, 2020 and 2019. Three-month period ending March 31, 2020 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $173,702 $3,057 $ — $ — $176,759 Interest expense (20,434) (1,664) (1,308) — (23,406) Net interest income (expense) 153,268 1,393 (1,308) — 153,353 Provision for credit losses (45,156) 242 — — (44,914) Non-interest income 27,981 27,809 — — 55,790 Non-interest expense (108,373) (12,503) (1,896) — (122,772) Net income (loss) before taxes 27,720 16,941 (3,204) — 41,457 Income tax (provision) benefit (3,487) (4,241) 1,703 — (6,025) Net income (loss) 24,233 12,700 (1,501) — 35,432 Total assets $17,954,442 $641,599 $3,005,931 $(3,005,680) $18,596,292 Three-month period ending March 31, 2019 Correspondent Corporate Commercial banking and overhead and retail capital markets and Elimination banking division administration entries Total Interest income $127,832 $4,450 $ — $ — $132,282 Interest expense (14,851) (2,549) (707) — (18,107) Net interest income (expense) 112,981 1,901 (707) — 114,175 Provision for credit losses (1,015) (38) — — (1,053) Non-interest income 20,300 9,000 — — 29,300 Non-interest expense (77,581) (5,713) (1,179) — (84,473) Net income (loss) before taxes 54,685 5,150 (1,886) — 57,949 Income tax (provision) benefit (12,690) (1,305) 689 — (13,306) Net income (loss) $41,995 $3,845 $(1,197) $ — $44,643 Total assets $11,939,930 $647,046 $2,073,703 $(2,073,042) $12,587,637 |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value of Available for Sale Securities and Related Gross Unrealized Gains and Losses Recognized in Accumulated Other Comprehensive Income (Loss) | The amortized cost, fair value and allowance for credit losses of available for sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: March 31, 2020 Gross Gross Allowance Amortized unrealized unrealized for credit Fair cost gains losses losses value Corporate debt securities $5,504 $253 $ — $ — $5,757 Obligations of U.S. government sponsored entities and agencies 147,339 620 — — 147,959 Mortgage-backed securities 1,711,738 76,108 — — 1,787,846 U.S. treasuries 100,001 — 4 — 99,997 Municipal securities 90,162 6,721 — — 96,883 Total available for sale debt securities $2,054,744 $83,702 $4 $ — $2,138,442 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Corporate debt securities $5,504 $153 $ — $5,657 Obligations of U.S. government sponsored entities and agencies 20,000 — 70 19,930 Mortgage-backed securities 1,742,221 26,403 1,382 1,767,242 Municipal securities 88,301 5,594 — 93,895 Total available for sale debt securities $1,856,026 $32,150 $1,452 $1,886,724 |
Schedule of Sales of Available for Sale Securities | Sales of available for sale debt securities for the three-month ended March 31, 2019 were as follows: For the three months ended: March 31, 2020 March 31, 2019 Proceeds $ — $66,486 Gross gains — 646 Gross losses — 629 |
Fair Value of Held to Maturity Securities and Related Gross Unrecognized Gains and Losses | The following reflects the amortized cost, fair value and allowance for credit losses and the related gross unrecognized gains and losses of held to maturity securities as of March 31, 2020 and December 31, 2019. March 31, 2020 Gross Gross Allowance Amortized unrecognized unrecognized Fair for credit cost gains losses value losses Mortgage-backed securities $67,841 $2,317 $ — $70,158 $ — Municipal securities 128,117 7,183 — 135,300 (10) Total held to maturity debt securities $195,958 $9,500 $ — $205,458 $(10) December 31, 2019 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value Mortgage-backed securities $71,560 $456 $29 $71,987 Municipal securities 131,343 5,522 — 136,865 Total held to maturity debt securities $202,903 $5,978 $29 $208,852 |
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 March 31, 2020 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 $102,204 $102,191 Due after one year through five years 131,668 131,295 Due after five years through ten years 45,763 44,017 Due after ten years through thirty years 70,961 65,503 Mortgage-backed securities 1,787,846 1,711,738 Total available for sale debt securities $2,138,442 $2,054,744 |
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 March 31, 2020 and December 31, 2019. March 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized value losses value losses value losses Mortgage-backed securities $100 $ — $ — $ — $100 $ — U.S. treasuries 99,997 4 — — 99,997 4 Total temporarily impaired available for sale debt securities $100,097 $4 $ — $ — $100,097 $4 December 31, 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 $19,930 $70 $ — $ — $19,930 $70 Mortgage-backed securities 125,249 388 117,903 994 243,152 1,382 Total temporarily impaired available for sale debt securities $145,179 $458 $117,903 $994 $263,082 $1,452 |
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 March 31, 2020 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 $2,193 $2,138 Due after ten years through thirty years 133,107 125,979 Mortgage-backed securities 70,158 67,841 Total held to maturity debt securities $205,458 $195,958 |
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 December 31, 2019. December 31, 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 $ — $ — $8,445 $29 $8,445 $29 Total temporarily impaired held to maturity debt securities $ — $ — $8,445 $29 $8,445 $29 |
Schedule of Allowance for Credit Losses on Held to Maturity Debt Investments | The following table shows a roll-forward for the three-month ended March 31, 2020 for the of the allowance for credit losses on held to maturity debt investments: Municipal Held to maturity debt securities securities Allowance for credit losses: Beginning balance, January 1, 2020 $ — Impact of adopting ASC 326 10 Provision for credit loss expense — Allowance on purchased financial assets with credit deterioration — Securities charged off — Recoveries — Total ending allowance balance $10 |
Schedule of Amortized Costs of Held to Maturity Debt Securities Aggregated by Credit Quality Indicator | The following table summarizes the amortized costs of held to maturity debt securities at March 31, 2020, aggregated by credit quality indicator: Mortgage-backed Municipal securities securities At March 31, 2020 AAA/AA/A $ — $126,737 Not rated (1) 67,841 1,380 Total $67,841 $128,117 (1) All unrated mortgage-backed securities are FNMA and GNMA. The federal backing of these securities result in negligible credit risk. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables Held For Sale [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-month period ending March 31, 2020 and 2019. Three-month periods ended March 31, 2020 March 31, 2019 Beginning balance $142,801 $40,399 Loans originated 423,622 134,752 Proceeds from sales (391,242) (129,657) Net change in fair value 2,354 4 Net realized gain on sales 10,781 3,976 Ending balance $188,316 $49,474 |
Summary of Components of Mortgage Banking Revenue | The table below summarizes the main components of Mortgage Banking Revenue during the three-month period ending March 31, 2020 and 2019. The Mortgage Banking Revenue amounts are reported in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income. Three-month periods ended March 31, 2020 March 31, 2019 Servicing fees and commissions $83 $93 Gain on sale of loans held for sale 10,781 3,976 Unrealized gain on loans held for sale 2,354 4 (Loss) gain on mortgage derivatives (1,147) 557 Loss on mortgage hedge (1,098) (404) Loss on mortgage servicing assets — (33) Mortgage banking revenue $10,973 $4,193 |
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 March 31, 2020 and 2019. Notional at March 31, 2020 March 31, 2019 Interest rate lock commitments $389,387 $85,802 Best efforts forward trades 152,788 92,115 MBS forward trades 345,500 57,000 Total derivative instruments $887,675 $234,917 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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. March 31, 2020 December 31, 2019 Loans excluding PCD loans Real estate loans Residential $2,537,240 $2,512,544 Commercial 6,391,975 6,325,108 Land, development and construction 929,014 999,923 Total real estate 9,858,229 9,837,575 Commercial, industrial & factored receivables 1,778,526 1,759,074 Consumer and other loans 235,200 247,307 Loans before unearned fees and deferred cost 11,871,955 11,843,956 Net unearned fees and costs 4,954 4,519 Total loans excluding PCD loans 11,876,909 11,848,475 PCD loans (note 1) Real estate loans Residential 42,779 45,795 Commercial 92,281 81,576 Land, development and construction 5,447 4,655 Total real estate 140,507 132,026 Commercial and industrial 9,756 3,342 Consumer and other loans 59 100 Total PCD loans 150,322 135,468 Total loans 12,027,231 11,983,943 Allowance for credit losses for loans that are not PCD loans (140,803) (40,429) Allowance for credit losses for PCD loans (17,930) (226) Total loans, net of allowance for credit losses $11,868,498 $11,943,288 n ote 1: Purchased credit deteriorated (“PCD”) loans are being accounted for pursuant to ASC Topic 326 effective January 1, 2020. |
Summary of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio | The table below set forth the activity in the allowance for credit losses for the periods presented. Allowance for credit losses for loans that are not PCD loans Allowance for credit losses on PCD loans Total Three-month ended March 31, 2020 Balance at beginning of period, prior to adoption of ASC 326 $40,429 $226 $40,655 Impact of adopting ASC 326 57,604 17,004 74,608 Loans charged-off (2,350) (1,257) (3,607) Recoveries of loans previously charged-off 1,201 962 2,163 Net charge-offs (1,149) (295) (1,444) Provision for credit losses 43,919 995 44,914 Balance at end of period $140,803 $17,930 $158,733 Three-month ended March 31, 2019 Balance at beginning of period $39,579 $191 $39,770 Loans charged-off (1,447) — (1,447) Recoveries of loans previously charged-off 676 — 676 Net charge-offs (771) — (771) Provision for credit losses 1,053 — 1,053 Balance at end of period $39,861 $191 $40,052 The following tables present the activity in the allowance for credit Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total Allowance for credit losses for loans that are not PCD loans: Three-month ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $4,257 $18,552 $2,319 $11,282 $4,019 $40,429 Impact of adopting ASC 326 11,412 35,596 6,932 2,995 669 57,604 Charge-offs (294) — (24) (1,117) (915) (2,350) Recoveries 181 305 25 556 134 1,201 Provision for credit losses 4,675 37,073 4,929 (2,727) (31) 43,919 Balance at end of period $20,231 $91,526 $14,181 $10,989 $3,876 $140,803 Three-month ended March 31, 2019 Beginning of the period $5,518 $22,978 $1,781 $6,414 $2,888 $39,579 Charge-offs (201) — (31) (664) (551) (1,447) Recoveries 142 152 83 155 144 676 Provision for loan losses (11) (883) 387 1,025 535 1,053 Balance at end of period $5,448 $22,247 $2,220 $6,930 $3,016 $39,861 Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total Allowance for credit losses for loans that are PCD loans: Three-month ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $ — $ — $177 $ — $49 $226 Impact of adopting ASC 326 3,021 11,966 79 1,924 14 17,004 Charge-offs (156) (1,021) — (80) — (1,257) Recoveries 141 244 293 283 1 962 Provision for credit losses (154) 914 (291) 533 (7) 995 Balance at end of period $2,852 $12,103 $258 $2,660 $57 $17,930 Three-month ended March 31, 2019 Beginning of the period $ — $ — $177 $ — $14 $191 Charge-offs — — — — — — Recoveries — — — — — — Provision for loan losses — — — — — — Balance at end of period $ — $ — $177 $ — $14 $191 |
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 credit losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2020 and December 31, 2019 . Upon adoption of ASC Topic 326 effective January 1, 2020, the Company began to evaluate PCD loans that met the criteria for individual impairment analysis on a loan level basis. Previously, the Company accounted for PCD (formerly PCI) loans on a pool level basis pursuant to ASC 310-30 and were therefore collectively evaluated for period end December 31, 2019. 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 March 31, 2020 Allowance for credit losses: Ending allowance balance attributable to: Non-PCD loans Individually evaluated for impairment $322 $280 $4 $1,314 $ — $1,920 Collectively evaluated for impairment 19,909 91,246 14,177 9,675 3,876 138,883 Total ending allowance balance, non-PCD $20,231 $91,526 $14,181 $10,989 $3,876 $140,803 PCD loans Individually evaluated for impairment $ — $9,917 $ — $2,398 $ — $12,315 Collectively evaluated for impairment 2,852 2,186 258 262 57 5,615 Total ending allowance balance, PCD $2,852 $12,103 $258 $2,660 $57 $17,930 Total ending allowance balance $23,083 $103,629 $14,439 $13,649 $3,933 $158,733 Loans: Non-PCD loans Individually evaluated for impairment $4,659 $18,145 $781 $7,276 $134 $30,995 Collectively evaluated for impairment 2,532,581 6,373,830 928,233 1,771,250 235,066 11,840,960 Total non-PCD loans $2,537,240 $6,391,975 $929,014 $1,778,526 $235,200 $11,871,955 PCD loans Individually evaluated for impairment $ — $19,611 $ — $3,165 $ — $22,776 Collectively evaluated for impairment 42,779 72,670 5,447 6,591 59 127,546 Total PCD loans $42,779 $92,281 $5,447 $9,756 $59 $150,322 Total ending loan balances $2,580,019 $6,484,256 $934,461 $1,788,282 $235,259 $12,022,277 Real Estate Loans Residential Commercial Land, develop., constr. Comm., industrial & factored receivables Consumer & other Total As of December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $588 $375 $ — $914 $1 $1,878 Collectively evaluated for impairment 3,669 18,177 2,319 10,368 4,018 38,551 Purchased credit impaired — — 177 — 49 226 Total ending allowance balance $4,257 $18,552 $2,496 $11,282 $4,068 $40,655 Loans: Individually evaluated for impairment $6,475 $11,445 $865 $7,232 $123 $26,140 Collectively evaluated for impairment 2,506,069 6,313,663 999,058 1,751,842 247,184 11,817,816 Purchased credit impaired 45,795 81,576 4,655 3,342 100 135,468 Total ending loan balances $2,558,339 $6,406,684 $1,004,578 $1,762,416 $247,407 $11,979,424 |
Summary of Impaired Loans | The table below summarizes impaired loan data for the periods presented. March 31, 2020 December 31, 2019 Performing TDRs (these are not included in nonperforming loans ("NPLs")) $7,215 $8,012 Nonperforming TDRs (these are included in NPLs) 4,648 4,512 Total TDRs (these are included in impaired loans) 11,863 12,524 Impaired loans that are not TDRs 19,132 13,616 Total impaired loans, excluding PCD loans $30,995 $26,140 Impaired PCD loans 22,776 — Total impaired loans $53,771 $26,140 |
Troubled Debt Restructured Loans by Loans Type | TDRs as of March 31, 2020 and December 31, 2019 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 March 31, 2020 Real estate loans: Residential $4,660 $813 $5,473 Commercial 1,290 — 1,290 Land, development, construction 46 470 516 Total real estate loans 5,996 1,283 7,279 Commercial and industrial 1,085 3,365 4,450 Consumer and other 134 — 134 Total TDRs $7,215 $4,648 $11,863 Accruing Non-Accrual Total As of December 31, 2019 Real estate loans: Residential $4,862 $1,147 $6,009 Commercial 1,706 — 1,706 Land, development, construction 175 — 175 Total real estate loans 6,743 1,147 7,890 Commercial and industrial 1,146 3,365 4,511 Consumer and other 123 — 123 Total TDRs $8,012 $4,512 $12,524 |
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 March 31, 2020 and 2019. Period ending Period ending March 31, 2020 March 31, 2019 Number Recorded Number Recorded of loans investment of loans investment Residential 1 $169 — $ — Commercial real estate 1 267 — — Land, development, construction — — — — Commercial and industrial 1 61 1 122 Consumer and other — — — — Total 3 $497 1 $122 |
