Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017 | |
Document And Entity Information [Abstract] | |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
Trading Symbol | CADE |
Entity Registrant Name | CADENCE BANCORPORATION |
Entity Central Index Key | 1,614,184 |
Entity Filer Category | Non-accelerated Filer |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | |||
Cash and due from banks | $ 68,248 | $ 48,017 | $ 139,239 |
Interest-bearing deposits with banks | 515,556 | 199,747 | 316,473 |
Federal funds sold | 5,578 | 1,161 | 11,495 |
Total cash and cash equivalents | 589,382 | 248,925 | 467,207 |
Securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Securities held-to-maturity | 425 | 425 | 550 |
Other securities - FRB and FHLB stock | 54,246 | 41,493 | 56,354 |
Total securities | 1,181,265 | 777,714 | |
Loans held for sale | 21,835 | 17,822 | 25,413 |
Loans | 8,028,938 | 7,432,711 | 6,916,520 |
Less: allowance for credit losses | (94,765) | (82,268) | (79,783) |
Net loans | 7,934,173 | 7,350,443 | 6,836,737 |
Interest receivable | 42,030 | 39,889 | 35,329 |
Premises and equipment, net | 64,425 | 66,676 | 70,395 |
Other real estate owned | 18,836 | 18,875 | 35,984 |
Cash surrender value of life insurance | 107,393 | 105,834 | 102,825 |
Net deferred tax asset | 61,395 | 83,662 | 66,712 |
Goodwill | 317,817 | 317,817 | 317,817 |
Other intangible assets, net | 11,307 | 14,874 | 21,406 |
Other assets | 80,965 | 84,806 | 53,972 |
Total Assets | 10,502,261 | 9,530,888 | 8,811,511 |
Liabilities: | |||
Noninterest-bearing deposits | 2,071,594 | 1,840,955 | 1,534,433 |
Interest-bearing deposits | 6,429,508 | 6,175,794 | 5,452,918 |
Total deposits | 8,501,102 | 8,016,749 | 6,987,351 |
Securities sold under agreements to repurchase | 3,146 | 3,494 | 5,840 |
Federal Home Loan Bank advances | 250,000 | 0 | 370,000 |
Senior debt | 184,557 | 193,788 | 193,085 |
Subordinated debt | 98,627 | 98,441 | 98,171 |
Junior subordinated debentures | 36,353 | 35,989 | 35,449 |
Other liabilities | 87,628 | 101,929 | 67,407 |
Total liabilities | 9,161,413 | 8,450,390 | 7,757,303 |
Shareholders' Equity: | |||
Common Stock | 836 | 750 | 750 |
Additional paid-in capital | 1,036,585 | 879,665 | 879,578 |
Retained earnings | 320,276 | 232,614 | 166,840 |
Accumulated other comprehensive (loss) income ("OCI") | (16,849) | (32,531) | 7,040 |
Total shareholders' equity | 1,340,848 | 1,080,498 | 1,054,208 |
Total Liabilities and Shareholders' Equity | $ 10,502,261 | $ 9,530,888 | $ 8,811,511 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Estimated fair value of held-to-maturity securities | $ 451 | $ 463 | $ 594 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, shares issued | 83,625,000 | 75,000,000 | 75,000,000 |
Common Stock, Shares, Outstanding | 83,625,000 | 75,000,000 | 75,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME | |||||||
Interest and fees on loans | $ 90,161 | $ 77,067 | $ 261,400 | $ 226,503 | $ 305,553 | $ 272,434 | $ 271,378 |
Interest and dividends on securities: | |||||||
Taxable | 4,610 | 3,866 | 13,089 | 12,420 | 15,838 | 14,329 | 12,919 |
Tax-exempt | 3,280 | 2,386 | 10,079 | 5,623 | 8,752 | 2,433 | 326 |
Other interest income | 1,452 | 1,335 | 3,929 | 3,636 | 5,107 | 3,871 | 2,623 |
Total interest and dividend income | 99,503 | 84,654 | 288,497 | 248,182 | 335,250 | 293,067 | 287,246 |
INTEREST EXPENSE | |||||||
Interest on time deposits | 5,665 | 4,676 | 15,084 | 12,867 | 9,610 | 7,794 | 5,883 |
Interest on other deposits | 7,413 | 4,604 | 19,530 | 13,170 | 25,836 | 18,027 | 14,190 |
Interest on borrowed funds | 5,262 | 4,948 | 15,578 | 15,204 | 20,365 | 19,468 | 12,085 |
Total interest expense | 18,340 | 14,228 | 50,192 | 41,241 | 55,811 | 45,289 | 32,158 |
Net interest income | 81,163 | 70,426 | 238,305 | 206,941 | 279,439 | 247,778 | 255,088 |
Provision for credit losses | 1,723 | 29,627 | 14,210 | 54,570 | 49,348 | 35,984 | 14,118 |
Net interest income after provision for credit losses | 79,440 | 40,799 | 224,095 | 152,371 | 230,091 | 211,794 | 240,970 |
NONINTEREST INCOME | |||||||
Service charges on deposit accounts | 3,920 | 3,555 | 11,519 | 10,179 | 13,793 | 12,464 | 11,674 |
Other service fees | 1,174 | 797 | 3,217 | 2,263 | 2,884 | 2,293 | 2,021 |
Credit related fees | 3,306 | 2,690 | 8,794 | 7,870 | 10,729 | 12,495 | 6,161 |
Trust services revenue | 4,613 | 3,959 | 14,428 | 12,000 | 16,109 | 15,800 | 14,496 |
Mortgage banking income | 965 | 1,459 | 3,044 | 3,644 | 4,663 | 4,384 | 4,435 |
Investment advisory revenue | 5,283 | 4,733 | 15,260 | 13,990 | 18,811 | 17,681 | 18,052 |
Securities gains (losses), net | 1 | 1,386 | (162) | 2,469 | 3,736 | 1,171 | 659 |
Accretion of FDIC indemnification asset | (1,402) | (2,918) | |||||
Other income | 7,862 | 4,212 | 18,118 | 13,628 | 17,678 | 15,017 | 20,490 |
Total noninterest income | 27,124 | 22,791 | 74,218 | 66,043 | 88,403 | 79,903 | 75,070 |
NONINTEREST EXPENSE | |||||||
Salaries and employee benefits | 35,007 | 31,086 | 103,956 | 96,929 | 125,068 | 128,267 | 130,617 |
Premises and equipment | 7,419 | 7,130 | 21,292 | 20,507 | 27,982 | 29,781 | 32,721 |
Intangible asset amortization | 1,136 | 1,607 | 3,567 | 4,977 | 6,532 | 8,428 | 10,326 |
Other expense | 12,968 | 15,053 | 38,170 | 42,373 | 60,598 | 65,856 | 71,483 |
Total noninterest expense | 56,530 | 54,876 | 166,985 | 164,786 | 220,180 | 232,332 | 245,147 |
Income before income taxes | 50,034 | 8,714 | 131,328 | 53,628 | 98,314 | 59,365 | 70,893 |
Income tax expense | 17,457 | 2,107 | 43,666 | 16,839 | 32,540 | 20,109 | 26,060 |
Net income | $ 32,577 | $ 6,607 | $ 87,662 | $ 36,789 | 65,774 | 39,256 | 44,833 |
Preferred stock dividend | 1,370 | ||||||
Preferred stock discount accretion | 2,273 | ||||||
Earnings available to common shareholder | $ 65,774 | $ 39,256 | $ 41,190 | ||||
Weighted average common shares outstanding (Basic) | 83,625,000 | 75,000,000 | 80,212,912 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 |
Weighted average common shares outstanding (Diluted) | 83,955,685 | 75,258,375 | 80,558,337 | 75,258,375 | 75,294,600 | 75,116,100 | 75,000,000 |
Earnings per common share (Basic) | $ 0.39 | $ 0.09 | $ 1.09 | $ 0.49 | $ 0.88 | $ 0.52 | $ 0.55 |
Earnings per common share (Diluted) | $ 0.39 | $ 0.09 | $ 1.09 | $ 0.49 | $ 0.87 | $ 0.52 | $ 0.55 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net income | $ 32,577 | $ 6,607 | $ 87,662 | $ 36,789 | $ 65,774 | $ 39,256 | $ 44,833 |
Net unrealized (losses)gains on securities available-for-sale: | |||||||
Unrealized gains (losses) arising during the period | 3,745 | (5,741) | 15,308 | 8,704 | (25,361) | (2,024) | 4,081 |
Reclassification adjustments for (gains) losses realized in net income | (1) | (875) | 102 | (1,559) | (2,359) | (739) | (409) |
Net unrealized (losses) gains on securities available-for-sale | 3,744 | (6,616) | 15,410 | 7,145 | (27,720) | (2,763) | 3,672 |
Net unrealized (losses) gains on derivative instruments designated as cash flow hedges: | |||||||
Unrealized (losses) gains arising during the period | 344 | (2,877) | 2,445 | 17,465 | (4,732) | 4,705 | |
Reclassification adjustments for (gains) losses realized in net income | (258) | (1,859) | (2,173) | (5,258) | (7,106) | (3,079) | |
Net change in unrealized (losses) gains on derivative instruments | 86 | (4,736) | 272 | 12,207 | (11,838) | 1,626 | |
Change in pension liability: | |||||||
Actuarial (losses) gains arising during the period (net of $81, $(11) and $308 tax effect, respectively) | (145) | 15 | (502) | ||||
Reclassification adjustments for losses realized in net income (net of $(77), $(58) and $(63) tax effect, respectively) | 132 | 97 | 79 | ||||
Net unrealized (losses) gains on pension liability | (13) | 112 | (423) | ||||
Other comprehensive (loss) income | 3,830 | (11,352) | 15,682 | 19,352 | (39,571) | (1,025) | 3,249 |
Preferred stock dividend | 1,370 | ||||||
Comprehensive income (loss) | $ 36,407 | $ (4,745) | $ 103,344 | $ 56,141 | |||
Preferred stock discount accretion | 2,273 | ||||||
Comprehensive income attributable to common shareholder | $ 26,203 | $ 38,231 | $ 44,439 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||
Unrealized (losses) gains arising during the period, tax effect | $ (2,153) | $ 3,352 | $ (8,844) | $ (5,081) | $ 14,691 | $ 1,249 | $ (2,442) |
Reclassification adjustments for (gains) losses realized in net income, tax effect | 0 | 511 | (60) | 910 | 1,377 | 432 | 250 |
Unrealized (losses) gains arising during the period, tax effect | (202) | 1,679 | (1,427) | (10,196) | 2,712 | (2,748) | |
Reclassification adjustments for (gains) losses realized in net income, tax effect | $ 151 | $ 1,086 | $ 1,269 | $ 3,070 | 4,149 | 1,798 | |
Actuarial (losses) gains arising during the period, tax effect | 81 | (11) | 308 | ||||
Reclassification adjustments for losses realized in net income, tax effect | $ (77) | $ (58) | $ (63) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated OCI |
Balance at Dec. 31, 2013 | $ 1,003,506 | $ 30,641 | $ 750 | $ 876,905 | $ 90,394 | $ 4,816 |
Equity-based compensation cost | 1,033 | 1,033 | ||||
Preferred stock dividends | (1,370) | (1,370) | ||||
Redemption of preferred stock | (32,914) | (32,914) | ||||
Dividend to parent | (4,000) | (4,000) | ||||
Preferred stock discount accretion | (2,273) | $ 2,273 | (2,273) | |||
Net income | 44,833 | 44,833 | ||||
Other comprehensive income | 3,249 | 3,249 | ||||
Balance at Dec. 31, 2014 | 1,014,337 | 750 | 877,938 | 127,584 | 8,065 | |
Equity-based compensation cost | 1,640 | 1,640 | ||||
Net income | 39,256 | 39,256 | ||||
Other comprehensive income | (1,025) | (1,025) | ||||
Balance at Dec. 31, 2015 | 1,054,208 | 750 | 879,578 | 166,840 | 7,040 | |
Equity-based compensation cost | 87 | 87 | ||||
Net income | 65,774 | 65,774 | ||||
Other comprehensive income | (39,571) | (39,571) | ||||
Balance at Dec. 31, 2016 | 1,080,498 | 750 | 879,665 | 232,614 | (32,531) | |
Equity-based compensation cost | 1,425 | 1,425 | ||||
Net income | 87,662 | 87,662 | ||||
Other comprehensive income | 15,682 | 15,682 | ||||
Issuance of 8,625,000 common shares, net of issuance costs | 155,581 | 86 | 155,495 | |||
Balance at Sep. 30, 2017 | $ 1,340,848 | $ 836 | $ 1,036,585 | $ 320,276 | $ (16,849) |
CONDENSED STATEMENTS OF CHANGE8
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | 9 Months Ended |
Sep. 30, 2017shares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common shares | 8,625,000 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | $ 149,841 | $ 71,661 | $ 118,013 | $ 110,207 | $ 92,671 |
Net income | 87,662 | 36,789 | 65,774 | 39,256 | 44,833 |
Adjustments to reconcile net income to net cash provided by operations: | |||||
Depreciation and amortization | 13,250 | 18,262 | 20,299 | ||
Deferred income taxes | 5,980 | (2,928) | 11,127 | ||
Provision for credit losses | 49,348 | 35,984 | 14,118 | ||
Net accretion/amortization of fair values of assets acquired and liabilities assumed | (1,000) | (2,000) | (3,077) | ||
Increase in cash value of life insurance, net | (2,954) | (2,994) | (2,146) | ||
Securities amortization and accretion, net | 5,899 | 3,908 | 2,474 | ||
Equity-based compensation costs | 87 | 1,640 | 1,033 | ||
Gain on sale of securities, net | 162 | (2,469) | (3,736) | (1,171) | (659) |
Gain on sale of loans, net | (2,904) | (2,444) | (3,137) | ||
Loss (gain) on foreclosed property, net | 2,114 | 2,489 | (1,663) | ||
Loss on sale of branches, net | 1,501 | ||||
(Increase) decrease in interest receivable | (4,155) | 6,712 | (4,079) | ||
Proceeds from sale of mortgage loans held for sale | 137,351 | 148,147 | 144,908 | ||
Origination of mortgage loans held for sale | (136,774) | (142,762) | (143,524) | ||
(Increase) decrease in other assets | (11,278) | 1,785 | 7,459 | ||
Increase in interest payable | 725 | 1,086 | 425 | ||
Increase in other liabilities | 286 | 3,736 | 4,280 | ||
Net cash flows provided by operating activities | 149,841 | 71,661 | 118,013 | 110,207 | 92,671 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchase of securities available-for-sale | (278,339) | (743,203) | (1,120,250) | (478,323) | (180,680) |
Purchase of other securities, net | 14,861 | (19,040) | (1,936) | ||
Proceeds from sales of securities available-for-sale | 152,256 | 259,250 | 538,960 | 188,755 | 94,740 |
Proceeds from maturities and calls of securities available-for-sale | 72,137 | 103,566 | 134,501 | 114,064 | 69,292 |
Proceeds from maturities and calls of securities held-to-maturity | 125 | 120 | 110 | ||
Proceeds from sale of commercial loans held for sale | 328,840 | 328,381 | |||
Net cash paid in branch sales | (208,439) | ||||
Increase in loans, net | (613,993) | (654,485) | (913,069) | (805,141) | (1,376,463) |
Purchase of premises and equipment | (5,734) | (3,700) | (5,356) | (11,125) | (6,409) |
Proceeds from disposition of foreclosed property | 6,721 | 24,872 | 28,489 | 30,904 | 50,809 |
Other, net | (22,430) | 14,890 | |||
Net cash provided by (used in) investing activities | (689,382) | (669,970) | (993,358) | (1,188,225) | (1,350,537) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Increase in deposits, net | 484,365 | 930,011 | 1,029,487 | 661,947 | 1,236,722 |
Net change in securities sold under agreements to repurchase | (348) | (909) | (2,346) | (6,204) | 410 |
Net change in short-term FHLB advances | 250,000 | (370,000) | (370,000) | 370,000 | |
Advances of other borrowings, net of debt issuance costs | 73,860 | ||||
Purchase of senior debt | (9,600) | (78) | (78) | ||
Repayments of other borrowings | (75,000) | ||||
Proceeds from issuance of common stock | 155,581 | ||||
Issuance of subordinated debt, net of debt issuance costs | 39,253 | 58,836 | |||
Issuance of senior debt, net of debt issuance costs | 9,813 | 182,007 | |||
Redemption of preferred stock | (32,914) | ||||
Dividends paid on preferred stock | (1,370) | ||||
Dividends paid to Parent | (4,000) | ||||
Net cash (used in) provided by financing activities | 879,998 | 559,024 | 657,063 | 1,074,809 | 1,438,551 |
Net increase (decrease) in cash and cash equivalents | 340,457 | (39,285) | (218,282) | (3,209) | 180,685 |
Cash and cash equivalents at beginning of period | 248,925 | 467,207 | 467,207 | 470,416 | 289,731 |
Cash and cash equivalents at end of period | $ 589,382 | $ 427,922 | $ 248,925 | $ 467,207 | $ 470,416 |
Summary of Accounting Policies
Summary of Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Summary of Accounting Policies | Note 1—Summary of Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements for the Company have been prepared in accordance with instructions to the SEC Form 10-Q S-X; The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going non-consolidated Certain amounts reported in prior years have been reclassified to conform to the 2017 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. Stock Split On March 30, 2017, the Board of Directors approved a 75-for-one Nature of Operations The Company’s subsidiaries include: • Town & Country Insurance Agency, Inc., dba Cadence Insurance—full service insurance agency • The Bank The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (OCC). The Bank provides lending services in Georgia and full banking services in five southern states: Alabama, Florida, Mississippi, Tennessee, and Texas. The Bank’s subsidiaries include: • Linscomb & Williams Inc.—financial advisory firm; and • Cadence Investment Services, Inc.—provides investment and insurance products, The Company and the Bank also have certain other non-operating Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, ASU 2016-09, paid-in paid-in paid-in ASU 2016-09 ASU 2016-09 ASU 2016-09 Pending Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, 2014-09), 2014-09 2014-09 In January 2016, the FASB issued ASU 2016-01, 825-10): ASU 2016-1, available-for-sale. 2016-01 In February 2016, the FASB issued ASU 2016-02, . 2016-02 In June 2016, the FASB has issued ASU No. 2016-13, In August 2016, the FASB issued ASU No. 2016-15, 2016-15 In January 2017, the FASB issued ASU No. 2017-01, No. 2017-01 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 In August 2017, the FASB issued ASU 2017-12, ASU 2017-12 ASU 2017-12 | Note 1—Summary of Accounting Policies Basis of Presentation and Consolidation The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in “other assets” in the Company’s consolidated balance sheets (Note 20). Certain amounts reported in prior years have been reclassified to conform to the 2016 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements through the date of the issuance of these consolidated financial statements. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements, other than as disclosed in Note 25, Subsequent Events. Stock Split In March 2017, the Board of Directors approved a 75 for-one stock split of the Company’s common stock. The stock split occurred on April 7, 2017. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. Nature of Operations The Company’s subsidiaries are as follows: • Town & Country Insurance Agency, Inc., dba Cadence Insurance—full service insurance agency • The Bank The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (OCC). The Bank provides lending services in Georgia and full banking services in five southern states: Alabama, Florida, Mississippi, Tennessee, and Texas. The Bank’s subsidiaries are as follows: • Linscomb & Williams—financial advisory firm • Cadence Investment Services, Inc.—provides investment and insurance products Branch Sales In March and October, 2015, the Company sold the assets and transferred the liabilities of eight branches in Florida (6) and Georgia (2) and recognized a loss of $1.5 million. In March 2014, the Company sold the assets and transferred the liabilities of two branches in Tennessee and recognized a loss of $0.8 million. The following table summarizes the allocation of the sale price to assets sold and liabilities transferred: (In thousands) 2015 2014 Cash on hand $ 1,254 $ 412 Loans 42,477 3,636 Premises and equipment 3,095 244 Other assets 113 406 Total assets sold 46,939 4,698 Deposits 253,823 29,886 Other liabilities 301 20 Total liabilities transferred 254,124 29,906 Cash paid $ 207,185 $ 25,208 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. Acquisition Accounting The Company has determined that the acquisitions completed by the Company of Superior Bank, F.S.B. (“Superior”) in 2011, and Encore Bancshares, Inc. (“Encore”) in 2012, constitute business combinations as defined in ASC Topic 805, “Business Combinations.” Accordingly, as of the date of acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. The Company determined initial fair values in accordance with the guidance provided in ASC Topic 820, “Fair Value Measurements and Disclosures.” Fair value was established by discounting the expected future cash flows with a market discount rate for like maturity and risk instruments. The estimation of expected future cash flows requires significant assumptions about appropriate discount rates, expected future cash flows, market conditions and other future events and actual results could differ materially. Fair values are subject to refinement after the closing date of an acquisition as information relative to closing date fair values becomes available. The Company has made the determinations of fair value using the best information available at the time. Securities Securities are accounted for as follows: Securities Available-for-Sale Securities classified as available-for-sale are those securities that are intended to be held for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including movements in interest rates, liquidity needs, security risk assessments, changes in the mix of assets and liabilities and other similar factors. These securities are carried at their estimated fair value, and the net unrealized gain or loss is reported as accumulated other comprehensive income, net of tax, until realized. Premiums and discounts are recognized in interest income using the effective interest method. Realized gains and losses on the sale of securities available-for-sale are determined by specific identification using the adjusted cost on a trade date basis and are included in securities gains (losses), net. Securities Held-to-Maturity Securities classified as held-to-maturity are those securities for which there is a positive intent and ability to hold to maturity. These securities are carried at cost, adjusted for amortization of premium and accretion of discount, computed by the interest method. Trading Account Securities Trading account securities are securities that are held for the purpose of selling them at a profit. The Company had no trading account securities as of December 31, 2016 or 2015. FHLB and FRB Stock The Company has ownership in Federal Home Loan Bank “FHLB” and Federal Reserve Bank “FRB” stock which do not have a readily determinable fair value and no quoted market values, as ownership is restricted to member institutions, and all transactions take place at par value with the FHLB or FRB as the only purchaser. Therefore, the Company accounts for these investments as long-term assets and carries them at cost. Management’s determination as to whether these investments are impaired is based on management’s assessment of the ultimate recoverability of the par value (cost) rather than recognizing temporary declines in fair value. In order to become a member of the Federal Reserve System, regulations require that the Company hold a certain amount of FRB capital stock. Additionally, investment in FHLB stock is required for membership in the FHLB system and in relation to the level of FHLB outstanding borrowings. Derivative Financial Instruments and Hedging Activities Derivative instruments are accounted for under the requirements of ASC Topic 815, “Derivatives and Hedging.” ASC Topic 815 requires companies to recognize all of their derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. The Company does not speculate using derivative instruments. Interest Rate Lock Commitments In the ordinary course of business, the Company enters into certain commitments with customers in connection with residential mortgage loan applications. Such commitments are considered derivatives under current accounting guidance and are required to be recorded at fair value. The change in fair value of these instruments is reflected currently in the mortgage banking revenue of the consolidated statements of income. Forward Sales Commitments The Company enters into forward sales commitments of mortgage-backed securities (“MBS”) with investors to mitigate the effect of the interest rate risk inherent in providing interest rate lock commitments to customers. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. In an effort to mitigate such risk, forward delivery sales commitments, under which the Company agrees to deliver certain MBS, are established. These commitments are non-hedging derivatives in accordance with current accounting guidance and recorded at fair value, with changes in fair value reflected currently in the mortgage banking revenue of the consolidated statements of income. Forward Purchase Commitments If the Company determines that the amount of its forward sales commitments exceeds the amount necessary to mitigate the interest rate risk in the interest rate lock commitments, it will enter into forward purchase commitments to purchase MBS on an agreed-upon date and price similar to the terms of forward sales commitments. These commitments are non-hedging derivatives in accordance with current accounting guidance and recorded at fair value, with changes in fair value reflected currently in mortgage banking revenue. Interest Rate Swap, Floor and Cap Agreements Not Designated as Hedging Derivatives The Company enters into interest rate swap, floor and cap agreements on commercial loans with customers to meet the financing needs and interest rate risk management needs of its customers. At the same time, the Company enters into an offsetting interest rate swap, floor or cap agreement with a financial institution in order to minimize the Company’s interest rate risk. These interest rate swap and cap agreements are non-hedging derivatives and are recorded at fair value with changes in fair value reflected in noninterest income. The fair value of these derivatives is recorded on the consolidated balance sheets in other assets and other liabilities. Interest Rate Swap Agreements Designated as Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. The effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The Company assesses the effectiveness of the hedging derivative by comparing the change in fair value of the respective derivative instrument and the change in fair value of an effective hypothetical derivative instrument. Foreign Currency Contracts The Company enters into certain foreign currency exchange contracts on behalf of its clients to facilitate their risk management strategies, while at the same time entering into offsetting foreign currency exchange contracts in order to minimize the Company’s foreign currency exchange risk. The contracts are short term in nature, and any gain or loss incurred at settlement is recorded as other noninterest income or other noninterest expense. The fair value of these contracts is reported in other assets and other liabilities. The Company does not apply hedge accounting to these contracts. Counterparty Credit Risk Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Under Company policy, institutional counterparties must be approved by the Company’s Asset/Liability Management Committee. The Company’s credit exposure on derivatives is limited to the net fair value for each counterparty. Refer to Note 6 for further discussion and details of derivative financial instruments and hedging activities. Transfers of Financial Assets Transfers of financials assets are accounted for as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when 1) the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and 3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company’s balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company’s balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. All transfers of financial assets in the reported periods have qualified and been recorded as sales. Loans Held for Sale Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Generally, loans in this category are sold within thirty days. These loans are primarily sold with the mortgage servicing rights released. Fees on mortgage loans sold individually in the secondary market, including origination fees, service release premiums, processing and administrative fees, and application fees, are recognized as mortgage banking revenue in the period in which the loans are sold. These loans are underwritten to the standards of upstream correspondents and are held on the Company’s consolidated balance sheets until the loans are sold. Buyers generally have recourse to return a purchased loan to the Company under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties, and documentation deficiencies. During 2016, 2015 and 2014, an insignificant number of loans were returned to the Company. Commercial Loans Held for Sale The Company transfers certain commercial loans to held for sale when management has the intent to sell the loan or a portion of the loan in the near term. These held for sale loans are recorded at the lower of cost or estimated fair value. At the time of transfer, write-downs on the loans are recorded as charge-offs and a new cost basis is established. Any subsequent lower of cost or market adjustment is determined on an individual loan basis and is recognized as a valuation allowance with any charges included in other noninterest expense. Gains and losses on the sale of these loans are included in other noninterest income when realized. A summary of the loans held for sale at December 31, 2016 and 2015 is as follows: For the Year Ended (In thousands) 2016 2015 Mortgage loans held for sale $ 8,369 $ 6,099 Commercial loans held for sale 9,453 19,314 Loans held for sale $ 17,822 $ 25,413 Loans (Excluding Acquired Credit Impaired Loans) Loans include loans that are originated by the Company and acquired loans that are not considered impaired at acquisition. Loans originated by the Company are carried at the principal amount outstanding adjusted for the allowance for credit losses, net deferred origination fees, and unamortized discounts and premiums. Interest income is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are capitalized and recognized as an adjustment of the yield on the related loan. Loans acquired through acquisition are initially recorded at fair value. Discounts created when the loans were recorded at their estimated fair values at acquisition are accreted over the remaining term of the loan as an adjustment to the related loan’s yield. Commercial loans, including small business loans, are generally placed on nonaccrual status when principal or interest is past due ninety days or more unless the loan is well secured and in the process of collection, or when the loan is specifically determined to be impaired. Consumer loans, including residential first and second lien loans secured by real estate, are generally placed on nonaccrual status when they are 120 or more days past due. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is generally discontinued at the time the loan is placed on nonaccrual status. All accrued but uncollected interest for loans that are placed on nonaccrual status is reversed through interest income. Cash receipts received on nonaccrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed below or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for acquired credit impaired) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for acquired credit impaired) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 180 days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. A loan is considered to be impaired when it appears probable that the entire amount contractually due will not be collected. Factors considered in determining impairment include payment status, collateral values, and the probability of collecting scheduled payments of principal and interest when due. The measurement of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. Included in impaired loans are loans considered troubled debt restructurings (“TDRs”). The Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrower’s ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that the Company has granted a concession to the borrower. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future without the modification. Concessions could include reductions of interest rates, extension of the maturity date at a rate lower than current market rate for a new loan with similar risk, reduction of accrued interest, principal forgiveness, forbearance, or other concessions. The assessments of whether a borrower is experiencing or will likely experience financial difficulty and whether a concession has been granted is highly subjective in nature, and management’s judgment is required when determining whether a modification is classified as a TDR. Current amendments to the accounting guidance preclude a creditor from using the effective interest rate test in the debtor’s guidance on restructuring of payables (paragraph 470-60-55-10) when evaluating whether a restructuring constitutes a TDR. Allowance for Credit Losses The allowance for credit losses (“ACL”) is established through charges to income in the form of a provision for credit losses. The ACL is maintained at a level that management believes is adequate to absorb all probable losses on loans inherent in the loan portfolio as of the reporting date. Events that are not within the Company’s control, such as changes in economic factors, could change subsequent to the reporting date and could cause the ACL to be overstated or understated. The amount of the ACL is affected by loan charge-offs, which decrease the ACL; recoveries on loans previously charged off, which increase the ACL; and the provision for credit losses charged to income, which increases the ACL. In determining the provision for credit losses, management monitors fluctuations in the ACL resulting from actual charge-offs and recoveries and reviews the size and composition of the loan portfolio in light of current and anticipated economic conditions. The ACL is comprised of the following four components: • Specific reserves are recorded on loans reviewed individually for impairment. Generally, all loans that are individually identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. A loan is considered impaired when, based on current information, it is probable that we will not receive all amounts due in accordance with the contractual terms of the loan agreement. Once a loan has been identified as impaired, management measures impairment in accordance with ASC Topic 310, “Receivables.” The measurement of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. When management’s measured value of the impaired loan is less than the recorded investment in the loan, the amount of the impairment is recorded as a specific reserve. These specific reserves are determined on an individual loan basis based on management’s current evaluation of the loss exposure for each credit, given the payment status, the financial condition of the borrower and any guarantors and the value of any underlying collateral. Loans that are individually identified as impaired are excluded from the general reserve calculation described below. Changes in specific reserves from period to period are the result of changes in the circumstances of individual loans such as charge-offs, payments received, changes in collateral values or other factors. • For loans not considered to be impaired, a general reserve is maintained for each loan segment in the loan portfolio. Due to the growth of the credit portfolio into new geographic areas and into new commercial segmentations and the lack of seasoning of the portfolio, the Company recognizes there is limited historical loss information to adequately estimate loss rate bands based primarily on historical loss data. Therefore, external loss data was acquired from the research arm of a nationally recognized risk rating agency to act as a proxy for loss rates within the ACL model until sufficient loss history can be accumulated from the Company’s loss experience in these segments. These loss rate bands were developed specifically for the Company’s customer risk profile and portfolio mix. The Company monitors actual loss experience for each loan segment for adjustments required to the loss rates utilized. • In assessing the overall risk of the credit portfolio, the ACL Committee also considers the following qualitative factors that may indicate additional credit losses within the current credit portfolio. Management discretion dictates how these factors should affect certain segments (or the entire portfolio) according to a number of basis points to be added to (or subtracted from) loan loss rates. By their nature, qualitative adjustments attempt to quantify and standardize factors that serve as “leading indicators” of credit deterioration or improvement. These primary adjustment factors include, but are not limited to the following: • Lending policies, procedures, practices or philosophy, including underwriting standards and collection, charge-off and recovery practices • Changes in national and service market economic and business conditions that could affect the level of default rates or the level of losses once a default has occurred within the Bank’s existing loan portfolio • Changes in the nature or size of the portfolio • Changes in portfolio collateral values • Changes in the experience, ability, and depth of lending management and other relevant staff • Volume and/or severity of past due and classified credits or trends in the volume of losses, non-accrual credits, impaired credits and other credit modifications • Quality of the institution’s credit review system and processes and the degree of oversight by bank management and the board of directors • Concentrations of credit such as industry and lines of business • Competition and legal and regulatory requirements or other external factors. • In connection with acquisitions (see Accounting for Acquired Loans and FDIC Loss Share Receivable ASC 310-30 Management presents the quarterly review of the ACL to the Bank’s Board of Directors, indicating any recommendations as to adjustments in the ACL. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as events change. The reserve for unfunded commitments is determined by assessing three distinct pieces: unfunded commitment volatility in the portfolio (excluding commitments related to letters of credit), adverse letters of credit, and adverse lines of credit. Unfunded commitment volatility is calculated on a trailing eight quarter basis; the resulting expected funding amount is then reserved for based on the current combined reserve rate of the originated and ANCI loans. Adverse lines and letters of credit are assessed individually based on funding and loss expectations as of the period end. The reserve for unfunded commitments is recorded in other liabilities and other noninterest expense separate from the allowance and provision for credit losses. As of December 31, 2016 and 2015 the reserve for unfunded commitments totaled $1.6 million and $0.8 million, respectively. Accounting for Acquired Loans and FDIC Loss Share Receivable Acquired Loans The Company accounts for its acquisitions under ASC Topic 805, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No ACL related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the shared-loss agreements with the Federal Deposit Insurance Corporation (“FDIC”) (see “FDIC Indemnification Asset” below). The fair value estimates associated with the loans include estimates related to the amount and timing of undiscounted expected principal, interest and other cash flows, as well as the appropriate discount rate. At the time of acquisition, the Company estimated the fair value of the total acquired loan portfolio by segregating the portfolio into loan pools with similar characteristics and certain specifically-reviewed non-homogeneous loans. The similar characteristics used to establish the pools included: • Risk rating, • The loan type based on regulatory reporting guidelines; namely whether the loan was a residential, construction, consumer, or commercial loan, and • The nature of collateral. From these pools, the Company used certain loan information, including outstanding principal balance, estimated probability of default and loss given default, weighted average maturity, weighted average term to re-price (if a variable rate loan), estimated prepayment rates, and weighted average interest rate to estimate the expected cash flow for each loan pool. For the specifically-reviewed loans expected cash flows were determined for each loan based on current performance and collateral values, if the loan is collateral dependent. The Company accounts for and evaluates acquired credit impaired (“ACI”) loans in accordance with the provisions of ASC Topic 310-30. When ACI loans exhibit evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all principal and interest payments in accordance with the terms of the loan agreement, the expected shortfall in future cash flows, as compared to the contractual amount due, is recognized as a non-accretable discount. Any excess of expected cash flows over the acquisition date fair value is known as the accretable discount, and is recognized as accretion income over the life of each pool or individual loan. ACI loans that meet the criteria for non-accrual of interest at the time of acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the timing and expected cash flows on such loans can be reasonably estimated and if collection of the new carrying value of such loans is expected. However, if the timing or amount of the expected cash flows cannot be reasonably estimated an ACI loan may be placed in nonaccruing status. Expected cash flows over the acquisition date fair value are periodically re-estimated utilizing the same cash flow methodology used at the time of acquisition and subsequent decreases to the expected cash flows will generally result in a provision for loan losses charge to the Company’s consolidated statements of income. Conversely, subsequent increases in expected cash flows result in a transfer from the non-accretable discount to the accretable discount, which would have a positive impact on accretion income prospectively. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. FDIC Indemnification Asset An FDIC indemnification asset results from the loss sharing agreement in an FDIC-assisted transaction and is measured separately from the related covered assets as they are not contractually embedded in those assets and are not transferable should the Company choose to dispose of the covered assets. The FDIC indemnification asset represents the estimated fair value of expected reimbursements from the FDIC for losses on covered loans and other real estate owned (“OREO”). As indemnified assets are resolved and the Company is reimbursed by the FDIC for the value of the resolved portion of the FDIC indemnification asset, the Company reduces the carrying value of the FDIC indemnification asset. As of December 31, 2012, the Company had submitted claims in excess of the first threshold of $347 million established at acquisition and was reimbursed the 80% of the covered losses by the FDIC up to this initial threshold. Subsequent claims between $347 million and $504 million are not reimbursable under the loss share agreement. The Company’s claims did not exceed the second threshold of $504 million, over which losses are reimbursed at 80%. On January 5, 2016, a |
Securities
Securities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Securities | Note 2—Securities A summary of amortized cost and estimated fair value of securities available-for-sale held-to-maturity (In thousands) Amortized Gross Gross Estimated September 30, 2017 Securities available-for-sale: U.S. Treasury securities $ 100,615 $ — $ 2,927 $ 97,688 Obligations of U.S. government agencies 83,508 760 103 84,165 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 112,328 1,049 842 112,535 Issued by FNMA and FHLMC 383,375 2,154 1,487 384,042 Other residential mortgage-backed securities 41,095 234 761 40,568 Commercial mortgage-backed securities 64,776 — 3,786 60,990 Total MBS 601,574 3,437 6,876 598,135 Obligations of states and municipal subdivisions 420,011 3,690 11,485 412,216 Other securities 5,714 248 134 5,828 Total securities available-for-sale $ 1,211,422 $ 8,135 $ 21,525 $ 1,198,032 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 26 $ — $ 451 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2016 Securities available-for-sale: U.S. Treasury securities $ 100,736 $ — $ 3,951 $ 96,785 Obligations of U.S. government agencies 97,340 508 320 97,528 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 152,918 1,401 1,166 153,153 Issued by FNMA and FHLMC 267,035 1,499 3,206 265,328 Other residential mortgage-backed securities 48,076 375 890 47,561 Commercial mortgage-backed securities 66,720 — 4,107 62,613 Total MBS 534,749 3,275 9,369 528,655 Obligations of states and municipal subdivisions 438,655 870 28,713 410,812 Other securities 5,580 149 162 5,567 Total securities available-for-sale $ 1,177,060 $ 4,802 $ 42,515 $ 1,139,347 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 38 $ — $ 463 The scheduled contractual maturities of securities available-for-sale held-to-maturity Available-for-Sale Held-to-Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ — $ — $ — $ — Due after one year through five years 108,620 105,798 425 451 Due after five years through ten years 20,818 21,133 — — Due after ten years 474,696 467,138 — — Mortgage-backed securities and other securities 607,288 603,963 — — Total $ 1,211,422 $ 1,198,032 $ 425 $ 451 Proceeds from sales, gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016 are presented below. There were no other-than-temporary impairment charges included in gross realized losses for the three and nine months ended September 30, 2017 and 2016. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. For the Three Months Ended For the Nine Months Ended (In thousands) 2017 2016 2017 2016 Gross realized gains $ 1 $ 1,724 $ 151 $ 2,905 Gross realized losses — (338 ) (313 ) (436 ) Realized gains (losses) on sale of securities available for sale, net $ 1 $ 1,386 $ (162 ) $ 2,469 Securities with a carrying value of $513.4 million and $380.4 million at September 30, 2017 and December 31, 2016, respectively, were pledged to secure public and trust deposits, FHLB borrowings, repurchase agreements and for other purposes as required or permitted by law. The detail concerning securities classified as available-for-sale Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross September 30, 2017 U.S. Treasury securities $ — $ — $ 97,688 $ 2,927 Obligations of U.S. government agencies 138 — 25,784 103 Mortgage-backed securities 218,226 4,108 58,347 2,768 Obligations of states and municipal subdivisions 140,067 4,134 93,325 7,351 Other securities — — 4,313 134 Total $ 358,431 $ 8,242 $ 279,457 $ 13,283 Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross December 31, 2016 U.S. Treasury securities $ 96,785 $ 3,951 $ — $ — Obligations of U.S. government agencies 51,463 277 12,150 43 Mortgage-backed securities 328,374 8,482 17,979 887 Obligations of states and municipal subdivisions 344,708 28,713 — — Other securities — — 4,216 162 Total $ 821,330 $ 41,423 $ 34,345 $ 1,092 There were no securities classified as held-to-maturity As of September 30, 2017 and December 31, 2016, approximately 53% and 75%, respectively, of the fair value of securities in the investment portfolio reflected an unrealized loss. As of September 30, 2017, there were 61 securities that had been in a loss position for more than twelve months, and 82 securities that had been in a loss position for less than 12 months. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption of the obligations. The Company has adequate liquidity and, therefore, does not plan to sell and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. | Note 2—Securities A summary of amortized cost and estimated fair value of securities available-for-sale and securities held-to-maturity at December 31, 2016 and 2015 is as follows: (In thousands) Amortized Gross Gross Estimated December 31, 2016 Securities available-for-sale: U.S. treasury securities $ 100,736 $ — $ 3,951 $ 96,785 Obligations of U.S. government agencies 97,340 508 320 97,528 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 152,918 1,401 1,166 153,153 Issued by FNMA and FHLMC 267,035 1,499 3,206 265,328 Other residential mortgage-backed securities 48,076 375 890 47,561 Commercial mortgage-backed securities 66,720 — 4,107 62,613 Total MBS 534,749 3,275 9,369 528,655 Obligations of states and municipal subdivisions 438,655 870 28,713 410,812 Other securities 5,580 149 162 5,567 Total securities available-for-sale $ 1,177,060 $ 4,802 $ 42,515 $ 1,139,347 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 38 $ — $ 463 (In thousands) Amortized Gross Gross Estimated December 31, 2015 Securities available-for-sale: Obligations of U.S. government agencies $ 89,983 $ 919 $ 109 $ 90,793 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 278,560 2,457 827 280,190 Issued by FNMA and FHLMC 120,597 2,045 935 121,707 Other residential mortgage-backed securities 75,861 738 1,022 75,577 Commercial mortgage-backed securities 24,977 — 168 24,809 Total MBS 499,995 5,240 2,952 502,283 Obligations of states and municipal subdivisions 119,295 3,212 187 122,320 Other securities 5,454 54 94 5,414 Total securities available-for-sale $ 714,727 $ 9,425 $ 3,342 $ 720,810 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 550 $ 44 $ — $ 594 The scheduled contractual maturities of securities available-for-sale and securities held-to-maturity at December 31, 2016 were as follows: Available-for-Sale Held-to-Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ 3,776 $ 3,816 $ — $ — Due after one year through five years 110,173 106,436 425 463 Due after five years through ten years 12,669 12,763 — — Due after ten years 510,113 482,110 — — Mortgage-backed securities and other securities 540,329 534,222 — — Total $ 1,177,060 $ 1,139,347 $ 425 $ 463 Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the year ended December 31, 2016, 2015 and 2014 are presented below. There were no other-than-temporary impairment charges included in gross realized losses for the years ended December 31, 2016, 2015 and 2014. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale. For the Year Ended (In thousands) 2016 2015 2014 Gross realized gains $ 4,172 $ 1,444 $ 677 Gross realized losses (436 ) (273 ) (18 ) Realized gains on sale of securities available for sale, net $ 3,736 $ 1,171 $ 659 Securities with a carrying value of $380.4 million and $368.3 million at December 31, 2016 and 2015, respectively, were pledged to secure public and trust deposits, FHLB borrowings, repurchase agreements and for other purposes as required or permitted by law. The details concerning securities classified as available-for-sale with unrealized losses as of December 31, 2016 and 2015 was as follows: Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross December 31, 2016 U.S. Treasury securities $ 96,785 $ 3,951 $ — $ — Obligations of U.S. government agencies 51,463 277 12,150 43 Mortgage-backed securities 328,374 8,482 17,979 887 Obligations of state and municipal subdivision 344,708 28,713 — — Other securities — — 4,216 162 Total $ 821,330 $ 41,423 $ 34,345 $ 1,092 December 31, 2015 Obligations of U.S. government agencies $ 7,850 $ 109 $ — $ — Mortgage-backed securities 199,548 1,520 39,624 1,432 Obligations of state and municipal subdivision 12,656 187 — — Other securities — — 4,190 94 Total $ 220,054 $ 1,816 $ 43,814 $ 1,526 There were no securities classified as held-to-maturity with unrealized losses as of December 31, 2016 and 2015. As of December 31, 2016 and 2015, approximately 75% and 37%, respectively of the fair value of securities in the investment portfolio reflected an unrealized loss. As of December 31, 2016, there were 9 securities that had been in a loss position for more than twelve months, and 203 securities that had been in a loss position for less than 12 months. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to honor redemption of the obligations. The Company has adequate liquidity and, therefore, does not plan to sell and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||
Loans and Allowance for Credit Losses | Note 3—Loans and Allowance for Credit Losses The following table presents total loans outstanding by portfolio segment and class of financing receivable as of September 30, 2017 and December 31, 2016. Outstanding balances also include Acquired Noncredit Impaired (“ANCI”) loans, originated loans and Acquired Credit Impaired (“ACI”) loans net of any remaining purchase accounting adjustments. Information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. As of September 30, 2017 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 26,103 $ 51,876 $ 2,542,261 $ 2,620,240 Energy sector — — 932,981 932,981 Restaurant industry — — 979,735 979,735 Healthcare 6,240 2,720 385,385 394,345 Total commercial and industrial 32,343 54,596 4,840,362 4,927,301 Commercial Real Estate Income producing 82,634 14,735 1,048,441 1,145,810 Land and development — 1,510 71,597 73,107 Total commercial real estate 82,634 16,245 1,120,038 1,218,917 Consumer Residential real estate 157,632 117,801 1,340,724 1,616,157 Other 1,397 2,948 67,981 72,326 Total consumer 159,029 120,749 1,408,705 1,688,483 Small Business Lending — 10,702 207,575 218,277 Total (Gross of unearned discount and fees) 274,006 202,292 7,576,680 8,052,978 Unearned discount and fees — (3,495 ) (20,545 ) (24,040 ) Total (Net of unearned discount and fees) $ 274,006 $ 198,797 $ 7,556,135 $ 8,028,938 As of December 31, 2016 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 31,709 $ 47,592 $ 2,337,364 $ 2,416,665 Energy sector — — 939,369 939,369 Restaurant industry — — 864,085 864,085 Healthcare 6,338 4,102 434,663 445,103 Total commercial and industrial 38,047 51,694 4,575,481 4,665,222 Commercial Real Estate Income producing 96,673 18,354 886,676 1,001,703 Land and development 1,497 1,952 67,555 71,004 Total commercial real estate 98,170 20,306 954,231 1,072,707 Consumer Residential real estate 186,375 145,747 1,125,048 1,457,170 Other 1,690 7,180 59,819 68,689 Total consumer 188,065 152,927 1,184,867 1,525,859 Small Business Lending — 9,158 184,483 193,641 Total (Gross of unearned discount and fees) 324,282 234,085 6,899,062 7,457,429 Unearned discount and fees — (4,301 ) (20,417 ) (24,718 ) Total (Net of unearned discount and fees) $ 324,282 $ 229,784 $ 6,878,645 $ 7,432,711 (1) This category for ACI loans includes all pooled commercial and industrial loans which may contain certain restaurant, healthcare or services loan types. Allowance for Credit Losses (“ACL”) The ACL is management’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The Company has an established process to determine the adequacy of the ACL that assesses the losses inherent in our portfolio. While management attributes portions of the ACL to specific portfolio segments, the entire ACL is available to absorb credit losses inherent in the total loan portfolio. The ACL process involves procedures that appropriately consider the unique risk characteristics of the loan portfolio segments based on management’s assessment of the underlying risks and cash flows. For each portfolio segment, losses are estimated collectively for groups of loans with similar characteristics, individually for impaired loans or, for ACI loans, based on the changes in cash flows expected to be collected on a pool or individual basis. The level of the ACL is influenced by loan volumes, risk rating migration, historic loss experience influencing loss factors, and other conditions influencing loss expectations, such as economic conditions. The primary indicator of credit quality for the portfolio segments is its internal risk ratings. The assignment of loan risk ratings is the primary responsibility of the lending officer and is subject to independent review by internal credit review, which also performs ongoing, independent review of the risk management process. The risk management process includes underwriting, documentation and collateral control. Credit review is centralized and independent of the lending function. The credit review results are reported to senior management and the Board of Directors. A summary of the activity in the ACL for the three and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, 2017 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2017 $ 62,235 $ 13,260 $ 13,385 $ 4,335 $ 93,215 Provision for loan losses: ACI loans 278 (1,195 ) (345 ) — (1,262 ) ANCI loans 31 — (154 ) (69 ) (192 ) Originated loans (432 ) 811 2,689 109 3,177 Total provision (123 ) (384 ) 2,190 40 1,723 Charge-offs: ACI loans 375 — — — 375 ANCI loans 65 — 9 — 74 Originated loans — — 132 — 132 Total charge-offs 440 — 141 — 581 Recoveries: ACI loans — 65 3 — 68 ANCI loans 27 — 164 65 256 Originated loans 44 11 29 — 84 Total recoveries 71 76 196 65 408 As of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 For the Nine Months Ended September 30, 2017 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 Provision for loan losses: ACI loans 95 (877 ) (1,416 ) — (2,198 ) ANCI loans 639 (42 ) (146 ) (224 ) 227 Originated loans 8,656 3,564 3,633 328 16,181 Total provision 9,390 2,645 2,071 104 14,210 Charge-offs: ACI loans 414 — — — 414 ANCI loans 99 — 160 47 306 Originated loans 2,788 — 383 120 3,291 Total charge-offs 3,301 — 543 167 4,011 Recoveries: ACI loans 246 186 484 — 916 ANCI loans 43 — 268 247 558 Originated loans 677 18 85 44 824 Total recoveries 966 204 837 291 2,298 As of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 ACL ACI loans collectively evaluated for impairment $ — $ 1,958 $ 6,300 $ — $ 8,258 ACI loans individually evaluated for impairment 103 6 215 — 324 ANCI loans collectively evaluated for impairment 883 202 55 256 1,396 ANCI loans individually evaluated for impairment — — 38 24 62 Originated loans collectively evaluated for impairment 49,847 10,786 9,019 4,149 73,801 Originated loans individually evaluated for impairment 10,910 — 3 11 10,924 ACL as of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 Loans ACI loan pools collectively evaluated for impairment $ 22,120 $ 73,929 $ 159,029 $ — $ 255,078 ACI loans individually evaluated for impairment 10,223 8,705 — — 18,928 ANCI loans collectively evaluated for impairment 54,596 16,245 119,152 10,381 200,374 ANCI loans individually evaluated for impairment — — 1,597 321 1,918 Originated loans collectively evaluated for impairment 4,749,077 1,120,038 1,408,263 206,981 7,484,359 Originated loans individually evaluated for impairment 91,285 — 442 594 92,321 Loans as of September 30, 2017 $ 4,927,301 $ 1,218,917 $ 1,688,483 $ 218,277 $ 8,052,978 For the Three Months Ended September 30, 2016 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2016 $ 60,135 $ 9,804 $ 13,323 $ 3,885 $ 87,147 Provision for loan losses: ACI loans (39 ) (763 ) 992 — 190 ANCI loans (33 ) (237 ) 33 (47 ) (284 ) Originated loans 29,290 57 275 99 29,721 Total provision 29,218 (943 ) 1,300 52 29,627 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 144 — 144 Originated loans 25,455 — 177 — 25,632 Total charge-offs 25,455 — 1,413 — 26,868 Recoveries: ACI loans 8 419 2 — 429 ANCI loans 11 100 31 2 144 Originated loans 656 — 34 — 690 Total recoveries 675 519 67 2 1,263 As of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 For the Nine Months Ended September 30, 2016 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Provision for loan losses: ACI loans (2,179 ) (876 ) (149 ) — (3,204 ) ANCI loans (196 ) (211 ) 188 (60 ) (279 ) Originated loans 53,125 1,765 1,402 1,761 58,053 Total provision 50,750 678 1,441 1,701 54,570 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 334 — 334 Originated loans 43,332 — 480 142 43,954 Total charge-offs 43,332 — 1,906 142 45,380 Recoveries: ACI loans 20 466 7 — 493 ANCI loans 35 100 102 7 244 Originated loans 1,276 — 183 — 1,459 Total recoveries 1,331 566 292 7 2,196 As of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 ACL ACI loans collectively evaluated for impairment $ 70 $ 2,671 $ 7,557 $ — $ 10,298 ACI loans individually evaluated for impairment — 4 229 — 233 ANCI loans collectively evaluated for impairment 262 117 — 254 633 ANCI loans individually evaluated for impairment — — 61 — 61 Originated loans collectively evaluated for impairment 55,451 6,588 5,430 3,685 71,154 Originated loans individually evaluated for impairment 8,790 — — — 8,790 ACL as of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 Loans Held-for-sale The Company had held-for-sale Impaired Originated and ANCI Loans Including TDRs The following includes certain key information about individually impaired originated and ANCI loans as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016. Originated and ANCI Loans Identified as Impaired As of September 30, 2017 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 193 $ 197 $ — $ 193 $ — Energy sector 67,584 77,441 — 60,452 4,432 Total commercial and industrial 67,777 77,638 — 60,645 4,432 Consumer Residential real estate 1,105 1,108 — 36 — Other 160 159 — — — Total consumer 1,265 1,267 — 36 — Small Business Lending 255 696 — 255 — Total $ 69,297 $ 79,601 $ — $ 60,936 $ 4,432 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 23,695 $ 28,539 $ 10,910 $ 11,574 $ 402 Consumer Residential real estate 499 497 38 — — Other 285 283 3 — — Total consumer 784 780 41 — — Small Business Lending 662 930 35 65 — Total $ 25,141 $ 30,249 $ 10,986 $ 11,639 $ 402 As of December 31, 2016 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 12,334 $ 13,426 $ — $ 6,838 $ 1,363 Energy sector 99,200 103,322 — 85,149 8,465 Total commercial and industrial 111,534 116,748 — 91,987 9,828 Consumer Residential real estate 437 435 — — — Other 429 427 — — 1 Total consumer 866 862 — — 1 Small Business Lending 299 703 — 299 — Total $ 112,699 $ 118,313 $ — $ 92,286 $ 9,829 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 39,319 $ 45,243 $ 1,598 $ 28,228 $ 4,788 Consumer Residential real estate 736 741 37 39 — Small Business Lending 641 897 40 90 — Total $ 40,696 $ 46,881 $ 1,675 $ 28,357 $ 4,788 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. The related amount of interest income recognized for impaired loans was $301 thousand and $926 thousand for the three and nine months ended September 30, 2017, respectively, compared to $206 thousand and $897 thousand for the same periods in 2016. Generally, cash receipts on nonperforming loans are used to reduce principal rather than recorded as interest income. Past due status is determined based upon contractual terms. A nonaccrual loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, under the terms of the restructured loan. Approximately $0.4 million and $1.4 million of contractual interest paid was recognized on the cash basis for the three and nine months ended September 30, 2017, respectively, compared to $0.2 million and $1.2 million for same periods in 2016. Average Recorded Investment in Impaired Originated and ANCI Loans Three Months Ended September 30, 2017 2016 (In thousands) Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 6,506 $ — $ 8,474 $ 568 Energy sector 103,580 — 156,768 — Total commercial and industrial 110,086 — 165,242 568 Consumer Residential real estate — 1,606 — 1,199 Other 369 — 439 — Total consumer 369 1,606 439 1,199 Small Business Lending 649 334 — 405 Total $ 111,104 $ 1,940 $ 165,681 $ 2,172 Nine Months Ended September 30, 2017 2016 (In thousands) Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 9,480 $ — $ 11,856 $ 432 Energy sector 122,269 — 133,150 — Total commercial and industrial 131,749 — 145,006 432 Consumer Residential real estate — 1,385 — 1,273 Other 378 — 367 — Total consumer 378 1,385 367 1,273 Small Business Lending 600 356 — 426 Total $ 132,727 $ 1,741 $ 145,373 $ 2,131 Included in impaired loans are loans considered to be TDRs. The Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrower’s ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. The Bank considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed. Qualifying criteria and payment terms are structured by the borrower’s current and prospective ability to comply with the modified terms of the loan. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that the Company has granted a concession to the borrower. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future without the modification. Concessions could include reductions of interest rates, extension of the maturity date at a rate lower than current market rate for a new loan with similar risk, reduction of accrued interest, principal forgiveness, forbearance, or other concessions. The assessments of whether a borrower is experiencing or will likely experience financial difficulty and whether a concession has been granted is highly subjective in nature, and management’s judgment is required when determining whether a modification is classified as a TDR. Current amendments to the accounting guidance preclude a creditor from using the effective interest rate test in the debtor’s guidance on restructuring of payables (ASC 470-60-55-10) All TDRs are reported as impaired. Impaired classification may be removed if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. The majority of TDRs are classified as impaired loans for the remaining life of the loan. Nonperforming loans and impaired loans are defined differently. Some loans may be included in both categories, whereas other loans may only be included in one category. Originated and ANCI Loans that were modified into TDRs For the Three Months Ended September 30, 2017 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Consumer Other 1 285 — — Total 1 $ 285 — $ — For the Nine Months Ended September 30, 2017 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 193 — $ — Consumer Residential real estate 1 462 — — Other 1 285 — — Total consumer 2 747 — — Small Business Lending 1 145 — — Total 4 $ 1,085 — $ — For the Three Months Ended September 30, 2016 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 7,896 — $ — Energy sector 3 29,107 — — Total commercial and industrial 4 37,003 — — Total 4 $ 37,003 — $ — For the Nine Months Ended September 30, 2016 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 7,896 — $ — Energy sector 4 35,945 — — Total commercial and industrial 5 43,841 — — Consumer Residential real estate 1 336 — — Other 1 184 — — Total consumer 2 520 — — Total 7 $ 44,361 — $ — (1) Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual For the Three Months Ended September 30, 2017 2016 Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Forbearance Modified Terms and/ or Other Concessions Rate Commercial and Industrial General C&I — — — 1 — Energy sector — — 1 1 1 Total commercial and industrial — — 1 2 1 Consumer Other — 1 — — — Total — 1 1 2 1 For the Nine Months Ended September 30, 2017 2016 Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Forbearance Modified Terms and/ or Other Concessions Rate Commercial and Industrial General C&I 1 — — 1 — Energy sector — — 1 2 1 Total commercial and industrial 1 — 1 3 1 Consumer Residential real estate — 1 — 1 — Other — 1 — 1 — Total consumer — 2 — 2 — Small Business Lending 1 — — — — Total 2 2 1 5 1 Residential Mortgage Loans in Process of Foreclosure Included in loans are $3.4 million and $2.1 million of consumer loans secured by single family residential real estate that are in process of foreclosure at September 30, 2017 and December 31, 2016, respectively. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $4.8 million and $5.1 million of foreclosed single family residential properties in other real estate owned as of September 30, 2017 and December 31, 2016, respectively. Credit Exposure in the Originated and ANCI Loan Portfolios The following provides information regarding the credit exposure by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: Commercial and Industrial credit exposure, based on internal risk rating: As of September 30, 2017 (Recorded Investment in thousands) General C&I Energy (1) Restaurant Healthcare Originated Loans Pass $ 2,429,596 $ 773,680 $ 966,231 $ 386,360 Special mention 84,846 — 4,647 45 Substandard (1) 34,580 150,929 10,907 — Doubtful — 10,503 — — Total originated loans (1) 2,549,022 935,112 981,785 386,405 ANCI Loans Pass 45,780 — — 2,731 Substandard 6,324 — — — Total ANCI loans 52,104 — — 2,731 Total $ 2,601,126 $ 935,112 $ 981,785 $ 389,136 (1) Does not include the $9.9 million nonperforming energy credit that was transferred to the HFS category. As of December 31, 2016 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,279,481 $ 670,696 $ 849,546 $ 426,276 Special mention 36,419 30,433 16,169 9,479 Substandard 26,968 239,457 — — Doubtful — 789 — — Total originated loans 2,342,868 941,375 865,715 435,755 ANCI Loans Pass 47,269 — — 4,114 Substandard 521 — — — Total ANCI loans 47,790 — — 4,114 Total $ 2,390,658 $ 941,375 $ 865,715 $ 439,869 Commercial Real Estate credit exposure, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Income producing Land and Income producing Land and Originated Loans Pass $ 1,049,645 $ 71,814 $ 888,608 $ 67,742 Special mention 1,368 20 — 23 Total originated loans 1,051,013 71,834 888,608 67,765 ANCI Loans Pass 14,767 1,232 18,410 1,618 Substandard 26 300 — 341 Total ANCI loans 14,793 1,532 18,410 1,959 Total $ 1,065,806 $ 73,366 $ 907,018 $ 69,724 Consumer credit exposure, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other Originated Loans Pass $ 1,343,065 $ 67,294 $ 1,126,679 $ 59,145 Special mention 328 621 422 455 Substandard 1,326 321 1,096 415 Total originated loans 1,344,719 68,236 1,128,197 60,015 ANCI Loans Pass 113,731 2,915 141,349 7,151 Special mention 1,892 46 2,156 53 Substandard 2,632 2 2,775 4 Total ANCI loans 118,255 2,963 146,280 7,208 Total $ 1,462,974 $ 71,199 $ 1,274,477 $ 67,223 Small Business credit exposure, based on internal risk rating: As of (Recorded Investment in thousands) September 30, December 31, Originated Loans Pass $ 204,758 $ 182,021 Special mention 2,624 1,807 Substandard 668 1,116 Doubtful 32 — Total originated loans 208,082 184,944 ANCI Loans Pass 10,136 8,407 Special mention 40 11 Substandard 561 764 Total ANCI loans 10,737 9,182 Total $ 218,819 $ 194,126 The following provides an aging of past due originated and ANCI loans by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: Aging of Past due Originated and ANCI Loans As of September 30, 2017 Accruing Loans Non-Accruing (1) (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Originated Loans Commercial and Industrial General C&I $ — $ — $ — $ 193 $ — $ — $ — Energy sector (1) — — — 59,801 5,883 — 6,342 Total commercial and industrial — — — 59,994 5,883 — 6,342 Commercial Real Estate Income producing — — — — — — — Land and development 347 — — — — — — Total commercial real estate 347 — — — — — — Consumer Residential real estate 5,115 577 — 84 262 — 755 Other 817 30 — — — — — Total consumer 5,932 607 — 84 262 — 755 Small Business Lending 98 — 41 39 119 30 124 Total (1) $ 6,377 $ 607 $ 41 $ 60,117 $ 6,264 $ 30 $ 7,221 ANCI Loans Commercial Real Estate Income producing $ 1,048 $ — $ 26 $ — $ — $ — $ — Land and development — — — 300 — — — Total commercial real estate 1,048 — 26 300 — — — Consumer Residential real estate 1,468 208 171 629 703 228 1,028 Other 5 — — — — — — Total consumer 1,473 208 171 629 703 228 1,028 Small Business Lending 721 — — 117 49 255 93 Total $ 3,242 $ 208 $ 197 $ 1,046 $ 752 $ 483 $ 1,121 (1) Does not include a $9.9 million nonperforming energy credit that was transferred to the HFS category. As of December 31, 2016 Accruing Loans Non-Accruing (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Originated Loans Commercial and Industrial General C&I $ 3,930 $ — $ — $ — $ 6,839 $ — $ 250 Energy sector — — — 112,937 — — 447 Total commercial and industrial 3,930 — — 112,937 6,839 — 697 Commercial Real Estate Income producing 4 — — — — — — Consumer Residential real estate 1,388 239 244 344 — — 454 Other 534 — — — — — — Total consumer 1,922 239 244 344 — — 454 Small Business Lending 2,003 563 87 80 16 36 — Total $ 7,859 $ 802 $ 331 $ 113,361 $ 6,855 $ 36 $ 1,151 ANCI Loans Commercial and Industrial General C&I $ — $ — $ — $ 125 $ — $ — $ — Commercial Real Estate Land and development 259 — — — — 341 — Consumer Residential real estate 1,522 839 252 1,083 30 — 1,619 Other 18 — 3 — — — — Total consumer 1,540 839 255 1,083 30 — 1,619 Small Business Lending — — — 480 62 — 131 Total $ 1,799 $ 839 $ 255 $ 1,688 $ 92 $ 341 $ 1,750 Acquired Credit Impaired (“ACI”) Loans The excess of cash flows expected to be collected over the carrying value of ACI loans is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pools of loans. The accretable yield is affected by: • Changes in interest rate indices for variable rate ACI loans—Expected future cash flows are based on the variable rates in effect at the time of the regular evaluations of cash flows expected to be collected; • Changes in prepayment assumptions—Prepayments affect the estimated life of ACI loans which may change the amount of interest income, and possibly principal, expected to be collected; and • Changes in the expected principal and interest payments over the estimated life—Updates to expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in the amount of accretable discount for ACI loans for the nine months ended September 30, 2017 and 2016 were as follows: Changes in Accretable Yield on ACI Loans For the Nine Months (In thousands) 2017 2016 Balance at beginning of period $ 98,728 $ 122,791 Maturities/payoff (8,137 ) (8,861 ) Charge-offs (98 ) (246 ) Foreclosure (1,056 ) (857 ) Accretion (17,955 ) (24,024 ) Reclass from nonaccretable difference due to increases in expected cash flow 10,617 12,567 Balance at end of period $ 82,099 $ 101,370 Impaired ACI Loans and Pools Including TDRs The following includes certain key information about individually impaired ACI loans and pooled ACI loans as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016. ACI Loans / Pools Identified as Impaired As of September 30, 2017 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Undisbursed Commitments Commercial and industrial $ 14,462 $ 19,475 $ 103 $ — $ — Commercial real estate 89,289 120,581 1,964 225 522 Consumer 18,302 21,232 6,515 — 14 Total $ 122,053 $ 161,288 $ 8,582 $ 225 $ 536 As of December 31, 2016 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Undisbursed Commitments Commercial and industrial $ 15,552 $ 28,256 $ 176 $ 1,818 $ — Commercial real estate 53,428 82,946 2,654 1,845 1,213 Consumer 44,295 50,175 7,447 — 15 Total $ 113,275 $ 161,377 $ 10,277 $ 3,663 $ 1,228 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. ACI Loans that Were Modified into TDRs There were no ACI loans modified into a TDR for the three and nine months ended September 30, 2017. In the nine months ended September 30, 2016, there was one ACI loan modified into a TDR with a recorded investment of $954 thousand. There were no ACI TDRs experiencing payment default during the three and nine months ended September 30, 2017 and 2016. Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual Credit Exposure in the ACI Portfolio The following provides information regarding the credit exposure by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: ACI Loans by Risk Rating / Delinquency Stratification Commercial and Industrial credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) General C&I Healthcare General C&I Healthcare Pass $ 23,579 $ — $ 26,634 $ 5,648 Special mention 885 — 939 — Substandard 2,556 6,250 5,484 — Doubtful 35 — 33 — Total $ 27,055 $ 6,250 $ 33,090 $ 5,648 Commercial Real Estate credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Income producing Land and Income producing Land and Pass $ 77,523 $ 7,310 $ 80,463 $ 7,254 Special mention 1,579 710 5,813 933 Substandard 6,139 2,057 13,591 3,240 Total $ 85,241 $ 10,077 $ 99,867 $ 11,427 Consumer credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other Pass $ 136,430 $ 1,563 $ 157,762 $ 1,821 Special mention 3,420 12 3,655 14 Substandard 20,266 220 27,586 287 Total $ 160,116 $ 1,795 $ 189,003 $ 2,122 Consumer credit exposure on ACI loans, based on past due status: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other 0 – 29 Days Past Due $ 144,292 $ 1,649 $ 171,457 $ 1,871 30 – 59 Days Past Due 4,422 62 4,070 134 60 – 89 Days Past Due 2,001 32 1,939 25 90 – 119 Days Past Due 890 14 622 36 120 + Days Past Due 8,511 38 10,915 56 Total $ 160,116 $ 1,795 $ 189,003 $ 2,122 | Note 3—Loans and Allowance for Credit Losses The following table presents total loans outstanding by portfolio segment and class of financing receivable as of December 31, 2016 and 2015. Outstanding balances also include Acquired Noncredit Impaired (“ANCI”) loans, originated loans and Acquired Credit Impaired (“ACI”) loans net of any remaining purchase accounting adjustments and all acquired loans covered under a loss sharing agreement with the FDIC. Information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. As of December 31, 2016 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 31,709 $ 47,592 $ 2,337,364 $ 2,416,665 Energy sector — — 939,369 939,369 Restaurant industry — — 864,085 864,085 Healthcare 6,338 4,102 434,663 445,103 Total commercial and industrial 38,047 51,694 4,575,481 4,665,222 Commercial Real Estate Income producing 96,673 18,354 886,676 1,001,703 Land and development 1,497 1,952 67,555 71,004 Total commercial real estate 98,170 20,306 954,231 1,072,707 Consumer Residential real estate 186,375 145,747 1,125,048 1,457,170 Other 1,690 7,180 59,819 68,689 Total consumer 188,065 152,927 1,184,867 1,525,859 Small Business Lending — 9,158 184,483 193,641 Total (Gross of unearned discount and fees) 324,282 234,085 6,899,062 7,457,429 Unearned discount and fees — (4,301 ) (20,417 ) (24,718 ) Total (Net of unearned discount and fees) $ 324,282 $ 229,784 $ 6,878,645 $ 7,432,711 As of December 31, 2015 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 55,278 $ 55,320 $ 2,272,750 $ 2,383,348 Energy sector — — 1,067,990 1,067,990 Restaurant industry — — 626,197 626,197 Healthcare 6,715 8,396 446,792 461,903 Total commercial and industrial 61,993 63,716 4,413,729 4,539,438 Commercial Real Estate Income producing 129,914 27,185 674,263 831,362 Land and development 4,581 2,726 57,239 64,546 Total commercial real estate 134,495 29,911 731,502 895,908 Consumer Residential real estate 235,131 190,794 830,925 1,256,850 Other 2,525 5,947 84,821 93,293 Total consumer 237,656 196,741 915,746 1,350,143 Small Business Lending — 11,295 140,047 151,342 Total (Gross of unearned discount and fees) 434,144 301,663 6,201,024 6,936,831 Unearned discount and fees — (5,752 ) (14,559 ) (20,311 ) Total (Net of unearned discount and fees) $ 434,144 $ 295,911 $ 6,186,465 $ 6,916,520 Covered By FDIC Loss Sharing Agreements (2) $ 147,236 $ 41,916 $ — $ 189,152 (1) This category for ACI loans includes all pooled commercial and industrial loans which may contain certain energy, restaurant, healthcare or services loan types. (2) As of December 31, 2012, the Company had submitted claims in excess of the first threshold of $347 million and had been reimbursed the 80% of the covered losses by the FDIC up to this initial threshold. Subsequent claims between $347 million and $504 million are not reimbursable under the loss share agreement. On January 5, 2016, a settlement agreement was finalized with the FDIC to end the loss share agreement at a nominal cost and the Company had no FDIC indemnification asset recorded as of December 31, 2016 and 2015. Allowance for Credit Losses (“ACL”) The ACL is management’s estimate of credit losses inherent in the loan portfolio at the balance sheet date. The Company has an established process to determine the adequacy of the ACL that assesses the losses inherent in our portfolio (See Note 1). While management attributes portions of the ACL to specific portfolio segments, the entire ACL is available to absorb credit losses inherent in the total loan portfolio. The ACL process involves procedures that appropriately consider the unique risk characteristics of the loan portfolio segments based on management’s assessment of the underlying risks and cash flows. For each portfolio segment, losses are estimated collectively for groups of loans with similar characteristics, individually for impaired loans or, for ACI loans, based on the changes in cash flows expected to be collected on a pool or individual basis. The level of the ACL is influenced by loan volumes, risk rating migration, historic loss experience influencing loss factors, and other conditions influencing loss expectations, such as economic conditions. The primary indicator of credit quality for the portfolio segments is its internal risk ratings. The assignment of loan risk ratings is the primary responsibility of the lending officer and is subject to independent review by internal credit review, which also performs ongoing, independent review of the risk management process. The risk management process includes underwriting, documentation and collateral control. Credit review is centralized and independent of the lending function. The credit review results are reported to senior management and the Board of Directors. The following is a summary description of the risk ratings and a table summarizing the amount of loans by risk rating in each loan portfolio segment: • Pass • Virtually Risk Free • Exceptional • Superior— • Strong— • Above Average— • Good • Satisfactory • Pass Watch • Special Mention— • Substandard High— • Substandard Low— • Doubtful— • Loss A summary of the activity in the ACL for the years ended December 31, 2016, 2015 and 2014 is as follows: For the Year Ended December 31, 2016 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Provision for loan losses: ACI loans (2,073 ) (904 ) (491 ) — (3,468 ) ANCI loans (169 ) (85 ) 225 (10 ) (39 ) Originated loans 46,024 2,378 1,772 2,681 52,855 Total provision 43,782 1,389 1,506 2,671 49,348 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 367 — 367 Originated loans 46,367 — 635 841 47,843 Total charge-offs 46,367 — 2,094 841 49,302 Recoveries: ACI loans 20 474 10 — 504 ANCI loans 43 101 168 9 321 Originated loans 1,386 3 225 — 1,614 Total recoveries 1,449 578 403 9 2,439 As of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 ACL ACI loans collectively evaluated for impairment $ 176 $ 2,652 $ 7,215 $ — $ 10,043 ACI loans individually evaluated for impairment — 3 232 — 235 ANCI loans collectively evaluated for impairment 299 243 94 272 908 ANCI loans individually evaluated for impairment — — 37 33 70 Originated loans collectively evaluated for impairment 52,615 7,205 5,687 3,900 69,407 Originated loans individually evaluated for impairment 1,598 — — 7 1,605 ACL as of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 Loans ACI loan pools collectively evaluated for impairment $ 26,276 $ 87,825 $ 187,668 $ — $ 301,769 ACI loans individually evaluated for impairment 11,772 10,345 396 — 22,513 ANCI loans collectively evaluated for impairment 51,694 20,306 151,759 8,769 232,528 ANCI loans individually evaluated for impairment — — 1,168 389 1,557 Originated loans collectively evaluated for impairment 4,424,822 954,231 1,184,442 183,933 6,747,428 Originated loans individually evaluated for impairment 150,658 — 426 550 151,634 Loans as of December 31, 2016 $ 4,665,222 $ 1,072,707 $ 1,525,859 $ 193,641 $ 7,457,429 For the Year Ended December 31, 2015 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 Provision for loan losses: ACI loans (1,536 ) (966 ) (3,398 ) — (5,900 ) ANCI loans 31 193 17 144 385 Originated loans 36,860 1,791 1,969 879 41,499 Total provision 35,355 1,018 (1,412 ) 1,023 35,984 Charge-offs: ACI loans 9 123 26 — 158 ANCI loans — 25 329 647 1,001 Originated loans 8,516 123 936 — 9,575 Total charge-offs 8,525 271 1,291 647 10,734 Recoveries: ACI loans 16 331 242 — 589 ANCI loans 48 8 141 9 206 Originated loans — — 218 — 218 Total recoveries 64 339 601 9 1,013 As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 ACL ACI loans collectively evaluated for impairment $ 2,062 $ 3,084 $ 8,688 $ — $ 13,834 ACI loans individually evaluated for impairment 168 — 332 — 500 ANCI loans collectively evaluated for impairment 425 227 65 285 1,002 ANCI loans individually evaluated for impairment — — 40 21 61 Originated loans collectively evaluated for impairment 48,666 4,825 4,325 2,067 59,883 Originated loans individually evaluated for impairment 4,503 — — — 4,503 ACL as of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Loans ACI loan pools collectively evaluated for impairment $ 41,175 $ 105,605 $ 235,474 $ — $ 382,254 ACI loans individually evaluated for impairment 20,818 28,890 2,182 — 51,890 ANCI loans collectively evaluated for impairment 63,716 29,911 195,307 10,836 299,770 ANCI loans individually evaluated for impairment — — 1,434 459 1,893 Originated loans collectively evaluated for impairment 4,339,618 731,502 915,442 140,047 6,126,609 Originated loans individually evaluated for impairment 74,111 — 304 — 74,415 Loans as of December 31, 2015 $ 4,539,438 $ 895,908 $ 1,350,143 $ 151,342 $ 6,936,831 For the Year Ended December 31, 2014 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2013 $ 15,856 $ 12,307 $ 15,459 $ 647 $ 44,269 Provision for loan losses: ACI loans (1,931 ) (2,901 ) (1,191 ) — (6,023 ) ANCI loans (854 ) (148 ) 1,838 830 1,666 Originated loans 15,557 679 1,450 789 18,475 Total provision 12,772 (2,370 ) 2,097 1,619 14,118 Charge-offs: ACI loans — 4,668 385 — 5,053 ANCI loans 190 — 2,266 293 2,749 Originated loans 843 — 662 — 1,505 Total charge-offs 1,033 4,668 3,313 293 9,307 Recoveries: ACI loans 1,333 1,719 612 — 3,664 ANCI loans 2 62 388 15 467 Originated loans — — 309 — 309 Total recoveries 1,335 1,781 1,309 15 4,440 As of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 ACL ACI loans collectively evaluated for impairment $ 2,528 $ 3,577 $ 11,812 $ — $ 17,917 ACI loans individually evaluated for impairment 1,229 266 391 — 1,886 ANCI loans collectively evaluated for impairment 348 51 259 205 863 ANCI loans individually evaluated for impairment — — 18 594 612 Originated loans collectively evaluated for impairment 21,685 3,156 3,065 1,189 29,095 Originated loans individually evaluated for impairment 3,140 — 7 — 3,147 ACL as of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 Impaired Originated and ANCI Loans Including TDRs The following includes certain key information about individually impaired originated and ANCI loans as of and for the years ended December 31, 2016 and 2015. Originated and ANCI Loans Identified as Impaired As of December 31, 2016 (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed With no related allowance for credit losses Commercial and Industrial General C&I $ 12,334 $ 13,426 $ — $ 6,838 $ 1,363 Energy sector 99,200 103,322 — 85,149 8,465 Total commercial and industrial 111,534 116,748 — 91,987 9,828 Consumer Residential real estate 437 435 — — — Other 429 427 — — 1 Total consumer 866 862 — — 1 Small Business Lending 299 703 — 299 — Total $ 112,699 $ 118,313 $ — $ 92,286 $ 9,829 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 39,319 $ 45,243 $ 1,598 $ 28,228 $ 4,788 Consumer Residential real estate 736 741 37 39 — Small Business Lending 641 897 40 90 — Total $ 40,696 $ 46,881 $ 1,675 $ 28,357 $ 4,788 As of December 31, 2015 (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed With no related allowance for credit losses Commercial and Industrial General C&I $ 10,120 $ 10,073 $ — $ 630 $ 3,727 Energy sector 31,107 37,175 — 31,062 10,253 Total commercial and industrial 41,227 47,248 — 31,692 13,980 Consumer Residential real estate 758 761 — 84 — Other 306 304 — — — Total consumer 1,064 1,065 — 84 — Small Business Lending — — — — — Total $ 42,291 $ 48,313 $ — $ 31,776 $ 13,980 With allowance for credit losses recorded Commercial and Industrial General C&I $ 6,202 $ 6,202 $ 124 $ 6,202 $ 10,071 Energy sector 26,952 30,097 4,379 16,653 9,215 Total commercial and industrial 33,154 36,299 4,503 22,855 19,286 Consumer Residential real estate 680 678 40 — — Small Business Lending 459 1,063 21 459 — Total $ 34,293 $ 38,040 $ 4,564 $ 23,314 $ 19,286 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. Average Recorded Investment in Impaired Originated and ANCI Loans December 31, 2016 2015 2014 (In thousands) Originated ANCI Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 10,859 $ 432 $ 6,347 $ — $ — $ — Energy sector 150,898 — 20,105 — 6,684 — Total commercial and industrial 161,757 432 26,452 — 6,684 — Commercial Real Estate Income producing — — — — 10 — Total commercial real estate — — — — 10 — Consumer Residential real estate — 1,206 39 1,528 101 1,162 Other 398 — 273 — — — Total consumer 398 1,206 312 1,528 101 1,162 Small Business Lending 138 409 27 696 — 1,264 Total $ 162,293 $ 2,047 $ 26,791 $ 2,224 $ 6,795 $ 2,426 Included in impaired loans are loans considered TDRs. The Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrower’s ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Each occurrence is unique to the borrower and is evaluated separately. The Bank considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed. Qualifying criteria and payment terms are structured by the borrower’s current and prospective ability to comply with the modified terms of the loan. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that the Company has granted a concession to the borrower. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future without the modification. Concessions could include reductions of interest rates, extension of the maturity date at a rate lower than current market rate for a new loan with similar risk, reduction of accrued interest, principal forgiveness, forbearance, or other concessions. The assessments of whether a borrower is experiencing or will likely experience financial difficulty and whether a concession has been granted is highly subjective in nature, and management’s judgment is required when determining whether a modification is classified as a TDR. Current amendments to the accounting guidance preclude a creditor from using the effective interest rate test in the debtor’s guidance on restructuring of payables (paragraph 470-60-55-10) when evaluating whether a restructuring constitutes a TDR. All TDRs are reported as impaired. Impaired classification may be removed if the borrower demonstrates compliance with the modified terms and the restructuring agreement specifies an interest rate equal to that which would be provided to a borrower with similar credit at the time of restructuring. The majority of TDRs are classified as impaired loans for the remaining life of the loan. Nonperforming loans and impaired loans are defined differently. Some loans may be included in both categories, whereas other loans may only be included in one category. Originated and ANCI Loans that were modified into TDRs For the Year Ended December 31, 2016 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I 1 $ 5,496 — $ — Energy sector 5 38,113 — — Total commercial and industrial 6 43,609 — — Consumer Residential real estate 1 334 — — Other 1 200 — — Total consumer 2 534 — — Small Business Lending 1 552 — — Total 9 $ 44,695 — $ — For the Year Ended December 31, 2015 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I 3 $ 9,840 — $ — Energy sector 2 16,619 — — Total commercial and industrial 5 26,459 — — Consumer Residential real estate 5 273 — — Other 1 306 — — Total consumer 6 579 — — Small Business Lending — — 2 459 Total 11 $ 27,038 2 $ 459 For the Year Ended December 31, 2014 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I — $ — — $ — Energy sector 1 2,773 — — Total commercial and industrial 1 2,773 — — Consumer Residential real estate 7 1,256 1 101 Other — — — — Total consumer 7 1,256 1 101 Small Business Lending 1 176 2 1,078 Total 9 $ 4,205 3 $ 1,179 (1) Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 day past due status with respect to principal and/or interest payments. For the Year Ended December 31, 2016 Number of Loans Modified by: Forbearance Agreement Rate Concession Modified Terms and/ Concessions Commercial and Industrial General C&I — — 1 Energy sector 2 1 2 Total commercial and industrial 2 1 3 Consumer Residential real estate — — 1 Other — — 1 Total consumer — — 2 Small Business Lending — 1 — Total 2 2 5 For the Year Ended Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Commercial and Industrial General C&I — 3 Energy sector — 2 Total commercial and industrial — 5 Consumer Residential real estate 5 — Other — 1 Total consumer 5 1 Total 5 6 For the Year Ended December 31, 2014 Number of Loans Modified by: Forbearance Rate Modified Commercial and Industrial Energy sector — 1 — Consumer Residential real estate 5 1 1 Small Business Lending 1 — — Total 6 2 1 Credit Exposure in the Originated and ANCI Loan Portfolios The following provides information regarding the credit exposure by portfolio segment and class of receivable as of December 31, 2016 and 2015: Commercial Real Estate credit exposure, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Income Land and Income Land and Originated Loans Pass $ 888,608 $ 67,742 $ 660,489 $ 72,375 Special mention — 23 — — Substandard — — 84 — Total originated loans 888,608 67,765 660,573 72,375 ANCI Loans Pass 18,410 1,618 27,242 2,391 Special mention — — — 148 Substandard — 341 — 191 Total ANCI loans 18,410 1,959 27,242 2,730 Total $ 907,018 $ 69,724 $ 687,815 $ 75,105 Commercial and Industrial credit exposure, based on internal risk rating: As of December 31, 2016 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,279,481 $ 670,696 $ 849,546 $ 426,276 Special mention 36,419 30,433 16,169 9,479 Substandard 26,968 239,457 — — Doubtful — 789 — — Total originated loans 2,342,868 941,375 865,715 435,755 ANCI Loans Pass 47,269 — — 4,114 Special Mention — — — — Substandard 521 — — — Total ANCI loans 47,790 — — 4,114 Total $ 2,390,658 $ 941,375 $ 865,715 $ 439,869 As of December 31, 2015 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,221,218 $ 724,011 $ 601,996 $ 442,117 Special mention 14,056 104,781 25,313 212 Substandard 42,705 241,032 — 5,097 Total originated loans 2,277,979 1,069,824 627,309 447,426 ANCI Loans Pass 53,233 — — 8,389 Special Mention 500 — — — Substandard 1,855 — — 23 Total ANCI loans 55,588 — — 8,412 Total $ 2,333,567 $ 1,069,824 $ 627,309 $ 455,838 Consumer credit exposure, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other Originated Loans Pass $ 1,126,679 $ 59,145 $ 830,883 $ 82,976 Special mention 422 455 1,921 1,146 Substandard 1,096 415 358 963 Total originated loans 1,128,197 60,015 833,162 85,085 ANCI Loans Pass 141,349 7,151 186,278 5,923 Special mention 2,156 53 2,197 39 Substandard 2,775 4 2,979 14 Total ANCI loans 146,280 7,208 191,454 5,976 Total $ 1,274,477 $ 67,223 $ 1,024,616 $ 91,061 Small Business credit exposure, based on internal risk rating: As of December 31, (Recorded Investment in thousands) 2016 2015 Originated Loans Pass $ 182,021 $ 138,306 Special mention 1,807 1,310 Substandard 1,116 762 Total originated loans 184,944 140,378 ANCI Loans Pass 8,407 10,368 Special mention 11 8 Substandard 764 945 Total ANCI loans 9,182 11,321 Total $ 194,126 $ 151,699 The following provides an aging of past due originated and ANCI loans by portfolio segment and class of receivable as of December 31, 2016 and 2015: Aging of Past due Originated and ANCI Loans As of December 31, 2016 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 60-89 90+DPD 0-29 DPD 30-59 60-89 90+DPD Originated Loans Commercial and Industrial General C&I $ 3,930 $ — $ — $ — $ 6,839 $ — $ 250 Energy sector — — — 112,937 — — 447 Total commercial and industrial 3,930 — — 112,937 6,839 — 697 Commercial Real Estate Income producing 4 — — — — — — Consumer Residential real estate 1,388 239 244 344 — — 454 Other 534 — — — — — — Total consumer 1,922 239 244 344 — — 454 Small Business Lending 2,003 563 87 80 16 36 — Total $ 7,859 $ 802 $ 331 $ 113,361 $ 6,855 $ 36 $ 1,151 ANCI Loans Commercial and Industrial General C&I $ — $ — $ — $ 125 $ — $ — $ — Commercial Real Estate Land and development 259 — — — — 341 — Consumer Residential real estate 1,522 839 252 1,083 30 — 1,619 Other 18 — 3 — — — — Total consumer 1,540 839 255 1,083 30 — 1,619 Small Business Lending — — — 480 62 — 131 Total $ 1,799 $ 839 $ 255 $ 1,688 $ 92 $ 341 $ 1,750 As of December 31, 2015 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 60-89 90+DPD 0-29 30-59 60-89 90+DPD Originated Loans Commercial and Industrial General C&I $ 12,947 $ — $ — $ 6,203 $ — $ — $ 1,012 Energy sector — — — 44,256 3,503 — — Healthcare 300 — — Total commercial and industrial 12,947 — 300 50,459 3,503 — 1,012 Commercial Real Estate Income producing — — — — — — 66 Land and development 8 — — — — — — Total commercial real estate 8 — — — — — 66 Consumer Residential real estate 598 423 67 — — — 108 Other 94 20 11 — — — — Total consumer 692 443 78 — — — 108 Small Business Lending 225 45 — 11 — — 79 Total $ 13,872 $ 488 $ 378 $ 50,470 $ 3,503 $ — $ 1,265 ANCI Loans Commercial and Industrial General C&I $ 47 $ 33 $ — $ 50 $ — $ — $ — Healthcare 23 — — — — — — Total commercial and industrial 70 33 — 50 — — — Commercial Real Estate Land and development — — 148 — — — — Consumer Residential real estate 1,079 307 919 539 411 90 1,688 Other 20 1 1 — 9 — — Total consumer 1,099 308 920 539 420 90 1,688 Small Business Lending 113 417 — 523 — 70 151 Total $ 1,282 $ 758 $ 1,068 $ 1,112 $ 420 $ 160 $ 1,839 Acquired Credit Impaired (“ACI”) Loans The excess of cash flows expected to be collected over the carrying value of ACI loans is referred to as the accretable yield and is recognized in interest income using an effective yield method over the remaining life of the loan, or pools of loans. The accretable yield is affected by: • Changes in interest rate indices for variable rate ACI loans—Expected future cash flows are based on the variable rates in effect at the time of the regular evaluations of cash flows expected to be collected; • Changes in prepayment assumptions—Prepayments affect the estimated life of ACI loans which may change the amount of interest income, and possibly principal, expected to be collected; and • Changes in the expected principal and interest payments over the estimated life—Updates to expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in the amount of accretable discount for ACI loans for the years ended December 31, 2016 and 2015 were as follows: Changes in Accretable Yield on ACI Loans For the Years Ended December 31, (In thousands) 2016 2015 2014 Balance at beginning of year $ 122,791 $ 163,631 $ 242,966 Maturities/payoff (11,563 ) (24,196 ) (25,882 ) Charge-offs (286 ) (183 ) (1,054 ) Foreclosure (1,041 ) (1,290 ) (3,923 ) Accretion (30,870 ) (46,042 ) (66,801 ) Reclass from nonaccretable difference due to increases in expected cash flow 19,697 30,871 18,325 Balance at end of year $ 98,728 $ 122,791 $ 163,631 Impaired ACI Loans and Pools Including TDRs The following includes certain key information about individually impaired ACI loans and pooled ACI loans as of and for the years ended December 31, 2016 and 2015. ACI Loans / Pools Identified as Impaired As of December 31, 2016 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed Commercial and Industrial General C&I $ 9,904 $ 22,403 $ 16 $ 1,818 $ — Healthcare 5,648 5,853 160 — — Total commercial and industrial 15,552 28,256 176 1,818 — Commercial Real Estate Income producing 42,361 60,378 1,312 1,571 609 Land and development 11,067 22,568 1,342 274 604 Total commercial real estate 53,428 82,946 2,654 1,845 1,213 Consumer Residential real estate 42,174 46,946 7,046 — 5 Other 2,121 3,229 401 — 10 Total consumer 44,295 50,175 7,447 — 15 Total $ 113,275 $ 161,377 $ 10,277 $ 3,663 $ 1,228 As of December 31, 2015 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed Commercial and Industrial General C&I $ 20,179 $ 31,551 $ 1,641 $ 8,210 $ 345 Healthcare 6,054 6,222 589 — — Total commercial and industrial 26,233 37,773 2,230 8,210 345 Commercial Real Estate Income producing 49,858 66,632 1,883 2,631 2,075 Land and development 6,779 32,361 1,201 225 609 Total commercial real estate 56,637 98,993 3,084 2,856 2,684 Consumer Residential real estate 207,641 227,511 8,492 — 11 Other 3,041 4,269 528 — 49 Total consumer 210,682 231,780 9,020 — 60 Total $ 293,552 $ 368,546 $ 14,334 $ 11,066 $ 3,089 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. ACI Loans that Were Modified into TDRs In each of the years ended December 31, 2016, 2015 and 2014, there was one ACI loan modified in TDR each with a recorded investment of $954 thousand, $625 thousand and $1,854 thousand, respectively. Each of these loans were income producing commercial real estate. There were no TDRs experiencing payment default during the years ended December 31, 2016, 2015 and 2014. Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 day past due status with respect to principal and interest payments. Credit Exposure in the ACI Portfolio The following provides information regarding the credit exposure by portfolio segment and class of receivable as of December 31, 2016 and 2015: ACI Loans by Risk Rating / Delinquency Stratification Commercial Real Estate credit exposure on ACI loans, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Income producing Land and Income producing Land and Pass $ 80,463 $ 7,254 $ 101,297 $ 8,658 Special mention 5,813 933 2,699 1,171 Substandard 13,591 3,240 29,129 4,163 Doubtful — — — — Total $ 99,867 $ 11,427 $ 133,125 $ 13,992 Commercial and Industrial credit exposure on ACI loans, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) General Healthcare General Healthcare Pass $ 26,634 $ 5,648 $ 40,087 $ 6,054 Special mention 939 — 2,004 — Substandard 5,484 — 15,726 — Doubtful 33 — 29 — Total $ 33,090 $ 5,648 $ 57,846 $ 6,054 Consumer credit exposure, based on internal risk rating As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other Pass $ 157,762 $ 1,821 $ 206,193 $ 2,519 Special mention 3,655 14 1,162 16 Substandard 27,586 287 33,209 478 Total $ 189,003 $ 2,122 $ 240,564 $ 3,013 Consumer credit exposure on ACI loans, based on past due status: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other 0 – 29 Days Past Due $ 171,457 $ 1,871 $ 218,317 $ 2,583 30 – 59 Days Past Due 4,070 134 3,957 127 60 – 89 Days Past Due 1,939 25 2,561 59 90 – 119 Days Past Due 622 36 650 1 120 + Days Past Due 10,915 56 15,079 243 Total $ 189,003 $ 2,122 $ 240,564 $ 3,013 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill and Other Intangible Assets | Note 4—Goodwill and Other Intangible Assets The following table summarizes the Company’s goodwill and other intangible assets at September 30, 2017 and December 31, 2016: (In thousands) September 30, 2017 December 31, 2016 Goodwill $ 317,817 $ 317,817 Core deposit intangible, net of accumulated amortization of $37,520 and $35,495, respectively 2,166 4,191 Customer lists, net of accumulated amortization of $17,583 and $16,041, respectively 9,117 10,659 Trademarks 24 24 Total goodwill and intangible assets $ 329,124 $ 332,691 | Note 5—Goodwill and Other Intangible Assets The following table summarizes the Company’s goodwill and other intangible assets at December 31, 2016 and 2015: (In thousands) December 31, 2016 2015 Goodwill $ 317,817 $ 317,817 Core deposit intangible, net of accumulated amortization of $35,495 and $31,573 respectively 4,191 8,113 Customer lists, net of accumulated amortization of $16,041 and $13,431, respectively 10,659 13,269 Trademarks 24 24 Total goodwill and intangible assets $ 332,691 $ 339,223 The amortization expense relating to other intangible assets was $6.5 million, $8.4 million and $10.3 million for 2016, 2015 and 2014, respectively. Estimated other intangible assets amortization expense for the next five years and thereafter is: Year Amount (In thousands) 2017 $ 4,652 2018 3,287 2019 995 2020 875 2021 805 Thereafter 4,236 Total $ 14,850 |
Derivatives
Derivatives | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives | Note 5—Derivatives The Company primarily uses derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. Management will designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship. The Company’s remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation, or other purposes. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. For derivatives not designated as hedging instruments, gains and losses due to changes in fair value are included in noninterest income and the operating section of the consolidated statement of cash flows. For derivatives designated as hedging instruments, the effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified as interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The notional amounts and estimated fair values as of September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Fair Value Fair Value (In thousands) Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 1,332,000 $ — $ 15,830 $ 1,332,000 $ 1,184 $ 17,225 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps 718,686 2,481 2,481 474,923 2,877 2,877 Commercial loan interest rate caps 267,347 104 104 286,959 94 94 Commercial loan interest rate floors 265,515 48 48 51,878 118 118 Mortgage loan held for sale interest rate lock commitments 10,051 — 123 3,788 88 — Mortgage loan forward sale commitments 5,384 — 6 7,724 — 46 Mortgage loan held for sale floating commitments 10,754 — — 5,895 — — Foreign exchange contracts 45,659 713 696 — — — Total derivatives not designated as hedging instruments 1,323,396 3,346 3,458 831,167 3,177 3,135 Total derivatives $ 2,655,396 $ 3,346 $ 19,288 $ 2,163,167 $ 4,361 $ 20,360 The Company is party to collateral support agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At September 30, 2017 and December 31, 2016, the Company was required to post $16.4 million and $20.3 million, respectively, in cash or securities as collateral for its derivative transactions, which are included in “interest-bearing deposits in banks” on the Company’s consolidated balance sheets. The Company’s master agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting close-out set-off Gain (loss) included in the consolidated statements of income related to derivative instruments for the three and nine months ended September 30, 2017 and 2016 were as follows: For the Three Months Ended September 30, 2017 2016 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 546 $ 409 $ — $ (4,556 ) $ 2,945 $ — Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ (44 ) $ — $ — $ (29 ) Foreign exchange contracts — — 631 — — 328 For the Nine Months Ended September 30, 2017 2016 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 3,872 $ 3,442 $ — $ 27,661 $ 8,328 $ 329 Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 35 $ — $ — $ 93 Foreign exchange contracts — — 1,652 — — 924 Interest Rate Swap and Cap Agreements not designated as hedging derivatives The Company enters into certain interest rate swap, floor and cap agreements on commercial loans that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap, floor or cap with a loan customer while at the same time entering into an offsetting interest rate swap or cap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The interest rate swap transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. The interest rate cap transaction allows the Company’s customer to minimize interest rate risk exposure to rising interest rates. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s consolidated statements of income. The Company is exposed to credit loss in the event of nonperformance by the parties to the interest rate swap and cap agreements. However, the Company does not anticipate nonperformance by the counterparties. The estimated fair value has been recorded as an asset and a corresponding liability in the accompanying consolidated balance sheets as of September 30, 2017 and December 31, 2016. Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. In June 2015 and March 2016, the Company entered into the following interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 15, 2015 December 17, 2018 $382,000 1.3250% 1 Month LIBOR June 30, 2015 December 31, 2019 300,000 1.5120 1 Month LIBOR June 30, 2015 December 29, 2017 300,000 0.9530 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890 1 Month LIBOR Based on our current interest rate forecast, $1.8 million of net payments on our cash flow hedges is estimated to be recorded in net interest income during the next twelve months. Future changes to interest rates may significantly change actual amounts reclassified to income. There were no reclassifications into income during 2017 or 2016 as a result of any discontinuance of cash flow hedges because the forecasted transaction was no longer probable. The maximum length of time over which the Company is hedging a portion of its exposure to the variability in future cash flows for forecasted transactions is approximately nine years as of September 30, 2017. | Note 6—Derivatives The Company primarily uses derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. Management will designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship. The Company’s remaining derivatives consist of economic hedges that do not qualify for hedge accounting and derivatives held for customer accommodation, or other purposes. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. For derivatives not designated as hedging instruments, gains and losses due to changes in fair value are included in noninterest income and the operating section of the consolidated statement of cash flows. For derivatives designated as hedging instruments, the effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified as interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The notional amounts and estimated fair values as of December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 Fair Value Fair Value (In thousands) Notional Other Other Notional Other Other Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 1,332,000 $ 1,184 $ 17,225 $ 982,000 $ 2,916 $ 278 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps $ 474,923 $ 2,877 $ 2,877 $ 473,446 $ 4,340 $ 4,340 Commercial loan interest rate caps 286,959 94 94 308,812 48 48 Commercial loan interest rate floors 51,878 118 118 — — — Mortgage loan held for sale interest rate lock commitments 3,788 88 — 9,024 64 — Mortgage loan forward sale commitments 7,724 — 46 5,021 4 — Mortgage loan held for sale floating commitments 5,895 — — 17,390 — — Foreign exchange contracts — — — 36,672 366 312 Total derivatives not designated as hedging instruments 831,167 3,177 3,135 850,365 4,822 4,700 Total derivatives $ 2,163,167 $ 4,361 $ 20,360 $ 1,832,365 $ 7,738 $ 4,978 The Company is party to collateral support agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At December 31, 2016 and 2015, the Company was required to post $20.3 million and $3.4 million, respectively, in cash or securities as collateral for its derivative transactions, which are included in “interest-bearing deposits in banks” on the Company’s consolidated balance sheets. The Company’s master agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts of derivatives executed with the same counterparty under the master agreement. Gain (loss) included in the consolidated statements of income related to derivative instruments for the years ended December 31, 2016, 2015 and 2014 were as follows: For the Year Ended December 31, 2016 (In thousands) OCI Reclassified Noninterest Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ (7,444 ) $ 11,255 $ 166 Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 24 Mortgage loan forward sale commitments — — — Foreign exchange contracts — — 1,264 For the Year Ended December 31, 2015 (In thousands) OCI Reclassified Noninterest Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 7,454 $ 4,877 $ (329 ) Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ (66 ) Mortgage loan forward sale commitments — — 86 Foreign exchange contracts — — 965 For the Year Ended December 31, 2014 (In thousands) OCI Reclassified Noninterest Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 52 Mortgage loan forward sale commitments — — (105 ) Foreign exchange contracts — — 604 Interest Rate Swap and Cap Agreements not designated as hedging derivatives The Company enters into certain interest rate swap, floor and cap agreements on commercial loans that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap, floor or cap with a loan customer while at the same time entering into an offsetting interest rate swap or cap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The interest rate swap transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. The interest rate cap transaction allows the Company’s customer to minimize interest rate risk exposure to rising interest rates. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s consolidated statements of income. The Company is exposed to credit loss in the event of nonperformance by the parties to the interest rate swap and cap agreements. However, the Company does not anticipate nonperformance by the counterparties. The estimated fair value has been recorded as an asset and a corresponding liability in the accompanying consolidated balance sheets as of December 31, 2016 and 2015. Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. In June 2015 and March 2016, the Company entered into interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 15, 2015 December 17, 2018 $ 382,000 1.3250% 1 Month LIBOR June 30, 2015 December 31, 2019 300,000 1.5120% 1 Month LIBOR June 30, 2015 December 29, 2017 300,000 0.9530% 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995% 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890% 1 Month LIBOR Based on our current interest rate forecast, $8.0 million of deferred net gains on derivatives in OCI at December 31, 2016, is estimated to be reclassified into net interest income during the next twelve months due to the receipt of interest payments. Future changes to interest rates may significantly change actual amounts reclassified to income. There were no reclassifications into income during 2016 or 2015 as a result of any discontinuance of cash flow hedges because the forecasted transaction was no longer probable. The maximum length of time over which the Company is hedging a portion of its exposure to the variability in future cash flows for forecasted transactions is approximately nine years as of December 31, 2016. |
Deposits
Deposits | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | ||
Deposits | Note 6—Deposits Domestic time deposits $250,000 and over were $371.3 million and $318.8 million at September 30, 2017 and December 31, 2016, respectively. There were no foreign time deposits at either September 30, 2017 or December 31, 2016. | Note 7—Deposits Domestic time deposits $250,000 and over were $318.8 million and $299.4 million at December 31, 2016 and 2015, respectively. There were no foreign time deposits at either December 31, 2016 or 2015. At December 31, 2016, the scheduled maturities of time deposits included in interest-bearing deposits were as follows. Year Amount (in thousands) 2017 $ 812,045 2018 283,975 2019 303,020 2020 35,112 2021 19,512 Thereafter 31 Total $ 1,453,695 |
Borrowed Funds
Borrowed Funds | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Borrowed Funds | Note 7—Borrowed Funds Repurchase Agreements Securities sold under agreements to repurchase generally mature within one to seven days from the transaction date. Securities underlying the repurchase agreements remain under the control of the Company. Information concerning the Company’s securities sold under agreements to repurchase as of September 30, 2017 and December 31, 2016 is summarized as follows: (In thousands) September 30, 2017 December 31, 2016 Balance at period end $ 3,146 $ 3,494 Average balance during the period 3,881 5,948 Average interest rate during the period 0.19 % 0.19 % Maximum month-end $ 6,286 $ 8,031 Repurchase agreements are treated as collateralized financing obligations and are reflected as a liability in the consolidated balance sheets. Senior and Subordinated Debt In June 2014, the Company and the Bank completed an unregistered $245 million multi-tranche debt transaction and in March 2015, the Company completed an unregistered $50 million debt transaction. These transactions enhanced our liquidity and the Bank’s capital levels to support balance sheet growth. Details of the debt transactions are as follows: (In thousands) September 30, 2017 December 31, 2016 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ 145,000 $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025, callable in 2020 40,000 40,000 Total long-term debt—Cadence Bancorporation 270,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issuance cost and unamortized premium (1,738 ) (2,693 ) Purchased 4.875% senior notes, due June 28, 2019 (10,078 ) (78 ) Total long-term debt $ 283,184 $ 292,229 The senior transactions were structured with 4 and 7 year maturities to provide holding company liquidity and to stagger the Company’s debt maturity profile. The $35 million and $25 million subordinated debt transactions were structured with a 15 year maturity, 10 year call options, and fixed-to-floating The Company’s senior notes are unsecured, unsubordinated obligations and are equal in right of payment to all of the Company’s other unsecured debt. The Company’s subordinated notes are unsecured obligations and will be subordinated in right of payment to all of the Company’s senior indebtedness and general creditors and to depositors at the Bank. The Company’s senior notes and subordinated notes are not guaranteed by any subsidiary of the Company, including the Bank. The Bank’s subordinated notes are unsecured obligations and are subordinated in right of payment to all of the Bank’s senior indebtedness and general creditors and to depositors of the Bank. The Bank’s subordinated notes are not guaranteed by the Company or any subsidiary of the Bank. Payment of principal on the Company’s and Bank’s subordinated notes may be accelerated by holders of such subordinated notes only in the case of certain insolvency events. There is no right of acceleration under the subordinated notes in the case of default. The Company and/or the Bank may be required to obtain the prior written approval of the Federal Reserve, and, in the case of the Bank, the OCC, before it may repay the subordinated notes issued thereby upon acceleration or otherwise. Junior Subordinated Debentures In conjunction with the Company’s acquisition of Cadence Financial Corporation and Encore Bank, N.A., the junior subordinated debentures were marked to their fair value as of their respective acquisition dates. The related mark is being amortized over the remaining term of the junior subordinated debentures. The following is a list of junior subordinated debt: (In thousands) September 30, 2017 December 31, 2016 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value $ 50,619 $ 50,619 Purchase accounting adjustment, net of amortization (14,266 ) (14,630 ) Total junior subordinated debentures $ 36,353 $ 35,989 Advances from FHLB and Borrowings from FRB FHLB advances are collateralized by deposits with the FHLB, FHLB stock and loans. FHLB advances were $250 million as of September 30, 2017. $100 million of these advances are fixed rate and will mature in October 2017 while $150 million are short-term daily rate credit advances. There were no outstanding FHLB advances as of December 31, 2016. Any advances are collateralized by $1.6 billion of commercial and residential real estate loans pledged under a blanket lien arrangement as of September 30, 2017. As of September 30, 2017 and December 31, 2016, the FHLB has issued for the benefit of the Bank irrevocable letters of credit totaling $435 million. The Bank has a $35 million irrevocable letter of credit in favor of the State of Alabama SAFE Program to secure certain deposits of the State of Alabama. This letter of credit expires September 27, 2018 upon 45 days’ prior notice of non-renewal; one-year non-renewal; one-year There were no borrowings from the FRB discount window as of September 30, 2017 and December 31, 2016. Any borrowings from the FRB will be collateralized by $810.8 million in commercial loans pledged under a borrower-in-custody | Note 8—Borrowed Funds Repurchase Agreements Securities sold under agreements to repurchase generally mature within one to seven days from the transaction date. Securities underlying the repurchase agreements remain under the control of the Company. Information concerning the Company’s securities sold under agreements to repurchase as of December 31, 2016 and 2015 is summarized as follows: As of December 31, (In thousands) 2016 2015 Balance at period end $ 3,494 $ 5,840 Average balance during the year 5,948 7,486 Average interest rate during the year 0.19 % 0.15 % Maximum month-end balance during the period $ 8,031 $ 10,838 Repurchase agreements are treated as collateralized financing obligations and are reflected as a liability in the consolidated balance sheets. Senior and Subordinated Debt On March 21, 2014, the Company entered into a loan agreement with an unaffiliated third party to borrow up to $75 million, less applicable debt issuance costs. Interest was payable at a variable rate of LIBOR plus five percent, due monthly. The Company received $75 million dollars and $60 million of the cash proceeds was contributed to the Bank as equity in March, 2014. This debt was repaid in the second quarter of 2014, and new debt was issued, as discussed below. In June 2014, the Company and the Bank completed an unregistered $245 million multi-tranche debt transaction and in March 2015, the Company completed an unregistered $50 million debt transaction ($10 million senior; $40 million subordinated). These transactions enhanced our liquidity and the Bank’s capital levels to support balance sheet growth. Details of the debt transactions are as follows: As of December 31, (in thousands) 2016 2015 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ 145,000 $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025 , callable in 2020 40,000 40,000 Total long-term debt—Cadence Bancorporation 270,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issuance cost and unamortized premium (2,771 ) (3,744 ) Total long-term debt $ 292,229 $ 291,256 The senior transactions were structured with 4 and 7 year maturities to provide holding company liquidity and to stagger the Company’s debt maturity profile. The $35 million and $25 million subordinated debt transactions were structured with a 15 year maturity, 10 year call options, and fixed-to-floating interest rates in order to maximize regulatory capital treatment. These subordinated debt structures were designed to achieve full Tier 2 capital treatment for 10 years. The $40 million subordinated debt transaction has a 5 year call option. The Company’s senior notes are unsecured, unsubordinated obligations and are equal in right of payment to all of the Company’s other unsecured debt. The Company’s subordinated notes are unsecured obligations and will be subordinated in right of payment to all of the Company’s senior indebtedness and general creditors and to depositors at the Bank. The Company’s senior notes and subordinated notes are not guaranteed by any subsidiary of the Company, including the Bank. The Bank’s subordinated notes are unsecured obligations and are subordinated in right of payment to all of the Bank’s senior indebtedness and general creditors and to depositors of the Bank. The Bank’s subordinated notes are not guaranteed by the Company or any subsidiary of the Bank. Payment of principal on the Company’s and Bank’s subordinated notes may be accelerated by holders of such subordinated notes only in the case of certain insolvency events. There is no right of acceleration under the subordinated notes in the case of default. The Company and/or the Bank may be required to obtain the prior written approval of the Federal Reserve, and, in the case of the Bank, the OCC, before it may repay the subordinated notes issued thereby upon acceleration or otherwise. Junior Subordinated Debentures In conjunction with the Company’s acquisition of CBC and Encore, the junior subordinated debentures were marked to their fair value as of their respective acquisition dates. The related mark is being amortized over the remaining term of the junior subordinated debentures. The following is a list of junior subordinated debt: As of December 31, (In thousands) 2016 2015 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value $ 50,619 $ 50,619 Purchase accounting adjustment, net of amortization (14,630 ) (15,170 ) Total junior subordinated debentures $ 35,989 $ 35,449 Advances from FHLB and Borrowings from FRB FHLB advances are collateralized by deposits with the FHLB, FHLB stock and loans. FHLB advances were $370 million as of December 31, 2015, all of which matured and repaid in January 2016. There were no outstanding FHLB advances as of December 31, 2016. Any advances will be collateralized by $2.1 billion of commercial and residential real estate loans pledged under a blanket lien arrangement as of December 31, 2016. As of December 31, 2016, the FHLB has issued for the benefit of the Bank an irrevocable letter of credit. The Bank has a $35 million irrevocable letter of credit in favor of the State of Alabama SAFE Program to secure certain deposits of the State of Alabama. This letter of credit expires September 27, 2017 upon 45 days’ prior notice of non-renewal; otherwise it automatically extends for a successive one-year term. There were no borrowings from the FRB discount window as of December 31, 2016 and 2015. Any borrowings from the FRB will be collateralized by $708 million in commercial loans pledged under a borrower-in-custody arrangement. |
