Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Ameris Bancorp | ||
Entity Central Index Key | 351,569 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 2,473,151,338 | ||
Entity Shell Company | false | ||
Trading Symbol | ABCB | ||
Entity Common Stock, Shares Outstanding | 47,498,950 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 172,036 | $ 139,313 |
Interest-bearing deposits in banks | 472,443 | 191,335 |
Federal funds sold | 35,048 | 10 |
Cash and cash equivalents | 679,527 | 330,658 |
Time deposits in other banks | 10,812 | 0 |
Investment securities available for sale, at fair value | 1,192,423 | 810,873 |
Other investments | 14,455 | 42,270 |
Loans held for sale, at fair value | 111,298 | 197,442 |
Loans | 5,660,457 | 4,856,514 |
Purchased loans | 2,588,832 | 861,595 |
Purchased loan pools | 262,625 | 328,246 |
Loans, net of unearned income | 8,511,914 | 6,046,355 |
Allowance for loan losses | (28,819) | (25,791) |
Loans, net | 8,483,095 | 6,020,564 |
Other real estate owned, net | 7,218 | 8,464 |
Purchased other real estate owned, net | 9,535 | 9,011 |
Total other real estate owned, net | 16,753 | 17,475 |
Premises and equipment, net | 145,410 | 117,738 |
Goodwill | 503,434 | 125,532 |
Other intangible assets, net | 58,689 | 13,496 |
Cash value of bank owned life insurance | 104,096 | 79,641 |
Deferred income taxes, net | 35,126 | 28,320 |
Other assets | 88,397 | 72,194 |
Total assets | 11,443,515 | 7,856,203 |
Deposits | ||
Noninterest-bearing | 2,520,016 | 1,777,141 |
Interest-bearing | 7,129,297 | 4,848,704 |
Total deposits | 9,649,313 | 6,625,845 |
Securities sold under agreements to repurchase | 20,384 | 30,638 |
Other borrowings | 151,774 | 250,554 |
Subordinated deferrable interest debentures, net | 89,187 | 85,550 |
FDIC loss-share payable, net | 19,487 | 8,803 |
Other liabilities | 57,023 | 50,334 |
Total liabilities | 9,987,168 | 7,051,724 |
Commitments and Contingencies (Note 22) | ||
Shareholders’ Equity | ||
Preferred stock, stated value $1,000; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, par value $1; 100,000,000 shares authorized; 49,014,925 and 38,734,873 shares issued | 49,015 | 38,735 |
Capital surplus | 1,051,584 | 508,404 |
Retained earnings | 377,135 | 273,119 |
Accumulated other comprehensive loss, net of tax | (4,826) | (1,280) |
Treasury stock, at cost, 1,514,984 and 1,474,861 shares | (16,561) | (14,499) |
Total shareholders’ equity | 1,456,347 | 804,479 |
Total liabilities and shareholders’ equity | $ 11,443,515 | $ 7,856,203 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par or stated value per share (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares, issued (in shares) | 49,014,925 | 38,734,873 |
Treasury stock, shares (in shares) | 1,514,984 | 1,474,861 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income | |||
Interest and fees on loans | $ 378,209 | $ 270,887 | $ 218,659 |
Interest on taxable securities | 29,006 | 20,154 | 17,824 |
Interest on nontaxable securities | 900 | 1,581 | 1,722 |
Interest on deposits in other banks | 4,984 | 1,725 | 827 |
Interest on federal funds sold | 227 | 0 | 33 |
Total interest income | 413,326 | 294,347 | 239,065 |
Interest expense | |||
Interest on deposits | 49,054 | 19,877 | 12,410 |
Interest on other borrowings | 20,880 | 14,345 | 7,284 |
Total interest expense | 69,934 | 34,222 | 19,694 |
Net interest income | 343,392 | 260,125 | 219,371 |
Provision for loan losses | 16,667 | 8,364 | 4,091 |
Net interest income after provision for loan losses | 326,725 | 251,761 | 215,280 |
Noninterest income | |||
Service charges on deposit accounts | 46,128 | 42,054 | 42,745 |
Mortgage banking activity | 51,292 | 48,535 | 48,298 |
Other service charges, commissions and fees | 3,003 | 2,872 | 3,575 |
Net gain (loss) on securities | (37) | 37 | 94 |
Gain on sale of SBA loans | 2,728 | 4,590 | 3,974 |
Other noninterest income | 15,298 | 6,369 | 7,115 |
Total noninterest income | 118,412 | 104,457 | 105,801 |
Noninterest expense | |||
Salaries and employee benefits | 149,293 | 120,016 | 106,837 |
Occupancy and equipment | 29,131 | 24,069 | 24,397 |
Advertising and marketing | 5,571 | 5,131 | 4,181 |
Amortization of intangible assets | 9,512 | 3,932 | 4,376 |
Data processing and communications expenses | 30,385 | 27,869 | 24,591 |
Legal and other professional fees | 6,386 | 15,355 | 9,885 |
Credit resolution-related expenses | 4,016 | 3,493 | 6,172 |
Merger and conversion charges | 20,499 | 915 | 6,376 |
FDIC insurance | 3,408 | 3,078 | 3,712 |
Other noninterest expenses | 35,446 | 28,078 | 25,308 |
Total noninterest expense | 293,647 | 231,936 | 215,835 |
Income before income tax expense | 151,490 | 124,282 | 105,246 |
Income tax expense | (30,463) | (50,734) | (33,146) |
Net income | $ 121,027 | $ 73,548 | $ 72,100 |
Basic earnings per common share (in dollars per share) | $ 2.81 | $ 2 | $ 2.10 |
Diluted earnings per common share (in dollars per share) | 2.80 | 1.98 | 2.08 |
Dividends declared per common share (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.30 |
Weighted average common shares outstanding | |||
Basic (in shares) | 43,142 | 36,828 | 34,347 |
Diluted (in shares) | 43,248 | 37,144 | 34,702 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 121,027 | $ 73,548 | $ 72,100 |
Other comprehensive income (loss) | |||
Net unrealized holding gains (losses) arising during period on investment securities available for sale, net of tax expense (benefit) of ($849), ($169) and ($2,355) | (3,196) | (314) | (4,374) |
Reclassification adjustment for gains on investment securities included in earnings, net of tax of $19, $13 and $33 | (70) | (24) | (61) |
Net unrealized gains (losses) on cash flow hedge during the period, net of tax expense (benefit) of $30, $63 and $13 | 112 | ||
Net unrealized gains (losses) on cash flow hedge during the period, net of tax expense (benefit) of $30, $63 and $13 | 116 | 24 | |
Total other comprehensive income (loss) | (3,154) | (222) | (4,411) |
Comprehensive income | $ 117,873 | $ 73,326 | $ 67,689 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized holding gains/(losses) arising during period on investment securities available for sale, tax | $ (849) | $ (169) | $ (2,355) |
Reclassification adjustment for gains on investment securities included in operations, tax | 19 | 13 | 33 |
Net unrealized gains (losses) on cash flow hedge during the period, tax | $ 30 | ||
Net unrealized gains (losses) on cash flow hedge during the period, tax | $ 63 | $ 13 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of TaxInterest Rate Swap | Accumulated Other Comprehensive Income (Loss), Net of TaxAvailable-for-sale Securities | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting for derivatives | $ 0 | |||||||
Adjusted balance, January 1, 2018 | 152,820 | $ 152 | $ 3,201 | |||||
Balance at beginning of period (in shares) at Dec. 31, 2015 | 33,625,162 | 1,413,777 | ||||||
Balance at beginning of period at Dec. 31, 2015 | $ 33,625 | $ 337,349 | 152,820 | $ 3,353 | 152 | 3,201 | $ (12,388) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Reclassification to retained earnings due to change in federal corporate tax rate | 0 | 0 | 0 | |||||
Issuance of common stock (in shares) | 2,549,469 | |||||||
Issuance of common stock | $ 2,549 | 69,906 | ||||||
Exercise of stock options (in shares) | 54,510 | |||||||
Exercise of stock options | $ 55 | 909 | ||||||
Issuance of restricted shares (in shares) | 155,751 | |||||||
Issuance of restricted shares | $ 156 | (156) | ||||||
Forfeitures of restricted shares (in shares) | (7,085) | |||||||
Forfeitures of restricted shares | $ (7) | 7 | ||||||
Share-based compensation | 2,261 | |||||||
Net income | $ 72,100 | 72,100 | ||||||
Dividends on common shares | (10,466) | |||||||
Change during period | (4,411) | 24 | (4,435) | |||||
Purchase of treasury shares (in shares) | 42,556 | |||||||
Purchase of treasury shares | $ (1,225) | |||||||
Balance at end of period (in shares) at Dec. 31, 2016 | 36,377,807 | 1,456,333 | ||||||
Balance at end of period at Dec. 31, 2016 | 646,437 | $ 36,378 | 410,276 | 214,454 | (1,058) | 176 | (1,234) | $ (13,613) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting for derivatives | 0 | |||||||
Adjusted balance, January 1, 2018 | 214,454 | 176 | (1,234) | |||||
Reclassification to retained earnings due to change in federal corporate tax rate | 0 | 0 | 0 | |||||
Issuance of common stock (in shares) | 2,141,072 | |||||||
Issuance of common stock | $ 2,141 | 92,359 | ||||||
Exercise of stock options (in shares) | 132,319 | |||||||
Exercise of stock options | $ 132 | 2,537 | ||||||
Issuance of restricted shares (in shares) | 84,147 | |||||||
Issuance of restricted shares | $ 84 | (84) | ||||||
Forfeitures of restricted shares (in shares) | (472) | |||||||
Forfeitures of restricted shares | $ 0 | 0 | ||||||
Share-based compensation | 3,316 | |||||||
Net income | 73,548 | 73,548 | ||||||
Dividends on common shares | (14,883) | |||||||
Change during period | (222) | 116 | (338) | |||||
Purchase of treasury shares (in shares) | 18,528 | |||||||
Purchase of treasury shares | $ (886) | |||||||
Balance at end of period (in shares) at Dec. 31, 2017 | 38,734,873 | 1,474,861 | ||||||
Balance at end of period at Dec. 31, 2017 | 804,479 | $ 38,735 | 508,404 | 273,119 | (1,280) | 292 | (1,572) | $ (14,499) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting for derivatives | 28 | |||||||
Adjusted balance, January 1, 2018 | (1,672) | 273,539 | 239 | (1,911) | ||||
Reclassification to retained earnings due to change in federal corporate tax rate | (392) | 392 | (53) | (339) | ||||
Issuance of common stock (in shares) | 10,124,491 | |||||||
Issuance of common stock | $ 10,124 | 537,003 | ||||||
Exercise of stock options (in shares) | 76,286 | |||||||
Exercise of stock options | $ 76 | 838 | ||||||
Issuance of restricted shares (in shares) | 89,855 | |||||||
Issuance of restricted shares | $ 90 | (90) | ||||||
Forfeitures of restricted shares (in shares) | (10,580) | |||||||
Forfeitures of restricted shares | $ (10) | 10 | ||||||
Share-based compensation | 5,419 | |||||||
Net income | 121,027 | 121,027 | ||||||
Dividends on common shares | (17,431) | |||||||
Change during period | (3,154) | 112 | (3,266) | |||||
Purchase of treasury shares (in shares) | 40,123 | |||||||
Purchase of treasury shares | $ (2,062) | |||||||
Balance at end of period (in shares) at Dec. 31, 2018 | 49,014,925 | 1,514,984 | ||||||
Balance at end of period at Dec. 31, 2018 | $ 1,456,347 | $ 49,015 | $ 1,051,584 | $ 377,135 | $ (4,826) | $ 351 | $ (5,177) | $ (16,561) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance cost | $ 0 | $ 4,925 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income | $ 121,027 | $ 73,548 | $ 72,100 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation | 10,014 | 9,196 | 9,519 |
Net losses (gains) on sale or disposal of premises and equipment | 133 | 1,264 | 992 |
Provision for loan losses | 16,667 | 8,364 | 4,091 |
Net write-downs and losses on sale of other real estate owned | 1,301 | 500 | 1,953 |
Share-based compensation expense | 6,241 | 3,316 | 2,261 |
Amortization of intangible assets | 9,512 | 3,932 | 4,376 |
Provision for deferred taxes | 1,374 | 12,430 | 847 |
Net amortization of investment securities available for sale | 4,891 | 6,384 | 7,057 |
Net loss (gain) on securities | 37 | (37) | (94) |
Accretion of discount on purchased loans | (11,918) | (11,308) | (16,637) |
Amortization of premium on purchased loan pools | 1,825 | 3,543 | 5,653 |
Net amortization (accretion) on other borrowings | 96 | 95 | (76) |
Amortization of subordinated deferrable interest debentures | 1,345 | 1,322 | 1,453 |
Originations of mortgage loans held for sale | (1,768,934) | (1,502,314) | (1,403,954) |
Payments received on mortgage loans held for sale | 986 | 1,238 | 1,390 |
Proceeds from sales of mortgage loans held for sale | 1,542,755 | 1,370,008 | 1,340,668 |
Net gains on mortgage loans held for sale | (37,336) | (46,913) | (52,198) |
Originations of SBA loans | (27,820) | (33,104) | (69,512) |
Proceeds from sales of SBA loans | 33,675 | 30,696 | 28,268 |
Net gains on sales of SBA loans | (2,728) | (4,590) | (3,974) |
Increase in cash surrender value of bank owned life insurance | (1,819) | (1,588) | (1,734) |
Changes in FDIC loss-share receivable/payable, net of cash payments received | 5,156 | 3,005 | 11,798 |
Increase in interest receivable | (10,965) | (3,728) | (1,004) |
Increase decrease in interest payable | 2,411 | 1,757 | 446 |
Increase (decrease) in taxes payable | 4,032 | (473) | (8,328) |
Change attributable to other operating activities | (10,761) | 10,895 | (5,128) |
Net cash used in operating activities | (108,803) | (62,562) | (69,767) |
Investing Activities, net of effects of business combinations | |||
Proceeds from maturities of time deposits in other banks | 746 | 0 | 0 |
Purchases of securities available for sale | (290,649) | (113,261) | (200,823) |
Proceeds from prepayments and maturities of securities available for sale | 152,393 | 115,166 | 131,390 |
Proceeds from sale of securities available for sale | 68,727 | 3,090 | 75,990 |
Net decrease (increase) in other investments | 33,515 | 11,046 | (17,936) |
Net increase in loans, excluding purchased loans | (470,156) | (1,016,409) | (1,063,345) |
Payments received on purchased loans | 330,226 | 210,470 | 247,452 |
Purchases of purchased loan pools | 0 | 0 | (152,091) |
Payments received on purchased loan pools | 71,817 | 112,330 | 171,087 |
Purchases of premises and equipment | (10,009) | (3,760) | (10,977) |
Proceeds from sale of premises and equipment | 588 | 16 | 295 |
Proceeds from sales of other real estate owned | 11,784 | 14,920 | 22,483 |
Payments received from (paid to) FDIC under loss-sharing agreements | (3,791) | (515) | |
Payments received from (paid to) FDIC under loss-sharing agreements | 816 | ||
Net cash proceeds received from (paid in) acquisitions | 51,495 | 0 | (7,206) |
Net cash used in investing activities | (53,314) | (666,907) | (802,865) |
Financing Activities, net of effects of business combinations | |||
Net increase in deposits | 853,051 | 1,050,682 | 294,513 |
Net decrease in securities sold under agreements to repurchase | (10,254) | (22,867) | (10,080) |
Proceeds from other borrowings | 1,530,000 | 1,837,692 | 635,886 |
Repayment of other borrowings | (1,844,258) | (2,079,554) | (231,020) |
Issuance of common stock | 0 | 88,656 | 0 |
Proceeds from exercise of stock options | 914 | 2,669 | 964 |
Dividends paid - common stock | (16,405) | (14,650) | (8,584) |
Purchase of treasury shares | (2,062) | (886) | (1,225) |
Net cash provided by financing activities | 510,986 | 861,742 | 680,454 |
Net increase (decrease) in cash and cash equivalents | 348,869 | 132,273 | (192,178) |
Cash and cash equivalents at beginning of period | 330,658 | 198,385 | 390,563 |
Cash and cash equivalents at end of period | 679,527 | 330,658 | 198,385 |
Cash paid during the year for: | |||
Interest | 67,523 | 32,465 | 19,248 |
Income taxes | 20,026 | 38,939 | 40,575 |
Loans (excluding purchased loans) transferred to other real estate owned | 4,124 | 4,372 | 3,203 |
Purchased loans transferred to other real estate owned | 6,393 | 5,023 | 7,229 |
Loans transferred from loans held for sale to loans held for investment | 10,817 | 212,850 | 119,352 |
Loans transferred from loans held for investment to loans held for sale | 8,831 | 119,389 | 0 |
Loans provided for the sales of other real estate owned | 931 | 1,334 | 1,942 |
Assets acquired in business combinations | 3,064,615 | 0 | 561,440 |
Liabilities assumed in business combinations | 2,415,212 | 0 | 465,048 |
Issuance of common stock in acquisitions | 547,127 | 0 | 72,455 |
Issuance of common stock in exchange for equity investment in US Premium Finance Holding Company | 0 | 5,844 | 0 |
Change in unrealized gain (loss) on securities available for sale, net of tax | (3,266) | (338) | (4,435) |
Change in unrealized gain on cash flow hedge, net of tax | $ 112 | $ 116 | $ 24 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Ameris Bancorp and subsidiaries (the “Company” or “Ameris”) is a financial holding company headquartered in Moultrie, Georgia, and whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida and South Carolina. The Bank also engages in mortgage banking activities and SBA lending, and, as such, originates, acquires, sells and services one-to-four family residential mortgage loans and SBA loans in the Southeast. The Bank has purchased residential mortgage loan pools collateralized by properties located outside our Southeast markets, specifically in California, Washington and Illinois. The Bank purchases consumer installment home improvement loans made to borrowers throughout the United States. The Bank also originates, administers and services commercial insurance premium loans made to borrowers throughout the United States. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. On January 31, 2018, the Company closed on the purchase of the final 70% of the outstanding shares of common stock of US Premium Finance Holding Company, a Florida corporation ("USPF"), completing its acquisition of USPF and making USPF a wholly owned subsidiary of the Company. See Note 3 for more information on the USPF acquisition. Basis of Presentation and Accounting Estimates The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Acquisition Accounting Acquisitions are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their estimated fair values as of the purchase date. Any identifiable intangible assets are also recorded at fair value. When the consideration given is less than the fair value of the net assets received, the acquisition results in a “bargain purchase gain.” If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as additional information regarding the closing date fair values becomes available. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date and carryover of the seller's related allowance for loan losses is prohibited. When the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments, the difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. The Company must estimate expected cash flows at each reporting date. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in expected cash flows result in a reversal of the provision for loan losses to the extent of prior provisions and adjust accretable discount if no prior provisions have been made or have been fully reversed. This increase in accretable discount will have a positive impact on future interest income. Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, securities sold under agreements to repurchase and federal funds purchased. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. The reserve requirement as of December 31, 2018 and 2017 was $61.2 million and $44.1 million , respectively, and was met by cash on hand which is reported on the Company's consolidated balance sheets in cash and due from banks. The total of the average daily required reserve was approximately $50.4 million and $38.8 million for the years ended December 31, 2018 and 2017 , respectively. Investment Securities The Company classifies its investment securities in one of three categories: (i) trading, (ii) held to maturity or (iii) available for sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other investment securities are classified as available for sale. At December 31, 2018 and 2017 , all securities were classified as available for sale. Trading securities are carried at fair value. Unrealized gains and losses on trading securities are recorded in earnings as a component of other noninterest income. Held to maturity securities are recorded initially at cost and subsequently adjusted for paydowns and amortization of purchase premium or accretion of purchase discount. Available for sale securities are carried at fair value. Unrealized holding gains and losses, net of the related deferred tax effect, on available for sale securities are excluded from earnings and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from held to maturity to available for sale are recorded as a separate component of shareholders’ equity. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. A decline in the market value of any available for sale or held to maturity investment below cost that is deemed other than temporary establishes a new cost basis for the security. Other than temporary impairment deemed to be credit related is charged to earnings. Other than temporary impairment attributed to non-credit related factors is recognized in other comprehensive income. In determining whether other-than-temporary impairment losses exist, management considers (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer or underlying collateral of the security and (iii) the Company’s intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Other Investments Other investments include Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank stock. Prior to the Company's completion of its acquisition of USPF on January 31, 2018, the minority equity investment in USPF was also included in other investments. These investments do not have readily determinable fair values due to restrictions placed on transferability and therefore are carried at cost. These investments are periodically evaluated for impairment based on ultimate recovery of par value or cost basis. Both cash and stock dividends are reported as income. Also included in other investments are 11,175 Visa Class B restricted shares owned by the Bank with a carrying value of approximately $242,000 as of December 31, 2018 . These shares are transferable only under limited circumstances until they can be converted into the publicly traded Visa Class A common shares. This conversion will not occur until the settlement of certain litigation which will be indemnified by Visa members, including the Bank. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account be insufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Visa Class B conversion ratio to unrestricted Visa Class A shares. As of December 31, 2018 , the conversion ratio was 1.6298 . Loans Held for Sale Loans held for sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held for sale and realized gains and losses upon ultimate sale of the mortgage loans held for sale are classified as mortgage banking activity in the consolidated statements of income. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of SBA loans held for sale and realized gains and losses upon ultimate sale of the SBA loans held for sale are classified as gain on sale of SBA loans in the consolidated statements of income. Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity or gains on sales of SBA loans accordingly. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing fee income, which is reported on the income statement as other noninterest income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing fees totaled $4,492,000 , $1,687,000 and $1,708,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Late fees and ancillary fees related to loan servicing are not material. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into strata based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized for a particular stratum through a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular stratum, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in other noninterest income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Loans Loans, excluding purchased loans and residential mortgage purchased loan pools (“purchased loan pools”) are reported at their outstanding principal balances less unearned income, net of deferred fees and origination costs. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest income on nonaccrual loans is applied against principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Purchased Loans Purchased loans include loans acquired in FDIC-assisted acquisitions (“covered loans”) and other acquisitions (“purchased non-covered loans”) and are initially recorded at fair value on the date of the purchase. Purchased loans that contain evidence of credit deterioration (“purchased credit impaired loans”) on the date of purchase are carried at the net present value of expected future proceeds. All other purchased loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. There is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by recording a charge-off of the loss and a corresponding provision expense. In determining the initial fair value of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carryover of the seller's allowance for loan losses and (ii) an adjustment of the recorded investment to reflect an appropriate market rate of interest, given the remaining term, risk profile and grade assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using methods approximating the effective yield method, over the remaining life of each loan. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each loan, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an impairment loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income through an increase in accretable yield. Purchased Loan Pools Purchased loan pools include groups of residential mortgage loans that were not acquired in bank acquisitions or FDIC-assisted transactions. Purchased loan pools are reported at their outstanding principal balances plus purchase premiums, net of accumulated amortization. Interest income is accrued on the outstanding principal balance. The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. Allowance for Loan Losses The allowance for loan losses is established through a provision for loan losses charged to expense. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable incurred losses in the balance of the loan portfolio. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of various risks in the loan portfolio highlighted by historical experience, the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, current economic conditions that may affect the borrower’s ability to pay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The allowance consists of specific and general components. The specific component includes loans management considers impaired and other loans or groups of loans that management has classified with higher risk characteristics. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. The allowance for loan losses represents a reserve for probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with a particular emphasis on non-accruing, past due and other loans that management believes might be potentially impaired or warrant additional attention. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. In addition, based on internal reviews and external reviews performed by independent loan reviewers and regulatory authorities, the Company further segregates the loan portfolio by loan grades based on an assessment of risk for a particular loan or group of loans. In establishing allowances, management considers historical loan loss experience but adjusts this data with a significant emphasis on data such as risk ratings, current loan quality trends, current economic conditions and other factors in the markets where the Company operates. Factors considered include, among others, current valuations of real estate in their markets, unemployment rates, the effect of weather conditions on agricultural related entities and other significant local economic events. The Company has developed a methodology for determining the adequacy of the allowance for loan losses which is monitored by the Company’s Chief Credit Officer. Procedures provide for the assignment of a risk rating for every loan included in the total loan portfolio. Commercial insurance premium loans, overdraft protection loans and certain mortgage loans and consumer loans serviced by outside processors are treated as pools for risk rating purposes. The risk rating schedule provides nine ratings of which five ratings are classified as pass ratings and four ratings are classified as criticized ratings. Each risk rating is assigned a percentage factor of historical losses, calculated by loan type, and adjusted for qualitative factors to be applied to the balance of loans by risk rating and loan type, to determine the adequate amount of reserve. Many of the larger loans require an annual review by an independent loan officer in the Company’s internal loan review department. Assigned risk ratings are adjusted based on various factors including changes in borrower’s financial condition, the number of days past due and general economic conditions. The calculation of the allowance for loan losses, including underlying data and assumptions, is reviewed quarterly by the independent internal loan review department. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged-off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to a loan risk rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged-off. Loan Commitments and Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Premises and Equipment Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years , furniture and equipment useful lives range from three to 20 years and the lives of software and computer related equipment range from three to five years . Leasehold improvements are amortized over the life of the related lease, or the related assets, whichever is shorter. Expenditures for major improvements of the Company’s premises and equipment are capitalized and depreciated over their estimated useful lives. Minor repairs, maintenance and improvements are charged to operations as incurred. When assets are sold or disposed of, their cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in earnings. FDIC Loss-Share Receivable/Payable In connection with the Company’s FDIC-assisted acquisitions, the Company has recorded an FDIC loss-share receivable to reflect the indemnification provided by the FDIC. Since the indemnified items are covered loans and covered foreclosed assets, which are initially measured at fair value, the FDIC loss-share receivable is also initially measured and recorded at fair value, and is calculated by discounting the cash flows expected to be received from the FDIC. These cash flows are estimated by multiplying estimated losses by the reimbursement rates as set forth in the loss-sharing agreements. The balance of the FDIC loss-share receivable and the accretion (or amortization) thereof is adjusted periodically to reflect changes in expectations of discounted cash flows, expense reimbursements under the loss-sharing agreements and other factors. The Company is accreting (or amortizing) its FDIC loss-share receivable over the shorter of the contractual term of the indemnification agreement ( ten years for the single family loss-sharing agreements, and five years for the non-single family loss-sharing agreements) or the remaining life of the indemnified asset. Pursuant to the clawback provisions of the loss-sharing agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss-sharing agreement. The amount of the clawback provision for each acquisition is measured and recorded at fair value. It is calculated as the difference between management’s estimated losses on covered loans and covered foreclosed assets and the loss threshold contained in each loss-sharing agreement, multiplied by the applicable clawback provisions contained in each loss-sharing agreement. This clawback amount, which is payable to the FDIC upon termination of the applicable loss-sharing agreement, is then discounted back to net present value. To the extent that actual losses on covered loans and covered foreclosed assets are less than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss-sharing agreements will increase. To the extent that actual losses on covered loans and covered foreclosed assets are more than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss-sharing agreements will decrease. The balance of the FDIC clawback payable and the amortization thereof are adjusted periodically to reflect changes in expected losses on covered assets and the impact of such changes on the clawback payable and other factors. Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of the net assets purchased in business combinations. Goodwill is required to be tested annually for impairment or whenever events occur that may indicate that the recoverability of the carrying amount is not probable. In the event of an impairment, the amount by which the carrying amount exceeds the fair value is charged to earnings. The Company performs its annual impairment testing of goodwill in the fourth quarter of each year. Intangible assets include core deposit premiums from various past bank acquisitions as well as intangible assets recorded in connection with the USPF acquisition for insurance agent relationships, the "US Premium Finance" trade name and a non-compete agreement. Core deposit premiums acquired in various past bank acquisitions are based on the established value of acquired customer deposits. The core deposit premium is initially recognized based on a valuation performed as of the acquisition date and is amortized over an estimated useful life of seven to ten years . The insurance agent relationships, the "US Premium Finance" trade name and non-compete agreement intangible assets acquired in the USPF acquisition are based on the established values as of the acquisition date and are being amortized over estimated useful lives of eight years , seven years and three years , respectively. Amortization periods for intangible assets are reviewed annually in connection with the annual impairment testing of goodwill. Cash Value of Bank Owned Life Insurance The Company has purchased life insurance policies on certain officers. The life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Other Real Estate Owned Foreclosed assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell. Any write-down to fair value at the time of transfer to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs of improvements are capitalized up to the fair value of the property, whereas costs relating to holding foreclosed assets and subsequent adjustments to the value are charged to operations. Income Taxes Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such assets is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged with a tax examination being presumed to occur, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. The Company recognizes interest and penalties related to income tax matters in other noninterest expenses. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Share-Based Compensation The Company accounts for its stock compensation plans using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company recorded approximately $6.2 million , $3.3 million , and $2.3 million of share-based compensation cost in 2018 , 2017 and 2016 , respectively. Treasury Stock The Company’s repurchases of shares of its common stock are recorded at cost as treasury stock and result in a reduction of shareholders' equity. Earnings Per Share Basic earnings per share are computed by divi |
PENDING ACQUISITIONS
PENDING ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
PENDING ACQUISITIONS | PENDING ACQUISITION On December 17, 2018, the Company and Fidelity Southern Corporation, a Georgia corporation ("Fidelity"), entered into an Agreement and Plan of Merger (the "Fidelity Merger Agreement") pursuant to which Fidelity will merge into Ameris, with Ameris as the surviving entity and immediately thereafter, Fidelity Bank, a Georgia bank wholly owned by Fidelity, will be merged into Ameris Bank, with Ameris Bank as the surviving entity. Fidelity Bank operates 69 full-service banking locations, 50 of which are located in Georgia and 19 of which are located Florida, providing financial products and services to customers primarily in the metropolitan markets of Atlanta, Georgia, and Jacksonville, Orlando, Tallahassee, and Sarasota-Bradenton, Florida. Under the terms of the Fidelity Merger Agreement, Fidelity's shareholders will receive 0.80 shares of Ameris common stock for each share of Fidelity common stock they hold. Each outstanding Fidelity restricted stock award will fully vest and be converted into the right to receive 0.80 shares of the Ameris common stock for each share of Fidelity common stock underlying such award. Each outstanding Fidelity stock option will fully vest and be converted into an option to purchase shares of Ameris common stock, with the number of underlying shares and per share exercise price of such option adjusted to reflect the exchange ratio of 0.80 . The estimated purchase price is $750.7 million in the aggregate based upon the $34.02 per share closing price of the Ameris common stock as of December 14, 2018. The merger is subject to customary closing conditions, including the receipt of regulatory approvals and the approval of Ameris and Fidelity shareholders. The transaction is expected to close during the second quarter of 2019. As of December 31, 2018, Fidelity reported assets of $4.73 billion , gross loans of $3.92 billion and deposits of $3.98 billion . The purchase price will be allocated among the net assets of Fidelity acquired as appropriate, with the remaining balance being reported as goodwill. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS In accounting for business combinations, the Company uses the acquisition method of accounting in accordance with ASC 805, Business Combinations . Under the acquisition method of accounting, assets acquired, liabilities assumed and consideration exchanged are recorded at their respective acquisition date fair values. Any identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented or exchanged separately from the entity). If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding the closing date fair values becomes available. In addition, management will assess and record the deferred tax assets and deferred tax liabilities resulting from differences in the carrying value of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes, including acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Section 382 of the Internal Revenue Code of 1986, as amended. Hamilton State Bancshares, Inc. On June 29, 2018, the Company completed its acquisition of Hamilton State Bancshares, Inc. ("Hamilton"), a bank holding company headquartered in Hoschton, Georgia. Upon consummation of the acquisition, Hamilton was merged with and into the Company, with Ameris as the surviving entity in the merger. At that time, Hamilton's wholly owned banking subsidiary, Hamilton State Bank, was also merged with and into the Bank. The acquisition expanded the Company's existing market presence, as Hamilton State Bank had a total of 28 full-service branches located in Atlanta, Georgia and the surrounding area, as well as in Gainesville, Georgia. Under the terms of the merger agreement, Hamilton's shareholders received 0.16 shares of Ameris common stock and $0.93 in cash for each share of Hamilton voting common stock or nonvoting common stock they previously held. As a result, the Company issued 6,548,385 common shares at a fair value of $349.4 million and paid $47.8 million in cash to the former shareholders of Hamilton as merger consideration. As of December 31, 2018 , the Company recorded a preliminary allocation of the purchase price to Hamilton's tangible and identifiable intangible assets acquired and liabilities assumed based on estimated fair values as of June 29, 2018. The following table presents the assets acquired and liabilities assumed of Hamilton as of June 29, 2018, and their fair value estimates. The Company continues its evaluation of the facts and circumstances available as of June 29, 2018, to assign fair values to assets acquired and liabilities assumed which could result in further adjustments to the fair values presented below. Because final external valuations were not complete as of December 31, 2018 , management continues to evaluate fair value adjustments related to loans, premises, intangibles, interest-bearing deposits, other borrowings, subordinated deferrable interest debentures, other liabilities and deferred tax assets . The following table presents the assets acquired and liabilities of Hamilton assumed as of June 29, 2018 and their fair value estimates. (dollars in thousands) As Recorded by Hamilton Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Cash and due from banks $ 14,405 $ — $ (478 ) (j) $ 13,927 Federal funds sold and interest-bearing deposits in banks 102,156 — — 102,156 Time deposits in other banks 11,558 — — 11,558 Investment securities 288,206 (2,376 ) (a) — 285,830 Other investments 2,094 — — 2,094 Loans 1,314,264 (15,528 ) (b) (696 ) (k) 1,298,040 Less allowance for loan losses (11,183 ) 11,183 (c) — — Loans, net 1,303,081 (4,345 ) (696 ) 1,298,040 Other real estate owned 847 — — 847 Premises and equipment 27,483 — (723 ) (l) 26,760 Other intangible assets, net 18,755 (2,755 ) (d) 7,610 (m) 23,610 Cash value of bank owned life insurance 4,454 — — 4,454 Deferred income taxes, net 12,445 (6,308 ) (e) 343 (n) 6,480 Other assets 13,053 — (17 ) (o) 13,036 Total assets $ 1,798,537 $ (15,784 ) $ 6,039 $ 1,788,792 Liabilities Deposits: Noninterest-bearing $ 381,039 $ — — $ 381,039 Interest-bearing 1,201,324 (1,896 ) (f) 4,783 (p) 1,204,211 Total deposits 1,582,363 (1,896 ) 4,783 1,585,250 Other borrowings 10,687 (66 ) (g) 286 (q) 10,907 Subordinated deferrable interest debenture 3,093 (658 ) (h) (143 ) (r) 2,292 Other liabilities 10,460 2,391 (i) — 12,851 Total liabilities 1,606,603 (229 ) 4,926 1,611,300 Net identifiable assets acquired over (under) liabilities assumed 191,934 (15,555 ) 1,113 177,492 Goodwill — 220,713 (1,070 ) 219,643 Net assets acquired over liabilities assumed $ 191,934 $ 205,158 $ 43 $ 397,135 Consideration: Ameris Bancorp common shares issued 6,548,385 Price per share of the Company's common stock $ 53.35 Company common stock issued $ 349,356 Cash exchanged for shares $ 47,779 Fair value of total consideration transferred $ 397,135 Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of investment securities as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio, net of the reversal of Hamilton's unamortized accounting adjustments from their prior acquisitions, loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees. (c) Adjustment reflects the elimination of Hamilton's allowance for loan losses. (d) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts, net of reversal of Hamilton's remaining intangible assets from its past acquisitions. (e) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (f) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits. (g) Adjustment reflects the reversal of Hamilton's unamortized accounting adjustments for other borrowings from its past acquisitions. (h) Adjustment reflects the fair value adjustment to the subordinated deferrable interest debenture at the acquisition date. (i) Adjustment reflects the fair value adjustment to the FDIC loss-share clawback liability included in other liabilities. (j) Subsequent to acquisition, cash and due from banks were adjusted for Hamilton reconciling items. (k) Adjustment reflects additional recording of fair value adjustments to the acquired loan portfolio. (l) Adjustment reflects the recording of fair value adjustment to premises and equipment. (m) Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts. (n) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (o) Adjustment reflects the fair value adjustment to other assets. (p) Adjustment reflects additional recording of fair value adjustments on the acquired deposits. (q) Adjustment reflects the fair value adjustment to other borrowings. (r) Adjustment reflects additional recording of fair value adjustments to the subordinated deferrable interest debenture. Goodwill of $219.6 million , which is the excess of the purchase price over the fair value of net assets acquired, was recorded in the Hamilton acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. In the acquisition, the Company purchased $1.30 billion of loans at fair value, net of $16.2 million , or 1.23% , estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $18.3 million that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 21,223 Non-accretable difference (2,090 ) Cash flows expected to be collected 19,133 Accretable yield (794 ) Total purchased credit-impaired loans acquired $ 18,339 The following table presents the acquired loan data for the Hamilton acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 18,339 $ 21,223 $ 2,090 Acquired receivables not subject to ASC 310-30 $ 1,279,701 $ 1,441,534 $ — Atlantic Coast Financial Corporation On May 25, 2018, the Company completed its acquisition of Atlantic Coast Financial Corporation ("Atlantic"), a bank holding company headquartered in Jacksonville, Florida. Upon consummation of the acquisition, Atlantic was merged with and into the Company, with Ameris as the surviving entity in the merger. At that time, Atlantic's wholly owned banking subsidiary, Atlantic Coast Bank, was also merged with and into the Bank. The acquisition expanded the Company's existing market presence, as Atlantic Coast Bank had a total of 12 full-service branches located in Jacksonville and Jacksonville Beach, Duval County, Florida, Waycross, Georgia and Douglas, Georgia. Under the terms of the merger agreement, Atlantic's shareholders received 0.17 shares of Ameris common stock and $1.39 in cash for each share of Atlantic common stock they previously held. As a result, the Company issued 2,631,520 common shares at a fair value of $147.8 million and paid $21.5 million in cash to the former shareholders of Atlantic as merger consideration. As of December 31, 2018 , the Company recorded a preliminary allocation of the purchase price to Atlantic's tangible and identifiable intangible assets acquired and liabilities assumed based on estimated fair values as of May 25, 2018. The following table presents the assets acquired and liabilities assumed of Atlantic as of May 25, 2018, and their fair value estimates. The Company continues its evaluation of the facts and circumstances available as of May 25, 2018, to assign fair values to assets acquired and liabilities assumed which could result in further adjustments to the fair values presented below. Because final external valuations were not complete as of December 31, 2018 , management continues to evaluate fair value adjustments related to loans, intangibles, interest-bearing deposits, other liabilities and deferred tax assets. The following table presents the assets acquired and liabilities of Atlantic assumed as of May 25, 2018 and their fair value estimates. (dollars in thousands) As Recorded by Atlantic Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Cash and due from banks $ 3,990 $ — $ — $ 3,990 Federal funds sold and interest-bearing deposits in banks 22,149 — — 22,149 Investment securities 35,186 (60 ) (a) — 35,126 Other investments 9,576 — — 9,576 Loans held for sale 358 — — 358 Loans 777,605 (19,423 ) (b) (2,478 ) (k) 755,704 Less allowance for loan losses (8,573 ) 8,573 (c) — — Loans, net 769,032 (10,850 ) (2,478 ) 755,704 Other real estate owned 1,837 (796 ) (d) — 1,041 Premises and equipment 12,591 (1,695 ) (e) — 10,896 Other intangible assets, net — 5,937 (f) 1,551 (l) 7,488 Cash value of bank owned life insurance 18,182 — — 18,182 Deferred income taxes, net 5,782 709 (g) 342 (m) 6,833 Other assets 3,604 (634 ) (h) — 2,970 Total assets $ 882,287 $ (7,389 ) $ (585 ) $ 874,313 Liabilities Deposits: Noninterest-bearing $ 69,761 $ — — $ 69,761 Interest-bearing 514,935 (554 ) (i) 1,025 (n) 515,406 Total deposits 584,696 (554 ) 1,025 585,167 Other borrowings 204,475 — — 204,475 Other liabilities 8,367 (13 ) (j) — 8,354 Total liabilities 797,538 (567 ) 1,025 797,996 Net identifiable assets acquired over (under) liabilities assumed 84,749 (6,822 ) (1,610 ) 76,317 Goodwill — 91,360 1,610 92,970 Net assets acquired over liabilities assumed $ 84,749 $ 84,538 $ — $ 169,287 Consideration: Ameris Bancorp common shares issued 2,631,520 Price per share of the Company's common stock $ 56.15 Company common stock issued $ 147,760 Cash exchanged for shares $ 21,527 Fair value of total consideration transferred $ 169,287 ____________________________________________________________ Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of investment securities as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio, net of the reversal of Atlantic's unamortized accounting adjustments from loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees. (c) Adjustment reflects the elimination of Atlantic's allowance for loan losses. (d) Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired OREO portfolio. (e) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. (f) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. (g) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (h) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other assets. (i) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits. (j) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other liabilities. (k) Adjustment reflects additional recording of fair value adjustments of the acquired loan portfolio. (l) Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts. (m) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (n) Adjustment reflects additional fair value adjustments on the acquired deposits. Goodwill of $93.0 million , which is the excess of the purchase price over the fair value of net assets acquired, was recorded in the Atlantic acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. In the acquisition, the Company purchased $755.7 million of loans at fair value, net of $21.9 million , or 2.82% , estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $10.8 million that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 16,077 Non-accretable difference (4,115 ) Cash flows expected to be collected 11,962 Accretable yield (1,199 ) Total purchased credit-impaired loans acquired $ 10,763 The following table presents the acquired loan data for the Atlantic acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 10,763 $ 16,077 $ 4,115 Acquired receivables not subject to ASC 310-30 $ 744,941 $ 1,041,768 $ — US Premium Finance Holding Company On January 31, 2018, the Company closed on the purchase of the final 70% of the outstanding shares of common stock of USPF, completing its acquisition of USPF and making USPF a wholly owned subsidiary of the Company. Through a series of three acquisition transactions that closed on January 18, 2017, January 3, 2018 and January 31, 2018, the Company issued a total of 1,073,158 shares of its common stock at a fair value of $55.9 million and paid $21.4 million in cash to the former shareholders of USPF. Pursuant to the terms of the Stock Purchase Agreement dated January 25, 2018 under which Company purchased the final 70% of the outstanding shares of common stock of USPF, the selling shareholders of USPF may receive additional cash payments aggregating up to $5.8 million based on the achievement by the Company's premium finance division of certain income targets, between January 1, 2018 and June 30, 2019. As of the January 31, 2018 acquisition date, the present value of the contingent earn-out consideration expected to be paid was $5.7 million . Including the fair value of the Company's common stock issued, cash paid and the present value of the contingent earn-out consideration expected to be paid, the aggregate purchase price of USPF amounted to $83.0 million . Prior to the January 31, 2018 completion of the acquisition, the Company's 30% investment in USPF was carried at its $23.9 million original cost basis. Once the acquisition was completed, the $83.0 million aggregate purchase price equaled the fair value of USPF which was determined utilizing the incremental projected earnings. Accordingly, no gain or loss was recorded by the Company in the consolidated statement of income and comprehensive income as a result of remeasuring to fair value the prior minority equity investment in USPF held by the Company immediately before the business combination was completed. As of September 30, 2018, the Company finalized its allocation of the purchase price to USPF's assets acquired and liabilities assumed based on estimated fair values as of January 31, 2018. The assets acquired include only identifiable intangible assets related to insurance agent relationships that lead to referral of insurance premium finance loans to USPF, the "US Premium Finance" trade name and a non-compete agreement with a former USPF shareholder. The following table presents the assets acquired and liabilities assumed of USPF as of January 31, 2018, and their fair value estimates. (dollars in thousands) As Recorded by USPF Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Intangible asset - insurance agent relationships $ — $ 20,000 (a) $ 2,351 (e) $ 22,351 Intangible asset - US Premium Finance trade name — 1,136 (b) (42 ) (f) 1,094 Intangible asset - non-compete agreement — 178 (c) (16 ) (g) 162 Total assets $ — $ 21,314 $ 2,293 $ 23,607 Liabilities Deferred tax liability $ — $ 5,492 (d) 424 (h) $ 5,916 Total liabilities — 5,492 424 5,916 Net identifiable assets acquired over liabilities assumed — 15,822 1,869 17,691 Goodwill — 67,159 (1,869 ) 65,290 Net assets acquired over liabilities assumed $ — $ 82,981 $ — $ 82,981 Consideration: Ameris Bancorp common shares issued 1,073,158 Price per share of the Company's common stock (weighted average) $ 52.047 Company common stock issued $ 55,855 Cash exchanged for shares $ 21,421 Present value of contingent earn-out consideration expected to be paid $ 5,705 Fair value of total consideration transferred $ 82,981 ____________________________________________________________ Explanation of fair value adjustments (a) Adjustment reflects the recording of the fair value of the insurance agent relationships intangible. (b) Adjustment reflect the recording of the fair value of the trade name intangible. (c) Adjustment reflects the recording of the fair value of the non-compete agreement intangible. (d) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes. (e) Adjustment reflects additional fair value adjustment for the insurance agent relationships intangible. (f) Adjustment reflects additional fair value adjustment for the trade name intangible. (g) Adjustment reflects additional fair value adjustment for the non-compete agreement intangible. (h) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes. Goodwill of $65.3 million , which is the excess of the purchase price over the fair value of net assets acquired, was recorded in the USPF acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. During the second quarter of 2018, the Company recorded $2.0 million in other noninterest income in the consolidated statements of income to reflect a decrease in the estimated contingent consideration liability. During the fourth quarter of 2018, the Company recorded $2.5 million in other noninterest income in the consolidated statements of income to reflect a further decrease in the estimated contingent consideration liability. These decreases in the estimated contingent consideration liability were based on projected results of the premium finance division for the entire measurement period from January 1, 2018 through June 30, 2019. Jacksonville Bancorp, Inc. On March 11, 2016, the Company completed its acquisition of Jacksonville Bancorp, Inc. (“JAXB”), a bank holding company headquartered in Jacksonville, Florida. Upon consummation of the acquisition, JAXB was merged with and into the Company, with Ameris as the surviving entity in the merger. At that time, JAXB’s wholly owned banking subsidiary, The Jacksonville Bank (“Jacksonville Bank”), was also merged with and into the Bank. The acquisition expanded the Company’s existing market presence, as Jacksonville Bank had a total of eight full-service branches located in Jacksonville and Jacksonville Beach, Duval County, Florida. Under the terms of the merger, JAXB’s common shareholders received 0.5861 shares of Ameris common stock or $16.50 in cash for each share of JAXB common stock or nonvoting common stock they previously held, subject to the total consideration being allocated 75% stock and 25% cash. As a result, the Company issued 2,549,469 common shares at a fair value of $72.5 million and paid $23.9 million in cash to former shareholders of JAXB. During the third and fourth quarters of 2016, management revised its initial estimates regarding the valuation of loans, other real estate owned, premises and equipment, core deposit intangible and other assets acquired. In addition, management assessed and recorded the deferred tax assets resulting from differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for income tax purposes. This estimate also reflects acquired net operating loss carryforwards and other acquired assets with built-in losses that are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to applicable limitations under Section 382 of the Internal Revenue Code of 1986, as amended. The following table presents the assets acquired and liabilities of JAXB assumed as of March 11, 2016 and their fair value estimates. (dollars in thousands) As Recorded by JAXB Initial Fair Value Adjustments Subsequent Fair Value Adjustments As Recorded by Ameris Assets Cash and cash equivalents $ 9,704 $ — $ — $ 9,704 Federal funds sold and interest-bearing balances 7,027 — — 7,027 Investment securities 60,836 (942 ) (a) — 59,894 Other investments 2,458 — — 2,458 Loans 416,831 (15,746 ) (b) 553 (j) 401,638 Less allowance for loan losses (12,613 ) 12,613 (c) — — Loans, net 404,218 (3,133 ) 553 401,638 Other real estate owned 2,873 (1,035 ) (d) 88 (k) 1,926 Premises and equipment 4,798 — (119 ) (l) 4,679 Intangible assets 288 5,566 (e) (1,108 ) (m) 4,746 Other assets 14,141 23,266 (f) (3,524 ) (n) 33,883 Total assets $ 506,343 $ 23,722 $ (4,110 ) $ 525,955 Liabilities Deposits: Noninterest-bearing $ 123,399 $ — $ — $ 123,399 Interest-bearing 277,539 421 (g) — 277,960 Total deposits 400,938 421 — 401,359 Other borrowings 48,350 84 (h) — 48,434 Subordinated deferrable interest debentures 16,294 (3,393 ) (i) — 12,901 Other liabilities 2,354 — — 2,354 Total liabilities 467,936 (2,888 ) — 465,048 Net identifiable assets acquired over (under) liabilities assumed 38,407 26,610 (4,110 ) 60,907 Goodwill — 31,375 4,110 35,485 Net assets acquired over (under) liabilities assumed $ 38,407 $ 57,985 $ — $ 96,392 Consideration: Ameris Bancorp common shares issued 2,549,469 Price per share of the Company's common stock $ 28.42 Company common stock issued $ 72,455 Cash exchanged for shares $ 23,937 Fair value of total consideration transferred $ 96,392 Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of securities available for sale as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions. (c) Adjustment reflects the elimination of JAXB’s allowance for loan losses. (d) Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio, which is based largely on contracted sale prices. (e) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. (f) Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes and the reversal of JAXB valuation allowance established on their deferred tax assets. (g) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired deposits. (h) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the liability for other borrowings. (i) Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions. (j) Adjustment reflects additional recording of fair value adjustment of the acquired loan portfolio. (k) Adjustment reflects additional recording of fair value adjustment of other real estate owned. (l) Adjustment reflects recording of fair value adjustment of the premises and equipment. (m) Adjustment reflects adjustment to the core deposit intangible on the acquired core deposit accounts. (n) Adjustment reflects additional recording of deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. Goodwill of $35.5 million , which is the excess of the purchase price over the fair value of net assets acquired, was recorded in the JAXB acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. In the acquisition, the Company purchased $401.6 million of loans at fair value, net of $15.2 million , or 3.64% , estimated discount to the outstanding principal balance. Of the total loans acquired, management identified $27.0 million that were considered to be credit impaired and are accounted for under ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 42,314 Non-accretable difference (9,181 ) Cash flows expected to be collected 33,133 Accretable yield (6,182 ) Total purchased credit-impaired loans acquired $ 26,951 The following table presents the acquired loan data for the JAXB acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 26,951 $ 42,314 $ 9,181 Acquired receivables not subject to ASC 310-30 $ 374,687 $ 488,346 $ — Pro Forma Financial Information The results of operations of Hamilton, Atlantic, USPF and JAXB subsequent to the respective acquisition dates are included in the Company’s consolidated statements of income. The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the Hamilton, Atlantic and USPF acquisitions had occurred on January 1, 2017, unadjusted for potential cost savings. Year Ended December 31, (dollars in thousands, except per share data) 2018 2017 Net interest income and noninterest income $ 514,885 $ 477,500 Net income $ 134,486 $ 97,686 Net income available to common shareholders $ 134,486 $ 97,686 Income per common share available to common shareholders – basic $ 2.83 $ 2.08 Income per common share available to common shareholders – diluted $ 2.83 $ 2.07 Average number of shares outstanding, basic 47,460 46,959 Average number of shares outstanding, diluted 47,566 47,275 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 State, county and municipal securities $ 149,670 $ 1,367 $ (304 ) $ 150,733 Corporate debt securities 67,123 718 (527 ) 67,314 Mortgage-backed securities 982,183 4,172 (11,979 ) 974,376 Total debt securities $ 1,198,976 $ 6,257 $ (12,810 ) $ 1,192,423 December 31, 2017 State, county and municipal securities $ 135,968 $ 1,989 $ (163 ) $ 137,794 Corporate debt securities 46,659 721 (237 ) 47,143 Mortgage-backed securities 630,666 1,762 (6,492 ) 625,936 Total debt securities $ 813,293 $ 4,472 $ (6,892 ) $ 810,873 The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2018 and 2017 . Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses December 31, 2018 State, county and municipal securities $ 23,784 $ (52 ) $ 33,873 $ (252 ) $ 57,657 $ (304 ) Corporate debt securities 17,291 (111 ) 17,952 (416 ) 35,243 (527 ) Mortgage-backed securities 119,745 (580 ) 435,749 (11,399 ) 555,494 (11,979 ) Total debt securities $ 160,820 $ (743 ) $ 487,574 $ (12,067 ) $ 648,394 $ (12,810 ) December 31, 2017 State, county and municipal securities $ 33,976 $ (115 ) $ 4,725 $ (48 ) $ 38,701 $ (163 ) Corporate debt securities 3,465 (35 ) 18,853 (202 ) 22,318 (237 ) Mortgage-backed securities 262,353 (2,401 ) 190,368 (4,091 ) $ 452,721 (6,492 ) Total debt securities $ 299,794 $ (2,551 ) $ 213,946 $ (4,341 ) $ 513,740 $ (6,892 ) As of December 31, 2018 , the Company’s security portfolio consisted of 531 securities, 293 of which were in an unrealized loss position. The majority of the unrealized losses are related to the Company’s mortgage-backed securities as discussed below. At December 31, 2018 , the Company held 239 mortgage-backed securities that were in an unrealized loss position, all of which were issued by U.S. government-sponsored entities and agencies. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2018 . At December 31, 2018 , the Company held 41 state, county and municipal securities and 13 corporate securities that were in an unrealized loss position. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2018 . During 2018 and 2017 , the Company received timely and current interest and principal payments on all of the securities classified as corporate debt securities. The Company’s investments in subordinated debt include investments in regional and super-regional banks on which the Company prepares regular analysis through review of financial information or credit ratings. Investments in preferred securities are also concentrated in the preferred obligations of regional and super-regional banks through non-pooled investment structures. The Company did not have investments in “pooled” trust preferred securities at December 31, 2018 or 2017 . Management and the Company’s Asset and Liability Committee (the “ALCO Committee”) evaluate securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. While the majority of the unrealized losses on debt securities relate to changes in interest rates, corporate debt securities have also been affected by reduced levels of liquidity and higher risk premiums. Occasionally, management engages independent third parties to evaluate the Company’s position in certain corporate debt securities to aid management and the ALCO Committee in its determination regarding the status of impairment. The Company does not intend to sell these investment securities at an unrealized loss position at December 31, 2018 , and it is more likely than not that the Company will not be required to sell these securities prior to recovery or maturity. Therefore, at December 31, 2018 , these investments are not considered impaired on an other-than-temporary basis. The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2018 , by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Securities not due at a single maturity date are shown separately. Therefore, these securities are not included in the maturity categories in the following maturity summary. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 16,900 $ 16,907 Due from one year to five years 86,338 86,234 Due from five to ten years 84,383 85,595 Due after ten years 29,172 29,311 Mortgage-backed securities 982,183 974,376 $ 1,198,976 $ 1,192,423 Securities with a carrying value of approximately $510.0 million and $403.3 million at December 31, 2018 and 2017 , respectively, serve as collateral to secure public deposits, securities sold under agreements to repurchase and for other purposes required or permitted by law. Gains and losses on sales of securities available for sale consist of the following: For the Years Ended (dollars in thousands) 2018 2017 2016 Gross gains on sales of securities $ 390 $ 38 $ 312 Gross losses on sales of securities (301 ) (1 ) (218 ) Net realized gains on sales of securities available for sale $ 89 $ 37 $ 94 Total gain (loss) on securities reported on the consolidated statements of income is comprised of the following: For the Years Ended (dollars in thousands) 2018 2017 2016 Net realized gains on sales of securities available for sale $ 89 $ 37 $ 94 Unrealized holding losses on equity securities (126 ) — — Total gain (loss) on securities $ (37 ) $ 37 $ 94 |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | LOANS AND ALLOWANCE FOR LOAN LOSSES Loans The Bank engages in a full complement of lending activities, including real estate-related loans, agriculture-related loans, commercial and financial loans and consumer installment loans within select markets in Georgia, Alabama, Florida and South Carolina. During 2015 and 2016, the Bank purchased residential mortgage loan pools collateralized by properties located outside our Southeast markets, specifically in California, Washington and Illinois. During the third quarter of 2016, the Bank began purchasing from unrelated third parties consumer installment home improvement loans made to borrowers throughout the United States. As of December 31, 2018 and 2017 , the net carrying value of these consumer installment home improvement loans was approximately $399.9 million and $273.7 million , respectively, and such loans are reported in the consumer installment loan category. During the fourth quarter of 2016, the Bank purchased a pool of commercial insurance premium finance loans made to borrowers throughout the United States and began a division to originate, administer and service these types of loans. As of December 31, 2018 and 2017 , the net carrying value of commercial insurance premium finance loans was approximately $413.5 million and $482.5 million , respectively, and such loans are reported in the commercial, financial and agricultural loan category. The Bank concentrates the majority of its lending activities in real estate loans. While risk of loss in the Company’s portfolio is primarily tied to the credit quality of the various borrowers, risk of loss may increase due to factors beyond the Company’s control, such as local, regional and/or national economic downturns. General conditions in the real estate market may also impact the relative risk in the real estate portfolio . A substantial portion of the Bank’s loans are secured by real estate in the Bank’s primary market area. In addition, a substantial portion of the OREO is located in those same markets. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of OREO are susceptible to changes in real estate conditions in the Bank’s primary market area. Commercial, financial and agricultural loans include both secured and unsecured loans for working capital, expansion, crop production, commercial insurance premium finance and other business purposes. Commercial, financial and agricultural loans also include SBA loans and municipal loans. Short-term working capital loans are secured by non-real estate collateral such as accounts receivable, crops, inventory and equipment. The Bank evaluates the financial strength, cash flow, management, credit history of the borrower and the quality of the collateral securing the loan. The Bank often requires personal guarantees and secondary sources of repayment on commercial, financial and agricultural loans. Real estate loans include construction and development loans, commercial and farmland loans and residential loans. Construction and development loans include loans for the development of residential neighborhoods, one-to-four family home residential construction loans to builders and consumers, and commercial real estate construction loans, primarily for owner-occupied properties. The Company limits its construction lending risk through adherence to established underwriting procedures. Commercial real estate loans include loans secured by owner-occupied commercial buildings for office, storage, retail, farmland and warehouse space. They also include non-owner occupied commercial buildings such as leased retail and office space. Commercial real estate loans may be larger in size and may involve a greater degree of risk than one-to-four family residential mortgage loans. Payments on such loans are often dependent on successful operation or management of the properties. The Company's residential loans represent permanent mortgage financing and are secured by residential properties located within the Bank's market areas, along with warehouse lines of credit secured by residential mortgages. Consumer installment loans and other loans include home improvement loans, automobile loans, boat and recreational vehicle financing, and both secured and unsecured personal loans. Consumer loans carry greater risks than other loans, as the collateral can consist of rapidly depreciating assets such as automobiles and equipment that may not provide an adequate source of repayment of the loan in the case of default. Loans are stated at unpaid balances, net of unearned income and deferred loan fees. Balances within the major loans receivable categories are presented in the following table, excluding purchased loans. December 31, (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,316,359 $ 1,362,508 Real estate – construction and development 671,198 624,595 Real estate – commercial and farmland 1,814,529 1,535,439 Real estate – residential 1,403,000 1,009,461 Consumer installment 455,371 324,511 $ 5,660,457 $ 4,856,514 Purchased loans are defined as loans that were acquired in bank acquisitions including those that are covered by a loss-sharing agreement with the FDIC. Purchased loans totaling $2.59 billion and $861.6 million at December 31, 2018 and 2017 , respectively, are not included in the above schedule. The carrying value of purchased loans are shown below according to major loan type as of the end of the years shown. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 372,686 $ 74,378 Real estate – construction and development 227,900 65,513 Real estate – commercial and farmland 1,337,859 468,246 Real estate – residential 623,199 250,539 Consumer installment 27,188 2,919 $ 2,588,832 $ 861,595 A rollforward of purchased loans for the years ended December 31, 2018 and 2017 is shown below. (dollars in thousands) 2018 2017 Balance, January 1 $ 861,595 $ 1,069,191 Charge-offs (1,803 ) (3,411 ) Additions due to acquisitions 2,053,744 — Accretion 11,918 11,308 Transfers to purchased other real estate owned (6,396 ) (5,023 ) Payments received (330,226 ) (210,470 ) Ending balance $ 2,588,832 $ 861,595 The following is a summary of changes in the accretable discounts of purchased loans during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 20,192 $ 30,624 Additions due to acquisitions 30,037 — Accretion (11,918 ) (11,308 ) Accretable discounts removed due to charge-offs (42 ) (17 ) Transfers between non-accretable and accretable discounts, net 2,227 893 Ending balance $ 40,496 $ 20,192 Purchased loan pools are defined as groups of residential mortgage loans that were not acquired in bank acquisitions or FDIC-assisted transactions. As of December 31, 2018 , purchased loan pools totaled $262.6 million and consisted of whole-loan, adjustable rate residential mortgages on properties outside the Company’s markets, with principal balances totaling $260.5 million and $2.1 million of remaining purchase premium paid at acquisition. As of December 31, 2017 , purchased loan pools totaled $328.2 million with principal balances totaling $324.4 million and $3.8 million of purchase premium paid at acquisition. As of December 31, 2018 , all loans in purchased loan pools were performing current loans risk-rated 3 (Good Credit). As of December 31, 2018 , purchased pool loans had no loans on nonaccrual status and had no loans classified as troubled debt restructurings. As of December 31, 2017 , purchased loan pools included principal balance of $904,000 risk-rated (Substandard), while all other loans included in purchased loan pools were performing current loans risk-rated 3 (Good Credit). As of December 31, 2017 , purchased pool loans had no loans on nonaccrual status and had one loan classified as an accruing troubled debt restructuring with a principal balance of $904,000 . At December 31, 2018 and 2017 , the Company had allocated $732,000 and $1.1 million , respectively, of allowance for loan losses for the purchased loan pools. As part of the due diligence process prior to purchasing an individual mortgage pool, a complete re-underwrite of the individual loan files was conducted. The underwriting process included a review of all income, asset, credit and property related documentation that was used to originate the loan. Underwriters utilized the originating lender’s program guidelines, as well as general prudent mortgage lending standards to assess each individual loan file. Additional research was conducted in order to assess the real estate market conditions and market expectations in the geographic areas where a collateral concentration existed. As part of this review, an automated valuation model was employed to provide current collateral valuations and to support individual loan-to-value ratios. Additionally, a sample of site inspections was completed to provide further assurance. The results of the due diligence review were evaluated by officers of the Company in order to determine overall conformance to the Bank’s credit and lending policies. Nonaccrual and Past Due Loans A loan is placed on nonaccrual status when, in management’s judgment, the collection of the interest income appears doubtful. Interest receivable that has been accrued and is subsequently determined to have doubtful collectability is charged to interest income. Interest on loans that are classified as nonaccrual is subsequently applied to principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Past due loans are loans whose principal or interest is past due 30 days or more. In some cases, where borrowers are experiencing financial difficulties, loans may be restructured to provide terms significantly different from the original contractual terms. The following table presents an analysis of loans accounted for on a nonaccrual basis, excluding purchased loans. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,412 $ 1,306 Real estate – construction and development 892 554 Real estate – commercial and farmland 4,654 2,665 Real estate – residential 10,465 9,194 Consumer installment 529 483 $ 17,952 $ 14,202 The following table presents an analysis of purchased loans accounted for on a nonaccrual basis. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,199 $ 813 Real estate – construction and development 6,119 3,139 Real estate – commercial and farmland 5,534 5,685 Real estate – residential 10,769 5,743 Consumer installment 486 48 $ 24,107 $ 15,428 The following table presents an analysis of past due loans, excluding purchased loans as of December 31, 2018 and 2017 . (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2018 Commercial, financial and agricultural $ 6,479 $ 5,295 $ 4,763 $ 16,537 $ 1,299,822 $ 1,316,359 $ 3,808 Real estate – construction and development 1,218 481 725 2,424 668,774 671,198 — Real estate – commercial and farmland 1,625 530 3,645 5,800 1,808,729 1,814,529 — Real estate – residential 11,423 4,631 8,923 24,977 1,378,023 1,403,000 — Consumer installment 2,344 1,167 735 4,246 451,125 455,371 414 Total $ 23,089 $ 12,104 $ 18,791 $ 53,984 $ 5,606,473 $ 5,660,457 $ 4,222 (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2017 Commercial, financial and agricultural $ 8,124 $ 3,285 $ 6,978 $ 18,387 $ 1,344,121 $ 1,362,508 $ 5,991 Real estate – construction and development 810 23 288 1,121 623,474 624,595 — Real estate – commercial and farmland 869 787 1,940 3,596 1,531,843 1,535,439 — Real estate – residential 8,772 2,941 7,041 18,754 990,707 1,009,461 — Consumer installment 1,556 472 329 2,357 322,154 324,511 — Total $ 20,131 $ 7,508 $ 16,576 $ 44,215 $ 4,812,299 $ 4,856,514 $ 5,991 The following table presents an analysis of purchased past due loans as of December 31, 2018 and 2017 . (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2018 Commercial, financial and agricultural $ 421 $ 416 $ 1,015 $ 1,852 $ 370,834 $ 372,686 $ — Real estate – construction and development 627 370 5,273 6,270 221,630 227,900 — Real estate – commercial and farmland 1,935 736 1,698 4,369 1,333,490 1,337,859 — Real estate – residential 12,531 2,407 7,005 21,943 601,256 623,199 — Consumer installment 679 237 249 1,165 26,023 27,188 — Total $ 16,193 $ 4,166 $ 15,240 $ 35,599 $ 2,553,233 $ 2,588,832 $ — (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2017 Commercial, financial and agricultural $ — $ 33 $ 760 $ 793 $ 73,585 $ 74,378 $ — Real estate – construction and development 87 31 2,517 2,635 62,878 65,513 — Real estate – commercial and farmland 1,190 701 2,724 4,615 463,631 468,246 — Real estate – residential 2,722 1,585 2,320 6,627 243,912 250,539 — Consumer installment 57 4 43 104 2,815 2,919 — Total $ 4,056 $ 2,354 $ 8,364 $ 14,774 $ 846,821 $ 861,595 $ — Impaired Loans Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreements. Impaired loans include loans on nonaccrual status and accruing troubled debt restructurings. When determining if the Company will be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement, the Company considers the borrower’s capacity to pay, which includes such factors as the borrower’s current financial statements, an analysis of global cash flow sufficient to pay all debt obligations and an evaluation of secondary sources of repayment, such as guarantor support and collateral value. The Company individually assesses for impairment all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000 (including all troubled debt restructurings, whether or not currently classified as such). The tables below include all loans deemed impaired, whether or not individually assessed for impairment. If a loan is deemed impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. The following is a summary of information pertaining to impaired loans, excluding purchased loans: As of and For the Years Ended (dollars in thousands) 2018 2017 2016 Nonaccrual loans $ 17,952 $ 14,202 $ 18,114 Troubled debt restructurings not included above 9,323 13,599 14,209 Total impaired loans $ 27,275 $ 27,801 $ 32,323 Interest income recognized on impaired loans $ 827 $ 1,867 $ 1,033 Foregone interest income on impaired loans $ 853 $ 950 $ 977 The following table presents an analysis of information pertaining to impaired loans, excluding purchased loans as of December 31, 2018 and 2017 . (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2018 Commercial, financial and agricultural $ 1,902 $ 1,155 $ 513 $ 1,668 $ 4 $ 1,637 Real estate – construction and development 1,378 613 424 1,037 3 984 Real estate – commercial and farmland 8,950 867 6,649 7,516 1,591 7,879 Real estate – residential 16,885 5,144 11,365 16,509 867 15,029 Consumer installment 561 545 — 545 — 534 Total $ 29,676 $ 8,324 $ 18,951 $ 27,275 $ 2,465 $ 26,063 (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2017 Commercial, financial and agricultural $ 1,453 $ 734 $ 613 $ 1,347 $ 145 $ 2,173 Real estate – construction and development 1,467 471 500 971 48 1,122 Real estate – commercial and farmland 10,646 729 8,873 9,602 1,047 11,053 Real estate – residential 17,416 4,828 10,565 15,393 1,005 14,930 Consumer installment 523 488 — 488 — 541 Total $ 31,505 $ 7,250 $ 20,551 $ 27,801 $ 2,245 $ 29,819 The following is a summary of information pertaining to purchased impaired loans: As of and For the Years Ended (dollars in thousands) 2018 2017 2016 Nonaccrual loans $ 24,107 $ 15,428 $ 22,966 Troubled debt restructurings not included above 18,740 20,472 23,543 Total impaired loans $ 42,847 $ 35,900 $ 46,509 Interest income recognized on impaired loans $ 2,203 $ 1,625 $ 2,755 Foregone interest income on impaired loans $ 1,483 $ 1,239 $ 1,637 The following table presents an analysis of information pertaining to purchased impaired loans as of December 31, 2018 and 2017 . (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2018 Commercial, financial and agricultural $ 5,717 $ 473 $ 757 $ 1,230 $ — $ 836 Real estate – construction and development 13,714 623 6,511 7,134 476 5,712 Real estate – commercial and farmland 14,766 1,115 10,581 11,696 684 12,349 Real estate – residential 24,839 8,185 14,116 22,301 773 21,433 Consumer installment 526 486 — 486 — 229 Total $ 59,562 $ 10,882 $ 31,965 $ 42,847 $ 1,933 $ 40,559 (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2017 Commercial, financial and agricultural $ 4,170 $ 70 $ 744 $ 814 $ 400 $ 827 Real estate – construction and development 9,060 282 3,875 4,157 1,114 3,877 Real estate – commercial and farmland 14,596 1,224 11,173 12,397 906 15,329 Real estate – residential 20,867 6,574 11,910 18,484 821 20,743 Consumer installment 57 48 — 48 — 41 Total $ 48,750 $ 8,198 $ 27,702 $ 35,900 $ 3,241 $ 40,817 Credit Quality Indicators The Company uses a nine category risk grading system to assign a risk grade to each loan in the portfolio. The following is a description of the general characteristics of the grades: Grade 1 – Prime Credit – This grade represents loans to the Company’s most creditworthy borrowers or loans that are secured by cash or cash equivalents. Grade 2 – Strong Credit – This grade includes loans that exhibit one or more characteristics better than that of a Good Credit. Generally, the debt service coverage and borrower’s liquidity is materially better than required by the Company’s loan policy. Grade 3 – Good Credit – This grade is assigned to loans to borrowers who exhibit satisfactory credit histories, contain acceptable loan structures and demonstrate ability to repay. Grade 4 – Satisfactory Credit – This grade includes loans which exhibit all the characteristics of a Good Credit, but warrant more than normal level of banker supervision due to (i) circumstances which elevate the risks of performance (such as start-up operations, untested management, heavy leverage and interim losses); (ii) adverse, extraordinary events that have affected, or could affect, the borrower’s cash flow, financial condition, ability to continue operating profitability or refinancing (such as death of principal, fire and divorce); (iii) loans that require more than the normal servicing requirements (such as any type of construction financing, acquisition and development loans, accounts receivable or inventory loans and floor plan loans); (iv) existing technical exceptions which raise some doubts about the Bank’s perfection in its collateral position or the continued financial capacity of the borrower; or (v) improvements in formerly criticized borrowers, which may warrant banker supervision. Grade 5 – Fair Credit – This grade is assigned to loans that are currently performing and supported by adequate financial information that reflects repayment capacity but exhibits a loan-to-value ratio greater than 110% , based on a documented collateral valuation. Grade 6 – Other Assets Especially Mentioned – This grade includes loans that exhibit potential weaknesses that deserve management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Grade 7 – Substandard – This grade represents loans which are inadequately protected by the current credit worthiness and paying capacity of the borrower or of the collateral pledged, if any. These assets exhibit a well-defined weakness or are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. These weaknesses may be characterized by past due performance, operating losses or questionable collateral values. Grade 8 – Doubtful – This grade includes loans which exhibit all of the characteristics of a substandard loan with the added provision that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable or improbable. Grade 9 – Loss – This grade is assigned to loans which are considered uncollectible and of such little value that their continuance as active assets of the Bank is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing it off. The following table presents the loan portfolio, excluding purchased loans, by risk grade as of December 31, 2018 and 2017 (in thousands). As of December 31, 2018 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial and Farmland Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 530,864 $ 40 $ 500 $ 16 $ 10,744 $ 542,164 2 - Strong credit 452,250 681 37,079 33,043 48 523,101 3 - Good credit 174,811 74,657 888,433 1,246,383 23,844 2,408,128 4 - Satisfactory credit 137,038 582,456 814,068 94,143 419,983 2,047,688 5 - Fair credit 13,714 6,264 30,364 8,634 78 59,054 6 - Other assets especially mentioned 5,130 4,091 20,959 4,881 57 35,118 7 - Substandard 2,552 3,009 23,126 15,900 617 45,204 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 1,316,359 $ 671,198 $ 1,814,529 $ 1,403,000 $ 455,371 $ 5,660,457 As of December 31, 2017 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial and Farmland Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 539,899 $ — $ 5,790 $ 47 $ 9,243 $ 554,979 2 - Strong credit 568,557 1,005 68,507 49,742 670 688,481 3 - Good credit 125,740 59,318 966,391 843,178 39,352 2,033,979 4 - Satisfactory credit 117,358 552,918 454,506 88,537 274,462 1,487,781 5 - Fair credit 330 4,474 6,408 5,781 3 16,996 6 - Other assets especially mentioned 5,236 4,207 15,108 5,339 185 30,075 7 - Substandard 5,381 2,673 18,729 16,837 596 44,216 8 - Doubtful 7 — — — — 7 9 - Loss — — — — — — Total $ 1,362,508 $ 624,595 $ 1,535,439 $ 1,009,461 $ 324,511 $ 4,856,514 The following table presents the purchased loan portfolio by risk grade as of December 31, 2018 and 2017 (in thousands). As of December 31, 2018 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 90,205 $ — $ — $ — $ 570 $ 90,775 2 - Strong credit 2,648 — 7,407 74,398 164 84,617 3 - Good credit 20,489 18,022 230,089 385,279 2,410 656,289 4 - Satisfactory credit 215,096 195,079 1,034,943 118,082 23,177 1,586,377 5 - Fair credit 14,445 2,728 29,468 16,937 35 63,613 6 - Other assets especially mentioned 11,601 1,459 10,063 7,231 94 30,448 7 - Substandard 18,202 10,612 25,889 21,272 738 76,713 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 372,686 $ 227,900 $ 1,337,859 $ 623,199 $ 27,188 $ 2,588,832 As of December 31, 2017 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 3,358 $ — $ — $ — $ 606 $ 3,964 2 - Strong credit 4,541 — 5,047 91,270 240 101,098 3 - Good credit 8,517 13,014 186,187 50,988 1,166 259,872 4 - Satisfactory credit 43,085 39,877 230,570 70,837 711 385,080 5 - Fair credit — 2,306 6,081 11,349 — 19,736 6 - Other assets especially mentioned 13,718 4,076 13,637 5,637 53 37,121 7 - Substandard 1,159 6,240 26,724 20,458 143 54,724 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 74,378 $ 65,513 $ 468,246 $ 250,539 $ 2,919 $ 861,595 Troubled Debt Restructurings The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the Company has granted a concession. Concessions may include interest rate reductions to below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. The Company has exhibited the greatest success for rehabilitation of the loan by a reduction in the rate alone (maintaining the amortization of the debt) or a combination of a rate reduction and the forbearance of previously past due interest or principal. This has most typically been evidenced in certain commercial real estate loans whereby a disruption in the borrower’s cash flow resulted in an extended past due status, of which the borrower was unable to catch up completely as the cash flow of the property ultimately stabilized at a level lower than its original level. A reduction in rate, coupled with a forbearance of unpaid principal and/or interest, allowed the net cash flows to service the debt under the modified terms. The Company’s policy requires a restructure request to be supported by a current, well-documented credit evaluation of the borrower’s financial condition and a collateral evaluation that is no older than six months from the date of the restructure. Key factors of that evaluation include the documentation of current, recurring cash flows, support provided by the guarantor(s) and the current valuation of the