Summary of Loans Individually Evaluated for Impairment by Class of Loans | The following tables present non-PCD loans individually evaluated for impairment by class of loans as March 31, 2020 and December 31, 2019. The recorded investment is less than the unpaid principal balance due to partial charge-offs. Unpaid principal balance Recorded investment Allowance for credit losses allocated As of March 31, 2020 With no related allowance recorded: Residential real estate $2,822 $2,669 $ — Commercial real estate 16,470 15,003 — Land, development, construction 755 725 — Commercial and industrial 3,737 3,424 — Consumer, other 110 109 — With an allowance recorded: Residential real estate 2,126 1,990 322 Commercial real estate 3,175 3,142 280 Land, development, construction 56 56 4 Commercial and industrial 3,922 3,852 1,314 Consumer, other 30 25 — Total $33,203 $30,995 $1,920 Unpaid principal balance Recorded investment Allowance for loan losses allocated As of December 31, 2019 With no related allowance recorded: Residential real estate $2,894 $2,744 $ — Commercial real estate 11,031 10,015 — Land, development, construction 886 865 — Commercial and industrial 5,522 4,820 — Consumer, other 99 98 — With an allowance recorded: Residential real estate 3,920 3,731 588 Commercial real estate 1,438 1,430 375 Land, development, construction — — — Commercial and industrial 2,486 2,412 914 Consumer, other 31 25 1 Total $28,307 $26,140 $1,878 The following tables present PCD loans, accounted for pursuant to ASC Topic 326, individually evaluated for impairment by class of loans as of March 31, 2020. The recorded investment is less than the unpaid principal balance due to partial charge-offs and non-credit discounts. In addition, the interest income recognized during impairment excludes interest accretion recognized during the current reporting period. Unpaid principal balance Recorded investment Allowance for credit losses allocated As of March 31, 2020, PCD loans With no related allowance recorded: Residential real estate $ — $ — $ — Commercial real estate — — — Land, development, construction — — — Commercial and industrial — — — Consumer, other — — — With an allowance recorded: Residential real estate — — — Commercial real estate 35,999 19,611 9,917 Land, development, construction — — — Commercial and industrial 4,745 3,165 2,398 Consumer, other — — — Total $40,744 $22,776 $12,315 |
Summary of Impairment by Class of Loans | Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2020 Real estate loans: Residential $5,567 $37 $ — Commercial 14,795 31 — Land, development, construction 823 2 — Total real estate loans 21,185 70 — Commercial and industrial 7,254 18 — Consumer and other loans 129 2 — Total $28,568 $90 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2019 Real estate loans: Residential $5,945 $62 $ — Commercial 7,787 25 — Land, development, construction 117 1 — Total real estate loans 13,849 88 — Commercial and industrial 2,600 12 — Consumer and other loans 140 2 — Total $16,589 $102 $ — Average of impaired loans Interest income recognized during impairment Cash basis interest income recognized Three-month ended March 31, 2020, PCD loans Real estate loans: Residential $ — $ — $ — Commercial 20,128 125 — Land, development, construction — — — Total real estate loans 20,128 125 — Commercial and industrial 3,593 23 — Consumer and other loans — — — Total $23,721 $148 $ — |
Summary of Nonperforming Loans | Nonperforming loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All loans greater than 90 days past due are placed on non-accrual status, excluding factored receivables. For CBI’s factored receivables, which are commercial trade credits rather than promissory notes, the Company’s practice, in most cases, is to charge-off unpaid recourse receivables when they become 90 days past due from the invoice due date and the non-recourse receivables when they become 120 days past due from the statement billing date. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual PCD loans in its nonperforming loans. As such the nonperforming loans as of March 31, 2020 include PCD loans accounted for pursuant to ASC 326 as these loans are individually evaluated. The nonperforming loans do not include PCD (formerly PCI) loans as of December 31, 2019, as the PCD loans prior to adopting ASC Topic 326 were evaluated on a pool level basis. Nonperforming loans were as follows: March 31, 2020 December 31, 2019 Non-accrual loans, non-PCD $45,305 $36,916 Non-accrual loans, PCD 33,893 — Loans past due over 90 days and still accruing interest 535 1,692 Total nonperforming loans $79,733 $38,608 |
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 March 31, 2020 and December 31, 2019. Effective January 1, 2020 with the adoption of ASC Topic 326, the Company began including non-accrual PCD loans in its nonperforming loans. As such the nonperforming loans as of March 31, 2020 below include PCD loans accounted for pursuant to ASC 326 but does not include PCD (formerly PCI) loans in non-performing loans as of December 31, 2019. Non-accrual with no allocated allowance for credit losses Non-accrual with allocated allowance for credit losses Loans past due over 90 days still accruing As of March 31, 2020 Non-PCD loans: Residential real estate $11,537 $926 $ — Commercial real estate 18,386 2,264 — Land, development, construction 2,107 470 — Comm., industrial & factored receivables 5,713 2,869 535 Consumer, other 1,033 — — Total $38,776 $6,529 $535 Non-accrual with no allocated allowance for credit losses Non-accrual with allocated allowance for credit losses Loans past due over 90 days still accruing As of March 31, 2020 PCD loans: Residential real estate $ 8,847 $— $ — Commercial real estate 10,722 9,609 — Land, development, construction 1,334 — — Comm., industrial & factored receivables 1,396 1,969 — Consumer, other 16 — — Total $ 22,315 $11,578 $ — Non-accrual Loans past due over 90 days still accruing As of December 31, 2019 Non-PCD loans: Residential real estate $13,455 $ — Commercial real estate 12,141 — Land, development, construction 2,516 — Commercial and industrial 7,884 1,692 Consumer, other 920 — Total $36,916 $1,692 Collateral dependent loans: Collateral dependent loans are impaired loans where repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment. They are written down to the lower of cost or collateral value less estimated selling costs. As of March 31, 2020, there were $19,611 of collateral-dependent loans which are secured by real-estate. |
Summary Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due non-PCD loans as of March 31, 2020 and December 31, 2019: Accruing Loans As of March 31, 2020 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 $2,537,240 $17,555 $910 $ — $18,465 $2,506,312 $12,463 Commercial real estate 6,391,975 10,802 7,147 — 17,949 6,353,376 20,650 Land, development, construction 929,014 4,757 74 — 4,831 921,606 2,577 Comm., industrial & factored receivables 1,778,526 15,859 2,043 535 18,437 1,751,507 8,582 Consumer 235,200 1,870 377 — 2,247 231,920 1,033 $11,871,955 $50,843 $10,551 $535 $61,929 $11,764,721 $45,305 Accruing Loans As of December 31, 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 $2,512,544 $7,601 $5,928 $ — $13,529 $2,485,560 $13,455 Commercial real estate 6,325,108 7,554 2,577 — 10,131 6,302,836 12,141 Land, development, construction 999,923 1,343 2,349 — 3,692 993,715 2,516 Comm., industrial & factored receivables 1,759,074 14,924 12,465 1,692 29,081 1,722,109 7,884 Consumer 247,307 1,663 907 — 2,570 243,817 920 $11,843,956 $33,085 $24,226 $1,692 $59,003 $11,748,037 $36,916 The following table presents the aging of the recorded investment in past due PCD loans as of March 31, 2020: Accruing Loans As of March 31, 2020 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 $42,779 $782 $ — $ — $782 $33,150 $8,847 Commercial real estate 92,281 870 — — 870 71,080 20,331 Land, development, construction 5,447 12 35 — 47 4,066 1,334 Comm., industrial & factored receivables 9,756 1,049 168 — 1,217 5,174 3,365 Consumer 59 3 — — 3 40 16 $150,322 $2,716 $203 $ — $2,919 $113,510 $33,893 |
Analysis of Risk Category of Loan by Class of Loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Effective January 1, 2020, the Company began accounting for PCD loans pursuant to ASC Topic 326. Previously, PCD (formerly PCI) loans were accounted for pursuant to ASC Topic 310-30. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential Non-PCD: Risk rating Pass $96,916 $331,772 $340,612 $235,228 $191,581 $626,533 $659,493 $2,482,135 Special mention — — 272 1,258 3,182 21,568 3,414 29,694 Substandard — 19 1,893 1,642 1,200 16,183 4,474 25,411 Total residential loans $96,916 $331,791 $342,777 $238,128 $195,963 $664,284 $667,381 $2,537,240 Commercial Non-PCD: Risk rating Pass $231,694 $1,068,021 $1,013,588 $908,262 $827,344 $2,162,917 $ — $6,211,826 Special mention 555 6,378 3,801 16,580 13,985 79,175 — 120,474 Substandard — 439 1,111 9,406 10,942 37,777 — 59,675 Total commercial loans $232,249 $1,074,838 $1,018,500 $934,248 $852,271 $2,279,869 $ — $6,391,975 Land, Dev., Construction Non-PCD: Risk rating Pass $55,460 $414,429 $218,397 $84,358 $51,453 $93,530 $ — $917,627 Special mention — 184 626 584 — 6,042 — 7,436 Substandard — 348 274 154 919 2,256 — 3,951 Total land, dev., construction loans $55,460 $414,961 $219,297 $85,096 $52,372 $101,828 $ — $929,014 Commercial & Industrial Non-PCD: Risk rating Pass $113,652 $334,843 $382,869 $287,342 $161,970 $449,985 $ — $1,730,661 Special mention — — 75 3,026 2,264 25,662 — 31,027 Substandard 98 995 5,212 5,480 3,020 2,033 — 16,838 Total commercial & industrial loans $113,750 $335,838 $388,156 $295,848 $167,254 $477,680 $ — $1,778,526 Consumer & Other Non-PCD: Risk rating Pass $20,977 $65,488 $42,744 $25,046 $29,300 $23,642 $26,498 $233,695 Special mention — — — 5 33 108 — 146 Substandard — 141 106 137 670 267 38 1,359 Total consumer & other loans $20,977 $65,629 $42,850 $25,188 $30,003 $24,017 $26,536 $235,200 Total, non-PCD loans $ 519,352 $ 2,223,057 $ 2,011,580 $ 1,578,508 $ 1,297,863 $ 3,547,678 $ 693,917 $ 11,871,955 Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential PCD: Risk rating Pass $ — $ — $ — $ — $268 $14,814 $3,695 $18,777 Special mention — — — — — 3,849 224 4,073 Substandard — 98 — 3 500 16,945 2,383 19,929 Total residential loans $ — $98 $ — $3 $768 $35,608 $6,302 $42,779 Commercial PCD: Risk rating Pass $ — $ — $ — $ — $ — $25,820 $ — $25,820 Special mention — — — — — 10,792 — 10,792 Substandard — 1,807 — 2,801 678 50,383 — 55,669 Total commercial loans $ — $1,807 $ — $2,801 $678 $86,995 $ — $92,281 Land, Dev., Construction PCD: Risk rating Pass $ — $ — $ — $ — $ — $1,810 $ — $1,810 Special mention — — — — — 630 — 630 Substandard — — 188 — 121 2,698 — 3,007 Total land, dev., construction loans $ — $ — $188 $ — $121 $5,138 $ — $5,447 Commercial & Industrial PCD: Risk rating Pass $ — $ — $15 $ — $ — $1,398 $ — $1,413 Special mention — — — — — 405 — 405 Substandard — — 48 1,123 1,286 5,481 — 7,938 Total commercial & industrial loans $ — $ — $63 $1,123 $1,286 $7,284 $ — $9,756 Consumer & Other PCD: Risk rating Pass $ — $ — $ — $ — $ — $30 $3 $33 Special mention — — — — — — — — Substandard — — — 1 — 25 — 26 Total consumer & other loans $ — $ — $ — $1 $ — $55 $3 $59 Total, PCD loans $ — $1,905 $251 $3,928 $2,853 $135,080 $6,305 $150,322 |
Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans | As of December 31, 2019, the risk category of loans by class of loans, excluding purchased credit deteriorated loans, is presented below. As of December 31, 2019 Loan Category Pass Special Mention Substandard Doubtful Residential real estate $2,455,752 $31,189 $25,603 $ — Commercial real estate 6,151,309 118,412 55,387 — Land, development, construction 989,860 6,418 3,645 — Comm., industrial & factored receivables 1,705,862 35,070 18,142 — Consumer 245,905 160 1,242 — Total $11,548,688 $191,249 $104,019 $ — |
Performance of the Loan Portfolio and its Impact on the Allowance for Credit Losses | The Company considers the performance of the loan portfolio and its impact on the allowance for credit 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. Term Loans Amortized Cost Basis by Origination Year Loan Category 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost Total As of March 31, 2020 Residential Non-PCD: Performing $96,916 $331,639 $342,340 $236,663 $195,436 $657,475 $664,308 $2,524,777 Nonperforming — 152 437 1,465 527 6,809 3,073 12,463 Total residential loans $96,916 $331,791 $342,777 $238,128 $195,963 $664,284 $667,381 $2,537,240 Consumer & Other Non-PCD: Performing $20,977 $65,599 $42,794 $25,055 $29,469 $23,750 $26,523 $234,167 Nonperforming — 30 56 133 534 267 13 1,033 Total consumer & other loans $20,977 $65,629 $42,850 $25,188 $30,003 $24,017 $26,536 $235,200 As of March 31, 2020 Residential PCD: Performing $ — $98 $ — $ — $471 $27,984 $5,379 $33,932 Nonperforming — — — 3 297 7,624 923 8,847 Total residential loans $ — $98 $ — $3 $768 $35,608 $6,302 $42,779 Consumer & Other PCD: Performing $ — $ — $ — $1 $ — $39 $3 $43 Nonperforming — — — — — 16 — 16 Total consumer & other loans $ — $ — $ — $1 $ — $55 $3 $59 As of December 31, 2019 Residential Consumer Performing $2,499,089 $246,387 Nonperforming 13,455 920 Total $2,512,544 $247,307 |
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 December 31, 2019. Contractually required principal and interest payments were adjusted for estimated prepayments. December 31, 2019 Contractually required principal and interest $244,189 Non-accretable difference (46,271) Cash flows expected to be collected 197,918 Accretable yield (62,450) Carrying value of acquired loans 135,468 Allowance for credit losses (226) Carrying value less allowance for credit losses $135,242 |
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-month period ending March 31, 2019. Activity during the Effect of income all other three-month period ending March 31, 2019 December 31, 2018 acquisitions accretion adjustments March 31, 2019 Contractually required principal and interest $267,815 $ — $ — $(19,572) $248,243 Non-accretable difference (38,602) — — 9,737 (28,865) Cash flows expected to be collected 229,213 — — (9,835) 219,378 Accretable yield (70,242) — 10,140 (9,820) (69,922) Carry value of acquired loans $158,971 $ — $10,140 $(19,655) $149,456 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreement to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking And Thrift [Abstract] | |
Summary of Repurchase Agreement | The following table provides additional details for the periods presented. MBS Municipal As of March 31, 2020 securities securities Total Market value of securities pledged $112,973 $453 $113,426 Borrowings related to pledged amounts 81,520 216 81,736 Market value pledged as a % of borrowings 139% 209% 139% As of December 31, 2019 Market value of securities pledged $130,942 $451 $131,394 Borrowings related to pledged amounts 92,953 188 93,141 Market value pledged as a % of borrowings 141% 240% 141% |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Pro-Forma Financial Information of Acquisition | Pro-forma data for the three-month period ending March 31, 2019 listed in the table below presents pro-forma information as if the NCOM acquisitions occurred at the beginning of 2019. Three-month ended March 31, 2019 Net interest income $163,968 Net income available to common shareholders $65,178 EPS - basic $0.50 EPS - diluted $0.50 |
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 1,581 Core deposit intangible 39,900 Goodwill 401,537 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) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 Notional amount $12,408,888 $10,596,427 Weighted average pay rate on interest-rate swaps 2.70% 3.20% Weighted average receive rate on interest rate swaps 2.70% 3.20% Weighted average maturity (years) 11 11 Fair value of interest rate swap derivatives (asset) $831,891 $273,068 Fair value of interest rate swap derivatives (liability) $833,977 $274,216 |
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 March 31, 2020: March 31, 2020 Notional amount $150,000 Fair value of interest rate swap derivatives (asset) — Fair value of interest rate swap derivatives (liability) 8,474 |
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 three-month period ended March 31, 2020: March 31, 2020 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 $(5,740) $ — Interest expense: Federal funds purchased and other borrowings |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lessee Leases | Three-month periods ended March 31, 2020 March 31, 2019 Amortization of ROU Assets - Finance Leases $55 $38 Interest on Lease Liabilities - Finance Leases 72 50 Operating Lease Cost (Cost resulting from lease payments) 2,141 1,287 Short-term Lease Cost 1 — Variable Lease Cost (Cost excluded from lease payments) 296 235 Total Lease Cost $2,565 $1,610 Finance Lease - Operating Cash Flows 65 57 Finance Lease - Financing Cash Flows 78 91 Operating Lease - Operating Cash Flows (Fixed Payments) 2,191 1,241 Operating Lease - Operating Cash Flows (Liability Reduction) 3,974 1,181 New ROU Assets - Operating Leases 4,749 21,351 Weighted Average Lease Term (Years) - Finance Leases 10.64 19.22 Weighted Average Lease Term (Years) - Operating Leases 6.59 7.65 Weighted Average Discount Rate - Finance Leases 5.83% 5.95% Weighted Average Discount Rate - Operating Leases 3.25% 3.65% |