Other Noninterest Income and Ot
Other Noninterest Income and Other Noninterest Expense | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Other Nonoperating Income Expense Abstract | ||
Other Noninterest Income and Other Noninterest Expense | Note 8—Other Noninterest Income and Other Noninterest Expense The detail of the other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Other Noninterest Income Insurance revenue $ 1,950 $ 1,863 $ 5,908 $ 6,140 Bankcard fees 1,803 1,823 5,477 5,330 Income from bank owned life insurance policies 724 736 2,550 2,200 Other 3,385 (210 ) 4,183 (42 ) Total other noninterest income $ 7,862 $ 4,212 $ 18,118 $ 13,628 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Other Noninterest Expense Net cost of operation of other real estate owned $ 453 $ 1,126 $ 1,175 $ 1,916 Data processing expense 1,688 1,530 5,086 4,513 Special asset expenses 215 391 824 742 Consulting and professional fees 2,069 2,040 4,710 4,441 Loan related expenses 532 1,071 1,569 2,252 FDIC Insurance 889 1,912 3,336 5,711 Communications 650 535 1,980 1,915 Advertising and public relations 521 303 1,365 1,025 Legal expenses 612 337 1,552 2,059 Branch closure expenses 50 52 143 191 Other 5,289 5,756 16,430 17,608 Total other noninterest expense $ 12,968 $ 15,053 $ 38,170 $ 42,373 | Note 10—Other Noninterest Income and Other Noninterest Expense The detail of the other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Other Noninterest Income Insurance revenue $ 7,717 $ 7,107 $ 7,237 Bankcard fees 7,270 7,213 7,667 Income from bank owned life insurance policies 2,954 2,994 3,343 Loss on sale of branches, net — (1,501 ) (763 ) Other (263 ) (796 ) 3,006 Total other noninterest income $ 17,678 $ 15,017 $ 20,490 Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Other Noninterest Expense Net cost of operation of other real estate owned $ 3,033 $ 5,238 $ 1,806 Data processing 6,280 6,092 6,052 Special asset expenses 1,788 3,000 5,852 Consulting and professional fees 6,728 5,671 6,278 Loan related expenses 3,114 3,745 5,166 FDIC insurance 7,228 5,027 4,747 Communications 2,656 3,249 3,768 Advertising and public relations 1,369 2,295 3,353 Legal expenses 2,721 3,159 2,501 Branch closure expenses 238 2,074 5,222 Other 25,443 26,306 26,738 Total other noninterest expense $ 60,598 $ 65,856 $ 71,483 |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Note 9—Income Taxes Income tax expense for the three and nine months ended September 30, 2017 was $17.5 million and $43.7 million, respectively, compared to $2.1 million and $16.8 million for the same periods in 2016. The effective tax rate was 34.9% and 33.3% for the three and nine months ended September 30, 2017, respectively, compared to 24.2% and 31.4% for the same periods in 2016. The increase in the effective tax rate for the three and nine months ended September 30, 2017 compared to the three and nine months ended September 30, 2016 was primarily driven by an increase in income before income taxes. The effective tax rate is primarily affected by the amount of pre-tax tax-exempt period-to-period, | Note 11—Income Taxes The components of the consolidated income tax expense are as follows: (In thousands) 2016 2015 2014 Current: Federal $ 24,394 $ 22,024 $ 13,732 State 2,166 1,013 1,201 Total current expense 26,560 23,037 14,933 Deferred: Federal 5,439 (3,266 ) 10,528 State 541 338 599 Total deferred expense (benefit) 5,980 (2,928 ) 11,127 Total income tax expense $ 32,540 $ 20,109 $ 26,060 A reconciliation of total income tax expense for 2016, 2015 and 2014 to amounts determined by applying the statutory Federal income tax rate of 35% to income before taxes is as follows: (In thousands) 2016 2015 2014 Computed income tax expense at statutory rate $ 34,410 $ 20,778 $ 24,813 Tax exempt interest, net (2,744 ) (842 ) (137 ) BOLI income (1,023 ) (1,037 ) (1,160 ) State tax expense 1,760 878 1,170 Tax credits (266 ) (243 ) (189 ) Management compensation 210 353 362 Other, net 193 222 1,201 Income tax expense $ 32,540 $ 20,109 $ 26,060 The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: As of December 31, (In thousands) 2016 2015 Deferred income tax assets: Allowance for credit losses $ 30,710 $ 29,558 Nonaccrual interest 7,410 4,710 Deferred compensation 3,681 3,463 Accrued compensation 7,962 6,626 Net operating loss carryforwards 16,154 20,380 Alternative minimum tax credit carryover 978 978 Unrealized loss on securities, net 13,829 — Unrealized loss on derivative instruments 5,911 — Other 9,320 11,159 Excess of tax basis in assets acquired: Loans 8,673 12,145 Other real estate owned 1,342 1,335 Other 4 37 Total deferred income tax assets 105,974 90,391 Deferred income tax liabilities: Difference in book and tax basis of intangibles 4,268 6,013 Unrealized gain on securities, net — 2,237 Unrealized gain on derivative instruments — 950 Other 4,564 4,005 Excess of book basis in assets acquired and tax liabilities assumed over book carrying value: Intangibles 7,798 4,433 Other 5,682 6,041 Total deferred income tax liabilities 22,312 23,679 Net deferred income tax asset $ 83,662 $ 66,712 ASC Topic 740, “Income Taxes,” requires that deferred tax assets be reduced if it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s determination of the realizability of deferred tax assets is based on its evaluation of all available evidence both positive and negative, and its expectation regarding various future events, including the reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. Positive evidence supporting the realization of the Company’s deferred tax assets at December 31, 2016, includes generation of taxable income since 2012, the Company’s strong capital position, as well as sufficient amounts of projected future taxable income, of the appropriate character, to support the realization of the $83.7 million at December 31, 2016. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income of $159.5 million before the end of the statutory net operating loss carryforward period. Based on the assessment of all positive and negative evidence at December 31, 2016 and 2015, management has concluded that it is more likely than not that the results of future operations will generate sufficient taxable income realize the deferred tax assets. Management’s estimate of future taxable income is based on internal projections, various internal assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. Projected future taxable income is primarily expected to be generated through loan growth at the bank, investment strategies and revenue from successful cross initiatives and the control of expenses through operating effectiveness, all in the context of a macro-economic environment that continues to trend favorably. If actual results differ significantly from the current estimates of future taxable income, a valuation allowance may need to be recorded for some portion or all of the net deferred tax asset. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on the Company’s consolidated balance sheets and consolidated statements of income. The acquisitions of CFC and Encore resulted in an ”ownership change” as defined for U.S. federal income tax purposes under Section 382 of the Internal Revenue Code. As a result of the operation of Section 382, the Company is not able to fully utilize a portion of our U.S. federal and state tax net operating losses and certain built-in losses that have not been recognized for tax purposes. An ownership change under Section 382 generally occurs when a change in the aggregate percentage ownership of the stock of the corporation held by five percent stockholders increases by more than fifty percentage points over a rolling three-year period. A corporation experiencing an ownership change generally is subject to an annual limitation on its utilization of pre-change losses and certain post-change recognized built-in losses equal to the value of the stock of the corporation immediately before the ownership change, multiplied by the long-term tax-exempt rate (subject to certain adjustments). The annual limitation is increased each year to the extent that there is an unused limitation in a prior year. Since U.S. federal net operating losses generally may be carried forward for up to 20 years, the annual limitation also effectively provides a cap on the cumulative amount of pre-change losses and certain post-change recognized built-in losses that may be utilized. Pre-change losses and certain post-change recognized built-in losses in excess of the cap are effectively unable to be used to reduce future taxable income. The Company has estimated the amount of pre-change losses and certain post-change losses that are not expected to be utilized and has reduced the deferred tax asset at the acquisition date to reflect this limitation. The acquisition of Superior Bank was an asset acquisition and is not subject to the limitations of Section 382. As of December 31, 2016, the Company has federal net operating loss carryforwards of $44.2 million which will begin to expire in 2031. The Company has state net operating loss carryforwards of $16.9 million which will begin to expire in 2022. In addition, the Company has an AMT credit carryforward of $978,000 as of December 31, 2016, which has no expiration. The Company and its subsidiaries are subject to U.S. federal income tax as well as various state and local income taxes. The Company has concluded all U.S. federal income tax matters for years before 2013. With certain limited exceptions, the Company has concluded all state income tax matters for years before 2012. The Company applies the guidance in ASC 740-10, “Accounting for Uncertainty in Income Taxes.” ASC 740-10 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority based on technical merits of the position. Tax benefits from tax positions not deemed to meet the “more likely than not” threshold should not be recognized in the year of determination. A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact): Years Ended December 31, (In thousands) 2016 2015 2014 Unrecognized income tax benefits, January 1 $ — $ — $ — Increases for tax positions related to: — — — Prior years 422 — — Current year 522 — — Decreases for tax positions related to: — — — Prior years — — — Current year — — — Settlement with taxing authorities — — — Expiration of applicable statutes of limitations — — — Unrecognized income tax benefits, December 31 $ 944 $ — $ — As of December 31, 2016, the balance of unrecognized tax benefits, if recognized, that would reduce the effective tax rate is $614,000. It is reasonably possible that the above unrecognized tax benefits could be reduced by $123,000 within the next twelve months. The Company classifies interest and penalties on uncertain tax positions as a component of noninterest expense. The Company’s accrued interest and penalties on unrecognized tax benefits was $90,000 as of December 31, 2016. Accrued interest and penalties are included in other liabilities. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Earnings Per Common Share | Note 10—Earnings Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended (In thousands, except per share data) 2017 2016 2017 2016 Net income $ 32,577 $ 6,607 $ 87,662 $ 36,789 Weighted average common shares outstanding (Basic) 83,625,000 75,000,000 80,212,912 75,000,000 Weighted average restricted stock units 330,685 258,375 345,425 258,375 Weighted average common shares outstanding (Diluted) 83,955,685 75,258,375 80,558,337 75,258,375 Earnings per common share (Basic) $ 0.39 $ 0.09 $ 1.09 $ 0.49 Earnings per common share (Diluted) $ 0.39 $ 0.09 $ 1.09 $ 0.49 In March 2017, the Board of Directors approved a 75-for-one | Note 12—Earnings Per Common Share The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2016, 2015 and 2014. Years Ended December 31, (In thousands, except per share data) 2016 2015 2014 Net income $ 65,774 $ 39,256 $ 44,833 Dividends and accretion of discount on preferred stock — — 3,643 Earnings available to common shareholder $ 65,774 $ 39,256 $ 41,190 Weighted average common shares outstanding (Basic) 75,000,000 75,000,000 75,000,000 Weighted average restricted stock units 294,600 116,100 — Weighted average common shares outstanding (Diluted) 75,294,600 75,116,100 75,000,000 Earnings per common share (Basic) $ 0.88 $ 0.52 $ 0.55 Earnings per common share (Diluted) $ 0.87 $ 0.52 $ 0.55 In March 2017, the Board of Directors approved a 75 for-one stock split of the Company’s common stock. The stock split occurred on April 7, 2017. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 11—Related Party Transactions In the normal course of business, loans are made to directors and executive officers and to companies in which they have a significant ownership interest. In the opinion of management, these loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other parties, are consistent with sound banking practices, and are within applicable regulatory and lending limitations. The aggregate balances of related party loans and deposits as of September 30, 2017 and December 31, 2016 were insignificant. | Note 14—Related Party Transactions In the normal course of business, loans are made to directors and executive officers and to companies in which they have a significant ownership interest. In the opinion of management, these loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other parties, are consistent with sound banking practices, and are within applicable regulatory and lending limitations. The aggregate balances of related party loans and deposits as of December 31, 2016 and 2015 were insignificant. |
Regulatory Matters
Regulatory Matters | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | ||
Regulatory Matters | Note 12—Regulatory Matters The Bank is subject to the capital adequacy requirements of the OCC. The Company, as a bank holding company, is subject to the capital adequacy requirements of the Federal Reserve. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance The risk-based capital requirements of the Federal Reserve and the OCC define capital and establish minimum capital requirements in relation to assets and off-balance off-balance off-balance off-balance The Federal Reserve, the FDIC and the OCC have issued guidelines governing the levels of capital that banks must maintain. The bank guidelines for the period as of September 30, 2017 specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to (Leverage) Common Equity Tier 1 to Risk – Weighted Assets (CET1) Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The most recent notification from the OCC categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). The actual capital amounts and ratios for the Company and the bank as of September 30, 2017 and December 31, 2016 are presented in the following table and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes there are no conditions or events that would change that classification in the foreseeable future. Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio September 30, 2017 Tier 1 leverage $ 1,079,726 11.1 % $ 1,181,066 12.2 % Common equity tier 1 capital (transitional) 1,042,920 10.8 1,132,506 11.7 Tier 1 risk-based capital 1,079,726 11.2 1,181,066 12.2 Total risk-based capital 1,273,724 13.2 1,301,129 13.5 The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 388,553 4.0 % $ 388,516 4.0 % Common equity tier 1 capital (transitional) 434,801 4.5 434,726 4.5 Tier 1 risk-based capital 579,734 6.0 579,635 6.0 Total risk-based capital 772,979 8.0 772,846 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A $ 485,645 5.0 % Common equity tier 1 capital (transitional) N/A N/A 627,938 6.5 Tier 1 risk-based capital N/A N/A 772,846 8.0 Total risk-based capital N/A N/A 966,058 10.0 Consolidated Company Bank (In thousands) Amount Amount Amount Ratio December 31, 2016 Tier 1 leverage $ 824,676 8.9 % $ 1,035,972 11.2 % Common equity tier 1 (CET1) 793,268 8.8 989,990 11.0 Tier 1 risk-based capital 824,676 9.2 1,035,972 11.5 Total risk-based capital 1,007,011 11.2 1,144,519 12.8 The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 371,052 4.0 % $ 370,836 4.0 % Common equity tier 1 (CET1) 403,718 4.5 403,578 4.5 Tier 1 risk-based capital 538,290 6.0 538,105 6.0 Total risk-based capital 717,720 8.0 717,473 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A $ 463,546 5.0 % Common equity tier 1 (CET1) N/A N/A 583,248 6.5 Tier 1 risk-based capital N/A N/A 717,844 8.0 Total risk-based capital N/A N/A 897,305 10.0 Under regulations controlling national banks, the payment of any dividends by a bank without prior approval of the OCC is limited to the current year’s net profits (as defined by the OCC) and retained net profits of the two preceding years. The Federal Reserve, as primary regulator for bank holding companies, has also stated that all common stock dividends should be paid out of current income. As the Company does not generate income on a stand-alone basis, it does not have the capability to pay common stock dividends without receiving dividends from the Bank. The Bank is required to maintain average reserve balances in the form of cash or deposits with the Federal Reserve Bank. The reserve balance varies depending upon the types and amounts of deposits. At September 30, 2017 and December 31, 2016, the required reserve balance with the Federal Reserve Bank was approximately $59.6 million and $38.3 million, respectively. | Note 15—Regulatory Matters The Bank is subject to the capital adequacy requirements of the OCC. The Company, as a bank holding company, is subject to the capital adequacy requirements of the Federal Reserve. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgment by regulators about components, risk weightings, and other related factors. The risk-based capital requirements of the Federal Reserve and the OCC define capital and establish minimum capital requirements in relation to assets and off-balance sheet exposure, adjusted for credit risk. The risk-based capital standards currently in effect are designed to make regulatory capital requirements sensitive to differences in risk profiles among bank holding companies and banks, to account for off-balance sheet exposure and to minimize disincentives for holding liquid assets. Assets and off-balance sheet items are assigned to broad risk categories, each with appropriate relative risk weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets and off-balance sheet items. The Federal Reserve, the FDIC and the OCC have issued guidelines governing the levels of capital that banks must maintain. The bank guidelines for the period as of December 31, 2016 specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk—Weighted Assets (CET1) Tier 1 Capital to Risk—Weighted Assets Total Capital to Risk—Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The most recent notification from the OCC categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). The actual capital amounts and ratios for the Company and the bank as of December 31, 2016 and 2015 are presented in the following table and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes there are no conditions or events that would change that classification. Consolidated Company Bank (Dollars in thousands) Amount Amount Amount Ratio December 31, 2016 Tier 1 leverage $ 824,676 8.9 % $ 1,035,972 11.2 % Common equity tier 1 (CET1) 793,268 8.8 % 989,990 11.0 % Tier 1 risk-based capital 824,676 9.2 % 1,035,972 11.5 % Total risk-based capital 1,007,011 11.2 % 1,144,519 12.8 % The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 371,052 4.0 % $ 370,836 4.0 % Common equity tier 1 (CET1) 403,718 4.5 % 403,578 4.5 % Tier 1 risk-based capital 538,290 6.0 % 538,105 6.0 % Total risk-based capital 717,720 8.0 % 717,473 8.0 % Well capitalized requirement: Tier 1 leverage N/A N/A $ 463,546 5.0 % Common equity tier 1 (CET1) N/A N/A 583,248 6.5 % Tier 1 risk-based capital N/A N/A 717,844 8.0 % Total risk-based capital N/A N/A 897,305 10.0 % Consolidated Company Bank (Dollars in thousands) Amount Amount Amount Ratio December 31, 2015 Tier 1 leverage $ 749,224 9.2 % $ 963,296 11.9 % Common equity tier 1 (CET1) 723,753 8.7 % 922,610 11.1 % Tier 1 risk-based capital 749,224 9.0 % 963,296 11.6 % Total risk-based capital 927,988 11.1 % 1,068,487 12.9 % The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 325,656 4.0 % $ 324,857 4.0 % Common equity tier 1 (CET1) 375,218 4.5 % 374,271 4.5 % Tier 1 risk-based capital 500,291 6.0 % 499,028 6.0 % Total risk-based capital 667,054 8.0 % 665,371 8.0 % Well capitalized requirement: Tier 1 leverage N/A N/A $ 406,071 5.0 % Common equity tier 1 (CET1) N/A N/A 540,614 6.5 % Tier 1 risk-based capital N/A N/A 665,371 8.0 % Total risk-based capital N/A N/A 831,714 10.0 % Under regulations controlling national banks, the payment of any dividends by a bank without prior approval of the OCC is limited to the current year’s net profits (as defined by the OCC) and retained net profits of the two preceding years. The Federal Reserve, as primary regulator for bank holding companies, has also stated that all common stock dividends should be paid out of current income. As the Company does not generate income on a stand-alone basis, it does not have the capability to pay common stock dividends without receiving dividends from the Bank. The Bank is required to maintain average reserve balances in the form of cash or deposits with the Federal Reserve Bank. The reserve balance varies depending upon the types and amounts of deposits. At December 31, 2016 and 2015, the required reserve balance with the Federal Reserve Bank was approximately $38.3 million and $29.0 million, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingent Liabilities | Note 13—Commitments and Contingent Liabilities The consolidated financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of banking business and which involve elements of credit risk, interest rate risk, and liquidity risk. The commitments and contingent liabilities are commitments to extend credit, home equity lines, overdraft protection lines, and standby letters of credit. Such financial instruments are recorded when they are funded. A summary of commitments and contingent liabilities at September 30, 2017 is as follows: (In thousands) Commitments to extend credit $ 3,035,455 Standby letters of credit 102,145 Performance letters of credit 22,635 Commercial letters of credit 1,797 Commitments to extend credit and letters of credit include some exposure to credit loss in the event of nonperformance of the customer. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. In addition, the Company has entered certain commitments to grant loans totaling $402.2 million as of September 30, 2017. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit policies and procedures for such commitments are the same as those used for lending activities. Because these instruments have fixed maturity dates and because a number expire without being drawn upon, they generally do not present any significant liquidity risk. No significant losses on commitments were incurred during the three and nine months ended September 30, 2017 and 2016. The Company does not anticipate any significant future losses as a result of these transactions. The Company makes investments in limited partnerships, including certain low income housing partnerships for which tax credits are received. As of September 30, 2017 and December 31, 2016, unfunded capital commitments totaled $23.2 million and $15.1 million, respectively. The Company and the Bank are defendants in various pending and threatened legal actions arising in the normal course of business. In the opinion of management, based upon the advice of legal counsel, the ultimate disposition of all pending and threatened legal action will not have a material effect on the Company’s consolidated financial statements. | Note 16—Commitments and Contingent Liabilities The consolidated financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of banking business and which involve elements of credit risk, interest rate risk, and liquidity risk. The commitments and contingent liabilities are commitments to extend credit, home equity lines, overdraft protection lines, and standby letters of credit. Such financial instruments are recorded when they are funded. A summary of commitments and contingent liabilities at December 31, 2016 and 2015 is as follows: December 31, (In thousands) 2016 2015 Commitments to extend credit $ 2,643,501 $ 2,650,356 Standby letters of credit 120,532 96,932 Performance letters of credit 29,270 40,505 Commitments to extend credit and letters of credit include some exposure to credit loss in the event of nonperformance of the customer. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The credit policies and procedures for such commitments are the same as those used for lending activities. Because these instruments have fixed maturity dates and because a number expire without being drawn upon, they generally do not present any significant liquidity risk. No significant losses on commitments were incurred during the years ended December 31, 2016 or 2015. The Company does not anticipate any significant future losses as a result of these transactions. The Company makes investments in limited partnerships, including certain low income housing partnerships for which tax credits are received. As of December 31, 2016 and 2015, unfunded capital commitments totaled $15.1 million and $14.0 million, respectively. The Company and the Bank are defendants in various pending and threatened legal actions arising in the normal course of business. In the opinion of management, based upon the advice of legal counsel, the ultimate disposition of all pending and threatened legal action will not have a material effect on the Company’s consolidated financial statements. |
Concentrations of Credit
Concentrations of Credit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | ||
Concentrations of Credit | Note 14—Concentrations of Credit Most of the loans, commitments and letters of credit involve customers or sponsors in the Company’s market areas. Investments in state and municipal securities also involve governmental entities within the Company’s market areas. General concentrations of credit by type of loan are set forth in Note 3 of these consolidated financial statements. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Letters of credit were granted primarily to commercial borrowers. | Note 17—Concentrations of Credit Most of the loans, commitments and letters of credit have been granted to customers in the Company’s market areas. Investments in state and municipal securities also involve governmental entities within the Company’s market areas. General concentrations of credit by type of loan are set forth in Note 3 of these consolidated financial statements. The distribution of commitments to extend credit approximates the distribution of loans outstanding. Letters of credit were granted primarily to commercial borrowers. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Supplemental Cash Flow Information | Note 15—Supplemental Cash Flow Information For the Nine Months (In thousands) 2017 2016 Cash paid during the year for: Interest $ 47,048 $ 37,267 Income taxes, net of refunds 29,105 22,516 Non-cash Transfers of loans to other real estate $ 6,922 $ 12,243 Transfers of commercial loans to loans held for sale 9,397 309,415 | Note 18—Supplemental Cash Flow Information For the Years Ended (In thousands) 2016 2015 2014 Cash paid during the year for: Interest $ 55,086 $ 44,333 $ 31,732 Income taxes, net of refunds 23,025 22,139 7,097 Non-cash investing activities: Transfers of loans to other real estate $ 13,494 $ 11,800 $ 39,732 Transfers of commercial loans to loans held for sale 318,868 19,400 — Transfers of property to other real estate — 1,591 7,563 Transfers of loans to other assets (net profits interests) 19,104 — — |
Disclosure About Fair Values of
Disclosure About Fair Values of Financial Instruments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Disclosure About Fair Values of Financial Instruments | Note 16—Disclosure About Fair Values of Financial Instruments The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. This hierarchy requires the Company to maximize the use of observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Each fair value measurement is placed into the proper level based on the lowest level of significant input. These levels are: • Level 1 • Level 2 • Level 3 Transfers between fair value levels are recognized at the end of the fiscal quarter in which the associated change in inputs occurs. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at September 30, 2017 and December 31, 2016: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2017 Investment securities available-for-sale: U.S. Treasury securities $ 97,688 $ — $ 97,688 $ — Obligations of U.S. government agencies 84,165 — 84,165 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 112,535 — 112,535 — Issued by FNMA and FHLMC 384,042 — 384,042 — Other residential mortgage-backed securities 40,568 — 40,568 — Commercial mortgage-backed securities 60,990 — 60,990 — Total MBS 598,135 — 598,135 — Obligations of states and municipal subdivisions 412,216 — 412,216 Other securities 5,828 5,828 — — Total investment securities available-for-sale 1,198,032 5,828 1,192,204 — Derivative assets 3,346 — 3,346 — Other assets (Net profits interests) 16,193 — — 16,193 Total recurring basis measured assets $ 1,217,571 $ 5,828 $ 1,195,550 $ 16,193 Derivative liabilities $ 19,288 $ — $ 19,288 $ — Total recurring basis measured liabilities $ 19,288 $ — $ 19,288 $ — (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2016 Investment securities available-for-sale: U.S. Treasury securities $ 96,785 $ — $ 96,785 $ — Obligations of U.S. government agencies 97,528 — 97,528 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 153,153 — 153,153 — Issued by FNMA and FHLMC 265,328 — 265,328 — Other residential mortgage-backed securities 47,561 — 47,561 — Commercial mortgage-backed securities 62,613 — 62,613 — Total MBS 528,655 — 528,655 — Obligations of states and municipal subdivisions 410,812 — 410,812 — Other securities 5,567 5,567 — — Total investment securities available-for-sale 1,139,347 5,567 1,133,780 — Derivative assets 4,361 — 4,361 — Other assets (Net profits interest) 19,425 — — 19,425 Total recurring basis measured assets $ 1,163,133 $ 5,567 $ 1,138,141 $ 19,425 Derivative liabilities $ 20,360 $ — $ 20,360 $ — Total recurring basis measured liabilities $ 20,360 $ — $ 20,360 $ — There were no transfers between the Level 1 and Level 2 fair value categories during the three and nine months ended September 30, 2017 and 2016. Changes in Level 3 Fair Value Measurements The tables below include a roll-forward of the condensed consolidated balance sheet amounts for the three and nine months ended September 30, 2017 and 2016, including changes in fair value for financial instruments within Level 3 of the valuation hierarchy. Level 3 financial instruments typically include unobservable components, but may also include some observable components that may be validated to external sources. The gains or (losses) in the following table may include changes to fair value due in part to observable factors that may be part of the valuation methodology: Level 3 Assets Measured at Fair Value on a Recurring Basis Other Assets – Net Profits Interests For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Beginning Balance $ 16,405 $ 8,489 $ 19,425 $ — Addition of net profits interest to other assets — — — 8,489 Total net gains (losses) included in earnings 104 (161 ) (2,427 ) (161 ) Distributions received (316 ) (86 ) (805 ) (86 ) Balance at September 30 $ 16,193 $ 8,242 $ 16,193 $ 8,242 Net unrealized gains (losses) included in earnings relating to assets held at the end of the period $ 104 $ (161 ) $ (2,427 ) $ (161 ) Assets Recorded at Fair Value on a Nonrecurring Basis From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at September 30, 2017 and December 31, 2016, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2017 Loans held for sale $ 21,835 $ — $ 21,835 $ — Impaired loans, net of specific allowance 83,453 — — 83,453 Other real estate 18,836 — — 18,836 Total assets measured on a nonrecurring basis $ 124,124 $ — $ 21,835 $ 102,289 (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2016 Loans held for sale $ 17,822 $ — $ 17,822 $ — Impaired loans, net of specific allowance 151,720 — — 151,720 Other real estate 18,875 — — 18,875 Total assets measured on a nonrecurring basis $ 188,417 $ — $ 17,822 $ 170,595 Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016 are summarized below: (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range September 30, 2017 Impaired loans, net of specific allowance $ 83,453 Internal appraisals of accounts receivable and inventory Discount of book value 50% - 75% Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Other real estate 18,836 Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range December 31, 2016 Impaired loans, net of specific allowance $ 151,720 Internal appraisals of accounts receivable and inventory Discount of book value 50% - 75% Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Other real estate 18,875 Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Determination of Fair Values In accordance with ASC 820-10-35, 825-10-50. Investment Securities Loans Held for Sale Net Loans Derivative Financial Instruments Other Assets—Net profits interests. Deposits FHLB Advances Security Sold Under Agreements to Repurchase Senior Debt Subordinated Debt. Junior Subordinated Debentures. Limitations The estimated fair values of the Company’s financial instruments are as follows: As of September 30, 2017 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 68,248 $ 68,248 $ 68,248 $ — $ — Interest-bearing deposits in other banks 515,556 515,556 515,556 — — Federal funds sold 5,578 5,578 5,578 — — Securities available-for-sale 1,198,032 1,198,032 5,828 1,192,204 — Securities held-to-maturity 425 451 — 451 — Loans held for sale 21,835 21,835 — 21,835 — Net loans 7,934,173 7,832,079 — — 7,832,079 Derivative assets 3,346 3,346 — 3,346 — Other assets-net 16,193 16,193 — — 16,193 Financial Liabilities: Deposits 8,501,102 8,365,930 — 8,365,930 — Advances from FHLB 250,000 250,000 — 250,000 — Securities sold under agreements to repurchase 3,146 3,146 — 3,146 — Senior debt 184,557 201,178 — 201,178 — Subordinated debt 98,627 100,984 — 100,984 — Junior subordinated debentures 36,353 49,163 — 49,163 — Derivative liabilities 19,288 19,288 — 19,288 — As of December 31, 2016 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 48,017 $ 48,017 $ 48,017 $ — $ — Interest-bearing deposits in other banks 199,747 199,747 199,747 — — Federal funds sold 1,161 1,161 1,161 — — Securities available-for-sale 1,139,347 1,139,347 5,567 1,133,780 — Securities held-to-maturity 425 463 — 463 — Loans held for sale 17,822 17,822 — 17,822 — Net loans 7,350,443 7,395,003 — — 7,395,003 Derivative assets 4,361 4,361 — 4,361 — Other assets-net 19,425 19,818 — — 19,818 Financial Liabilities: Deposits 8,016,749 7,904,926 — 7,904,926 — Securities sold under agreements to repurchase 4,361 4,361 — 4,361 — Senior debt 193,788 191,076 — 191,076 — Subordinated debt 98,441 97,938 — 97,938 — Junior subordinated debentures 35,989 47,409 — 47,409 — Derivative liabilities 20,360 20,360 — 20,360 — | Note 19—Disclosure About Fair Values of Financial Instruments The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. This hierarchy requires the Company to maximize the use of observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Each fair value measurement is placed into the proper level based on the lowest level of significant input. These levels are: • Level 1 • Level 2 • Level 3 Transfers between fair value levels are recognized at the end of the fiscal quarter in which the associated change in inputs occurs. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at December 31, 2016 and 2015: (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2016 Investment securities available-for-sale: U.S. Treasury securities $ 96,785 $ — $ 96,785 $ — Obligations of U.S. government agencies 97,528 — 97,528 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 153,153 — 153,153 — Issued by FNMA and FHLMC 265,328 — 265,328 — Other residential mortgage-backed securities 47,561 — 47,561 — Commercial mortgage-backed securities 62,613 — 62,613 — Total MBS 528,655 — 528,655 — Obligations of states and municipal subdivisions 410,812 — 410,812 — Other securities 5,567 5,567 — — Total investment securities available-for-sale 1,139,347 5,567 1,133,780 — Derivative assets 4,361 — 4,361 — Other assets—net profits interests 19,425 — — 19,425 Total recurring basis measured assets $ 1,163,133 $ 5,567 $ 1,138,141 $ 19,425 Derivative liabilities $ 20,360 $ — $ 20,360 $ — Total recurring basis measured liabilities $ 20,360 $ — $ 20,360 $ — (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2015 Investment securities available-for-sale: Obligations of U.S. government agencies $ 90,793 $ — $ 90,793 $ — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 280,190 — 280,190 — Issued by FNMA and FHLMC 121,707 — 121,707 — Other residential mortgage-backed securities 75,577 — 75,577 — Commercial mortgage-backed securities 24,809 — 24,809 — Total MBS 502,283 — 502,283 — Obligations of states and municipal subdivisions 122,320 — 122,320 Other securities 5,414 5,414 — — Total investment securities available-for-sale 720,810 5,414 715,396 — Derivative assets 7,738 — 7,738 — Total recurring basis measured assets $ 728,548 $ 5,414 $ 723,134 $ — Derivative liabilities $ 4,978 $ — $ 4,978 $ — Total recurring basis measured liabilities $ 4,978 $ — $ 4,978 $ — During 2016 and 2015, there were no transfers between the Level 1 and Level 2 fair value categories. Assets Recorded at Fair Value on a Nonrecurring Basis From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at December 31, 2016 and 2015, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2016 Loans held for sale $ 17,822 $ — $ 17,822 $ — Impaired loans, net of specific allowance 151,720 — — 151,720 Other real estate 18,875 — — 18,875 Total assets measured on a non-recurring basis $ 188,417 $ — $ 17,822 $ 170,595 (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2015 Loans held for sale $ 25,413 $ — $ 25,413 $ — Impaired loans, net of specific allowance 72,020 — — 72,020 Other real estate 35,984 — — 35,984 Total assets measured on a non-recurring basis $ 133,417 $ — $ 25,413 $ 108,004 Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis at December 31, 2016 and 2015 are summarized below: Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Methods Unobservable Inputs Range December 31, 2016 Impaired loans, net of specific allowance $ 151,720 Internal appraisals of accounts receivable and inventory Discount of book value 50%-75% Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Other real estate 18,875 Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Methods Unobservable Inputs Range December 31, 2015 Impaired loans, net of specific allowance $ 72,020 Internal appraisals of accounts receivable and inventory Discount of book value 50%-75% Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Other real estate 35,984 Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Determination of Fair Values In accordance with ASC 820-10-35, fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following describes the assumptions and methodologies used to estimate the fair value of financial instruments recorded at fair value in the consolidated balance sheets and for estimating the fair value of financial instruments for which fair value is disclosed under ASC 825-10-50. Investment Securities Loans Held for Sale Net Loans Derivative Financial Instruments Other Assets—Net profits interests. Deposits FHLB Advances Security Sold Under Agreements to Repurchase Senior Debt Subordinated Debt. Junior Subordinated Debentures. Limitations The estimated fair values of the Company’s financial instruments are as follows: December 31, 2016 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 48,017 $ 48,017 $ 48,017 $ — $ — Interest-bearing deposits in other banks 199,747 199,747 199,747 — — Federal funds sold 1,161 1,161 1,161 — — Securities available-for-sale 1,139,347 1,139,347 5,567 1,133,780 — Securities held-to-maturity 425 463 — 463 — Loans held for sale 17,822 17,822 — 17,822 — Net loans 7,350,443 7,395,003 — — 7,395,003 Derivative assets 3,539 3,539 — 3,539 — Other assets 19,425 19,818 — — 19,818 Financial Liabilities: Deposits 8,016,749 7,904,926 — 7,904,926 — Securities sold under agreements to repurchase 3,494 3,494 — 3,494 — Senior debt 193,788 191,076 — 191,076 — Subordinated debt 98,441 97,938 — 97,938 — Junior subordinated debentures 35,989 47,409 — 47,409 — Derivative liabilities 20,360 20,360 — 20,360 — December 31, 2015 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 139,239 $ 139,239 $ 139,239 $ — $ — Interest-bearing deposits in other banks 316,473 316,473 316,473 — — Federal funds sold 11,495 11,495 11,495 — — Securities available-for-sale 720,810 720,810 5,414 715,396 — Securities held-to-maturity 550 594 — 594 — Loans held for sale 25,413 25,413 — 25,413 — Net loans 6,836,737 6,920,225 — — 6,920,225 Derivative assets 7,738 7,738 — 7,738 — Financial Liabilities: Deposits 6,987,351 6,984,506 — 6,984,506 — Advances from FHLB 370,000 370,000 — 370,000 — Securities sold under agreements to repurchase 5,840 5,840 — 5,840 — Senior debt 193,085 186,387 — 186,387 — Subordinated debt 98,171 94,970 — 94,970 — Junior subordinated debentures 35,449 45,872 — 45,872 — Derivative liabilities 4,978 4,978 — 4,978 — |
Segment Reporting
Segment Reporting | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | ||
Segment Reporting | Note 17—Segment Reporting The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial condition and operating results and management’s regular review of the operating results of those services. The Company operates through three operating segments: Banking, Financial Services and Corporate. The Banking Segment includes the Commercial Banking, Retail Banking and Private Banking lines of business. The Commercial Banking line of business includes a general business services component primarily focusing on commercial & industrial (C&I), community banking, business banking and commercial real estate lending to clients in the geographic footprint in Texas and the southeast United States. In addition, the Commercial Banking line of business includes within C&I a separate component that focuses on select industries (which is referred to as the “specialized industries”) in which the Company believes it has specialized experience and service capabilities, including energy, healthcare, restaurant industry, and technology. The Company serves clients in these specialized industries both within the geographic footprint and throughout the United States as a result of the national orientation of many of these businesses. The Retail Banking line of business offers a broad range of retail banking services including mortgage services through the branch network to serve the needs of consumer and small businesses in the geographic footprint. The Private Banking line of business offers banking services and loan products tailored to the needs of the high-net The Financial Services Segment includes the Trust, Retail Brokerage, Investment Services and Insurance businesses. These businesses offer products independently to their own customers as well as to Banking Segment clients. Investment Services operates through the “Linscomb & Williams” name and Insurance operates though the “Cadence Insurance” name. The products offered by the businesses in the Financial Services Segment primarily generate non-banking Business segment results are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions or in accordance with generally accepted accounting principles. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1. All costs, except corporate administration and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the consolidated totals. The following tables present the operating results of the segments as of and for the three and nine months ended September 30, 2017 and 2016: As of and for the Three Months Ended September 30, 2017 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 87,123 $ (2,340 ) $ (3,620 ) $ 81,163 Provision for credit losses 1,723 — — 1,723 Noninterest income 13,967 12,798 359 27,124 Noninterest expense 46,785 9,087 658 56,530 Income tax expense (benefit) 18,404 480 (1,427 ) 17,457 Net income (loss) $ 34,178 $ 891 $ (2,492 ) $ 32,577 As of and for the Three Months Ended September 30, 2016 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 74,970 $ (58 ) $ (4,486 ) $ 70,426 Provision for credit losses 29,627 — — 29,627 Noninterest income 12,078 10,613 100 22,791 Noninterest expense 46,890 7,943 43 54,876 Income tax expense (benefit) 3,685 914 (2,492 ) 2,107 Net income (loss) $ 6,846 $ 1,698 $ (1,937 ) $ 6,607 As of and for the Nine Months Ended September 30, 2017 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 252,240 $ (873 ) $ (13,062 ) $ 238,305 Provision for credit losses 14,210 — — 14,210 Noninterest income 37,178 36,517 523 74,218 Noninterest expense 139,239 26,361 1,385 166,985 Income tax expense (benefit) 47,589 3,249 (7,172 ) 43,666 Net income (loss) $ 88,380 $ 6,034 $ (6,752 ) $ 87,662 Total assets $ 10,407,827 $ 89,735 $ 4,699 $ 10,502,261 As of and for the Nine Months Ended September 30, 2016 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 220,577 $ (88 ) $ (13,548 ) $ 206,941 Provision for credit losses 54,570 — — 54,570 Noninterest income 33,664 32,232 147 66,043 Noninterest expense 140,276 24,349 161 164,786 Income tax expense (benefit) 20,788 2,728 (6,677 ) 16,839 Net income (loss) $ 38,607 $ 5,067 $ (6,885 ) $ 36,789 Total assets $ 9,355,328 $ 82,327 $ 6,355 $ 9,444,010 | Note 21—Segment Reporting The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial condition and operating results and management’s regular review of the operating results of those services. The Company operates through three operating segments: Banking, Financial Services and Corporate. The Banking Segment includes the Commercial Banking, Retail Banking and Private Banking lines of business. The Commercial Banking line of business includes a general business services component primarily focusing on commercial & industrial (C&I), community banking, business banking and commercial real estate lending to clients in the geographic footprint in Texas and the southeast United States. In addition, the Commercial Banking line of business includes within C&I a separate component that focuses on select industries (which is referred to as the “specialized industries”) in which the Company believes it has specialized experience and service capabilities, including energy, healthcare, franchise restaurant and technology. The Company serve clients in these specialized industries both within the geographic footprint and throughout the United States as a result of the national orientation of many of these businesses. The Retail Banking line of business offers a broad range of retail banking services including mortgage services through the branch network to serve the needs of consumer and small businesses in the geographic footprint. The Private Banking line of business offers banking services and loan products tailored to the needs of the high-net worth clients in the geographic footprint. The Financial Services Segment includes the Trust, Retail Brokerage, Investment Services and Insurance businesses. These businesses offer products independently to their own customers as well as to Banking Segment clients. Investment Services operates through the “Linscomb & Williams” name and Insurance operates though the “Cadence Insurance” name. The products offered by the businesses in the Financial Services Segment primarily generate non-banking service fee income. The Corporate Segment reflects parent-only activities and intercompany eliminations. Business segment results are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions or in accordance with generally accepted accounting principles. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1. All costs, except corporate administration and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the consolidated totals. The following tables present the operating results of the segments as of and for the years ended December 31, 2016, 2015 and 2014: As of and for the year ended December 31, 2016 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 297,701 $ (201 ) $ (18,061 ) $ 279,439 Provision for credit losses 49,348 — — 49,348 Noninterest income 45,499 42,727 177 88,403 Noninterest expense 186,874 32,334 972 220,180 Income tax expense (benefit) 37,442 3,567 (8,469 ) 32,540 Net income $ 69,536 $ 6,625 $ (10,387 ) $ 65,774 Total assets $ 9,459,250 $ 64,257 $ 7,381 $ 9,530,888 As of and for the year ended December 31, 2015 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 265,451 $ (36 ) $ (17,636 ) $ 247,779 Provision for credit losses 35,984 — — 35,984 Noninterest income 38,696 40,964 242 79,902 Noninterest expense 200,544 31,393 395 232,332 Income tax expense (benefit) 23,673 3,337 (6,901 ) 20,109 Net income $ 43,946 $ 6,198 $ (10,888 ) $ 39,256 Total assets $ 8,744,287 $ 59,471 $ 7,753 $ 8,811,511 As of and for the year ended December 31, 2014 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 266,226 $ (37 ) $ (11,101 ) $ 255,088 Provision for credit losses 14,118 — — 14,118 Noninterest income 34,603 40,199 268 75,070 Noninterest expense 213,173 32,008 (34 ) 245,147 Income tax expense (benefit) 25,739 2,854 (2,533 ) 26,060 Net income $ 47,799 $ 5,300 $ (8,266 ) $ 44,833 |
Equity-based Compensation
Equity-based Compensation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Equity-based Compensation | Note 18—Equity-based Compensation The Company administers a long-term incentive compensation plan that permits the granting of incentive awards in the form of stock options, restricted stock, restricted stock units, performance units, stock appreciation rights, or other stock-based awards. The terms of all awards issued under these plans are determined by the Compensation Committee of the Board of Directors The Amended and Restated 2015 Omnibus Incentive Plan (the “Plan”), permits the Company to grant to employees and directors various forms of incentive compensation. The principal purposes of this plan are to focus directors, officers and other employees and consultants on business performance that creates shareholder value, to encourage innovative approaches to the business of the Company, and to encourage ownership of the Company’s stock. The Plan authorizes 7,500,000 common share equivalents available for grant, where grants of full value awards (e.g., shares of restricted stock, restricted stock units and performance stock units) count as one share equivalent. The number of remaining share equivalents available for future issuance under the Plan was 6,827,250 at September 30, 2017. The Company recorded $0.4 million and $1.2 million equity-based compensation expense for the outstanding restricted stock units for the three and nine months ended September 30, 2017, respectively, compared to $0.3 million and $0.9 million for the same periods in 2016. The remaining expense related to unvested restricted stock units is $2.2 million as of September 30, 2017 and will be recognized over the next 17 months. There were 672,750 outstanding non-vested | Note 22—Equity-based Compensation The Company administers a long-term incentive compensation plan that permits the granting of incentive awards in the form of stock options, restricted stock, restricted stock units, performance units, stock appreciation rights, or other stock-based awards. The terms of all awards issued under these plans are determined by the Compensation Committee of the Board of Directors The 2015 Omnibus Incentive Plan (the ”Plan”), permits the Company to grant to employees and directors various forms of incentive compensation. The principal purposes of this plan are to focus directors, officers and other employees and consultants on business performance that creates shareholder value, to encourage innovative approaches to the business of the Company, and to encourage ownership of the Company’s stock. The Plan authorizes 7,500,000 common share equivalents available for grant, where grants of full value awards (e.g., shares of restricted stock, restricted stock units and performance stock units) count as one share equivalent. The number of remaining share equivalents available for future issuance under the Plan was 6,827,250 at December 31, 2016. On July 21, 2015, the Company granted 258,375 restricted stock units to select executives. These grants contained performance conditions which, for accounting purposes, were deemed improbable of being achieved during the fourth quarter of 2016. On November 30, 2016, these grants were cancelled and replaced with 395,250 restricted stock units with a market condition. Also granted at the time of the modification were 277,500 restricted stock units to new grantees. The grantees do not have rights as stockholders, including the right to dividends, until the restricted stock units are vested. The fair value of these restricted stock units was estimated based upon the possible future value of the Company’s common stock using a Monte-Carlo simulation, which included the following assumptions as of the grant date: Fair value of common stock (non-marketable, per share) $ 14.83 Time to settlement date 2.08 years Volatility 30.0 % Risk-free rate 1.1 % While the grant specifies a stated target number of units, the determination of the actual settlement in shares will be based on the achievement of a market condition related to the Company’s share value as of December 31, 2018. The actual units vested can be in the range of zero to 1.75 times the units granted based on a share value ranging from $21.76 to $27.55. The Company reversed $631 thousand of equity-based compensation expense related to the amended restricted stock units and recorded $117 thousand equity-based compensation expense for the outstanding restricted stock units for the year ended December 31, 2016. The Company had equity-based compensation of $631 thousand related to the restricted stock units for the year ended December 31, 2015. The remaining expense related to unvested restricted stock units is $3.0 million as of December 31, 2016 and will be recognized over the next 26 months. The following table summarizes the activity related to restricted stock unit awards for the years ended December 31, 2016 and 2015: For the Year Ended December 31, 2016 2015 Number of Fair Value Number of Fair Value Non-vested at beginning of period 258,375 $ 13.43 — $ — Units deemed improbable to vest (258,375 ) 13.43 — — Amended grants 395,250 5.14 — — New units 277,500 5.14 258,375 13.43 Non-vested at end of period 672,750 $ 5.14 258,375 $ 13.43 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) | Note 19—Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss) is shown in the following tables for the nine months ended September 30, 2017. ` Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance, December 31, 2016 $ (21,819 ) $ (500 ) $ (10,212 ) $ (32,531 ) Net change 15,410 — 272 15,682 Balance, September 30, 2017 $ (6,409 ) $ (500 ) $ (9,940 ) $ (16,849 ) | Note 24—Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss) is shown in the following tables for the years ended December 31, 2016, 2015 and 2014. (In thousands) Unrealized Unrealized Unrealized Accumulated Balance, December 31, 2013 $ 4,992 $ — $ (176 ) $ 4,816 Net change 3,672 — (423 ) 3,249 Balance, December 31, 2014 8,664 — (599 ) 8,065 Net change (2,763 ) 1,626 112 (1,025 ) Balance, December 31, 2015 5,901 1,626 (487 ) 7,040 Net change (27,720 ) (11,838 ) (13 ) (39,571 ) Balance, December 31, 2016 $ (21,819 ) $ (10,212 ) $ (500 ) $ (32,531 ) |
Variable Interest Entities and
Variable Interest Entities and Other Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Variable Interest Entities And Other Investments [Abstract] | ||