collateral. If the appraisal in file is older than six months, an evaluation must be made as to the continued reasonableness of the valuation. For certain income-producing properties, current rent rolls and/or other income information can be utilized to support the appraisal valuation, when coupled with documented cap rates within our markets and a physical inspection of the collateral to validate the current condition. The Company’s policy states in the event a loan has been identified as a troubled debt restructuring, it should be assigned a grade of substandard and placed on nonaccrual status until such time that the borrower has demonstrated the ability to service the loan payments based on the restructured terms – generally defined as six months of satisfactory payment history. Missed payments under the original loan terms are not considered under the new structure; however, subsequent missed payments are considered non-performance and are not considered toward the six month required term of satisfactory payment history. The Company’s loan policy states that a nonaccrual loan may be returned to accrual status when (i) none of its principal and interest is due and unpaid, and the Company expects repayment of the remaining contractual principal and interest, or (ii) it otherwise becomes well secured and in the process of collection. Restoration to accrual status on any given loan must be supported by a well-documented credit evaluation of the borrower’s financial condition and the prospects for full repayment, approved by the Company’s Chief Credit Officer. In the normal course of business, the Company renews loans with a modification of the interest rate or terms that are not deemed as troubled debt restructurings because the borrower is not experiencing financial difficulty. The Company modified loans in 2018 and 2017 totaling $111.7 million and $103.0 million , respectively, under such parameters. As of December 31, 2018 and 2017 , the Company had a balance of $11.0 million and $15.6 million , respectively, in troubled debt restructurings, excluding purchased loans. The Company has recorded $890,000 and $2.8 million in previous charge-offs on such loans at December 31, 2018 and 2017 , respectively. The Company’s balance in the allowance for loan losses allocated to such troubled debt restructurings was $820,000 and $1.4 million at December 31, 2018 and 2017 , respectively. At December 31, 2018 , the Company did not have any commitments to lend additional funds to debtors whose terms have been modified in troubled restructurings. During the year ending December 31, 2018 and 2017 , the Company modified loans as troubled debt restructurings, excluding purchased loans, with principal balances of $2.3 million and $4.2 million , respectively, and these modifications did not have a material impact on the Company's allowance for loan losses. The following table presents the loans by class modified as troubled debt restructurings, excluding purchased loans, which occurred during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 11 $ 348 2 $ 7 Real estate – construction and development 1 3 — — Real estate – commercial and farmland 2 440 7 3,516 Real estate – residential 13 1,430 12 656 Consumer installment 6 35 11 33 Total 33 $ 2,256 32 $ 4,212 Troubled debt restructurings, excluding purchased loans, with an outstanding balance of $1.3 million and $1.6 million at December 31, 2017 and 2016 defaulted during the year ended December 31, 2018 and 2017 , respectively, and these defaults did not have a material impact on the Company’s allowance for loan loss. The following table presents the troubled debt restructurings by class that defaulted (defined as 30 days past due) during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 8 $ 107 2 $ 47 Real estate – construction and development 1 — 2 261 Real estate – commercial and farmland 1 246 4 419 Real estate – residential 16 911 12 838 Consumer installment 7 34 7 22 Total 33 $ 1,298 27 $ 1,587 The following table presents the amount of troubled debt restructurings by loan class, excluding purchased loans, classified separately as accrual and non-accrual at December 31, 2018 and 2017 . As of December 31, 2018 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 5 $ 256 14 $ 138 Real estate – construction and development 5 145 1 2 Real estate – commercial and farmland 12 2,863 3 426 Real estate – residential 71 6,043 20 1,119 Consumer installment 6 16 24 69 Total 99 $ 9,323 62 $ 1,754 As of December 31, 2017 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 4 $ 41 12 $ 120 Real estate – construction and development 6 417 2 34 Real estate – commercial and farmland 17 6,937 5 204 Real estate – residential 74 6,199 18 1,508 Consumer installment 4 5 33 98 Total 105 $ 13,599 70 $ 1,964 As of December 31, 2018 and 2017 , the Company had a balance of $22.2 million and $24.9 million , respectively, in troubled debt restructurings included in purchased loans. The Company has recorded $9 |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
OTHER REAL ESTATE OWNED | OTHER REAL ESTATE OWNED The following is a summary of the activity in other real estate owned during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 8,464 $ 10,874 Loans transferred to other real estate owned 4,124 4,372 Net gains (losses) on sale and write-downs recorded in statement of income (611 ) (862 ) Sales proceeds (4,697 ) (5,920 ) Other (62 ) — Ending balance $ 7,218 $ 8,464 The following is a summary of the activity in purchased other real estate owned during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 9,011 $ 12,540 Loans transferred to other real estate owned 6,396 5,023 Acquired in acquisitions 1,888 — Portion of gains (losses) on sale and write-downs payable to (receivable from) the FDIC under loss-sharing agreements 17 86 Net gains (losses) on sale and write-downs recorded in statement of income (690 ) 362 Sales proceeds (7,087 ) (9,000 ) Ending balance $ 9,535 $ 9,011 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, (dollars in thousands) 2018 2017 Land $ 49,518 $ 39,299 Buildings and leasehold improvements 110,623 95,771 Furniture and equipment 53,425 48,809 Construction in progress 3,312 757 216,878 184,636 Accumulated depreciation (71,468 ) (66,898 ) $ 145,410 $ 117,738 Depreciation expense was approximately $10.0 million , $9.2 million , and $9.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , estimated costs to complete construction projects in progress and other binding commitments for capital expenditures were not a material amount. Leases The Company has entered into various operating leases for certain branch locations, loan production offices, and corporate support services. Generally, these leases have initial lease terms of ten years or less with up to two renewal options. Rental expense amounted to approximately $7.9 million , $4.9 million , and $4.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Future minimum lease commitments under the Company’s operating leases, excluding any renewal options, are summarized as follows (in thousands): 2019 $ 6,386 2020 5,181 2021 4,523 2022 4,000 2023 2,983 Thereafter 8,312 $ 31,385 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The change in the carrying value of goodwill for the years ended December 31, 2018 and 2017 is summarized below for both the total Company and by the Company's reportable segments. December 31, (dollars in thousands) 2018 2017 Consolidated Carrying amount of goodwill at beginning of year $ 125,532 $ 125,532 Additions related to acquisitions in current year 377,902 — Carrying amount of goodwill at end of year $ 503,434 $ 125,532 Banking Division Carrying amount of goodwill at beginning of year $ 125,532 $ 125,532 Additions related to acquisitions in current year 312,612 — Carrying amount of goodwill at end of year $ 438,144 $ 125,532 Premium Finance Division Carrying amount of goodwill at beginning of year $ — $ — Additions related to acquisitions in current year $ 65,290 $ — Carrying amount of goodwill at end of year $ 65,290 $ — During 2018, the Company recorded goodwill totaling $377.9 million comprised of $219.6 million , $93.0 million and $65.3 million related to the acquisitions of Hamilton, Atlantic and USPF, respectively. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2018 , the Banking Division had positive equity and the Company's qualitative assessment indicated that it was more likely than not that the Banking Division's fair value exceeded it carrying value, resulting in no goodwill impairment. At December 31, 2018 , the Premium Finance Division had positive equity but the Company’s qualitative assessment did not indicate that it was more likely than not that the reporting unit’s fair value exceeded its carrying value. Therefore, the Company proceeded to the two step impairment test. Step 1 includes the determination of the carrying value of the reporting unit, including the goodwill and intangible assets, and estimating fair value of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, Step 2 determines the impairment. Step 1 was completed for the Premium Finance Division by updating the original cash flow model used to value the division with current customer information, margin assumptions, and future growth. The resulting fair value of the Premium Finance Division exceeded its carrying value, indicating no goodwill impairment and eliminating the need to do Step 2. The carrying value of intangible assets as of December 31, 2018 and 2017 was $58.7 million and $13.5 million , respectively. Intangible assets are comprised core deposit intangibles, an insurance agent relationships intangible, a "US Premium Finance" trade name intangible, and a non-compete agreement intangible. During 2018 , the Company recorded core deposit intangible assets of $23.6 million and $7.5 million associated with the Hamilton acquisition and the Atlantic acquisition, respectively. The amortization period used for core deposit intangibles ranges from seven to ten years . Also during 2018 , in connection with the USPF acquisition, the Company recorded an insurance agent relationships intangible asset of $22.4 million , a "US Premium Finance" trade name intangible asset of $1.1 million and a non-compete agreement intangible asset of $162,000 . The amortization periods used for the insurance agent relationships, the "US Premium Finance" trade name, and the non-compete agreement intangible assets are eight years , seven years and three years , respectively. Following is a summary of information related to acquired intangible assets: As of December 31, 2018 As of December 31, 2017 (dollars in thousands) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Core deposit premiums $ 57,348 $ 19,512 $ 26,250 $ 12,754 Insurance agent relationships 22,351 2,561 — — US Premium Finance trade name 1,094 143 — — Non-compete agreement 162 50 — — $ 80,955 $ 22,266 $ 26,250 $ 12,754 The Premium Finance Division loans decreased $72.2 million from $482.5 million at December 31, 2017 to $410.4 million at December 31, 2018, indicating the insurance agent relationships intangible asset could be impaired. A detail analysis of acquired insurance agent relationships was performed to update retention assumptions. These new assumptions were used to calculate expected future cash flows from the acquired insurance agent relationships. The updated undiscounted cash flows exceeded the carrying value of the insurance agent relationships intangible asset, indicating no impairment. The aggregate amortization expense for intangible assets was approximately $9.5 million , $3.9 million , and $4.4 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The estimated amortization expense for each of the next five years is as follows (in thousands): 2019 $ 12,022 2020 10,491 2021 8,520 2022 6,887 2023 6,067 Thereafter 14,702 $ 58,689 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
DEPOSITS | DEPOSITS The scheduled maturities of time deposits at December 31, 2018 are as follows: (dollars in thousands) 2019 $ 1,894,332 2020 334,574 2021 60,185 2022 55,960 2023 21,692 Thereafter 1,089 $ 2,367,832 The aggregate amount of time deposits in denominations of $250,000 or more at December 31, 2018 and 2017 was $423.6 million and $235.8 million , respectively. As of December 31, 2018 , the Company had brokered deposits of $846.7 million . As of December 31, 2017 , the Company had brokered deposits of $228.6 million . Deposits from principal officers, directors, and their affiliates at December 31, 2018 and 2017 were $8.0 million and $6.2 million , respectively. |
SECURITIES SOLD UNDER REPURCHAS
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At December 31, 2018 and 2017 , all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuate on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value of the securities fall below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase. The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2018 , 2017 and 2016 : For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Average daily balance during the year $ 15,692 $ 28,694 $ 44,324 Average interest rate during the year 0.15 % 0.20 % 0.22 % Maximum month-end balance during the year $ 23,270 $ 49,836 $ 56,203 Weighted average interest rate at year-end 0.14 % 0.18 % 0.19 % The following is a summary of the Company’s securities sold under agreements to repurchase at December 31, 2018 and 2017 : (dollars in thousands) December 31, December 31, Securities sold under agreements to repurchase $ 20,384 $ 30,638 At December 31, 2018 , the investment securities underlying these agreements were comprised of mortgage-backed securities. At December 31, 2017 , the investment securities underlying these agreements were comprised of state, county and municipal securities and mortgage-backed securities. |
OTHER BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | OTHER BORROWINGS Other borrowings consist of the following: December 31, (dollars in thousands) 2018 2017 Federal Home Loan Bank ("FHLB") borrowings: Daily Rate Credit with a variable interest rate (1.59% at December 31, 2017) $ — $ 25,000 Convertible Flipper Advance due May 22, 2019; current interest rate of 4.68% 1,514 — Principal Reducing Advance due June 20, 2019; fixed interest rate of 1.274% 500 — Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 1,434 — Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 993 — Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,858 — Fixed Rate Advance due January 8, 2018; fixed interest rate of 1.39% — 150,000 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,074 and $1,205, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 73,926 73,795 Other debt: Advance from correspondent bank due October 5, 2019; fixed interest rate of 4.25% 20 49 Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09% 1,529 1,710 Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (6.24% at December 31, 2018) 70,000 — $ 151,774 $ 250,554 The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At December 31, 2018 , $1.93 billion was available for borrowing on lines with the FHLB. At December 31, 2018 , the Company had a revolving credit arrangement with a regional bank with a maximum line amount of $100.0 million . This line of credit is secured by subsidiary bank stock, expires on September 26, 2020 , and bears a variable interest rate of 90-day LIBOR plus 3.50% . At December 31, 2018 , there was $30.0 million available for borrowing under the revolving credit arrangement. As of December 31, 2018 , the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $117.0 million . The Bank also participates in the Federal Reserve discount window borrowings program. At December 31, 2018 , the Bank had $1.64 billion of loans pledged at the Federal Reserve discount window and had $1.14 billion available for borrowing. Subordinated Notes Payable On March 13, 2017 , the Company completed the public offering and sale of $75.0 million in aggregate principal amount of its 5.75% Fixed-To-Floating Rate Subordinated Notes due 2027 (the “subordinated notes”). The subordinated notes were sold to the public at par pursuant to an underwriting agreement and were issued pursuant to an indenture and a supplemental indenture. The subordinated notes will mature on March 15, 2027 and through March 14, 2022 will bear a fixed rate of interest of 5.75% per annum, payable semi-annually in arrears on September 15 and March 15 of each year. Beginning March 15, 2022, the interest rate on the subordinated notes resets quarterly to a floating rate per annum equal to the then-current three-month LIBOR plus 3.616% , payable quarterly in arrears on June 15, September 15, December 15, and March 15 of each year to the maturity date or earlier redemption. On any scheduled interest payment date beginning March 15, 2022, the Company may, at its option, redeem the subordinated notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. The subordinated notes are unsecured and rank equally with all other unsecured subordinated indebtedness of the Company, including any subordinated indebtedness issued in the future under the indenture governing the subordinated notes. The subordinated notes are subordinated in right of payment to all senior indebtedness of the Company. The subordinated notes are obligations of the Company only and are not guaranteed by any subsidiaries, including the Bank. Additionally, the subordinated notes are structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries, meaning that creditors of the Company’s subsidiaries (including, in the case of the Bank, its depositors) generally will be paid from those subsidiaries’ assets before holders of the subordinated notes have any claim to those assets. For regulatory capital adequacy purposes, the subordinated notes qualify as Tier 2 capital for the Company. If in the future the subordinated notes no longer qualify as Tier 2 capital, the subordinated notes may be redeemed by the Company at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, subject to prior approval by the Board of Governors of the Federal Reserve System. |
SUBORDINATED DEFERRABLE INTERES
SUBORDINATED DEFERRABLE INTEREST DEBENTURES | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
SUBORDINATED DEFERRABLE INTEREST DEBENTURES | SUBORDINATED DEFERRABLE INTEREST DEBENTURES During 2005, the Company acquired First National Banc Statutory Trust I, a statutory trust subsidiary of First National Banc, Inc., whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 2.80% ( 5.60% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in April 2009. There are certain circumstances (as described in the trust agreement) in which the securities may be redeemed within the first five years at the Company’s option. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $5,000,000 . The aggregate principal amount of debentures outstanding was $5,155,000 . The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. During 2006, the Company formed Ameris Statutory Trust I, issuing trust preferred certificates in the aggregate principal amount of $36,000,000 . The related debentures issued by the Company were in the aggregate principal amount of $37,114,000 . Both the trust preferred securities and the related debentures bear interest at 3-Month LIBOR plus 1.63% ( 4.42% at December 31, 2018 ). Distributions on the trust preferred securities are paid quarterly, with interest on the debentures being paid on the corresponding dates. The trust preferred securities mature on December 15, 2036 and are redeemable at the Company’s option beginning September 15, 2011. The Company’s investment in the common stock of the trust was $1,114,000 and is included in other assets. During 2013, the Company acquired Prosperity Banking Capital Trust I, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 2.57% ( 4.97% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in July 2009. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $5,000,000 . The aggregate principal amount of debentures outstanding was $5,155,000 , and is being carried at $3,567,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. During 2013, the Company acquired Prosperity Bank Statutory Trust II, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $4,500,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 3.15% ( 5.97% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in March 2008. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $4,500,000 . The aggregate principal amount of debentures outstanding was $4,640,000 , and is being carried at $3,513,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $140,000 and is included in other assets. During 2013, the Company acquired Prosperity Bank Statutory Trust III, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.60% ( 4.39% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in March 2011. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $10,000,000 . The aggregate principal amount of debentures outstanding was $10,310,000 , and is being carried at $5,989,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. During 2013, the Company acquired Prosperity Bank Statutory Trust IV, a statutory trust subsidiary of Prosperity, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.54% ( 4.33% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2012. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $5,000,000 . The aggregate principal amount of debentures outstanding was $5,155,000 , and is being carried at $3,372,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. During 2014, the Company acquired Coastal Bankshares Statutory Trust I, a statutory trust subsidiary of Coastal, whose sole purpose was to issue $5,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 3.15% ( 5.59% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in October 2008. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $5,000,000 . The aggregate principal amount of debentures outstanding was $5,155,000 , and is being carried at $4,013,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $155,000 and is included in other assets. During 2014, the Company acquired Coastal Bankshares Statutory Trust II, a statutory trust subsidiary of Coastal, whose sole purpose was to issue $10,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.60% ( 4.39% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2010. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $10,000,000 . The aggregate principal amount of debentures outstanding was $10,310,000 , and is being carried at $6,421,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $310,000 and is included in other assets. During 2015, the Company acquired Merchants & Southern Statutory Trust I, a statutory trust subsidiary of Merchants, whose sole purpose was to issue $3,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.90% ( 4.69% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in March 2010. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $3,000,000 . The aggregate principal amount of debentures outstanding was $3,093,000 , and is being carried at $2,068,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $93,000 and is included in other assets. During 2015, the Company acquired Merchants & Southern Statutory Trust II, a statutory trust subsidiary of Merchants, whose sole purpose was to issue $3,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.50% ( 4.29% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in June 2011. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $3,000,000 . The aggregate principal amount of debentures outstanding was $3,093,000 , and is being carried at $1,910,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $93,000 and is included in other assets. During 2016, the Company acquired Atlantic BancGroup, Inc. Statutory Trust I, a statutory trust subsidiary of JAXB, whose sole purpose was to issue $3,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.50% ( 4.29% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in September 2015. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $3,000,000 . The aggregate principal amount of debentures outstanding was $3,093,000 , and is being carried at $1,844,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $93,000 and is included in other assets. During 2016, the Company acquired Jacksonville Statutory Trust I, a statutory trust subsidiary of JAXB, whose sole purpose was to issue $4,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 2.63% ( 5.42% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in June 2009. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $4,000,000 . The aggregate principal amount of debentures outstanding was $4,124,000 , and is being carried at $3,191,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $124,000 and is included in other assets. During 2016, the Company acquired Jacksonville Statutory Trust II, a statutory trust subsidiary of JAXB, whose sole purpose was to issue $3,000,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.73% ( 4.52% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2011. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $3,000,000 . The aggregate principal amount of debentures outstanding was $3,093,000 , and is being carried at $2,042,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $93,000 and is included in other assets. During 2016, the Company acquired Jacksonville Bancorp, Inc. Statutory Trust III, a statutory trust subsidiary of JAXB, whose sole purpose was to issue $7,550,000 principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 3.75% ( 6.54% at December 31, 2018 ). The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in June 2013. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $7,550,000 . The aggregate principal amount of debentures outstanding was $7,784,000 , and is being carried at $6,673,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $234,000 and is included in other assets. During 2018, the Company acquired Cherokee Statutory Trust I, a statutory trust subsidiary of Hamilton, whose sole purpose was to issue principal amount of trust preferred securities at a rate per annum equal to the 3-Month LIBOR plus 1.50% ( 4.29% at December 31, 2018 ) through a pool sponsored by a national brokerage firm. The trust preferred securities have a maturity of 30 years and are redeemable at the Company’s option on any quarterly interest payment date beginning in December 2010. The aggregate principal amount of trust preferred certificates outstanding at December 31, 2018 was $3,093,000 . The aggregate principal amount of debentures outstanding was $3,000,000 , and is being carried at $2,315,000 on the Company’s balance sheet net of unamortized purchase discount. The Company’s investment in the common stock of the trust was $93,000 and is included in other assets. Under applicable accounting standards, the assets and liabilities of such trusts, as well as the related income and expenses, are excluded from the Company’s consolidated financial statements. However, the subordinated debentures issued by the Company and purchased by the trusts remain on the consolidated balance sheets. In addition, the related interest expense continues to be included in the consolidated statements of income. For regulatory capital purposes, the trust preferred securities qualify as a component of Tier 1 Capital. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Common Stock Repurchase Program On October 25, 2018, the Company announced that its Board of Directors has authorized the Company to repurchase up to $100.0 million of its outstanding common stock. Repurchases of shares, which are authorized to occur over the next twelve months, will be made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including share acquisition price, regulatory limitations and other market and economic factors. The program does not require the Company to repurchase any specific number of shares. As of December 31, 2018 , no shares of the Company's common stock had been repurchased under the program. Hamilton Acquisition On June 29, 2018, the Company issued 6,548,385 shares of its common stock to the shareholders of Hamilton. Such shares had a value of $53.35 per share at the time of issuance, resulting in an increase in shareholders’ equity of $349.4 million . For additional information regarding the Hamilton acquisition, see Note 3 . Atlantic Acquisition On May 25, 2018, the Company issued 2,631,520 shares of its common stock to the shareholders of Atlantic. Such shares had a value of $56.15 per share at the time of issuance, resulting in an increase in shareholders’ equity of $147.8 million . For additional information regarding the Atlantic acquisition, see Note 3 . USPF Acquisition On January 18, 2017, in exchange for 4.99% of the outstanding shares of common stock of USPF, the Company issued 128,572 unregistered shares of its common stock to a selling shareholder of USPF. A registration statement was filed with the Securities and Exchange Commission on February 13, 2017 to register the resale or other disposition of these shares. The issuance of the 128,572 common shares, valued at $45.45 per share at the time of issuance, resulted in an increase in shareholders’ equity of $5.8 million . On January 3, 2018, in exchange for 25.01% of the outstanding shares of common stock of USPF, the Company issued 114,285 unregistered shares of its common stock and paid $12.5 million in cash to a selling shareholder of USPF. The issuance of the 114,285 common shares, valued at $48.55 per share at the time of issuance, resulted in an increase in shareholders’ equity of $5.5 million . On January 31, 2018, in exchange for the final 70% of the outstanding shares of common stock of USPF, the Company issued 830,301 unregistered shares of its common stock and paid $8.9 million in cash to the selling shareholders of USPF. The issuance of the 830,301 common shares, valued at $53.55 per share at the time of issuance, resulted in an increase in shareholders’ equity of $44.5 million . The selling shareholders of USPF may receive additional cash payments aggregating up to $5.8 million based on the achievement by the Company's premium finance division of certain income targets, between January 1, 2018 and June 30, 2019. On February 16, 2018, a registration statement was filed with the Securities and Exchange Commission to register the resale or other disposition of the combined 944,586 shares issued on January 3, 2018 and January 31, 2018. For additional information regarding the USPF acquisition, see Note 3 . 