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 March 31, 2020 is as follows: March 31, 2020 Operating lease payments due: Within one year $8,380 After one but within two years 7,165 After two but within three years 5,667 After three but within four years 4,823 After four years but within five years 3,932 After five years 9,401 Total undiscounted cash flows 39,368 Discount on cash flows (4,200) Total operating lease liabilities $35,168 |
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, 2019: December 31, 2019 Operating lease payments due: Within one year $7,577 After one but within two years 6,693 After two but within three years 5,358 After three but within four years 4,419 After four years but within five years 3,723 After five years 11,410 Total undiscounted cash flows 39,180 Discount on cash flows (4,695) Total operating lease liabilities $34,485 |
Schedule of Lessor Leases | Three-month periods ended March 31, 2020 March 31, 2019 Operating Lease Income from Lease Payments $476 $212 Direct Financing Lease Income 25 173 Total Lease Income $501 $385 Net Investment in Direct Financing Leases $1,167 $15,785 Unguaranteed Residual Assets — — Deferred Selling Profit on Direct Financing Leases — — Maturity Analysis of Operating Lease Receivables 0 - 12 Months $2,089 $962 13 - 24 Months 1,609 551 25 - 36 Months 710 341 37 - 48 Months 124 166 48 - 60 Months — 6 Over 60 Months — — Maturity Analysis of Finance Lease Receivables 0 - 12 Months $912 $1,392 13 - 24 Months 251 1,841 25 - 36 Months — 1,618 37 - 48 Months — 1,356 48 - 60 Months — 1,355 Over 60 Months — 12,543 |
Recently Issued Accounting St_3
Recently Issued Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Schedule of Impact of ASC 326 | The following table illustrates the impact of ASC 326. January 1, 2020 As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Assets: Allowance for credit losses on debt securities held to maturity Mortgage-backed $ — $ — $ — Municipal 10 — 10 Loans non-PCD Residential $15,669 $4,257 $11,412 Commercial 54,148 18,552 35,596 Construction & land development 9,251 2,319 6,932 Comm., industrial & factored receivables 14,277 11,282 2,995 Consumer & other 4,688 4,019 669 Loans PCD Residential $3,021 $ — $3,021 Commercial 11,966 — 11,966 Construction & land development 256 177 79 Commercial & industrial 1,924 — 1,924 Factored commercial receivables — — — Consumer & other 63 49 14 Liabilities: Allowance for credit losses on OBS exposures $6,084 $ — $6,084 |
Common Stock Outstanding and _3
Common Stock Outstanding and Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Anti dilutive stock options | 0 | 0 |
Common Stock Outstanding and _4
Common Stock Outstanding and Earnings Per Share Data - Factors Used in Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Basic | |||
Net income available to common shareholders | $ 35,432 | $ 44,643 | |
Less: Earnings allocated to participating securities | (8) | (23) | |
Net income allocated to common shareholders | $ 35,424 | $ 44,620 | |
Weighted average common shares outstanding including participating securities | 124,831,232 | 95,790,456 | |
Less: Participating securities | [1] | (32,500) | (49,600) |
Average shares | [2] | 124,798,732 | 95,740,856 |
Basic earnings per common share | $ 0.28 | $ 0.47 | |
Diluted | |||
Net income available to common shareholders | $ 35,424 | $ 44,620 | |
Weighted average common shares outstanding for basic earnings per common share | [2] | 124,798,732 | 95,740,856 |
Add: Dilutive effects of stock based compensation awards | 542,495 | 759,884 | |
Average shares and dilutive potential common shares | [2] | 125,341,227 | 96,500,740 |
Diluted earnings per common share | $ 0.28 | $ 0.46 | |
[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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Provision for loan loss expense on impaired loans | $ 44,914 | $ 1,053 | |
Repossessed real estate owned valuation write down | 95 | 108 | |
Impairment on bank property held for sale | 31 | 107 | |
Non-PCD Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Impaired loans with allocated allowance for loan losses | 22,169 | $ 18,556 | |
Impaired valuation allowance | 1,789 | $ 1,708 | |
Provision for loan loss expense on impaired loans | 911 | $ 1,124 | |
PCD Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Impaired loans with allocated allowance for loan losses | 22,776 | ||
Impaired valuation allowance | 12,316 | ||
Provision for loan loss expense on impaired loans | $ 2,870 | ||
Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Capitalization rates to determine fair value of collateral | 5.00% | ||
Minimum [Member] | Interest Rate Lock Commitments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value of servicing rights expected to be recorded upon estimated gain on sale of loan, percentage | (1.45%) | (2.41%) | |
Fair value of servicing rights expected to be recorded upon estimated cost to originate rate, percentage | 0.70% | 0.70% | |
Fair value of servicing rights expected to be recorded upon pull through rate, percentage | 47.00% | 58.00% | |
Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Capitalization rates to determine fair value of collateral | 13.00% | ||
Maximum [Member] | Interest Rate Lock Commitments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value of servicing rights expected to be recorded upon estimated gain on sale of loan, percentage | 9.34% | 8.21% | |
Fair value of servicing rights expected to be recorded upon estimated cost to originate rate, percentage | 0.89% | 0.89% | |
Fair value of servicing rights expected to be recorded upon pull through rate, percentage | 100.00% | 100.00% | |
Weighted Average | Interest Rate Lock Commitments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value of servicing rights expected to be recorded upon estimated gain on sale of loan, percentage | 3.19% | 2.54% | |
Fair value of servicing rights expected to be recorded upon estimated cost to originate rate, percentage | 0.82% | 0.82% | |
Fair value of servicing rights expected to be recorded upon pull through rate, percentage | 85.19% | 89.00% |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Trading securities, at fair value | $ 8,432 | $ 4,987 |
Available for sale debt securities | 2,138,442 | 1,886,724 |
Mortgage servicing assets, carrying amount | 1,038 | 1,332 |
Mortgage banking derivatives, carrying amount assets | 6,436 | 1,761 |
Interest rate swap derivatives, carrying amount assets | 831,891 | 273,068 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 6,126 | 305 |
Interest rate swap derivatives, carrying amount liability | 842,451 | 275,033 |
Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 1,787,846 | 1,767,242 |
Municipal Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 96,883 | 93,895 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 8,432 | 4,987 |
Available for sale debt securities | 2,138,442 | 1,886,724 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | ||
Assets: | ||
Trading securities, at fair value | 8,432 | 4,987 |
Loans held for sale | 188,316 | 142,801 |
Mortgage servicing assets, carrying amount | 1,038 | 1,332 |
Mortgage banking derivatives, carrying amount assets | 6,436 | 1,761 |
Interest rate swap derivatives, carrying amount assets | 831,891 | 273,068 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 6,126 | 305 |
Interest rate swap derivatives, carrying amount liability | 842,451 | 275,033 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 5,757 | 5,657 |
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 | 147,959 | 19,930 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 1,787,846 | 1,767,242 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 96,883 | 93,895 |
Fair Value Measurements on Recurring [Member] | Carrying value [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Available for sale debt securities | 99,997 | |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Trading securities, at fair value | 8,432 | 4,987 |
Loans held for sale | 188,316 | 142,801 |
Mortgage servicing assets, carrying amount | 1,038 | 1,332 |
Mortgage banking derivatives, carrying amount assets | 57 | 14 |
Interest rate swap derivatives, carrying amount assets | 831,891 | 273,068 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | 6,032 | 288 |
Interest rate swap derivatives, carrying amount liability | 842,451 | 275,033 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 5,757 | 5,657 |
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 | 147,959 | 19,930 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 1,787,846 | 1,767,242 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Assets: | ||
Available for sale debt securities | 96,883 | 93,895 |
Fair Value Measurements on Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Available for sale debt securities | 99,997 | |
Fair Value Measurements on Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Mortgage banking derivatives, carrying amount assets | 6,379 | 1,747 |
Liabilities: | ||
Mortgage banking derivatives, carrying amount liability | $ 94 | $ 17 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | $ 2,213 | |
Impaired loans on Commercial real estate at Carrying value | 8,177 | |
Impaired loans on Land, land development and construction at Carrying value | 847 | |
Impaired loans on Commercial at Carrying value | 5,564 | |
Impaired loans on Consumer at Carrying value | 47 | |
Other real estate owned on Residential real estate at Carrying value | $ 363 | |
Other real estate owned on Commercial real estate at Carrying value | 2,129 | 2,129 |
Other real estate owned on Land, land development and construction at Carrying value | 289 | 340 |
Bank owned real estate held for sale | 2,834 | 4,160 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | 2,213 | |
Impaired loans on Commercial real estate at Carrying value | 8,177 | |
Impaired loans on Land, land development and construction at Carrying value | 847 | |
Impaired loans on Commercial at Carrying value | 5,564 | |
Impaired loans on Consumer at Carrying value | 47 | |
Other real estate owned on Residential real estate at Carrying value | 363 | |
Other real estate owned on Commercial real estate at Carrying value | 2,129 | 2,129 |
Other real estate owned on Land, land development and construction at Carrying value | 289 | 340 |
Bank owned real estate held for sale | 2,834 | $ 4,160 |
Non PCD [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | 1,916 | |
Impaired loans on Commercial real estate at Carrying value | 12,748 | |
Impaired loans on Land, land development and construction at Carrying value | 725 | |
Impaired loans on Commercial at Carrying value | 4,944 | |
Impaired loans on Consumer at Carrying value | 47 | |
Non PCD [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Residential real estate at Carrying value | 1,916 | |
Impaired loans on Commercial real estate at Carrying value | 12,748 | |
Impaired loans on Land, land development and construction at Carrying value | 725 | |
Impaired loans on Commercial at Carrying value | 4,944 | |
Impaired loans on Consumer at Carrying value | 47 | |
PCD [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Commercial real estate at Carrying value | 9,694 | |
Impaired loans on Commercial at Carrying value | 766 | |
PCD [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans on Commercial real estate at Carrying value | 9,694 | |
Impaired loans on Commercial at Carrying value | $ 766 |
Fair Value - Quantitative infor
Fair Value - Quantitative information about Level 3 fair value measurements (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loan, net | $ 12,008,094 | $ 11,925,693 |
Probality of default [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Probability of default (PD) | |
Probality of default [Member] | Performing Financing Receivable [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Probability of default (PD) | |
Probality of default [Member] | Nonperforming Financing Receivable [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Loss given default (LGD) | |
Loss Given Default [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Prepayment rate | Loss given default (LGD) |
Prepayment rate [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Prepayment rate | |
Prepayment rate [Member] | Performing Financing Receivable [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Discount rate | |
Measurement Input Discount Rate [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Unobservable | Discount rate |
Minimum [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Probability of default | 0.51% | 1.04% |
Loss given default | 0.00% | 6.44% |
Prepayment rate | 0.00% | 10.00% |
Lessee, Operating Lease, Discount Rate | 3.03% | 1.48% |
Maximum [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Probability of default | 100.00% | 2.79% |
Loss given default | 100.00% | 46.26% |
Prepayment rate | 34.47% | 34.47% |
Lessee, Operating Lease, Discount Rate | 8.28% | 2.39% |
Weighted Average | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Probability of default | 1.43% | |
Loss given default | 17.95% | |
Prepayment rate | 20.76% | |
Lessee, Operating Lease, Discount Rate | 4.50% | |
Median | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Probability of default | 1.83% | |
Loss given default | 22.02% | |
Prepayment rate | 19.19% | |
Lessee, Operating Lease, Discount Rate | 1.62% | |
Discounted cash flow [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Quantitative information about Level 3 fair value measurements | Discounted cash flow | Discounted cash flow |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||||
Cash and cash equivalents | $ 1,146,691 | $ 490,058 | ||
Trading securities, at fair value | 8,432 | 4,987 | ||
Available for sale debt securities, at fair value | 2,138,442 | 1,886,724 | ||
Held to maturity debt securities, carrying amount | 195,948 | 202,903 | ||
Loans held for sale, at fair value | 188,316 | 142,801 | $ 49,474 | $ 40,399 |
Loans, net, carrying amount | 11,868,498 | 11,943,288 | ||
Mortgage servicing assets, carrying amount | 1,038 | 1,332 | ||
Mortgage banking derivatives, carrying amount assets | 6,436 | 1,761 | ||
Interest rate swap derivatives, carrying amount assets | 831,891 | 273,068 | ||
Accrued interest receivable, carrying amount | 43,382 | 40,945 | ||
Cash and cash equivalents, fair value | 1,146,691 | 490,058 | ||
Held to maturity debt securities, at fair value | 205,458 | 208,852 | ||
Loans held for sale (see Note 6) | 188,316 | 142,801 | $ 49,474 | $ 40,399 |
Loans, net, fair value | 12,008,094 | 11,925,693 | ||
Mortgage servicing assets, at fair value | 1,038 | 1,332 | ||
Mortgage banking derivatives, assets fair value | 6,436 | 1,761 | ||
Interest rate swap derivatives, assets fair value | 831,891 | 273,068 | ||
Accrued interest receivable, fair value | 43,382 | 40,945 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, carrying amount | 11,228,116 | 10,879,837 | ||
Deposits- with stated maturities, carrying amount | 2,893,383 | 2,256,555 | ||
Securities sold under agreement to repurchase | 81,736 | 93,141 | ||
Federal funds purchased and other borrowings, carrying amount | 466,433 | 540,193 | ||
Corporate and subordinated debentures | 71,356 | 71,343 | ||
Mortgage banking derivatives, carrying amount liability | 6,126 | 305 | ||
Interest rate swap derivatives, carrying amount | 842,451 | 275,033 | ||
Accrued interest payable, carrying amount | 4,334 | 3,998 | ||
Deposits- without stated maturities, fair value | 11,228,116 | 10,879,837 | ||
Deposits- with stated maturities, fair value | 2,918,615 | 2,271,497 | ||
Securities sold under agreement to repurchase, fair value | 81,736 | 93,141 | ||
Federal funds purchased and other borrowings, fair value | 466,433 | 540,193 | ||