Variable Interest Entities and Other Investments | Note 20—Variable Interest Entities and Other Investments Under ASC 810-10-65, 810-10-65, The Bank has invested in several affordable housing projects as a limited partner. The partnerships have qualified to receive annual affordable housing federal tax credits that are recognized as a reduction of current tax expense. The Company has determined that these structures meet the definition of VIE’s under Topic ASC 810 but that consolidation is not required, as the Bank is not the primary beneficiary. At September 30, 2017 and December 31, 2016, the Bank’s maximum exposure to loss associated with these limited partnerships was limited to the Bank’s investment. The Company accounts for these investments and the related tax credits using either the effective yield method or the proportional amortization method, depending upon the date of the investment. Under the effective yield method, the Bank recognizes the tax credits as they are allocated and amortizes the initial costs of the investments to provide a constant effective yield over the period that the tax credits are allocated. Under the proportional amortization method, the Bank amortizes the cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. At September 30, 2017 and December 31, 2016, the Company had recorded investments in other assets on its consolidated balance sheets of approximately $8.3 million and $4.2 million, respectively related to these investments. Additionally, the Company invests in other certain limited partnerships accounted for under the cost method totaling $11.6 million and $6.1 million as of September 30, 2017 and December 31, 2016, respectively and the equity method totaling $8.1 million and $3.9 million as of September 30, 2017 and December 31, 2016, respectively. During 2016, the Bank received net profits interests in oil and gas reserves, in connection with the reorganization under bankruptcy of two loan customers. The Company has determined that these contracts meet the definition of VIE’s under Topic ASC 810, but that consolidation is not required as the Bank is not the primary beneficiary. The net profits interests are financial instruments and recorded at estimated fair value, which was $16.2 million and $19.4 million at September 30, 2017 and December 31, 2016, respectively, representing the maximum exposure to loss as of that date. The Company has established a rabbi trust related to the deferred compensation plan offered to certain of its employees. The Company contributes employee cash compensation deferrals to the trust. The assets of the trust are available to creditors of the Company only in the event the Company becomes insolvent. This trust is considered a VIE because either there is no equity at risk in the trust or because the Company provided the equity interest to its employees in exchange for services rendered. The Company is considered the primary beneficiary of the rabbi trust as it has the ability to select the underlying investments made by the trust, the activities that most significantly impact the economic performance of the rabbi trust. The Company includes the assets of the rabbi trust as a component of other assets and a corresponding liability for the associated benefit obligation in other liabilities in its consolidated balance sheets. At September 30, 2017 and December 31, 2016, the amount of rabbi trust assets and benefit obligation was $3.5 million and $3.0 million, respectively. | Note 20—Variable Interest Entities and Other Investments Under ASC 810-10-65, the Company is deemed to be the primary beneficiary and required to consolidate a variable interest entity (“VIE”) if it has a variable interest in the VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. ASC 810-10-65, as amended, requires continual reconsideration of conclusions reached regarding which interest holder is a VIE’s primary beneficiary. The Bank has invested in several affordable housing projects as a limited partner. The partnerships have qualified to receive annual affordable housing federal tax credits that are recognized as a reduction of current tax expense. The Company has determined that these structures meet the definition of VIE’s under Topic ASC 810 but that consolidation is not required, as the Bank is not the primary beneficiary. At December 31, 2016 and 2015, the Bank’s maximum exposure to loss associated with these limited partnerships was limited to the Bank’s investment. Cadence accounts for these investments and the related tax credits using either the effective yield method or the proportional method, depending upon the date of the investment. Under this method, the Bank recognizes the tax credits as they are allocated and amortizes the initial costs of the investments to provide a constant effective yield over the period that the tax credits are allocated. At December 31, 2016 and 2015, the Company had recorded investments in other assets on its consolidated balance sheets of approximately $4.2 million and $4.7 million, respectively related to these investments. Additionally, the Company invests in other certain limited partnerships accounted for under the cost method totaling $6.1 million and $5.0 million as of December 31, 2016 and 2015, respectively and the equity method totaling $3.9 million and $2.1 million as of December 31, 2016 and 2015, respectively. During 2016, the Bank received net profits interests in oil and gas reserves, in connection with the reorganization under bankruptcy of two loan customers. The Company has determined that these contracts meet the definition of VIE’s under Topic ASC 810, but that consolidation is not required as the Bank is not the primary beneficiary. The net profits interests are financial instruments and recorded at estimated fair value, which was $19.4 million at December 31, 2016, representing the maximum exposure to loss as of that date. The Company has established a rabbi trust related to the deferred compensation plan offered to certain of its employees. The Company contributes employee cash compensation deferrals to the trust. The assets of the trust are available to creditors of the Company only in the event the Company becomes insolvent. This trust is considered a VIE because either there is no equity at risk in the trust or because the Company provided the equity interest to its employees in exchange for services rendered. The Company is considered the primary beneficiary of the rabbi trust as it has the ability to select the underlying investments made by the trust, the activities that most significantly impact the economic performance of the rabbi trust. The Company includes the assets of the rabbi trust as a component of other assets and a corresponding liability for the associated benefit obligation in other liabilities in its consolidated balance sheets. At December 31, 2016 and December 31, 2015, the amount of rabbi trust assets and benefit obligation was $3.0 million and $2.9 million, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 21—Subsequent Events On November 8, 2017, the Company, priced its previously announced secondary public offering of 9,500,000 shares of the Company’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), by Cadence Bancorp, LLC, the controlling stockholder of the Company (the “Selling Stockholder”). The underwriters will have a 30-day | Note 25—Subsequent Events On January 18, 2017, the Company purchased $10.0 million face amount of the 4.875% Senior Note due June 28, 2019 at a discount of 400 basis points or $ 9.6 million. In March 2017, the Board of Directors approved a 75 for-one stock split of the Company’s common stock. The stock split occurred on April 7, 2017. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 4—Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization, as follows: (In thousands) Estimated Useful December 31, 2016 2015 Premises: Land — $ 16,875 $ 16,875 Buildings, construction and improvements (1) 2-40 52,263 51,084 69,138 67,959 Equipment 3-10 31,984 30,798 101,122 98,757 Less: Accumulated depreciation and amortization (34,446 ) (28,362 ) Total premises $ 66,676 $ 70,395 (1) Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. The amount charged to operating expenses for depreciation was approximately $6.7 million, $7.2 million and $9.0 million for 2016, 2015 and 2014, respectively. Included in other assets is net software cost totaling $3.4 million and $2.4 million as of December 31, 2016 and 2015, respectively. The amount charged to operating expenses for software amortization was $1.7 million, $1.8 million and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. The Company leases various premises and equipment under operating leases. The leases have varying terms, with most containing renewal or first-right-of-refusal options for multi-year periods and annual increases in base rates. The following is a schedule by year of future minimum lease payments under operating leases, as of December 31, 2016: Year Property Equipment Total (In thousands) 2017 $ 9,470 $ 323 $ 9,793 2018 9,181 248 9,429 2019 8,858 96 8,954 2020 7,879 — 7,879 2021 7,152 — 7,152 Thereafter 13,625 — 13,625 Total minimum lease payments $ 56,165 $ 667 $ 56,832 Rental expense for premises and equipment, net of rental income, for the years ended December 31, 2016, 2015 and 2014, was approximately $11.1 million, $13.4 million and $14.0 million, respectively. The major portion of equipment rental expense is related to office equipment and is paid on a month-to-month basis. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Stock | Note 9—Preferred Stock As part of the Encore acquisition by LLC all of the outstanding preferred stock was assumed by the Company and recorded at its fair value. The related mark was being amortized over the expected remaining life of the instrument. On September 27, 2011 (“Issuance Date”), Encore issued 32,914 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series B, par value $1.00 per share, with a liquidation value of $1,000 per share (“Series B Preferred Stock”) to the Secretary of the Treasury through the Small Business Lending Fund for $32.9 million in cash. Non-cumulative dividends on the Series B Preferred Stock are paid quarterly and will accrue on the liquidation preference at a rate based on changes in the level of Qualified Small Business Lending of the Bank. The Series B Preferred Stock has no maturity date and ranks senior to common stock with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and winding up of the Company. The Series B Preferred Stock generally is non-voting, except in on certain limited circumstances matters that could impact the rights and preferences of the Series B Preferred Stock. The Series B Preferred Stock was redeemed by the Company in full in August of 2014 at par, which was approximately $32.9 million as of the date of redemption. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 13—Employee Benefits Defined Benefit Pension Plan The Company accounts for its defined benefit pension plan in accordance with ASC Topic 715. This guidance requires companies to recognize the funded status of a defined benefit plan (measured as the difference between the fair value of plan assets and the projected benefit obligation) on the balance sheets and to recognize in other comprehensive income any gains or losses and prior service costs or benefits not included as components of periodic benefit cost. In accordance with purchase accounting rules, the plan’s prior unrecognized service cost and prior unrecognized loss were eliminated as of the acquisition date; thus, there are no prior service cost or loss amortization amounts reflected in the 2016, 2015 and 2014 consolidated statements of income. Participation in the defined benefit pension plan was frozen effective April 30, 2011. The following table sets forth the defined benefit pension plan’s funded status as of December 31, 2016 and 2015 and amounts recognized in the Company’s consolidated financial statements for the years ended December 31, 2016, 2015 and 2014: (In thousands) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 6,176 $ 7,025 Service cost 100 100 Interest cost 221 232 Actuarial loss (gain) 233 (200 ) Administrative expenses paid (59 ) (45 ) Benefits paid (79 ) (70 ) Settlements (807 ) (866 ) Benefit obligation at end of year 5,785 6,176 Change in plan assets: Fair value of plan assets at beginning of period 4,464 5,402 Return on plan assets 240 43 Employer contributions 930 — Administrative expenses paid (59 ) (45 ) Benefits paid (79 ) (70 ) Settlements (807 ) (866 ) Fair value of plan assets at end of year 4,689 4,464 Funded status $ (1,096 ) $ (1,712 ) (In thousands) 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 100 $ 100 $ 100 Interest cost 221 232 268 Expected return on plan assets (234 ) (278 ) (305 ) Net loss amortization 53 61 — Cost of settlements 156 155 142 Net periodic benefit cost $ 296 $ 270 $ 205 Amount recognized in accumulated other comprehensive income: Amortization of net actuarial loss $ 53 $ 61 $ — Net actuarial loss (226 ) (35 ) (810 ) Adjustment for settlement (156 ) (155 ) (142 ) (17 ) 181 (668 ) Tax effect 4 (69 ) 245 Net $ (13 ) $ 112 $ (423 ) Weighted average assumptions used to determine benefit obligations and net periodic pension cost at December 31: 2016 2015 2014 Discount rate 3.52 % 3.76 % 3.50 % Compensation increase rate N/A N/A N/A Census date 1/1/2017 1/1/2016 1/1/2015 Expected return on plan assets 5.50 % 5.50 % 5.50 % Of the above amount recognized in accumulated other comprehensive income, $64 thousand is expected to be recognized as a component of net periodic benefit cost in 2017. Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year Amount 2017 $ 820 2018 490 2019 456 2020 594 2021 907 2022-2026 1,826 Total $ 5,093 In determining the expected return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets, individual asset classes, and economic and other indicators of future performance. In addition, the Company may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. The Company’s defined benefit pension plan fair values and weighted-average asset allocations at December 31, 2016 and 2015, by asset category, were as follows: 2016 2015 (In thousands) Fair Asset Fair Asset Asset Category: Equity securities $ 1,912 41 % $ 1,849 41 % Fixed income securities 2,594 55 % 2,165 49 % Other securities 183 4 % 440 10 % Cash and cash equivalents — — 10 — Total $ 4,689 100 % $ 4,464 100 % The primary investment objective of the Company’s defined benefit pension plan is to maximize total return while accepting and managing a moderate to average degree of risk. The assets are invested based upon a moderate growth asset allocation model, which seeks to provide long-term growth of capital with a moderate level of current income and a somewhat higher level of principal volatility. For 2016, the assets were allocated in a target mix of 55% fixed income, 41% equity, and 4% other. The fixed income class is divided between a short-term government bond fund, a core fixed income bond fund and a high-yield bond fund. The equity class is diversified among large, mid and small cap growth and value stock funds with an emphasis being placed on large cap. There is also an exposure in the international equity market. This diversification among all of the equity sectors is an effort to reduce risk and attempt to generate higher returns. As a result of market conditions, the target percentages may not be achieved at any one point in time. The investments are managed by the Trust Division of the Company within the established guidelines. It is the intent of management to give the investment managers flexibility within the overall parameters designated in the investment model selected by the Bank’s Trust Company Investment Committee for the plan. The fair values of all plan assets as of December 31, 2016 and 2015, were measured using quoted prices in active markets for identical assets and liabilities (Level 1 inputs, as defined by ASC Topic 820, “Fair Value Measurements and Disclosures”). The Company does not have a minimum cash contribution for 2017. In 2016, the Company contributed $930 thousand, which was more than the minimum required contribution of $300 thousand related to 2015. Other Plans Contributions to the 401(k) plan totaled $3.4 million and $3.5 million in 2016 and 2015, respectively. The accrued liability for the supplemental retirement plan that originated from an acquired bank, accounted for under ASC Topic 715, approximates the projected benefit obligation. The accrued liability for this plan was $1.9 million at December 31, 2016 and 2015 and the amount recognized in compensation expense for the years ended December 31, 2016, 2015 and 2014 was $322 thousand, $104 thousand and $284 thousand, respectively. The accrued liabilities for the unqualified supplemental retirement and voluntary deferred compensation plans were $3.2 million and $3.0 million, respectively. The amounts recognized in compensation expense for the years ended December 31, 2016, 2015, and 2014 were $186 thousand, $102 thousand and $351 thousand, respectively. Compensation expense for the voluntary deferred compensation plan is impacted by the changes in market values of plan assets. Projected benefit payments under these plans are anticipated to be paid as follows: Year Amount (In thousands) 2017 $ 164 2018 172 2019 376 2020 376 2021 384 2022-2026 2,290 Total $ 3,762 |
Condensed Financial Information
Condensed Financial Information of Cadence Bancorporation (Parent Only) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Cadence Bancorporation (Parent Only) | Note 23—Condensed Financial Information of Cadence Bancorporation (Parent Only) Condensed Balance Sheets December 31, 2016 and 2015 (In thousands) 2016 2015 ASSETS Interest-bearing deposits with banks $ 50,330 $ 47,756 Investment in consolidated bank subsidiary 1,315,336 1,291,053 Investment in consolidated nonbank subsidiaries 14,881 14,225 Other assets 7,381 7,753 Total Assets $ 1,387,928 $ 1,360,787 LIABILITIES AND SHAREHOLDER’S EQUITY Liabilities: Interest payable $ 810 $ 912 Senior debt 193,788 193,085 Subordinated debt 73,788 73,573 Junior subordinated debentures 35,989 35,449 Other liabilities 3,055 3,560 Total liabilities 307,430 306,579 Shareholder’s Equity: Common Stock 10 10 Additional Paid-in Capital 880,405 880,318 Retained earnings 232,614 166,840 Accumulated other comprehensive (loss) income (“OCI”) (32,531 ) 7,040 Total Shareholder’s Equity 1,080,498 1,054,208 Total Liabilities and Shareholder’s Equity $ 1,387,928 $ 1,360,787 Condensed Statements of Income For the Years Ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 INCOME Dividends from bank subsidiary $ 13,500 $ 8,500 $ 817 Dividends from nonbank subsidiary — 500 1,000 Interest income 25 21 15 Other income 176 22 565 Total income 13,701 9,043 2,397 EXPENSES Interest expense 18,060 17,635 11,101 Other expenses 2,092 271 296 Total expenses 20,152 17,906 11,397 Loss before income taxes and equity in undistributed income of subsidiaries (6,451 ) (8,863 ) (9,000 ) Equity in undistributed income of subsidiaries 64,424 41,132 49,277 Net income before income taxes 57,973 32,269 40,277 Income tax benefit (7,801 ) (6,987 ) (4,556 ) Net income 65,774 39,256 44,833 Dividends and accretion of discount on preferred stock — — 3,643 Net income available to common shareholders $ 65,774 $ 39,256 $ 41,190 Condensed Statements of Cash Flows (In thousands) 2016 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 65,774 $ 39,256 $ 44,833 Adjustments to reconcile net income to net cash provided (used) in operations: Deferred income taxes (1,598 ) (531 ) (415 ) Equity in undistributed income of subsidiaries (64,424 ) (41,132 ) (49,277 ) Decrease in interest receivable — — 6 Decrease (increase) in other assets 3,043 2,539 (3,891 ) (Decrease) increase in interest payable (102 ) 804 98 (Decrease) increase in other liabilities (504 ) (747 ) 2,318 Net cash provided by (used in) operating activities 2,189 189 (6,328 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital contributions to Bank subsidiary — (20,000 ) (155,000 ) Decrease (increase) in limited partnership investments 463 (157 ) (298 ) Net cash provided by (used in) investing activities 463 (20,157 ) (155,298 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to parent — — (4,000 ) Dividends paid on preferred stock — — (1,370 ) Advances of other borrowings, net of debt issuance costs — — 73,860 Repayments of other borrowings — — (75,000 ) Issuance of subordinated debt, net of debt issuance costs — 39,253 34,434 Issuance of senior debt, net of debt issuance costs — 9,813 182,459 Purchase of senior debt (78 ) — — Redemption of preferred stock — — (32,914 ) Net cash (used in) provided by financing activities (78 ) 49,066 177,469 Net increase in cash and cash equivalents 2,574 29,098 15,843 Cash and cash equivalents at beginning of year 47,756 18,658 2,815 Cash and cash equivalents at end of year $ 50,330 $ 47,756 $ 18,658 |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements for the Company have been prepared in accordance with instructions to the SEC Form 10-Q S-X; The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going non-consolidated Certain amounts reported in prior years have been reclassified to conform to the 2017 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. | Basis of Presentation and Consolidation The Company and its subsidiaries follow accounting principles generally accepted in the United States of America, including, where applicable, general practices within the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a variable-interest entity (“VIE”) is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in “other assets” in the Company’s consolidated balance sheets (Note 20). Certain amounts reported in prior years have been reclassified to conform to the 2016 presentation. These reclassifications did not materially impact the Company’s consolidated balance sheets or consolidated statements of income. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s Management has evaluated subsequent events for potential recognition or disclosure in the consolidated financial statements through the date of the issuance of these consolidated financial statements. No subsequent events were identified that would have required a change to the consolidated financial statements or disclosure in the notes to the consolidated financial statements, other than as disclosed in Note 25, Subsequent Events. |
Stock Split | Stock Split On March 30, 2017, the Board of Directors approved a 75-for-one | Stock Split In March 2017, the Board of Directors approved a 75 for-one stock split of the Company’s common stock. The stock split occurred on April 7, 2017. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all periods presented. |
Nature of Operations | Nature of Operations The Company’s subsidiaries include: • Town & Country Insurance Agency, Inc., dba Cadence Insurance—full service insurance agency • The Bank The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (OCC). The Bank provides lending services in Georgia and full banking services in five southern states: Alabama, Florida, Mississippi, Tennessee, and Texas. The Bank’s subsidiaries include: • Linscomb & Williams Inc.—financial advisory firm; and • Cadence Investment Services, Inc.—provides investment and insurance products, The Company and the Bank also have certain other non-operating | Nature of Operations The Company’s subsidiaries are as follows: • Town & Country Insurance Agency, Inc., dba Cadence Insurance—full service insurance agency • The Bank The Bank operates under a national bank charter and is subject to regulation by the Office of the Comptroller of the Currency (OCC). The Bank provides lending services in Georgia and full banking services in five southern states: Alabama, Florida, Mississippi, Tennessee, and Texas. The Bank’s subsidiaries are as follows: • Linscomb & Williams—financial advisory firm • Cadence Investment Services, Inc.—provides investment and insurance products |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for acquired credit impaired loans, valuation of goodwill, intangible assets and deferred income taxes. |
Recently Adopted and Pending Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, ASU 2016-09, paid-in paid-in paid-in ASU 2016-09 ASU 2016-09 ASU 2016-09 Pending Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, 2014-09), 2014-09 2014-09 In January 2016, the FASB issued ASU 2016-01, 825-10): ASU 2016-1, available-for-sale. 2016-01 In February 2016, the FASB issued ASU 2016-02, . 2016-02 In June 2016, the FASB has issued ASU No. 2016-13, In August 2016, the FASB issued ASU No. 2016-15, 2016-15 In January 2017, the FASB issued ASU No. 2017-01, No. 2017-01 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 In March 2017, the FASB issued ASU No. 2017-08, 310-20): No. 2017-08 In August 2017, the FASB issued ASU 2017-12, ASU 2017-12 ASU 2017-12 | Recently Adopted Accounting Pronouncements In July 2013, the FASB issued ASU No. 2013-11 Income Taxes (Topic 740), “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This ASU provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Income tax accounting guidance did not explicitly address how to present unrecognized tax benefits when a company also has net operating losses or tax credit carryforwards. Previously, most companies presented these unrecognized benefits as a liability (i.e., gross presentation), but some presented the liability as a reduction of their net operating losses or tax credit carryforwards (i.e., net presentation). To address this diversity in practice, the FASB issued ASU 2013-11, requiring unrecognized tax benefits to be offset against a deferred tax asset for a net operating loss carryforward, similar tax loss, or tax credit carryforward except when either (1) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position, or (2) the entity does not intend to use the deferred tax asset for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. The Company adopted the provisions of ASU 2013-11 effective January 1, 2015 and this adoption did not have an impact on its consolidated balance sheets. In January 2014, the FASB issued ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” ASU 2014-01, which enables companies that invest in affordable housing projects that qualify for the low-income housing tax credit (“LIHTC”) to elect to use the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial investment cost of the project is amortized in proportion to the amount of tax credits and benefits received, with the results of the investment presented on a net basis as a component of income tax expense (benefit). The Company adopted ASU 2014-01 on January 1, 2015 and the adoption did not have a material effect on the consolidated financial statements of the Company. In January 2014, the FASB issued ASU No. 2014-04, “Receivables –Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” (ASU 2014-04), which clarifies when an in-substance foreclosure or repossession of residential real estate property occurs, requiring a creditor to reclassify the loan to other real estate. According to ASU 2014-04, a consumer mortgage loan should be reclassified to other real estate either upon the creditor obtaining legal title to the real estate collateral or when the borrower voluntarily conveys all interest in the real estate property to the creditor through a deed in lieu of foreclosure or similar legal agreement. ASU 2014-04 also clarifies that a creditor should not delay reclassification when a borrower has a legal right of redemption. The Company adopted the provisions of ASU 2014-04 on January 1, 2015 and the adoption did not have a material effect on the on the consolidated financial statements of the Company. In August 2014, the FASB issued ASU 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” (Subtopic 310-40) to give greater consistency in the classification of government-guaranteed loans upon foreclosure. ASU 2014-14 applies to all loans that contain a government guarantee that is not separable from the loan or for which the creditor has both the intent and ability to recover a fixed amount under the guarantee by conveying the property to the guarantor. Upon foreclosure, the creditor should reclassify the mortgage loan to another receivable that is separate from loans and should measure the receivable at the amount of the loan balance expected to be recovered from the guarantor. ASU 2014-14 was effective for the Company for interim and annual periods beginning after December 15, 2014. The adoption of ASC 2014-14 on January 1, 2015 did not have a material effect on the on the consolidated financial statements of the Company. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation—Amendments to the Consolidation Analysis”, which eliminates the consolidation model created specifically for limited partnerships and creates a single model for evaluating consolidation of legal entities. The Company adopted the amendment, effective January 1, 2016, through retrospective application; however, there was no resulting change to amounts reported in prior periods. In April 2015, the FASB issued ASU 2015-03, “Interest—Imputation of Interest”, to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal periods. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. The company adopted ASU 2015-03 as of December 31, 2015. The adoption of this new accounting guidance resulted in a reclassification of deferred financing costs from “Other assets” to “Senior debt” and “Subordinated debt” on our consolidated balance sheets for the current and all prior periods. There was no impact on our consolidated statements of income or consolidated statements of cash flows. Pending Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (ASU 2014-09), which is intended to improve and converge the financial reporting requirements for revenue contracts with customers. Previous accounting guidance comprised broad revenue recognition concepts along with numerous industry-specific requirements. The new guidance establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. The banking industry does not expect significant changes because major sources of revenue are from financial instruments that have been excluded from the scope of the new standard, (including loans, derivatives, debt and equity securities, etc.). However, the new standard affects other fees charged by banks, such as asset management fees, credit card interchange fees, deposit account fees, etc. Adoption may be made on a full retrospective basis with practical expedients, or on a modified retrospective basis with a cumulative effect adjustment. Early adoption will be permitted as of the original effective date in ASU 2014-09, which is annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. ASU 2014-09 In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-1, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheets, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheets or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-01 will be effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted for the own credit provision. The Company does not expect this guidance will have a material effect on the Company’s consolidated balance sheets and consolidated statements of income. In February 2016, the FASB issued ASU 2016-02, “Leases” . In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on our financial position, results of operations or cash flows. In June 2016, he FASB has issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The guidance is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments. The guidance will replace the current incurred loss accounting model with an expected loss approach and requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting guidance. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, in order to reduce current diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated statement of cash flows. The Company is not expecting to early adopt the ASU. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which introduces amendments that are intended to clarify the definition of a business to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments are intended to narrow the current interpretation of a business. ASU No. 2017-01 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early application of the amendments in this ASU is allowed for transactions, including when a subsidiary or group of assets is deconsolidated/derecognized, in which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. The Company is currently evaluating the effect of the ASU. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. ASU No. 2017-04 will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Based on recent goodwill impairments tests, which did not require the application of Step 2, the Company does not expect the adoption of this ASU to have an immediate impact. |
Branch Sales | Branch Sales In March and October, 2015, the Company sold the assets and transferred the liabilities of eight branches in Florida (6) and Georgia (2) and recognized a loss of $1.5 million. In March 2014, the Company sold the assets and transferred the liabilities of two branches in Tennessee and recognized a loss of $0.8 million. The following table summarizes the allocation of the sale price to assets sold and liabilities transferred: (In thousands) 2015 2014 Cash on hand $ 1,254 $ 412 Loans 42,477 3,636 Premises and equipment 3,095 244 Other assets 113 406 Total assets sold 46,939 4,698 Deposits 253,823 29,886 Other liabilities 301 20 Total liabilities transferred 254,124 29,906 Cash paid $ 207,185 $ 25,208 | |
Acquisition Accounting | Acquisition Accounting The Company has determined that the acquisitions completed by the Company of Superior Bank, F.S.B. (“Superior”) in 2011, and Encore Bancshares, Inc. (“Encore”) in 2012, constitute business combinations as defined in ASC Topic 805, “Business Combinations.” Accordingly, as of the date of acquisition, the Company recorded the assets acquired and liabilities assumed at fair value. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. The Company determined initial fair values in accordance with the guidance provided in ASC Topic 820, “Fair Value Measurements and Disclosures.” Fair value was established by discounting the expected future cash flows with a market discount rate for like maturity and risk instruments. The estimation of expected future cash flows requires significant assumptions about appropriate discount rates, expected future cash flows, market conditions and other future events and actual results could differ materially. Fair values are subject to refinement after the closing date of an acquisition as information relative to closing date fair values becomes available. The Company has made the determinations of fair value using the best information available at the time. | |
Securities | Securities Securities are accounted for as follows: Securities Available-for-Sale Securities classified as available-for-sale are those securities that are intended to be held for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including movements in interest rates, liquidity needs, security risk assessments, changes in the mix of assets and liabilities and other similar factors. These securities are carried at their estimated fair value, and the net unrealized gain or loss is reported as accumulated other comprehensive income, net of tax, until realized. Premiums and discounts are recognized in interest income using the effective interest method. Realized gains and losses on the sale of securities available-for-sale are determined by specific identification using the adjusted cost on a trade date basis and are included in securities gains (losses), net. Securities Held-to-Maturity Securities classified as held-to-maturity are those securities for which there is a positive intent and ability to hold to maturity. These securities are carried at cost, adjusted for amortization of premium and accretion of discount, computed by the interest method. Trading Account Securities Trading account securities are securities that are held for the purpose of selling them at a profit. The Company had no trading account securities as of December 31, 2016 or 2015. FHLB and FRB Stock The Company has ownership in Federal Home Loan Bank “FHLB” and Federal Reserve Bank “FRB” stock which do not have a readily determinable fair value and no quoted market values, as ownership is restricted to member institutions, and all transactions take place at par value with the FHLB or FRB as the only purchaser. Therefore, the Company accounts for these investments as long-term assets and carries them at cost. Management’s determination as to whether these investments are impaired is based on management’s assessment of the ultimate recoverability of the par value (cost) rather than recognizing temporary declines in fair value. In order to become a member of the Federal Reserve System, regulations require that the Company hold a certain amount of FRB capital stock. Additionally, investment in FHLB stock is required for membership in the FHLB system and in relation to the level of FHLB outstanding borrowings. | |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities Derivative instruments are accounted for under the requirements of ASC Topic 815, “Derivatives and Hedging.” ASC Topic 815 requires companies to recognize all of their derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. The Company does not speculate using derivative instruments. Interest Rate Lock Commitments In the ordinary course of business, the Company enters into certain commitments with customers in connection with residential mortgage loan applications. Such commitments are considered derivatives under current accounting guidance and are required to be recorded at fair value. The change in fair value of these instruments is reflected currently in the mortgage banking revenue of the consolidated statements of income. Forward Sales Commitments The Company enters into forward sales commitments of mortgage-backed securities (“MBS”) with investors to mitigate the effect of the interest rate risk inherent in providing interest rate lock commitments to customers. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. In an effort to mitigate such risk, forward delivery sales commitments, under which the Company agrees to deliver certain MBS, are established. These commitments are non-hedging derivatives in accordance with current accounting guidance and recorded at fair value, with changes in fair value reflected currently in the mortgage banking revenue of the consolidated statements of income. Forward Purchase Commitments If the Company determines that the amount of its forward sales commitments exceeds the amount necessary to mitigate the interest rate risk in the interest rate lock commitments, it will enter into forward purchase commitments to purchase MBS on an agreed-upon date and price similar to the terms of forward sales commitments. These commitments are non-hedging derivatives in accordance with current accounting guidance and recorded at fair value, with changes in fair value reflected currently in mortgage banking revenue. Interest Rate Swap, Floor and Cap Agreements Not Designated as Hedging Derivatives The Company enters into interest rate swap, floor and cap agreements on commercial loans with customers to meet the financing needs and interest rate risk management needs of its customers. At the same time, the Company enters into an offsetting interest rate swap, floor or cap agreement with a financial institution in order to minimize the Company’s interest rate risk. These interest rate swap and cap agreements are non-hedging derivatives and are recorded at fair value with changes in fair value reflected in noninterest income. The fair value of these derivatives is recorded on the consolidated balance sheets in other assets and other liabilities. Interest Rate Swap Agreements Designated as Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. The effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The Company assesses the effectiveness of the hedging derivative by comparing the change in fair value of the respective derivative instrument and the change in fair value of an effective hypothetical derivative instrument. Foreign Currency Contracts The Company enters into certain foreign currency exchange contracts on behalf of its clients to facilitate their risk management strategies, while at the same time entering into offsetting foreign currency exchange contracts in order to minimize the Company’s foreign currency exchange risk. The contracts are short term in nature, and any gain or loss incurred at settlement is recorded as other noninterest income or other noninterest expense. The fair value of these contracts is reported in other assets and other liabilities. The Company does not apply hedge accounting to these contracts. Counterparty Credit Risk Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Under Company policy, institutional counterparties must be approved by the Company’s Asset/Liability Management Committee. The Company’s credit exposure on derivatives is limited to the net fair value for each counterparty. Refer to Note 6 for further discussion and details of derivative financial instruments and hedging activities. | |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financials assets are accounted for as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when 1) the transferred assets are legally isolated from the Company or its consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and 3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company’s balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company’s balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. All transfers of financial assets in the reported periods have qualified and been recorded as sales. | |
Loans Held for Sale | Loans Held for Sale Mortgage Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Generally, loans in this category are sold within thirty days. These loans are primarily sold with the mortgage servicing rights released. Fees on mortgage loans sold individually in the secondary market, including origination fees, service release premiums, processing and administrative fees, and application fees, are recognized as mortgage banking revenue in the period in which the loans are sold. These loans are underwritten to the standards of upstream correspondents and are held on the Company’s consolidated balance sheets until the loans are sold. Buyers generally have recourse to return a purchased loan to the Company under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties, and documentation deficiencies. During 2016, 2015 and 2014, an insignificant number of loans were returned to the Company. Commercial Loans Held for Sale The Company transfers certain commercial loans to held for sale when management has the intent to sell the loan or a portion of the loan in the near term. These held for sale loans are recorded at the lower of cost or estimated fair value. At the time of transfer, write-downs on the loans are recorded as charge-offs and a new cost basis is established. Any subsequent lower of cost or market adjustment is determined on an individual loan basis and is recognized as a valuation allowance with any charges included in other noninterest expense. Gains and losses on the sale of these loans are included in other noninterest income when realized. A summary of the loans held for sale at December 31, 2016 and 2015 is as follows: For the Year Ended (In thousands) 2016 2015 Mortgage loans held for sale $ 8,369 $ 6,099 Commercial loans held for sale 9,453 19,314 Loans held for sale $ 17,822 $ 25,413 | |
Loans (Excluding Acquired Credit Impaired Loans) | Loans (Excluding Acquired Credit Impaired Loans) Loans include loans that are originated by the Company and acquired loans that are not considered impaired at acquisition. Loans originated by the Company are carried at the principal amount outstanding adjusted for the allowance for credit losses, net deferred origination fees, and unamortized discounts and premiums. Interest income is recognized based on the principal balance outstanding and the stated rate of the loan. Loan origination fees and certain direct origination costs are capitalized and recognized as an adjustment of the yield on the related loan. Loans acquired through acquisition are initially recorded at fair value. Discounts created when the loans were recorded at their estimated fair values at acquisition are accreted over the remaining term of the loan as an adjustment to the related loan’s yield. Commercial loans, including small business loans, are generally placed on nonaccrual status when principal or interest is past due ninety days or more unless the loan is well secured and in the process of collection, or when the loan is specifically determined to be impaired. Consumer loans, including residential first and second lien loans secured by real estate, are generally placed on nonaccrual status when they are 120 or more days past due. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is generally discontinued at the time the loan is placed on nonaccrual status. All accrued but uncollected interest for loans that are placed on nonaccrual status is reversed through interest income. Cash receipts received on nonaccrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed below or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for acquired credit impaired) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for acquired credit impaired) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 180 days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. A loan is considered to be impaired when it appears probable that the entire amount contractually due will not be collected. Factors considered in determining impairment include payment status, collateral values, and the probability of collecting scheduled payments of principal and interest when due. The measurement of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. Included in impaired loans are loans considered troubled debt restructurings (“TDRs”). The Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrower’s ability to repay. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. A modification is classified as a TDR if the borrower is experiencing financial difficulty and it is determined that the Company has granted a concession to the borrower. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future without the modification. Concessions could include reductions of interest rates, extension of the maturity date at a rate lower than current market rate for a new loan with similar risk, reduction of accrued interest, principal forgiveness, forbearance, or other concessions. The assessments of whether a borrower is experiencing or will likely experience financial difficulty and whether a concession has been granted is highly subjective in nature, and management’s judgment is required when determining whether a modification is classified as a TDR. Current amendments to the accounting guidance preclude a creditor from using the effective interest rate test in the debtor’s guidance on restructuring of payables (paragraph 470-60-55-10) when evaluating whether a restructuring constitutes a TDR. | |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (“ACL”) is established through charges to income in the form of a provision for credit losses. The ACL is maintained at a level that management believes is adequate to absorb all probable losses on loans inherent in the loan portfolio as of the reporting date. Events that are not within the Company’s control, such as changes in economic factors, could change subsequent to the reporting date and could cause the ACL to be overstated or understated. The amount of the ACL is affected by loan charge-offs, which decrease the ACL; recoveries on loans previously charged off, which increase the ACL; and the provision for credit losses charged to income, which increases the ACL. In determining the provision for credit losses, management monitors fluctuations in the ACL resulting from actual charge-offs and recoveries and reviews the size and composition of the loan portfolio in light of current and anticipated economic conditions. The ACL is comprised of the following four components: • Specific reserves are recorded on loans reviewed individually for impairment. Generally, all loans that are individually identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. A loan is considered impaired when, based on current information, it is probable that we will not receive all amounts due in accordance with the contractual terms of the loan agreement. Once a loan has been identified as impaired, management measures impairment in accordance with ASC Topic 310, “Receivables.” The measurement of impaired loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the loan’s observable market price, or based on the fair value of the collateral if the loan is collateral dependent. When management’s measured value of the impaired loan is less than the recorded investment in the loan, the amount of the impairment is recorded as a specific reserve. These specific reserves are determined on an individual loan basis based on management’s current evaluation of the loss exposure for each credit, given the payment status, the financial condition of the borrower and any guarantors and the value of any underlying collateral. Loans that are individually identified as impaired are excluded from the general reserve calculation described below. Changes in specific reserves from period to period are the result of changes in the circumstances of individual loans such as charge-offs, payments received, changes in collateral values or other factors. • For loans not considered to be impaired, a general reserve is maintained for each loan segment in the loan portfolio. Due to the growth of the credit portfolio into new geographic areas and into new commercial segmentations and the lack of seasoning of the portfolio, the Company recognizes there is limited historical loss information to adequately estimate loss rate bands based primarily on historical loss data. Therefore, external loss data was acquired from the research arm of a nationally recognized risk rating agency to act as a proxy for loss rates within the ACL model until sufficient loss history can be accumulated from the Company’s loss experience in these segments. These loss rate bands were developed specifically for the Company’s customer risk profile and portfolio mix. The Company monitors actual loss experience for each loan segment for adjustments required to the loss rates utilized. • In assessing the overall risk of the credit portfolio, the ACL Committee also considers the following qualitative factors that may indicate additional credit losses within the current credit portfolio. Management discretion dictates how these factors should affect certain segments (or the entire portfolio) according to a number of basis points to be added to (or subtracted from) loan loss rates. By their nature, qualitative adjustments attempt to quantify and standardize factors that serve as “leading indicators” of credit deterioration or improvement. These primary adjustment factors include, but are not limited to the following: • Lending policies, procedures, practices or philosophy, including underwriting standards and collection, charge-off and recovery practices • Changes in national and service market economic and business conditions that could affect the level of default rates or the level of losses once a default has occurred within the Bank’s existing loan portfolio • Changes in the nature or size of the portfolio • Changes in portfolio collateral values • Changes in the experience, ability, and depth of lending management and other relevant staff • Volume and/or severity of past due and classified credits or trends in the volume of losses, non-accrual credits, impaired credits and other credit modifications • Quality of the institution’s credit review system and processes and the degree of oversight by bank management and the board of directors • Concentrations of credit such as industry and lines of business • Competition and legal and regulatory requirements or other external factors. • In connection with acquisitions (see Accounting for Acquired Loans and FDIC Loss Share Receivable ASC 310-30 Management presents the quarterly review of the ACL to the Bank’s Board of Directors, indicating any recommendations as to adjustments in the ACL. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as events change. The reserve for unfunded commitments is determined by assessing three distinct pieces: unfunded commitment volatility in the portfolio (excluding commitments related to letters of credit), adverse letters of credit, and adverse lines of credit. Unfunded commitment volatility is calculated on a trailing eight quarter basis; the resulting expected funding amount is then reserved for based on the current combined reserve rate of the originated and ANCI loans. Adverse lines and letters of credit are assessed individually based on funding and loss expectations as of the period end. The reserve for unfunded commitments is recorded in other liabilities and other noninterest expense separate from the allowance and provision for credit losses. As of December 31, 2016 and 2015 the reserve for unfunded commitments totaled $1.6 million and $0.8 million, respectively. | |
Accounting for Acquired Loans and FDIC Loss Share Receivable | Accounting for Acquired Loans and FDIC Loss Share Receivable Acquired Loans The Company accounts for its acquisitions under ASC Topic 805, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No ACL related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the shared-loss agreements with the Federal Deposit Insurance Corporation (“FDIC”) (see “FDIC Indemnification Asset” below). The fair value estimates associated with the loans include estimates related to the amount and timing of undiscounted expected principal, interest and other cash flows, as well as the appropriate discount rate. At the time of acquisition, the Company estimated the fair value of the total acquired loan portfolio by segregating the portfolio into loan pools with similar characteristics and certain specifically-reviewed non-homogeneous loans. The similar characteristics used to establish the pools included: • Risk rating, • The loan type based on regulatory reporting guidelines; namely whether the loan was a residential, construction, consumer, or commercial loan, and • The nature of collateral. From these pools, the Company used certain loan information, including outstanding principal balance, estimated probability of default and loss given default, weighted average maturity, weighted average term to re-price (if a variable rate loan), estimated prepayment rates, and weighted average interest rate to estimate the expected cash flow for each loan pool. For the specifically-reviewed loans expected cash flows were determined for each loan based on current performance and collateral values, if the loan is collateral dependent. The Company accounts for and evaluates acquired credit impaired (“ACI”) loans in accordance with the provisions of ASC Topic 310-30. When ACI loans exhibit evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all principal and interest payments in accordance with the terms of the loan agreement, the expected shortfall in future cash flows, as compared to the contractual amount due, is recognized as a non-accretable discount. Any excess of expected cash flows over the acquisition date fair value is known as the accretable discount, and is recognized as accretion income over the life of each pool or individual loan. ACI loans that meet the criteria for non-accrual of interest at the time of acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if the timing and expected cash flows on such loans can be reasonably estimated and if collection of the new carrying value of such loans is expected. However, if the timing or amount of the expected cash flows cannot be reasonably estimated an ACI loan may be placed in nonaccruing status. Expected cash flows over the acquisition date fair value are periodically re-estimated utilizing the same cash flow methodology used at the time of acquisition and subsequent decreases to the expected cash flows will generally result in a provision for loan losses charge to the Company’s consolidated statements of income. Conversely, subsequent increases in expected cash flows result in a transfer from the non-accretable discount to the accretable discount, which would have a positive impact on accretion income prospectively. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. FDIC Indemnification Asset An FDIC indemnification asset results from the loss sharing agreement in an FDIC-assisted transaction and is measured separately from the related covered assets as they are not contractually embedded in those assets and are not transferable should the Company choose to dispose of the covered assets. The FDIC indemnification asset represents the estimated fair value of expected reimbursements from the FDIC for losses on covered loans and other real estate owned (“OREO”). As indemnified assets are resolved and the Company is reimbursed by the FDIC for the value of the resolved portion of the FDIC indemnification asset, the Company reduces the carrying value of the FDIC indemnification asset. As of December 31, 2012, the Company had submitted claims in excess of the first threshold of $347 million established at acquisition and was reimbursed the 80% of the covered losses by the FDIC up to this initial threshold. Subsequent claims between $347 million and $504 million are not reimbursable under the loss share agreement. The Company’s claims did not exceed the second threshold of $504 million, over which losses are reimbursed at 80%. On January 5, 2016, a settlement agreement was finalized with the FDIC to terminate the loss share agreement at a nominal cost and the Company had no FDIC indemnification asset recorded as of December 31, 2016 and 2015. | |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are determined using the straight-line method at rates calculated to depreciate or amortize the cost of assets over their estimated useful lives. Maintenance and repairs of property and equipment are charged to expense, and major improvements that extend the useful life of the asset are capitalized. Upon retirement, sale, or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts, and any gains or losses are included in income. The Company leases various premises and equipment under operating leases. The leases have varying terms, with most containing renewal or first-right-of-refusal options for multi-year periods and annual increases in base rates. Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. | |
Other Real Estate | Other Real Estate OREO consists of properties acquired through foreclosure and unutilized bank-owned properties. These properties, as held for sale properties, are recorded at fair value, less estimated costs to sell, on the date of foreclosure establishing a new cost basis for the property. Subsequent to the foreclosure date the OREO is maintained at the lower of cost or fair value. Any write-down to fair value required at the time of foreclosure is charged to the ACL. Subsequent gains or losses on other real estate resulting from the sale of the property or additional valuation allowances required due to further declines in fair value are reported in other noninterest expense. The amount of loans in the process of foreclosure for single-family residential properties was $0.6 million and $0.8 million as of December 31, 2016 and 2015, respectively. The amount of foreclosed residential real estate properties held as a result of obtaining physical possession was $5.3 million and $13.8 million as of December 31, 2016 and 2015, respectively. | |
Net Profits Interests | Net Profits Interests The Bank owns net profits interests in oil and gas reserves received in connection with the reorganization under bankruptcy of two loan customers. These interests are considered financial interests and are recorded at estimated fair value using discounted cash flow analyses applied to the expected cash flows from the producing developed wells. Because the expected cash flows are based on the current and projected prices for oil and gas, the fair value is subject to change based on these commodity markets. Any adjustments to the fair value will be recorded in other noninterest income. The amount in other assets was $19.4 million as of December 31, 2016. There were no net profits interests prior to 2016. See note 19, Disclosure About Fair Value of Financial Instruments, for more information. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is accounted for in accordance with ASC Topic 350, and accordingly is not amortized but is evaluated for impairment at least annually in the fourth quarter or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. As part of its testing, the Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the results of the qualitative assessment indicate that more likely than not a reporting unit’s fair value is less than its carrying amount, the Company determines the fair value of the respective reporting unit (through the application of various quantitative valuation methodologies) relative to its carrying amount to determine whether quantitative indicators of potential impairment are present (i.e., Step 1). The Company may also elect to bypass the qualitative assessment and begin with Step 1. If the results of Step 1 indicate that the fair value of the reporting unit may be below its carrying amount, the Company determines the fair value of the reporting unit’s assets and liabilities, considering deferred taxes, and then measures impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill (i.e., Step 2). A reporting unit is defined as an operating segment or a component of that operating segment, as defined in ASC 280. Reporting units may vary, depending on the level at which performance of the segment is reviewed. No impairment was identified in any reporting unit in 2016, 2015 or 2014. Other identifiable intangible assets consist primarily of the core deposit premiums and customer relationships arising from acquisitions. These intangibles were established using the discounted cash flow approach and are being amortized using an accelerated method over the estimated remaining life of each intangible recorded at acquisition. These finite-lived intangible assets are reviewed for impairment when events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable from undiscounted future cash flows or that it may exceed its fair value. | |
Income Taxes | Income Taxes The Company and its significant subsidiaries are subject to income taxes in federal, state and local jurisdictions, and such corporations account for income taxes under the asset and liability method in accordance with ASC Topic 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The recognition of a net deferred tax asset is dependent upon a “more likely than not” expectation of realization of the net deferred tax asset, based upon the analysis of available evidence. The net deferred tax asset recoverability is calculated using a consistent approach, which considers the relative impact of negative and positive evidence, including review of historical financial performance, and all sources of future taxable income, such as projections of future taxable income exclusive of future reversals of temporary differences and carryforwards, tax planning strategies, and any carryback availability. A valuation allowance is required to sufficiently reduce the net deferred tax asset to the amount that is expected to be realized on a “more likely than not” basis. Changes in the valuation allowance are generally recorded through income. Cash Surrender Value of Life Insurance The Company invests in bank-owned life insurance (“BOLI”), which involves the purchasing of life insurance on selected employees. The Company is the owner of the policies and, accordingly, the cash surrender value of the policies is included in total assets, and increases in cash surrender values are reported as income in the consolidated statements of income. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. | |