2017 Public Offering On March 6, 2017 , the Company completed an underwritten public offering of 2,012,500 shares of the Company’s common stock at a price to the public of $46.50 per share. The Company received net proceeds from the issuance of approximately $88.7 million , after deducting $4.9 million in underwriting discounts and commissions and other issuance costs. In March 2017 , the Company made a capital contribution to the Bank in the amount of $110.0 million , using the net proceeds of the March 6, 2017 issuance of common stock as well as a portion of the net proceeds of the March 13, 2017 issuance of the Company’s 5.75% Fixed-To-Floating Rate Subordinated Notes due 2027 discussed in Note 11 . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) for the Company consists of changes in net unrealized gains and losses on investment securities available for sale and interest rate swap derivatives. The reclassification for gains included in net income is recorded in net gain (loss) on securities in the consolidated statements of income. The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of December 31, 2018 , 2017 and 2016 . (dollars in thousands) Unrealized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Securities Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2017 $ 292 $ (1,572 ) $ (1,280 ) Reclassification to retained earnings due to change in federal corporate tax rate (53 ) (339 ) (392 ) Adjusted balance, January 1, 2018 239 (1,911 ) (1,672 ) Reclassification for gains included in net income, net of tax — (70 ) (70 ) Current year changes, net of tax 112 (3,196 ) (3,084 ) Balance, December 31, 2018 $ 351 $ (5,177 ) $ (4,826 ) (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2016 $ 176 $ (1,234 ) $ (1,058 ) Reclassification for gains included in net income, net of tax — (24 ) (24 ) Current year changes, net of tax 116 (314 ) (198 ) Balance, December 31, 2017 $ 292 $ (1,572 ) $ (1,280 ) (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 152 $ 3,201 $ 3,353 Reclassification for gains included in net income, net of tax — (61 ) (61 ) Current year changes, net of tax 24 (4,374 ) (4,350 ) Balance, December 31, 2016 $ 176 $ (1,234 ) $ (1,058 ) |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS With the exception of gains/losses on the sale of OREO discussed below, revenue from contracts with customers ("ASC 606 Revenue") is recorded in the service charges on deposit accounts category and the other service charges, commissions and fees category in the Company's consolidated statement of income as part of noninterest income. Substantially all ASC 606 Revenue is recorded in the Banking Division. The following provides information on these noninterest income categories that contain ASC 606 Revenue for the periods indicated. For the Years Ended (dollars in thousands) 2018 2017 2016 Service charges on deposit accounts ASC 606 revenue items Debit card interchange fees $ 18,945 $ 16,086 $ 15,588 Overdraft fees 18,267 17,736 19,447 Other service charges on deposit accounts 8,916 8,232 7,710 Total ASC 606 revenue included in service charges on deposits accounts 46,128 42,054 42,745 Total service charges on deposit accounts $ 46,128 $ 42,054 $ 42,745 Other service charges, commissions and fees ASC 606 revenue items ATM fees $ 2,721 $ 2,575 $ 3,004 Total ASC 606 revenue included in other service charges, commission and fees 2,721 2,575 3,004 Other 282 297 571 Total other service charges, commission and fees $ 3,003 $ 2,872 $ 3,575 Debit Card Interchange Fees - The Company earns debit card interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from debit cardholders transactions represent a percentage of the underlying transaction amount and are recognized daily, concurrently with the transaction processing services provided to the debit cardholder. Overdraft Fees - Overdraft fees are recognized at the point in time that the overdraft occurs. Other Service Charges on Deposit Accounts - Other service charges on deposit accounts include both transaction-based fees and account maintenance fees. Transaction based fees, which include wire transfer fees, stop payment charges, statement rendering, and automated clearing house ("ACH") fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. ATM Fees - Transaction-based ATM usage fees are recognized at the time the transaction is executed as that is the point at which the Company satisfies the performance obligation. Gains/Losses on the Sale of OREO - The net gains and losses on sales of OREO are recorded in credit resolution related expenses in the Company's consolidated statement of income. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. The Company does not provide financing for the sale of OREO unless these criteria are met and the OREO can be derecognized. The following provides information on net gains (losses) recognized on the sale of OREO for the periods indicated. For the Years Ended (dollars in thousands) 2018 2017 2016 Net gains (losses) recognized on sale of OREO $ (459 ) $ 850 $ (227 ) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The income tax expense in the consolidated statements of income consists of the following: For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Current – federal $ 27,714 $ 33,074 $ 28,749 Current - state 1,375 5,230 3,550 Deferred - federal 496 3,874 2,460 Deferred - state 878 (5,069 ) (1,613 ) Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate — 13,625 — $ 30,463 $ 50,734 $ 33,146 The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Federal income statutory rate 21 % 35 % 35 % Tax at federal income tax rate $ 31,813 $ 43,499 $ 36,836 Change resulting from: State income tax, net of federal benefit 1,965 (680 ) 695 Tax-exempt interest (3,095 ) (4,390 ) (3,916 ) Increase in cash value of bank owned life insurance (382 ) (556 ) (607 ) Excess tax benefit from stock compensation (602 ) (939 ) — Nondeductible merger expenses 1,002 — — Other (238 ) 175 138 Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate — 13,625 — Provision for income taxes $ 30,463 $ 50,734 $ 33,146 The components of deferred income taxes are as follows: December 31, (dollars in thousands) 2018 2017 Deferred tax assets Allowance for loan losses $ 7,222 $ 6,704 Deferred compensation 3,467 1,494 Deferred gain on interest rate swap 56 114 Unrealized loss on interest rate swap — 80 Nonaccrual interest 107 5 Purchase accounting adjustments 13,144 5,631 Goodwill and intangible assets — 4,909 Other real estate owned 2,980 3,203 Net operating loss tax carryforward 19,277 17,853 AMT credit carryforward 1,339 813 Unrealized loss on securities available for sale 2,792 508 FDIC-assisted transaction adjustments 2,501 — Capitalized costs, accrued expenses and other 2,851 1,144 55,736 42,458 Deferred tax liabilities Premises and equipment 4,597 4,064 Mortgage servicing rights 3,716 1,885 Subordinated debentures 5,259 5,147 FDIC-assisted transaction adjustments — 3,042 Goodwill and intangible assets 7,017 — Unrealized gain on interest rate swap 21 — 20,610 14,138 Net deferred tax asset $ 35,126 $ 28,320 At December 31, 2018 , the Company had federal net operating loss carryforwards of approximately $75.92 million which expire at various dates from 2027 to 2035 . At December 31, 2018 , the Company had state net operating loss carryforwards of approximately $70.20 million which expire at various dates from 2027 to 2035 . The federal net operating loss carryforwards are subject to limitations pursuant to Section 382 of the Internal Revenue Code and are expected to be recovered over the next 17 years . The state net operating loss carryforwards are subject to similar limitations and are expected to be recovered over the next 17 years . Deferred tax assets are recognized for net operating losses because the benefit is more likely than not to be realized. The Company did not record any interest and penalties related to income taxes for the years ended December 31, 2018 , 2017 and 2016 , and the Company did not have any amount accrued for interest and penalties at December 31, 2018 , 2017 and 2016 . The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the various states. The Company is no longer subject to examination by taxing authorities for years before 2015. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company has established a retirement plan for eligible employees. The Ameris Bancorp 401(k) Profit Sharing Plan allows a participant to defer a portion of his compensation and provides that the Company will match a portion of the deferred compensation. The Plan also provides for non-elective and discretionary contributions. All full-time and part-time employees are eligible to participate in the Plan provided they have met the eligibility requirements. An employee is eligible to participate in the Plan after 30 days of employment and having attained an age of 18 years . The aggregate expense under the Plan charged to operations during 2018 , 2017 and 2016 amounted to $2,945,000 , $2,213,000 and $2,053,000 , respectively. |
DEFERRED COMPENSATION PLANS
DEFERRED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Compensation Arrangements [Abstract] | |
DEFERRED COMPENSATION PLANS | DEFERRED COMPENSATION PLANS The Company and the Bank have entered into separate deferred compensation arrangements and supplemental executive retirement plans with certain executive officers and directors. The plans call for certain amounts payable at retirement, death or disability. The estimated present value of the deferred compensation is being accrued over the expected service period. The Company and the Bank have purchased life insurance policies which they intend to use to fund these liabilities. The cash surrender value of the life insurance was $104.1 million and $79.6 million at December 31, 2018 and 2017 , respectively. Accrued deferred compensation of $769,000 and $874,000 at December 31, 2018 and 2017 , respectively, is included in other liabilities. Accrued supplemental executive retirement plan liabilities of $5,474,000 and $4,962,000 at December 31, 2018 and 2017 , respectively, is also included in other liabilities. Aggregate compensation expense under the plans was $739,000 , $1,416,000 and $1,127,000 per year for 2018 , 2017 and 2016 , respectively, which is included in salaries and employee benefits. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Company awards its employees and directors various forms of share-based incentives under certain plans approved by its shareholders. Awards granted under the plans may be in the form of qualified or nonqualified stock options, restricted stock, stock appreciation rights (“SARs”), long-term incentive compensation units consisting of cash and common stock, or any combination thereof within the limitations set forth in the plans. The plans provide that the aggregate number of shares of the Company’s common stock which may be subject to award may not exceed 2,985,000 subject to adjustment in certain circumstances to prevent dilution. At December 31, 2018 , there were 804,855 shares available to be issued under the plans. All stock options have an exercise price that is equal to the closing fair market value of the Company’s stock on the date the options were granted. Options granted under the plans generally vest over a five -year period and have a 10 -year maximum term. Most options granted since 2005 contain performance-based vesting conditions. The Company did not grant any options during 2018 , 2017 or 2016 . As of December 31, 2018 , there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted related to performance or non-performance-based options. As of December 31, 2018 , the Company has 161,746 outstanding restricted shares granted under the plans as compensation to certain employees. These shares carry dividend and voting rights. Sales of these shares are restricted prior to the date of vesting, which is one to five years from the date of the grant. Shares issued under the plans are recorded at their fair market value on the date of their grant. The compensation expense is recognized on a straight-line basis over the related vesting period. In 2018 , 2017 and 2016 , compensation expense related to these grants was approximately $6,241,000 , $3,316,000 , and $2,261,000 , respectively. The total income tax benefit related to these grants was approximately $818,000 , $698,000 and $721,000 in 2018 , 2017 and 2016 , respectively. Approximately $822,000 of the compensation expense recorded for the year ending December 31, 2018 for restricted stock awards was related to performance-based restricted stock that was not yet granted as of December 31, 2018 , and was therefore recorded in other liabilities rather than in shareholders' equity on the Company's consolidated balance sheet as of December 31, 2018 . It is the Company’s policy to issue new shares for stock option exercises and restricted stock rather than issue treasury shares. The Company recognizes share-based compensation expense on a straight-line basis over the options’ related vesting term. The Company did not record any share-based compensation expense related to stock options during 2018 , 2017 and 2016 . The total income tax benefit related to stock options was approximately $24,000 , $248,000 and $177,000 in 2018 , 2017 and 2016 , respectively. The fair value of each share-based compensation grant is estimated on the date of grant using the Black-Scholes option-pricing model. A summary of the activity of non-performance-based and performance-based options as of December 31, 2018 is presented below. Non-Performance-Based Performance-Based Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Under option, beginning of year 47,294 $ 14.76 37,013 $ 7.36 Granted — — — — Exercised (47,294 ) 14.76 $ 653 (29,014 ) 7.47 $ 217 Forfeited — — (288 ) 7.47 $ 2 Under option, end of year — $ — — $ — 7,711 $ 6.94 0.11 $ 308 Exercisable at end of year — $ — — $ — 7,711 $ 6.94 0.11 $ 308 A summary of the activity of non-performance-based and performance-based options as of December 31, 2017 is presented below. Non-Performance-Based Performance-Based Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Under option, beginning of year 58,603 $ 14.76 142,910 $ 15.06 Granted — — — — Exercised (11,309 ) 14.76 $ 167 (102,309 ) 17.62 $ 1,803 Forfeited — — (3,588 ) 21.35 Under option, end of year 47,294 $ 14.76 0.14 $ 1,519 37,013 $ 7.36 1.07 $ 1,463 Exercisable at end of year 47,294 $ 14.76 0.14 $ 1,519 37,013 $ 7.36 1.07 $ 1,463 A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2018 , and 2017 is presented below. 2018 2017 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested shares at beginning of year 277,815 $ 33.24 279,727 $ 26.10 Granted 89,855 53.37 84,147 46.93 Vested (195,344 ) 33.21 (85,587 ) 23.30 Forfeited (10,580 ) 49.52 (472 ) 47.60 Nonvested shares at end of year 161,746 43.40 277,815 33.24 The balance of unearned compensation related to restricted stock grants as of December 31, 2018 , 2017 and 2016 was approximately $3,342,000 , $4,489,000 , and $3,878,000 , respectively. At December 31, 2018 , the cost is expected to be recognized over a weighted-average period of 1.3 years . |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Cash Flow Hedge During 2010, the Company entered into an interest rate swap to lock in a fixed rate as opposed to the contractual variable interest rate on certain junior subordinated debentures. The interest rate swap contract has a notional amount of $37.1 million and is hedging the variable rate on certain junior subordinated debentures described in Note 12 of the consolidated financial statements. The Company receives a variable rate of the 90-day LIBOR rate plus 1.63% and pays a fixed rate of 4.11% . The swap matures in September 2020 . This contract is classified as a cash flow hedge of an exposure to changes in the cash flow of a recognized liability. At December 31, 2018 and 2017 , the fair value of the remaining instrument totaled an asset of $102,000 and a liability of $381,000 , respectively. As a cash flow hedge, the change in fair value of a hedge that is deemed to be highly effective is recognized in other comprehensive income and the portion deemed to be ineffective is recognized in earnings. As of December 31, 2018 , the hedge is deemed to be highly effective. Interest expense recorded on this swap transaction totaled $122,000 , $484,000 , and $678,000 during 2018 , 2017 , and 2016 and is reported as a component of interest expense on other borrowings. At December 31, 2018 , the Company expected $83,000 of the unrealized gain to be reclassified as a decrease of interest expense during the next 12 months. Mortgage Banking Derivatives The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. This program includes the use of forward contracts and other derivatives that are used to offset changes in value of the mortgage inventory due to changes in market interest rates. As a normal part of its operations, the Company enters into derivative contracts such as forward sale commitments and IRLCs to economically hedge risks associated with overall price risk related to IRLCs and mortgage loans held for sale carried at fair value. These mortgage banking derivatives are not designated in hedge relationships. At December 31, 2018 , the Company had approximately $81.8 million of IRLCs and $163.2 million of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected as a derivative asset of $2.6 million and a derivative liability of $1.3 million . At December 31, 2017 , the Company had approximately $86.1 million of IRLCs and $158.3 million of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected as a derivative asset of $2.9 million and a derivative liability of $67,000 . Fair values were estimated based on changes in mortgage interest rates from the date of the commitments. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sales of mortgage loans. The net gains (losses) relating to free-standing mortgage banking derivative instruments used for risk management are summarized below as of December 31, 2018 , 2017 and 2016 . (dollars in thousands) Location December 31, 2018 December 31, 2017 December 31, 2016 Forward contracts related to mortgage loans held for sale Mortgage banking activity $ (1,276 ) $ (12 ) $ 1,285 Interest rate lock commitments Mortgage banking activity $ 2,537 $ 2,833 $ 3,029 The following table reflects the amount and market value of mortgage banking derivatives included in the consolidated balance sheets as of December 31, 2018 and 2017 . 2018 2017 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Forward contracts related to mortgage loans held for sale $ — $ — $ 31,500 $ 55 Interest rate lock commitments 81,833 2,537 86,149 2,833 Total included in other assets $ 81,833 $ 2,537 $ 117,649 $ 2,888 Included in other liabilities: Forward contracts related to mortgage loans held for sale $ 163,189 $ 1,276 $ 126,750 $ 67 Total included in other liabilities $ 163,189 $ 1,276 $ 126,750 $ 67 |
FAIR VALUE MEASURES
FAIR VALUE MEASURES | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASURES | FAIR VALUE MEASURES The fair value of an asset or liability is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair value is based on discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The accounting standard for disclosures about the fair value measures excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The Company's loans held for sale are carried at fair value and are comprised of the following: December 31, (dollars in thousands) 2018 2017 Mortgage loans held for sale $ 107,428 $ 190,445 SBA loans held for sale 3,870 6,997 Total loans held for sale $ 111,298 $ 197,442 The Company has elected to record mortgage loans held for sale at fair value in order to eliminate the complexities and inherent difficulties of achieving hedge accounting and to better align reported results with the underlying economic changes in value of the loans and related hedge instruments. This election impacts the timing and recognition of origination fees and costs, as well as servicing value, which are now recognized in earnings at the time of origination. Interest income on mortgage loans held for sale is recorded on an accrual basis in the consolidated statement of income under the heading interest income – interest and fees on loans. The servicing value is included in the fair value of the IRLCs with borrowers. The mark to market adjustments related to mortgage loans held for sale and the associated economic hedges are captured in mortgage banking activities. Net gains of $4.1 million , $4.6 million and $2.2 million resulting from fair value changes of these mortgage loans were recorded in income during the years ended December 31, 2018 , 2017 and 2016 , respectively. A net gain of $1.8 million , a net loss of $3.0 million and a net loss of $4.2 million resulting from changes in the fair value and the related derivative financial instruments used to hedge exposure to the market-related risks associated with these mortgage loans were recorded in income during the years ended December 31, 2018 , 2017 and 2016 , respectively. These amounts do not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in mortgage banking activity in the consolidated statements of income. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2018 and 2017 . December 31, (dollars in thousands) 2018 2017 Aggregate fair value of mortgage loans held for sale $ 107,428 $ 190,445 Aggregate unpaid principal balance $ 103,319 $ 185,814 Past due loans of 90 days or more $ — $ — Nonaccrual loans $ — $ — The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale, loans held for sale and derivative financial instruments are recorded at fair value on a recurring basis. From time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and OREO. Additionally, the Company is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Company groups assets and liabilities 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. These levels are: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following methods and assumptions were used by the Company in estimating the fair value of its assets and liabilities recorded at fair value and for estimating the fair value of its financial instruments: Cash and Due From Banks, Federal Funds Sold and Interest-Bearing Deposits in Banks, and Time Deposits in Other Banks: The carrying amount of cash and due from banks, federal funds sold and interest-bearing deposits in banks, and time deposits in other banks approximates fair value. Investment Securities Available for Sale: The fair value of securities available for sale is determined by various valuation methodologies. Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Level 2 securities include certain U.S. agency bonds, mortgage-backed securities, collateralized mortgage and debt obligations, and municipal securities. The Level 2 fair value pricing is provided by an independent third party and is based upon similar securities in an active market. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy and may include certain residual municipal securities and other less liquid securities. Loans Held for Sale: The Company records loans held for sale at fair value. The fair value of loans held for sale is determined on outstanding commitments from third party investors in the secondary markets and is classified within Level 2 of the valuation hierarchy. Loans: The fair value for loans held for investment is estimated using an exit price methodology. An exit price methodology considers expected cash flows that take into account contractual loan terms, as applicable, prepayment expectations, probability of default, loss severity in the event of default, recovery lag and, in the case of variable rate loans, expectations for future interest rate movements. These cash flows are present valued at a risk adjusted discount rate, which considers the cost of funding, liquidity, servicing costs, and other factors. Because observable quoted prices seldom exist for identical or similar assets carried in loans held for investment, Level 3 inputs are primarily used to determine fair value exit pricing. The fair value of impaired loans is estimated based on discounted contractual cash flows or underlying collateral values, where applicable. A loan is determined to be impaired if the Company believes it is probable that all principal and interest amounts due according to the terms of the note will not be collected as scheduled. The fair value of impaired loans is determined in accordance with ASC 310-10, Accounting by Creditors for Impairment of a Loan , and generally results in a specific reserve established through a charge to the provision for loan losses. Losses on impaired loans are charged to the allowance when management believes the uncollectability of a loan is confirmed. Management has determined that the majority of impaired loans are Level 3 assets due to the extensive use of market appraisals. Other Real Estate Owned: The fair value of OREO is determined using certified appraisals and internal evaluations that value the property at its highest and best uses by applying traditional valuation methods common to the industry. The Company does not hold any OREO for profit purposes and all other real estate is actively marketed for sale. In most cases, management has determined that additional write-downs are required beyond what is calculable from the appraisal to carry the property at levels that would attract buyers. Because this additional write-down is not based on observable inputs, management has determined that OREO should be classified as Level 3. Accrued Interest Receivable/Payable: The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. Deposits: The carrying amount of demand deposits, savings deposits and variable-rate certificates of deposit approximates fair value. The fair value of fixed-rate certificates of deposit is estimated based on discounted contractual cash flows using interest rates currently being offered for certificates of similar maturities. Securities Sold under Agreements to Repurchase and Other Borrowings: The carrying amount of securities sold under agreements to repurchase approximates fair value and is classified as Level 1. The carrying amount of variable rate other borrowings approximates fair value and is classified as Level 1. The fair value of fixed rate other borrowings is estimated based on discounted contractual cash flows using the current incremental borrowing rates for similar borrowing arrangements and is classified as Level 2. Subordinated Deferrable Interest Debentures: The fair value of the Company’s trust preferred securities is based on discounted cash flows using rates for securities with similar terms and remaining maturities and are classified as Level 2. FDIC Loss-Share Payable: Because the FDIC will reimburse the Company for certain acquired loans should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date. The indemnification asset is recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectability or contractual limitations. The shared loss agreements on the acquisition date reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. The shared loss agreements continue to be measured on the same basis as the related indemnified loans, and the loss-share receivable is impacted by changes in estimated cash flows associated with these loans. Pursuant to the clawback provisions of the loss-sharing agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss-sharing agreement. The amount of the clawback provision for each acquisition is measured and recorded at fair value. The clawback amount, which is payable to the FDIC upon termination of the applicable loss-sharing agreement, is discounted using an appropriate discount rate. Off-Balance-Sheet Instruments: Because commitments to extend credit and standby letters of credit are typically made using variable rates and have short maturities, the carrying value and fair value are immaterial for disclosure. Derivatives: The Company has entered into derivative financial instruments to manage interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the derivatives is determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves derived from observable market interest rate curves). The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting any applicable credit enhancements such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself or the counterparty. However, as of December 31, 2018 and 2017 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2018 and 2017 . Recurring Basis Fair Value Measurements December 31, 2018 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 State, county and municipal securities $ 150,733 $ — $ 150,733 $ — Corporate debt securities 67,314 — 65,814 1,500 Mortgage-backed securities 974,376 — 974,376 — Loans held for sale 111,298 — 111,298 — Derivative financial instruments 102 — 102 — Mortgage banking derivative instruments 2,537 — 2,537 — Total recurring assets at fair value $ 1,306,360 $ — $ 1,304,860 $ 1,500 Mortgage banking derivative instruments 1,276 — 1,276 — Total recurring liabilities at fair value $ 1,276 $ — $ 1,276 $ — Recurring Basis Fair Value Measurements December 31, 2017 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 State, county and municipal securities $ 137,794 $ — $ 137,794 $ — Corporate debt securities 47,143 — 45,643 1,500 Mortgage-backed securities 625,936 — 625,936 — Loans held for sale 197,442 — 197,442 — Mortgage banking derivative instruments 2,888 — 2,888 — Total recurring assets at fair value $ 1,011,203 $ — $ 1,009,703 $ 1,500 Derivative financial instruments $ 381 $ — $ 381 $ — Mortgage banking derivative instruments 67 — 67 — Total recurring liabilities at fair value $ 448 $ — $ 448 $ — The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of December 31, 2018 and 2017 . Nonrecurring Basis Fair Value Measurements December 31, 2018 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Impaired loans carried at fair value $ 28,653 $ — $ — $ 28,653 Other real estate owned 408 — — 408 Purchased other real estate owned 9,535 — — 9,535 Total nonrecurring assets at fair value $ 38,596 $ — $ — $ 38,596 Nonrecurring Basis Fair Value Measurements December 31, 2017 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Impaired loans carried at fair value $ 27,684 $ — $ — $ 27,684 Other real estate owned 323 — — 323 Purchased other real estate owned 9,011 — — 9,011 Total nonrecurring assets at fair value $ 37,018 $ — $ — $ 37,018 The inputs used to determine estimated fair value of impaired loans include market conditions, loan term, underlying collateral characteristics and discount rates. The inputs used to determine fair value of other real estate owned include market conditions, estimated marketing period or holding period, underlying collateral characteristics and discount rates. For the years ended December 31, 2018 and 2017 , there was not a change in the methods and significant assumptions used to estimate fair value. The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Unobservable Range of Discounts Weighted Average Discount As of December 31, 2018 Recurring: Investment securities available for sale $ 1,500 Discounted par values Credit quality of 0% 0% Nonrecurring: Impaired loans $ 28,653 Third party appraisals Collateral 3% - 53% 30% Other real estate owned $ 408 Third party appraisals Collateral 15% - 69% 31% Purchased other real estate owned $ 9,535 Third party appraisals Collateral 6% - 74% 39% As of December 31, 2017 Recurring: Investment securities available for sale $ 1,500 Discounted par values Credit quality of 0% 0% Nonrecurring: Impaired loans $ 27,684 Third party appraisals Collateral 20% - 90% 24% Other real estate owned $ 323 Third party appraisals Collateral 15% - 15% 15% Purchased other real estate owned $ 9,011 Third party appraisals Collateral 10% to 74% 26% The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows. The methods used to estimate the fair value of financial instruments at December 31, 2017 approximated an entry price. In accordance with the adoption of ASU 2016-01, the methods utilized to estimate the fair value of financial instruments at December 31, 2018 represent an approximation of exit price; however, an actual price derived in an active market may differ. Fair Value Measurements December 31, 2018 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 172,036 $ 172,036 $ — $ — $ 172,036 Federal funds sold and interest-bearing accounts 507,491 507,491 — — 507,491 Time deposits in other banks 10,812 — 10,812 — 10,812 Loans, net 8,454,442 — — 8,365,293 8,365,293 Accrued interest receivable 36,970 — 5,456 31,514 36,970 Financial liabilities: Deposits 9,649,313 — 9,645,617 — 9,645,617 Securities sold under agreements to repurchase 20,384 20,384 — — 20,384 Other borrowings 151,774 — 152,873 — 152,873 Subordinated deferrable interest debentures 89,187 — 90,180 — 90,180 FDIC loss-share payable 19,487 — — 19,576 19,576 Accrued interest payable 5,669 — 5,669 — 5,669 Fair Value Measurements December 31, 2017 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 139,313 $ 139,313 $ — $ — $ 139,313 Federal funds sold and interest-bearing accounts 191,345 191,345 — — 191,345 Loans, net 5,992,880 — — 5,960,963 5,960,963 Accrued interest receivable 26,005 26,005 — — 26,005 Financial liabilities: Deposits 6,625,845 — 6,627,773 — 6,627,773 Securities sold under agreements to repurchase 30,638 30,638 — — 30,638 Other borrowings 250,554 — 271,759 — 251,759 Subordinated deferrable interest debentures 85,550 — 74,243 — 74,243 FDIC loss-share payable 8,803 — — 9,548 9,548 Accrued interest payable 3,258 3,258 — — 3,258 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Loan Commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of the Company’s commitments is as follows: December 31, (dollars in thousands) 2018 2017 Commitments to extend credit $ 1,671,419 $ 1,109,806 Unused home equity lines of credit 112,310 69,788 Financial standby letters of credit 24,596 11,389 Mortgage interest rate lock commitments 81,833 86,149 Mortgage forward contracts with positive fair value — 31,500 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. These commitments, predominantly at variable interest rates, generally have fixed expiration dates of one year or less or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Collateral is required in instances which the Company deems necessary. The Company has not been required to perform on any material financial standby letters of credit and the Company has not incurred any losses on financial standby letters of credit for the years ended December 31, 2018 and 2017 . Other Commitments As of December 31, 2018 , a $75.0 million letter of credit issued by the Federal Home Loan Bank was used to guarantee the Bank’s performance related to a portion of its public fund deposit balances. Included in other liabilities in the Company's consolidated balance sheet is $18.1 million as of December 31, 2017 which represents an accrued liability for an additional 25.01% investment in USPF. This accrued liability was settled on January 3, 2018 by payment of $12.5 million in cash and the Company's issuance of 114,285 shares of its common stock. Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. A former borrower of the Company filed a claim related to a loan previously made by the Company asserting lender liability. The case was tried without a jury and an order was issued by the court against the Company awarding the borrower approximately $2.9 million on August 8, 2013. The judgment was appealed to the South Carolina Court of Appeals. On May 24, 2017, the Court of Appeals filed its decision and unanimously found in favor of the Company and reversed the trial court judgment. The plaintiff filed a petition for rehearing with the Court of Appeals, which has been denied. The plaintiff filed a writ of certiorari asking the Supreme Court of South Carolina to hear the case, and this request was denied on February 1, 2018. The case is now concluded in favor of the Company. The Company has not and will not incur any loss as a result of this case. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS The Bank is subject to certain restrictions on the amount of dividends that may be declared without prior regulatory approval. At December 31, 2018 , $67.2 million of retained earnings were available for dividend declaration without regulatory approval. The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. 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 and Bank’s 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 their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, Tier 1 capital and Common Equity Tier 1 capital, as defined by the regulations, to risk-weighted assets, as defined, and of Tier 1 capital to average assets, as defined. The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (the “Basel III rules”) became effective for the Company on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under the Basel III rules, the Company must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by 2019. The capital conservation buffer for 2018 is 1.875% . The capital conservation buffer for 2017 was 1.250% . The net realized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes that, as of December 31, 2018 and 2017 , the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2018 and 2017 , the most recent notification from the regulatory authorities categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank’s category. Prompt corrective action provisions are not applicable to bank holding companies. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage Ratio (tier 1 capital to average assets): Consolidated $ 984,620 9.166 % $ 429,690 4.000 % —N/A— Ameris Bank $ 1,127,926 10.506 % $ 429,428 4.000 % $ 536,785 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Consolidated $ 895,433 10.070 % $ 566,859 6.375 % —N/A— Ameris Bank $ 1,127,926 12.716 % $ 565,486 6.375 % $ 576,573 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Consolidated $ 984,620 11.073 % $ 700,237 7.875 % —N/A— Ameris Bank $ 1,127,926 12.716 % $ 698,541 7.875 % $ 709,629 8.00 % Total Capital Ratio (total capital to risk weighted assets): Consolidated $ 1,087,364 12.229 % $ 878,075 9.875 % —N/A— Ameris Bank $ 1,156,745 13.041 % $ 875,948 9.875 % $ 887,036 10.00 % As of December 31, 2017 Tier 1 Leverage Ratio (tier 1 capital to average assets): Consolidated $ 741,159 9.713 % $ 305,231 4.000 % —N/A— Ameris Bank $ 805,238 10.564 % $ 304,904 4.000 % $ 381,131 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Consolidated $ 658,529 10.291 % $ 367,940 5.750 % —N/A— Ameris Bank $ 805,238 12.644 % $ 366,186 5.750 % $ 413,949 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Consolidated $ 741,159 11.582 % $ 463,925 7.250 % —N/A— Ameris Bank $ 805,238 12.644 % $ 461,712 7.250 % $ 509,476 8.00 % Total Capital Ratio (total capital to risk weighted assets): Consolidated $ 840,745 13.139 % $ 591,904 9.250 % —N/A— Ameris Bank $ 831,029 13.049 % $ 589,081 9.250 % $ 636,845 10.00 % The December 31, 2018 The CET1 Ratios, the Tier 1 Capital Ratios, and the Total Capital Ratios displayed in the above table under the heading “For Capital Adequacy Purposes” include a capital conservation buffer of 1.875% for December 31, 2018 and 1.250% for December 31, 2017 . |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2018 , 2017 and 2016 . Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 323,757 $ 37,146 $ 14,522 $ 7,672 $ 30,229 $ 413,326 Interest expense 38,199 13,686 5,434 2,617 9,998 69,934 Net interest income 285,558 23,460 9,088 5,055 20,231 343,392 Provision for loan losses 4,486 584 — 1,137 10,460 16,667 Noninterest income 58,694 48,260 2,021 4,858 4,579 118,412 Noninterest expense Salaries and employee benefits 100,716 39,469 547 2,870 5,691 149,293 Occupancy and equipment expenses 26,112 2,440 2 234 343 29,131 Data processing and communications expenses 27,026 1,425 122 19 1,793 30,385 Other expenses 71,788 6,998 238 1,137 4,677 84,838 Total noninterest expense 225,642 50,332 909 4,260 12,504 293,647 Income before income tax expense 114,124 20,804 10,200 4,516 1,846 151,490 Income tax expense 23,607 4,335 2,142 948 (569 ) 30,463 Net income $ 90,517 $ 16,469 $ 8,058 $ 3,568 $ 2,415 $ 121,027 Total assets $ 9,290,437 $ 1,153,615 $ 360,839 $ 139,671 $ 498,953 $ 11,443,515 Goodwill $ 438,144 $ — $ — $ — $ 65,290 $ 503,434 Other intangible assets, net $ 37,836 $ — $ — $ — $ 20,853 $ 58,689 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 231,111 $ 21,318 $ 7,701 $ 5,293 $ 28,924 $ 294,347 Interest expense 20,392 5,731 1,824 1,549 4,726 34,222 Net interest income 210,719 15,587 5,877 3,744 24,198 260,125 Provision for loan losses 6,787 771 186 (111 ) 731 8,364 Noninterest income 51,416 44,913 1,739 6,277 112 104,457 Noninterest expense Salaries and employee benefits 78,857 32,996 530 3,126 4,507 120,016 Occupancy and equipment expenses 21,436 2,217 4 215 197 24,069 Data processing and communications expenses 25,177 1,611 98 21 962 27,869 Other expenses 46,192 4,260 163 738 8,629 59,982 Total noninterest expense 171,662 41,084 795 4,100 14,295 231,936 Income before income tax expense 83,686 18,645 6,635 6,032 9,284 124,282 Income tax expense 36,518 6,526 2,322 2,111 3,257 50,734 Net income $ 47,168 $ 12,119 $ 4,313 $ 3,921 $ 6,027 $ 73,548 Total assets $ 6,431,151 $ 598,355 $ 238,561 $ 101,737 $ 486,399 $ 7,856,203 Goodwill $ 125,532 $ — $ — $ — $ — $ 125,532 Other intangible assets, net $ 13,496 $ — $ — $ — $ — $ 13,496 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 213,246 $ 14,110 $ 6,686 $ 3,959 $ 1,064 $ 239,065 Interest expense 14,762 3,469 724 739 — 19,694 Net interest income 198,484 10,641 5,962 3,220 1,064 219,371 Provision for loan losses 1,973 573 590 847 108 4,091 Noninterest income 53,168 45,162 1,790 5,681 — 105,801 Noninterest expense Salaries and employee benefits 72,824 30,689 619 2,705 — 106,837 Occupancy and equipment expenses 22,209 1,928 4 254 2 24,397 Data processing and communications expenses 23,140 1,300 103 4 44 24,591 Other expenses 54,438 4,485 106 712 269 60,010 Total noninterest expense 172,611 38,402 832 3,675 315 215,835 Income before income tax expense 77,068 16,828 6,330 4,379 641 105,246 Income tax expense 23,283 5,891 2,215 1,533 224 33,146 Net income $ 53,785 $ 10,937 $ 4,115 $ 2,846 $ 417 $ 72,100 Total assets $ 5,879,859 $ 358,497 $ 189,670 $ 90,908 $ 373,097 $ 6,892,031 Goodwill $ 125,532 $ — $ — $ — $ — $ 125,532 Other intangible assets, net $ 17,428 $ — $ — $ — $ — $ 17,428 |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) | CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2018 and 2017 (dollars in thousands ) 2018 2017 Assets Cash and due from banks $ 6,977 $ 4,409 Investment in subsidiaries 1,684,810 953,815 Other assets 9,169 31,221 Total assets $ 1,700,956 $ 989,445 Liabilities Other liabilities $ 11,496 $ 25,621 Other borrowings 143,926 73,795 Subordinated deferrable interest debentures 89,187 85,550 Total liabilities 244,609 184,966 Shareholders' equity 1,456,347 804,479 Total liabilities and shareholders' equity $ 1,700,956 $ 989,445 Condensed Statements of Income Years Ended December 31, 2018 , 2017 and 2016 (dollars in thousands) 2018 2017 2016 Income Dividends from subsidiaries $ 46,000 $ — $ 34,631 Other income 4,726 132 208 Total income 50,726 132 34,839 Expense Interest expense 12,670 9,065 6,280 Other expense 8,578 4,612 2,825 Total expense 21,248 13,677 9,105 Income (loss) before taxes and equity in undistributed income of subsidiaries 29,478 (13,545 ) 25,734 Income tax benefit 5,051 10,622 2,972 Income (loss) before equity in undistributed income of subsidiaries 34,529 (2,923 ) 28,706 Equity in undistributed income of subsidiaries 86,498 76,471 43,394 Net income $ 121,027 $ 73,548 $ 72,100 Condensed Statements of Cash Flows Years Ended December 31, 2018 , 2017 and 2016 (dollars in thousands) 2018 2017 2016 OPERATING ACTIVITIES Net income $ 121,027 $ 73,548 $ 72,100 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense 6,241 3,316 2,261 Undistributed earnings of subsidiaries (86,498 ) (76,471 ) (43,394 ) Increase (decrease) in interest payable 313 1,142 (63 ) Decrease (increase) in tax receivable 1,436 5,176 (3,224 ) Provision for deferred taxes 195 (4,620 ) 508 Other operating activities (2,051 ) 1,230 (528 ) Total adjustments (80,364 ) (70,227 ) (44,440 ) Net cash provided by operating activities 40,663 3,321 27,660 INVESTING ACTIVITIES Investment in subsidiary — (110,000 ) — Net cash proceeds received from (paid for) acquisitions (90,542 ) — (23,205 ) Net cash used in investing activities (90,542 ) (110,000 ) (23,205 ) FINANCING ACTIVITIES Issuance of common stock — 88,656 — Purchase of treasury shares (2,062 ) (886 ) (1,225 ) Dividends paid common stock (16,405 ) (14,650 ) (8,584 ) Proceeds from other borrowings 70,000 73,692 14,000 Repayment of other borrowings — (38,850 ) (15,000 ) Proceeds from exercise of stock options 914 2,669 964 Net cash provided by (used in) financing activities 52,447 110,631 (9,845 ) Net change in cash and cash equivalents 2,568 3,952 (5,390 ) Cash and cash equivalents at beginning of year 4,409 457 5,847 Cash and cash equivalents at end of year $ 6,977 $ 4,409 $ 457 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for interest $ 12,357 $ 7,923 $ 6,343 Cash paid (received) during the year for income taxes $ (7,500 ) $ (11,000 ) $ — |
QUARTERLY FINANCIAL DATA (unaud
QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (unaudited) | QUARTERLY FINANCIAL DATA (unaudited) The following table sets forth certain consolidated quarterly financial information of the Company. During the second quarter of 2018, Company recorded approximately $15.1 million of after-tax merger and conversion charges and approximately $4.5 million of after-tax executive retirement benefits. During the fourth quarter of 2017 , the Company recorded approximately $13.6 million of additional income tax expense attributable to the remeasurement of deferred tax assets and deferred tax liabilities at a reduced federal corporate tax rate. During the third quarter of 2017 , the Company recorded approximately $3.1 million of after-tax compliance resolution expense. Quarters Ended December 31, 2018 (dollars in thousands, except per share data) 4 3 2 1 Selected Income Statement Data Interest income $ 122,749 $ 121,119 $ 89,946 $ 79,512 Interest expense 23,195 22,081 13,947 10,711 Net interest income 99,554 99,038 75,999 68,801 Provision for loan losses 3,661 2,095 9,110 1,801 Net interest income after provision for loan losses 95,893 96,943 66,889 67,000 Noninterest income 30,470 30,171 31,307 26,464 Noninterest expense 74,813 72,077 67,995 58,263 Merger and conversion charges 997 276 18,391 835 Income before income taxes 50,553 54,761 11,810 34,366 Income tax 7,017 13,317 2,423 7,706 Net income $ 43,536 $ 41,444 $ 9,387 $ 26,660 Per Share Data Net income – basic $ 0.92 $ 0.87 $ 0.24 $ 0.70 Net income – diluted 0.91 0.87 0.24 0.70 Common dividends - cash 0.10 0.10 0.10 0.10 Quarters Ended December 31, 2017 (dollars in thousands, except per share data) 4 3 2 1 Selected Income Statement Data Interest income $ 79,564 $ 76,322 $ 71,411 $ 67,050 Interest expense 10,041 9,467 8,254 6,460 Net interest income 69,523 66,855 63,157 60,590 Provision for loan losses 2,536 1,787 2,205 1,836 Net interest income after provision for loan losses 66,987 65,068 60,952 58,754 Noninterest income 23,563 26,999 28,189 25,706 Noninterest expense 58,916 63,675 55,739 52,691 Merger and conversion charges 421 92 — 402 Income before income taxes 31,213 28,300 33,402 31,367 Income tax 22,063 8,142 10,315 10,214 Net income $ 9,150 $ 20,158 $ 23,087 $ 21,153 Per Share Data Net income – basic $ 0.25 $ 0.54 $ 0.62 $ 0.59 Net income – diluted 0.24 0.54 0.62 0.59 Common dividends - cash 0.10 0.10 0.10 0.10 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Ameris Bancorp and subsidiaries (the “Company” or “Ameris”) is a financial holding company headquartered in Moultrie, Georgia, and whose primary business is presently conducted by Ameris Bank, its wholly owned banking subsidiary (the “Bank”). Through the Bank, the Company operates a full service banking business and offers a broad range of retail and commercial banking services to its customers concentrated in select markets in Georgia, Alabama, Florida and South Carolina. The Bank also engages in mortgage banking activities and SBA lending, and, as such, originates, acquires, sells and services one-to-four family residential mortgage loans and SBA loans in the Southeast. The Bank has purchased residential mortgage loan pools collateralized by properties located outside our Southeast markets, specifically in California, Washington and Illinois. The Bank purchases consumer installment home improvement loans made to borrowers throughout the United States. The Bank also originates, administers and services commercial insurance premium loans made to borrowers throughout the United States. The Company and the Bank are subject to the regulations of certain federal and state agencies and are periodically examined by those regulatory agencies. |
Basis of Presentation and Accounting Estimates | Basis of Presentation and Accounting Estimates The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Acquisition Accounting | Acquisition Accounting Acquisitions are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their estimated fair values as of the purchase date. Any identifiable intangible assets are also recorded at fair value. When the consideration given is less than the fair value of the net assets received, the acquisition results in a “bargain purchase gain.” If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as additional information regarding the closing date fair values becomes available. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date and carryover of the seller's related allowance for loan losses is prohibited. When the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments, the difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. The Company must estimate expected cash flows at each reporting date. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in expected cash flows result in a reversal of the provision for loan losses to the extent of prior provisions and adjust accretable discount if no prior provisions have been made or have been fully reversed. This increase in accretable discount will have a positive impact on future interest income. |
Transfer of financial assets | Transfer of financial assets Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in banks and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, securities sold under agreements to repurchase and federal funds purchased. The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank. |
Investment Securities | Investment Securities The Company classifies its investment securities in one of three categories: (i) trading, (ii) held to maturity or (iii) available for sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held to maturity securities are those securities for which the Company has the ability and intent to hold until maturity. All other investment securities are classified as available for sale. At December 31, 2018 and 2017 , all securities were classified as available for sale. Trading securities are carried at fair value. Unrealized gains and losses on trading securities are recorded in earnings as a component of other noninterest income. Held to maturity securities are recorded initially at cost and subsequently adjusted for paydowns and amortization of purchase premium or accretion of purchase discount. Available for sale securities are carried at fair value. Unrealized holding gains and losses, net of the related deferred tax effect, on available for sale securities are excluded from earnings and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from held to maturity to available for sale are recorded as a separate component of shareholders’ equity. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. The amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the expected life of the securities. Realized gains and losses, determined on the basis of the cost of specific securities sold, are included in earnings on the trade date. A decline in the market value of any available for sale or held to maturity investment below cost that is deemed other than temporary establishes a new cost basis for the security. Other than temporary impairment deemed to be credit related is charged to earnings. Other than temporary impairment attributed to non-credit related factors is recognized in other comprehensive income. In determining whether other-than-temporary impairment losses exist, management considers (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer or underlying collateral of the security and (iii) the Company’s intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. |
Other Investments | Other Investments Other investments include Federal Home Loan Bank (“FHLB”) stock and Federal Reserve Bank stock. Prior to the Company's completion of its acquisition of USPF on January 31, 2018, the minority equity investment in USPF was also included in other investments. These investments do not have readily determinable fair values due to restrictions placed on transferability and therefore are carried at cost. These investments are periodically evaluated for impairment based on ultimate recovery of par value or cost basis. Both cash and stock dividends are reported as income. |
Loans Held-for-Sale | Loans Held for Sale Loans held for sale are carried at the estimated fair value, as determined by outstanding commitments from third party investors in the secondary market. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of mortgage loans held for sale and realized gains and losses upon ultimate sale of the mortgage loans held for sale are classified as mortgage banking activity in the consolidated statements of income. Adjustments to reflect unrealized gains and losses resulting from changes in fair value of SBA loans held for sale and realized gains and losses upon ultimate sale of the SBA loans held for sale are classified as gain on sale of SBA loans in the consolidated statements of income. |
Servicing Rights | Servicing Rights When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in mortgage banking activity or gains on sales of SBA loans accordingly. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing fee income, which is reported on the income statement as other noninterest income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of servicing rights is netted against loan servicing fee income. Servicing fees totaled $4,492,000 , $1,687,000 and $1,708,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Late fees and ancillary fees related to loan servicing are not material. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into strata based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized for a particular stratum through a valuation allowance, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular stratum, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in other noninterest income on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. |
Loans | Loans Loans, excluding purchased loans and residential mortgage purchased loan pools (“purchased loan pools”) are reported at their outstanding principal balances less unearned income, net of deferred fees and origination costs. Interest income is accrued on the outstanding principal balance. For all classes of loans, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. Interest income on mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well secured and in process of collection. Mortgage loans and commercial loans are charged off to the extent principal or interest is deemed uncollectible. Consumer loans continue to accrue interest until they are charged off, generally between 90 and 120 days past due, unless the loan is in the process of collection. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. All interest accrued, but not collected for loans that are placed on nonaccrual or charged off, is reversed against interest income. Interest income on nonaccrual loans is applied against principal until the loans are returned to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Purchased Loans | Purchased Loans Purchased loans include loans acquired in FDIC-assisted acquisitions (“covered loans”) and other acquisitions (“purchased non-covered loans”) and are initially recorded at fair value on the date of the purchase. Purchased loans that contain evidence of credit deterioration (“purchased credit impaired loans”) on the date of purchase are carried at the net present value of expected future proceeds. All other purchased loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. There is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by recording a charge-off of the loss and a corresponding provision expense. In determining the initial fair value of purchased loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carryover of the seller's allowance for loan losses and (ii) an adjustment of the recorded investment to reflect an appropriate market rate of interest, given the remaining term, risk profile and grade assigned to each loan. This adjustment is accreted into earnings as a yield adjustment, using methods approximating the effective yield method, over the remaining life of each loan. Purchased credit impaired loans are accounted for individually. The Company estimates the amount and timing of expected cash flows for each loan, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an impairment loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income through an increase in accretable yield. |