Corporate and subordinated debentures | 66,669 | 66,964 | ||
Mortgage banking derivatives, liability fair value | 6,126 | 305 | ||
Interest rate swap derivatives, fair value | 842,451 | 275,033 | ||
Accrued interest payable, fair value | 4,334 | 3,998 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents, fair value | 1,146,691 | 490,058 | ||
Financial liabilities: | ||||
Deposits- without stated maturities, fair value | 11,228,116 | 10,879,837 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Trading securities, at fair value | 8,432 | 4,987 | ||
Available for sale debt securities, at fair value | 2,138,442 | 1,886,724 | ||
Loans held for sale, at fair value | 188,316 | 142,801 | ||
Held to maturity debt securities, at fair value | 205,458 | 208,852 | ||
Loans held for sale (see Note 6) | 188,316 | 142,801 | ||
Mortgage servicing assets, at fair value | 1,038 | 1,332 | ||
Mortgage banking derivatives, assets fair value | 57 | 14 | ||
Interest rate swap derivatives, assets fair value | 831,891 | 273,068 | ||
Accrued interest receivable, fair value | 7,594 | 7,547 | ||
Financial liabilities: | ||||
Deposits- with stated maturities, fair value | 2,918,615 | 2,271,497 | ||
Securities sold under agreement to repurchase, fair value | 81,736 | 93,141 | ||
Federal funds purchased and other borrowings, fair value | 466,433 | 540,193 | ||
Mortgage banking derivatives, liability fair value | 6,032 | 288 | ||
Interest rate swap derivatives, fair value | 842,451 | 275,033 | ||
Accrued interest payable, fair value | 4,334 | 3,998 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Loans, net, fair value | 12,008,094 | 11,925,693 | ||
Mortgage banking derivatives, assets fair value | 6,379 | 1,747 | ||
Accrued interest receivable, fair value | 35,788 | 33,398 | ||
Financial liabilities: | ||||
Corporate and subordinated debentures | 66,669 | 66,964 | ||
Mortgage banking derivatives, liability fair value | $ 94 | $ 17 |
Reportable Segments - Reconcili
Reportable Segments - Reconciliation of Reportable Segment Revenues, Expenses and Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 176,759 | $ 132,282 | |
Interest expense | (23,406) | (18,107) | |
Net interest income | 153,353 | 114,175 | |
Provision for credit losses | (44,914) | (1,053) | |
Non-interest income | 55,790 | 29,300 | |
Non-interest expense | (122,772) | (84,473) | |
Net income (loss) before taxes | 41,457 | 57,949 | |
Income tax (provision) benefit | (6,025) | (13,306) | |
Net income (loss) | 35,432 | 44,643 | |
Total assets | 18,596,292 | 12,587,637 | $ 17,142,025 |
Operating Segments [Member] | Commercial and Retail Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 173,702 | 127,832 | |
Interest expense | (20,434) | (14,851) | |
Net interest income | 153,268 | 112,981 | |
Provision for credit losses | (45,156) | (1,015) | |
Non-interest income | 27,981 | 20,300 | |
Non-interest expense | (108,373) | (77,581) | |
Net income (loss) before taxes | 27,720 | 54,685 | |
Income tax (provision) benefit | (3,487) | (12,690) | |
Net income (loss) | 24,233 | 41,995 | |
Total assets | 17,954,442 | 11,939,930 | |
Operating Segments [Member] | Correspondent Banking And Capital Markets Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 3,057 | 4,450 | |
Interest expense | (1,664) | (2,549) | |
Net interest income | 1,393 | 1,901 | |
Provision for credit losses | 242 | (38) | |
Non-interest income | 27,809 | 9,000 | |
Non-interest expense | (12,503) | (5,713) | |
Net income (loss) before taxes | 16,941 | 5,150 | |
Income tax (provision) benefit | (4,241) | (1,305) | |
Net income (loss) | 12,700 | 3,845 | |
Total assets | 641,599 | 647,046 | |
Corporate Overhead and Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | (1,308) | (707) | |
Net interest income | (1,308) | (707) | |
Non-interest expense | (1,896) | (1,179) | |
Net income (loss) before taxes | (3,204) | (1,886) | |
Income tax (provision) benefit | 1,703 | 689 | |
Net income (loss) | (1,501) | (1,197) | |
Total assets | 3,005,931 | 2,073,703 | |
Elimination Entries [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (3,005,680) | $ (2,073,042) |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 2,054,744 | $ 1,856,026 |
Gross Unrealized Gains | 83,702 | 32,150 |
Gross Unrealized Losses | 4 | 1,452 |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | 2,138,442 | 1,886,724 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,711,738 | 1,742,221 |
Gross Unrealized Gains | 76,108 | 26,403 |
Gross Unrealized Losses | 0 | 1,382 |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | 1,787,846 | 1,767,242 |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 100,001 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 4 | |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | 99,997 | |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 90,162 | 88,301 |
Gross Unrealized Gains | 6,721 | 5,594 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | 96,883 | 93,895 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,504 | 5,504 |
Gross Unrealized Gains | 253 | 153 |
Gross Unrealized Losses | 0 | 0 |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | 5,757 | 5,657 |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 147,339 | 20,000 |
Gross Unrealized Gains | 620 | 0 |
Gross Unrealized Losses | 0 | 70 |
Allowance for Credit Losses | 0 | |
Available for sale debt securities, at fair value | $ 147,959 | $ 19,930 |
Investment Securities Availab_2
Investment Securities Available for Sale - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)Security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from available for sale debt securities sold | $ 0 | $ 66,486 | |
Tax provisions related to net realized gains | 0 | $ 4 | |
Securities estimated fair value | $ 1,403,169 | $ 1,195,664 | |
Debt Securities, Held-to-maturity, Restricted [Extensible List] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember | |
Securities to third party dealers | $ 605,100 | $ 361,127 | |
Percentage of AFS securities held by any one issuer as a percentage of stockholders' equity | 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% |
Investment Securities Availab_3
Investment Securities Available for Sale - Schedule of Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 0 | $ 66,486 |
Gross gains | 646 | |
Gross losses | $ 629 |
Investment Securities Availab_4
Investment Securities Available for Sale - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Investment securities available for sale, Due in one year or less, Fair Value | $ 102,204 |
Investment securities available for sale, Due after one year through five years, Fair Value | 131,668 |
Investment securities available for sale, Due after five years through ten years, Fair Value | 45,763 |
Investment securities available for sale, Due after ten years through thirty years, Fair Value | 70,961 |
Investment securities available for sale, Mortgage backed securities, Fair Value | 1,787,846 |
Fair value | 2,138,442 |
Investment securities available for sale, Due one year or less, Amortized Cost | 102,191 |
Investment securities available for sale, Due after one year through five years, Amortized Cost | 131,295 |
Investment securities available for sale, Due after five years through ten years, Amortized Cost | 44,017 |
Investment securities available for sale, Due after ten years through thirty years, Amortized Cost | 65,503 |
Investment securities available for sale, Mortgage backed securities, Amortized Cost | 1,711,738 |
Amortized Cost | $ 2,054,744 |
Investment Securities Availab_5
Investment Securities Available for Sale - Investments Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 100,097 | $ 145,179 |
Less than 12 months, Unrealized Losses | 4 | 458 |
12 months or more, Fair Value | 117,903 | |
12 months or more, Unrealized Losses | 994 | |
Total, Fair Value | 100,097 | 263,082 |
Total, Unrealized Losses | 4 | 1,452 |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 99,997 | |
Less than 12 months, Unrealized Losses | 4 | |
Total, Fair Value | 99,997 | |
Total, Unrealized Losses | 4 | |
Obligations of U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 19,930 | |
Less than 12 months, Unrealized Losses | 70 | |
Total, Fair Value | 19,930 | |
Total, Unrealized Losses | 70 | |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 100 | 125,249 |
Less than 12 months, Unrealized Losses | 388 | |
12 months or more, Fair Value | 117,903 | |
12 months or more, Unrealized Losses | 994 | |
Total, Fair Value | $ 100 | 243,152 |
Total, Unrealized Losses | $ 1,382 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 195,958 | $ 202,903 |
Gross Unrecognized Gains | 9,500 | 5,978 |
Gross Unrecognized Losses | 0 | 29 |
Held-to-maturity securities, fair value | 205,458 | 208,852 |
Allowance for Credit Losses | (10) | |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 67,841 | 71,560 |
Gross Unrecognized Gains | 2,317 | 456 |
Gross Unrecognized Losses | 0 | 29 |
Held-to-maturity securities, fair value | 70,158 | 71,987 |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 128,117 | 131,343 |
Gross Unrecognized Gains | 7,183 | 5,522 |
Gross Unrecognized Losses | 0 | 0 |
Held-to-maturity securities, fair value | 135,300 | 136,865 |
Allowance for Credit Losses | $ (10) | $ 0 |
Investment Securities Held to_2
Investment Securities Held to Maturity - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | Security | 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 | $ 130,281 | $ 100,582 |
Debt securities, available-for-sale, restriction type [extensible list] | us-gaap:CollateralPledgedMember | us-gaap:CollateralPledgedMember |
Held to maturity, allowance for credit losses | $ 10 | |
Provision for credit loss expense | $ 0 | |
Percentage of decrease in securities unrealized loss | 20.00% | |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities representing specified criteria | Security | 0 |
Investment Securities Held to_3
Investment Securities Held to Maturity - Fair Value and Amortized Cost of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity, Due after five years through ten years, Fair Value | $ 2,193 |
Held-to-maturity, Due after ten years through thirty years, Fair Value | 133,107 |
Held-to-maturity, Mortgage backed securities, Fair Value | 70,158 |
Held-to- maturity, Fair Value | 205,458 |
Held-to-maturity, Due after five years through ten years, Amortized Cost | 2,138 |
Held-to-maturity, Due after ten years through thirty years, Amortized Cost | 125,979 |
Held-to-maturity, Mortgage backed securities, Amortized Cost | 67,841 |
Held-to-maturity, Amortized Cost | $ 195,958 |
Investment Securities Held to_4
Investment Securities Held to Maturity - Investments Gross Unrecognized Losses and Fair Value (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
12 months or more, Fair Value | $ 8,445 |
12 months or more, Unrecognized Losses | 29 |
Total, Fair Value | 8,445 |
Total, Unrecognized Losses | 29 |
Mortgage Backed Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
12 months or more, Fair Value | 8,445 |
12 months or more, Unrecognized Losses | 29 |
Total, Fair Value | 8,445 |
Total, Unrecognized Losses | $ 29 |
Investment Securities Held to_5
Investment Securities Held to Maturity - Schedule of Allowance for Credit Losses on Held to Maturity Debt Investments (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Allowance for credit losses: | |
Impact of adopting ASC 326 | $ 74,608 |
Provision for credit loss expense | 0 |
Balance | 10 |
Municipal Securities [Member] | |
Allowance for credit losses: | |
Balance | 0 |
Impact of adopting ASC 326 | 10 |
Provision for credit loss expense | 0 |
Allowance on purchased financial assets with credit deterioration | 0 |
Securities charged off | 0 |
Recoveries | 0 |
Balance | $ 10 |
Investment Securities Held to_6
Investment Securities Held to Maturity - Schedule of Amortized Costs of Held to Maturity Debt Securities Aggregated by Credit Quality Indicator (Detail) $ in Thousands | Mar. 31, 2020USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | $ 195,958 | |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 67,841 | |
Mortgage Backed Securities [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 67,841 | [1] |
Municipal Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 128,117 | |
Municipal Securities [Member] | AAA/AA/A [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | 126,737 | |
Municipal Securities [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, amortized cost | $ 1,380 | [1] |
[1] | All unrated mortgage-backed securities are FNMA and GNMA. The federal backing of these securities result in negligible credit risk. |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Receivables Held For Sale [Abstract] | |||
Net gains from changes in estimated fair value of mortgage loans held for sale | $ 2,354,000 | $ 4,000 | |
Total unpaid principal balance of loans held for sale | 185,962,000 | $ 141,627,000 | |
Loans held for sale, past due | 0 | 0 | |
Loans held for sale, on nonaccrual | $ 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Receivables Held For Sale [Abstract] | ||
Beginning balance | $ 142,801 | $ 40,399 |
Loans originated | 423,622 | 134,752 |
Proceeds from sales | (391,242) | (129,657) |
Net change in fair value | 2,354 | 4 |
Net realized gain on sales | 10,781 | 3,976 |
Ending balance | $ 188,316 | $ 49,474 |
Loans Held for Sale - Summary_2
Loans Held for Sale - Summary of Components of Mortgage Banking Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loans Held For Sale [Line Items] | ||
Servicing fees and commissions | $ 83 | $ 93 |
Gain on sale of loans held for sale | 10,781 | 3,976 |
Net change in fair value | 2,354 | 4 |
(Loss) gain on mortgage derivatives | (1,147) | 557 |
Loss on mortgage hedge | (1,098) | (404) |
Loss on mortgage servicing assets | (33) | |
Mortgage Banking Revenue [Member] | ||
Loans Held For Sale [Line Items] | ||
Non interest income | $ 10,973 | $ 4,193 |
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 | Mar. 31, 2020 | Mar. 31, 2019 |
Loans Held For Sale [Line Items] | ||
Total derivative instruments | $ 887,675 | $ 234,917 |
Interest Rate Lock Commitments [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | 389,387 | 85,802 |
Best Efforts Forward Trades [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | 152,788 | 92,115 |
MBS Forward Trades [Member] | ||
Loans Held For Sale [Line Items] | ||
Total derivative instruments | $ 345,500 | $ 57,000 |
Loans - Summary of Information
Loans - Summary of Information Concerning Loan Portfolio by Collateral Types (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables with Imputed Interest [Line Items] | ||
Total loans excluding purchased credit deterioated loans | $ 11,876,909 | $ 11,848,475 |
Total PCD loans | 150,322 | 135,468 |
Total loans | 12,027,231 | 11,983,943 |
Allowance for credit losses for loans that are not PCD loans | (140,803) | (40,429) |
Net Loans | 11,868,498 | 11,943,288 |
Allowance for loan losses for loans that are not PCD loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 2,537,240 | 2,512,544 |
Real estate loans, Commercial | 6,391,975 | 6,325,108 |
Land, development and construction | 929,014 | 999,923 |
Total real estate | 9,858,229 | 9,837,575 |
Consumer and other loans | 235,200 | 247,307 |
Loans before unearned fees and deferred cost | 11,871,955 | 11,843,956 |
Net unearned fees and costs | 4,954 | 4,519 |
PCD [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Real estate loans, Residential | 42,779 | 45,795 |
Real estate loans, Commercial | 92,281 | 81,576 |
Land, development and construction | 5,447 | 4,655 |
Total real estate | 140,507 | 132,026 |
Consumer and other loans | 59 | 100 |
Commercial and industrial | 9,756 | 3,342 |
Allowance for credit losses for PCD loans | (17,930) | (226) |
Commercial Industrial and Factored Receivables [Member] | Allowance for loan losses for loans that are not PCD loans [Member] | ||
Receivables with Imputed Interest [Line Items] | ||
Commercial, industrial & factored receivables | $ 1,778,526 | $ 1,759,074 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $ 40,655 | $ 39,770 |
Impact of adopting ASC 326 | 74,608 | |
Loans charged-off | (3,607) | (1,447) |
Recoveries of loans previously charged-off | 2,163 | 676 |