Revenue Recognition | Revenue Recognition Service Charges on Deposit Accounts Service charges on deposit accounts consist of non-sufficient funds fees, account analysis fees, and other service charges on deposits which consist primarily of monthly account fees. Non-sufficient funds fees are recognized at the time the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged to certain commercial demand deposit accounts based upon account activity (and reduced by a credit which is based upon cash levels in the account). Insurance Commissions and Fees Commission revenue is recognized as of the effective date of the insurance policy, the date the customer is billed, or the date the commission is received, whichever is later. The Company also receives contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed. The Company recognizes contingent commissions from insurance companies when determinable, which is generally when such commissions are received or when data is received from the insurance companies that allow the reasonable estimation of these amounts. Commission adjustments are recorded, including policy cancellations and override commissions, when the adjustments become reasonably estimable, which is generally in the period in which they occur. Assets Under Administration and Asset Management Fees The Company does not include assets held in fiduciary or agency capacities in the consolidated balance sheets, as such items are not assets of the Company. Fees from asset management activities are recorded on the accrual basis, over the period in which the service is provided. Fees are a function of the market value of assets administered and managed, the volume of transactions, and fees for other services rendered, as set forth in the underlying client agreement. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on estimated asset valuations and transaction volumes. Credit Related Fees Credit related fees primarily include fees assessed on the unused portion of commercial lines of credit (“unused commitment fees”) and syndication agent fees. Unused commitment fees are recognized when earned. Syndication agent fees are generally recognized when the transaction is complete. Bankcard Fees Bankcard fees include primarily bankcard interchange revenue, which is recorded as revenue when earned. | |
Per Share Amounts | Per Share Amounts Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, plus the effect of outstanding equity-based compensation awards if dilutive. | |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, pension liability and cash flow hedges, are reported as a separate component of the shareholder’s equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | |
Employee Benefits | Employee Benefits The Company offers a 401(k) defined contribution benefit plan to its employees. The plan provides for a 100% match of employee contributions up to three percent of employee compensation and a 50% match of employee contributions on the next two percent of employee compensation. All contributions and related earnings are 100% vested. Employees of the legacy Cadence Bank hired prior to January 1, 2001 participate in a noncontributory defined benefit pension plan. The plan calls for benefits to be paid to eligible employees at retirement based primarily upon years of service and compensation. Contributions to the plan reflect benefits attributed to employees’ services to date, as well as services expected to be provided in the future. The annual pension cost charged to expense is actuarially determined in accordance with the provisions of ASC Topic 715, “Compensation-Retirement Benefits.” The plan was amended effective January 1, 2001, to close participation in the plan, and employees hired subsequent to December 31, 2000, are not eligible to participate. The Company has a supplemental retirement plan that originated from an acquired bank for certain directors and officers of that acquired bank. The annual cost charged to expense and the estimated present values of the projected payments are actuarially determined in accordance with the provisions of ASC Topic 715. Prior to its acquisition by LLC, the Company entered into agreements with certain senior officers to establish an unqualified supplemental retirement plan. The plan allows for fixed payment amounts to begin on a monthly basis at age 65. The annual cost charged to expense and the estimated present value of the projected payments was determined in accordance with the provisions of ASC Topic 715. The present value of projected payments is recorded as a liability, in accordance with ASC Subtopic 710-30 in the Company’s consolidated balance sheets. The Company provides a voluntary deferred compensation plan for certain of its executive and senior officers. Under this plan, the participants may defer up to 25% of their base compensation and 100% of certain incentive compensation. The Company may, but is not obligated to, contribute to the plan. Amounts contributed to this plan are credited to a separate account for each participant and are subject to a risk of loss in the event of the Company’s insolvency. The Company made no contributions to this plan in 2016, 2015 or 2014. | |
Equity-Based Compensation and Equity Incentive Plan | Equity-Based Compensation and Equity Incentive Plan The Company maintains an equity incentive plan that provides for the granting of various forms of incentive equity-based compensation. The Company values these units at the grant date fair value and recognizes expense over the requisite service period. The Company’s equity–based compensation costs are recorded as a component of salaries and employee benefits in the consolidated statements of income. Compensation costs are recognized for restricted stock units (“RSU“s) issued to employees based on the fair value of these awards at the date of grant. A Monte-Carlo simulation was used to value the RSUs by generating the possible future value of the Company’s common stock price at the settlement date and the number of shares earned. The fair value of the RSUs is then estimated by averaging the value for all paths and discounting the results using a risk-free rate. | |
Long Term Incentive Plan | Long Term Incentive Plan The Company offers a long-term incentive plan to certain employees that provides for cash compensation, half of which are based on the value of the shares of LLC as determined on at least a quarterly basis. The awards are generally subject to a 36 month vesting period and the attainment of certain three-year profitability levels. The Company adjusts the accrual related to this plan on at least a quarterly basis, based on the phantom shares awarded, and the fair value of LLC’s stock. Expense under this plan was $4.4 million, $1.6 million and $0.9 million as of December 31, 2016, 2015 and 2014, respectively. | |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand and amounts due from banks, interest-bearing deposits with banks, and federal funds sold. Generally, federal funds are sold for one to seven day periods. Cash flows from loans, either originated or acquired, are classified at the time according to management’s intent to either sell or hold the loan for the foreseeable future. When management’s intent is to hold the loan for the foreseeable future, the cash flows of that loan are presented as investing cash flows. | |
Off-Balance Sheet Financial Instruments | Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, credit card lines, standby letters of credit and commitments to purchase securities. Such financial instruments are recorded in the consolidated financial statements when they are exercised. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value estimates are made at a specific point in time, based on relevant market information and other information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale, at one time, the entire holdings of a particular financial instrument. Because no market exists for a portion of the financial instruments, fair value estimates are also based on judgments regarding estimated cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Management employs independent third-party pricing services to provide fair value estimates for the Company’s investment securities available for sale and held to maturity. Fair values for investment securities and certain derivative financial instruments are typically the prices supplied by a third-party pricing service or an unrelated counterparty, which utilize quoted market prices, broker/dealer quotations for identical or similar securities, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange quoted prices. Level 2 securities are typically matrix priced by a third-party pricing service to calculate the fair value. Such fair value measurements consider observable data, such as relevant broker/dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. Level 3 instruments’ value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect the Company’s own estimates for assumptions that market participants would use in pricing the asset or liability. Management uses various validation procedures to validate the prices received from pricing services and quotations received from dealers are reasonable for each relevant financial instrument, including reference to relevant broker/dealer quotes or other market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Understanding the third-party pricing service’s valuation methods, assumptions and inputs used by the firm is an important part of the process of determining that reasonable and reliable fair values are being obtained. Management evaluates quantitative and qualitative information provided by the third-party pricing services to assess whether they continue to exhibit the high level of expertise and internal controls that management relies upon. Fair value estimates are based on existing financial instruments on the consolidated balance sheets, without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes, premises and equipment, goodwill and other intangible assets. In addition, the income tax ramifications related to the realization of the unrealized gains and losses on available for sale investment securities can have a significant effect on fair value estimates and have not been considered in any of the estimates. For further information about fair value measurements refer to Note 19. |
Securities (Tables)
Securities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Summary of Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Securities Held-to-Maturity | A summary of amortized cost and estimated fair value of securities available-for-sale held-to-maturity (In thousands) Amortized Gross Gross Estimated September 30, 2017 Securities available-for-sale: U.S. Treasury securities $ 100,615 $ — $ 2,927 $ 97,688 Obligations of U.S. government agencies 83,508 760 103 84,165 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 112,328 1,049 842 112,535 Issued by FNMA and FHLMC 383,375 2,154 1,487 384,042 Other residential mortgage-backed securities 41,095 234 761 40,568 Commercial mortgage-backed securities 64,776 — 3,786 60,990 Total MBS 601,574 3,437 6,876 598,135 Obligations of states and municipal subdivisions 420,011 3,690 11,485 412,216 Other securities 5,714 248 134 5,828 Total securities available-for-sale $ 1,211,422 $ 8,135 $ 21,525 $ 1,198,032 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 26 $ — $ 451 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2016 Securities available-for-sale: U.S. Treasury securities $ 100,736 $ — $ 3,951 $ 96,785 Obligations of U.S. government agencies 97,340 508 320 97,528 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 152,918 1,401 1,166 153,153 Issued by FNMA and FHLMC 267,035 1,499 3,206 265,328 Other residential mortgage-backed securities 48,076 375 890 47,561 Commercial mortgage-backed securities 66,720 — 4,107 62,613 Total MBS 534,749 3,275 9,369 528,655 Obligations of states and municipal subdivisions 438,655 870 28,713 410,812 Other securities 5,580 149 162 5,567 Total securities available-for-sale $ 1,177,060 $ 4,802 $ 42,515 $ 1,139,347 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 38 $ — $ 463 | A summary of amortized cost and estimated fair value of securities available-for-sale and securities held-to-maturity at December 31, 2016 and 2015 is as follows: (In thousands) Amortized Gross Gross Estimated December 31, 2016 Securities available-for-sale: U.S. treasury securities $ 100,736 $ — $ 3,951 $ 96,785 Obligations of U.S. government agencies 97,340 508 320 97,528 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 152,918 1,401 1,166 153,153 Issued by FNMA and FHLMC 267,035 1,499 3,206 265,328 Other residential mortgage-backed securities 48,076 375 890 47,561 Commercial mortgage-backed securities 66,720 — 4,107 62,613 Total MBS 534,749 3,275 9,369 528,655 Obligations of states and municipal subdivisions 438,655 870 28,713 410,812 Other securities 5,580 149 162 5,567 Total securities available-for-sale $ 1,177,060 $ 4,802 $ 42,515 $ 1,139,347 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 425 $ 38 $ — $ 463 (In thousands) Amortized Gross Gross Estimated December 31, 2015 Securities available-for-sale: Obligations of U.S. government agencies $ 89,983 $ 919 $ 109 $ 90,793 Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 278,560 2,457 827 280,190 Issued by FNMA and FHLMC 120,597 2,045 935 121,707 Other residential mortgage-backed securities 75,861 738 1,022 75,577 Commercial mortgage-backed securities 24,977 — 168 24,809 Total MBS 499,995 5,240 2,952 502,283 Obligations of states and municipal subdivisions 119,295 3,212 187 122,320 Other securities 5,454 54 94 5,414 Total securities available-for-sale $ 714,727 $ 9,425 $ 3,342 $ 720,810 Securities held-to-maturity: Obligations of states and municipal subdivisions $ 550 $ 44 $ — $ 594 |
Schedule of Contractual Maturities of Securities Available-for-Sale and Securities Held-to-Maturity | The scheduled contractual maturities of securities available-for-sale held-to-maturity Available-for-Sale Held-to-Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ — $ — $ — $ — Due after one year through five years 108,620 105,798 425 451 Due after five years through ten years 20,818 21,133 — — Due after ten years 474,696 467,138 — — Mortgage-backed securities and other securities 607,288 603,963 — — Total $ 1,211,422 $ 1,198,032 $ 425 $ 451 | The scheduled contractual maturities of securities available-for-sale and securities held-to-maturity at December 31, 2016 were as follows: Available-for-Sale Held-to-Maturity (In thousands) Amortized Estimated Amortized Estimated Due in one year or less $ 3,776 $ 3,816 $ — $ — Due after one year through five years 110,173 106,436 425 463 Due after five years through ten years 12,669 12,763 — — Due after ten years 510,113 482,110 — — Mortgage-backed securities and other securities 540,329 534,222 — — Total $ 1,177,060 $ 1,139,347 $ 425 $ 463 |
Summary of Proceeds from Sales, Gross Gains, and Gross Losses on Sales of Securities Available for Sale | Proceeds from sales, gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 2017 and 2016 are presented below. For the Three Months Ended For the Nine Months Ended (In thousands) 2017 2016 2017 2016 Gross realized gains $ 1 $ 1,724 $ 151 $ 2,905 Gross realized losses — (338 ) (313 ) (436 ) Realized gains (losses) on sale of securities available for sale, net $ 1 $ 1,386 $ (162 ) $ 2,469 | Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the year ended December 31, 2016, 2015 and 2014 are presented below. For the Year Ended (In thousands) 2016 2015 2014 Gross realized gains $ 4,172 $ 1,444 $ 677 Gross realized losses (436 ) (273 ) (18 ) Realized gains on sale of securities available for sale, net $ 3,736 $ 1,171 $ 659 |
Schedule of Securities Classified as Available-for-Sale with Unrealized Losses | The detail concerning securities classified as available-for-sale Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross September 30, 2017 U.S. Treasury securities $ — $ — $ 97,688 $ 2,927 Obligations of U.S. government agencies 138 — 25,784 103 Mortgage-backed securities 218,226 4,108 58,347 2,768 Obligations of states and municipal subdivisions 140,067 4,134 93,325 7,351 Other securities — — 4,313 134 Total $ 358,431 $ 8,242 $ 279,457 $ 13,283 Unrealized loss analysis Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross December 31, 2016 U.S. Treasury securities $ 96,785 $ 3,951 $ — $ — Obligations of U.S. government agencies 51,463 277 12,150 43 Mortgage-backed securities 328,374 8,482 17,979 887 Obligations of states and municipal subdivisions 344,708 28,713 — — Other securities — — 4,216 162 Total $ 821,330 $ 41,423 $ 34,345 $ 1,092 | The details concerning securities classified as available-for-sale with unrealized losses as of December 31, 2016 and 2015 was as follows: Losses < 12 Months Losses > 12 Months (In thousands) Estimated Gross Estimated Gross December 31, 2016 U.S. Treasury securities $ 96,785 $ 3,951 $ — $ — Obligations of U.S. government agencies 51,463 277 12,150 43 Mortgage-backed securities 328,374 8,482 17,979 887 Obligations of state and municipal subdivision 344,708 28,713 — — Other securities — — 4,216 162 Total $ 821,330 $ 41,423 $ 34,345 $ 1,092 December 31, 2015 Obligations of U.S. government agencies $ 7,850 $ 109 $ — $ — Mortgage-backed securities 199,548 1,520 39,624 1,432 Obligations of state and municipal subdivision 12,656 187 — — Other securities — — 4,190 94 Total $ 220,054 $ 1,816 $ 43,814 $ 1,526 |
Loans and Allowance for Credi37
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Summary of Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable | The following table presents total loans outstanding by portfolio segment and class of financing receivable as of September 30, 2017 and December 31, 2016. Outstanding balances also include Acquired Noncredit Impaired (“ANCI”) loans, originated loans and Acquired Credit Impaired (“ACI”) loans net of any remaining purchase accounting adjustments. Information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. As of September 30, 2017 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 26,103 $ 51,876 $ 2,542,261 $ 2,620,240 Energy sector — — 932,981 932,981 Restaurant industry — — 979,735 979,735 Healthcare 6,240 2,720 385,385 394,345 Total commercial and industrial 32,343 54,596 4,840,362 4,927,301 Commercial Real Estate Income producing 82,634 14,735 1,048,441 1,145,810 Land and development — 1,510 71,597 73,107 Total commercial real estate 82,634 16,245 1,120,038 1,218,917 Consumer Residential real estate 157,632 117,801 1,340,724 1,616,157 Other 1,397 2,948 67,981 72,326 Total consumer 159,029 120,749 1,408,705 1,688,483 Small Business Lending — 10,702 207,575 218,277 Total (Gross of unearned discount and fees) 274,006 202,292 7,576,680 8,052,978 Unearned discount and fees — (3,495 ) (20,545 ) (24,040 ) Total (Net of unearned discount and fees) $ 274,006 $ 198,797 $ 7,556,135 $ 8,028,938 As of December 31, 2016 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 31,709 $ 47,592 $ 2,337,364 $ 2,416,665 Energy sector — — 939,369 939,369 Restaurant industry — — 864,085 864,085 Healthcare 6,338 4,102 434,663 445,103 Total commercial and industrial 38,047 51,694 4,575,481 4,665,222 Commercial Real Estate Income producing 96,673 18,354 886,676 1,001,703 Land and development 1,497 1,952 67,555 71,004 Total commercial real estate 98,170 20,306 954,231 1,072,707 Consumer Residential real estate 186,375 145,747 1,125,048 1,457,170 Other 1,690 7,180 59,819 68,689 Total consumer 188,065 152,927 1,184,867 1,525,859 Small Business Lending — 9,158 184,483 193,641 Total (Gross of unearned discount and fees) 324,282 234,085 6,899,062 7,457,429 Unearned discount and fees — (4,301 ) (20,417 ) (24,718 ) Total (Net of unearned discount and fees) $ 324,282 $ 229,784 $ 6,878,645 $ 7,432,711 (1) This category for ACI loans includes all pooled commercial and industrial loans which may contain certain restaurant, healthcare or services loan types. | The following table presents total loans outstanding by portfolio segment and class of financing receivable as of December 31, 2016 and 2015. Outstanding balances also include Acquired Noncredit Impaired (“ANCI”) loans, originated loans and Acquired Credit Impaired (“ACI”) loans net of any remaining purchase accounting adjustments and all acquired loans covered under a loss sharing agreement with the FDIC. Information about ACI loans is presented separately in the “Acquired Credit-Impaired Loans” section of this Note. As of December 31, 2016 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 31,709 $ 47,592 $ 2,337,364 $ 2,416,665 Energy sector — — 939,369 939,369 Restaurant industry — — 864,085 864,085 Healthcare 6,338 4,102 434,663 445,103 Total commercial and industrial 38,047 51,694 4,575,481 4,665,222 Commercial Real Estate Income producing 96,673 18,354 886,676 1,001,703 Land and development 1,497 1,952 67,555 71,004 Total commercial real estate 98,170 20,306 954,231 1,072,707 Consumer Residential real estate 186,375 145,747 1,125,048 1,457,170 Other 1,690 7,180 59,819 68,689 Total consumer 188,065 152,927 1,184,867 1,525,859 Small Business Lending — 9,158 184,483 193,641 Total (Gross of unearned discount and fees) 324,282 234,085 6,899,062 7,457,429 Unearned discount and fees — (4,301 ) (20,417 ) (24,718 ) Total (Net of unearned discount and fees) $ 324,282 $ 229,784 $ 6,878,645 $ 7,432,711 As of December 31, 2015 (In thousands) ACI ANCI Originated Total Commercial and Industrial General C&I (1) $ 55,278 $ 55,320 $ 2,272,750 $ 2,383,348 Energy sector — — 1,067,990 1,067,990 Restaurant industry — — 626,197 626,197 Healthcare 6,715 8,396 446,792 461,903 Total commercial and industrial 61,993 63,716 4,413,729 4,539,438 Commercial Real Estate Income producing 129,914 27,185 674,263 831,362 Land and development 4,581 2,726 57,239 64,546 Total commercial real estate 134,495 29,911 731,502 895,908 Consumer Residential real estate 235,131 190,794 830,925 1,256,850 Other 2,525 5,947 84,821 93,293 Total consumer 237,656 196,741 915,746 1,350,143 Small Business Lending — 11,295 140,047 151,342 Total (Gross of unearned discount and fees) 434,144 301,663 6,201,024 6,936,831 Unearned discount and fees — (5,752 ) (14,559 ) (20,311 ) Total (Net of unearned discount and fees) $ 434,144 $ 295,911 $ 6,186,465 $ 6,916,520 Covered By FDIC Loss Sharing Agreements (2) $ 147,236 $ 41,916 $ — $ 189,152 (1) This category for ACI loans includes all pooled commercial and industrial loans which may contain certain energy, restaurant, healthcare or services loan types. (2) As of December 31, 2012, the Company had submitted claims in excess of the first threshold of $347 million and had been reimbursed the 80% of the covered losses by the FDIC up to this initial threshold. Subsequent claims between $347 million and $504 million are not reimbursable under the loss share agreement. On January 5, 2016, a settlement agreement was finalized with the FDIC to end the loss share agreement at a nominal cost and the Company had no FDIC indemnification asset recorded as of December 31, 2016 and 2015. |
Summary of Allowance for Credit Losses | A summary of the activity in the ACL for the three and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, 2017 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2017 $ 62,235 $ 13,260 $ 13,385 $ 4,335 $ 93,215 Provision for loan losses: ACI loans 278 (1,195 ) (345 ) — (1,262 ) ANCI loans 31 — (154 ) (69 ) (192 ) Originated loans (432 ) 811 2,689 109 3,177 Total provision (123 ) (384 ) 2,190 40 1,723 Charge-offs: ACI loans 375 — — — 375 ANCI loans 65 — 9 — 74 Originated loans — — 132 — 132 Total charge-offs 440 — 141 — 581 Recoveries: ACI loans — 65 3 — 68 ANCI loans 27 — 164 65 256 Originated loans 44 11 29 — 84 Total recoveries 71 76 196 65 408 As of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 For the Nine Months Ended September 30, 2017 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 Provision for loan losses: ACI loans 95 (877 ) (1,416 ) — (2,198 ) ANCI loans 639 (42 ) (146 ) (224 ) 227 Originated loans 8,656 3,564 3,633 328 16,181 Total provision 9,390 2,645 2,071 104 14,210 Charge-offs: ACI loans 414 — — — 414 ANCI loans 99 — 160 47 306 Originated loans 2,788 — 383 120 3,291 Total charge-offs 3,301 — 543 167 4,011 Recoveries: ACI loans 246 186 484 — 916 ANCI loans 43 — 268 247 558 Originated loans 677 18 85 44 824 Total recoveries 966 204 837 291 2,298 As of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 ACL ACI loans collectively evaluated for impairment $ — $ 1,958 $ 6,300 $ — $ 8,258 ACI loans individually evaluated for impairment 103 6 215 — 324 ANCI loans collectively evaluated for impairment 883 202 55 256 1,396 ANCI loans individually evaluated for impairment — — 38 24 62 Originated loans collectively evaluated for impairment 49,847 10,786 9,019 4,149 73,801 Originated loans individually evaluated for impairment 10,910 — 3 11 10,924 ACL as of September 30, 2017 $ 61,743 $ 12,952 $ 15,630 $ 4,440 $ 94,765 Loans ACI loan pools collectively evaluated for impairment $ 22,120 $ 73,929 $ 159,029 $ — $ 255,078 ACI loans individually evaluated for impairment 10,223 8,705 — — 18,928 ANCI loans collectively evaluated for impairment 54,596 16,245 119,152 10,381 200,374 ANCI loans individually evaluated for impairment — — 1,597 321 1,918 Originated loans collectively evaluated for impairment 4,749,077 1,120,038 1,408,263 206,981 7,484,359 Originated loans individually evaluated for impairment 91,285 — 442 594 92,321 Loans as of September 30, 2017 $ 4,927,301 $ 1,218,917 $ 1,688,483 $ 218,277 $ 8,052,978 For the Three Months Ended September 30, 2016 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of June 30, 2016 $ 60,135 $ 9,804 $ 13,323 $ 3,885 $ 87,147 Provision for loan losses: ACI loans (39 ) (763 ) 992 — 190 ANCI loans (33 ) (237 ) 33 (47 ) (284 ) Originated loans 29,290 57 275 99 29,721 Total provision 29,218 (943 ) 1,300 52 29,627 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 144 — 144 Originated loans 25,455 — 177 — 25,632 Total charge-offs 25,455 — 1,413 — 26,868 Recoveries: ACI loans 8 419 2 — 429 ANCI loans 11 100 31 2 144 Originated loans 656 — 34 — 690 Total recoveries 675 519 67 2 1,263 As of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 For the Nine Months Ended September 30, 2016 (In thousands) Commercial and Industrial Commercial Real Estate Consumer Small Business Total As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Provision for loan losses: ACI loans (2,179 ) (876 ) (149 ) — (3,204 ) ANCI loans (196 ) (211 ) 188 (60 ) (279 ) Originated loans 53,125 1,765 1,402 1,761 58,053 Total provision 50,750 678 1,441 1,701 54,570 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 334 — 334 Originated loans 43,332 — 480 142 43,954 Total charge-offs 43,332 — 1,906 142 45,380 Recoveries: ACI loans 20 466 7 — 493 ANCI loans 35 100 102 7 244 Originated loans 1,276 — 183 — 1,459 Total recoveries 1,331 566 292 7 2,196 As of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 ACL ACI loans collectively evaluated for impairment $ 70 $ 2,671 $ 7,557 $ — $ 10,298 ACI loans individually evaluated for impairment — 4 229 — 233 ANCI loans collectively evaluated for impairment 262 117 — 254 633 ANCI loans individually evaluated for impairment — — 61 — 61 Originated loans collectively evaluated for impairment 55,451 6,588 5,430 3,685 71,154 Originated loans individually evaluated for impairment 8,790 — — — 8,790 ACL as of September 30, 2016 $ 64,573 $ 9,380 $ 13,277 $ 3,939 $ 91,169 | A summary of the activity in the ACL for the years ended December 31, 2016, 2015 and 2014 is as follows: For the Year Ended December 31, 2016 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Provision for loan losses: ACI loans (2,073 ) (904 ) (491 ) — (3,468 ) ANCI loans (169 ) (85 ) 225 (10 ) (39 ) Originated loans 46,024 2,378 1,772 2,681 52,855 Total provision 43,782 1,389 1,506 2,671 49,348 Charge-offs: ACI loans — — 1,092 — 1,092 ANCI loans — — 367 — 367 Originated loans 46,367 — 635 841 47,843 Total charge-offs 46,367 — 2,094 841 49,302 Recoveries: ACI loans 20 474 10 — 504 ANCI loans 43 101 168 9 321 Originated loans 1,386 3 225 — 1,614 Total recoveries 1,449 578 403 9 2,439 As of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 ACL ACI loans collectively evaluated for impairment $ 176 $ 2,652 $ 7,215 $ — $ 10,043 ACI loans individually evaluated for impairment — 3 232 — 235 ANCI loans collectively evaluated for impairment 299 243 94 272 908 ANCI loans individually evaluated for impairment — — 37 33 70 Originated loans collectively evaluated for impairment 52,615 7,205 5,687 3,900 69,407 Originated loans individually evaluated for impairment 1,598 — — 7 1,605 ACL as of December 31, 2016 $ 54,688 $ 10,103 $ 13,265 $ 4,212 $ 82,268 Loans ACI loan pools collectively evaluated for impairment $ 26,276 $ 87,825 $ 187,668 $ — $ 301,769 ACI loans individually evaluated for impairment 11,772 10,345 396 — 22,513 ANCI loans collectively evaluated for impairment 51,694 20,306 151,759 8,769 232,528 ANCI loans individually evaluated for impairment — — 1,168 389 1,557 Originated loans collectively evaluated for impairment 4,424,822 954,231 1,184,442 183,933 6,747,428 Originated loans individually evaluated for impairment 150,658 — 426 550 151,634 Loans as of December 31, 2016 $ 4,665,222 $ 1,072,707 $ 1,525,859 $ 193,641 $ 7,457,429 For the Year Ended December 31, 2015 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 Provision for loan losses: ACI loans (1,536 ) (966 ) (3,398 ) — (5,900 ) ANCI loans 31 193 17 144 385 Originated loans 36,860 1,791 1,969 879 41,499 Total provision 35,355 1,018 (1,412 ) 1,023 35,984 Charge-offs: ACI loans 9 123 26 — 158 ANCI loans — 25 329 647 1,001 Originated loans 8,516 123 936 — 9,575 Total charge-offs 8,525 271 1,291 647 10,734 Recoveries: ACI loans 16 331 242 — 589 ANCI loans 48 8 141 9 206 Originated loans — — 218 — 218 Total recoveries 64 339 601 9 1,013 As of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 ACL ACI loans collectively evaluated for impairment $ 2,062 $ 3,084 $ 8,688 $ — $ 13,834 ACI loans individually evaluated for impairment 168 — 332 — 500 ANCI loans collectively evaluated for impairment 425 227 65 285 1,002 ANCI loans individually evaluated for impairment — — 40 21 61 Originated loans collectively evaluated for impairment 48,666 4,825 4,325 2,067 59,883 Originated loans individually evaluated for impairment 4,503 — — — 4,503 ACL as of December 31, 2015 $ 55,824 $ 8,136 $ 13,450 $ 2,373 $ 79,783 Loans ACI loan pools collectively evaluated for impairment $ 41,175 $ 105,605 $ 235,474 $ — $ 382,254 ACI loans individually evaluated for impairment 20,818 28,890 2,182 — 51,890 ANCI loans collectively evaluated for impairment 63,716 29,911 195,307 10,836 299,770 ANCI loans individually evaluated for impairment — — 1,434 459 1,893 Originated loans collectively evaluated for impairment 4,339,618 731,502 915,442 140,047 6,126,609 Originated loans individually evaluated for impairment 74,111 — 304 — 74,415 Loans as of December 31, 2015 $ 4,539,438 $ 895,908 $ 1,350,143 $ 151,342 $ 6,936,831 For the Year Ended December 31, 2014 (In thousands) Commercial Commercial Consumer Small Total As of December 31, 2013 $ 15,856 $ 12,307 $ 15,459 $ 647 $ 44,269 Provision for loan losses: ACI loans (1,931 ) (2,901 ) (1,191 ) — (6,023 ) ANCI loans (854 ) (148 ) 1,838 830 1,666 Originated loans 15,557 679 1,450 789 18,475 Total provision 12,772 (2,370 ) 2,097 1,619 14,118 Charge-offs: ACI loans — 4,668 385 — 5,053 ANCI loans 190 — 2,266 293 2,749 Originated loans 843 — 662 — 1,505 Total charge-offs 1,033 4,668 3,313 293 9,307 Recoveries: ACI loans 1,333 1,719 612 — 3,664 ANCI loans 2 62 388 15 467 Originated loans — — 309 — 309 Total recoveries 1,335 1,781 1,309 15 4,440 As of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 ACL ACI loans collectively evaluated for impairment $ 2,528 $ 3,577 $ 11,812 $ — $ 17,917 ACI loans individually evaluated for impairment 1,229 266 391 — 1,886 ANCI loans collectively evaluated for impairment 348 51 259 205 863 ANCI loans individually evaluated for impairment — — 18 594 612 Originated loans collectively evaluated for impairment 21,685 3,156 3,065 1,189 29,095 Originated loans individually evaluated for impairment 3,140 — 7 — 3,147 ACL as of December 31, 2014 $ 28,930 $ 7,050 $ 15,552 $ 1,988 $ 53,520 |
Originated and Acquired Non Credit Impaired Loans | ||
Summary of Impaired Loans | The following includes certain key information about individually impaired originated and ANCI loans as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016. Originated and ANCI Loans Identified as Impaired As of September 30, 2017 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 193 $ 197 $ — $ 193 $ — Energy sector 67,584 77,441 — 60,452 4,432 Total commercial and industrial 67,777 77,638 — 60,645 4,432 Consumer Residential real estate 1,105 1,108 — 36 — Other 160 159 — — — Total consumer 1,265 1,267 — 36 — Small Business Lending 255 696 — 255 — Total $ 69,297 $ 79,601 $ — $ 60,936 $ 4,432 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 23,695 $ 28,539 $ 10,910 $ 11,574 $ 402 Consumer Residential real estate 499 497 38 — — Other 285 283 3 — — Total consumer 784 780 41 — — Small Business Lending 662 930 35 65 — Total $ 25,141 $ 30,249 $ 10,986 $ 11,639 $ 402 As of December 31, 2016 (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Impaired Loans Undisbursed Commitments With no related allowance for credit losses Commercial and Industrial General C&I $ 12,334 $ 13,426 $ — $ 6,838 $ 1,363 Energy sector 99,200 103,322 — 85,149 8,465 Total commercial and industrial 111,534 116,748 — 91,987 9,828 Consumer Residential real estate 437 435 — — — Other 429 427 — — 1 Total consumer 866 862 — — 1 Small Business Lending 299 703 — 299 — Total $ 112,699 $ 118,313 $ — $ 92,286 $ 9,829 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 39,319 $ 45,243 $ 1,598 $ 28,228 $ 4,788 Consumer Residential real estate 736 741 37 39 — Small Business Lending 641 897 40 90 — Total $ 40,696 $ 46,881 $ 1,675 $ 28,357 $ 4,788 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. The related amount of interest income recognized for impaired loans was $301 thousand and $926 thousand for the three and nine months ended September 30, 2017, respectively, compared to $206 thousand and $897 thousand for the same periods in 2016. Generally, cash receipts on nonperforming loans are used to reduce principal rather than recorded as interest income. Past due status is determined based upon contractual terms. A nonaccrual loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, under the terms of the restructured loan. Approximately $0.4 million and $1.4 million of contractual interest paid was recognized on the cash basis for the three and nine months ended September 30, 2017, respectively, compared to $0.2 million and $1.2 million for same periods in 2016. | The following includes certain key information about individually impaired originated and ANCI loans as of and for the years ended December 31, 2016 and 2015. Originated and ANCI Loans Identified as Impaired As of December 31, 2016 (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed With no related allowance for credit losses Commercial and Industrial General C&I $ 12,334 $ 13,426 $ — $ 6,838 $ 1,363 Energy sector 99,200 103,322 — 85,149 8,465 Total commercial and industrial 111,534 116,748 — 91,987 9,828 Consumer Residential real estate 437 435 — — — Other 429 427 — — 1 Total consumer 866 862 — — 1 Small Business Lending 299 703 — 299 — Total $ 112,699 $ 118,313 $ — $ 92,286 $ 9,829 With allowance for credit losses recorded Commercial and Industrial Energy sector $ 39,319 $ 45,243 $ 1,598 $ 28,228 $ 4,788 Consumer Residential real estate 736 741 37 39 — Small Business Lending 641 897 40 90 — Total $ 40,696 $ 46,881 $ 1,675 $ 28,357 $ 4,788 As of December 31, 2015 (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed With no related allowance for credit losses Commercial and Industrial General C&I $ 10,120 $ 10,073 $ — $ 630 $ 3,727 Energy sector 31,107 37,175 — 31,062 10,253 Total commercial and industrial 41,227 47,248 — 31,692 13,980 Consumer Residential real estate 758 761 — 84 — Other 306 304 — — — Total consumer 1,064 1,065 — 84 — Small Business Lending — — — — — Total $ 42,291 $ 48,313 $ — $ 31,776 $ 13,980 With allowance for credit losses recorded Commercial and Industrial General C&I $ 6,202 $ 6,202 $ 124 $ 6,202 $ 10,071 Energy sector 26,952 30,097 4,379 16,653 9,215 Total commercial and industrial 33,154 36,299 4,503 22,855 19,286 Consumer Residential real estate 680 678 40 — — Small Business Lending 459 1,063 21 459 — Total $ 34,293 $ 38,040 $ 4,564 $ 23,314 $ 19,286 |
Summary of Average Recorded Investment in Impaired Originated and ANCI Loans | Average Recorded Investment in Impaired Originated and ANCI Loans Three Months Ended September 30, 2017 2016 (In thousands) Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 6,506 $ — $ 8,474 $ 568 Energy sector 103,580 — 156,768 — Total commercial and industrial 110,086 — 165,242 568 Consumer Residential real estate — 1,606 — 1,199 Other 369 — 439 — Total consumer 369 1,606 439 1,199 Small Business Lending 649 334 — 405 Total $ 111,104 $ 1,940 $ 165,681 $ 2,172 Nine Months Ended September 30, 2017 2016 (In thousands) Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 9,480 $ — $ 11,856 $ 432 Energy sector 122,269 — 133,150 — Total commercial and industrial 131,749 — 145,006 432 Consumer Residential real estate — 1,385 — 1,273 Other 378 — 367 — Total consumer 378 1,385 367 1,273 Small Business Lending 600 356 — 426 Total $ 132,727 $ 1,741 $ 145,373 $ 2,131 | Average Recorded Investment in Impaired Originated and ANCI Loans December 31, 2016 2015 2014 (In thousands) Originated ANCI Originated ANCI Originated ANCI Commercial and Industrial General C&I $ 10,859 $ 432 $ 6,347 $ — $ — $ — Energy sector 150,898 — 20,105 — 6,684 — Total commercial and industrial 161,757 432 26,452 — 6,684 — Commercial Real Estate Income producing — — — — 10 — Total commercial real estate — — — — 10 — Consumer Residential real estate — 1,206 39 1,528 101 1,162 Other 398 — 273 — — — Total consumer 398 1,206 312 1,528 101 1,162 Small Business Lending 138 409 27 696 — 1,264 Total $ 162,293 $ 2,047 $ 26,791 $ 2,224 $ 6,795 $ 2,426 |
Summary of Originated and ANCI Loans that were modified into TDRs | Originated and ANCI Loans that were modified into TDRs For the Three Months Ended September 30, 2017 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Consumer Other 1 285 — — Total 1 $ 285 — $ — For the Nine Months Ended September 30, 2017 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 193 — $ — Consumer Residential real estate 1 462 — — Other 1 285 — — Total consumer 2 747 — — Small Business Lending 1 145 — — Total 4 $ 1,085 — $ — For the Three Months Ended September 30, 2016 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 7,896 — $ — Energy sector 3 29,107 — — Total commercial and industrial 4 37,003 — — Total 4 $ 37,003 — $ — For the Nine Months Ended September 30, 2016 During the Period Default (1) the Period (In thousands) Number of TDRs Recorded Investment Number of TDRs Recorded Investment Commercial and Industrial General C&I 1 $ 7,896 — $ — Energy sector 4 35,945 — — Total commercial and industrial 5 43,841 — — Consumer Residential real estate 1 336 — — Other 1 184 — — Total consumer 2 520 — — Total 7 $ 44,361 — $ — (1) Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual For the Three Months Ended September 30, 2017 2016 Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Forbearance Modified Terms and/ or Other Concessions Rate Commercial and Industrial General C&I — — — 1 — Energy sector — — 1 1 1 Total commercial and industrial — — 1 2 1 Consumer Other — 1 — — — Total — 1 1 2 1 For the Nine Months Ended September 30, 2017 2016 Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Forbearance Modified Terms and/ or Other Concessions Rate Commercial and Industrial General C&I 1 — — 1 — Energy sector — — 1 2 1 Total commercial and industrial 1 — 1 3 1 Consumer Residential real estate — 1 — 1 — Other — 1 — 1 — Total consumer — 2 — 2 — Small Business Lending 1 — — — — Total 2 2 1 5 1 | Originated and ANCI Loans that were modified into TDRs For the Year Ended December 31, 2016 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I 1 $ 5,496 — $ — Energy sector 5 38,113 — — Total commercial and industrial 6 43,609 — — Consumer Residential real estate 1 334 — — Other 1 200 — — Total consumer 2 534 — — Small Business Lending 1 552 — — Total 9 $ 44,695 — $ — For the Year Ended December 31, 2015 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I 3 $ 9,840 — $ — Energy sector 2 16,619 — — Total commercial and industrial 5 26,459 — — Consumer Residential real estate 5 273 — — Other 1 306 — — Total consumer 6 579 — — Small Business Lending — — 2 459 Total 11 $ 27,038 2 $ 459 For the Year Ended December 31, 2014 During the Period Default(1) during (In thousands) Number of Recorded Number of Recorded Commercial and Industrial General C&I — $ — — $ — Energy sector 1 2,773 — — Total commercial and industrial 1 2,773 — — Consumer Residential real estate 7 1,256 1 101 Other — — — — Total consumer 7 1,256 1 101 Small Business Lending 1 176 2 1,078 Total 9 $ 4,205 3 $ 1,179 (1) Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 day past due status with respect to principal and/or interest payments. For the Year Ended December 31, 2016 Number of Loans Modified by: Forbearance Agreement Rate Concession Modified Terms and/ Concessions Commercial and Industrial General C&I — — 1 Energy sector 2 1 2 Total commercial and industrial 2 1 3 Consumer Residential real estate — — 1 Other — — 1 Total consumer — — 2 Small Business Lending — 1 — Total 2 2 5 For the Year Ended Number of Loans Modified by: Rate Concession Modified Terms and/ or Other Concessions Commercial and Industrial General C&I — 3 Energy sector — 2 Total commercial and industrial — 5 Consumer Residential real estate 5 — Other — 1 Total consumer 5 1 Total 5 6 For the Year Ended December 31, 2014 Number of Loans Modified by: Forbearance Rate Modified Commercial and Industrial Energy sector — 1 — Consumer Residential real estate 5 1 1 Small Business Lending 1 — — Total 6 2 1 |
Summary of Credit Exposure by Portfolio Segment and Class of Receivable | The following provides information regarding the credit exposure by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: Commercial and Industrial credit exposure, based on internal risk rating: As of September 30, 2017 (Recorded Investment in thousands) General C&I Energy (1) Restaurant Healthcare Originated Loans Pass $ 2,429,596 $ 773,680 $ 966,231 $ 386,360 Special mention 84,846 — 4,647 45 Substandard (1) 34,580 150,929 10,907 — Doubtful — 10,503 — — Total originated loans (1) 2,549,022 935,112 981,785 386,405 ANCI Loans Pass 45,780 — — 2,731 Substandard 6,324 — — — Total ANCI loans 52,104 — — 2,731 Total $ 2,601,126 $ 935,112 $ 981,785 $ 389,136 (1) Does not include the $9.9 million nonperforming energy credit that was transferred to the HFS category. As of December 31, 2016 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,279,481 $ 670,696 $ 849,546 $ 426,276 Special mention 36,419 30,433 16,169 9,479 Substandard 26,968 239,457 — — Doubtful — 789 — — Total originated loans 2,342,868 941,375 865,715 435,755 ANCI Loans Pass 47,269 — — 4,114 Substandard 521 — — — Total ANCI loans 47,790 — — 4,114 Total $ 2,390,658 $ 941,375 $ 865,715 $ 439,869 Commercial Real Estate credit exposure, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Income producing Land and Income producing Land and Originated Loans Pass $ 1,049,645 $ 71,814 $ 888,608 $ 67,742 Special mention 1,368 20 — 23 Total originated loans 1,051,013 71,834 888,608 67,765 ANCI Loans Pass 14,767 1,232 18,410 1,618 Substandard 26 300 — 341 Total ANCI loans 14,793 1,532 18,410 1,959 Total $ 1,065,806 $ 73,366 $ 907,018 $ 69,724 Consumer credit exposure, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other Originated Loans Pass $ 1,343,065 $ 67,294 $ 1,126,679 $ 59,145 Special mention 328 621 422 455 Substandard 1,326 321 1,096 415 Total originated loans 1,344,719 68,236 1,128,197 60,015 ANCI Loans Pass 113,731 2,915 141,349 7,151 Special mention 1,892 46 2,156 53 Substandard 2,632 2 2,775 4 Total ANCI loans 118,255 2,963 146,280 7,208 Total $ 1,462,974 $ 71,199 $ 1,274,477 $ 67,223 Small Business credit exposure, based on internal risk rating: As of (Recorded Investment in thousands) September 30, December 31, Originated Loans Pass $ 204,758 $ 182,021 Special mention 2,624 1,807 Substandard 668 1,116 Doubtful 32 — Total originated loans 208,082 184,944 ANCI Loans Pass 10,136 8,407 Special mention 40 11 Substandard 561 764 Total ANCI loans 10,737 9,182 Total $ 218,819 $ 194,126 | The following provides information regarding the credit exposure by portfolio segment and class of receivable as of December 31, 2016 and 2015: Commercial Real Estate credit exposure, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Income Land and Income Land and Originated Loans Pass $ 888,608 $ 67,742 $ 660,489 $ 72,375 Special mention — 23 — — Substandard — — 84 — Total originated loans 888,608 67,765 660,573 72,375 ANCI Loans Pass 18,410 1,618 27,242 2,391 Special mention — — — 148 Substandard — 341 — 191 Total ANCI loans 18,410 1,959 27,242 2,730 Total $ 907,018 $ 69,724 $ 687,815 $ 75,105 Commercial and Industrial credit exposure, based on internal risk rating: As of December 31, 2016 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,279,481 $ 670,696 $ 849,546 $ 426,276 Special mention 36,419 30,433 16,169 9,479 Substandard 26,968 239,457 — — Doubtful — 789 — — Total originated loans 2,342,868 941,375 865,715 435,755 ANCI Loans Pass 47,269 — — 4,114 Special Mention — — — — Substandard 521 — — — Total ANCI loans 47,790 — — 4,114 Total $ 2,390,658 $ 941,375 $ 865,715 $ 439,869 As of December 31, 2015 (Recorded Investment in thousands) General C&I Energy Restaurant Healthcare Originated Loans Pass $ 2,221,218 $ 724,011 $ 601,996 $ 442,117 Special mention 14,056 104,781 25,313 212 Substandard 42,705 241,032 — 5,097 Total originated loans 2,277,979 1,069,824 627,309 447,426 ANCI Loans Pass 53,233 — — 8,389 Special Mention 500 — — — Substandard 1,855 — — 23 Total ANCI loans 55,588 — — 8,412 Total $ 2,333,567 $ 1,069,824 $ 627,309 $ 455,838 Consumer credit exposure, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other Originated Loans Pass $ 1,126,679 $ 59,145 $ 830,883 $ 82,976 Special mention 422 455 1,921 1,146 Substandard 1,096 415 358 963 Total originated loans 1,128,197 60,015 833,162 85,085 ANCI Loans Pass 141,349 7,151 186,278 5,923 Special mention 2,156 53 2,197 39 Substandard 2,775 4 2,979 14 Total ANCI loans 146,280 7,208 191,454 5,976 Total $ 1,274,477 $ 67,223 $ 1,024,616 $ 91,061 Small Business credit exposure, based on internal risk rating: As of December 31, (Recorded Investment in thousands) 2016 2015 Originated Loans Pass $ 182,021 $ 138,306 Special mention 1,807 1,310 Substandard 1,116 762 Total originated loans 184,944 140,378 ANCI Loans Pass 8,407 10,368 Special mention 11 8 Substandard 764 945 Total ANCI loans 9,182 11,321 Total $ 194,126 $ 151,699 |
Past Due Financing Receivables | The following provides an aging of past due originated and ANCI loans by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: Aging of Past due Originated and ANCI Loans As of September 30, 2017 Accruing Loans Non-Accruing (1) (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Originated Loans Commercial and Industrial General C&I $ — $ — $ — $ 193 $ — $ — $ — Energy sector (1) — — — 59,801 5,883 — 6,342 Total commercial and industrial — — — 59,994 5,883 — 6,342 Commercial Real Estate Income producing — — — — — — — Land and development 347 — — — — — — Total commercial real estate 347 — — — — — — Consumer Residential real estate 5,115 577 — 84 262 — 755 Other 817 30 — — — — — Total consumer 5,932 607 — 84 262 — 755 Small Business Lending 98 — 41 39 119 30 124 Total (1) $ 6,377 $ 607 $ 41 $ 60,117 $ 6,264 $ 30 $ 7,221 ANCI Loans Commercial Real Estate Income producing $ 1,048 $ — $ 26 $ — $ — $ — $ — Land and development — — — 300 — — — Total commercial real estate 1,048 — 26 300 — — — Consumer Residential real estate 1,468 208 171 629 703 228 1,028 Other 5 — — — — — — Total consumer 1,473 208 171 629 703 228 1,028 Small Business Lending 721 — — 117 49 255 93 Total $ 3,242 $ 208 $ 197 $ 1,046 $ 752 $ 483 $ 1,121 (1) Does not include a $9.9 million nonperforming energy credit that was transferred to the HFS category. As of December 31, 2016 Accruing Loans Non-Accruing (Recorded Investment in thousands) 30-59 DPD 60-89 DPD 90+DPD 0-29 DPD 30-59 DPD 60-89 DPD 90+DPD Originated Loans Commercial and Industrial General C&I $ 3,930 $ — $ — $ — $ 6,839 $ — $ 250 Energy sector — — — 112,937 — — 447 Total commercial and industrial 3,930 — — 112,937 6,839 — 697 Commercial Real Estate Income producing 4 — — — — — — Consumer Residential real estate 1,388 239 244 344 — — 454 Other 534 — — — — — — Total consumer 1,922 239 244 344 — — 454 Small Business Lending 2,003 563 87 80 16 36 — Total $ 7,859 $ 802 $ 331 $ 113,361 $ 6,855 $ 36 $ 1,151 ANCI Loans Commercial and Industrial General C&I $ — $ — $ — $ 125 $ — $ — $ — Commercial Real Estate Land and development 259 — — — — 341 — Consumer Residential real estate 1,522 839 252 1,083 30 — 1,619 Other 18 — 3 — — — — Total consumer 1,540 839 255 1,083 30 — 1,619 Small Business Lending — — — 480 62 — 131 Total $ 1,799 $ 839 $ 255 $ 1,688 $ 92 $ 341 $ 1,750 | |
ACI Loans | ||
Summary of Credit Exposure by Portfolio Segment and Class of Receivable | The following provides information regarding the credit exposure by portfolio segment and class of receivable as of September 30, 2017 and December 31, 2016: ACI Loans by Risk Rating / Delinquency Stratification Commercial and Industrial credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) General C&I Healthcare General C&I Healthcare Pass $ 23,579 $ — $ 26,634 $ 5,648 Special mention 885 — 939 — Substandard 2,556 6,250 5,484 — Doubtful 35 — 33 — Total $ 27,055 $ 6,250 $ 33,090 $ 5,648 Commercial Real Estate credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Income producing Land and Income producing Land and Pass $ 77,523 $ 7,310 $ 80,463 $ 7,254 Special mention 1,579 710 5,813 933 Substandard 6,139 2,057 13,591 3,240 Total $ 85,241 $ 10,077 $ 99,867 $ 11,427 Consumer credit exposure on ACI loans, based on internal risk rating: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other Pass $ 136,430 $ 1,563 $ 157,762 $ 1,821 Special mention 3,420 12 3,655 14 Substandard 20,266 220 27,586 287 Total $ 160,116 $ 1,795 $ 189,003 $ 2,122 | The following provides information regarding the credit exposure by portfolio segment and class of receivable as of December 31, 2016 and 2015: ACI Loans by Risk Rating / Delinquency Stratification Commercial Real Estate credit exposure on ACI loans, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Income producing Land and Income producing Land and Pass $ 80,463 $ 7,254 $ 101,297 $ 8,658 Special mention 5,813 933 2,699 1,171 Substandard 13,591 3,240 29,129 4,163 Doubtful — — — — Total $ 99,867 $ 11,427 $ 133,125 $ 13,992 Commercial and Industrial credit exposure on ACI loans, based on internal risk rating: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) General Healthcare General Healthcare Pass $ 26,634 $ 5,648 $ 40,087 $ 6,054 Special mention 939 — 2,004 — Substandard 5,484 — 15,726 — Doubtful 33 — 29 — Total $ 33,090 $ 5,648 $ 57,846 $ 6,054 Consumer credit exposure, based on internal risk rating As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other Pass $ 157,762 $ 1,821 $ 206,193 $ 2,519 Special mention 3,655 14 1,162 16 Substandard 27,586 287 33,209 478 Total $ 189,003 $ 2,122 $ 240,564 $ 3,013 Consumer credit exposure on ACI loans, based on past due status: As of December 31, 2016 As of December 31, 2015 (Recorded Investment in thousands) Residential Other Residential Other 0 – 29 Days Past Due $ 171,457 $ 1,871 $ 218,317 $ 2,583 30 – 59 Days Past Due 4,070 134 3,957 127 60 – 89 Days Past Due 1,939 25 2,561 59 90 – 119 Days Past Due 622 36 650 1 120 + Days Past Due 10,915 56 15,079 243 Total $ 189,003 $ 2,122 $ 240,564 $ 3,013 |
Past Due Financing Receivables | Consumer credit exposure on ACI loans, based on past due status: As of September 30, 2017 As of December 31, 2016 (Recorded Investment in thousands) Residential Real Estate Other Residential Real Estate Other 0 – 29 Days Past Due $ 144,292 $ 1,649 $ 171,457 $ 1,871 30 – 59 Days Past Due 4,422 62 4,070 134 60 – 89 Days Past Due 2,001 32 1,939 25 90 – 119 Days Past Due 890 14 622 36 120 + Days Past Due 8,511 38 10,915 56 Total $ 160,116 $ 1,795 $ 189,003 $ 2,122 | Aging of Past due Originated and ANCI Loans As of December 31, 2016 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 60-89 90+DPD 0-29 DPD 30-59 60-89 90+DPD Originated Loans Commercial and Industrial General C&I $ 3,930 $ — $ — $ — $ 6,839 $ — $ 250 Energy sector — — — 112,937 — — 447 Total commercial and industrial 3,930 — — 112,937 6,839 — 697 Commercial Real Estate Income producing 4 — — — — — — Consumer Residential real estate 1,388 239 244 344 — — 454 Other 534 — — — — — — Total consumer 1,922 239 244 344 — — 454 Small Business Lending 2,003 563 87 80 16 36 — Total $ 7,859 $ 802 $ 331 $ 113,361 $ 6,855 $ 36 $ 1,151 ANCI Loans Commercial and Industrial General C&I $ — $ — $ — $ 125 $ — $ — $ — Commercial Real Estate Land and development 259 — — — — 341 — Consumer Residential real estate 1,522 839 252 1,083 30 — 1,619 Other 18 — 3 — — — — Total consumer 1,540 839 255 1,083 30 — 1,619 Small Business Lending — — — 480 62 — 131 Total $ 1,799 $ 839 $ 255 $ 1,688 $ 92 $ 341 $ 1,750 As of December 31, 2015 Accruing Loans Non-Accruing Loans (Recorded Investment in thousands) 30-59 60-89 90+DPD 0-29 30-59 60-89 90+DPD Originated Loans Commercial and Industrial General C&I $ 12,947 $ — $ — $ 6,203 $ — $ — $ 1,012 Energy sector — — — 44,256 3,503 — — Healthcare 300 — — Total commercial and industrial 12,947 — 300 50,459 3,503 — 1,012 Commercial Real Estate Income producing — — — — — — 66 Land and development 8 — — — — — — Total commercial real estate 8 — — — — — 66 Consumer Residential real estate 598 423 67 — — — 108 Other 94 20 11 — — — — Total consumer 692 443 78 — — — 108 Small Business Lending 225 45 — 11 — — 79 Total $ 13,872 $ 488 $ 378 $ 50,470 $ 3,503 $ — $ 1,265 ANCI Loans Commercial and Industrial General C&I $ 47 $ 33 $ — $ 50 $ — $ — $ — Healthcare 23 — — — — — — Total commercial and industrial 70 33 — 50 — — — Commercial Real Estate Land and development — — 148 — — — — Consumer Residential real estate 1,079 307 919 539 411 90 1,688 Other 20 1 1 — 9 — — Total consumer 1,099 308 920 539 420 90 1,688 Small Business Lending 113 417 — 523 — 70 151 Total $ 1,282 $ 758 $ 1,068 $ 1,112 $ 420 $ 160 $ 1,839 |
Summary of Changes in Accretable Discount for ACI Loans | Changes in the amount of accretable discount for ACI loans for the nine months ended September 30, 2017 and 2016 were as follows: Changes in Accretable Yield on ACI Loans For the Nine Months (In thousands) 2017 2016 Balance at beginning of period $ 98,728 $ 122,791 Maturities/payoff (8,137 ) (8,861 ) Charge-offs (98 ) (246 ) Foreclosure (1,056 ) (857 ) Accretion (17,955 ) (24,024 ) Reclass from nonaccretable difference due to increases in expected cash flow 10,617 12,567 Balance at end of period $ 82,099 $ 101,370 | Changes in the amount of accretable discount for ACI loans for the years ended December 31, 2016 and 2015 were as follows: Changes in Accretable Yield on ACI Loans For the Years Ended December 31, (In thousands) 2016 2015 2014 Balance at beginning of year $ 122,791 $ 163,631 $ 242,966 Maturities/payoff (11,563 ) (24,196 ) (25,882 ) Charge-offs (286 ) (183 ) (1,054 ) Foreclosure (1,041 ) (1,290 ) (3,923 ) Accretion (30,870 ) (46,042 ) (66,801 ) Reclass from nonaccretable difference due to increases in expected cash flow 19,697 30,871 18,325 Balance at end of year $ 98,728 $ 122,791 $ 163,631 |
Summary of Individually Impaired ACI Loans and Pooled ACI Loans | ACI Loans / Pools Identified as Impaired As of September 30, 2017 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Undisbursed Commitments Commercial and industrial $ 14,462 $ 19,475 $ 103 $ — $ — Commercial real estate 89,289 120,581 1,964 225 522 Consumer 18,302 21,232 6,515 — 14 Total $ 122,053 $ 161,288 $ 8,582 $ 225 $ 536 As of December 31, 2016 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Investment in Impaired Loans (1) Unpaid Principal Balance Related Specific Allowance Nonaccrual Loans Included in Undisbursed Commitments Commercial and industrial $ 15,552 $ 28,256 $ 176 $ 1,818 $ — Commercial real estate 53,428 82,946 2,654 1,845 1,213 Consumer 44,295 50,175 7,447 — 15 Total $ 113,275 $ 161,377 $ 10,277 $ 3,663 $ 1,228 (1) The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. | The following includes certain key information about individually impaired ACI loans and pooled ACI loans as of and for the years ended December 31, 2016 and 2015. ACI Loans / Pools Identified as Impaired As of December 31, 2016 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed Commercial and Industrial General C&I $ 9,904 $ 22,403 $ 16 $ 1,818 $ — Healthcare 5,648 5,853 160 — — Total commercial and industrial 15,552 28,256 176 1,818 — Commercial Real Estate Income producing 42,361 60,378 1,312 1,571 609 Land and development 11,067 22,568 1,342 274 604 Total commercial real estate 53,428 82,946 2,654 1,845 1,213 Consumer Residential real estate 42,174 46,946 7,046 — 5 Other 2,121 3,229 401 — 10 Total consumer 44,295 50,175 7,447 — 15 Total $ 113,275 $ 161,377 $ 10,277 $ 3,663 $ 1,228 As of December 31, 2015 ACI Loans / Pools Identified as Impaired (In thousands) Recorded Unpaid Related Nonaccrual Undisbursed Commercial and Industrial General C&I $ 20,179 $ 31,551 $ 1,641 $ 8,210 $ 345 Healthcare 6,054 6,222 589 — — Total commercial and industrial 26,233 37,773 2,230 8,210 345 Commercial Real Estate Income producing 49,858 66,632 1,883 2,631 2,075 Land and development 6,779 32,361 1,201 225 609 Total commercial real estate 56,637 98,993 3,084 2,856 2,684 Consumer Residential real estate 207,641 227,511 8,492 — 11 Other 3,041 4,269 528 — 49 Total consumer 210,682 231,780 9,020 — 60 Total $ 293,552 $ 368,546 $ 14,334 $ 11,066 $ 3,089 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Summary of Goodwill and Other Intangible Assets | The following table summarizes the Company’s goodwill and other intangible assets at September 30, 2017 and December 31, 2016: (In thousands) September 30, 2017 December 31, 2016 Goodwill $ 317,817 $ 317,817 Core deposit intangible, net of accumulated amortization of $37,520 and $35,495, respectively 2,166 4,191 Customer lists, net of accumulated amortization of $17,583 and $16,041, respectively 9,117 10,659 Trademarks 24 24 Total goodwill and intangible assets $ 329,124 $ 332,691 | The following table summarizes the Company’s goodwill and other intangible assets at December 31, 2016 and 2015: (In thousands) December 31, 2016 2015 Goodwill $ 317,817 $ 317,817 Core deposit intangible, net of accumulated amortization of $35,495 and $31,573 respectively 4,191 8,113 Customer lists, net of accumulated amortization of $16,041 and $13,431, respectively 10,659 13,269 Trademarks 24 24 Total goodwill and intangible assets $ 332,691 $ 339,223 |
Estimated Amortization Expense of Intangible Assets | The amortization expense relating to other intangible assets was $6.5 million, $8.4 million and $10.3 million for 2016, 2015 and 2014, respectively. Estimated other intangible assets amortization expense for the next five years and thereafter is: Year Amount (In thousands) 2017 $ 4,652 2018 3,287 2019 995 2020 875 2021 805 Thereafter 4,236 Total $ 14,850 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of Notional Amounts and Estimated Fair Values | The notional amounts and estimated fair values as of September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Fair Value Fair Value (In thousands) Notional Amount Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 1,332,000 $ — $ 15,830 $ 1,332,000 $ 1,184 $ 17,225 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps 718,686 2,481 2,481 474,923 2,877 2,877 Commercial loan interest rate caps 267,347 104 104 286,959 94 94 Commercial loan interest rate floors 265,515 48 48 51,878 118 118 Mortgage loan held for sale interest rate lock commitments 10,051 — 123 3,788 88 — Mortgage loan forward sale commitments 5,384 — 6 7,724 — 46 Mortgage loan held for sale floating commitments 10,754 — — 5,895 — — Foreign exchange contracts 45,659 713 696 — — — Total derivatives not designated as hedging instruments 1,323,396 3,346 3,458 831,167 3,177 3,135 Total derivatives $ 2,655,396 $ 3,346 $ 19,288 $ 2,163,167 $ 4,361 $ 20,360 | The notional amounts and estimated fair values as of December 31, 2016 and 2015 were as follows: December 31, 2016 December 31, 2015 Fair Value Fair Value (In thousands) Notional Other Other Notional Other Other Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 1,332,000 $ 1,184 $ 17,225 $ 982,000 $ 2,916 $ 278 Derivatives not designated as hedging instruments: Commercial loan interest rate swaps $ 474,923 $ 2,877 $ 2,877 $ 473,446 $ 4,340 $ 4,340 Commercial loan interest rate caps 286,959 94 94 308,812 48 48 Commercial loan interest rate floors 51,878 118 118 — — — Mortgage loan held for sale interest rate lock commitments 3,788 88 — 9,024 64 — Mortgage loan forward sale commitments 7,724 — 46 5,021 4 — Mortgage loan held for sale floating commitments 5,895 — — 17,390 — — Foreign exchange contracts — — — 36,672 366 312 Total derivatives not designated as hedging instruments 831,167 3,177 3,135 850,365 4,822 4,700 Total derivatives $ 2,163,167 $ 4,361 $ 20,360 $ 1,832,365 $ 7,738 $ 4,978 |