Purchased loan pools | Purchased Loan Pools Purchased loan pools include groups of residential mortgage loans that were not acquired in bank acquisitions or FDIC-assisted transactions. Purchased loan pools are reported at their outstanding principal balances plus purchase premiums, net of accumulated amortization. Interest income is accrued on the outstanding principal balance. The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to make payments as they become due, unless the loan is well secured and in the process of collection. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established through a provision for loan losses charged to expense. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb estimated losses relating to specifically identified loans, as well as probable incurred losses in the balance of the loan portfolio. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of various risks in the loan portfolio highlighted by historical experience, the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, current economic conditions that may affect the borrower’s ability to pay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses evaluation does not include the effects of expected losses on specific loans or groups of loans that are related to future events or expected changes in economic conditions. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examinations. The allowance consists of specific and general components. The specific component includes loans management considers impaired and other loans or groups of loans that management has classified with higher risk characteristics. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. The allowance for loan losses represents a reserve for probable incurred losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with a particular emphasis on non-accruing, past due and other loans that management believes might be potentially impaired or warrant additional attention. The Company segregates the loan portfolio by type of loan and utilizes this segregation in evaluating exposure to risks within the portfolio. In addition, based on internal reviews and external reviews performed by independent loan reviewers and regulatory authorities, the Company further segregates the loan portfolio by loan grades based on an assessment of risk for a particular loan or group of loans. In establishing allowances, management considers historical loan loss experience but adjusts this data with a significant emphasis on data such as risk ratings, current loan quality trends, current economic conditions and other factors in the markets where the Company operates. Factors considered include, among others, current valuations of real estate in their markets, unemployment rates, the effect of weather conditions on agricultural related entities and other significant local economic events. The Company has developed a methodology for determining the adequacy of the allowance for loan losses which is monitored by the Company’s Chief Credit Officer. Procedures provide for the assignment of a risk rating for every loan included in the total loan portfolio. Commercial insurance premium loans, overdraft protection loans and certain mortgage loans and consumer loans serviced by outside processors are treated as pools for risk rating purposes. The risk rating schedule provides nine ratings of which five ratings are classified as pass ratings and four ratings are classified as criticized ratings. Each risk rating is assigned a percentage factor of historical losses, calculated by loan type, and adjusted for qualitative factors to be applied to the balance of loans by risk rating and loan type, to determine the adequate amount of reserve. Many of the larger loans require an annual review by an independent loan officer in the Company’s internal loan review department. Assigned risk ratings are adjusted based on various factors including changes in borrower’s financial condition, the number of days past due and general economic conditions. The calculation of the allowance for loan losses, including underlying data and assumptions, is reviewed quarterly by the independent internal loan review department. Loan losses are charged against the allowance when management believes the collection of a loan’s principal is unlikely. Subsequent recoveries are credited to the allowance. Consumer loans are charged-off in accordance with the Federal Financial Institutions Examination Council’s (“FFIEC”) Uniform Retail Credit Classification and Account Management Policy. Commercial loans are charged-off when they are deemed uncollectible, which usually involves a triggering event within the collection effort. If the loan is collateral dependent, the loss is more easily identified and is charged-off when it is identified, usually based upon receipt of an appraisal. However, when a loan has guarantor support, and the guarantor demonstrates willingness and capacity to support the debt, the Company may carry the estimated loss as a reserve against the loan while collection efforts with the guarantor are pursued. If, after collection efforts with the guarantor are complete, the deficiency is still considered uncollectible, the loss is charged-off and any further collections are treated as recoveries. In all situations, when a loan is downgraded to a loan risk rating of 9 (Loss per the regulatory guidance), the uncollectible portion is charged-off. |
Loan Commitments and Financial Instruments | Loan Commitments and Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Other premises and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. In general, estimated lives for buildings are up to 40 years , furniture and equipment useful lives range from three to 20 years and the lives of software and computer related equipment range from three to five years . Leasehold improvements are amortized over the life of the related lease, or the related assets, whichever is shorter. Expenditures for major improvements of the Company’s premises and equipment are capitalized and depreciated over their estimated useful lives. Minor repairs, maintenance and improvements are charged to operations as incurred. When assets are sold or disposed of, their cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in earnings. |
FDIC Loss-Share Receivable/Payable | FDIC Loss-Share Receivable/Payable In connection with the Company’s FDIC-assisted acquisitions, the Company has recorded an FDIC loss-share receivable to reflect the indemnification provided by the FDIC. Since the indemnified items are covered loans and covered foreclosed assets, which are initially measured at fair value, the FDIC loss-share receivable is also initially measured and recorded at fair value, and is calculated by discounting the cash flows expected to be received from the FDIC. These cash flows are estimated by multiplying estimated losses by the reimbursement rates as set forth in the loss-sharing agreements. The balance of the FDIC loss-share receivable and the accretion (or amortization) thereof is adjusted periodically to reflect changes in expectations of discounted cash flows, expense reimbursements under the loss-sharing agreements and other factors. The Company is accreting (or amortizing) its FDIC loss-share receivable over the shorter of the contractual term of the indemnification agreement ( ten years for the single family loss-sharing agreements, and five years for the non-single family loss-sharing agreements) or the remaining life of the indemnified asset. Pursuant to the clawback provisions of the loss-sharing agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss-sharing agreement. The amount of the clawback provision for each acquisition is measured and recorded at fair value. It is calculated as the difference between management’s estimated losses on covered loans and covered foreclosed assets and the loss threshold contained in each loss-sharing agreement, multiplied by the applicable clawback provisions contained in each loss-sharing agreement. This clawback amount, which is payable to the FDIC upon termination of the applicable loss-sharing agreement, is then discounted back to net present value. To the extent that actual losses on covered loans and covered foreclosed assets are less than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss-sharing agreements will increase. To the extent that actual losses on covered loans and covered foreclosed assets are more than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss-sharing agreements will decrease. The balance of the FDIC clawback payable and the amortization thereof are adjusted periodically to reflect changes in expected losses on covered assets and the impact of such changes on the clawback payable and other factors. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of the net assets purchased in business combinations. Goodwill is required to be tested annually for impairment or whenever events occur that may indicate that the recoverability of the carrying amount is not probable. In the event of an impairment, the amount by which the carrying amount exceeds the fair value is charged to earnings. The Company performs its annual impairment testing of goodwill in the fourth quarter of each year. Intangible assets include core deposit premiums from various past bank acquisitions as well as intangible assets recorded in connection with the USPF acquisition for insurance agent relationships, the "US Premium Finance" trade name and a non-compete agreement. Core deposit premiums acquired in various past bank acquisitions are based on the established value of acquired customer deposits. The core deposit premium is initially recognized based on a valuation performed as of the acquisition date and is amortized over an estimated useful life of seven to ten years . The insurance agent relationships, the "US Premium Finance" trade name and non-compete agreement intangible assets acquired in the USPF acquisition are based on the established values as of the acquisition date and are being amortized over estimated useful lives of eight years , seven years and three years , respectively. Amortization periods for intangible assets are reviewed annually in connection with the annual impairment testing of goodwill. |
Cash Value of Bank Owned Life Insurance | Cash Value of Bank Owned Life Insurance The Company has purchased life insurance policies on certain officers. The life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Other Real Estate Owned | Other Real Estate Owned Foreclosed assets acquired through or in lieu of loan foreclosure are held for sale and are initially recorded at fair value less estimated cost to sell. Any write-down to fair value at the time of transfer to foreclosed assets is charged to the allowance for loan losses. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Costs of improvements are capitalized up to the fair value of the property, whereas costs relating to holding foreclosed assets and subsequent adjustments to the value are charged to operations. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such assets is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged with a tax examination being presumed to occur, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. The Company recognizes interest and penalties related to income tax matters in other noninterest expenses. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Share-Based Compensation | Share-Based Compensation The Company accounts for its stock compensation plans using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. |
Treasury Stock | Treasury Stock The Company’s repurchases of shares of its common stock are recorded at cost as treasury stock and result in a reduction of shareholders' equity. |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed by dividing net income allocated to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share are computed by dividing net income allocated to common shareholders by the sum of the weighted-average number of shares of common stock outstanding and the effect of the issuance of potential common shares that are dilutive. Potential common shares consist of stock options and restricted shares for the years ended December 31, 2018 , 2017 and 2016 , and are determined using the treasury stock method. The Company has determined that its outstanding non-vested stock awards are participating securities, and all dividends on these awards are paid similar to other dividends. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The goal of the Company’s interest rate risk management process is to minimize the volatility in the net interest margin caused by changes in interest rates. Derivative instruments are used to hedge certain assets or liabilities as a part of this process. The Company is required to recognize certain contracts and commitments as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. All derivative instruments are required to be carried at fair value on the balance sheet. The Company’s hedging strategies include utilizing an interest rate swap classified as a cash flow hedge. Cash flow hedges relate to converting the variability in future interest payments on a floating rate liability to fixed payments. When effective, the fair value of cash flow hedges is carried as a component of other comprehensive income rather than an income statement item. The Company had a cash flow hedge with notional amount of $37.1 million at December 31, 2018 and 2017 for the purpose of converting the variable rate on certain junior subordinated debentures to a fixed rate. The fair value of this instrument amounted to an asset of $102,000 as of December 31, 2018 and a liability of $381,000 as of December 31, 2017 . No material hedge ineffectiveness from cash flow hedges was recognized in the statement of income. All components of each derivative’s gain or loss are included in the assessment of hedge effectiveness. |
Mortgage Banking Derivatives | Mortgage Banking Derivatives The Company maintains a risk management program to manage interest rate risk and pricing risk associated with its mortgage lending activities. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in mortgage banking activity in the Company's consolidated statement of income. |
Comprehensive Income | Comprehensive Income The Company’s comprehensive income consists of net income, changes in the net unrealized holding gains and losses of securities available for sale, unrealized gain or loss on the effective portion of cash flow hedges and the realized gain or loss recognized due to the sale or unwind of cash flow hedges prior to their contractual maturity date. These amounts are carried in accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income and are presented net of taxes. |
Fair Value Measures | Fair Value Measures Fair values of assets and liabilities are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Operating Segments The Company has five reportable segments, the Banking Division, the Retail Mortgage Division, the Warehouse Lending Division, the SBA Division and the Premium Finance Division. The Banking Division derives its revenues from the delivery of full service financial services to include commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans and residential mortgage servicing rights. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans. The Banking, Retail Mortgage, Warehouse Lending, SBA and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. |
Accounting Standards Adopted in 2018 and Pending Adoption | Accounting Standards Adopted in 2018 ASU 2018-02 - Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). Issued in February 2018, ASU 2018-02 seeks to help entities reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 (the "Tax Reform Act"), enacted on December 22, 2017. ASU 2018-02 was issued in response to concerns regarding current accounting guidance that requires deferred tax assets and deferred tax liabilities to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date, even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income, rather than net income, and as a result the stranded tax effects would not reflect the appropriate tax rate. The amendments of ASU 2018-02 allow an entity to make a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects, which is the difference between the historical corporate income tax rate of 35.0% and the newly enacted corporate income tax rate of 21.0%. ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 31, 2018; however, public business entities are allowed to early adopt the amendments of ASU 2018-02 in any interim period for which the financial statements have not yet been issued. The amendments of ASU 2018-02 may be applied either at the beginning of the period (annual or interim) of adoption or retrospectively to each of the period(s) in which the effect of the change in the U.S. federal corporate tax rate in the Tax Reform Act is recognized. As a result of the remeasurement of the Company's deferred tax assets and deferred tax liabilities following the enactment of the Tax Reform Act, accumulated other comprehensive loss included $392,000 of stranded tax effects at December 31, 2017. The Company early adopted ASU 2018-02 during the first quarter of 2018 and made an election to reclassify the stranded tax effects from accumulated other comprehensive loss to retained earnings at the beginning of the period of adoption. The reclassification of the stranded tax effects resulted in an increase of $392,000 in accumulated other comprehensive loss and a corresponding increase of $392,000 in retained earnings. ASU 2017-12 – Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). The purposes of ASU 2017-12 are to (1) improve the transparency and understandability of information conveyed in financial statements about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with the economic objectives of those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers. ASU 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption in an interim period permitted. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the beginning of the fiscal year of adoption. During the first quarter of 2018, the Company early adopted the provisions of ASU 2017-12, and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2017-09 – Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms of a share-based award must be accounted for as a modification. Companies must apply the modification accounting guidance if any of the following change: the share-based award’s fair value, vesting provisions or classification as an equity instrument or a liability instrument. The new guidance should reduce diversity in practice and result in fewer changes to the terms of share-based awards being accounted for as modifications, as the guidance will allow companies to make certain non-substantive changes to share-based awards without accounting for them as modifications. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. During the first quarter of 2018, the Company adopted the provisions of ASU 2017-09, and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2017-01 – Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides a framework to use in determining when a set of assets and activities is a business. The standard provides more consistency in applying the business combination guidance, reduces the costs of application, and makes the definition of a business more operable. ASU 2017-01 is effective for interim and annual periods within those annual periods beginning after December 15, 2017. During the first quarter of 2018, the Company adopted the provisions of ASU 2017-01, and the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2016-01 – Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). ASU 2016-01 (1) requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with changes recognized through net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by allowing a qualitative assessment similar to those performed on long-lived assets, goodwill or intangibles to be utilized at each reporting period; (3) eliminates the use of the entry price method requiring all preparers to utilize the exit price notion consistent with Topic 820, Fair Value Measurement in disclosing the fair value of financial instruments measured at amortized cost; (4) requires separate disclosure within other comprehensive income of changes in the fair value of liabilities due to instrument-specific credit risk when the fair value option has been elected; and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods. During the first quarter of 2018, the Company adopted ASU 2016-01. Other than changing from the entry price method to an exit price notion in disclosing fair value of financial instruments at amortized cost, the adoption did not have a material impact on the Company's consolidated financial statements. ASU 2014-09 – Revenue from Contracts with Customers (“ASU 2014-09”). On January 1, 2018, the Company adopted ASU 2014-09 and all subsequent amendments to the ASU (collectively "ASC 606") which (1) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (2) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets, such as other real estate owned ("OREO"). The majority of the Company's revenues come from interest income and other sources, including loans, leases, investment securities and derivative financial instruments, that are outside the scope of ASC 606. With the exception of gains/losses on the sale of OREO, the Company's services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligations to the customer. Services within the scope of ASC 606 reported in noninterest income include service charges on deposit accounts, debit card interchange fees, and ATM fees. The net of gains and losses on the sale of OREO are recorded in credit resolution related expenses in the Company's consolidated statement of income and comprehensive income. The adoption of ASC 606 did not change the timing or amount of revenue recognized for in-scope revenue streams. Accordingly, no cumulative effect adjustment was recorded under the modified retrospective transition method. See Note 15 for further discussion on the Company's accounting policies for revenue sources within the scope of ASC 606. Accounting Standards Pending Adoption ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 requires that application development stage implementation costs incurred in a Cloud Computing Arrangement ("CCA") that are service contracts be capitalized and amortized over the term of the hosting arrangement including renewal option terms if the customer entity is reasonably certain to exercise the option. Costs incurred in the preliminary project and post-implementation stages are expensed as incurred. Training costs and certain data conversion costs also cannot be capitalized for a CCA that is a service contract. Amortization expense of capitalized implementation costs will be presented in the same income statement caption as the CCA fees. Similarly, capitalized implementation costs will be presented in the same balance sheet caption as any prepaid CCA fees and cash flows from capitalized implementation costs will be classified in the statement of cash flows in the same manner as payments made for the CCA fees. The requirements of ASU 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. ASU 2018-15 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on the Company’s consolidated balance sheet, consolidated statement of income and comprehensive income, consolidated statement of shareholders’ equity and consolidated statement of cash flows, but it is not expected to have a material impact. ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13). ASU 2018-13 changes fair value measurement disclosure requirements by removing certain requirements, modifying certain requirements and adding certain new requirements. Disclosure requirements removed include the following: transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for determining when transfers between any of the three levels have occurred; the valuation processes for Level 3 measurements; and the changes in unrealized gains or losses presented in earnings for Level 3 instruments held at end of the reporting period. Disclosure requirements that have been modified include the following: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and clarification that the Level 3 measurement uncertainty disclosure should communicate information about the uncertainty at the balance sheet date. New disclosure requirements include the following: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 instruments held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used for Level 3 measurements or disclosure of other quantitative information in place of the weighted average to the extent that it would be a more reasonable and rational method to reflect the distribution of unobservable inputs. ASU 2018-13 is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on the Company’s fair value measurement disclosures, but it is not expected to have a material impact. ASU 2017-04 – Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 from the goodwill impairment test to simplify the subsequent measurement of goodwill. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the income tax effects of tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. ASU 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard must be adopted using a prospective basis and the nature and reason for the change in accounting principle should be disclosed upon transition. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted on testing dates after January 1, 2017. The Company is currently evaluating the impact this ASU will have on the Company’s results of operations, financial position and disclosures, but it is not expected to have a material impact. ASU 2016-13 – Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current incurred loss approach with an expected loss model, referred to as the current expected credit loss (“CECL”) model. The new standard will apply to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures, which include, but are not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. ASU 2016-13 simplifies the accounting for purchased credit-impaired debt securities and loans and expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative effect adjustment to equity as of the beginning of the period in which the guidance is effective. While the Company is currently evaluating the impact this ASU will have on the results of operations, financial position and disclosures, the Company expects to recognize a one-time cumulative effect adjustment to equity and the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective. The Company has established a steering committee which includes the appropriate members of management to evaluate the impact this ASU will have on Company’s financial position, results of operations and financial statement disclosures and determine the most appropriate method of implementing the amendments in this ASU as well as any resources needed to implement the amendments. This committee has contracted with the software vendor of choice for implementation, established an implementation time-line, conducts regular meetings to monitor the project's status, and continues to stay current on implementation issues and concerns. During the third quarter of 2018, work began with the software vendor to source and test required data feeds. During the fourth quarter of 2018, work with the software vendor continued with sourcing of required data from the Company's loan systems and testing of data feeds. Additionally, the committee has engaged consulting services from a leading international accounting professional services firm to assist management with the technical accounting, internal control, and project management aspects of the Company's CECL implementation. ASU 2016-02 – Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 amends the existing standards for lease accounting effectively requiring most leases be carried on the balance sheets of the related lessees by requiring them to recognize a right-of-use asset and a corresponding lease liability. ASU 2016-02 includes qualitative and quantitative disclosure requirements intended to provide greater insight into the nature of an entity’s leasing activities. The standard may be adopted using a modified retrospective transition method with a cumulative effect adjustment to equity as of the beginning of the period in which it is adopted. Alternatively, the standard may be adopted using an optional transition method which the Company intends to use in its adoption of the new lease accounting standard. Under the optional transition method, the initial application of the provisions of ASU 2016-02 are applied as the date of adoption, resulting in no adjustment to amounts reported in prior periods. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company has several leased facilities, which are currently treated as operating leases, and are not currently shown on the Company’s consolidated balance sheet. After ASU 2016-02 is implemented, the Company will begin reporting these lease agreements on the balance sheet as a right-of-use asset and a corresponding liability. During the fourth quarter of 2018, the Company contracted with a software vendor for software to be used in both the implementation and ongoing accounting under the new lease accounting standard. The Company has completed its inventory of operating leases that fall under the new lease accounting guidance and is preparing to load data pertaining to each lease into the software in order to be in compliance with the new lease accounting standard for its first quarter 2019 reporting. Based on the inventory of its operating leases, the Company does not expect the adoption of ASU 2016-02 to have a material impact on the Company's consolidated balance sheet, consolidated statements of income, shareholders’ equity or cash flows. The Company estimates an increase in the range of $30.0 million to $35.0 million to both total assets and total liabilities as a result of adopting ASU 2016-02 in the first quarter of 2019. |
Reclassifications | Reclassifications Certain reclassifications of prior year amounts have been made to conform with the current year presentations. |
Securities Sold Under Repurchase Agreements | The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At December 31, 2018 and 2017 , all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuate on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value of the securities fall below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase. |