Net (charge-offs) recoveries | (1,444) | (771) |
Provision for credit losses | 44,914 | 1,053 |
Balance at end of period | 158,733 | 40,052 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,257 | |
Balance at end of period | 23,083 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 18,552 | |
Balance at end of period | 103,629 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 2,496 | |
Balance at end of period | 14,439 | |
Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 11,282 | |
Balance at end of period | 13,649 | |
Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,068 | |
Balance at end of period | 3,933 | |
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 | 40,429 | 39,579 |
Impact of adopting ASC 326 | 57,604 | |
Loans charged-off | (2,350) | (1,447) |
Recoveries of loans previously charged-off | 1,201 | 676 |
Net (charge-offs) recoveries | (1,149) | (771) |
Provision for credit losses | 43,919 | 1,053 |
Balance at end of period | 140,803 | 39,861 |
PCD [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 226 | 191 |
Impact of adopting ASC 326 | 17,004 | |
Loans charged-off | (1,257) | |
Recoveries of loans previously charged-off | 962 | |
Net (charge-offs) recoveries | (295) | |
Provision for credit losses | 995 | |
Balance at end of period | 17,930 | 191 |
PCD [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impact of adopting ASC 326 | 3,021 | |
Loans charged-off | (156) | |
Recoveries of loans previously charged-off | 141 | |
Provision for credit losses | (154) | |
Balance at end of period | 2,852 | |
PCD [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impact of adopting ASC 326 | 11,966 | |
Loans charged-off | (1,021) | |
Recoveries of loans previously charged-off | 244 | |
Provision for credit losses | 914 | |
Balance at end of period | 12,103 | |
PCD [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 177 | 177 |
Impact of adopting ASC 326 | 79 | |
Recoveries of loans previously charged-off | 293 | |
Provision for credit losses | (291) | |
Balance at end of period | 258 | 177 |
PCD [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Impact of adopting ASC 326 | 1,924 | |
Loans charged-off | (80) | |
Recoveries of loans previously charged-off | 283 | |
Provision for credit losses | 533 | |
Balance at end of period | 2,660 | |
PCD [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 49 | 14 |
Impact of adopting ASC 326 | 14 | |
Recoveries of loans previously charged-off | 1 | |
Provision for credit losses | (7) | |
Balance at end of period | 57 | 14 |
Allowance for loan losses for loans that are not PCD loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 40,429 | 39,579 |
Impact of adopting ASC 326 | 57,604 | |
Loans charged-off | (2,350) | (1,447) |
Recoveries of loans previously charged-off | 1,201 | 676 |
Provision for credit losses | 43,919 | 1,053 |
Balance at end of period | 140,803 | 39,861 |
Allowance for loan losses for loans that are not PCD loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,257 | 5,518 |
Impact of adopting ASC 326 | 11,412 | |
Loans charged-off | (294) | (201) |
Recoveries of loans previously charged-off | 181 | 142 |
Provision for credit losses | 4,675 | (11) |
Balance at end of period | 20,231 | 5,448 |
Allowance for loan losses for loans that are not PCD loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 18,552 | 22,978 |
Impact of adopting ASC 326 | 35,596 | |
Recoveries of loans previously charged-off | 305 | 152 |
Provision for credit losses | 37,073 | (883) |
Balance at end of period | 91,526 | 22,247 |
Allowance for loan losses for loans that are not PCD loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 2,319 | 1,781 |
Impact of adopting ASC 326 | 6,932 | |
Loans charged-off | (24) | (31) |
Recoveries of loans previously charged-off | 25 | 83 |
Provision for credit losses | 4,929 | 387 |
Balance at end of period | 14,181 | 2,220 |
Allowance for loan losses for loans that are not PCD loans [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 11,282 | 6,414 |
Impact of adopting ASC 326 | 2,995 | |
Loans charged-off | (1,117) | (664) |
Recoveries of loans previously charged-off | 556 | 155 |
Provision for credit losses | (2,727) | 1,025 |
Balance at end of period | 10,989 | 6,930 |
Allowance for loan losses for loans that are not PCD loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 4,019 | 2,888 |
Impact of adopting ASC 326 | 669 | |
Loans charged-off | (915) | (551) |
Recoveries of loans previously charged-off | 134 | 144 |
Provision for credit losses | (31) | 535 |
Balance at end of period | $ 3,876 | $ 3,016 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for credit losses: | ||||
Individually evaluated for impairment | $ 1,878 | |||
Collectively evaluated for impairment | 38,551 | |||
Purchased credit impaired allowances | 226 | |||
Total ending allowance balance | $ 158,733 | 40,655 | $ 40,052 | $ 39,770 |
Purchased credit impaired allowances | 226 | |||
Loans: | ||||
Individually evaluated for impairment | 30,995 | 26,140 | ||
Collectively evaluated for impairment | 11,817,816 | |||
Purchased credit impaired loan | 135,468 | |||
Total ending loan balances | 12,022,277 | 11,979,424 | ||
Purchased credit impaired loan | 135,468 | |||
Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 1,920 | |||
Collectively evaluated for impairment | 138,883 | |||
Purchased credit impaired allowances | 140,803 | |||
Purchased credit impaired allowances | 140,803 | |||
Loans: | ||||
Individually evaluated for impairment | 30,995 | |||
Collectively evaluated for impairment | 11,840,960 | |||
Purchased credit impaired loan | 11,871,955 | |||
Purchased credit impaired loan | 11,871,955 | |||
PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 12,315 | |||
Collectively evaluated for impairment | 5,615 | |||
Purchased credit impaired allowances | 17,930 | |||
Total ending allowance balance | 17,930 | 226 | 191 | 191 |
Purchased credit impaired allowances | 17,930 | |||
Loans: | ||||
Individually evaluated for impairment | 22,776 | |||
Collectively evaluated for impairment | 127,546 | |||
Purchased credit impaired loan | 150,322 | |||
Purchased credit impaired loan | 150,322 | |||
Residential Real Estate [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 588 | |||
Collectively evaluated for impairment | 3,669 | |||
Total ending allowance balance | 23,083 | 4,257 | ||
Loans: | ||||
Individually evaluated for impairment | 6,475 | |||
Collectively evaluated for impairment | 2,506,069 | |||
Purchased credit impaired loan | 45,795 | |||
Total ending loan balances | 2,580,019 | 2,558,339 | ||
Purchased credit impaired loan | 45,795 | |||
Residential Real Estate [Member] | Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 322 | |||
Collectively evaluated for impairment | 19,909 | |||
Purchased credit impaired allowances | 20,231 | |||
Purchased credit impaired allowances | 20,231 | |||
Loans: | ||||
Individually evaluated for impairment | 4,659 | |||
Collectively evaluated for impairment | 2,532,581 | |||
Purchased credit impaired loan | 2,537,240 | |||
Purchased credit impaired loan | 2,537,240 | |||
Residential Real Estate [Member] | PCD [Member] | ||||
Allowance for credit losses: | ||||
Collectively evaluated for impairment | 2,852 | |||
Purchased credit impaired allowances | 2,852 | |||
Total ending allowance balance | 2,852 | |||
Purchased credit impaired allowances | 2,852 | |||
Loans: | ||||
Collectively evaluated for impairment | 42,779 | |||
Purchased credit impaired loan | 42,779 | |||
Purchased credit impaired loan | 42,779 | |||
Commercial Real Estate [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 375 | |||
Collectively evaluated for impairment | 18,177 | |||
Total ending allowance balance | 103,629 | 18,552 | ||
Loans: | ||||
Individually evaluated for impairment | 11,445 | |||
Collectively evaluated for impairment | 6,313,663 | |||
Purchased credit impaired loan | 81,576 | |||
Total ending loan balances | 6,484,256 | 6,406,684 | ||
Purchased credit impaired loan | 81,576 | |||
Commercial Real Estate [Member] | Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 280 | |||
Collectively evaluated for impairment | 91,246 | |||
Purchased credit impaired allowances | 91,526 | |||
Purchased credit impaired allowances | 91,526 | |||
Loans: | ||||
Individually evaluated for impairment | 18,145 | |||
Collectively evaluated for impairment | 6,373,830 | |||
Purchased credit impaired loan | 6,391,975 | |||
Purchased credit impaired loan | 6,391,975 | |||
Commercial Real Estate [Member] | PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 9,917 | |||
Collectively evaluated for impairment | 2,186 | |||
Purchased credit impaired allowances | 12,103 | |||
Total ending allowance balance | 12,103 | |||
Purchased credit impaired allowances | 12,103 | |||
Loans: | ||||
Individually evaluated for impairment | 19,611 | |||
Collectively evaluated for impairment | 72,670 | |||
Purchased credit impaired loan | 92,281 | |||
Purchased credit impaired loan | 92,281 | |||
Land, Development, Construction [Member] | ||||
Allowance for credit losses: | ||||
Collectively evaluated for impairment | 2,319 | |||
Purchased credit impaired allowances | 177 | |||
Total ending allowance balance | 14,439 | 2,496 | ||
Purchased credit impaired allowances | 177 | |||
Loans: | ||||
Individually evaluated for impairment | 865 | |||
Collectively evaluated for impairment | 999,058 | |||
Purchased credit impaired loan | 4,655 | |||
Total ending loan balances | 934,461 | 1,004,578 | ||
Purchased credit impaired loan | 4,655 | |||
Land, Development, Construction [Member] | Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 4 | |||
Collectively evaluated for impairment | 14,177 | |||
Purchased credit impaired allowances | 14,181 | |||
Purchased credit impaired allowances | 14,181 | |||
Loans: | ||||
Individually evaluated for impairment | 781 | |||
Collectively evaluated for impairment | 928,233 | |||
Purchased credit impaired loan | 929,014 | |||
Purchased credit impaired loan | 929,014 | |||
Land, Development, Construction [Member] | PCD [Member] | ||||
Allowance for credit losses: | ||||
Collectively evaluated for impairment | 258 | |||
Purchased credit impaired allowances | 258 | |||
Total ending allowance balance | 258 | 177 | 177 | 177 |
Purchased credit impaired allowances | 258 | |||
Loans: | ||||
Collectively evaluated for impairment | 5,447 | |||
Purchased credit impaired loan | 5,447 | |||
Purchased credit impaired loan | 5,447 | |||
Commercial Industrial and Factored Receivables [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 914 | |||
Collectively evaluated for impairment | 10,368 | |||
Total ending allowance balance | 13,649 | 11,282 | ||
Loans: | ||||
Individually evaluated for impairment | 7,232 | |||
Collectively evaluated for impairment | 1,751,842 | |||
Purchased credit impaired loan | 3,342 | |||
Total ending loan balances | 1,788,282 | 1,762,416 | ||
Purchased credit impaired loan | 3,342 | |||
Commercial Industrial and Factored Receivables [Member] | Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 1,314 | |||
Collectively evaluated for impairment | 9,675 | |||
Purchased credit impaired allowances | 10,989 | |||
Purchased credit impaired allowances | 10,989 | |||
Loans: | ||||
Individually evaluated for impairment | 7,276 | |||
Collectively evaluated for impairment | 1,771,250 | |||
Purchased credit impaired loan | 1,778,526 | |||
Purchased credit impaired loan | 1,778,526 | |||
Commercial Industrial and Factored Receivables [Member] | PCD [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 2,398 | |||
Collectively evaluated for impairment | 262 | |||
Purchased credit impaired allowances | 2,660 | |||
Total ending allowance balance | 2,660 | |||
Purchased credit impaired allowances | 2,660 | |||
Loans: | ||||
Individually evaluated for impairment | 3,165 | |||
Collectively evaluated for impairment | 6,591 | |||
Purchased credit impaired loan | 9,756 | |||
Purchased credit impaired loan | 9,756 | |||
Consumer and Other [Member] | ||||
Allowance for credit losses: | ||||
Individually evaluated for impairment | 1 | |||
Collectively evaluated for impairment | 4,018 | |||
Purchased credit impaired allowances | 49 | |||
Total ending allowance balance | 3,933 | 4,068 | ||
Purchased credit impaired allowances | 49 | |||
Loans: | ||||
Individually evaluated for impairment | 123 | |||
Collectively evaluated for impairment | 247,184 | |||
Purchased credit impaired loan | 100 | |||
Total ending loan balances | 235,259 | 247,407 | ||
Purchased credit impaired loan | 100 | |||
Consumer and Other [Member] | Non PCD [Member] | ||||
Allowance for credit losses: | ||||
Collectively evaluated for impairment | 3,876 | |||
Purchased credit impaired allowances | 3,876 | |||
Purchased credit impaired allowances | 3,876 | |||
Loans: | ||||
Individually evaluated for impairment | 134 | |||
Collectively evaluated for impairment | 235,066 | |||
Purchased credit impaired loan | 235,200 | |||
Purchased credit impaired loan | 235,200 | |||
Consumer and Other [Member] | PCD [Member] | ||||
Allowance for credit losses: | ||||
Collectively evaluated for impairment | 57 | |||
Purchased credit impaired allowances | 57 | |||
Total ending allowance balance | 57 | $ 49 | $ 14 | $ 14 |
Purchased credit impaired allowances | 57 | |||
Loans: | ||||
Collectively evaluated for impairment | 59 | |||
Purchased credit impaired loan | 59 | |||
Purchased credit impaired loan | $ 59 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 11,863 | $ 12,524 |
Impaired loans that are not TDRs | 19,132 | 13,616 |
Total impaired loans, excluding PCD loans | 30,995 | 26,140 |
Impaired PCD loans | 22,776 | |
Total impaired loans | 53,771 | 26,140 |
Performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | 7,215 | 8,012 |
Non-performing TDRs [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Total TDRs (these are included in impaired loans) | $ 4,648 | $ 4,512 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loans [Line Items] | ||
Loans modification, modified terms allowance period minimum | 12 months | |
Loans modification, modified terms allowance period maximum | 24 months | |
Provision for loan loss expense | $ 22 | $ 31 |
Partial charge offs for troubled debt restructured | $ 21 | 8 |
Percentage of troubled debt restructured current pursuant to modified terms | 61.00% | |
Non performing TDRs | $ 4,648 | |
Percentage of troubled debt restructured not performing pursuant to their modified terms | 39.00% | |
Loans modified as TDRs | $ 482 | 713 |
Loan loss provision modified as TDRs | 14 | 0 |
Provision for loan loss expense within twelve months | 1 | 0 |
Partial charge offs for troubled debt restructured | 1 | 0 |
Reclassification from non-accretable difference | $ 7,199 | |
Real Estate Loan [Member] | ||
Loans [Line Items] | ||
Loans Pledged as Collateral | $ 19,611 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructured Loans by Loans Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 11,863 | $ 12,524 |
Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,279 | 7,890 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,215 | 8,012 |
Performing Financing Receivable [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,996 | 6,743 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,648 | 4,512 |
Nonperforming Financing Receivable [Member] | Total Real Estate Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,283 | 1,147 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,473 | 6,009 |
Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,660 | 4,862 |
Residential Real Estate [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 813 | 1,147 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,290 | 1,706 |
Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,290 | 1,706 |
Land, Development, Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 516 | 175 |
Land, Development, Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 46 | 175 |
Land, Development, Construction [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 470 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,450 | 4,511 |
Commercial and Industrial [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,085 | 1,146 |
Commercial and Industrial [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 3,365 | 3,365 |