Schedule of Gain (Loss) in Consolidated Statements of Income Related to Derivative Instruments | Gain (loss) included in the consolidated statements of income related to derivative instruments for the three and nine months ended September 30, 2017 and 2016 were as follows: For the Three Months Ended September 30, 2017 2016 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 546 $ 409 $ — $ (4,556 ) $ 2,945 $ — Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ (44 ) $ — $ — $ (29 ) Foreign exchange contracts — — 631 — — 328 For the Nine Months Ended September 30, 2017 2016 (In thousands) OCI Reclassified from AOCI to interest income Noninterest income OCI Reclassified from AOCI to interest income Noninterest income Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 3,872 $ 3,442 $ — $ 27,661 $ 8,328 $ 329 Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 35 $ — $ — $ 93 Foreign exchange contracts — — 1,652 — — 924 | Gain (loss) included in the consolidated statements of income related to derivative instruments for the years ended December 31, 2016, 2015 and 2014 were as follows: For the Year Ended December 31, 2016 (In thousands) OCI Reclassified Noninterest Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ (7,444 ) $ 11,255 $ 166 Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 24 Mortgage loan forward sale commitments — — — Foreign exchange contracts — — 1,264 For the Year Ended December 31, 2015 (In thousands) OCI Reclassified Noninterest Derivatives designated as hedging instruments (cash flow hedges): Commercial loan interest rate swaps $ 7,454 $ 4,877 $ (329 ) Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ (66 ) Mortgage loan forward sale commitments — — 86 Foreign exchange contracts — — 965 For the Year Ended December 31, 2014 (In thousands) OCI Reclassified Noninterest Derivatives not designated as hedging instruments: Mortgage loan held for sale interest rate lock commitments $ — $ — $ 52 Mortgage loan forward sale commitments — — (105 ) Foreign exchange contracts — — 604 |
Schedule of Interest Rate Swap Agreements | In June 2015 and March 2016, the Company entered into the following interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 15, 2015 December 17, 2018 $382,000 1.3250% 1 Month LIBOR June 30, 2015 December 31, 2019 300,000 1.5120 1 Month LIBOR June 30, 2015 December 29, 2017 300,000 0.9530 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890 1 Month LIBOR | In June 2015 and March 2016, the Company entered into interest rate swap agreements to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. Effective Date Maturity Date Notional Amount (In Thousands) Fixed Rate Variable Rate June 15, 2015 December 17, 2018 $ 382,000 1.3250% 1 Month LIBOR June 30, 2015 December 31, 2019 300,000 1.5120% 1 Month LIBOR June 30, 2015 December 29, 2017 300,000 0.9530% 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5995% 1 Month LIBOR March 8, 2016 February 27, 2026 175,000 1.5890% 1 Month LIBOR |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Summary of Securities Sold Under Agreements to Repurchase | Information concerning the Company’s securities sold under agreements to repurchase as of September 30, 2017 and December 31, 2016 is summarized as follows: (In thousands) September 30, 2017 December 31, 2016 Balance at period end $ 3,146 $ 3,494 Average balance during the period 3,881 5,948 Average interest rate during the period 0.19 % 0.19 % Maximum month-end $ 6,286 $ 8,031 | Information concerning the Company’s securities sold under agreements to repurchase as of December 31, 2016 and 2015 is summarized as follows: As of December 31, (In thousands) 2016 2015 Balance at period end $ 3,494 $ 5,840 Average balance during the year 5,948 7,486 Average interest rate during the year 0.19 % 0.15 % Maximum month-end balance during the period $ 8,031 $ 10,838 |
Summary of Debt | Details of the debt transactions are as follows: (In thousands) September 30, 2017 December 31, 2016 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ 145,000 $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025, callable in 2020 40,000 40,000 Total long-term debt—Cadence Bancorporation 270,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issuance cost and unamortized premium (1,738 ) (2,693 ) Purchased 4.875% senior notes, due June 28, 2019 (10,078 ) (78 ) Total long-term debt $ 283,184 $ 292,229 | Details of the debt transactions are as follows: As of December 31, (in thousands) 2016 2015 Cadence Bancorporation: 4.875% senior notes, due June 28, 2019 $ 145,000 $ 145,000 5.375% senior notes, due June 28, 2021 50,000 50,000 7.250% subordinated notes, due June 28, 2029, callable in 2024 35,000 35,000 6.500% subordinated notes, due March 2025 , callable in 2020 40,000 40,000 Total long-term debt—Cadence Bancorporation 270,000 270,000 Cadence Bank: 6.250% subordinated notes, due June 28, 2029, callable in 2024 25,000 25,000 Debt issuance cost and unamortized premium (2,771 ) (3,744 ) Total long-term debt $ 292,229 $ 291,256 |
Summary of Junior Subordinated Debt | The following is a list of junior subordinated debt: (In thousands) September 30, 2017 December 31, 2016 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value $ 50,619 $ 50,619 Purchase accounting adjustment, net of amortization (14,266 ) (14,630 ) Total junior subordinated debentures $ 36,353 $ 35,989 | The following is a list of junior subordinated debt: As of December 31, (In thousands) 2016 2015 Junior subordinated debentures, 3 month LIBOR plus 2.85%, due 2033 $ 30,000 $ 30,000 Junior subordinated debentures, 3 month LIBOR plus 2.95%, due 2033 5,155 5,155 Junior subordinated debentures, 3 month LIBOR plus 1.75%, due 2037 15,464 15,464 Total par value $ 50,619 $ 50,619 Purchase accounting adjustment, net of amortization (14,630 ) (15,170 ) Total junior subordinated debentures $ 35,989 $ 35,449 |
Other Noninterest Income and 41
Other Noninterest Income and Other Noninterest Expense (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Other Nonoperating Income Expense Abstract | ||
Summary of Other Noninterest Income and Other Noninterest Expense | The detail of the other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Other Noninterest Income Insurance revenue $ 1,950 $ 1,863 $ 5,908 $ 6,140 Bankcard fees 1,803 1,823 5,477 5,330 Income from bank owned life insurance policies 724 736 2,550 2,200 Other 3,385 (210 ) 4,183 (42 ) Total other noninterest income $ 7,862 $ 4,212 $ 18,118 $ 13,628 Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Other Noninterest Expense Net cost of operation of other real estate owned $ 453 $ 1,126 $ 1,175 $ 1,916 Data processing expense 1,688 1,530 5,086 4,513 Special asset expenses 215 391 824 742 Consulting and professional fees 2,069 2,040 4,710 4,441 Loan related expenses 532 1,071 1,569 2,252 FDIC Insurance 889 1,912 3,336 5,711 Communications 650 535 1,980 1,915 Advertising and public relations 521 303 1,365 1,025 Legal expenses 612 337 1,552 2,059 Branch closure expenses 50 52 143 191 Other 5,289 5,756 16,430 17,608 Total other noninterest expense $ 12,968 $ 15,053 $ 38,170 $ 42,373 | The detail of the other noninterest income and other noninterest expense captions presented in the consolidated statements of income is as follows: Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Other Noninterest Income Insurance revenue $ 7,717 $ 7,107 $ 7,237 Bankcard fees 7,270 7,213 7,667 Income from bank owned life insurance policies 2,954 2,994 3,343 Loss on sale of branches, net — (1,501 ) (763 ) Other (263 ) (796 ) 3,006 Total other noninterest income $ 17,678 $ 15,017 $ 20,490 Year Ended December 31, (Dollars in thousands) 2016 2015 2014 Other Noninterest Expense Net cost of operation of other real estate owned $ 3,033 $ 5,238 $ 1,806 Data processing 6,280 6,092 6,052 Special asset expenses 1,788 3,000 5,852 Consulting and professional fees 6,728 5,671 6,278 Loan related expenses 3,114 3,745 5,166 FDIC insurance 7,228 5,027 4,747 Communications 2,656 3,249 3,768 Advertising and public relations 1,369 2,295 3,353 Legal expenses 2,721 3,159 2,501 Branch closure expenses 238 2,074 5,222 Other 25,443 26,306 26,738 Total other noninterest expense $ 60,598 $ 65,856 $ 71,483 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Reconciliation of Basic and Diluted Net Income Per Common Share | The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2017 and 2016. For the Three Months Ended For the Nine Months Ended (In thousands, except per share data) 2017 2016 2017 2016 Net income $ 32,577 $ 6,607 $ 87,662 $ 36,789 Weighted average common shares outstanding (Basic) 83,625,000 75,000,000 80,212,912 75,000,000 Weighted average restricted stock units 330,685 258,375 345,425 258,375 Weighted average common shares outstanding (Diluted) 83,955,685 75,258,375 80,558,337 75,258,375 Earnings per common share (Basic) $ 0.39 $ 0.09 $ 1.09 $ 0.49 Earnings per common share (Diluted) $ 0.39 $ 0.09 $ 1.09 $ 0.49 | The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2016, 2015 and 2014. Years Ended December 31, (In thousands, except per share data) 2016 2015 2014 Net income $ 65,774 $ 39,256 $ 44,833 Dividends and accretion of discount on preferred stock — — 3,643 Earnings available to common shareholder $ 65,774 $ 39,256 $ 41,190 Weighted average common shares outstanding (Basic) 75,000,000 75,000,000 75,000,000 Weighted average restricted stock units 294,600 116,100 — Weighted average common shares outstanding (Diluted) 75,294,600 75,116,100 75,000,000 Earnings per common share (Basic) $ 0.88 $ 0.52 $ 0.55 Earnings per common share (Diluted) $ 0.87 $ 0.52 $ 0.55 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | ||
Schedule of Actual Capital Amounts and Ratios | The actual capital amounts and ratios for the Company and the bank as of September 30, 2017 and December 31, 2016 are presented in the following table and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes there are no conditions or events that would change that classification in the foreseeable future. Consolidated Company Bank (In thousands) Amount Ratio Amount Ratio September 30, 2017 Tier 1 leverage $ 1,079,726 11.1 % $ 1,181,066 12.2 % Common equity tier 1 capital (transitional) 1,042,920 10.8 1,132,506 11.7 Tier 1 risk-based capital 1,079,726 11.2 1,181,066 12.2 Total risk-based capital 1,273,724 13.2 1,301,129 13.5 The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 388,553 4.0 % $ 388,516 4.0 % Common equity tier 1 capital (transitional) 434,801 4.5 434,726 4.5 Tier 1 risk-based capital 579,734 6.0 579,635 6.0 Total risk-based capital 772,979 8.0 772,846 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A $ 485,645 5.0 % Common equity tier 1 capital (transitional) N/A N/A 627,938 6.5 Tier 1 risk-based capital N/A N/A 772,846 8.0 Total risk-based capital N/A N/A 966,058 10.0 Consolidated Company Bank (In thousands) Amount Amount Amount Ratio December 31, 2016 Tier 1 leverage $ 824,676 8.9 % $ 1,035,972 11.2 % Common equity tier 1 (CET1) 793,268 8.8 989,990 11.0 Tier 1 risk-based capital 824,676 9.2 1,035,972 11.5 Total risk-based capital 1,007,011 11.2 1,144,519 12.8 The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 371,052 4.0 % $ 370,836 4.0 % Common equity tier 1 (CET1) 403,718 4.5 403,578 4.5 Tier 1 risk-based capital 538,290 6.0 538,105 6.0 Total risk-based capital 717,720 8.0 717,473 8.0 Well capitalized requirement: Tier 1 leverage N/A N/A $ 463,546 5.0 % Common equity tier 1 (CET1) N/A N/A 583,248 6.5 Tier 1 risk-based capital N/A N/A 717,844 8.0 Total risk-based capital N/A N/A 897,305 10.0 | The actual capital amounts and ratios for the Company and the bank as of December 31, 2016 and 2015 are presented in the following table and as shown, are above the thresholds necessary to be considered “well-capitalized”. Management believes there are no conditions or events that would change that classification. Consolidated Company Bank (Dollars in thousands) Amount Amount Amount Ratio December 31, 2016 Tier 1 leverage $ 824,676 8.9 % $ 1,035,972 11.2 % Common equity tier 1 (CET1) 793,268 8.8 % 989,990 11.0 % Tier 1 risk-based capital 824,676 9.2 % 1,035,972 11.5 % Total risk-based capital 1,007,011 11.2 % 1,144,519 12.8 % The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 371,052 4.0 % $ 370,836 4.0 % Common equity tier 1 (CET1) 403,718 4.5 % 403,578 4.5 % Tier 1 risk-based capital 538,290 6.0 % 538,105 6.0 % Total risk-based capital 717,720 8.0 % 717,473 8.0 % Well capitalized requirement: Tier 1 leverage N/A N/A $ 463,546 5.0 % Common equity tier 1 (CET1) N/A N/A 583,248 6.5 % Tier 1 risk-based capital N/A N/A 717,844 8.0 % Total risk-based capital N/A N/A 897,305 10.0 % Consolidated Company Bank (Dollars in thousands) Amount Amount Amount Ratio December 31, 2015 Tier 1 leverage $ 749,224 9.2 % $ 963,296 11.9 % Common equity tier 1 (CET1) 723,753 8.7 % 922,610 11.1 % Tier 1 risk-based capital 749,224 9.0 % 963,296 11.6 % Total risk-based capital 927,988 11.1 % 1,068,487 12.9 % The minimum amounts of capital and ratios established by banking regulators are as follows: Tier 1 leverage $ 325,656 4.0 % $ 324,857 4.0 % Common equity tier 1 (CET1) 375,218 4.5 % 374,271 4.5 % Tier 1 risk-based capital 500,291 6.0 % 499,028 6.0 % Total risk-based capital 667,054 8.0 % 665,371 8.0 % Well capitalized requirement: Tier 1 leverage N/A N/A $ 406,071 5.0 % Common equity tier 1 (CET1) N/A N/A 540,614 6.5 % Tier 1 risk-based capital N/A N/A 665,371 8.0 % Total risk-based capital N/A N/A 831,714 10.0 % |
Commitments and Contingent Li44
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Summary of Commitments and Contingent Liabilities | A summary of commitments and contingent liabilities at September 30, 2017 is as follows: (In thousands) Commitments to extend credit $ 3,035,455 Standby letters of credit 102,145 Performance letters of credit 22,635 Commercial letters of credit 1,797 | A summary of commitments and contingent liabilities at December 31, 2016 and 2015 is as follows: December 31, (In thousands) 2016 2015 Commitments to extend credit $ 2,643,501 $ 2,650,356 Standby letters of credit 120,532 96,932 Performance letters of credit 29,270 40,505 |
Supplemental Cash Flow Inform45
Supplemental Cash Flow Information (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Summary of Supplemental Cash Flow Information | For the Nine Months (In thousands) 2017 2016 Cash paid during the year for: Interest $ 47,048 $ 37,267 Income taxes, net of refunds 29,105 22,516 Non-cash Transfers of loans to other real estate $ 6,922 $ 12,243 Transfers of commercial loans to loans held for sale 9,397 309,415 | For the Years Ended (In thousands) 2016 2015 2014 Cash paid during the year for: Interest $ 55,086 $ 44,333 $ 31,732 Income taxes, net of refunds 23,025 22,139 7,097 Non-cash investing activities: Transfers of loans to other real estate $ 13,494 $ 11,800 $ 39,732 Transfers of commercial loans to loans held for sale 318,868 19,400 — Transfers of property to other real estate — 1,591 7,563 Transfers of loans to other assets (net profits interests) 19,104 — — |
Disclosure About Fair Values 46
Disclosure About Fair Values of Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at September 30, 2017 and December 31, 2016: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2017 Investment securities available-for-sale: U.S. Treasury securities $ 97,688 $ — $ 97,688 $ — Obligations of U.S. government agencies 84,165 — 84,165 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 112,535 — 112,535 — Issued by FNMA and FHLMC 384,042 — 384,042 — Other residential mortgage-backed securities 40,568 — 40,568 — Commercial mortgage-backed securities 60,990 — 60,990 — Total MBS 598,135 — 598,135 — Obligations of states and municipal subdivisions 412,216 — 412,216 Other securities 5,828 5,828 — — Total investment securities available-for-sale 1,198,032 5,828 1,192,204 — Derivative assets 3,346 — 3,346 — Other assets (Net profits interests) 16,193 — — 16,193 Total recurring basis measured assets $ 1,217,571 $ 5,828 $ 1,195,550 $ 16,193 Derivative liabilities $ 19,288 $ — $ 19,288 $ — Total recurring basis measured liabilities $ 19,288 $ — $ 19,288 $ — (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2016 Investment securities available-for-sale: U.S. Treasury securities $ 96,785 $ — $ 96,785 $ — Obligations of U.S. government agencies 97,528 — 97,528 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 153,153 — 153,153 — Issued by FNMA and FHLMC 265,328 — 265,328 — Other residential mortgage-backed securities 47,561 — 47,561 — Commercial mortgage-backed securities 62,613 — 62,613 — Total MBS 528,655 — 528,655 — Obligations of states and municipal subdivisions 410,812 — 410,812 — Other securities 5,567 5,567 — — Total investment securities available-for-sale 1,139,347 5,567 1,133,780 — Derivative assets 4,361 — 4,361 — Other assets (Net profits interest) 19,425 — — 19,425 Total recurring basis measured assets $ 1,163,133 $ 5,567 $ 1,138,141 $ 19,425 Derivative liabilities $ 20,360 $ — $ 20,360 $ — Total recurring basis measured liabilities $ 20,360 $ — $ 20,360 $ — | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset at December 31, 2016 and 2015: (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2016 Investment securities available-for-sale: U.S. Treasury securities $ 96,785 $ — $ 96,785 $ — Obligations of U.S. government agencies 97,528 — 97,528 — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 153,153 — 153,153 — Issued by FNMA and FHLMC 265,328 — 265,328 — Other residential mortgage-backed securities 47,561 — 47,561 — Commercial mortgage-backed securities 62,613 — 62,613 — Total MBS 528,655 — 528,655 — Obligations of states and municipal subdivisions 410,812 — 410,812 — Other securities 5,567 5,567 — — Total investment securities available-for-sale 1,139,347 5,567 1,133,780 — Derivative assets 4,361 — 4,361 — Other assets—net profits interests 19,425 — — 19,425 Total recurring basis measured assets $ 1,163,133 $ 5,567 $ 1,138,141 $ 19,425 Derivative liabilities $ 20,360 $ — $ 20,360 $ — Total recurring basis measured liabilities $ 20,360 $ — $ 20,360 $ — (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2015 Investment securities available-for-sale: Obligations of U.S. government agencies $ 90,793 $ — $ 90,793 $ — Mortgage-backed securities issued or guaranteed by U.S. agencies (MBS) Residential pass-through: Guaranteed by GNMA 280,190 — 280,190 — Issued by FNMA and FHLMC 121,707 — 121,707 — Other residential mortgage-backed securities 75,577 — 75,577 — Commercial mortgage-backed securities 24,809 — 24,809 — Total MBS 502,283 — 502,283 — Obligations of states and municipal subdivisions 122,320 — 122,320 Other securities 5,414 5,414 — — Total investment securities available-for-sale 720,810 5,414 715,396 — Derivative assets 7,738 — 7,738 — Total recurring basis measured assets $ 728,548 $ 5,414 $ 723,134 $ — Derivative liabilities $ 4,978 $ — $ 4,978 $ — Total recurring basis measured liabilities $ 4,978 $ — $ 4,978 $ — |
Summary of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The tables below include a roll-forward of the condensed consolidated balance sheet amounts for the three and nine months ended September 30, 2017 and 2016, including changes in fair value for financial instruments within Level 3 of the valuation hierarchy. Level 3 financial instruments typically include unobservable components, but may also include some observable components that may be validated to external sources. The gains or (losses) in the following table may include changes to fair value due in part to observable factors that may be part of the valuation methodology: Level 3 Assets Measured at Fair Value on a Recurring Basis Other Assets – Net Profits Interests For the Three Months Ended September 30, For the Nine Months Ended September 30, (In thousands) 2017 2016 2017 2016 Beginning Balance $ 16,405 $ 8,489 $ 19,425 $ — Addition of net profits interest to other assets — — — 8,489 Total net gains (losses) included in earnings 104 (161 ) (2,427 ) (161 ) Distributions received (316 ) (86 ) (805 ) (86 ) Balance at September 30 $ 16,193 $ 8,242 $ 16,193 $ 8,242 Net unrealized gains (losses) included in earnings relating to assets held at the end of the period $ 104 $ (161 ) $ (2,427 ) $ (161 ) | |
Summary of Assets Recorded at Fair Value on a Nonrecurring Basis | From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at September 30, 2017 and December 31, 2016, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) September 30, 2017 Loans held for sale $ 21,835 $ — $ 21,835 $ — Impaired loans, net of specific allowance 83,453 — — 83,453 Other real estate 18,836 — — 18,836 Total assets measured on a nonrecurring basis $ 124,124 $ — $ 21,835 $ 102,289 (In thousands) Carrying Value (Level 1) (Level 2) (Level 3) December 31, 2016 Loans held for sale $ 17,822 $ — $ 17,822 $ — Impaired loans, net of specific allowance 151,720 — — 151,720 Other real estate 18,875 — — 18,875 Total assets measured on a nonrecurring basis $ 188,417 $ — $ 17,822 $ 170,595 | From time to time, the Company may be required to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis which were still held on the balance sheets at December 31, 2016 and 2015, the following tables provide the level of valuation assumptions used to determine each adjustment and the related carrying value: (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2016 Loans held for sale $ 17,822 $ — $ 17,822 $ — Impaired loans, net of specific allowance 151,720 — — 151,720 Other real estate 18,875 — — 18,875 Total assets measured on a non-recurring basis $ 188,417 $ — $ 17,822 $ 170,595 (In thousands) Carrying (Level 1) (Level 2) (Level 3) December 31, 2015 Loans held for sale $ 25,413 $ — $ 25,413 $ — Impaired loans, net of specific allowance 72,020 — — 72,020 Other real estate 35,984 — — 35,984 Total assets measured on a non-recurring basis $ 133,417 $ — $ 25,413 $ 108,004 |
Summary of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements for Financial Assets Measured at Fair Value on a Nonrecurring Basis | Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016 are summarized below: (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range September 30, 2017 Impaired loans, net of specific allowance $ 83,453 Internal appraisals of accounts receivable and inventory Discount of book value 50% - 75% Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Other real estate 18,836 Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Value Valuation Methods Unobservable Inputs Range December 31, 2016 Impaired loans, net of specific allowance $ 151,720 Internal appraisals of accounts receivable and inventory Discount of book value 50% - 75% Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% Other real estate 18,875 Third-Party Appraisals Discount of fair value 0% - 20% Estimated closing costs 10% | Significant unobservable inputs used in Level 3 fair value measurements for financial assets measured at fair value on a nonrecurring basis at December 31, 2016 and 2015 are summarized below: Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Methods Unobservable Inputs Range December 31, 2016 Impaired loans, net of specific allowance $ 151,720 Internal appraisals of accounts receivable and inventory Discount of book value 50%-75% Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Other real estate 18,875 Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Quantitative Information about Level 3 Fair Value Measurements (In thousands) Carrying Valuation Methods Unobservable Inputs Range December 31, 2015 Impaired loans, net of specific allowance $ 72,020 Internal appraisals of accounts receivable and inventory Discount of book value 50%-75% Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% Other real estate 35,984 Third-Party Appraisals Discount of fair value 0%-20% Estimated closing costs 10% |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows: As of September 30, 2017 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 68,248 $ 68,248 $ 68,248 $ — $ — Interest-bearing deposits in other banks 515,556 515,556 515,556 — — Federal funds sold 5,578 5,578 5,578 — — Securities available-for-sale 1,198,032 1,198,032 5,828 1,192,204 — Securities held-to-maturity 425 451 — 451 — Loans held for sale 21,835 21,835 — 21,835 — Net loans 7,934,173 7,832,079 — — 7,832,079 Derivative assets 3,346 3,346 — 3,346 — Other assets-net 16,193 16,193 — — 16,193 Financial Liabilities: Deposits 8,501,102 8,365,930 — 8,365,930 — Advances from FHLB 250,000 250,000 — 250,000 — Securities sold under agreements to repurchase 3,146 3,146 — 3,146 — Senior debt 184,557 201,178 — 201,178 — Subordinated debt 98,627 100,984 — 100,984 — Junior subordinated debentures 36,353 49,163 — 49,163 — Derivative liabilities 19,288 19,288 — 19,288 — As of December 31, 2016 (In thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 48,017 $ 48,017 $ 48,017 $ — $ — Interest-bearing deposits in other banks 199,747 199,747 199,747 — — Federal funds sold 1,161 1,161 1,161 — — Securities available-for-sale 1,139,347 1,139,347 5,567 1,133,780 — Securities held-to-maturity 425 463 — 463 — Loans held for sale 17,822 17,822 — 17,822 — Net loans 7,350,443 7,395,003 — — 7,395,003 Derivative assets 4,361 4,361 — 4,361 — Other assets-net 19,425 19,818 — — 19,818 Financial Liabilities: Deposits 8,016,749 7,904,926 — 7,904,926 — Securities sold under agreements to repurchase 4,361 4,361 — 4,361 — Senior debt 193,788 191,076 — 191,076 — Subordinated debt 98,441 97,938 — 97,938 — Junior subordinated debentures 35,989 47,409 — 47,409 — Derivative liabilities 20,360 20,360 — 20,360 — | The estimated fair values of the Company’s financial instruments are as follows: December 31, 2016 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 48,017 $ 48,017 $ 48,017 $ — $ — Interest-bearing deposits in other banks 199,747 199,747 199,747 — — Federal funds sold 1,161 1,161 1,161 — — Securities available-for-sale 1,139,347 1,139,347 5,567 1,133,780 — Securities held-to-maturity 425 463 — 463 — Loans held for sale 17,822 17,822 — 17,822 — Net loans 7,350,443 7,395,003 — — 7,395,003 Derivative assets 3,539 3,539 — 3,539 — Other assets 19,425 19,818 — — 19,818 Financial Liabilities: Deposits 8,016,749 7,904,926 — 7,904,926 — Securities sold under agreements to repurchase 3,494 3,494 — 3,494 — Senior debt 193,788 191,076 — 191,076 — Subordinated debt 98,441 97,938 — 97,938 — Junior subordinated debentures 35,989 47,409 — 47,409 — Derivative liabilities 20,360 20,360 — 20,360 — December 31, 2015 (In thousands) Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 139,239 $ 139,239 $ 139,239 $ — $ — Interest-bearing deposits in other banks 316,473 316,473 316,473 — — Federal funds sold 11,495 11,495 11,495 — — Securities available-for-sale 720,810 720,810 5,414 715,396 — Securities held-to-maturity 550 594 — 594 — Loans held for sale 25,413 25,413 — 25,413 — Net loans 6,836,737 6,920,225 — — 6,920,225 Derivative assets 7,738 7,738 — 7,738 — Financial Liabilities: Deposits 6,987,351 6,984,506 — 6,984,506 — Advances from FHLB 370,000 370,000 — 370,000 — Securities sold under agreements to repurchase 5,840 5,840 — 5,840 — Senior debt 193,085 186,387 — 186,387 — Subordinated debt 98,171 94,970 — 94,970 — Junior subordinated debentures 35,449 45,872 — 45,872 — Derivative liabilities 4,978 4,978 — 4,978 — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | ||
Summary of Operating Results of Segments | The following tables present the operating results of the segments as of and for the three and nine months ended September 30, 2017 and 2016: As of and for the Three Months Ended September 30, 2017 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 87,123 $ (2,340 ) $ (3,620 ) $ 81,163 Provision for credit losses 1,723 — — 1,723 Noninterest income 13,967 12,798 359 27,124 Noninterest expense 46,785 9,087 658 56,530 Income tax expense (benefit) 18,404 480 (1,427 ) 17,457 Net income (loss) $ 34,178 $ 891 $ (2,492 ) $ 32,577 As of and for the Three Months Ended September 30, 2016 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 74,970 $ (58 ) $ (4,486 ) $ 70,426 Provision for credit losses 29,627 — — 29,627 Noninterest income 12,078 10,613 100 22,791 Noninterest expense 46,890 7,943 43 54,876 Income tax expense (benefit) 3,685 914 (2,492 ) 2,107 Net income (loss) $ 6,846 $ 1,698 $ (1,937 ) $ 6,607 As of and for the Nine Months Ended September 30, 2017 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 252,240 $ (873 ) $ (13,062 ) $ 238,305 Provision for credit losses 14,210 — — 14,210 Noninterest income 37,178 36,517 523 74,218 Noninterest expense 139,239 26,361 1,385 166,985 Income tax expense (benefit) 47,589 3,249 (7,172 ) 43,666 Net income (loss) $ 88,380 $ 6,034 $ (6,752 ) $ 87,662 Total assets $ 10,407,827 $ 89,735 $ 4,699 $ 10,502,261 As of and for the Nine Months Ended September 30, 2016 (In thousands) Banking Financial Services Corporate Consolidated Net interest income $ 220,577 $ (88 ) $ (13,548 ) $ 206,941 Provision for credit losses 54,570 — — 54,570 Noninterest income 33,664 32,232 147 66,043 Noninterest expense 140,276 24,349 161 164,786 Income tax expense (benefit) 20,788 2,728 (6,677 ) 16,839 Net income (loss) $ 38,607 $ 5,067 $ (6,885 ) $ 36,789 Total assets $ 9,355,328 $ 82,327 $ 6,355 $ 9,444,010 | The following tables present the operating results of the segments as of and for the years ended December 31, 2016, 2015 and 2014: As of and for the year ended December 31, 2016 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 297,701 $ (201 ) $ (18,061 ) $ 279,439 Provision for credit losses 49,348 — — 49,348 Noninterest income 45,499 42,727 177 88,403 Noninterest expense 186,874 32,334 972 220,180 Income tax expense (benefit) 37,442 3,567 (8,469 ) 32,540 Net income $ 69,536 $ 6,625 $ (10,387 ) $ 65,774 Total assets $ 9,459,250 $ 64,257 $ 7,381 $ 9,530,888 As of and for the year ended December 31, 2015 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 265,451 $ (36 ) $ (17,636 ) $ 247,779 Provision for credit losses 35,984 — — 35,984 Noninterest income 38,696 40,964 242 79,902 Noninterest expense 200,544 31,393 395 232,332 Income tax expense (benefit) 23,673 3,337 (6,901 ) 20,109 Net income $ 43,946 $ 6,198 $ (10,888 ) $ 39,256 Total assets $ 8,744,287 $ 59,471 $ 7,753 $ 8,811,511 As of and for the year ended December 31, 2014 (In thousands) Banking Financial Corporate Consolidated Net interest income $ 266,226 $ (37 ) $ (11,101 ) $ 255,088 Provision for credit losses 14,118 — — 14,118 Noninterest income 34,603 40,199 268 75,070 Noninterest expense 213,173 32,008 (34 ) 245,147 Income tax expense (benefit) 25,739 2,854 (2,533 ) 26,060 Net income $ 47,799 $ 5,300 $ (8,266 ) $ 44,833 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||
Schedule of Accumulated Other Comprehensive Income (Loss) | Activity within the balances in accumulated other comprehensive income (loss) is shown in the following tables for the nine months ended September 30, 2017. ` Unrealized gains (losses) on securities available for sale Unrealized gains (losses) on defined benefit pension plans Unrealized gains (losses) on derivative instruments designated as cash flow hedges Accumulated other comprehensive gain (loss) Balance, December 31, 2016 $ (21,819 ) $ (500 ) $ (10,212 ) $ (32,531 ) Net change 15,410 — 272 15,682 Balance, September 30, 2017 $ (6,409 ) $ (500 ) $ (9,940 ) $ (16,849 ) | Activity within the balances in accumulated other comprehensive income (loss) is shown in the following tables for the years ended December 31, 2016, 2015 and 2014. (In thousands) Unrealized Unrealized Unrealized Accumulated Balance, December 31, 2013 $ 4,992 $ — $ (176 ) $ 4,816 Net change 3,672 — (423 ) 3,249 Balance, December 31, 2014 8,664 — (599 ) 8,065 Net change (2,763 ) 1,626 112 (1,025 ) Balance, December 31, 2015 5,901 1,626 (487 ) 7,040 Net change (27,720 ) (11,838 ) (13 ) (39,571 ) Balance, December 31, 2016 $ (21,819 ) $ (10,212 ) $ (500 ) $ (32,531 ) |
Summary of Accounting Policie49
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Allocation of Sale Price to Assets Sold and Liabilities Transferred | The following table summarizes the allocation of the sale price to assets sold and liabilities transferred: (In thousands) 2015 2014 Cash on hand $ 1,254 $ 412 Loans 42,477 3,636 Premises and equipment 3,095 244 Other assets 113 406 Total assets sold 46,939 4,698 Deposits 253,823 29,886 Other liabilities 301 20 Total liabilities transferred 254,124 29,906 Cash paid $ 207,185 $ 25,208 |
Summary of Loans Held for Sale | A summary of the loans held for sale at December 31, 2016 and 2015 is as follows: For the Year Ended (In thousands) 2016 2015 Mortgage loans held for sale $ 8,369 $ 6,099 Commercial loans held for sale 9,453 19,314 Loans held for sale $ 17,822 $ 25,413 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | Premises and equipment are stated at cost, less accumulated depreciation and amortization, as follows: (In thousands) Estimated Useful December 31, 2016 2015 Premises: Land — $ 16,875 $ 16,875 Buildings, construction and improvements (1) 2-40 52,263 51,084 69,138 67,959 Equipment 3-10 31,984 30,798 101,122 98,757 Less: Accumulated depreciation and amortization (34,446 ) (28,362 ) Total premises $ 66,676 $ 70,395 (1) Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. |
Future Minimum Lease Payments under Operating Leases | The following is a schedule by year of future minimum lease payments under operating leases, as of December 31, 2016: Year Property Equipment Total (In thousands) 2017 $ 9,470 $ 323 $ 9,793 2018 9,181 248 9,429 2019 8,858 96 8,954 2020 7,879 — 7,879 2021 7,152 — 7,152 Thereafter 13,625 — 13,625 Total minimum lease payments $ 56,165 $ 667 $ 56,832 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits Included in Interest-Bearing Deposits | At December 31, 2016, the scheduled maturities of time deposits included in interest-bearing deposits were as follows. Year Amount (in thousands) 2017 $ 812,045 2018 283,975 2019 303,020 2020 35,112 2021 19,512 Thereafter 31 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of the Consolidated Income Tax Expense | The components of the consolidated income tax expense are as follows: (In thousands) 2016 2015 2014 Current: Federal $ 24,394 $ 22,024 $ 13,732 State 2,166 1,013 1,201 Total current expense 26,560 23,037 14,933 Deferred: Federal 5,439 (3,266 ) 10,528 State 541 338 599 Total deferred expense (benefit) 5,980 (2,928 ) 11,127 Total income tax expense $ 32,540 $ 20,109 $ 26,060 |
Reconciliation of Total Income Tax Expense | A reconciliation of total income tax expense for 2016, 2015 and 2014 to amounts determined by applying the statutory Federal income tax rate of 35% to income before taxes is as follows: (In thousands) 2016 2015 2014 Computed income tax expense at statutory rate $ 34,410 $ 20,778 $ 24,813 Tax exempt interest, net (2,744 ) (842 ) (137 ) BOLI income (1,023 ) (1,037 ) (1,160 ) State tax expense 1,760 878 1,170 Tax credits (266 ) (243 ) (189 ) Management compensation 210 353 362 Other, net 193 222 1,201 Income tax expense $ 32,540 $ 20,109 $ 26,060 |
Significant Components of the Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: As of December 31, (In thousands) 2016 2015 Deferred income tax assets: Allowance for credit losses $ 30,710 $ 29,558 Nonaccrual interest 7,410 4,710 Deferred compensation 3,681 3,463 Accrued compensation 7,962 6,626 Net operating loss carryforwards 16,154 20,380 Alternative minimum tax credit carryover 978 978 Unrealized loss on securities, net 13,829 — Unrealized loss on derivative instruments 5,911 — Other 9,320 11,159 Excess of tax basis in assets acquired: Loans 8,673 12,145 Other real estate owned 1,342 1,335 Other 4 37 Total deferred income tax assets 105,974 90,391 Deferred income tax liabilities: Difference in book and tax basis of intangibles 4,268 6,013 Unrealized gain on securities, net — 2,237 Unrealized gain on derivative instruments — 950 Other 4,564 4,005 Excess of book basis in assets acquired and tax liabilities assumed over book carrying value: Intangibles 7,798 4,433 Other 5,682 6,041 Total deferred income tax liabilities 22,312 23,679 Net deferred income tax asset $ 83,662 $ 66,712 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact): Years Ended December 31, (In thousands) 2016 2015 2014 Unrecognized income tax benefits, January 1 $ — $ — $ — Increases for tax positions related to: — — — Prior years 422 — — Current year 522 — — Decreases for tax positions related to: — — — Prior years — — — Current year — — — Settlement with taxing authorities — — — Expiration of applicable statutes of limitations — — — Unrecognized income tax benefits, December 31 $ 944 $ — $ — |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined benefit pension plan funded | The following table sets forth the defined benefit pension plan’s funded status as of December 31, 2016 and 2015 and amounts recognized in the Company’s consolidated financial statements for the years ended December 31, 2016, 2015 and 2014: (In thousands) 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 6,176 $ 7,025 Service cost 100 100 Interest cost 221 232 Actuarial loss (gain) 233 (200 ) Administrative expenses paid (59 ) (45 ) Benefits paid (79 ) (70 ) Settlements (807 ) (866 ) Benefit obligation at end of year 5,785 6,176 Change in plan assets: Fair value of plan assets at beginning of period 4,464 5,402 Return on plan assets 240 43 Employer contributions 930 — Administrative expenses paid (59 ) (45 ) Benefits paid (79 ) (70 ) Settlements (807 ) (866 ) Fair value of plan assets at end of year 4,689 4,464 Funded status $ (1,096 ) $ (1,712 ) (In thousands) 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 100 $ 100 $ 100 Interest cost 221 232 268 Expected return on plan assets (234 ) (278 ) (305 ) Net loss amortization 53 61 — Cost of settlements 156 155 142 Net periodic benefit cost $ 296 $ 270 $ 205 Amount recognized in accumulated other comprehensive income: Amortization of net actuarial loss $ 53 $ 61 $ — Net actuarial loss (226 ) (35 ) (810 ) Adjustment for settlement (156 ) (155 ) (142 ) (17 ) 181 (668 ) Tax effect 4 (69 ) 245 Net $ (13 ) $ 112 $ (423 ) |
determine benefit obligations and net periodic pension cost | Weighted average assumptions used to determine benefit obligations and net periodic pension cost at December 31: 2016 2015 2014 Discount rate 3.52 % 3.76 % 3.50 % Compensation increase rate N/A N/A N/A Census date 1/1/2017 1/1/2016 1/1/2015 Expected return on plan assets 5.50 % 5.50 % 5.50 % |
Schedule of Defined Benefit Pension Plan Fair Values and Weighted-Average Asset Allocations by Asset Category | The Company’s defined benefit pension plan fair values and weighted-average asset allocations at December 31, 2016 and 2015, by asset category, were as follows: 2016 2015 (In thousands) Fair Asset Fair Asset Asset Category: Equity securities $ 1,912 41 % $ 1,849 41 % Fixed income securities 2,594 55 % 2,165 49 % Other securities 183 4 % 440 10 % Cash and cash equivalents — — 10 — Total $ 4,689 100 % $ 4,464 100 % |
Other Pension Plan [Member] | |
Schedule of Expected Benefit Payments | Projected benefit payments under these plans are anticipated to be paid as follows: Year Amount (In thousands) 2017 $ 164 2018 172 2019 376 2020 376 2021 384 2022-2026 2,290 Total $ 3,762 |
Pension Plan [Member] | |
Schedule of Expected Benefit Payments | Retiree benefit payments, which reflect expected future service, are anticipated to be paid as follows: Year Amount 2017 $ 820 2018 490 2019 456 2020 594 2021 907 2022-2026 1,826 Total $ 5,093 |
Equity-based Compensation (Tabl
Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Fair Value Restricted Stock Units | The fair value of these restricted stock units was estimated based upon the possible future value of the Company’s common stock using a Monte-Carlo simulation, which included the following assumptions as of the grant date: Fair value of common stock (non-marketable, per share) $ 14.83 Time to settlement date 2.08 years Volatility 30.0 % Risk-free rate 1.1 % |
Summary of activity related to restricted stock unit awards | The following table summarizes the activity related to restricted stock unit awards for the years ended December 31, 2016 and 2015: For the Year Ended December 31, 2016 2015 Number of Fair Value Number of Fair Value Non-vested at beginning of period 258,375 $ 13.43 — $ — Units deemed improbable to vest (258,375 ) 13.43 — — Amended grants 395,250 5.14 — — New units 277,500 5.14 258,375 13.43 Non-vested at end of period 672,750 $ 5.14 258,375 $ 13.43 |
Condensed Financial Informati55
Condensed Financial Information of Cadence Bancorporation (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule Of Condensed Financial Statements | Condensed Balance Sheets December 31, 2016 and 2015 (In thousands) 2016 2015 ASSETS Interest-bearing deposits with banks $ 50,330 $ 47,756 Investment in consolidated bank subsidiary 1,315,336 1,291,053 Investment in consolidated nonbank subsidiaries 14,881 14,225 Other assets 7,381 7,753 Total Assets $ 1,387,928 $ 1,360,787 LIABILITIES AND SHAREHOLDER’S EQUITY Liabilities: Interest payable $ 810 $ 912 Senior debt 193,788 193,085 Subordinated debt 73,788 73,573 Junior subordinated debentures 35,989 35,449 Other liabilities 3,055 3,560 Total liabilities 307,430 306,579 Shareholder’s Equity: Common Stock 10 10 Additional Paid-in Capital 880,405 880,318 Retained earnings 232,614 166,840 Accumulated other comprehensive (loss) income (“OCI”) (32,531 ) 7,040 Total Shareholder’s Equity 1,080,498 1,054,208 Total Liabilities and Shareholder’s Equity $ 1,387,928 $ 1,360,787 Condensed Statements of Income For the Years Ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 INCOME Dividends from bank subsidiary $ 13,500 $ 8,500 $ 817 Dividends from nonbank subsidiary — 500 1,000 Interest income 25 21 15 Other income 176 22 565 Total income 13,701 9,043 2,397 EXPENSES Interest expense 18,060 17,635 11,101 Other expenses 2,092 271 296 Total expenses 20,152 17,906 11,397 Loss before income taxes and equity in undistributed income of subsidiaries (6,451 ) (8,863 ) (9,000 ) Equity in undistributed income of subsidiaries 64,424 41,132 49,277 Net income before income taxes 57,973 32,269 40,277 Income tax benefit (7,801 ) (6,987 ) (4,556 ) Net income 65,774 39,256 44,833 Dividends and accretion of discount on preferred stock — — 3,643 Net income available to common shareholders $ 65,774 $ 39,256 $ 41,190 Condensed Statements of Cash Flows (In thousands) 2016 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 65,774 $ 39,256 $ 44,833 Adjustments to reconcile net income to net cash provided (used) in operations: Deferred income taxes (1,598 ) (531 ) (415 ) Equity in undistributed income of subsidiaries (64,424 ) (41,132 ) (49,277 ) Decrease in interest receivable — — 6 Decrease (increase) in other assets 3,043 2,539 (3,891 ) (Decrease) increase in interest payable (102 ) 804 98 (Decrease) increase in other liabilities (504 ) (747 ) 2,318 Net cash provided by (used in) operating activities 2,189 189 (6,328 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital contributions to Bank subsidiary — (20,000 ) (155,000 ) Decrease (increase) in limited partnership investments 463 (157 ) (298 ) Net cash provided by (used in) investing activities 463 (20,157 ) (155,298 ) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to parent — — (4,000 ) Dividends paid on preferred stock — — (1,370 ) Advances of other borrowings, net of debt issuance costs — — 73,860 Repayments of other borrowings — — (75,000 ) Issuance of subordinated debt, net of debt issuance costs — 39,253 34,434 Issuance of senior debt, net of debt issuance costs — 9,813 182,459 Purchase of senior debt (78 ) — — Redemption of preferred stock — — (32,914 ) Net cash (used in) provided by financing activities (78 ) 49,066 177,469 Net increase in cash and cash equivalents 2,574 29,098 15,843 Cash and cash equivalents at beginning of year 47,756 18,658 2,815 Cash and cash equivalents at end of year $ 50,330 $ 47,756 $ 18,658 |
Summary of Accounting Policie56
Summary of Accounting Policies - Additional Information (Detail) | Apr. 07, 2017 | Oct. 31, 2015USD ($)Branch | Mar. 31, 2014USD ($)Branch | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Mar. 31, 2015Branch |
Significant Of Accounting Policies [Line Items] | |||||||||
Common stock, stock split conversion ratio | 75 | ||||||||
Stock split ratio | 75 for-one | ||||||||
Loss from branch disposed of | $ (1,500,000) | ||||||||
Trading Securities | $ 0 | $ 0 | |||||||
Reserve for unfunded commitments, Amount | 1,600,000 | 800,000 | |||||||
FDIC claim in excess of first threshold | $ 347,000,000 | ||||||||
Percentage of loss covered reimbursed by FDIC | 80.00% | ||||||||
FDIC claim second threshold | $ 504,000,000 | ||||||||
FDIC indemnification asset | 0 | 0 | |||||||
Loan in process of foreclosure | 600,000 | 800,000 | |||||||
Foreclosed residential real estate properties held | $ 18,836,000 | 18,875,000 | 35,984,000 | ||||||
Expense under long term incentive plan | 4,400,000 | 1,600,000 | $ 900,000 | ||||||
Executives And Senior Officers | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Employee Contribution | $ 0 | 0 | $ 0 | ||||||
Percentage of base deferred compensation | 25.00% | ||||||||
Percentage of incentive compensation | 100.00% | ||||||||
Oreo [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Foreclosed residential real estate properties held | $ 5,300,000 | $ 13,800,000 | |||||||
401 K Plan [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Retained earning contribution | 100.00% | ||||||||
Florida [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Number of branches disposed | Branch | 6 | ||||||||
Georgia [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Number of branches disposed | Branch | 2 | ||||||||
Tennessee [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Loss from branch disposed of | $ (800,000) | ||||||||
Number of branches disposed | Branch | 2 | ||||||||
Employer match 100% up to 3% Of Employee Compensation | 401 K Plan [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Defined contribution plan percentage | 100.00% | ||||||||
Employer match 100% up to 3% Of Employee Compensation | 401 K Plan [Member] | Maximum | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Employee contribution percentage | 3.00% | ||||||||
Employer match 50% Between 3% to 5% Of Employee Compensation | 401 K Plan [Member] | |||||||||
Significant Of Accounting Policies [Line Items] | |||||||||
Defined contribution plan percentage | 50.00% | ||||||||
Employee contribution percentage | 2.00% |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | $ 1,211,422 | $ 1,177,060 | $ 714,727 |
Securities available-for-sale, Gross Unrealized Gains | 8,135 | 4,802 | 9,425 |
Securities available-for-sale, Gross Unrealized Losses | 21,525 | 42,515 | 3,342 |
Securities available-for-sale, Estimated Fair Value | 1,198,032 | 1,139,347 | 720,810 |
Securities held-to-maturity, Amortized Cost | 425 | 425 | 550 |
Securities held-to-maturity, Estimated Fair Value | 451 | 463 | 594 |
U.S. Treasury Securities | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 100,615 | 100,736 | |
Securities available-for-sale, Gross Unrealized Losses | 2,927 | 3,951 | |
Securities available-for-sale, Estimated Fair Value | 97,688 | 96,785 | |
Obligations of U.S. Government Agencies | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 83,508 | 97,340 | 89,983 |
Securities available-for-sale, Gross Unrealized Gains | 760 | 508 | 919 |
Securities available-for-sale, Gross Unrealized Losses | 103 | 320 | 109 |
Securities available-for-sale, Estimated Fair Value | 84,165 | 97,528 | 90,793 |
Residential Pass-through | Guaranteed by GNMA | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 112,328 | 152,918 | 278,560 |
Securities available-for-sale, Gross Unrealized Gains | 1,049 | 1,401 | 2,457 |
Securities available-for-sale, Gross Unrealized Losses | 842 | 1,166 | 827 |
Securities available-for-sale, Estimated Fair Value | 112,535 | 153,153 | 280,190 |
Residential Pass-through | Issued by FNMA and FHLMC | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 383,375 | 267,035 | 120,597 |
Securities available-for-sale, Gross Unrealized Gains | 2,154 | 1,499 | 2,045 |
Securities available-for-sale, Gross Unrealized Losses | 1,487 | 3,206 | 935 |
Securities available-for-sale, Estimated Fair Value | 384,042 | 265,328 | 121,707 |
Other Residential Mortgage-Backed Securities | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 41,095 | 48,076 | 75,861 |
Securities available-for-sale, Gross Unrealized Gains | 234 | 375 | 738 |
Securities available-for-sale, Gross Unrealized Losses | 761 | 890 | 1,022 |
Securities available-for-sale, Estimated Fair Value | 40,568 | 47,561 | 75,577 |
Commercial Mortgage-Backed Securities | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 64,776 | 66,720 | 24,977 |
Securities available-for-sale, Gross Unrealized Losses | 3,786 | 4,107 | 168 |
Securities available-for-sale, Estimated Fair Value | 60,990 | 62,613 | 24,809 |
Total MBS | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 601,574 | 534,749 | 499,995 |
Securities available-for-sale, Gross Unrealized Gains | 3,437 | 3,275 | 5,240 |
Securities available-for-sale, Gross Unrealized Losses | 6,876 | 9,369 | 2,952 |
Securities available-for-sale, Estimated Fair Value | 598,135 | 528,655 | 502,283 |
Obligations of States and Municipal Subdivisions | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 420,011 | 438,655 | 119,295 |
Securities available-for-sale, Gross Unrealized Gains | 3,690 | 870 | 3,212 |
Securities available-for-sale, Gross Unrealized Losses | 11,485 | 28,713 | 187 |
Securities available-for-sale, Estimated Fair Value | 412,216 | 410,812 | 122,320 |
Securities held-to-maturity, Amortized Cost | 425 | 425 | 550 |
Securities held-to-maturity, Gross Unrealized Gains | 26 | 38 | 44 |
Securities held-to-maturity, Estimated Fair Value | 451 | 463 | 594 |
Other Securities | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Securities available-for-sale, Amortized Cost | 5,714 | 5,580 | 5,454 |
Securities available-for-sale, Gross Unrealized Gains | 248 | 149 | 54 |
Securities available-for-sale, Gross Unrealized Losses | 134 | 162 | 94 |
Securities available-for-sale, Estimated Fair Value | $ 5,828 | $ 5,567 | $ 5,414 |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturities of Securities Available-for-Sale and Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Due in one year or less, Amortized Cost | $ 3,776 | ||
Available-for-Sale, Due after one year through five years, Amortized Cost | $ 108,620 | 110,173 | |
Available-for-Sale, Due after five years through ten years, Amortized Cost | 20,818 | 12,669 | |
Available-for-Sale, Due after ten years, Amortized Cost | 474,696 | 510,113 | |
Available-for-Sale, Mortgage-backed securities and other securities, Amortized Cost | 607,288 | 540,329 | |
Available-for-Sale, Total, Amortized Cost | 1,211,422 | 1,177,060 | |
Available-for-Sale, Due in one year or less, Estimated Fair Value | 3,816 | ||
Available-for-Sale, Due after one year through five years, Estimated Fair Value | 105,798 | 106,436 | |
Available-for-Sale, Due after five years through ten years, Estimated Fair Value | 21,133 | 12,763 | |
Available-for-Sale, Due after ten years, Estimated Fair Value | 467,138 | 482,110 | |
Available-for-Sale, Mortgage-backed securities and other securities, Estimated Fair Value | 603,963 | 534,222 | |
Available-for-Sale, Total, Estimated Fair Value | 1,198,032 | 1,139,347 | |
Held-to-Maturity, Due after one year through five years, Amortized Cost | 425 | 425 | |
Securities held-to-maturity, Amortized Cost | 425 | 425 | $ 550 |
Held-to-Maturity, Due after one year through five years, Estimated Fair Value | 451 | 463 | |
Held-to-Maturity, Total, Estimated Fair Value | $ 451 | $ 463 | $ 594 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||||
Other-than-temporary impairment charges | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Carrying value of securities pledged | $ 513,400,000 | 513,400,000 | 380,400,000 | 368,300,000 | |||
Securities, held-to-maturity with unrealized losses | $ 0 | $ 0 | $ 0 | ||||
Percentage of fair value of securities in investment portfolio reflect unrealized loss | 53.00% | 53.00% | 75.00% | 37.00% | |||
Number of securities in a loss position for more than twelve months | Security | 61 | 61 | 9 | ||||
Number of securities in a loss position for less than twelve months | Security | 82 | 82 | 203 |
Securities - Summary of Proceed
Securities - Summary of Proceeds from Sales, Gross Gains, and Gross Losses on Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||||
Gross realized gains | $ 1 | $ 1,724 | $ 151 | $ 2,905 | $ 4,172 | $ 1,444 | $ 677 |
Gross realized losses | (338) | (313) | (436) | (436) | (273) | (18) | |
Realized gains (losses) on sale of securities available for sale, net | $ 1 | $ 1,386 | $ (162) | $ 2,469 | $ 3,736 | $ 1,171 | $ 659 |
Securities - Schedule of Securi
Securities - Schedule of Securities Classified as Available-for-Sale with Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | |||
Losses less than 12 Months, Estimated Fair Value | $ 358,431 | $ 821,330 | $ 220,054 |
Losses less than 12 Months, Gross Unrealized Losses | 8,242 | 41,423 | 1,816 |
Losses more than 12 Months, Estimated Fair Value | 279,457 | 34,345 | 43,814 |
Losses more than 12 Months, Gross Unrealized Losses | 13,283 | 1,092 | 1,526 |
U.S. Treasury Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Losses less than 12 Months, Estimated Fair Value | 96,785 | ||
Losses less than 12 Months, Gross Unrealized Losses | 3,951 | ||
Losses more than 12 Months, Estimated Fair Value | 97,688 | ||
Losses more than 12 Months, Gross Unrealized Losses | 2,927 | ||
Obligations of U.S. Government Agencies | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Losses less than 12 Months, Estimated Fair Value | 138 | 51,463 | 7,850 |
Losses less than 12 Months, Gross Unrealized Losses | 277 | 109 | |
Losses more than 12 Months, Estimated Fair Value | 25,784 | 12,150 | |
Losses more than 12 Months, Gross Unrealized Losses | 103 | 43 | |
Total MBS | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Losses less than 12 Months, Estimated Fair Value | 218,226 | 328,374 | 199,548 |
Losses less than 12 Months, Gross Unrealized Losses | 4,108 | 8,482 | 1,520 |
Losses more than 12 Months, Estimated Fair Value | 58,347 | 17,979 | 39,624 |
Losses more than 12 Months, Gross Unrealized Losses | 2,768 | 887 | 1,432 |
Obligations of States and Municipal Subdivisions | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Losses less than 12 Months, Estimated Fair Value | 140,067 | 344,708 | 12,656 |
Losses less than 12 Months, Gross Unrealized Losses | 4,134 | 28,713 | 187 |
Losses more than 12 Months, Estimated Fair Value | 93,325 | ||
Losses more than 12 Months, Gross Unrealized Losses | 7,351 | ||
Other Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Losses more than 12 Months, Estimated Fair Value | 4,313 | 4,216 | 4,190 |
Losses more than 12 Months, Gross Unrealized Losses | $ 134 | $ 162 | $ 94 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses - Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | $ 8,052,978 | $ 7,457,429 | $ 6,936,831 | |||
Unearned discount and fees | (24,040) | (24,718) | (20,311) | |||
Total (Net of unearned discount and fees) | 8,028,938 | 7,432,711 | 6,916,520 | |||
ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 274,006 | 324,282 | 434,144 | |||
Total (Net of unearned discount and fees) | 274,006 | 324,282 | 434,144 | |||
ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 202,292 | 234,085 | 301,663 | |||
Unearned discount and fees | (3,495) | (4,301) | (5,752) | |||
Total (Net of unearned discount and fees) | 198,797 | 229,784 | 295,911 | |||
Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 7,576,680 | 6,899,062 | 6,201,024 | |||
Unearned discount and fees | (20,545) | (20,417) | (14,559) | |||
Total (Net of unearned discount and fees) | 7,556,135 | 6,878,645 | 6,186,465 | |||
Commercial and Industrial | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 4,927,301 | 4,665,222 | 4,539,438 | |||
Commercial and Industrial | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 32,343 | 38,047 | 61,993 | |||
Commercial and Industrial | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 54,596 | 51,694 | 63,716 | |||
Commercial and Industrial | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 4,840,362 | 4,575,481 | 4,413,729 | |||
Commercial and Industrial | General C&I | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | [1] | 2,620,240 | [2] | 2,416,665 | [2],[3] | 2,383,348 |
Commercial and Industrial | General C&I | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 26,103 | [2] | 31,709 | [1],[2] | 55,278 | |
Commercial and Industrial | General C&I | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 51,876 | [2] | 47,592 | [1],[2] | 55,320 | |
Commercial and Industrial | General C&I | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 2,542,261 | [2] | 2,337,364 | [1],[2] | 2,272,750 | |
Commercial and Industrial | Energy Sector | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 932,981 | 939,369 | 1,067,990 | |||
Commercial and Industrial | Energy Sector | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 932,981 | 939,369 | 1,067,990 | |||
Commercial and Industrial | Restaurant Industry | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 979,735 | 864,085 | 626,197 | |||
Commercial and Industrial | Restaurant Industry | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 979,735 | 864,085 | 626,197 | |||
Commercial and Industrial | Healthcare | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 394,345 | 445,103 | 461,903 | |||
Commercial and Industrial | Healthcare | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 6,240 | 6,338 | 6,715 | |||
Commercial and Industrial | Healthcare | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 2,720 | 4,102 | 8,396 | |||
Commercial and Industrial | Healthcare | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 385,385 | 434,663 | 446,792 | |||
Commercial Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,218,917 | 1,072,707 | 895,908 | |||
Commercial Real Estate | Income Producing | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,145,810 | 1,001,703 | 831,362 | |||
Commercial Real Estate | Land and Development | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 73,107 | 71,004 | 64,546 | |||
Commercial Real Estate | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 82,634 | 98,170 | 134,495 | |||
Commercial Real Estate | ACI Loans | Income Producing | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 82,634 | 96,673 | 129,914 | |||
Commercial Real Estate | ACI Loans | Land and Development | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,497 | 4,581 | ||||
Commercial Real Estate | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 16,245 | 20,306 | 29,911 | |||
Commercial Real Estate | ANCI Loans | Income Producing | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 14,735 | 18,354 | 27,185 | |||
Commercial Real Estate | ANCI Loans | Land and Development | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,510 | 1,952 | 2,726 | |||
Commercial Real Estate | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,120,038 | 954,231 | 731,502 | |||
Commercial Real Estate | Originated Loans | Income Producing | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,048,441 | 886,676 | 674,263 | |||
Commercial Real Estate | Originated Loans | Land and Development | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 71,597 | 67,555 | 57,239 | |||
Consumer | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,688,483 | 1,525,859 | 1,350,143 | |||
Consumer | Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,616,157 | 1,457,170 | 1,256,850 | |||
Consumer | Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 72,326 | 68,689 | 93,293 | |||
Consumer | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 159,029 | 188,065 | 237,656 | |||
Consumer | ACI Loans | Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 157,632 | 186,375 | 235,131 | |||
Consumer | ACI Loans | Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,397 | 1,690 | 2,525 | |||
Consumer | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 120,749 | 152,927 | 196,741 | |||
Consumer | ANCI Loans | Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 117,801 | 145,747 | 190,794 | |||
Consumer | ANCI Loans | Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 2,948 | 7,180 | 5,947 | |||
Consumer | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,408,705 | 1,184,867 | 915,746 | |||
Consumer | Originated Loans | Residential Real Estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 1,340,724 | 1,125,048 | 830,925 | |||
Consumer | Originated Loans | Other | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 67,981 | 59,819 | 84,821 | |||
Small Business Lending | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 218,277 | 193,641 | 151,342 | |||
Small Business Lending | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | 10,702 | 9,158 | 11,295 | |||
Small Business Lending | Originated Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | $ 207,575 | $ 184,483 | 140,047 | |||
Covered by FDIC Loss Sharing Agreements | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | [4] | 189,152 | ||||
Covered by FDIC Loss Sharing Agreements | ACI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | [4] | 147,236 | ||||
Covered by FDIC Loss Sharing Agreements | ANCI Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loan outstanding and financing receivable | [4] | $ 41,916 | ||||
[1] | This category for ACI loans includes all pooled commercial and industrial loans which may contain certain energy, restaurant, healthcare or services loan types. | |||||
[2] | This category for ACI loans includes all pooled commercial and industrial loans which may contain certain restaurant, healthcare or services loan types. | |||||
[3] | The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. | |||||
[4] | As of December 31, 2012, the Company had submitted claims in excess of the first threshold of $347 million and had been reimbursed the 80% of the covered losses by the FDIC up to this initial threshold. Subsequent claims between $347 million and $504 million are not reimbursable under the loss share agreement. On January 5, 2016, a settlement agreement was finalized with the FDIC to end the loss share agreement at a nominal cost and the Company had no FDIC indemnification asset recorded as of December 31, 2016 and 2015. |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Balance at beginning of period | $ 93,215 | $ 87,147 | $ 82,268 | $ 79,783 | $ 79,783 | $ 53,520 | $ 44,269 |
Total provision | 1,723 | 29,627 | 14,210 | 54,570 | 49,348 | 35,984 | 14,118 |
Total charge-offs | 581 | 26,868 | 4,011 | 45,380 | 49,302 | 10,734 | 9,307 |
Total recoveries | 408 | 1,263 | 2,298 | 2,196 | 2,439 | 1,013 | 4,440 |
Balance at end of period | 94,765 | 91,169 | 94,765 | 91,169 | 82,268 | 79,783 | 53,520 |
Loans ending balance | 8,052,978 | 8,052,978 | 7,457,429 | 6,936,831 | |||
Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Balance at beginning of period | 62,235 | 60,135 | 54,688 | 55,824 | 55,824 | 28,930 | 15,856 |
Total provision | (123) | 29,218 | 9,390 | 50,750 | 43,782 | 35,355 | 12,772 |
Total charge-offs | 440 | 25,455 | 3,301 | 43,332 | 46,367 | 8,525 | 1,033 |
Total recoveries | 71 | 675 | 966 | 1,331 | 1,449 | 64 | 1,335 |
Balance at end of period | 61,743 | 64,573 | 61,743 | 64,573 | 54,688 | 55,824 | 28,930 |
Loans ending balance | 4,927,301 | 4,927,301 | 4,665,222 | 4,539,438 | |||
Commercial Real Estate | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Balance at beginning of period | 13,260 | 9,804 | 10,103 | 8,136 | 8,136 | 7,050 | 12,307 |
Total provision | (384) | (943) | 2,645 | 678 | 1,389 | 1,018 | (2,370) |
Total charge-offs | 271 | 4,668 | |||||
Total recoveries | 76 | 519 | 204 | 566 | 578 | 339 | 1,781 |
Balance at end of period | 12,952 | 9,380 | 12,952 | 9,380 | 10,103 | 8,136 | 7,050 |
Loans ending balance | 1,218,917 | 1,218,917 | 1,072,707 | 895,908 | |||
Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Balance at beginning of period | 13,385 | 13,323 | 13,265 | 13,450 | 13,450 | 15,552 | 15,459 |
Total provision | 2,190 | 1,300 | 2,071 | 1,441 | 1,506 | (1,412) | 2,097 |
Total charge-offs | 141 | 1,413 | 543 | 1,906 | 2,094 | 1,291 | 3,313 |
Total recoveries | 196 | 67 | 837 | 292 | 403 | 601 | 1,309 |
Balance at end of period | 15,630 | 13,277 | 15,630 | 13,277 | 13,265 | 13,450 | 15,552 |
Loans ending balance | 1,688,483 | 1,688,483 | 1,525,859 | 1,350,143 | |||
Small Business Lending | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Balance at beginning of period | 4,335 | 3,885 | 4,212 | 2,373 | 2,373 | 1,988 | 647 |
Total provision | 40 | 52 | 104 | 1,701 | 2,671 | 1,023 | 1,619 |
Total charge-offs | 167 | 142 | 841 | 647 | 293 | ||
Total recoveries | 65 | 2 | 291 | 7 | 9 | 9 | 15 |
Balance at end of period | 4,440 | 3,939 | 4,440 | 3,939 | 4,212 | 2,373 | 1,988 |
Loans ending balance | 218,277 | 218,277 | 193,641 | 151,342 | |||
ACI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (1,262) | 190 | (2,198) | (3,204) | (3,468) | (5,900) | (6,023) |
Total charge-offs | 375 | 1,092 | 414 | 1,092 | 1,092 | 158 | 5,053 |
Total recoveries | 68 | 429 | 916 | 493 | 504 | 589 | 3,664 |
Allowance for credit losses, collectively evaluated for impairment | 8,258 | 10,298 | 8,258 | 10,298 | 10,043 | 13,834 | 17,917 |
Allowance for credit losses, individually evaluated for impairment | 324 | 233 | 324 | 233 | 235 | 500 | 1,886 |
Loans collectively evaluated for impairment | 255,078 | 255,078 | 301,769 | 382,254 | |||
Loans individually evaluated for impairment | 18,928 | 18,928 | 22,513 | 51,890 | |||
Loans ending balance | 274,006 | 274,006 | 324,282 | 434,144 | |||
ACI Loans | Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 278 | (39) | 95 | (2,179) | (2,073) | (1,536) | (1,931) |
Total charge-offs | 375 | 414 | 9 | ||||
Total recoveries | 8 | 246 | 20 | 20 | 16 | 1,333 | |
Allowance for credit losses, collectively evaluated for impairment | 70 | 70 | 176 | 2,062 | 2,528 | ||
Allowance for credit losses, individually evaluated for impairment | 103 | 103 | 168 | 1,229 | |||
Loans collectively evaluated for impairment | 22,120 | 22,120 | 26,276 | 41,175 | |||
Loans individually evaluated for impairment | 10,223 | 10,223 | 11,772 | 20,818 | |||
Loans ending balance | 32,343 | 32,343 | 38,047 | 61,993 | |||
ACI Loans | Commercial Real Estate | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (1,195) | (763) | (877) | (876) | (904) | (966) | (2,901) |
Total charge-offs | 123 | 4,668 | |||||
Total recoveries | 65 | 419 | 186 | 466 | 474 | 331 | 1,719 |
Allowance for credit losses, collectively evaluated for impairment | 1,958 | 2,671 | 1,958 | 2,671 | 2,652 | 3,084 | 3,577 |
Allowance for credit losses, individually evaluated for impairment | 6 | 4 | 6 | 4 | 3 | 266 | |
Loans collectively evaluated for impairment | 73,929 | 73,929 | 87,825 | 105,605 | |||
Loans individually evaluated for impairment | 8,705 | 8,705 | 10,345 | 28,890 | |||
Loans ending balance | 82,634 | 82,634 | 98,170 | 134,495 | |||
ACI Loans | Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (345) | 992 | (1,416) | (149) | (491) | (3,398) | (1,191) |
Total charge-offs | 1,092 | 1,092 | 1,092 | 26 | 385 | ||
Total recoveries | 3 | 2 | 484 | 7 | 10 | 242 | 612 |
Allowance for credit losses, collectively evaluated for impairment | 6,300 | 7,557 | 6,300 | 7,557 | 7,215 | 8,688 | 11,812 |
Allowance for credit losses, individually evaluated for impairment | 215 | 229 | 215 | 229 | 232 | 332 | 391 |
Loans collectively evaluated for impairment | 159,029 | 159,029 | 187,668 | 235,474 | |||
Loans individually evaluated for impairment | 396 | 2,182 | |||||
Loans ending balance | 159,029 | 159,029 | 188,065 | 237,656 | |||
ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (192) | (284) | 227 | (279) | (39) | 385 | 1,666 |
Total charge-offs | 74 | 144 | 306 | 334 | 367 | 1,001 | 2,749 |
Total recoveries | 256 | 144 | 558 | 244 | 321 | 206 | 467 |
Allowance for credit losses, collectively evaluated for impairment | 1,396 | 633 | 1,396 | 633 | 908 | 1,002 | 863 |
Allowance for credit losses, individually evaluated for impairment | 62 | 61 | 62 | 61 | 70 | 61 | 612 |
Loans collectively evaluated for impairment | 200,374 | 200,374 | 232,528 | 299,770 | |||
Loans individually evaluated for impairment | 1,918 | 1,918 | 1,557 | 1,893 | |||
Loans ending balance | 202,292 | 202,292 | 234,085 | 301,663 | |||
ANCI Loans | Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 31 | (33) | 639 | (196) | (169) | 31 | (854) |
Total charge-offs | 65 | 99 | 190 | ||||
Total recoveries | 27 | 11 | 43 | 35 | 43 | 48 | 2 |
Allowance for credit losses, collectively evaluated for impairment | 883 | 262 | 883 | 262 | 299 | 425 | 348 |
Loans collectively evaluated for impairment | 54,596 | 54,596 | 51,694 | 63,716 | |||
Loans ending balance | 54,596 | 54,596 | 51,694 | 63,716 | |||
ANCI Loans | Commercial Real Estate | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (237) | (42) | (211) | (85) | 193 | (148) | |
Total charge-offs | 25 | ||||||
Total recoveries | 100 | 100 | 101 | 8 | 62 | ||
Allowance for credit losses, collectively evaluated for impairment | 202 | 117 | 202 | 117 | 243 | 227 | 51 |
Loans collectively evaluated for impairment | 16,245 | 16,245 | 20,306 | 29,911 | |||
Loans ending balance | 16,245 | 16,245 | 20,306 | 29,911 | |||
ANCI Loans | Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (154) | 33 | (146) | 188 | 225 | 17 | 1,838 |
Total charge-offs | 9 | 144 | 160 | 334 | 367 | 329 | 2,266 |
Total recoveries | 164 | 31 | 268 | 102 | 168 | 141 | 388 |
Allowance for credit losses, collectively evaluated for impairment | 55 | 55 | 94 | 65 | 259 | ||
Allowance for credit losses, individually evaluated for impairment | 38 | 61 | 38 | 61 | 37 | 40 | 18 |
Loans collectively evaluated for impairment | 119,152 | 119,152 | 151,759 | 195,307 | |||
Loans individually evaluated for impairment | 1,597 | 1,597 | 1,168 | 1,434 | |||
Loans ending balance | 120,749 | 120,749 | 152,927 | 196,741 | |||
ANCI Loans | Small Business Lending | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (69) | (47) | (224) | (60) | (10) | 144 | 830 |
Total charge-offs | 47 | 647 | 293 | ||||
Total recoveries | 65 | 2 | 247 | 7 | 9 | 9 | 15 |
Allowance for credit losses, collectively evaluated for impairment | 256 | 254 | 256 | 254 | 272 | 285 | 205 |
Allowance for credit losses, individually evaluated for impairment | 24 | 24 | 33 | 21 | 594 | ||
Loans collectively evaluated for impairment | 10,381 | 10,381 | 8,769 | 10,836 | |||
Loans individually evaluated for impairment | 321 | 321 | 389 | 459 | |||
Loans ending balance | 10,702 | 10,702 | 9,158 | 11,295 | |||
Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 3,177 | 29,721 | 16,181 | 58,053 | 52,855 | 41,499 | 18,475 |
Total charge-offs | 132 | 25,632 | 3,291 | 43,954 | 47,843 | 9,575 | 1,505 |
Total recoveries | 84 | 690 | 824 | 1,459 | 1,614 | 218 | 309 |
Allowance for credit losses, collectively evaluated for impairment | 73,801 | 71,154 | 73,801 | 71,154 | 69,407 | 59,883 | 29,095 |
Allowance for credit losses, individually evaluated for impairment | 10,924 | 8,790 | 10,924 | 8,790 | 1,605 | 4,503 | 3,147 |
Loans collectively evaluated for impairment | 7,484,359 | 7,484,359 | 151,634 | 74,415 | |||
Loans individually evaluated for impairment | 92,321 | 92,321 | 6,747,428 | 6,126,609 | |||
Loans ending balance | 7,576,680 | 7,576,680 | 6,899,062 | 6,201,024 | |||
Originated Loans | Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | (432) | 29,290 | 8,656 | 53,125 | 46,024 | 36,860 | 15,557 |
Total charge-offs | 25,455 | 2,788 | 43,332 | 46,367 | 8,516 | 843 | |
Total recoveries | 44 | 656 | 677 | 1,276 | 1,386 | ||
Allowance for credit losses, collectively evaluated for impairment | 49,847 | 55,451 | 49,847 | 55,451 | 52,615 | 48,666 | 21,685 |
Allowance for credit losses, individually evaluated for impairment | 10,910 | 8,790 | 10,910 | 8,790 | 1,598 | 4,503 | 3,140 |
Loans collectively evaluated for impairment | 4,749,077 | 4,749,077 | 150,658 | 74,111 | |||
Loans individually evaluated for impairment | 91,285 | 91,285 | 4,424,822 | 4,339,618 | |||
Loans ending balance | 4,840,362 | 4,840,362 | 4,575,481 | 4,413,729 | |||
Originated Loans | Commercial Real Estate | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 811 | 57 | 3,564 | 1,765 | 2,378 | 1,791 | 679 |
Total charge-offs | 123 | ||||||
Total recoveries | 11 | 18 | 3 | ||||
Allowance for credit losses, collectively evaluated for impairment | 10,786 | 6,588 | 10,786 | 6,588 | 7,205 | 4,825 | 3,156 |
Loans collectively evaluated for impairment | 1,120,038 | 1,120,038 | |||||
Loans individually evaluated for impairment | 954,231 | 731,502 | |||||
Loans ending balance | 1,120,038 | 1,120,038 | 954,231 | 731,502 | |||
Originated Loans | Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 2,689 | 275 | 3,633 | 1,402 | 1,772 | 1,969 | 1,450 |
Total charge-offs | 132 | 177 | 383 | 480 | 635 | 936 | 662 |
Total recoveries | 29 | 34 | 85 | 183 | 225 | 218 | 309 |
Allowance for credit losses, collectively evaluated for impairment | 9,019 | 5,430 | 9,019 | 5,430 | 5,687 | 4,325 | 3,065 |
Allowance for credit losses, individually evaluated for impairment | 3 | 3 | 7 | ||||
Loans collectively evaluated for impairment | 1,408,263 | 1,408,263 | 426 | 304 | |||
Loans individually evaluated for impairment | 442 | 442 | 1,184,442 | 915,442 | |||
Loans ending balance | 1,408,705 | 1,408,705 | 1,184,867 | 915,746 | |||
Originated Loans | Small Business Lending | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total provision | 109 | 99 | 328 | 1,761 | 2,681 | 879 | 789 |
Total charge-offs | 120 | 142 | 841 | ||||
Total recoveries | 44 | ||||||
Allowance for credit losses, collectively evaluated for impairment | 4,149 | $ 3,685 | 4,149 | $ 3,685 | 3,900 | 2,067 | $ 1,189 |
Allowance for credit losses, individually evaluated for impairment | 11 | 11 | 7 | ||||
Loans collectively evaluated for impairment | 206,981 | 206,981 | 550 | ||||
Loans individually evaluated for impairment | 594 | 594 | 183,933 | 140,047 | |||
Loans ending balance | $ 207,575 | $ 207,575 | $ 184,483 | $ 140,047 |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($)TDRs | Sep. 30, 2016USD ($)TDRs | Sep. 30, 2017USD ($)TDRs | Sep. 30, 2016USD ($)TDRs | Dec. 31, 2016USD ($)TDRs | Dec. 31, 2015USD ($)TDRs | Dec. 31, 2014USD ($)TDRs | ||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans held for sale | $ 21,835 | $ 21,835 | $ 17,822 | $ 25,413 | ||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | 9,397 | $ 309,415 | $ 318,868 | $ 19,400 | ||||
Interest income recognized for impaired loans | 301 | $ 206 | 926 | 897 | ||||
Contractual interest recognized on cash basis | $ 400 | $ 200 | $ 1,400 | $ 1,200 | ||||
Number of Loans Modified | TDRs | 1 | 4 | 4 | 7 | 9 | 11 | 9 | |
Number of TDRs | TDRs | [1] | 2 | 3 | |||||
ACI Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of Loans Modified | TDRs | 0 | 0 | 1 | 1 | 1 | 1 | ||
Recorded Investment | $ 954 | $ 954 | $ 954 | $ 625 | $ 1,854 | |||
Number of TDRs | TDRs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Residential Real Estate | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Foreclosed residential properties | $ 4,800 | $ 4,800 | $ 5,100 | |||||
Energy Sector | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | 9,900 | |||||||
Commercial Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans held for sale | 16,000 | 16,000 | 9,453 | $ 19,314 | ||||
Mortgage Loans | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans held for sale | 5,800 | 5,800 | ||||||
Consumer Loans | Residential Real Estate | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Residential mortgage loans in process of foreclosure | $ 3,400 | $ 3,400 | $ 2,100 | |||||
[1] | Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 day past due status with respect to principal and/or interest payments. |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | $ 25,141 | $ 40,696 | $ 34,293 |
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 69,297 | 112,699 | 42,291 |
Unpaid Principal Balance, With allowance for credit losses recorded | 30,249 | 46,881 | 38,040 | |
Unpaid Principal Balance, With no related allowance for credit losses | 79,601 | 118,313 | 48,313 | |
Related Specific Allowance, With allowance for credit losses recorded | 10,986 | 1,675 | 4,564 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 11,639 | 28,357 | 23,314 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 60,936 | 92,286 | 31,776 | |
Undisbursed Commitments, With allowance for credit losses recorded | 402 | 4,788 | 19,286 | |
Undisbursed Commitments, With no related allowance for credit losses | 4,432 | 9,829 | 13,980 | |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 33,154 | ||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 67,777 | 111,534 | 41,227 |
Unpaid Principal Balance, With allowance for credit losses recorded | 36,299 | |||
Unpaid Principal Balance, With no related allowance for credit losses | 77,638 | 116,748 | 47,248 | |
Related Specific Allowance, With allowance for credit losses recorded | 4,503 | |||
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 22,855 | |||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 60,645 | 91,987 | 31,692 | |
Undisbursed Commitments, With allowance for credit losses recorded | 19,286 | |||
Undisbursed Commitments, With no related allowance for credit losses | 4,432 | 9,828 | 13,980 | |
Commercial and Industrial | General C&I | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 6,202 | ||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 193 | 12,334 | 10,120 |
Unpaid Principal Balance, With allowance for credit losses recorded | 6,202 | |||
Unpaid Principal Balance, With no related allowance for credit losses | 197 | 13,426 | 10,073 | |
Related Specific Allowance, With allowance for credit losses recorded | 124 | |||
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 6,202 | |||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 193 | 6,838 | 630 | |
Undisbursed Commitments, With allowance for credit losses recorded | 10,071 | |||
Undisbursed Commitments, With no related allowance for credit losses | 1,363 | 3,727 | ||
Commercial and Industrial | Energy Sector | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 23,695 | 39,319 | 26,952 |
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 67,584 | 99,200 | 31,107 |
Unpaid Principal Balance, With allowance for credit losses recorded | 28,539 | 45,243 | 30,097 | |
Unpaid Principal Balance, With no related allowance for credit losses | 77,441 | 103,322 | 37,175 | |
Related Specific Allowance, With allowance for credit losses recorded | 10,910 | 1,598 | 4,379 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 11,574 | 28,228 | 16,653 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 60,452 | 85,149 | 31,062 | |
Undisbursed Commitments, With allowance for credit losses recorded | 402 | 4,788 | 9,215 | |
Undisbursed Commitments, With no related allowance for credit losses | 4,432 | 8,465 | 10,253 | |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 784 | ||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,265 | 866 | 1,064 |
Unpaid Principal Balance, With allowance for credit losses recorded | 780 | |||
Unpaid Principal Balance, With no related allowance for credit losses | 1,267 | 862 | 1,065 | |
Related Specific Allowance, With allowance for credit losses recorded | 41 | |||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 36 | 84 | ||
Undisbursed Commitments, With no related allowance for credit losses | 1 | |||
Consumer | Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 499 | 736 | 680 |
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 1,105 | 437 | 758 |
Unpaid Principal Balance, With allowance for credit losses recorded | 497 | 741 | 678 | |
Unpaid Principal Balance, With no related allowance for credit losses | 1,108 | 435 | 761 | |
Related Specific Allowance, With allowance for credit losses recorded | 38 | 37 | 40 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 39 | |||
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | 36 | 84 | ||
Consumer | Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 285 | ||
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 160 | 429 | 306 |
Unpaid Principal Balance, With allowance for credit losses recorded | 283 | |||
Unpaid Principal Balance, With no related allowance for credit losses | 159 | 427 | 304 | |
Related Specific Allowance, With allowance for credit losses recorded | 3 | |||
Undisbursed Commitments, With no related allowance for credit losses | 1 | |||
Small Business Lending | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Recorded Investment in Impaired Loans, With allowance for credit losses recorded | [1] | 662 | 641 | 459 |
Recorded Investment in Impaired Loans, With no related allowance for credit losses | [1] | 255 | 299 | |
Unpaid Principal Balance, With allowance for credit losses recorded | 930 | 897 | 1,063 | |
Unpaid Principal Balance, With no related allowance for credit losses | 696 | 703 | ||
Related Specific Allowance, With allowance for credit losses recorded | 35 | 40 | 21 | |
Nonaccrual Loans Included in Impaired Loans, With allowance for credit losses recorded | 65 | 90 | $ 459 | |
Nonaccrual Loans Included in Impaired Loans, with no related allowance for credit losses | $ 255 | $ 299 | ||
[1] | The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses - Summary of Average Recorded Investment in Impaired Originated and ANCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | $ 111,104 | $ 165,681 | $ 132,727 | $ 145,373 | $ 162,293 | $ 26,791 | $ 6,795 |
ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 1,940 | 2,172 | 1,741 | 2,131 | 2,047 | 2,224 | 2,426 |
Commercial and Industrial | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 110,086 | 165,242 | 131,749 | 145,006 | 161,757 | 26,452 | 6,684 |
Commercial and Industrial | ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 568 | 432 | 432 | ||||
Commercial and Industrial | General C&I | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 6,506 | 8,474 | 9,480 | 11,856 | 10,859 | 6,347 | |
Commercial and Industrial | General C&I | ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 568 | 432 | 432 | ||||
Commercial and Industrial | Energy Sector | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 103,580 | 156,768 | 122,269 | 133,150 | 150,898 | 20,105 | 6,684 |
Commercial Real Estate | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 10 | ||||||
Commercial Real Estate | Income Producing | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 10 | ||||||
Consumer | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 369 | 439 | 378 | 367 | 398 | 312 | 101 |
Consumer | ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 1,606 | 1,199 | 1,385 | 1,273 | 1,206 | 1,528 | 1,162 |
Consumer | Residential Real Estate | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 39 | 101 | |||||
Consumer | Residential Real Estate | ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 1,606 | 1,199 | 1,385 | 1,273 | 1,206 | 1,528 | 1,162 |
Consumer | Other | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 369 | 439 | 378 | 367 | 398 | 273 | |
Small Business Lending | Originated Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | 649 | 600 | 138 | 27 | |||
Small Business Lending | ANCI Loans | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Average recorded investment | $ 334 | $ 405 | $ 356 | $ 426 | $ 409 | $ 696 | $ 1,264 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses - Summary of Originated and ANCI Loans that Were Modified Into TDRs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($)TDRs | Sep. 30, 2016USD ($)TDRs | Sep. 30, 2017USD ($)TDRs | Sep. 30, 2016USD ($)TDRs | Dec. 31, 2016USD ($)TDRs | Dec. 31, 2015USD ($)TDRs | Dec. 31, 2014USD ($)TDRs | ||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 1 | 4 | 4 | 7 | 9 | 11 | 9 | |
Recorded Investment | $ | $ 285 | $ 37,003 | $ 1,085 | $ 44,361 | $ 44,695 | $ 27,038 | $ 4,205 | |
Number of TDRs | TDRs | [1] | 2 | 3 | |||||
Recorded Investment | $ | [1] | $ 459 | $ 1,179 | |||||
Commercial and Industrial | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 4 | 5 | 6 | 5 | 1 | |||
Recorded Investment | $ | $ 37,003 | $ 43,841 | $ 43,609 | $ 26,459 | $ 2,773 | |||
Commercial and Industrial | General C&I | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 1 | 1 | 1 | 1 | 3 | |||
Recorded Investment | $ | $ 7,896 | $ 193 | $ 7,896 | $ 5,496 | $ 9,840 | |||
Commercial and Industrial | Energy Sector | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 3 | 4 | 5 | 2 | 1 | |||
Recorded Investment | $ | $ 29,107 | $ 35,945 | $ 38,113 | $ 16,619 | $ 2,773 | |||
Consumer | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 2 | 2 | 2 | 6 | 7 | |||
Recorded Investment | $ | $ 747 | $ 520 | $ 534 | $ 579 | $ 1,256 | |||
Number of TDRs | TDRs | [1] | 1 | ||||||
Recorded Investment | $ | [1] | $ 101 | ||||||
Consumer | Residential Real Estate | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 1 | 1 | 1 | 5 | 7 | |||
Recorded Investment | $ | $ 462 | $ 336 | $ 334 | $ 273 | $ 1,256 | |||
Number of TDRs | TDRs | [1] | 1 | ||||||
Recorded Investment | $ | [1] | $ 101 | ||||||
Consumer | Other | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 1 | 1 | 1 | 1 | 1 | |||
Recorded Investment | $ | $ 285 | $ 285 | $ 184 | $ 200 | $ 306 | |||
Small Business Lending | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of TDRs | TDRs | 1 | 1 | 1 | |||||
Recorded Investment | $ | $ 145 | $ 552 | $ 176 | |||||
Number of TDRs | TDRs | [1] | 2 | 2 | |||||
Recorded Investment | $ | [1] | $ 459 | $ 1,078 | |||||
[1] | Default is defined as the earlier of the troubled debt restructuring being placed on non-accrual status or obtaining 90 day past due status with respect to principal and/or interest payments. |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses - Schedule of Number of Loans Modified (Detail) - TDRs | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 4 | 4 | 7 | 9 | 11 | 9 |
Forbearance Agreement | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 2 | 6 | |||
Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 2 | 1 | 2 | 5 | 2 | |
Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 2 | 2 | 5 | 5 | 6 | 1 |
Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 4 | 5 | 6 | 5 | 1 | ||
Commercial and Industrial | Forbearance Agreement | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 2 | ||||
Commercial and Industrial | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | |||
Commercial and Industrial | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 2 | 3 | 3 | 5 | |||
Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 2 | 2 | 2 | 6 | 7 | ||
Consumer | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 5 | ||||||
Consumer | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 2 | 2 | 2 | 1 | |||
Small Business Lending | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | ||||
Small Business Lending | Forbearance Agreement | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | ||||||
Small Business Lending | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | |||||
Residential Real Estate | Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 5 | 7 | ||
Residential Real Estate | Consumer | Forbearance Agreement | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 5 | ||||||
Residential Real Estate | Consumer | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 5 | 1 | |||||
Residential Real Estate | Consumer | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | |||
Other | Consumer | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | 1 | ||
Other | Consumer | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | 1 | ||
Energy Sector | Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 3 | 4 | 5 | 2 | 1 | ||
Energy Sector | Commercial and Industrial | Forbearance Agreement | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 2 | ||||
Energy Sector | Commercial and Industrial | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | |||
Energy Sector | Commercial and Industrial | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 2 | 2 | 2 | |||
General C&I | Commercial and Industrial | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 1 | 3 | ||
General C&I | Commercial and Industrial | Rate Concession | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | ||||||
General C&I | Commercial and Industrial | Modified Terms and/or Other Concessions | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of Loans Modified | 1 | 1 | 1 | 3 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses - Summary of Credit Exposure by Portfolio Segment and Class of Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Commercial Real Estate | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | $ 1,065,806 | $ 907,018 | $ 687,815 | ||
Commercial Real Estate | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 73,366 | 69,724 | 75,105 | ||
Commercial Real Estate | Originated Loans | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,051,013 | 888,608 | 660,573 | ||
Commercial Real Estate | Originated Loans | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 71,834 | 67,765 | 72,375 | ||
Commercial Real Estate | Originated Loans | Pass | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,049,645 | 888,608 | 660,489 | ||
Commercial Real Estate | Originated Loans | Pass | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 71,814 | 67,742 | 72,375 | ||
Commercial Real Estate | Originated Loans | Special Mention | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,368 | ||||
Commercial Real Estate | Originated Loans | Special Mention | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 20 | 23 | |||
Commercial Real Estate | Originated Loans | Substandard | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 84 | ||||
Commercial Real Estate | ANCI Loans | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 14,793 | 18,410 | 27,242 | ||
Commercial Real Estate | ANCI Loans | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,532 | 1,959 | 2,730 | ||
Commercial Real Estate | ANCI Loans | Pass | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 14,767 | 18,410 | 27,242 | ||
Commercial Real Estate | ANCI Loans | Pass | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,232 | 1,618 | 2,391 | ||
Commercial Real Estate | ANCI Loans | Special Mention | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 148 | ||||
Commercial Real Estate | ANCI Loans | Substandard | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 26 | ||||
Commercial Real Estate | ANCI Loans | Substandard | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 300 | 341 | 191 | ||
Commercial Real Estate | ACI Loans | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 85,241 | 99,867 | 133,125 | ||
Commercial Real Estate | ACI Loans | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 10,077 | 11,427 | 13,992 | ||
Commercial Real Estate | ACI Loans | Pass | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 77,523 | 80,463 | 101,297 | ||
Commercial Real Estate | ACI Loans | Pass | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 7,310 | 7,254 | 8,658 | ||
Commercial Real Estate | ACI Loans | Special Mention | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,579 | 5,813 | 2,699 | ||
Commercial Real Estate | ACI Loans | Special Mention | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 710 | 933 | 1,171 | ||
Commercial Real Estate | ACI Loans | Substandard | Income Producing | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 6,139 | 13,591 | 29,129 | ||
Commercial Real Estate | ACI Loans | Substandard | Land and Development | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,057 | 3,240 | 4,163 | ||
Small Business Lending | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 218,819 | 194,126 | 151,699 | ||
Small Business Lending | Originated Loans | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 208,082 | 184,944 | 140,378 | ||
Small Business Lending | Originated Loans | Pass | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 204,758 | 182,021 | 138,306 | ||
Small Business Lending | Originated Loans | Special Mention | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,624 | 1,807 | 1,310 | ||
Small Business Lending | Originated Loans | Substandard | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 668 | 1,116 | 762 | ||
Small Business Lending | Originated Loans | Doubtful | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 32 | ||||
Small Business Lending | ANCI Loans | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 10,737 | 9,182 | 11,321 | ||
Small Business Lending | ANCI Loans | Pass | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 10,136 | 8,407 | 10,368 | ||
Small Business Lending | ANCI Loans | Special Mention | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 40 | 11 | 8 | ||
Small Business Lending | ANCI Loans | Substandard | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 561 | 764 | 945 | ||
Consumer | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,462,974 | 1,274,477 | 1,024,616 | ||
Consumer | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 71,199 | 67,223 | 91,061 | ||
Consumer | Originated Loans | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,344,719 | 1,128,197 | 833,162 | ||
Consumer | Originated Loans | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 68,236 | 60,015 | 85,085 | ||
Consumer | Originated Loans | Pass | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,343,065 | 1,126,679 | 830,883 | ||
Consumer | Originated Loans | Pass | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 67,294 | 59,145 | 82,976 | ||
Consumer | Originated Loans | Special Mention | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 328 | 422 | 1,921 | ||
Consumer | Originated Loans | Special Mention | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 621 | 455 | 1,146 | ||
Consumer | Originated Loans | Substandard | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,326 | 1,096 | 358 | ||
Consumer | Originated Loans | Substandard | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 321 | 415 | 963 | ||
Consumer | ANCI Loans | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 118,255 | 146,280 | 191,454 | ||
Consumer | ANCI Loans | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,963 | 7,208 | 5,976 | ||
Consumer | ANCI Loans | Pass | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 113,731 | 141,349 | 186,278 | ||
Consumer | ANCI Loans | Pass | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,915 | 7,151 | 5,923 | ||
Consumer | ANCI Loans | Special Mention | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,892 | 2,156 | 2,197 | ||
Consumer | ANCI Loans | Special Mention | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 46 | 53 | 39 | ||
Consumer | ANCI Loans | Substandard | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,632 | 2,775 | 2,979 | ||
Consumer | ANCI Loans | Substandard | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2 | 4 | 14 | ||
Consumer | ACI Loans | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 160,116 | 189,003 | 240,564 | ||
Consumer | ACI Loans | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,795 | 2,122 | 3,013 | ||
Consumer | ACI Loans | Pass | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 136,430 | 157,762 | 206,193 | ||
Consumer | ACI Loans | Pass | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 1,563 | 1,821 | 2,519 | ||
Consumer | ACI Loans | Special Mention | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 3,420 | 3,655 | 1,162 | ||
Consumer | ACI Loans | Special Mention | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 12 | 14 | 16 | ||
Consumer | ACI Loans | Substandard | Residential Real Estate | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 20,266 | 27,586 | 33,209 | ||
Consumer | ACI Loans | Substandard | Other | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 220 | 287 | 478 | ||
Commercial and Industrial | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,601,126 | 2,390,658 | 2,333,567 | ||
Commercial and Industrial | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 935,112 | [1] | 941,375 | 1,069,824 | |
Commercial and Industrial | Restaurant Industry | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 981,785 | 865,715 | 627,309 | ||
Commercial and Industrial | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 389,136 | 439,869 | 455,838 | ||
Commercial and Industrial | Doubtful | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 10,503 | [1] | 789 | ||
Commercial and Industrial | Originated Loans | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,549,022 | [1] | 2,342,868 | 2,277,979 | |
Commercial and Industrial | Originated Loans | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 935,112 | [1] | 941,375 | 1,069,824 | |
Commercial and Industrial | Originated Loans | Restaurant Industry | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 981,785 | [1] | 865,715 | 627,309 | |
Commercial and Industrial | Originated Loans | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 386,405 | [1] | 435,755 | 447,426 | |
Commercial and Industrial | Originated Loans | Pass | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,429,596 | 2,279,481 | 2,221,218 | ||
Commercial and Industrial | Originated Loans | Pass | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 773,680 | [1] | 670,696 | 724,011 | |
Commercial and Industrial | Originated Loans | Pass | Restaurant Industry | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 966,231 | 849,546 | 601,996 | ||
Commercial and Industrial | Originated Loans | Pass | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 386,360 | 426,276 | 442,117 | ||
Commercial and Industrial | Originated Loans | Special Mention | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 84,846 | 36,419 | 14,056 | ||
Commercial and Industrial | Originated Loans | Special Mention | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 30,433 | 104,781 | |||
Commercial and Industrial | Originated Loans | Special Mention | Restaurant Industry | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 4,647 | 16,169 | 25,313 | ||
Commercial and Industrial | Originated Loans | Special Mention | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 45 | 9,479 | 212 | ||
Commercial and Industrial | Originated Loans | Substandard | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 34,580 | [1] | 26,968 | 42,705 | |
Commercial and Industrial | Originated Loans | Substandard | Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 150,929 | [1] | 239,457 | 241,032 | |
Commercial and Industrial | Originated Loans | Substandard | Restaurant Industry | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | [1] | 10,907 | |||
Commercial and Industrial | Originated Loans | Substandard | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 5,097 | ||||
Commercial and Industrial | ANCI Loans | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 52,104 | 47,790 | 55,588 | ||
Commercial and Industrial | ANCI Loans | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,731 | 4,114 | 8,412 | ||
Commercial and Industrial | ANCI Loans | Pass | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 45,780 | 47,269 | 53,233 | ||
Commercial and Industrial | ANCI Loans | Pass | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,731 | 4,114 | 8,389 | ||
Commercial and Industrial | ANCI Loans | Special Mention | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 500 | ||||
Commercial and Industrial | ANCI Loans | Substandard | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 6,324 | 521 | 1,855 | ||
Commercial and Industrial | ANCI Loans | Substandard | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 23 | ||||
Commercial and Industrial | ACI Loans | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 27,055 | 33,090 | 57,846 | ||
Commercial and Industrial | ACI Loans | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 6,250 | 5,648 | 6,054 | ||
Commercial and Industrial | ACI Loans | Pass | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 23,579 | 26,634 | 40,087 | ||
Commercial and Industrial | ACI Loans | Pass | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 5,648 | 6,054 | |||
Commercial and Industrial | ACI Loans | Special Mention | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 885 | 939 | 2,004 | ||
Commercial and Industrial | ACI Loans | Substandard | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 2,556 | 5,484 | 15,726 | ||
Commercial and Industrial | ACI Loans | Substandard | Healthcare | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | 6,250 | ||||
Commercial and Industrial | ACI Loans | Doubtful | General C&I | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Recorded investment | $ 35 | $ 33 | $ 29 | ||
[1] | Does not include the $9.9 million nonperforming energy credit that was transferred to the HFS category. |
Loans and Allowance for Credi70
Loans and Allowance for Credit Losses - Summary of Credit Exposure by Portfolio Segment and Class of Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Recorded Investment [Line Items] | |||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | $ 9,397 | $ 309,415 | $ 318,868 | $ 19,400 | |
Energy Sector | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | $ 9,900 |
Loans and Allowance for Credi71
Loans and Allowance for Credit Losses - Summary of Aging of Past Due Originated and ANCI Loans by Portfolio Segment and Class of Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Consumer | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | $ 160,116 | $ 189,003 | $ 240,564 | ||
Consumer | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,795 | 2,122 | 3,013 | ||
Consumer | 30-59 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 4,422 | 4,070 | 3,957 | ||
Consumer | 30-59 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 62 | 134 | 127 | ||
Consumer | 60-89 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 2,001 | 1,939 | 2,561 | ||
Consumer | 60-89 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 32 | 25 | 59 | ||
Consumer | 0-29 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 144,292 | 171,457 | 218,317 | ||
Consumer | 0-29 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,649 | 1,871 | 2,583 | ||
Originated Loans | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 6,377 | [1] | 7,859 | 13,872 | |
Originated Loans | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 607 | [1] | 802 | 488 | |
Originated Loans | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 41 | [1] | 331 | 378 | |
Originated Loans | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 6,264 | [1] | 6,855 | 3,503 | |
Originated Loans | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 30 | [1] | 36 | ||
Originated Loans | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 7,221 | [1] | 1,151 | 1,265 | |
Originated Loans | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 60,117 | [1] | 113,361 | 50,470 | |
Originated Loans | Commercial and Industrial | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 3,930 | 12,947 | |||
Originated Loans | Commercial and Industrial | Accruing Loans | 30-59 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 3,930 | 12,947 | |||
Originated Loans | Commercial and Industrial | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 300 | ||||
Originated Loans | Commercial and Industrial | Accruing Loans | 90+DPD | Healthcare | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 300 | ||||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 5,883 | [1] | 6,839 | 3,503 | |
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 30-59 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 6,839 | ||||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 30-59 DPD | Energy Sector | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 5,883 | [1] | 3,503 | ||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 6,342 | [1] | 697 | 1,012 | |
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 90+DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 250 | 1,012 | |||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 90+DPD | Energy Sector | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 6,342 | [1] | 447 | ||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 59,994 | 112,937 | 50,459 | ||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 193 | 6,203 | |||
Originated Loans | Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | Energy Sector | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 59,801 | [1] | 112,937 | 44,256 | |
Originated Loans | Commercial Real Estate | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 347 | 8 | |||
Originated Loans | Commercial Real Estate | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 66 | ||||
Originated Loans | Commercial Real Estate | Income Producing | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 4 | ||||
Originated Loans | Commercial Real Estate | Income Producing | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 66 | ||||
Originated Loans | Commercial Real Estate | Land and Development | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 347 | 8 | |||
Originated Loans | Consumer | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 5,932 | 1,922 | 692 | ||
Originated Loans | Consumer | Accruing Loans | 30-59 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 5,115 | 1,388 | 598 | ||
Originated Loans | Consumer | Accruing Loans | 30-59 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 817 | 534 | 94 | ||
Originated Loans | Consumer | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 607 | 239 | 443 | ||
Originated Loans | Consumer | Accruing Loans | 60-89 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 577 | 239 | 423 | ||
Originated Loans | Consumer | Accruing Loans | 60-89 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 30 | 20 | |||
Originated Loans | Consumer | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 244 | 78 | |||
Originated Loans | Consumer | Accruing Loans | 90+DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 244 | 67 | |||
Originated Loans | Consumer | Accruing Loans | 90+DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 11 | ||||
Originated Loans | Consumer | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | [1] | 262 | |||
Originated Loans | Consumer | Non-Accruing Loans | 30-59 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | [1] | 262 | |||
Originated Loans | Consumer | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 755 | [1] | 454 | 108 | |
Originated Loans | Consumer | Non-Accruing Loans | 90+DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 755 | [1] | 454 | 108 | |
Originated Loans | Consumer | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 84 | 344 | |||
Originated Loans | Consumer | Non-Accruing Loans | 0-29 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 84 | 344 | |||
Originated Loans | Small Business Lending | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 98 | 2,003 | 225 | ||
Originated Loans | Small Business Lending | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 563 | 45 | |||
Originated Loans | Small Business Lending | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 41 | 87 | |||
Originated Loans | Small Business Lending | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 119 | [1] | 16 | ||
Originated Loans | Small Business Lending | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 30 | [1] | 36 | ||
Originated Loans | Small Business Lending | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 124 | [1] | 79 | ||
Originated Loans | Small Business Lending | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 39 | 80 | 11 | ||
ANCI Loans | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 3,242 | 1,799 | 1,282 | ||
ANCI Loans | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 208 | 839 | 758 | ||
ANCI Loans | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 197 | 255 | 1,068 | ||
ANCI Loans | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 752 | [1] | 92 | 420 | |
ANCI Loans | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 483 | [1] | 341 | 160 | |
ANCI Loans | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,121 | [1] | 1,750 | 1,839 | |
ANCI Loans | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,046 | 1,688 | 1,112 | ||
ANCI Loans | Commercial and Industrial | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 70 | ||||
ANCI Loans | Commercial and Industrial | Accruing Loans | 30-59 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 47 | ||||
ANCI Loans | Commercial and Industrial | Accruing Loans | 30-59 DPD | Healthcare | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 23 | ||||
ANCI Loans | Commercial and Industrial | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 33 | ||||
ANCI Loans | Commercial and Industrial | Accruing Loans | 60-89 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 33 | ||||
ANCI Loans | Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 50 | ||||
ANCI Loans | Commercial and Industrial | Non-Accruing Loans | 0-29 DPD | General C&I | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 125 | 50 | |||
ANCI Loans | Commercial Real Estate | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,048 | ||||
ANCI Loans | Commercial Real Estate | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 26 | ||||
ANCI Loans | Commercial Real Estate | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 300 | ||||
ANCI Loans | Commercial Real Estate | Income Producing | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,048 | ||||
ANCI Loans | Commercial Real Estate | Income Producing | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 26 | ||||
ANCI Loans | Commercial Real Estate | Land and Development | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 259 | ||||
ANCI Loans | Commercial Real Estate | Land and Development | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 148 | ||||
ANCI Loans | Commercial Real Estate | Land and Development | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 341 | ||||
ANCI Loans | Commercial Real Estate | Land and Development | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 300 | ||||
ANCI Loans | Consumer | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,473 | 1,540 | 1,099 | ||
ANCI Loans | Consumer | Accruing Loans | 30-59 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,468 | 1,522 | 1,079 | ||
ANCI Loans | Consumer | Accruing Loans | 30-59 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 5 | 18 | 20 | ||
ANCI Loans | Consumer | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 208 | 839 | 308 | ||
ANCI Loans | Consumer | Accruing Loans | 60-89 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 208 | 839 | 307 | ||
ANCI Loans | Consumer | Accruing Loans | 60-89 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1 | ||||
ANCI Loans | Consumer | Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 171 | 255 | 920 | ||
ANCI Loans | Consumer | Accruing Loans | 90+DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 171 | 252 | 919 | ||
ANCI Loans | Consumer | Accruing Loans | 90+DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 3 | 1 | |||
ANCI Loans | Consumer | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 703 | [1] | 30 | 420 | |
ANCI Loans | Consumer | Non-Accruing Loans | 30-59 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 703 | [1] | 30 | 411 | |
ANCI Loans | Consumer | Non-Accruing Loans | 30-59 DPD | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 9 | ||||
ANCI Loans | Consumer | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 228 | [1] | 90 | ||
ANCI Loans | Consumer | Non-Accruing Loans | 60-89 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 228 | [1] | 90 | ||
ANCI Loans | Consumer | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,028 | [1] | 1,619 | 1,688 | |
ANCI Loans | Consumer | Non-Accruing Loans | 90+DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 1,028 | [1] | 1,619 | 1,688 | |
ANCI Loans | Consumer | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 629 | 1,083 | 539 | ||
ANCI Loans | Consumer | Non-Accruing Loans | 0-29 DPD | Residential Real Estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 629 | 1,083 | 539 | ||
ANCI Loans | Small Business Lending | Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 721 | 113 | |||
ANCI Loans | Small Business Lending | Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 417 | ||||
ANCI Loans | Small Business Lending | Non-Accruing Loans | 30-59 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 49 | [1] | 62 | ||
ANCI Loans | Small Business Lending | Non-Accruing Loans | 60-89 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 255 | [1] | 70 | ||
ANCI Loans | Small Business Lending | Non-Accruing Loans | 90+DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | 93 | [1] | 131 | 151 | |
ANCI Loans | Small Business Lending | Non-Accruing Loans | 0-29 DPD | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans Past Due | $ 117 | $ 480 | $ 523 | ||
[1] | Does not include a $9.9 million nonperforming energy credit that was transferred to the HFS category. |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses - Summary of Aging of Past Due Originated and ANCI Loans by Portfolio Segment and Class of Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | $ 9,397 | $ 309,415 | $ 318,868 | $ 19,400 | |
Energy Sector | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonperforming energy credit transferred to the HFS category at the lower of cost or market value | $ 9,900 |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses - Summary of Changes in Accretable Discount for ACI Loans (Detail) - ACI Loans - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable Recorded Investment [Line Items] | |||||
Balance at beginning of period | $ 98,728 | $ 122,791 | $ 122,791 | $ 163,631 | $ 242,966 |
Maturities/payoff | (8,137) | (8,861) | (11,563) | (24,196) | (25,882) |
Charge-offs | (98) | (246) | (286) | (183) | (1,054) |
Foreclosure | (1,056) | (857) | (1,041) | (1,290) | (3,923) |
Accretion | (17,955) | (24,024) | (30,870) | (46,042) | (66,801) |
Reclass from nonaccretable difference due to increases in expected cash flow | 10,617 | 12,567 | 19,697 | 30,871 | 18,325 |
Balance at end of period | $ 82,099 | $ 101,370 | $ 98,728 | $ 122,791 | $ 163,631 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses - Summary of Individually Impaired ACI Loans and Pooled ACI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Healthcare | Commercial and Industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | $ 389,136 | $ 439,869 | $ 455,838 | |
General C&I | Commercial and Industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | 2,601,126 | 2,390,658 | 2,333,567 | |
Income Producing | Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | 1,065,806 | 907,018 | 687,815 | |
Land and Development | Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | 73,366 | 69,724 | 75,105 | |
Residential Real Estate | Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | 1,462,974 | 1,274,477 | 1,024,616 | |
ACI Loans and Pooled ACI Loans | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 122,053 | 113,275 | 293,552 |
Unpaid Principal Balance | 161,288 | 161,377 | 368,546 | |
Related Specific Allowance | 8,582 | 10,277 | 14,334 | |
Nonaccrual Loans Included in Impaired Loans | 225 | 3,663 | 11,066 | |
Undisbursed Commitments | 536 | 1,228 | 3,089 | |
ACI Loans and Pooled ACI Loans | Commercial and Industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 14,462 | 15,552 | 26,233 |
Unpaid Principal Balance | 19,475 | 28,256 | 37,773 | |
Related Specific Allowance | 103 | 176 | 2,230 | |
Nonaccrual Loans Included in Impaired Loans | 1,818 | 8,210 | ||
Undisbursed Commitments | 345 | |||
ACI Loans and Pooled ACI Loans | Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 89,289 | 53,428 | 56,637 |
Unpaid Principal Balance | 120,581 | 82,946 | 98,993 | |
Related Specific Allowance | 1,964 | 2,654 | 3,084 | |
Nonaccrual Loans Included in Impaired Loans | 225 | 1,845 | 2,856 | |
Undisbursed Commitments | 522 | 1,213 | 2,684 | |
ACI Loans and Pooled ACI Loans | Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 18,302 | 44,295 | 210,682 |
Unpaid Principal Balance | 21,232 | 50,175 | 231,780 | |
Related Specific Allowance | 6,515 | 7,447 | 9,020 | |
Undisbursed Commitments | $ 14 | 15 | 60 | |
ACI Loans and Pooled ACI Loans | Healthcare | Commercial and Industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 5,648 | 6,054 | |
Unpaid Principal Balance | 5,853 | 6,222 | ||
Related Specific Allowance | 160 | 589 | ||
ACI Loans and Pooled ACI Loans | General C&I | Commercial and Industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 9,904 | 20,179 | |
Unpaid Principal Balance | 22,403 | 31,551 | ||
Related Specific Allowance | 16 | 1,641 | ||
Nonaccrual Loans Included in Impaired Loans | 1,818 | 8,210 | ||
Undisbursed Commitments | 345 | |||
ACI Loans and Pooled ACI Loans | Income Producing | Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 42,361 | 49,858 | |
Unpaid Principal Balance | 60,378 | 66,632 | ||
Related Specific Allowance | 1,312 | 1,883 | ||
Nonaccrual Loans Included in Impaired Loans | 1,571 | 2,631 | ||
Undisbursed Commitments | 609 | 2,075 | ||
ACI Loans and Pooled ACI Loans | Land and Development | Commercial Real Estate | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 11,067 | 6,779 | |
Unpaid Principal Balance | 22,568 | 32,361 | ||
Related Specific Allowance | 1,342 | 1,201 | ||
Nonaccrual Loans Included in Impaired Loans | 274 | 225 | ||
Undisbursed Commitments | 604 | 609 | ||
ACI Loans and Pooled ACI Loans | Residential Real Estate | Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 42,174 | 207,641 | |
Unpaid Principal Balance | 46,946 | 227,511 | ||
Related Specific Allowance | 7,046 | 8,492 | ||
Undisbursed Commitments | 5 | 11 | ||
ACI Loans and Pooled ACI Loans | Other | Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment in Impaired Loans | [1] | 2,121 | 3,041 | |
Unpaid Principal Balance | 3,229 | 4,269 | ||
Related Specific Allowance | 401 | 528 | ||
Undisbursed Commitments | $ 10 | $ 49 | ||
[1] | The recorded investment of a loan also includes any interest receivable, net unearned discount or fees, and unamortized premium or discount. |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Summary of Consumer Credit Exposure on ACI loans, Based on Past Due Status (Detail) - Consumer - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Residential Real Estate | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | $ 160,116 | $ 189,003 | $ 240,564 |
Residential Real Estate | 0-29 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 144,292 | 171,457 | 218,317 |
Residential Real Estate | 30-59 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 4,422 | 4,070 | 3,957 |
Residential Real Estate | 60-89 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 2,001 | 1,939 | 2,561 |
Residential Real Estate | Financing Receivables 90 to 119 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 890 | 622 | 650 |
Residential Real Estate | Financing Receivables 120 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 8,511 | 10,915 | 15,079 |
Other | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 1,795 | 2,122 | 3,013 |
Other | 0-29 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 1,649 | 1,871 | 2,583 |
Other | 30-59 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 62 | 134 | 127 |
Other | 60-89 DPD | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 32 | 25 | 59 |
Other | Financing Receivables 90 to 119 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | 14 | 36 | 1 |
Other | Financing Receivables 120 Days Past Due | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans Past Due | $ 38 | $ 56 | $ 243 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill | $ 317,817 | $ 317,817 | $ 317,817 |
Other intangible assets, net | 11,307 | 14,874 | 21,406 |
Total goodwill and intangible assets | 329,124 | 332,691 | 339,223 |
Core Deposit | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Other intangible assets, net | 2,166 | 4,191 | 8,113 |
Customer Lists | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Other intangible assets, net | 9,117 | 10,659 | 13,269 |
Trademarks | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Other intangible assets, net | $ 24 | $ 24 | $ 24 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets - Summary of Goodwill and Other Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Core Deposit | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Accumulated amortization of intangible assets | $ 37,520 | $ 35,495 | $ 31,573 |
Customer Lists | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Accumulated amortization of intangible assets | $ 17,583 | $ 16,041 | $ 13,431 |
Derivatives - Schedule of Notio
Derivatives - Schedule of Notional Amounts and Estimated Fair Values (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 2,655,396 | $ 2,163,167 | $ 1,832,365 |
Fair Value, Other Assets | 3,346 | 4,361 | 7,738 |
Fair Value, Other Liabilities | 19,288 | 20,360 | 4,978 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Swaps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 1,332,000 | 1,332,000 | 982,000 |
Fair Value, Other Assets | 1,184 | 2,916 | |
Fair Value, Other Liabilities | 15,830 | 17,225 | 278 |
Derivatives Not Designated as Hedging Instruments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 1,323,396 | 831,167 | 850,365 |
Fair Value, Other Assets | 3,346 | 3,177 | 4,822 |
Fair Value, Other Liabilities | 3,458 | 3,135 | 4,700 |
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Interest Rate Lock Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 10,051 | 3,788 | 9,024 |
Fair Value, Other Assets | 88 | 64 | |
Fair Value, Other Liabilities | 123 | ||
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Floating Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 10,754 | 5,895 | 17,390 |
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 45,659 | 36,672 | |
Fair Value, Other Assets | 713 | 366 | |
Fair Value, Other Liabilities | 696 | 312 | |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Swaps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 718,686 | 474,923 | 473,446 |
Fair Value, Other Assets | 2,481 | 2,877 | 4,340 |
Fair Value, Other Liabilities | 2,481 | 2,877 | 4,340 |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Caps | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 267,347 | 286,959 | 308,812 |
Fair Value, Other Assets | 104 | 94 | 48 |
Fair Value, Other Liabilities | 104 | 94 | 48 |
Derivatives Not Designated as Hedging Instruments | Commercial Loans | Interest Rate Floors | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 265,515 | 51,878 | |
Fair Value, Other Assets | 48 | 118 | |
Fair Value, Other Liabilities | 48 | 118 | |