Consumer and Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 134 | 123 |
Consumer and Other [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 134 | $ 123 |
Loans - Summary of Loans by Cla
Loans - Summary of Loans by Class Modified (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)SecurityLoan | Mar. 31, 2019USD ($)SecurityLoan | |
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 3 | 1 |
Recorded investment | $ | $ 497 | $ 122 |
Residential Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 169 | |
Commercial Real Estate [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | |
Recorded investment | $ | $ 267 | |
Commercial and Industrial [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Number of loans | SecurityLoan | 1 | 1 |
Recorded investment | $ | $ 61 | $ 122 |
Loans - Summary of Loans Indivi
Loans - Summary of Loans Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans, excluding PCD loans | $ 30,995 | $ 26,140 |
Amount of allowance for credit losses allocated to impaired loans | 1,878 | |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans, excluding PCD loans | 6,475 | |
Amount of allowance for credit losses allocated to impaired loans | 588 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans, excluding PCD loans | 11,445 | |
Amount of allowance for credit losses allocated to impaired loans | 375 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans, excluding PCD loans | 865 | |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans, excluding PCD loans | 123 | |
Amount of allowance for credit losses allocated to impaired loans | 1 | |
Non-PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | 33,203 | 28,307 |
Total impaired loans, excluding PCD loans | 30,995 | |
Amount of allowance for credit losses allocated to impaired loans | 1,920 | |
Non-PCD Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 2,822 | 2,894 |
Unpaid principal balance, With an allowance recorded | 2,126 | 3,920 |
Recorded investment, With no related allowance | 2,669 | 2,744 |
Recorded investment, With an allowance recorded | 1,990 | 3,731 |
Amount of allowance for credit losses allocated to impaired loans | 322 | 588 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 16,470 | 11,031 |
Unpaid principal balance, With an allowance recorded | 3,175 | 1,438 |
Recorded investment, With no related allowance | 15,003 | 10,015 |
Recorded investment, With an allowance recorded | 3,142 | 1,430 |
Amount of allowance for credit losses allocated to impaired loans | 280 | 375 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 755 | 886 |
Unpaid principal balance, With an allowance recorded | 56 | |
Recorded investment, With no related allowance | 725 | 865 |
Recorded investment, With an allowance recorded | 56 | |
Amount of allowance for credit losses allocated to impaired loans | 4 | |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 3,737 | 5,522 |
Unpaid principal balance, With an allowance recorded | 3,922 | 2,486 |
Recorded investment, With no related allowance | 3,424 | 4,820 |
Recorded investment, With an allowance recorded | 3,852 | |
Amount of allowance for credit losses allocated to impaired loans | 1,314 | |
Non-PCD Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With no allowance recorded | 110 | 99 |
Unpaid principal balance, With an allowance recorded | 30 | 31 |
Recorded investment, With no related allowance | 109 | $ 98 |
Recorded investment, With an allowance recorded | 25 | |
PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance | 40,744 | |
Total impaired loans, excluding PCD loans | 22,776 | |
Amount of allowance for credit losses allocated to impaired loans | 12,315 | |
PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With an allowance recorded | 35,999 | |
Recorded investment, With an allowance recorded | 19,611 | |
Amount of allowance for credit losses allocated to impaired loans | 9,917 | |
PCD Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid principal balance, With an allowance recorded | 4,745 | |
Recorded investment, With an allowance recorded | 3,165 | |
Amount of allowance for credit losses allocated to impaired loans | $ 2,398 |
Loans - Summary of Impairment b
Loans - Summary of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | $ 28,568 | $ 16,589 |
Interest income recognized during impairment | 90 | 102 |
PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 23,721 | |
Interest income recognized during impairment | 148 | |
Total Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 21,185 | 13,849 |
Interest income recognized during impairment | 70 | 88 |
Total Real Estate Loans [Member] | PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 20,128 | |
Interest income recognized during impairment | 125 | |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 5,567 | 5,945 |
Interest income recognized during impairment | 37 | 62 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 14,795 | 7,787 |
Interest income recognized during impairment | 31 | 25 |
Commercial Real Estate [Member] | PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 20,128 | |
Interest income recognized during impairment | 125 | |
Land, Development, Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 823 | 117 |
Interest income recognized during impairment | 2 | 1 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 7,254 | 2,600 |
Interest income recognized during impairment | 18 | 12 |
Commercial and Industrial [Member] | PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 3,593 | |
Interest income recognized during impairment | 23 | |
Consumer and Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average of impaired loans during the period | 129 | 140 |
Interest income recognized during impairment | $ 2 | $ 2 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Loans past due over 90 days and still accruing interest | $ 535 | $ 1,692 |
Total nonperforming loans | 79,733 | 38,608 |
Non-PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 45,305 | 36,916 |
Loans past due over 90 days and still accruing interest | 535 | $ 1,692 |
PCD Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 33,893 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Non-accrual Loans and Loans Past Due Over 90 Days Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans past due over 90 days still accruing | $ 535 | $ 1,692 |
Non-PCD Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 38,776 | |
Non-accrual with allocated allowance for credit losses | 6,529 | |
Loans past due over 90 days still accruing | 535 | 1,692 |
Non-accrual | 45,305 | 36,916 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 11,537 | |
Non-accrual with allocated allowance for credit losses | 926 | |
Non-accrual | 12,463 | 13,455 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 18,386 | |
Non-accrual with allocated allowance for credit losses | 2,264 | |
Non-accrual | 20,650 | 12,141 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 2,107 | |
Non-accrual with allocated allowance for credit losses | 470 | |
Non-accrual | 2,516 | |
Non-PCD Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 1,033 | |
Non-accrual | 1,033 | 920 |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 5,713 | |
Non-accrual with allocated allowance for credit losses | 2,869 | |
Loans past due over 90 days still accruing | 535 | 1,692 |
Non-accrual | $ 7,884 | |
PCD Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 22,315 | |
Non-accrual with allocated allowance for credit losses | 11,578 | |
Non-accrual | 33,893 | |
PCD Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 8,847 | |
Non-accrual | 8,847 | |
PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 10,722 | |
Non-accrual with allocated allowance for credit losses | 9,609 | |
Non-accrual | 20,331 | |
PCD Loans [Member] | Land, Development, Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 1,334 | |
PCD Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 16 | |
Non-accrual | 16 | |
PCD Loans [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual with no allocated allowance for credit losses | 1,396 | |
Non-accrual with allocated allowance for credit losses | $ 1,969 |
Loans - Summary Aging of Record
Loans - Summary Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Non-PCD Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | $ 11,871,955 | $ 11,843,956 |
Total Past Due | 61,929 | 59,003 |
Loans Not Past Due | 11,764,721 | 11,748,037 |
Nonaccrual Loans | 45,305 | 36,916 |
Non-PCD Loans [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 50,843 | 33,085 |
Non-PCD Loans [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 10,551 | 24,226 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 2,537,240 | 2,512,544 |
Total Past Due | 18,465 | 13,529 |
Loans Not Past Due | 2,506,312 | 2,485,560 |
Nonaccrual Loans | 12,463 | 13,455 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 17,555 | 7,601 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 910 | 5,928 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 6,391,975 | 6,325,108 |
Total Past Due | 17,949 | 10,131 |
Loans Not Past Due | 6,353,376 | 6,302,836 |
Nonaccrual Loans | 20,650 | 12,141 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 10,802 | 7,554 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 7,147 | 2,577 |
Non-PCD Loans [Member] | Land Development [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 929,014 | 999,923 |
Total Past Due | 4,831 | 3,692 |
Loans Not Past Due | 921,606 | 993,715 |
Nonaccrual Loans | 2,577 | 2,516 |
Non-PCD Loans [Member] | Land Development [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,757 | 1,343 |
Non-PCD Loans [Member] | Land Development [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 74 | 2,349 |
Non-PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 1,778,526 | 1,759,074 |
Total Past Due | 18,437 | 29,081 |
Loans Not Past Due | 1,751,507 | 1,722,109 |
Nonaccrual Loans | 8,582 | 7,884 |
Non-PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 15,859 | 14,924 |
Non-PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,043 | 12,465 |
Non-PCD Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 235,200 | 247,307 |
Total Past Due | 2,247 | 2,570 |
Loans Not Past Due | 231,920 | 243,817 |
Nonaccrual Loans | 1,033 | 920 |
Non-PCD Loans [Member] | Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,870 | 1,663 |
Non-PCD Loans [Member] | Consumer and Other [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 377 | $ 907 |
PCD Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 150,322 | |
Total Past Due | 2,919 | |
Loans Not Past Due | 113,510 | |
Nonaccrual Loans | 33,893 | |
PCD Loans [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,716 | |
PCD Loans [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 203 | |
PCD Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 42,779 | |
Total Past Due | 782 | |
Loans Not Past Due | 33,150 | |
Nonaccrual Loans | 8,847 | |
PCD Loans [Member] | Residential Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 782 | |
PCD Loans [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 92,281 | |
Total Past Due | 870 | |
Loans Not Past Due | 71,080 | |
Nonaccrual Loans | 20,331 | |
PCD Loans [Member] | Commercial Real Estate [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 870 | |
PCD Loans [Member] | Land Development [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 5,447 | |
Total Past Due | 47 | |
Loans Not Past Due | 4,066 | |
Nonaccrual Loans | 1,334 | |
PCD Loans [Member] | Land Development [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 12 | |
PCD Loans [Member] | Land Development [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 35 | |
PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 9,756 | |
Total Past Due | 1,217 | |
Loans Not Past Due | 5,174 | |
Nonaccrual Loans | 3,365 | |
PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,049 | |
PCD Loans [Member] | Commercial Industrial and Factored Receivables [Member] | 60 - 89 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 168 | |
PCD Loans [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total | 59 | |
Total Past Due | 3 | |
Loans Not Past Due | 40 | |
Nonaccrual Loans | 16 | |
PCD Loans [Member] | Consumer and Other [Member] | 30 - 59 days past due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 3 |
Loans - Performance of the Loan
Loans - Performance of the Loan Portfolio and its Impact on the Allowance for Credit Losses (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Residential Real Estate [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | $ 96,916 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 331,791 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 342,777 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 238,128 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 195,963 |
Term Loans Amortized Cost Basis by Origination Year Prior | 664,284 |
Revolving loans amortized cost | 667,381 |
Total | 2,537,240 |
Residential Real Estate [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 98 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 768 |
Term Loans Amortized Cost Basis by Origination Year Prior | 35,608 |
Revolving loans amortized cost | 6,302 |
Total | 42,779 |
Residential Real Estate [Member] | Performing TDRs [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 96,916 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 331,639 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 342,340 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 236,663 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 195,436 |
Term Loans Amortized Cost Basis by Origination Year Prior | 657,475 |
Revolving loans amortized cost | 664,308 |
Total | 2,524,777 |
Residential Real Estate [Member] | Performing TDRs [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 98 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 471 |
Term Loans Amortized Cost Basis by Origination Year Prior | 27,984 |
Revolving loans amortized cost | 5,379 |
Total | 33,932 |
Residential Real Estate [Member] | Non-performing TDRs [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 152 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 437 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,465 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 527 |
Term Loans Amortized Cost Basis by Origination Year Prior | 6,809 |
Revolving loans amortized cost | 3,073 |
Total | 12,463 |
Residential Real Estate [Member] | Non-performing TDRs [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 297 |
Term Loans Amortized Cost Basis by Origination Year Prior | 7,624 |
Revolving loans amortized cost | 923 |
Total | 8,847 |
Consumer and Other [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 20,977 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 65,629 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 42,850 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 25,188 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 30,003 |
Term Loans Amortized Cost Basis by Origination Year Prior | 24,017 |
Revolving loans amortized cost | 26,536 |
Total | 235,200 |
Consumer and Other [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1 |
Term Loans Amortized Cost Basis by Origination Year Prior | 55 |
Revolving loans amortized cost | 3 |
Total | 59 |
Consumer and Other [Member] | Performing TDRs [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 20,977 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 65,599 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 42,794 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 25,055 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 29,469 |
Term Loans Amortized Cost Basis by Origination Year Prior | 23,750 |
Revolving loans amortized cost | 26,523 |
Total | 234,167 |
Consumer and Other [Member] | Performing TDRs [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1 |
Term Loans Amortized Cost Basis by Origination Year Prior | 39 |
Revolving loans amortized cost | 3 |
Total | 43 |
Consumer and Other [Member] | Non-performing TDRs [Member] | Non PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 30 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 56 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 133 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 534 |