Derivatives Not Designated as Hedging Instruments | Forward Contracts | Mortgage Loan Forward Sale Commitments | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 5,384 | 7,724 | 5,021 |
Fair Value, Other Assets | $ 4 | ||
Fair Value, Other Liabilities | $ 6 | $ 46 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Deferred net gains (loss) on derivatives | $ 8 | ||
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Net payments on cash flow hedges | $ 1.8 | ||
Maximum period for hedging transactions | 9 years | 9 years | |
Interest-bearing Deposits in Banks | |||
Derivative [Line Items] | |||
Cash or securities pledged as collateral | $ 16.4 | $ 20.3 | $ 3.4 |
Derivatives - Schedule of Gain
Derivatives - Schedule of Gain (Loss) in Consolidated Statements of Income Related to Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Gain Loss [Line Items] | |||||||
Noninterest income | $ 8,000 | ||||||
Derivatives Designated as Hedging Instruments | Cash Flow Hedges | Commercial Loans | Interest Rate Swaps | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
OCI | $ 546 | $ (4,556) | $ 3,872 | $ 27,661 | (7,444) | $ 7,454 | |
Reclassified from AOCI to interest income | 409 | 2,945 | 3,442 | 8,328 | 11,255 | 4,877 | |
Noninterest income | 329 | 166 | (329) | ||||
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Held for Sale Interest Rate Lock Commitments | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
Noninterest income | (44) | (29) | 35 | 93 | 24 | (66) | $ 52 |
Derivatives Not Designated as Hedging Instruments | Mortgage Loan Forward Sale Commitments | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
Noninterest income | 86 | (105) | |||||
Derivatives Not Designated as Hedging Instruments | Foreign Exchange Contracts | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
Noninterest income | $ 631 | $ 328 | $ 1,652 | $ 924 | $ 1,264 | $ 965 | $ 604 |
Derivative - Schedule of Intere
Derivative - Schedule of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Notional Amount | $ 2,655,396 | $ 2,163,167 | $ 1,832,365 |
1.3250% Interest Rate Swap | |||
Derivative [Line Items] | |||
Effective Date | Jun. 15, 2015 | Jun. 15, 2015 | |
Maturity Date | Dec. 17, 2018 | Dec. 17, 2018 | |
Notional Amount | $ 382,000 | $ 382,000 | |
Fixed Rate | 1.325% | 1.325% | |
Variable Rate | 1 Month LIBOR | 1 Month LIBOR | |
1.5120% Interest Rate Swap | |||
Derivative [Line Items] | |||
Effective Date | Jun. 30, 2015 | Jun. 30, 2015 | |
Maturity Date | Dec. 31, 2019 | Dec. 31, 2019 | |
Notional Amount | $ 300,000 | $ 300,000 | |
Fixed Rate | 1.512% | 1.512% | |
Variable Rate | 1 Month LIBOR | 1 Month LIBOR | |
0.9530% Interest Rate Swap | |||
Derivative [Line Items] | |||
Effective Date | Jun. 30, 2015 | Jun. 30, 2015 | |
Maturity Date | Dec. 29, 2017 | Dec. 29, 2017 | |
Notional Amount | $ 300,000 | $ 300,000 | |
Fixed Rate | 0.953% | 0.953% | |
Variable Rate | 1 Month LIBOR | 1 Month LIBOR | |
1.5995% Interest Rate Swap | |||
Derivative [Line Items] | |||
Effective Date | Mar. 8, 2016 | Mar. 8, 2016 | |
Maturity Date | Feb. 27, 2026 | Feb. 27, 2026 | |
Notional Amount | $ 175,000 | $ 175,000 | |
Fixed Rate | 1.5995% | 1.5995% | |
Variable Rate | 1 Month LIBOR | 1 Month LIBOR | |
1.5890% Interest Rate Swap | |||
Derivative [Line Items] | |||
Effective Date | Mar. 8, 2016 | Mar. 8, 2016 | |
Maturity Date | Feb. 27, 2026 | Feb. 27, 2026 | |
Notional Amount | $ 175,000 | $ 175,000 | |
Fixed Rate | 1.589% | 1.589% | |
Variable Rate | 1 Month LIBOR | 1 Month LIBOR |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits Disclosure [Line Items] | |||
Time Deposits | $ 1,453,695,000 | ||
Domestic | |||
Deposits Disclosure [Line Items] | |||
Time deposits $250,000 and over | $ 371,300,000 | 318,800,000 | $ 299,400,000 |
Foreign | |||
Deposits Disclosure [Line Items] | |||
Time Deposits | $ 0 | $ 0 | $ 0 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 21, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 30, 2014 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Borrowed Funds [Line Items] | |||||||
Unregistered multi tranche debt Transactions | $ 245,000 | ||||||
Unregistered debt transactions | $ 50,000 | ||||||
Subordinated debt | $ 98,627 | $ 98,441 | $ 98,171 | ||||
Subordinate debt capital treatment achievement period | 10 years | 10 years | |||||
FHLB advances | $ 250,000 | $ 0 | $ 370,000 | ||||
FHLB advances with fixed interest rate | $ 100,000 | ||||||
FHLB advances maturity period | 2017-10 | 2016-01 | |||||
FHLB advances with short-term daily rate credit | $ 150,000 | ||||||
Irrevocable letter of credit | 435,000 | 435,000 | |||||
SAFE Program Deposits | |||||||
Borrowed Funds [Line Items] | |||||||
Irrevocable letter of credit | $ 35,000 | $ 35,000 | |||||
Letter of credit expiration date | Sep. 27, 2018 | Sep. 27, 2017 | |||||
Letter of credit expiration period | 45 days | 45 days | |||||
Letter of credit extended expiration term | 1 year | 1 year | |||||
Treasury Management Deposit | |||||||
Borrowed Funds [Line Items] | |||||||
Irrevocable letter of credit | $ 400,000 | ||||||
Letter of credit expiration date | May 26, 2018 | ||||||
Letter of credit expiration period | 45 days | ||||||
Letter of credit extended expiration term | 1 year | ||||||
Senior and Subordinated Debt [Member] | |||||||
Borrowed Funds [Line Items] | |||||||
Loan agreement to borrow from third party | $ 75,000 | ||||||
Proceeds from short-term Debt | $ 75,000 | ||||||
Payments to acquire Investments | $ 60,000 | ||||||
FRB | |||||||
Borrowed Funds [Line Items] | |||||||
Borrowings from FRB | $ 0 | $ 0 | $ 0 | ||||
FRB | Commercial Loans | |||||||
Borrowed Funds [Line Items] | |||||||
Collateralized borrowings from FRB | $ 810,800 | $ 708,000 | |||||
Minimum | |||||||
Borrowed Funds [Line Items] | |||||||
Repurchase agreement maturity period | P1D | P1D | |||||
Maximum | |||||||
Borrowed Funds [Line Items] | |||||||
Repurchase agreement maturity period | P7D | P7D | |||||
Commercial and Residential Real Estate Loan | |||||||
Borrowed Funds [Line Items] | |||||||
FHLB advances collateral amount | $ 1,600,000 | $ 2,100,000 | |||||
4.875% Senior Notes, Due June 28, 2019 | |||||||
Borrowed Funds [Line Items] | |||||||
Subordinated debt maturity period | 4 years | 4 years | |||||
5.375% Senior Notes, Due June 28, 2021 | |||||||
Borrowed Funds [Line Items] | |||||||
Subordinated debt maturity period | 7 years | 7 years | |||||
7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||||||
Borrowed Funds [Line Items] | |||||||
Subordinated debt maturity period | 15 years | 15 years | |||||
Subordinated debt | $ 35,000 | $ 35,000 | |||||
Call option period | 10 years | 10 years | |||||
6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||||||
Borrowed Funds [Line Items] | |||||||
Subordinated debt maturity period | 15 years | 15 years | |||||
Subordinated debt | $ 25,000 | $ 25,000 | |||||
Call option period | 10 years | 10 years | |||||
6.500% Subordinated Notes, Due March 2025, Callable in 2020 | |||||||
Borrowed Funds [Line Items] | |||||||
Subordinated debt | $ 40,000 | $ 40,000 | |||||
Call option period | 5 years | 5 years | |||||
Senior | |||||||
Borrowed Funds [Line Items] | |||||||
Unregistered debt transactions | 10,000 | ||||||
Subordinated | |||||||
Borrowed Funds [Line Items] | |||||||
Unregistered debt transactions | $ 40,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior and Subordinated Debt [Member] | |||||||
Borrowed Funds [Line Items] | |||||||
Variable interest rate, payable monthly | 5.00% |
Borrowed Funds - Summary of Sec
Borrowed Funds - Summary of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | |||
Balance at period end | $ 3,146,000 | $ 3,494,000 | $ 5,840,000 |
Average balance during the period | $ 3,881,000 | $ 5,948,000 | $ 7,486,000 |
Average interest rate during the period | 0.19% | 0.19% | 0.15% |
Maximum month-end balance during the period | $ 6,286,000 | $ 8,031,000 | $ 10,838,000 |
Borrowed Funds - Summary of Deb
Borrowed Funds - Summary of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Debt issuance cost and unamortized premium | $ (1,738) | $ (2,693) | |
Total long-term debt | 283,184 | 292,229 | $ 291,256 |
4.875% Senior Notes, Due June 28, 2019 | |||
Debt Instrument [Line Items] | |||
Purchased senior notes | (10,078) | (78) | |
Cadence Bancorporation | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 270,000 | 270,000 | 270,000 |
Cadence Bancorporation | 4.875% Senior Notes, Due June 28, 2019 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 145,000 | 145,000 | 145,000 |
Cadence Bancorporation | 5.375% Senior Notes, Due June 28, 2021 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 50,000 | 50,000 | 50,000 |
Cadence Bancorporation | 7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 35,000 | 35,000 | 35,000 |
Cadence Bancorporation | 6.500% Subordinated Notes, Due March 2025, Callable in 2020 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 40,000 | 40,000 | 40,000 |
Cadence Bank | 6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 25,000 | 25,000 | 25,000 |
Scenario, Previously Reported [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance cost and unamortized premium | $ (2,771) | $ (3,744) |
Borrowed Funds - Summary of D86
Borrowed Funds - Summary of Debt (Parenthetical) (Detail) | Jan. 18, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
4.875% Senior Notes, Due June 28, 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 4.875% | 4.875% | 4.875% | 4.875% |
Debt instrument, maturity date | Jun. 28, 2019 | Jun. 28, 2019 | Jun. 28, 2019 | Jun. 28, 2019 |
5.375% Senior Notes, Due June 28, 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 5.375% | 5.375% | 5.375% | |
Debt instrument, maturity date | Jun. 28, 2021 | Jun. 28, 2021 | Jun. 28, 2021 | |
7.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 7.25% | 7.25% | 7.25% | |
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 | Jun. 28, 2029 | |
6.500% Subordinated Notes, Due March 2025, Callable in 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 6.50% | 6.50% | 6.50% | |
Debt instrument, maturity date | Mar. 31, 2025 | Mar. 31, 2025 | Mar. 31, 2025 | |
6.250% Subordinated Notes, Due June 28, 2029, Callable in 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 6.25% | 6.25% | 6.25% | |
Debt instrument, maturity date | Jun. 28, 2029 | Jun. 28, 2029 | Jun. 28, 2029 |
Borrowed Funds - Summary of Jun
Borrowed Funds - Summary of Junior Subordinated Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Junior subordinated debentures, gross | $ 50,619 | $ 50,619 | $ 50,619 |
Purchase accounting adjustment, net of amortization | (14,266) | (14,630) | (15,170) |
Total junior subordinated debentures | 36,353 | 35,989 | 35,449 |
3 month LIBOR plus 2.85%, due 2033 | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, gross | 30,000 | 30,000 | 30,000 |
3 month LIBOR plus 2.95%, due 2033 | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, gross | 5,155 | 5,155 | 5,155 |
3 month LIBOR plus 1.75%, due 2037 | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures, gross | $ 15,464 | $ 15,464 | $ 15,464 |
Borrowed Funds - Summary of J88
Borrowed Funds - Summary of Junior Subordinated Debt (Parenthetical) (Detail) - Junior subordinated debt | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
3 month LIBOR plus 2.85%, due 2033 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.85% | 2.85% | 2.85% |
Debt instrument maturity year | 2,033 | 2,033 | 2,033 |
3 month LIBOR plus 2.95%, due 2033 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 2.95% | 2.95% | 2.95% |
Debt instrument maturity year | 2,033 | 2,033 | 2,033 |
3 month LIBOR plus 1.75%, due 2037 | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 1.75% | 1.75% | 1.75% |
Debt instrument maturity year | 2,037 | 2,037 | 2,037 |
Other Noninterest Income and 89
Other Noninterest Income and Other Noninterest Expense - Summary of Other Noninterest Income and Other Noninterest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Noninterest Income | |||||||
Insurance revenue | $ 1,950 | $ 1,863 | $ 5,908 | $ 6,140 | $ 7,717 | $ 7,107 | $ 7,237 |
Bankcard fees | 1,803 | 1,823 | 5,477 | 5,330 | 7,270 | 7,213 | 7,667 |
Income from bank owned life insurance policies | 724 | 736 | 2,550 | 2,200 | 2,954 | 2,994 | 3,343 |
Loss on sale of branches, net | (1,501) | (763) | |||||
Other | 3,385 | (210) | 4,183 | (42) | (263) | (796) | 3,006 |
Total other noninterest income | 7,862 | 4,212 | 18,118 | 13,628 | 17,678 | 15,017 | 20,490 |
Other Noninterest Expense | |||||||
Net cost of operation of other real estate owned | 453 | 1,126 | 1,175 | 1,916 | 3,033 | 5,238 | 1,806 |
Data processing expense | 1,688 | 1,530 | 5,086 | 4,513 | 6,280 | 6,092 | 6,052 |
Special asset expenses | 215 | 391 | 824 | 742 | 1,788 | 3,000 | 5,852 |
Consulting and professional fees | 2,069 | 2,040 | 4,710 | 4,441 | 6,728 | 5,671 | 6,278 |
Loan related expenses | 532 | 1,071 | 1,569 | 2,252 | 3,114 | 3,745 | 5,166 |
FDIC insurance | 889 | 1,912 | 3,336 | 5,711 | 7,228 | 5,027 | 4,747 |
Communications | 650 | 535 | 1,980 | 1,915 | 2,656 | 3,249 | 3,768 |
Advertising and public relations | 521 | 303 | 1,365 | 1,025 | 1,369 | 2,295 | 3,353 |
Legal expenses | 612 | 337 | 1,552 | 2,059 | 2,721 | 3,159 | 2,501 |
Branch closure expenses | 50 | 52 | 143 | 191 | 238 | 2,074 | 5,222 |
Other | 5,289 | 5,756 | 16,430 | 17,608 | 25,443 | 26,306 | 26,738 |
Total other noninterest expense | $ 12,968 | $ 15,053 | $ 38,170 | $ 42,373 | $ 60,598 | $ 65,856 | $ 71,483 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||||||||||
Income tax expense | $ 17,457,000 | $ 2,107,000 | $ 43,666,000 | $ 16,839,000 | $ 32,540,000 | $ 20,109,000 | $ 26,060,000 | |||
Effective tax rate | 34.90% | 24.20% | 33.30% | 31.40% | ||||||
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% | |||||||
Realization of deferred tax asset | $ 83,662,000 | $ 66,712,000 | $ 61,395,000 | $ 61,395,000 | 83,662,000 | $ 66,712,000 | ||||
Future taxable income | 159,500,000 | |||||||||
Unrecognized tax benefits that would impact effective tax rate | 614,000 | 614,000 | ||||||||
Reduction in Unreconized tax benefits within next twelve months | (123,000) | |||||||||
Accrued interest and penalties on unrecognized tax benefits | 90,000 | 90,000 | ||||||||
U.S. Federal | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
AMT credit carryforward | 44,200,000 | $ 44,200,000 | ||||||||
Federal net operating loss carry forward expiration year | 2,031 | |||||||||
State and Local Jurisdiction [Member] | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
AMT credit carryforward | 16,900,000 | $ 16,900,000 | ||||||||
Federal net operating loss carry forward expiration year | 2,022 | |||||||||
ATM | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
AMT credit carryforward | $ 978,000 | $ 978,000 |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||
Net income | $ 32,577 | $ 6,607 | $ 87,662 | $ 36,789 | $ 65,774 | $ 39,256 | $ 44,833 |
Dividends and accretion of discount on preferred stock | 3,643 | ||||||
Earnings available to common shareholder | $ 65,774 | $ 39,256 | $ 41,190 | ||||
Weighted average common shares outstanding (Basic) | 83,625,000 | 75,000,000 | 80,212,912 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 |
Weighted average restricted stock units | 330,685 | 258,375 | 345,425 | 258,375 | 294,600 | 116,100 | |
Weighted average common shares outstanding (Diluted) | 83,955,685 | 75,258,375 | 80,558,337 | 75,258,375 | 75,294,600 | 75,116,100 | 75,000,000 |
Earnings per common share (Basic) | $ 0.39 | $ 0.09 | $ 1.09 | $ 0.49 | $ 0.88 | $ 0.52 | $ 0.55 |
Earnings per common share (Diluted) | $ 0.39 | $ 0.09 | $ 1.09 | $ 0.49 | $ 0.87 | $ 0.52 | $ 0.55 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) | Apr. 07, 2017 | Sep. 30, 2017 |
Earnings Per Share [Abstract] | ||
Stock split ratio | 75 for-one | |
Stock split, shares | 75 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tier 1 leverage | $ 1,079,726 | $ 824,676 | $ 749,224 |
Common equity tier 1 (CET1) | 1,042,920 | 793,268 | 723,753 |
Tier 1 risk-based capital | 1,079,726 | 824,676 | 749,224 |
Total risk-based capital | 1,273,724 | 1,007,011 | 927,988 |
Tier 1 leverage | 388,553 | 371,052 | 325,656 |
Common equity tier 1 (CET1) | 434,801 | 403,718 | 375,218 |
Tier 1 risk-based capital | 579,734 | 538,290 | 500,291 |
Total risk-based capital | $ 772,979 | $ 717,720 | $ 667,054 |
Tier 1 leverage | 11.10% | 8.90% | 9.20% |
Common equity tier 1 (CET1) | 10.80% | 8.80% | 8.70% |
Tier 1 risk-based capital | 11.20% | 9.20% | 9.00% |
Total risk-based capital | 13.20% | 11.20% | 11.10% |
Tier 1 leverage | 4.00% | 4.00% | 4.00% |
Common equity tier 1 (CET1) | 4.50% | 4.50% | 4.50% |
Tier 1 risk-based capital | 6.00% | 6.00% | 6.00% |
Total risk-based capital | 8.00% | 8.00% | 8.00% |
Cadence Bank | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tier 1 leverage | $ 1,181,066 | $ 1,035,972 | $ 963,296 |
Common equity tier 1 (CET1) | 1,132,506 | 989,990 | 922,610 |
Tier 1 risk-based capital | 1,181,066 | 1,035,972 | 963,296 |
Total risk-based capital | 1,301,129 | 1,144,519 | 1,068,487 |
Tier 1 leverage | 388,516 | 370,836 | 324,857 |
Common equity tier 1 (CET1) | 434,726 | 403,578 | 374,271 |
Tier 1 risk-based capital | 579,635 | 538,105 | 499,028 |
Total risk-based capital | 772,846 | 717,473 | 665,371 |
Tier 1 leverage | 485,645 | 463,546 | 406,071 |
Common equity tier 1 (CET1) | 627,938 | 583,248 | 540,614 |
Tier 1 risk-based capital | 772,846 | 717,844 | 665,371 |
Total risk-based capital | $ 966,058 | $ 897,305 | $ 831,714 |
Tier 1 leverage | 12.20% | 11.20% | 11.90% |
Common equity tier 1 (CET1) | 11.70% | 11.00% | 11.10% |
Tier 1 risk-based capital | 12.20% | 11.50% | 11.60% |
Total risk-based capital | 13.50% | 12.80% | 12.90% |
Tier 1 leverage | 4.00% | 4.00% | 4.00% |
Common equity tier 1 (CET1) | 4.50% | 4.50% | 4.50% |
Tier 1 risk-based capital | 6.00% | 6.00% | 6.00% |
Total risk-based capital | 8.00% | 8.00% | 8.00% |
Tier 1 leverage | 5.00% | 5.00% | 5.00% |
Common equity tier 1 (CET1) | 6.50% | 6.50% | 6.50% |
Tier 1 risk-based capital | 8.00% | 8.00% | 8.00% |
Total risk-based capital | 10.00% | 10.00% | 10.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | |||
Reserve requirement with FRB | $ 59.6 | $ 38.3 | $ 29 |
Commitments and Contingent Li95
Commitments and Contingent Liabilities - Summary of Commitments and Contingent Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Standby Letters of Credit | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Letters of credit | $ 102,145 | $ 120,532 | $ 96,932 |
Performance Letters of Credit | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Performance letters of credit | 22,635 | 29,270 | 40,505 |
Commercial Letters of Credit | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Letters of credit | 1,797 | ||
Commitments to Extend Credit | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Commitments to extend credit | $ 3,035,455 | $ 2,643,501 | $ 2,650,356 |
Commitments and Contingent Li96
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments to grant loans | $ 402.2 | ||
Unfunded commitments - LLC Investments | $ 23.2 | $ 15.1 | $ 14 |
Supplemental Cash Flow Inform97
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash paid during the year for: | |||||
Interest | $ 47,048 | $ 37,267 | $ 55,086 | $ 44,333 | $ 31,732 |
Income taxes, net of refunds | 29,105 | 22,516 | 23,025 | 22,139 | 7,097 |
Non-cash investing activities (at fair value): | |||||
Transfers of loans to other real estate | 6,922 | 12,243 | 13,494 | 11,800 | 39,732 |
Transfers of commercial loans to loans held for sale | $ 9,397 | $ 309,415 | 318,868 | 19,400 | |
Transfers of property to other real estate | $ 1,591 | $ 7,563 | |||
Transfers of loans to other assets (net profits interests) | $ 19,104 |
Disclosure About Fair Values 98
Disclosure About Fair Values of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | $ 1,198,032 | $ 1,139,347 | $ 720,810 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Other assets (Net profits interests) | 16,193 | 19,425 | |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
U.S. Treasury Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 97,688 | 96,785 | |
Obligations of U.S. Government Agencies | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 84,165 | 97,528 | 90,793 |
Other Residential Mortgage-Backed Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 40,568 | 47,561 | 75,577 |
Commercial Mortgage-Backed Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 60,990 | 62,613 | 24,809 |
Total MBS | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 598,135 | 528,655 | 502,283 |
Obligations of States and Municipal Subdivisions | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 412,216 | 410,812 | 122,320 |
Other Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 5,828 | 5,567 | 5,414 |
Fair Value, Measurements, Recurring | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Other assets (Net profits interests) | 16,193 | 19,425 | |
Total recurring basis measured assets | 1,217,571 | 1,163,133 | 728,548 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Total recurring basis measured liabilities | 19,288 | 20,360 | 4,978 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 5,828 | 5,567 | 5,414 |
Total recurring basis measured assets | 5,828 | 5,567 | 5,414 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 1,192,204 | 1,133,780 | 715,396 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Total recurring basis measured assets | 1,195,550 | 1,138,141 | 723,134 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Total recurring basis measured liabilities | 19,288 | 20,360 | 4,978 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other assets (Net profits interests) | 16,193 | 19,425 | |
Total recurring basis measured assets | 16,193 | 19,425 | |
Fair Value, Measurements, Recurring | U.S. Treasury Securities | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 97,688 | 96,785 | |
Fair Value, Measurements, Recurring | U.S. Treasury Securities | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 97,688 | 96,785 | |
Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 84,165 | 97,528 | 90,793 |
Fair Value, Measurements, Recurring | Obligations of U.S. Government Agencies | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 84,165 | 97,528 | 90,793 |
Fair Value, Measurements, Recurring | Residential Pass-through | Guaranteed by GNMA | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 112,535 | 153,153 | 280,190 |
Fair Value, Measurements, Recurring | Residential Pass-through | Issued by FNMA and FHLMC | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 384,042 | 265,328 | 121,707 |
Fair Value, Measurements, Recurring | Residential Pass-through | Level 2 | Guaranteed by GNMA | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 112,535 | 153,153 | 280,190 |
Fair Value, Measurements, Recurring | Residential Pass-through | Level 2 | Issued by FNMA and FHLMC | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 384,042 | 265,328 | 121,707 |
Fair Value, Measurements, Recurring | Other Residential Mortgage-Backed Securities | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 40,568 | 47,561 | 75,577 |
Fair Value, Measurements, Recurring | Other Residential Mortgage-Backed Securities | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 40,568 | 47,561 | 75,577 |
Fair Value, Measurements, Recurring | Commercial Mortgage-Backed Securities | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 60,990 | 62,613 | 24,809 |
Fair Value, Measurements, Recurring | Commercial Mortgage-Backed Securities | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 60,990 | 62,613 | 24,809 |
Fair Value, Measurements, Recurring | Total MBS | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 598,135 | 528,655 | 502,283 |
Fair Value, Measurements, Recurring | Total MBS | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 598,135 | 528,655 | 502,283 |
Fair Value, Measurements, Recurring | Obligations of States and Municipal Subdivisions | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 412,216 | 410,812 | 122,320 |
Fair Value, Measurements, Recurring | Obligations of States and Municipal Subdivisions | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 412,216 | 410,812 | 122,320 |
Fair Value, Measurements, Recurring | Other Securities | Carrying Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | 5,828 | 5,567 | 5,414 |
Fair Value, Measurements, Recurring | Other Securities | Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total investment securities available-for-sale | $ 5,828 | $ 5,567 | $ 5,414 |
Disclosure About Fair Values 99
Disclosure About Fair Values of Financial Instruments - Summary of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Other Assets - Net Profits Interests, beginning balance | $ 16,405 | $ 8,489 | $ 19,425 | |
Other Assets - Net Profits Interests, addition of net profits interest to other assets | $ 8,489 | |||
Other Assets - Net Profits Interests, total net gains (losses) included in earnings | 104 | (161) | (2,427) | (161) |
Other Assets - Net Profits Interests, distributions received | (316) | (86) | (805) | (86) |
Other Assets - Net Profits Interests, ending balance | 16,193 | 8,242 | 16,193 | 8,242 |
Other Assets - Net Profits Interests, net unrealized gains (losses) included in earnings relating to assets held at the end of the period | $ 104 | $ (161) | $ (2,427) | $ (161) |
Disclosure About Fair Values100
Disclosure About Fair Values of Financial Instruments - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Other real estate | $ 18,836 | $ 18,875 | $ 35,984 |
Fair Value, Nonrecurring | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Loans held for sale | 21,835 | 17,822 | 25,413 |
Recorded Investment in Impaired Loans | 83,453 | 151,720 | 72,020 |
Other real estate | 18,836 | 18,875 | 35,984 |
Total assets measured on a nonrecurring basis | 124,124 | 188,417 | 133,417 |
Fair Value, Nonrecurring | Level 2 | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Loans held for sale | 21,835 | 17,822 | 25,413 |
Total assets measured on a nonrecurring basis | 21,835 | 17,822 | 25,413 |
Fair Value, Nonrecurring | Level 3 | |||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |||
Recorded Investment in Impaired Loans | 83,453 | 151,720 | 72,020 |
Other real estate | 18,836 | 18,875 | 35,984 |
Total assets measured on a nonrecurring basis | $ 102,289 | $ 170,595 | $ 108,004 |
Disclosure About Fair Values101
Disclosure About Fair Values of Financial Instruments - Summary of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements for Financial Assets Measured at Fair Value On a Nonrecurring Basis (Detail) - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discount of Book Value | Impaired Loans Net Of Specific Allowance | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 83,453 | $ 151,720 | $ 72,020 |
Valuation Methods | Internal appraisals of accounts receivable and inventory | Internal appraisals of accounts receivable and inventory | Internal appraisals of accounts receivable and inventory |
Unobservable Inputs | Discount of book value | Discount of book value | Discount of book value |
Discount of Fair Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Valuation Methods | Third-Party Appraisals | Third-Party Appraisals | Third-Party Appraisals |
Unobservable Inputs | Discount of fair value | Discount of fair value | Discount of fair value |
Discount of Fair Value | Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 18,836 | $ 18,875 | $ 35,984 |
Valuation Methods | Third-Party Appraisals | Third-Party Appraisals | Third-Party Appraisals |
Unobservable Inputs | Discount of fair value | Discount of fair value | Discount of fair value |
Estimated Closing Costs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unobservable Inputs | Estimated closing costs | Estimated closing costs | Estimated closing costs |
Range | 10.00% | 10.00% | 10.00% |
Minimum | Discount of Book Value | Impaired Loans Net Of Specific Allowance | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 50.00% | 50.00% | 50.00% |
Minimum | Discount of Fair Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | 0.00% |
Minimum | Discount of Fair Value | Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 0.00% | 0.00% | 0.00% |
Maximum | Discount of Book Value | Impaired Loans Net Of Specific Allowance | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 75.00% | 75.00% | 75.00% |
Maximum | Discount of Fair Value | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 20.00% | 20.00% | 20.00% |
Maximum | Discount of Fair Value | Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Range | 20.00% | 20.00% | 20.00% |
Disclosure About Fair Values102
Disclosure About Fair Values of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets: | |||
Interest-bearing deposits with banks | $ 515,556 | $ 199,747 | $ 316,473 |
Federal funds sold | 5,578 | 1,161 | 11,495 |
Securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Estimated fair value of held-to-maturity securities | 451 | 463 | 594 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Financial Liabilities: | |||
FHLB advances | 250,000 | 0 | 370,000 |
Securities sold under agreements to repurchase | 3,146 | 3,494 | 5,840 |
Senior debt | 184,557 | 193,788 | 193,085 |
Subordinated debt | 98,627 | 98,441 | 98,171 |
Junior subordinated debentures | 36,353 | 35,989 | 35,449 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Carrying Value | |||
Financial Assets: | |||
Cash and due from banks | 68,248 | 48,017 | 139,239 |
Interest-bearing deposits with banks | 515,556 | 199,747 | 316,473 |
Federal funds sold | 5,578 | 1,161 | 11,495 |
Securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Estimated fair value of held-to-maturity securities | 425 | 425 | 550 |
Loans held for sale | 21,835 | 17,822 | 25,413 |
Net loans | 7,934,173 | 7,350,443 | 6,836,737 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Other assets-net profits interests | 16,193 | 19,425 | |
Financial Liabilities: | |||
Deposits | 8,501,102 | 8,016,749 | 6,987,351 |
FHLB advances | 250,000 | 370,000 | |
Securities sold under agreements to repurchase | 3,146 | 4,361 | 5,840 |
Senior debt | 184,557 | 193,788 | 193,085 |
Subordinated debt | 98,627 | 98,441 | 98,171 |
Junior subordinated debentures | 36,353 | 35,989 | 35,449 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Fair Value | |||
Financial Assets: | |||
Cash and due from banks | 68,248 | 48,017 | 139,239 |
Interest-bearing deposits with banks | 515,556 | 199,747 | 316,473 |
Federal funds sold | 5,578 | 1,161 | 11,495 |
Securities available-for-sale | 1,198,032 | 1,139,347 | 720,810 |
Estimated fair value of held-to-maturity securities | 451 | 463 | 594 |
Loans held for sale | 21,835 | 17,822 | 25,413 |
Net loans | 7,832,079 | 7,395,003 | 6,920,225 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Other assets-net profits interests | 16,193 | 19,818 | |
Financial Liabilities: | |||
Deposits | 8,365,930 | 7,904,926 | 6,984,506 |
FHLB advances | 250,000 | 370,000 | |
Securities sold under agreements to repurchase | 3,146 | 4,361 | 5,840 |
Senior debt | 201,178 | 191,076 | 186,387 |
Subordinated debt | 100,984 | 97,938 | 94,970 |
Junior subordinated debentures | 49,163 | 47,409 | 45,872 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Fair Value | Level 1 | |||
Financial Assets: | |||
Cash and due from banks | 68,248 | 48,017 | 139,239 |
Interest-bearing deposits with banks | 515,556 | 199,747 | 316,473 |
Federal funds sold | 5,578 | 1,161 | 11,495 |
Securities available-for-sale | 5,828 | 5,567 | 5,414 |
Fair Value | Level 2 | |||
Financial Assets: | |||
Securities available-for-sale | 1,192,204 | 1,133,780 | 715,396 |
Estimated fair value of held-to-maturity securities | 451 | 463 | 594 |
Loans held for sale | 21,835 | 17,822 | 25,413 |
Derivative assets | 3,346 | 4,361 | 7,738 |
Financial Liabilities: | |||
Deposits | 8,365,930 | 7,904,926 | 6,984,506 |
FHLB advances | 250,000 | 370,000 | |
Securities sold under agreements to repurchase | 3,146 | 4,361 | 5,840 |
Senior debt | 201,178 | 191,076 | 186,387 |
Subordinated debt | 100,984 | 97,938 | 94,970 |
Junior subordinated debentures | 49,163 | 47,409 | 45,872 |
Derivative liabilities | 19,288 | 20,360 | 4,978 |
Fair Value | Level 3 | |||
Financial Assets: | |||
Net loans | 7,832,079 | 7,395,003 | $ 6,920,225 |
Other assets-net profits interests | $ 16,193 | $ 19,818 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 3 | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Results of Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||
Net interest income | $ 81,163 | $ 70,426 | $ 238,305 | $ 206,941 | $ 279,439 | $ 247,778 | $ 255,088 |
Provision for credit losses | 1,723 | 29,627 | 14,210 | 54,570 | 49,348 | 35,984 | 14,118 |
Noninterest income | 27,124 | 22,791 | 74,218 | 66,043 | 88,403 | 79,903 | 75,070 |
Noninterest expense | 56,530 | 54,876 | 166,985 | 164,786 | 220,180 | 232,332 | 245,147 |
Income tax expense (benefit) | 17,457 | 2,107 | 43,666 | 16,839 | 32,540 | 20,109 | 26,060 |
Net income | 32,577 | 6,607 | 87,662 | 36,789 | 65,774 | 39,256 | 44,833 |
Total assets | 10,502,261 | 9,444,010 | 10,502,261 | 9,444,010 | 9,530,888 | 8,811,511 | |
Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | 87,123 | 74,970 | 252,240 | 220,577 | 297,701 | 265,451 | 266,226 |
Provision for credit losses | 1,723 | 29,627 | 14,210 | 54,570 | 49,348 | 35,984 | 14,118 |
Noninterest income | 13,967 | 12,078 | 37,178 | 33,664 | 45,499 | 38,696 | 34,603 |
Noninterest expense | 46,785 | 46,890 | 139,239 | 140,276 | 186,874 | 200,544 | 213,173 |
Income tax expense (benefit) | 18,404 | 3,685 | 47,589 | 20,788 | 37,442 | 23,673 | 25,739 |
Net income | 34,178 | 6,846 | 88,380 | 38,607 | 69,536 | 43,946 | 47,799 |
Total assets | 10,407,827 | 9,355,328 | 10,407,827 | 9,355,328 | 9,459,250 | 8,744,287 | |
Financial Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | (2,340) | (58) | (873) | (88) | (201) | (36) | (37) |
Noninterest income | 12,798 | 10,613 | 36,517 | 32,232 | 42,727 | 40,964 | 40,199 |
Noninterest expense | 9,087 | 7,943 | 26,361 | 24,349 | 32,334 | 31,393 | 32,008 |
Income tax expense (benefit) | 480 | 914 | 3,249 | 2,728 | 3,567 | 3,337 | 2,854 |
Net income | 891 | 1,698 | 6,034 | 5,067 | 6,625 | 6,198 | 5,300 |
Total assets | 89,735 | 82,327 | 89,735 | 82,327 | 64,257 | 59,471 | |
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Net interest income | (3,620) | (4,486) | (13,062) | (13,548) | (18,061) | (17,636) | (11,101) |
Noninterest income | 359 | 100 | 523 | 147 | 177 | 242 | 268 |
Noninterest expense | 658 | 43 | 1,385 | 161 | 972 | 395 | (34) |
Income tax expense (benefit) | (1,427) | (2,492) | (7,172) | (6,677) | (8,469) | (6,901) | (2,533) |
Net income | (2,492) | (1,937) | (6,752) | (6,885) | (10,387) | (10,888) | $ (8,266) |
Total assets | $ 4,699 | $ 6,355 | $ 4,699 | $ 6,355 | $ 7,381 | $ 7,753 |
Equity-based Compensation - Add
Equity-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2015 | Nov. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 87 | $ 1,640 | $ 1,033 | ||||||
Restricted Stock Units | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 400 | $ 300 | $ 1,200 | $ 900 | 631 | ||||
Remaining expense related to unvested restricted stock units | $ 2,200 | $ 2,200 | $ 3,000 | ||||||
Expense recognition period | 17 months | 26 months | |||||||
Number of shares outstanding, non-vested | 672,750 | 672,750 | 672,750 | 258,375 | |||||
Fair value per unit at grant date, non-vested | $ 5.14 | $ 5.14 | $ 5.14 | $ 13.43 | |||||
Restricted stock granted | 258,375 | 395,250 | 0 | 0 | 395,250 | ||||
Stock units forfeited | 0 | 0 | |||||||
Restricted stock cancelled | 258,375 | ||||||||
Stock units granted, new grantees | 277,500 | 277,500 | 258,375 | ||||||
Restricted Stock Units | Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 0.00% | ||||||||
Vested in period, weighted average grant date fair value | $ 21.76 | ||||||||
Restricted Stock Units | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 175.00% | ||||||||
Vested in period, weighted average grant date fair value | $ 27.55 | ||||||||
Amended Restricted Units | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 117 | ||||||||
Equity-based compensation expense, reversed | $ 631 | ||||||||
Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Common stock shares available for grant | 7,500,000 | 7,500,000 | 7,500,000 | ||||||
Shares of common stock remain available for future grants | 6,827,250 | 6,827,250 | 6,827,250 |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Balance | $ 1,080,498 | $ 1,054,208 | $ 1,054,208 | $ 1,014,337 | $ 1,003,506 | ||
Net change | $ 3,830 | $ (11,352) | 15,682 | 19,352 | (39,571) | (1,025) | 3,249 |
Balance | 1,340,848 | 1,340,848 | 1,080,498 | 1,054,208 | 1,014,337 | ||
Unrealized Gains (Losses) on Securities Available for Sale | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Balance | (21,819) | 5,901 | 5,901 | 8,664 | 4,992 | ||
Net change | 15,410 | (27,720) | (2,763) | 3,672 | |||
Balance | (6,409) | (6,409) | (21,819) | 5,901 | 8,664 | ||
Unrealized Gains (Losses) on Defined Benefit Pension Plans | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Balance | (500) | (487) | (487) | (599) | (176) | ||
Net change | (13) | 112 | (423) | ||||
Balance | (500) | (500) | (500) | (487) | (599) | ||
Unrealized Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Balance | (10,212) | 1,626 | 1,626 | ||||
Net change | 272 | (11,838) | 1,626 | ||||
Balance | (9,940) | (9,940) | (10,212) | 1,626 | |||
Accumulated OCI | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Balance | (32,531) | $ 7,040 | 7,040 | 8,065 | 4,816 | ||
Net change | 15,682 | (39,571) | (1,025) | 3,249 | |||
Balance | $ (16,849) | $ (16,849) | $ (32,531) | $ 7,040 | $ 8,065 |
Variable Interest Entities a107
Variable Interest Entities and Other Investments - Additional Information (Detail) | Sep. 30, 2017USD ($)Customer | Dec. 31, 2016USD ($)Customer | Dec. 31, 2015USD ($) |
Variable Interest Entities and Other Investments [Line Items] | |||
Investments in affordable Housing Project | $ 1,181,265,000 | $ 777,714,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entities and Other Investments [Line Items] | |||
Cost method investments | $ 11,600,000 | 6,100,000 | 5,000,000 |
Equity method investments | $ 8,100,000 | $ 3,900,000 | 2,100,000 |
Number of loan customers | Customer | 2 | 2 | |
Net Profits interest | $ 16,200,000 | $ 19,400,000 | |
Variable Interest Entity, Not Primary Beneficiary | Rabbi Trust | |||
Variable Interest Entities and Other Investments [Line Items] | |||
Defined rabbi trust assets and benefit obligation | 3,500,000 | 3,000,000 | 2,900,000 |
Variable Interest Entity, Not Primary Beneficiary | Other Assets | |||
Variable Interest Entities and Other Investments [Line Items] | |||
Investments in affordable Housing Project | $ 8,300,000 | $ 4,200,000 | $ 4,700,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Nov. 08, 2017USD ($)$ / sharesshares | Apr. 07, 2017 | Jan. 18, 2017USD ($) | Sep. 30, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Subsequent Event [Line Items] | ||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Debt instrument, discount amount | $ | $ 14,266,000 | $ 14,630,000 | $ 15,170,000 | |||
Stock split, shares | 75 | |||||
Subsequent Event | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares sold | shares | 0 | |||||
Proceeds from offering | $ | $ 0 | |||||
Change in number of shares due to offering | shares | 0 | |||||
Subsequent Event | Common Stock | Secondary Public Offering | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock | shares | 9,500,000 | |||||
Common stock, par value | $ / shares | $ 0.01 | |||||
Subsequent Event | Common Stock | Underwriters | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of common stock | shares | 1,425,000 | |||||
Period of option to purchase stock | 30 days | |||||
4.875% Senior Notes, Due June 28, 2019 | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, face amount | $ | $ 10,000,000 | |||||
Debt instrument, interest rate | 4.875% | 4.875% | 4.875% | 4.875% | ||
Debt instrument, maturity date | Jun. 28, 2019 | Jun. 28, 2019 | Jun. 28, 2019 | Jun. 28, 2019 | ||
Debt instrument, discount of basis points | 4.00% | |||||
Debt instrument, discount amount | $ | $ 9,600,000 |
Summary of Accounting Polici109
Summary of Accounting Policies - Summary of Allocation of Sale Price to Assets Sold and Liabilities Transferred (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Disposal Group, Including Discontinued Operation, Unclassified Balance Sheet Disclosures [Abstract] | ||
Cash on hand | $ 1,254 | $ 412 |
Loans | 42,477 | 3,636 |
Premises and equipment | 3,095 | 244 |
Other assets | 113 | 406 |
Total assets sold | 46,939 | 4,698 |
Deposits | 253,823 | 29,886 |
Other liabilities | 301 | 20 |
Total liabilities transferred | 254,124 | 29,906 |
Cash paid | $ 207,185 | $ 25,208 |
Summary of Accounting Polici110
Summary of Accounting Policies - Summary of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Accounting Policies [Line Items] | |||
Loans held for sale | $ 21,835 | $ 17,822 | $ 25,413 |
Residential Mortgage | |||
Schedule Of Accounting Policies [Line Items] | |||
Loans held for sale | 8,369 | 6,099 | |
Commercial Loans | |||
Schedule Of Accounting Policies [Line Items] | |||
Loans held for sale | $ 16,000 | $ 9,453 | $ 19,314 |
Loans and Allowance for Cred111
Loans and Allowance for Credit Losses - Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2012USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |
Claim Amount | $ 347 |
Percentage covered loss, Reimbursement | 80.00% |
Non- Reimbursable Amount | $ 504 |
Insurance Settlement [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Claim Amount | $ 347 |
Percentage covered loss, Reimbursement | 80.00% |
Non- Reimbursable Amount | $ 504 |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | ||||
Gross premises | $ 101,122 | $ 98,757 | ||
Less: Accumulated depreciation and amortization | (34,446) | (28,362) | ||
Total premises | 66,676 | $ 64,425 | 70,395 | |
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross premises | 16,875 | 16,875 | ||
Buildings, construction and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross premises | [1] | $ 52,263 | 51,084 | |
Buildings, construction and improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings, construction and improvements | [1] | 2 years | ||
Buildings, construction and improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings, construction and improvements | [1] | 40 years | ||
Land, Buildings and Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross premises | $ 69,138 | 67,959 | ||
Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross premises | $ 31,984 | $ 30,798 | ||
Equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings, construction and improvements | 3 years | |||
Equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings, construction and improvements | 10 years | |||
[1] | Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount charged to operating expenses for depreciation | $ 6,700 | $ 7,200 | $ 9,000 | ||||
Net Software cost included in other asset | 14,850 | ||||||
Amount charged to operating expenses for software amortization | $ 1,136 | $ 1,607 | $ 3,567 | $ 4,977 | 6,532 | 8,428 | 10,326 |
Software Amortization | |||||||
Amount charged to operating expenses for software amortization | 1,700 | 1,800 | 1,400 | ||||
Software Costs | |||||||
Net Software cost included in other asset | 3,400 | 2,400 | |||||
Premises And Equipment | |||||||
Rental expenses for premises and equipment | $ 11,100 | $ 13,400 | $ 14,000 |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Lease Payments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 9,793 |
2,018 | 9,429 |
2,019 | 8,954 |
2,020 | 7,879 |
2,021 | 7,152 |
Thereafter | 13,625 |
Total minimum lease payments | 56,832 |
Property | |
Operating Leased Assets [Line Items] | |
2,017 | 9,470 |
2,018 | 9,181 |
2,019 | 8,858 |
2,020 | 7,879 |
2,021 | 7,152 |
Thereafter | 13,625 |
Total minimum lease payments | 56,165 |
Equipment | |
Operating Leased Assets [Line Items] | |
2,017 | 323 |
2,018 | 248 |
2,019 | 96 |
Total minimum lease payments | $ 667 |
Goodwill and Other Intangibl115
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Amortization expense relating to other intangible assets | $ 1,136 | $ 1,607 | $ 3,567 | $ 4,977 | $ 6,532 | $ 8,428 | $ 10,326 |
Estimated Other Intangible Asse
Estimated Other Intangible Assets Amortization Expense (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 4,652 |
2,018 | 3,287 |
2,019 | 995 |
2,020 | 875 |
2,021 | 805 |
Thereafter | 4,236 |
Total | $ 14,850 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities Of Time Deposits Included In Interest-Bearing Deposits (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Deposits [Abstract] | |
2,017 | $ 812,045 |
2,018 | 283,975 |
2,019 | 303,020 |
2,020 | 35,112 |
2,021 | 19,512 |
Thereafter | 31 |
Total | $ 1,453,695 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - Senior Non-Cumulative Perpetual Preferred Stock Series B - USD ($) $ / shares in Units, $ in Millions | Sep. 27, 2011 | Aug. 31, 2014 |
Preferred Stock [Line Items] | ||
senior Non-Cumulative Perpetual Preferred Stock,Series B, share issued | 32,914 | |
Senior Non-Cumulative Perpetual Preferred Stock, Series B, par value | $ 1 | |
liquidation value, Per share | $ 1,000 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 32.9 | |
Redemption of preferred stock | $ 32.9 | |
Redemption date | Aug. 31, 2014 |
Income Taxes - Components of th
Income Taxes - Components of the Consolidated Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||
Federal | $ 24,394 | $ 22,024 | $ 13,732 | ||||
State | 2,166 | 1,013 | 1,201 | ||||
Total current expense | 26,560 | 23,037 | 14,933 | ||||
Deferred: | |||||||
Federal | 5,439 | (3,266) | 10,528 | ||||
State | 541 | 338 | 599 | ||||
Total deferred expense (benefit) | 5,980 | (2,928) | 11,127 | ||||
Income tax expense | $ 17,457 | $ 2,107 | $ 43,666 | $ 16,839 | $ 32,540 | $ 20,109 | $ 26,060 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||
Computed income tax expense at statutory rate | $ 34,410 | $ 20,778 | $ 24,813 | ||||
Tax exempt interest, net | (2,744) | (842) | (137) | ||||
BOLI income | (1,023) | (1,037) | (1,160) | ||||
State tax expense | 1,760 | 878 | 1,170 | ||||
Tax credits | (266) | (243) | (189) | ||||
Management compensation | 210 | 353 | 362 | ||||
Other, net | 193 | 222 | 1,201 | ||||
Income tax expense | $ 17,457 | $ 2,107 | $ 43,666 | $ 16,839 | $ 32,540 | $ 20,109 | $ 26,060 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | |||
Allowance for credit losses | $ 30,710 | $ 29,558 | |
Nonaccrual interest | 7,410 | 4,710 | |
Deferred compensation | 3,681 | 3,463 | |
Accrued compensation | 7,962 | 6,626 | |
Net operating loss carryforwards | 16,154 | 20,380 | |
Alternative minimum tax credit carryover | 978 | 978 | |
Unrealized loss on securities, net | 13,829 | ||
Unrealized loss on derivative instruments | 5,911 | ||
Other | 9,320 | 11,159 | |
Excess of tax basis in assets acquired: | |||
Loans | 8,673 | 12,145 | |
Other real estate owned | 1,342 | 1,335 | |
Other | 4 | 37 | |
Total deferred income tax assets | 105,974 | 90,391 | |
Deferred income tax liabilities: | |||
Difference in book and tax basis of intangibles | 4,268 | 6,013 | |
Unrealized gain on securities, net | 2,237 | ||
Unrealized gain on derivative instruments | 950 | ||
Other | 4,564 | 4,005 | |
Excess of book basis in assets acquired and tax liabilities assumed over book carrying value: | |||
Intangibles | 7,798 | 4,433 | |
Other | 5,682 | 6,041 | |
Total deferred income tax liabilities | 22,312 | 23,679 | |
Net deferred income tax asset | $ 61,395 | $ 83,662 | $ 66,712 |
Income Taxes - Reconciliatio122
Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Increases for tax positions related to prior years | $ 422 | ||
Increases for tax positions related to current year | 522 | ||
Decreases for tax positions related to prior years | 0 | $ 0 | $ 0 |
Decreases for tax positions related to current year | 0 | 0 | 0 |
Settlement with taxing authorities | 0 | 0 | 0 |
Expiration of applicable statutes of limitations | 0 | $ 0 | $ 0 |
Unrecognized income tax benefits, December 31 | $ 944 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017 | |
Prior service cost or loss amortization | $ 0 | $ 0 | $ 0 | |||||
Amount recognized in accumulated other comprehensive income, expected to be recognized as a component of net periodic benefit cost in 2017 | $ 64 | |||||||
Asset Allocations | 100.00% | 100.00% | ||||||
Minimum cash contribution | $ 930 | |||||||
Amount recognized in compensation expense | $ 35,007 | $ 31,086 | $ 103,956 | $ 96,929 | 125,068 | $ 128,267 | 130,617 | |
Minimum | ||||||||
Minimum cash contribution | 300 | |||||||
Plan 401 K [Member] | ||||||||
Plan contributions | 3,400 | 3,500 | ||||||
Plan 401 K [Member] | Supplemental Employee Retirement Plan [Member] | ||||||||
Accrued liability | 1,900 | 1,900 | ||||||
Amount recognized in compensation expense | 322 | 104 | 284 | |||||
Plan 401 K [Member] | Unqualified Supplemental Retirement and Voluntary Deferred Compensation Plan [Member] | ||||||||
Accrued liability | 3,200 | |||||||
Amount recognized in compensation expense | 186 | $ 102 | $ 351 | |||||
Deferred compensation | $ 3,000 | |||||||
Fixed Income Securities [Member] | ||||||||
Asset Allocations | 55.00% | 49.00% | ||||||
Equity Securities [Member] | ||||||||
Asset Allocations | 41.00% | 41.00% | ||||||
Other Securities [Member] | ||||||||
Asset Allocations | 4.00% | 10.00% | ||||||
Scenario, Forecast [Member] | Minimum | ||||||||
Minimum cash contribution | $ 0 |
Employee Benefits - Defined Ben
Employee Benefits - Defined Benefit Pension Plan's Funded (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service cost | $ 100 | $ 100 | $ 100 |
Interest cost | 221 | 232 | 268 |
Expected return on plan assets | (234) | (278) | (305) |
Net loss amortization | 53 | 61 | |
Cost of settlements | 156 | 155 | 142 |
Net periodic benefit cost | 296 | 270 | 205 |
Amortization of net actuarial loss | 53 | 61 | |
Fair value of plan assets at beginning of period | 4,464 | ||
Net actuarial loss | (226) | (35) | (810) |
Adjustment for settlement | (156) | (155) | (142) |
Employer contributions | 930 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (17) | 181 | (668) |
Tax effect | 4 | (69) | 245 |
Net | (13) | 112 | (423) |
Fair value of plan assets at end of year | 4,689 | 4,464 | |
Pension Plan [Member] | |||
Benefit obligation at beginning of period | 6,176 | 7,025 | |
Service cost | 100 | 100 | |
Interest cost | 221 | 232 | |
Actuarial loss (gain) | 233 | (200) | |
Administrative expenses paid | (59) | (45) | |
Benefits paid | (79) | (70) | |
Settlements | (807) | (866) | |
Benefit obligation at end of year | 5,785 | 6,176 | 7,025 |
Fair value of plan assets at beginning of period | 4,464 | 5,402 | |
Return on plan assets | 240 | 43 | |
Employer contributions | 930 | ||
Administrative expenses paid | (59) | (45) | |
Benefits paid | (79) | (70) | |
Settlements | (807) | (866) | |
Fair value of plan assets at end of year | 4,689 | 4,464 | $ 5,402 |
Funded status | $ (1,096) | $ (1,712) |
Employee Benefits - Determine B
Employee Benefits - Determine Benefit Obligations and Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |||
Discount rate | 3.52% | 3.76% | 3.50% |
Compensation increase rate | 0.00% | 0.00% | 0.00% |
Census date | Jan. 1, 2017 | Jan. 1, 2016 | Jan. 1, 2015 |
Expected return on plan assets | 5.50% | 5.50% | 5.50% |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Expected Benefit Payments (Detail) - Pension Plan [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 820 |
2,018 | 490 |
2,019 | 456 |
2,020 | 594 |
2,021 | 907 |
2022-2026 | 1,826 |
Total | $ 5,093 |
Employee Benefits - Schedule127
Employee Benefits - Schedule of Defined Benefit Pension Plan Fair Values and Weighted-Average Asset Allocations by Asset Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 4,689 | $ 4,464 |
Asset Allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 1,912 | $ 1,849 |
Asset Allocations | 41.00% | 41.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 2,594 | $ 2,165 |
Asset Allocations | 55.00% | 49.00% |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 183 | $ 440 |
Asset Allocations | 4.00% | 10.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets | $ 10 |
Employee Benefits - Schedule128
Employee Benefits - Schedule of Projected Benefit Payments (Detail) - Plan 401 K [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 164 |
2,018 | 172 |
2,019 | 376 |
2,020 | 376 |
2,021 | 384 |
2022-2026 | 2,290 |
Total | $ 3,762 |
Equity-based compensation - Sch
Equity-based compensation - Schedule of Fair Value Restricted Stock Units (Detail) - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Fair value of common stock (non-marketable, per share) | $ 14.83 |
Time to settlement date | 2 years 29 days |
Volatility | 30.00% |
Risk-free rate | 1.10% |
Equity-based compensation - Sum
Equity-based compensation - Summary of activity related to restricted stock unit awards (Detail) - Restricted Stock Units - $ / shares | Jul. 21, 2015 | Nov. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Number of shares, Non-vested at beginning of period | 672,750 | 258,375 | ||||
Number of shares, Units deemed improbable to vest | (258,375) | |||||
Number of shares, Amended grants | 258,375 | 395,250 | 0 | 0 | 395,250 | |
Number of shares, New units | 277,500 | 277,500 | 258,375 | |||
Number of shares, Non-vested at end of period | 672,750 | 672,750 | 672,750 | 258,375 | ||
Fair value per unit at award date, Non-vested at beginning of period | $ 5.14 | $ 13.43 | ||||
Fair value per unit at award date, Units deemed improbable to vest | 13.43 | |||||
Fair value per unit at award date, Amended grants | 5.14 | |||||
Fair value per unit at award date, New units | 5.14 | $ 13.43 | ||||
Fair value per unit at award date, Non-vested at end of period | $ 5.14 | $ 5.14 | $ 5.14 | $ 13.43 |
Condensed Financial Informat131
Condensed Financial Information of Cadence Bancorporation (Parent Only) - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||||
Interest-bearing deposits with banks | $ 515,556 | $ 199,747 | $ 316,473 | |||
Other assets | 80,965 | 84,806 | 53,972 | |||
Total Assets | 10,502,261 | 9,530,888 | $ 9,444,010 | 8,811,511 | ||
Liabilities: | ||||||
Senior debt | 184,557 | 193,788 | 193,085 | |||
Subordinated debt | 98,627 | 98,441 | 98,171 | |||
Junior subordinated debentures | 36,353 | 35,989 | 35,449 | |||
Other liabilities | 87,628 | 101,929 | 67,407 | |||
Total liabilities | 9,161,413 | 8,450,390 | 7,757,303 | |||
Shareholder's Equity: | ||||||
Common Stock | 836 | 750 | 750 | |||
Additional paid-in capital | 1,036,585 | 879,665 | 879,578 | |||
Retained earnings | 320,276 | 232,614 | 166,840 | |||
Accumulated other comprehensive (loss) income ("OCI") | (16,849) | (32,531) | 7,040 | |||
Total Shareholders' Equity | 1,340,848 | 1,080,498 | 1,054,208 | $ 1,014,337 | $ 1,003,506 | |
Total Liabilities and Shareholders' Equity | $ 10,502,261 | 9,530,888 | 8,811,511 | |||
Cadence Bancorporation | ||||||
ASSETS | ||||||
Interest-bearing deposits with banks | 50,330 | 47,756 | ||||
Investment in consolidated bank subsidiary | 1,315,336 | 1,291,053 | ||||
Investment in consolidated nonbank subsidiaries | 14,881 | 14,225 | ||||
Other assets | 7,381 | 7,753 | ||||
Total Assets | 1,387,928 | 1,360,787 | ||||
Liabilities: | ||||||
Interest payable | 810 | 912 | ||||
Senior debt | 193,788 | 193,085 | ||||
Subordinated debt | 73,788 | 73,573 | ||||
Junior subordinated debentures | 35,989 | 35,449 | ||||
Other liabilities | 3,055 | 3,560 | ||||
Total liabilities | 307,430 | 306,579 | ||||
Shareholder's Equity: | ||||||
Common Stock | 10 | 10 | ||||
Additional paid-in capital | 880,405 | 880,318 | ||||
Retained earnings | 232,614 | 166,840 | ||||
Accumulated other comprehensive (loss) income ("OCI") | (32,531) | 7,040 | ||||
Total Shareholders' Equity | 1,080,498 | 1,054,208 | ||||
Total Liabilities and Shareholders' Equity | $ 1,387,928 | $ 1,360,787 |
Condensed Financial Informat132
Condensed Financial Information of Cadence Bancorporation (Parent Only) - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INCOME | |||||||
Interest income | $ 99,503 | $ 84,654 | $ 288,497 | $ 248,182 | $ 335,250 | $ 293,067 | $ 287,246 |
Other income | 7,862 | 4,212 | 18,118 | 13,628 | 17,678 | 15,017 | 20,490 |
EXPENSES | |||||||
Interest expense | 18,340 | 14,228 | 50,192 | 41,241 | 55,811 | 45,289 | 32,158 |
Other expenses | 12,968 | 15,053 | 38,170 | 42,373 | 60,598 | 65,856 | 71,483 |
Income before income taxes | 50,034 | 8,714 | 131,328 | 53,628 | 98,314 | 59,365 | 70,893 |
Income tax benefit | 17,457 | 2,107 | 43,666 | 16,839 | 32,540 | 20,109 | 26,060 |
Net income | $ 32,577 | $ 6,607 | $ 87,662 | $ 36,789 | 65,774 | 39,256 | 44,833 |
Earnings available to common shareholder | 65,774 | 39,256 | 41,190 | ||||
Cadence Bancorporation | |||||||
INCOME | |||||||
Dividends from bank subsidiary | 13,500 | 8,500 | 817 | ||||
Dividends from nonbank subsidiary | 500 | 1,000 | |||||
Interest income | 25 | 21 | 15 | ||||
Other income | 176 | 22 | 565 | ||||
Total income | 13,701 | 9,043 | 2,397 | ||||
EXPENSES | |||||||
Interest expense | 18,060 | 17,635 | 11,101 | ||||
Other expenses | 2,092 | 271 | 296 | ||||
Total expenses | 20,152 | 17,906 | 11,397 | ||||
Loss before income taxes and equity in undistributed income of subsidiaries | (6,451) | (8,863) | (9,000) | ||||
Equity in undistributed income of subsidiaries | 64,424 | 41,132 | 49,277 | ||||
Income before income taxes | 57,973 | 32,269 | 40,277 | ||||
Income tax benefit | (7,801) | (6,987) | (4,556) | ||||
Net income | 65,774 | 39,256 | 44,833 | ||||
Dividends and accretion of discount on preferred stock | 3,643 | ||||||
Earnings available to common shareholder | $ 65,774 | $ 39,256 | $ 41,190 |
Condensed Financial Informat133
Condensed Financial Information of Cadence Bancorporation (Parent Only) - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ 32,577 | $ 6,607 | $ 87,662 | $ 36,789 | $ 65,774 | $ 39,256 | $ 44,833 |
Adjustments to reconcile net income to net cash provided (used) in operations: | |||||||
Deferred income taxes | 5,980 | (2,928) | 11,127 | ||||
Decrease (increase) in other assets | (11,278) | 1,785 | 7,459 | ||||
(Decrease) increase in interest payable | 725 | 1,086 | 425 | ||||
(Decrease) increase in other liabilities | 286 | 3,736 | 4,280 | ||||
Net cash flows provided by operating activities | 149,841 | 71,661 | 118,013 | 110,207 | 92,671 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Net cash provided by (used in) investing activities | (689,382) | (669,970) | (993,358) | (1,188,225) | (1,350,537) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Dividends paid to parent | 4,000 | ||||||
Dividends paid on preferred stock | (1,370) | ||||||
Repayments of other borrowings | (75,000) | ||||||
Issuance of subordinated debt, net of debt issuance costs | 39,253 | 58,836 | |||||
Issuance of senior debt, net of debt issuance costs | 9,813 | 182,007 | |||||
Purchase of senior debt | (9,600) | (78) | (78) | ||||
Redemption of preferred stock | (32,914) | ||||||
Net cash (used in) provided by financing activities | 879,998 | 559,024 | 657,063 | 1,074,809 | 1,438,551 | ||
Net increase in cash and cash equivalents | 340,457 | (39,285) | (218,282) | (3,209) | 180,685 | ||
Cash and cash equivalents at beginning of period | 248,925 | 467,207 | 467,207 | 470,416 | 289,731 | ||
Cash and cash equivalents at end of period | $ 589,382 | $ 427,922 | 589,382 | 427,922 | 248,925 | 467,207 | 470,416 |
Cadence Bancorporation | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | 65,774 | 39,256 | 44,833 | ||||
Adjustments to reconcile net income to net cash provided (used) in operations: | |||||||
Deferred income taxes | (1,598) | (531) | (415) | ||||
Equity in undistributed income of subsidiaries | (64,424) | (41,132) | (49,277) | ||||
Decrease in interest receivable | 6 | ||||||
Decrease (increase) in other assets | 3,043 | 2,539 | (3,891) | ||||
(Decrease) increase in interest payable | (102) | 804 | 98 | ||||
(Decrease) increase in other liabilities | (504) | (747) | 2,318 | ||||
Net cash flows provided by operating activities | 2,189 | 189 | (6,328) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital contributions to Bank subsidiary | (20,000) | (155,000) | |||||
Decrease (increase) in limited partnership investments | 463 | (157) | (298) | ||||
Net cash provided by (used in) investing activities | 463 | (20,157) | (155,298) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Dividends paid to parent | (4,000) | ||||||
Dividends paid on preferred stock | (1,370) | ||||||
Advances of other borrowings, net of debt issuance costs | 73,860 | ||||||
Repayments of other borrowings | (75,000) | ||||||
Issuance of subordinated debt, net of debt issuance costs | 39,253 | 34,434 | |||||
Issuance of senior debt, net of debt issuance costs | 9,813 | 182,459 | |||||
Purchase of senior debt | (78) | ||||||
Redemption of preferred stock | (32,914) | ||||||
Net cash (used in) provided by financing activities | (78) | 49,066 | 177,469 | ||||
Net increase in cash and cash equivalents | 2,574 | 29,098 | 15,843 | ||||
Cash and cash equivalents at beginning of period | $ 50,330 | $ 47,756 | 47,756 | 18,658 | 2,815 | ||
Cash and cash equivalents at end of period | $ 50,330 | $ 47,756 | $ 18,658 |