Term Loans Amortized Cost Basis by Origination Year Prior | 267 |
Revolving loans amortized cost | 13 |
Total | 1,033 |
Consumer and Other [Member] | Non-performing TDRs [Member] | PCD [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 16 |
Total | 16 |
Non-PCD Loans [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 519,352 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 2,223,057 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 2,011,580 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,578,508 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 1,297,863 |
Term Loans Amortized Cost Basis by Origination Year Prior | 3,547,678 |
Revolving loans amortized cost | 693,917 |
Total | 11,871,955 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 96,916 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 331,791 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 342,777 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 238,128 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 195,963 |
Term Loans Amortized Cost Basis by Origination Year Prior | 664,284 |
Revolving loans amortized cost | 667,381 |
Total | 2,537,240 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 96,916 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 331,772 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 340,612 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 235,228 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 191,581 |
Term Loans Amortized Cost Basis by Origination Year Prior | 626,533 |
Revolving loans amortized cost | 659,493 |
Total | 2,482,135 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 272 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,258 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 3,182 |
Term Loans Amortized Cost Basis by Origination Year Prior | 21,568 |
Revolving loans amortized cost | 3,414 |
Total | 29,694 |
Non-PCD Loans [Member] | Residential Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 19 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 1,893 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,642 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 1,200 |
Term Loans Amortized Cost Basis by Origination Year Prior | 16,183 |
Revolving loans amortized cost | 4,474 |
Total | 25,411 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 232,249 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 1,074,838 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 1,018,500 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 934,248 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 852,271 |
Term Loans Amortized Cost Basis by Origination Year Prior | 2,279,869 |
Total | 6,391,975 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 231,694 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 1,068,021 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 1,013,588 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 908,262 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 827,344 |
Term Loans Amortized Cost Basis by Origination Year Prior | 2,162,917 |
Total | 6,211,826 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 555 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 6,378 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 3,801 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 16,580 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 13,985 |
Term Loans Amortized Cost Basis by Origination Year Prior | 79,175 |
Total | 120,474 |
Non-PCD Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 439 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 1,111 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 9,406 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 10,942 |
Term Loans Amortized Cost Basis by Origination Year Prior | 37,777 |
Total | 59,675 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 55,460 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 414,961 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 219,297 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 85,096 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 52,372 |
Term Loans Amortized Cost Basis by Origination Year Prior | 101,828 |
Total | 929,014 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 55,460 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 414,429 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 218,397 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 84,358 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 51,453 |
Term Loans Amortized Cost Basis by Origination Year Prior | 93,530 |
Total | 917,627 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 184 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 626 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 584 |
Term Loans Amortized Cost Basis by Origination Year Prior | 6,042 |
Total | 7,436 |
Non-PCD Loans [Member] | Land, Development, Construction [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 348 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 274 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 154 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 919 |
Term Loans Amortized Cost Basis by Origination Year Prior | 2,256 |
Total | 3,951 |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 113,750 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 335,838 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 388,156 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 295,848 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 167,254 |
Term Loans Amortized Cost Basis by Origination Year Prior | 477,680 |
Total | 1,778,526 |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 113,652 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 334,843 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 382,869 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 287,342 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 161,970 |
Term Loans Amortized Cost Basis by Origination Year Prior | 449,985 |
Total | 1,730,661 |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 75 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3,026 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 2,264 |
Term Loans Amortized Cost Basis by Origination Year Prior | 25,662 |
Total | 31,027 |
Non-PCD Loans [Member] | Commercial and Industrial [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 98 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 995 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 5,212 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 5,480 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 3,020 |
Term Loans Amortized Cost Basis by Origination Year Prior | 2,033 |
Total | 16,838 |
Non-PCD Loans [Member] | Consumer and Other [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 20,977 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 65,629 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 42,850 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 25,188 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 30,003 |
Term Loans Amortized Cost Basis by Origination Year Prior | 24,017 |
Revolving loans amortized cost | 26,536 |
Total | 235,200 |
Non-PCD Loans [Member] | Consumer and Other [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2020 | 20,977 |
Term Loans Amortized Cost Basis by Origination Year 2019 | 65,488 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 42,744 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 25,046 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 29,300 |
Term Loans Amortized Cost Basis by Origination Year Prior | 23,642 |
Revolving loans amortized cost | 26,498 |
Total | 233,695 |
Non-PCD Loans [Member] | Consumer and Other [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 5 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 33 |
Term Loans Amortized Cost Basis by Origination Year Prior | 108 |
Total | 146 |
Non-PCD Loans [Member] | Consumer and Other [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 141 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 106 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 137 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 670 |
Term Loans Amortized Cost Basis by Origination Year Prior | 267 |
Revolving loans amortized cost | 38 |
Total | 1,359 |
PCD Loans [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 1,905 |
Term Loans Amortized Cost Basis by Origination Year 2018 | 251 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3,928 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 2,853 |
Term Loans Amortized Cost Basis by Origination Year Prior | 135,080 |
Revolving loans amortized cost | 6,305 |
Total | 150,322 |
PCD Loans [Member] | Residential Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 98 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 768 |
Term Loans Amortized Cost Basis by Origination Year Prior | 35,608 |
Revolving loans amortized cost | 6,302 |
Total | 42,779 |
PCD Loans [Member] | Residential Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2016 | 268 |
Term Loans Amortized Cost Basis by Origination Year Prior | 14,814 |
Revolving loans amortized cost | 3,695 |
Total | 18,777 |
PCD Loans [Member] | Residential Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 3,849 |
Revolving loans amortized cost | 224 |
Total | 4,073 |
PCD Loans [Member] | Residential Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 98 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 3 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 500 |
Term Loans Amortized Cost Basis by Origination Year Prior | 16,945 |
Revolving loans amortized cost | 2,383 |
Total | 19,929 |
PCD Loans [Member] | Commercial Real Estate [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 1,807 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 2,801 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 678 |
Term Loans Amortized Cost Basis by Origination Year Prior | 86,995 |
Total | 92,281 |
PCD Loans [Member] | Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 25,820 |
Total | 25,820 |
PCD Loans [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 10,792 |
Total | 10,792 |
PCD Loans [Member] | Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2019 | 1,807 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 2,801 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 678 |
Term Loans Amortized Cost Basis by Origination Year Prior | 50,383 |
Total | 55,669 |
PCD Loans [Member] | Land, Development, Construction [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 188 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 121 |
Term Loans Amortized Cost Basis by Origination Year Prior | 5,138 |
Total | 5,447 |
PCD Loans [Member] | Land, Development, Construction [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 1,810 |
Total | 1,810 |
PCD Loans [Member] | Land, Development, Construction [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 630 |
Total | 630 |
PCD Loans [Member] | Land, Development, Construction [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 188 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 121 |
Term Loans Amortized Cost Basis by Origination Year Prior | 2,698 |
Total | 3,007 |
PCD Loans [Member] | Commercial and Industrial [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 63 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,123 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 1,286 |
Term Loans Amortized Cost Basis by Origination Year Prior | 7,284 |
Total | 9,756 |
PCD Loans [Member] | Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 15 |
Term Loans Amortized Cost Basis by Origination Year Prior | 1,398 |
Total | 1,413 |
PCD Loans [Member] | Commercial and Industrial [Member] | Special Mention [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 405 |
Total | 405 |
PCD Loans [Member] | Commercial and Industrial [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2018 | 48 |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1,123 |
Term Loans Amortized Cost Basis by Origination Year 2016 | 1,286 |
Term Loans Amortized Cost Basis by Origination Year Prior | 5,481 |
Total | 7,938 |
PCD Loans [Member] | Consumer and Other [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1 |
Term Loans Amortized Cost Basis by Origination Year Prior | 55 |
Revolving loans amortized cost | 3 |
Total | 59 |
PCD Loans [Member] | Consumer and Other [Member] | Pass [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year Prior | 30 |
Revolving loans amortized cost | 3 |
Total | 33 |
PCD Loans [Member] | Consumer and Other [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment Past Due [Line Items] | |
Term Loans Amortized Cost Basis by Origination Year 2017 | 1 |
Term Loans Amortized Cost Basis by Origination Year Prior | 25 |
Total | $ 26 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans, Excluding Purchased Credit Impaired Loans (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | $ 11,548,688 |
Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 191,249 |
Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 104,019 |
Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 2,512,544 |
Residential Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 2,455,752 |
Residential Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 31,189 |
Residential Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 25,603 |
Commercial Real Estate [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 6,151,309 |
Commercial Real Estate [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 118,412 |
Commercial Real Estate [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 55,387 |
Land, Development, Construction [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 989,860 |
Land, Development, Construction [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 6,418 |
Land, Development, Construction [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 3,645 |
Commercial and Industrial [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 1,705,862 |
Commercial and Industrial [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 35,070 |
Commercial and Industrial [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 18,142 |
Consumer and Other [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 247,307 |
Consumer and Other [Member] | Pass [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 245,905 |
Consumer and Other [Member] | Special Mention [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 160 |
Consumer and Other [Member] | Substandard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | $ 1,242 |
Loans - Investment in Residenti
Loans - Investment in Residential and Consumer Loans, Excluding Loans from Purchased Credit Impaired Loans (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | $ 2,512,544 |
Residential Real Estate [Member] | Performing TDRs [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 2,499,089 |
Residential Real Estate [Member] | Non-performing TDRs [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 13,455 |
Consumer and Other [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 247,307 |
Consumer and Other [Member] | Performing TDRs [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | 246,387 |
Consumer and Other [Member] | Non-performing TDRs [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Loans | $ 920 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Contractually required principal and interest | $ 244,189 | |
Non-accretable difference | (46,271) | |
Cash flows expected to be collected | 197,918 | |
Accretable yield | (62,450) | |
Carrying value of acquired loans | $ 150,322 | 135,468 |
Cash flows expected to be collected | 197,918 | |
PCD loans | $ 150,322 | 135,468 |
Allowance for credit losses | (226) | |
Carrying value less allowance for credit losses | $ 135,242 |
Loans - Summary of Changes in T
Loans - Summary of Changes in Total Contractually Required Principal and Interest Cash Payments (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Contractually Required Principal and Interest [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Contractually required principal and interest, beginning balance | $ 267,815 |
All other adjustments | (19,572) |
Contractually required principal and interest, ending balance | 248,243 |
Non-Accretable Difference [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Non-accretable difference, beginning balance | (38,602) |
All other adjustments | 9,737 |
Non-accretable difference, ending balance | (28,865) |
Cash Flows Expected to be Collected [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Cash flows expected to be collected, beginning balance | 229,213 |
All other adjustments | (9,835) |
Cash flows expected to be collected, ending balance | 219,378 |
Accretable Yield [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Accretable yield, beginning balance | (70,242) |
Income accretion | 10,140 |
All other adjustments | (9,820) |
Accretable yield, ending balance | (69,922) |
Carry Value of Acquired Loans [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Carrying value of acquired loans, beginning balance | 158,971 |
Income accretion | 10,140 |
All other adjustments | (19,655) |
Carrying value of acquired loans, ending balance | $ 149,456 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreement to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Banking And Thrift [Abstract] | ||
Securities sold under agreement to repurchase | $ 81,736 | $ 93,141 |
Collateral pledged against repurchase agreement | $ 113,426 | $ 131,394 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreement to Repurchase - Summary of Repurchase Agreement (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 113,426 | $ 131,394 |
Securities sold under agreement to repurchase | $ 81,736 | $ 93,141 |
Market value pledged as a % of borrowings | 139.00% | 141.00% |
Mortgage Backed Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 112,973 | $ 130,942 |
Securities sold under agreement to repurchase | $ 81,520 | $ 92,953 |
Market value pledged as a % of borrowings | 139.00% | 141.00% |
Municipal Securities [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Market value of securities pledged | $ 453 | $ 451 |
Securities sold under agreement to repurchase | $ 216 | $ 188 |
Market value pledged as a % of borrowings | 209.00% | 240.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Apr. 01, 2019USD ($)SecurityLoan | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill on the acquisition | $ 1,204,417 | $ 1,204,417 | ||||
Per share exchange ratio | 0.3001 | |||||
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 | |||||
Total assets | $ 18,596,292 | $ 12,587,637 | 17,142,025 | |||
Deposits | 14,121,499 | $ 13,136,392 | ||||
National Commerce Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of acquisition | Apr. 1, 2019 | |||||
Total purchase consideration | $ 831,696 | |||||
Increase in total assets | 36.00% | |||||
Increase in total deposits | 37.00% | |||||
Merger and acquisition related expenses | $ (25) | $ 1,264 | ||||
Goodwill on the acquisition | $ 401,537 | |||||
Determination period for fair value estimates | 1 year | |||||
Per share exchange ratio | 1.650 | |||||
Purchased credit impaired loans | $ 18,616 | |||||
Number of troubled debt restructure acquired | SecurityLoan | 0 | |||||
Core deposit intangible | $ 39,900 | |||||
National Commerce Corporation [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated economic life | 10 years | |||||
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% | |||||
Percentage of noncontrolling interest acquired | 30.00% | |||||
Total purchase consideration | $ 11,400 | |||||
South State Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total assets | $ 16,642,911 | |||||
Deposits | 12,344,547 | |||||
Loans and Leases Receivable, Net Amount | $ 11,506,890 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Calculation (Detail) $ / shares in Units, $ in Thousands | Apr. 01, 2019USD ($)$ / sharesshares | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||
Per share exchange ratio | 0.3001 | |
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 | |
Fair value of CenterState common stock issued | $ 825,444 | |
Total cash consideration, not including cash for fractional shares | 20 | |
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) | Apr. 01, 2019shares |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2019 |
Assets: | |||
Purchased credit impaired loans | $ 18,616 | ||
Goodwill | $ 1,204,417 | $ 1,204,417 | |
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 | ||
FHLB, FRB and other stock | 17,076 | ||
Bank owned life insurance | 55,474 | ||
Other real estate owned | 875 | ||
Servicing asset | 1,581 | ||
Core deposit intangible | 39,900 | ||
Goodwill | 401,537 | ||
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 |
Business Combinations - Summa_4
Business Combinations - Summary of Contractually Required Principal and Interest Cash Payments for Purchased Credit Impaired Loans (Detail) - National Commerce Corporation [Member] - Purchased Credit-Impaired [Member] $ in Thousands | Apr. 01, 2019USD ($) |
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) - National Commerce Corporation [Member] $ in Thousands | Apr. 01, 2019USD ($) |
Book Balance [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | $ 3,389,234 |
Book Balance [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 615,296 |
Book Balance [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 1,762,480 |
Book Balance [Member] | Land, Development, Construction [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 363,005 |
Book Balance [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 539,698 |
Book Balance [Member] | Consumer and Other [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 70,058 |
Book Balance [Member] | Purchased Credit-Impaired [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 38,697 |
Fair Value [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 3,327,850 |
Fair Value [Member] | Residential Real Estate [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 608,705 |
Fair Value [Member] | Commercial Real Estate [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 1,736,653 |
Fair Value [Member] | Land, Development, Construction [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 358,643 |
Fair Value [Member] | Commercial and Industrial [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 536,262 |
Fair Value [Member] | Consumer and Other [Member] | |
Business Acquisition [Line Items] | |
Book Balance and Fair Value of acquired loans | 68,971 |
Fair Value [Member] | Purchased Credit-Impaired [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) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net interest income | $ | $ 163,968 |
Net income available to common shareholders | $ | $ 65,178 |
EPS - basic | $ / shares | $ 0.50 |
EPS - diluted | $ / shares | $ 0.50 |
Interest Rate Swap Derivative_2
Interest Rate Swap Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments Notional And Fair Value [Line Items] | ||
Market value of securities pledged | $ 113,426 | $ 131,394 |
Amount included in the assessment of effectiveness | 0 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments Notional And Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,408,888 | 10,596,427 |
Collateral reserve for derivatives | 550,101 | 140,913 |
Market value of securities pledged | $ 605,100 | $ 361,127 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional amount | $ 12,408,888 | $ 10,596,427 |
Weighted average pay rate on interest-rate swaps | 2.70% | 3.20% |
Weighted average receive rate on interest rate swaps | 2.70% | 3.20% |
Weighted average maturity (years) | 11 years | 11 years |
Fair value of interest rate swap derivatives (asset) | $ 831,891 | $ 273,068 |
Fair value of interest rate swap derivatives (liability) | $ 833,977 | $ 274,216 |
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 | Mar. 31, 2020USD ($) |
Derivatives Fair Value [Line Items] | |
Notional amount | $ 150,000 |
Fair value of interest rate swap derivatives (liability) | $ 8,474 |
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 | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Interest Rate Contracts - Pay Fixed, Receive Floating [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Amount of loss recognized in OCI | $ (5,740) |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Initial recognition of operating lease assets | $ 20,311 |
Initial recognition of operating lease liabilities | 22,795 |
Cumulative adjustment pursuant to adoption of ASU 842 | $ 1,093 |
Leases - Schedule of Lessee Lea
Leases - Schedule of Lessee Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Amortization of ROU Assets - Finance Leases | $ 55 | $ 38 |
Interest on Lease Liabilities - Finance Leases | 72 | 50 |
Operating Lease Cost (Cost resulting from lease payments) | 2,141 | 1,287 |
Short-term Lease Cost | 1 | |
Variable Lease Cost (Cost excluded from lease payments) | 296 | 235 |
Total Lease Cost | 2,565 | 1,610 |
Finance Lease - Operating Cash Flows | 65 | 57 |
Finance Lease - Financing Cash Flows | 78 | 91 |
Operating Lease - Operating Cash Flows (Fixed Payments) | 2,191 | 1,241 |
Operating Lease - Operating Cash Flows (Liability Reduction) | 3,974 | 1,181 |
New right-of-use operating lease assets | $ 4,749 | $ 21,351 |
Weighted Average Lease Term (Years) - Finance Leases | 10 years 7 months 20 days | 19 years 2 months 19 days |
Weighted Average Lease Term (Years) - Operating Leases | 6 years 7 months 2 days | 7 years 7 months 24 days |
Weighted Average Discount Rate - Finance Leases | 5.83% | 5.95% |
Weighted Average Discount Rate - Operating Leases | 3.25% | 3.65% |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Undiscounted Cash Flows of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating lease payments due: | ||
Within one year | $ 8,380 | |
After one but within two years | 7,165 | |
After two but within three years | 5,667 | |
After three but within four years | 4,823 | |
After four years but within five years | 3,932 | |
After five years | 9,401 | |
Total undiscounted cash flows | 39,368 | |
Discount on cash flows | (4,200) | |
Total operating lease liabilities | $ 35,168 | $ 34,485 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Annual Rentals under All Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating lease payments due: | ||
Within one year | $ 7,577 | |
After one but within two years | 6,693 | |
After two but within three years | 5,358 | |
After three but within four years | 4,419 | |
After four years but within five years | 3,723 | |
After five years | 11,410 | |
Total undiscounted cash flows | 39,180 | |
Discount on cash flows | (4,695) | |
Total operating lease liabilities | $ 35,168 | $ 34,485 |
Leases - Schedule of Lessor Lea
Leases - Schedule of Lessor Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease Income from Lease Payments | $ 476 | $ 212 |
Direct Financing Lease Income | 25 | 173 |
Total Lease Income | 501 | 385 |
Net Investment in Direct Financing Leases | 1,167 | 15,785 |
Maturity Analysis of Operating Lease Receivables | ||
Maturity Analysis of Operating Lease Receivables, 0 - 12 Months | 2,089 | 962 |
Maturity Analysis of Operating Lease Receivables, 13 - 24 Months | 1,609 | 551 |
Maturity Analysis of Operating Lease Receivables, 25 - 36 Months | 710 | 341 |
Maturity Analysis of Operating Lease Receivables, 37 - 48 Months | 124 | 166 |
Maturity Analysis of Operating Lease Receivables, 48 - 60 Months | 6 | |
Maturity Analysis of Finance Lease Receivables | ||
Maturity Analysis of Finance Lease Receivables, 0 - 12 Months | 912 | 1,392 |
Maturity Analysis of Finance Lease Receivables, 13 - 24 Months | $ 251 | 1,841 |
Maturity Analysis of Finance Lease Receivables, 25 - 36 Months | 1,618 | |
Maturity Analysis of Finance Lease Receivables, 37 - 48 Months | 1,356 | |
Maturity Analysis of Finance Lease Receivables, 48 - 60 Months | 1,355 | |
Maturity Analysis of Finance Lease Receivables, Over 60 Months | $ 12,543 |
Recently Issued Accounting St_4
Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cumulative adjustment pursuant to adoption of ASU | $ (1,093) | ||
Troubled debt restructurings, loan amount | 11,863 | ||
Troubled debt restructuring loans under modified terms, amount | 7,215 | ||
Non-performing loans | 4,648 | ||
Off Balance Sheet Credit [Member] | |||
Allowance for credit losses on OBS exposures | $ 6,084 | ||
Accounting Standards Update 2016-13 [Member] | |||
Impact of adopting ASC 326 | 74,608 | ||
Cumulative adjustment pursuant to adoption of ASU | 47,751 | 47,751 | |
Retained earnings, deferred tax | 15,947 | ||
Allowance for credit loss post transaction | 115,270 | $ 40,652 | |
Purchased credit deteriorated loans, net | 170,921 | ||
Individually analyzed purchased credit deteriorated loans | 31,380 | ||
Accrued interest receivable on available-for-sale debt securities | 6,058 | ||
Accrued Interest receivable on held-to-maturity debt securities | 1,536 | ||
Allowance for credit losses | $ 10 | ||
Accounting Standards Update 2016-13 [Member] | Purchased Credit Deteriorated Loans [Member] | |||
Impact of adopting ASC 326 | 17,004 | ||
Accounting Standards Update 2016-13 [Member] | PCD [Member] | |||
Amortized Cost of asset adjusted to allowance for credit loss | $ 17,230 |
Recently Issued Accounting St_5
Recently Issued Accounting Standards - Schedule of Impact of ASC 326 (Detail) $ in Thousands | Jan. 01, 2020USD ($) |
Off Balance Sheet Credit [Member] | |
Liabilities: | |
Allowance for credit losses on OBS exposures | $ 6,084 |
Residential Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 15,669 |
Loans PCD | 3,021 |
Commercial Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 54,148 |
Loans PCD | 11,966 |
Land, Development, Construction [Member] | |
ASSETS | |
Loans non-PCD | 9,251 |
Loans PCD | 256 |
Commercial and Industrial [Member] | |
ASSETS | |
Loans non-PCD | 14,277 |
Loans PCD | 1,924 |
Consumer and Other [Member] | |
ASSETS | |
Loans non-PCD | 4,688 |
Loans PCD | 63 |
Municipal Securities [Member] | |
ASSETS | |
Allowance for credit losses on debt securities held to maturity | 10 |
Pre-ASC 326 Adoption [Member] | Residential Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 4,257 |
Pre-ASC 326 Adoption [Member] | Commercial Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 18,552 |
Pre-ASC 326 Adoption [Member] | Land, Development, Construction [Member] | |
ASSETS | |
Loans non-PCD | 2,319 |
Loans PCD | 177 |
Pre-ASC 326 Adoption [Member] | Commercial and Industrial [Member] | |
ASSETS | |
Loans non-PCD | 11,282 |
Pre-ASC 326 Adoption [Member] | Consumer and Other [Member] | |
ASSETS | |
Loans non-PCD | 4,019 |
Loans PCD | 49 |
Impact of ASC 326 Adoption [Member] | Off Balance Sheet Credit [Member] | |
Liabilities: | |
Allowance for credit losses on OBS exposures | 6,084 |
Impact of ASC 326 Adoption [Member] | Residential Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 11,412 |
Loans PCD | 3,021 |
Impact of ASC 326 Adoption [Member] | Commercial Real Estate [Member] | |
ASSETS | |
Loans non-PCD | 35,596 |
Loans PCD | 11,966 |
Impact of ASC 326 Adoption [Member] | Land, Development, Construction [Member] | |
ASSETS | |
Loans non-PCD | 6,932 |
Loans PCD | 79 |
Impact of ASC 326 Adoption [Member] | Commercial and Industrial [Member] | |
ASSETS | |
Loans non-PCD | 2,995 |
Loans PCD | 1,924 |
Impact of ASC 326 Adoption [Member] | Consumer and Other [Member] | |
ASSETS | |
Loans non-PCD | 669 |
Loans PCD | 14 |
Impact of ASC 326 Adoption [Member] | Municipal Securities [Member] | |
ASSETS | |
Allowance for credit losses on debt securities held to maturity | $ 10 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - COVID-19 [Member] $ in Billions | Apr. 28, 2020USD ($)PPPLoan | Mar. 16, 2020 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||
Deferral loan | $ 2.1 | ||
Payment of deferral loan, period | 90 days | ||
Treasury Bond [Member] | |||
Subsequent Event [Line Items] | |||
Treasury bond term | 10 years | ||
Interest rate | 1.00% | ||
Federal Fund [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate | 0.50% | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of paycheck protection program loans generated | PPPLoan | 8,900 | ||
Minimum [Member] | Federal Fund [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate | 0.00% | 1.00% | |
Minimum [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Total | $ 1.3 | ||
Maximum [Member] | Federal Fund [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate | 0.25% | 1.25% |