Revenue from Contracts with Customers | Debit Card Interchange Fees - The Company earns debit card interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from debit cardholders transactions represent a percentage of the underlying transaction amount and are recognized daily, concurrently with the transaction processing services provided to the debit cardholder. Overdraft Fees - Overdraft fees are recognized at the point in time that the overdraft occurs. Other Service Charges on Deposit Accounts - Other service charges on deposit accounts include both transaction-based fees and account maintenance fees. Transaction based fees, which include wire transfer fees, stop payment charges, statement rendering, and automated clearing house ("ACH") fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. ATM Fees - Transaction-based ATM usage fees are recognized at the time the transaction is executed as that is the point at which the Company satisfies the performance obligation. Gains/Losses on the Sale of OREO - The net gains and losses on sales of OREO are recorded in credit resolution related expenses in the Company's consolidated statement of income. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. The Company does not provide financing for the sale of OREO unless these criteria are met and the OREO can be derecognized. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Components Used to Calculate Basic and Diluted Earnings Per Share | Presented below is a summary of the components used to calculate basic and diluted earnings per share. Years Ended December 31, (dollars in thousands, shares in thousands) 2018 2017 2016 Net income available to common shareholders $ 121,027 $ 73,548 $ 72,100 Weighted average number of common shares outstanding 43,142 36,828 34,347 Effect of dilutive stock options 6 62 108 Effect of dilutive restricted stock awards 100 254 247 Weighted average number of common shares outstanding used to calculate diluted earnings per share 43,248 37,144 34,702 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities of JAXB assumed as of March 11, 2016 and their fair value estimates. (dollars in thousands) As Recorded by JAXB Initial Fair Value Adjustments Subsequent Fair Value Adjustments As Recorded by Ameris Assets Cash and cash equivalents $ 9,704 $ — $ — $ 9,704 Federal funds sold and interest-bearing balances 7,027 — — 7,027 Investment securities 60,836 (942 ) (a) — 59,894 Other investments 2,458 — — 2,458 Loans 416,831 (15,746 ) (b) 553 (j) 401,638 Less allowance for loan losses (12,613 ) 12,613 (c) — — Loans, net 404,218 (3,133 ) 553 401,638 Other real estate owned 2,873 (1,035 ) (d) 88 (k) 1,926 Premises and equipment 4,798 — (119 ) (l) 4,679 Intangible assets 288 5,566 (e) (1,108 ) (m) 4,746 Other assets 14,141 23,266 (f) (3,524 ) (n) 33,883 Total assets $ 506,343 $ 23,722 $ (4,110 ) $ 525,955 Liabilities Deposits: Noninterest-bearing $ 123,399 $ — $ — $ 123,399 Interest-bearing 277,539 421 (g) — 277,960 Total deposits 400,938 421 — 401,359 Other borrowings 48,350 84 (h) — 48,434 Subordinated deferrable interest debentures 16,294 (3,393 ) (i) — 12,901 Other liabilities 2,354 — — 2,354 Total liabilities 467,936 (2,888 ) — 465,048 Net identifiable assets acquired over (under) liabilities assumed 38,407 26,610 (4,110 ) 60,907 Goodwill — 31,375 4,110 35,485 Net assets acquired over (under) liabilities assumed $ 38,407 $ 57,985 $ — $ 96,392 Consideration: Ameris Bancorp common shares issued 2,549,469 Price per share of the Company's common stock $ 28.42 Company common stock issued $ 72,455 Cash exchanged for shares $ 23,937 Fair value of total consideration transferred $ 96,392 Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of securities available for sale as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions. (c) Adjustment reflects the elimination of JAXB’s allowance for loan losses. (d) Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired OREO portfolio, which is based largely on contracted sale prices. (e) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. (f) Adjustment reflects the deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes and the reversal of JAXB valuation allowance established on their deferred tax assets. (g) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the acquired deposits. (h) Adjustment reflects the fair value adjustments based on the Company’s evaluation of the liability for other borrowings. (i) Adjustment reflects the fair value adjustment to the subordinated deferrable interest debentures at the acquisition date, net of the reversal of JAXB remaining fair value adjustments from their prior acquisitions. (j) Adjustment reflects additional recording of fair value adjustment of the acquired loan portfolio. (k) Adjustment reflects additional recording of fair value adjustment of other real estate owned. (l) Adjustment reflects recording of fair value adjustment of the premises and equipment. (m) Adjustment reflects adjustment to the core deposit intangible on the acquired core deposit accounts. (n) Adjustment reflects additional recording of deferred taxes on the difference in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. The following table presents the assets acquired and liabilities of Hamilton assumed as of June 29, 2018 and their fair value estimates. (dollars in thousands) As Recorded by Hamilton Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Cash and due from banks $ 14,405 $ — $ (478 ) (j) $ 13,927 Federal funds sold and interest-bearing deposits in banks 102,156 — — 102,156 Time deposits in other banks 11,558 — — 11,558 Investment securities 288,206 (2,376 ) (a) — 285,830 Other investments 2,094 — — 2,094 Loans 1,314,264 (15,528 ) (b) (696 ) (k) 1,298,040 Less allowance for loan losses (11,183 ) 11,183 (c) — — Loans, net 1,303,081 (4,345 ) (696 ) 1,298,040 Other real estate owned 847 — — 847 Premises and equipment 27,483 — (723 ) (l) 26,760 Other intangible assets, net 18,755 (2,755 ) (d) 7,610 (m) 23,610 Cash value of bank owned life insurance 4,454 — — 4,454 Deferred income taxes, net 12,445 (6,308 ) (e) 343 (n) 6,480 Other assets 13,053 — (17 ) (o) 13,036 Total assets $ 1,798,537 $ (15,784 ) $ 6,039 $ 1,788,792 Liabilities Deposits: Noninterest-bearing $ 381,039 $ — — $ 381,039 Interest-bearing 1,201,324 (1,896 ) (f) 4,783 (p) 1,204,211 Total deposits 1,582,363 (1,896 ) 4,783 1,585,250 Other borrowings 10,687 (66 ) (g) 286 (q) 10,907 Subordinated deferrable interest debenture 3,093 (658 ) (h) (143 ) (r) 2,292 Other liabilities 10,460 2,391 (i) — 12,851 Total liabilities 1,606,603 (229 ) 4,926 1,611,300 Net identifiable assets acquired over (under) liabilities assumed 191,934 (15,555 ) 1,113 177,492 Goodwill — 220,713 (1,070 ) 219,643 Net assets acquired over liabilities assumed $ 191,934 $ 205,158 $ 43 $ 397,135 Consideration: Ameris Bancorp common shares issued 6,548,385 Price per share of the Company's common stock $ 53.35 Company common stock issued $ 349,356 Cash exchanged for shares $ 47,779 Fair value of total consideration transferred $ 397,135 Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of investment securities as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio, net of the reversal of Hamilton's unamortized accounting adjustments from their prior acquisitions, loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees. (c) Adjustment reflects the elimination of Hamilton's allowance for loan losses. (d) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts, net of reversal of Hamilton's remaining intangible assets from its past acquisitions. (e) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (f) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits. (g) Adjustment reflects the reversal of Hamilton's unamortized accounting adjustments for other borrowings from its past acquisitions. (h) Adjustment reflects the fair value adjustment to the subordinated deferrable interest debenture at the acquisition date. (i) Adjustment reflects the fair value adjustment to the FDIC loss-share clawback liability included in other liabilities. (j) Subsequent to acquisition, cash and due from banks were adjusted for Hamilton reconciling items. (k) Adjustment reflects additional recording of fair value adjustments to the acquired loan portfolio. (l) Adjustment reflects the recording of fair value adjustment to premises and equipment. (m) Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts. (n) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (o) Adjustment reflects the fair value adjustment to other assets. (p) Adjustment reflects additional recording of fair value adjustments on the acquired deposits. (q) Adjustment reflects the fair value adjustment to other borrowings. (r) Adjustment reflects additional recording of fair value adjustments to the subordinated deferrable interest debenture. The following table presents the assets acquired and liabilities assumed of USPF as of January 31, 2018, and their fair value estimates. (dollars in thousands) As Recorded by USPF Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Intangible asset - insurance agent relationships $ — $ 20,000 (a) $ 2,351 (e) $ 22,351 Intangible asset - US Premium Finance trade name — 1,136 (b) (42 ) (f) 1,094 Intangible asset - non-compete agreement — 178 (c) (16 ) (g) 162 Total assets $ — $ 21,314 $ 2,293 $ 23,607 Liabilities Deferred tax liability $ — $ 5,492 (d) 424 (h) $ 5,916 Total liabilities — 5,492 424 5,916 Net identifiable assets acquired over liabilities assumed — 15,822 1,869 17,691 Goodwill — 67,159 (1,869 ) 65,290 Net assets acquired over liabilities assumed $ — $ 82,981 $ — $ 82,981 Consideration: Ameris Bancorp common shares issued 1,073,158 Price per share of the Company's common stock (weighted average) $ 52.047 Company common stock issued $ 55,855 Cash exchanged for shares $ 21,421 Present value of contingent earn-out consideration expected to be paid $ 5,705 Fair value of total consideration transferred $ 82,981 ____________________________________________________________ Explanation of fair value adjustments (a) Adjustment reflects the recording of the fair value of the insurance agent relationships intangible. (b) Adjustment reflect the recording of the fair value of the trade name intangible. (c) Adjustment reflects the recording of the fair value of the non-compete agreement intangible. (d) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes. (e) Adjustment reflects additional fair value adjustment for the insurance agent relationships intangible. (f) Adjustment reflects additional fair value adjustment for the trade name intangible. (g) Adjustment reflects additional fair value adjustment for the non-compete agreement intangible. (h) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired intangible assets for financial reporting purposes and their basis for federal income tax purposes. The following table presents the assets acquired and liabilities of Atlantic assumed as of May 25, 2018 and their fair value estimates. (dollars in thousands) As Recorded by Atlantic Initial Fair Value Adjustments Subsequent Adjustments As Recorded by Ameris Assets Cash and due from banks $ 3,990 $ — $ — $ 3,990 Federal funds sold and interest-bearing deposits in banks 22,149 — — 22,149 Investment securities 35,186 (60 ) (a) — 35,126 Other investments 9,576 — — 9,576 Loans held for sale 358 — — 358 Loans 777,605 (19,423 ) (b) (2,478 ) (k) 755,704 Less allowance for loan losses (8,573 ) 8,573 (c) — — Loans, net 769,032 (10,850 ) (2,478 ) 755,704 Other real estate owned 1,837 (796 ) (d) — 1,041 Premises and equipment 12,591 (1,695 ) (e) — 10,896 Other intangible assets, net — 5,937 (f) 1,551 (l) 7,488 Cash value of bank owned life insurance 18,182 — — 18,182 Deferred income taxes, net 5,782 709 (g) 342 (m) 6,833 Other assets 3,604 (634 ) (h) — 2,970 Total assets $ 882,287 $ (7,389 ) $ (585 ) $ 874,313 Liabilities Deposits: Noninterest-bearing $ 69,761 $ — — $ 69,761 Interest-bearing 514,935 (554 ) (i) 1,025 (n) 515,406 Total deposits 584,696 (554 ) 1,025 585,167 Other borrowings 204,475 — — 204,475 Other liabilities 8,367 (13 ) (j) — 8,354 Total liabilities 797,538 (567 ) 1,025 797,996 Net identifiable assets acquired over (under) liabilities assumed 84,749 (6,822 ) (1,610 ) 76,317 Goodwill — 91,360 1,610 92,970 Net assets acquired over liabilities assumed $ 84,749 $ 84,538 $ — $ 169,287 Consideration: Ameris Bancorp common shares issued 2,631,520 Price per share of the Company's common stock $ 56.15 Company common stock issued $ 147,760 Cash exchanged for shares $ 21,527 Fair value of total consideration transferred $ 169,287 ____________________________________________________________ Explanation of fair value adjustments (a) Adjustment reflects the fair value adjustments of the portfolio of investment securities as of the acquisition date. (b) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired loan portfolio, net of the reversal of Atlantic's unamortized accounting adjustments from loan premiums, loan discounts, deferred loan origination costs and deferred loan origination fees. (c) Adjustment reflects the elimination of Atlantic's allowance for loan losses. (d) Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired OREO portfolio. (e) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. (f) Adjustment reflects the recording of core deposit intangible on the acquired core deposit accounts. (g) Adjustment reflects the deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (h) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other assets. (i) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired deposits. (j) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired other liabilities. (k) Adjustment reflects additional recording of fair value adjustments of the acquired loan portfolio. (l) Adjustment reflects additional recording of fair value adjustments to the core deposit intangible on the acquired core deposit accounts. (m) Adjustment reflects additional recording of deferred taxes on the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. (n) Adjustment reflects additional fair value adjustments on the acquired deposits. |
Summary of Contractually Required Principal and Interest Cash Payment of the Loans As of Acquisition Date for Purchased Credit Impaired Loans | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 16,077 Non-accretable difference (4,115 ) Cash flows expected to be collected 11,962 Accretable yield (1,199 ) Total purchased credit-impaired loans acquired $ 10,763 The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of the acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 21,223 Non-accretable difference (2,090 ) Cash flows expected to be collected 19,133 Accretable yield (794 ) Total purchased credit-impaired loans acquired $ 18,339 The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of acquisition date for purchased credit impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (dollars in thousands) Contractually required principal and interest $ 42,314 Non-accretable difference (9,181 ) Cash flows expected to be collected 33,133 Accretable yield (6,182 ) Total purchased credit-impaired loans acquired $ 26,951 |
Schedule of Acquired Loans | The following table presents the acquired loan data for the Atlantic acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 10,763 $ 16,077 $ 4,115 Acquired receivables not subject to ASC 310-30 $ 744,941 $ 1,041,768 $ — The following table presents the acquired loan data for the Hamilton acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 18,339 $ 21,223 $ 2,090 Acquired receivables not subject to ASC 310-30 $ 1,279,701 $ 1,441,534 $ — The following table presents the acquired loan data for the JAXB acquisition. (dollars in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 26,951 $ 42,314 $ 9,181 Acquired receivables not subject to ASC 310-30 $ 374,687 $ 488,346 $ — |
Pro Forma Information of Acquisitions | The following unaudited pro forma information reflects the Company’s estimated consolidated results of operations as if the Hamilton, Atlantic and USPF acquisitions had occurred on January 1, 2017, unadjusted for potential cost savings. Year Ended December 31, (dollars in thousands, except per share data) 2018 2017 Net interest income and noninterest income $ 514,885 $ 477,500 Net income $ 134,486 $ 97,686 Net income available to common shareholders $ 134,486 $ 97,686 Income per common share available to common shareholders – basic $ 2.83 $ 2.08 Income per common share available to common shareholders – diluted $ 2.83 $ 2.07 Average number of shares outstanding, basic 47,460 46,959 Average number of shares outstanding, diluted 47,566 47,275 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale | The amortized cost and estimated fair value of securities available for sale along with gross unrealized gains and losses are summarized as follows: (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2018 State, county and municipal securities $ 149,670 $ 1,367 $ (304 ) $ 150,733 Corporate debt securities 67,123 718 (527 ) 67,314 Mortgage-backed securities 982,183 4,172 (11,979 ) 974,376 Total debt securities $ 1,198,976 $ 6,257 $ (12,810 ) $ 1,192,423 December 31, 2017 State, county and municipal securities $ 135,968 $ 1,989 $ (163 ) $ 137,794 Corporate debt securities 46,659 721 (237 ) 47,143 Mortgage-backed securities 630,666 1,762 (6,492 ) 625,936 Total debt securities $ 813,293 $ 4,472 $ (6,892 ) $ 810,873 |
Schedule of Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and estimated fair value of securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2018 and 2017 . Less Than 12 Months 12 Months or More Total (dollars in thousands) Estimated Fair Value Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses December 31, 2018 State, county and municipal securities $ 23,784 $ (52 ) $ 33,873 $ (252 ) $ 57,657 $ (304 ) Corporate debt securities 17,291 (111 ) 17,952 (416 ) 35,243 (527 ) Mortgage-backed securities 119,745 (580 ) 435,749 (11,399 ) 555,494 (11,979 ) Total debt securities $ 160,820 $ (743 ) $ 487,574 $ (12,067 ) $ 648,394 $ (12,810 ) December 31, 2017 State, county and municipal securities $ 33,976 $ (115 ) $ 4,725 $ (48 ) $ 38,701 $ (163 ) Corporate debt securities 3,465 (35 ) 18,853 (202 ) 22,318 (237 ) Mortgage-backed securities 262,353 (2,401 ) 190,368 (4,091 ) $ 452,721 (6,492 ) Total debt securities $ 299,794 $ (2,551 ) $ 213,946 $ (4,341 ) $ 513,740 $ (6,892 ) |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities available for sale as of December 31, 2018 , by contractual maturity are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without penalty. Securities not due at a single maturity date are shown separately. Therefore, these securities are not included in the maturity categories in the following maturity summary. (dollars in thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 16,900 $ 16,907 Due from one year to five years 86,338 86,234 Due from five to ten years 84,383 85,595 Due after ten years 29,172 29,311 Mortgage-backed securities 982,183 974,376 $ 1,198,976 $ 1,192,423 |
Gross Realized Gains And Losses On Sales Of Available For Sale Securities | Gains and losses on sales of securities available for sale consist of the following: For the Years Ended (dollars in thousands) 2018 2017 2016 Gross gains on sales of securities $ 390 $ 38 $ 312 Gross losses on sales of securities (301 ) (1 ) (218 ) Net realized gains on sales of securities available for sale $ 89 $ 37 $ 94 |
Gain (Loss) on Securities | Total gain (loss) on securities reported on the consolidated statements of income is comprised of the following: For the Years Ended (dollars in thousands) 2018 2017 2016 Net realized gains on sales of securities available for sale $ 89 $ 37 $ 94 Unrealized holding losses on equity securities (126 ) — — Total gain (loss) on securities $ (37 ) $ 37 $ 94 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Notes Loans and Financial Receivables | Loans are stated at unpaid balances, net of unearned income and deferred loan fees. Balances within the major loans receivable categories are presented in the following table, excluding purchased loans. December 31, (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,316,359 $ 1,362,508 Real estate – construction and development 671,198 624,595 Real estate – commercial and farmland 1,814,529 1,535,439 Real estate – residential 1,403,000 1,009,461 Consumer installment 455,371 324,511 $ 5,660,457 $ 4,856,514 |
Summary of Purchased Loans And Major Loan Categories | The carrying value of purchased loans are shown below according to major loan type as of the end of the years shown. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 372,686 $ 74,378 Real estate – construction and development 227,900 65,513 Real estate – commercial and farmland 1,337,859 468,246 Real estate – residential 623,199 250,539 Consumer installment 27,188 2,919 $ 2,588,832 $ 861,595 |
Rollforward Of Acquired Loans | A rollforward of purchased loans for the years ended December 31, 2018 and 2017 is shown below. (dollars in thousands) 2018 2017 Balance, January 1 $ 861,595 $ 1,069,191 Charge-offs (1,803 ) (3,411 ) Additions due to acquisitions 2,053,744 — Accretion 11,918 11,308 Transfers to purchased other real estate owned (6,396 ) (5,023 ) Payments received (330,226 ) (210,470 ) Ending balance $ 2,588,832 $ 861,595 |
Schedule Of Changes In Accretable Discount Related To Credit Impaired Acquired Loans | The following is a summary of changes in the accretable discounts of purchased loans during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 20,192 $ 30,624 Additions due to acquisitions 30,037 — Accretion (11,918 ) (11,308 ) Accretable discounts removed due to charge-offs (42 ) (17 ) Transfers between non-accretable and accretable discounts, net 2,227 893 Ending balance $ 40,496 $ 20,192 |
Summary of Financial Receivable Nonaccrual Basis | The following table presents an analysis of purchased loans accounted for on a nonaccrual basis. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,199 $ 813 Real estate – construction and development 6,119 3,139 Real estate – commercial and farmland 5,534 5,685 Real estate – residential 10,769 5,743 Consumer installment 486 48 $ 24,107 $ 15,428 The following table presents an analysis of loans accounted for on a nonaccrual basis, excluding purchased loans. (dollars in thousands) 2018 2017 Commercial, financial and agricultural $ 1,412 $ 1,306 Real estate – construction and development 892 554 Real estate – commercial and farmland 4,654 2,665 Real estate – residential 10,465 9,194 Consumer installment 529 483 $ 17,952 $ 14,202 |
Summary of Past Due Financial Receivables | The following table presents an analysis of past due loans, excluding purchased loans as of December 31, 2018 and 2017 . (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2018 Commercial, financial and agricultural $ 6,479 $ 5,295 $ 4,763 $ 16,537 $ 1,299,822 $ 1,316,359 $ 3,808 Real estate – construction and development 1,218 481 725 2,424 668,774 671,198 — Real estate – commercial and farmland 1,625 530 3,645 5,800 1,808,729 1,814,529 — Real estate – residential 11,423 4,631 8,923 24,977 1,378,023 1,403,000 — Consumer installment 2,344 1,167 735 4,246 451,125 455,371 414 Total $ 23,089 $ 12,104 $ 18,791 $ 53,984 $ 5,606,473 $ 5,660,457 $ 4,222 (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2017 Commercial, financial and agricultural $ 8,124 $ 3,285 $ 6,978 $ 18,387 $ 1,344,121 $ 1,362,508 $ 5,991 Real estate – construction and development 810 23 288 1,121 623,474 624,595 — Real estate – commercial and farmland 869 787 1,940 3,596 1,531,843 1,535,439 — Real estate – residential 8,772 2,941 7,041 18,754 990,707 1,009,461 — Consumer installment 1,556 472 329 2,357 322,154 324,511 — Total $ 20,131 $ 7,508 $ 16,576 $ 44,215 $ 4,812,299 $ 4,856,514 $ 5,991 The following table presents an analysis of purchased past due loans as of December 31, 2018 and 2017 . (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2018 Commercial, financial and agricultural $ 421 $ 416 $ 1,015 $ 1,852 $ 370,834 $ 372,686 $ — Real estate – construction and development 627 370 5,273 6,270 221,630 227,900 — Real estate – commercial and farmland 1,935 736 1,698 4,369 1,333,490 1,337,859 — Real estate – residential 12,531 2,407 7,005 21,943 601,256 623,199 — Consumer installment 679 237 249 1,165 26,023 27,188 — Total $ 16,193 $ 4,166 $ 15,240 $ 35,599 $ 2,553,233 $ 2,588,832 $ — (dollars in thousands) Loans 30-59 Days Past Due Loans 60-89 Days Past Due Loans 90 or More Days Past Due Total Loans Past Due Current Loans Total Loans Loans 90 Days or More Past Due and Still Accruing As of December 31, 2017 Commercial, financial and agricultural $ — $ 33 $ 760 $ 793 $ 73,585 $ 74,378 $ — Real estate – construction and development 87 31 2,517 2,635 62,878 65,513 — Real estate – commercial and farmland 1,190 701 2,724 4,615 463,631 468,246 — Real estate – residential 2,722 1,585 2,320 6,627 243,912 250,539 — Consumer installment 57 4 43 104 2,815 2,919 — Total $ 4,056 $ 2,354 $ 8,364 $ 14,774 $ 846,821 $ 861,595 $ — |
Summary of Impaired Financial Receivables | The following is a summary of information pertaining to purchased impaired loans: As of and For the Years Ended (dollars in thousands) 2018 2017 2016 Nonaccrual loans $ 24,107 $ 15,428 $ 22,966 Troubled debt restructurings not included above 18,740 20,472 23,543 Total impaired loans $ 42,847 $ 35,900 $ 46,509 Interest income recognized on impaired loans $ 2,203 $ 1,625 $ 2,755 Foregone interest income on impaired loans $ 1,483 $ 1,239 $ 1,637 The following table presents an analysis of information pertaining to purchased impaired loans as of December 31, 2018 and 2017 . (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2018 Commercial, financial and agricultural $ 5,717 $ 473 $ 757 $ 1,230 $ — $ 836 Real estate – construction and development 13,714 623 6,511 7,134 476 5,712 Real estate – commercial and farmland 14,766 1,115 10,581 11,696 684 12,349 Real estate – residential 24,839 8,185 14,116 22,301 773 21,433 Consumer installment 526 486 — 486 — 229 Total $ 59,562 $ 10,882 $ 31,965 $ 42,847 $ 1,933 $ 40,559 (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2017 Commercial, financial and agricultural $ 4,170 $ 70 $ 744 $ 814 $ 400 $ 827 Real estate – construction and development 9,060 282 3,875 4,157 1,114 3,877 Real estate – commercial and farmland 14,596 1,224 11,173 12,397 906 15,329 Real estate – residential 20,867 6,574 11,910 18,484 821 20,743 Consumer installment 57 48 — 48 — 41 Total $ 48,750 $ 8,198 $ 27,702 $ 35,900 $ 3,241 $ 40,817 The following is a summary of information pertaining to impaired loans, excluding purchased loans: As of and For the Years Ended (dollars in thousands) 2018 2017 2016 Nonaccrual loans $ 17,952 $ 14,202 $ 18,114 Troubled debt restructurings not included above 9,323 13,599 14,209 Total impaired loans $ 27,275 $ 27,801 $ 32,323 Interest income recognized on impaired loans $ 827 $ 1,867 $ 1,033 Foregone interest income on impaired loans $ 853 $ 950 $ 977 The following table presents an analysis of information pertaining to impaired loans, excluding purchased loans as of December 31, 2018 and 2017 . (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2018 Commercial, financial and agricultural $ 1,902 $ 1,155 $ 513 $ 1,668 $ 4 $ 1,637 Real estate – construction and development 1,378 613 424 1,037 3 984 Real estate – commercial and farmland 8,950 867 6,649 7,516 1,591 7,879 Real estate – residential 16,885 5,144 11,365 16,509 867 15,029 Consumer installment 561 545 — 545 — 534 Total $ 29,676 $ 8,324 $ 18,951 $ 27,275 $ 2,465 $ 26,063 (dollars in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment As of December 31, 2017 Commercial, financial and agricultural $ 1,453 $ 734 $ 613 $ 1,347 $ 145 $ 2,173 Real estate – construction and development 1,467 471 500 971 48 1,122 Real estate – commercial and farmland 10,646 729 8,873 9,602 1,047 11,053 Real estate – residential 17,416 4,828 10,565 15,393 1,005 14,930 Consumer installment 523 488 — 488 — 541 Total $ 31,505 $ 7,250 $ 20,551 $ 27,801 $ 2,245 $ 29,819 |
Summary of Credit Quality Indicate Financial Receivable | The following table presents the loan portfolio, excluding purchased loans, by risk grade as of December 31, 2018 and 2017 (in thousands). As of December 31, 2018 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial and Farmland Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 530,864 $ 40 $ 500 $ 16 $ 10,744 $ 542,164 2 - Strong credit 452,250 681 37,079 33,043 48 523,101 3 - Good credit 174,811 74,657 888,433 1,246,383 23,844 2,408,128 4 - Satisfactory credit 137,038 582,456 814,068 94,143 419,983 2,047,688 5 - Fair credit 13,714 6,264 30,364 8,634 78 59,054 6 - Other assets especially mentioned 5,130 4,091 20,959 4,881 57 35,118 7 - Substandard 2,552 3,009 23,126 15,900 617 45,204 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 1,316,359 $ 671,198 $ 1,814,529 $ 1,403,000 $ 455,371 $ 5,660,457 As of December 31, 2017 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial and Farmland Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 539,899 $ — $ 5,790 $ 47 $ 9,243 $ 554,979 2 - Strong credit 568,557 1,005 68,507 49,742 670 688,481 3 - Good credit 125,740 59,318 966,391 843,178 39,352 2,033,979 4 - Satisfactory credit 117,358 552,918 454,506 88,537 274,462 1,487,781 5 - Fair credit 330 4,474 6,408 5,781 3 16,996 6 - Other assets especially mentioned 5,236 4,207 15,108 5,339 185 30,075 7 - Substandard 5,381 2,673 18,729 16,837 596 44,216 8 - Doubtful 7 — — — — 7 9 - Loss — — — — — — Total $ 1,362,508 $ 624,595 $ 1,535,439 $ 1,009,461 $ 324,511 $ 4,856,514 The following table presents the purchased loan portfolio by risk grade as of December 31, 2018 and 2017 (in thousands). As of December 31, 2018 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 90,205 $ — $ — $ — $ 570 $ 90,775 2 - Strong credit 2,648 — 7,407 74,398 164 84,617 3 - Good credit 20,489 18,022 230,089 385,279 2,410 656,289 4 - Satisfactory credit 215,096 195,079 1,034,943 118,082 23,177 1,586,377 5 - Fair credit 14,445 2,728 29,468 16,937 35 63,613 6 - Other assets especially mentioned 11,601 1,459 10,063 7,231 94 30,448 7 - Substandard 18,202 10,612 25,889 21,272 738 76,713 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 372,686 $ 227,900 $ 1,337,859 $ 623,199 $ 27,188 $ 2,588,832 As of December 31, 2017 Risk Grade Commercial, Financial and Agricultural Real Estate - Construction and Development Real Estate - Commercial Real Estate - Residential Consumer Installment Total 1 - Prime credit $ 3,358 $ — $ — $ — $ 606 $ 3,964 2 - Strong credit 4,541 — 5,047 91,270 240 101,098 3 - Good credit 8,517 13,014 186,187 50,988 1,166 259,872 4 - Satisfactory credit 43,085 39,877 230,570 70,837 711 385,080 5 - Fair credit — 2,306 6,081 11,349 — 19,736 6 - Other assets especially mentioned 13,718 4,076 13,637 5,637 53 37,121 7 - Substandard 1,159 6,240 26,724 20,458 143 54,724 8 - Doubtful — — — — — — 9 - Loss — — — — — — Total $ 74,378 $ 65,513 $ 468,246 $ 250,539 $ 2,919 $ 861,595 |
Summary of Troubled Debt Restructurings by Loan Class | The following table presents the loans by class modified as troubled debt restructurings, excluding purchased loans, which occurred during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 11 $ 348 2 $ 7 Real estate – construction and development 1 3 — — Real estate – commercial and farmland 2 440 7 3,516 Real estate – residential 13 1,430 12 656 Consumer installment 6 35 11 33 Total 33 $ 2,256 32 $ 4,212 The following table presents the purchased loans by class modified as troubled debt restructurings, which occurred during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 4 $ 63 1 $ 5 Real estate – construction and development — — — — Real estate – commercial and farmland 1 71 4 1,311 Real estate – residential 27 2,351 18 2,319 Consumer installment 2 14 — — Total 34 $ 2,499 23 $ 3,635 The following table presents the amount of troubled debt restructurings by loan class of purchased loans, classified separately as accrual and non-accrual at December 31, 2018 and 2017 . As of December 31, 2018 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 1 $ 31 3 $ 32 Real estate – construction and development 4 1,015 5 293 Real estate – commercial and farmland 12 6,162 7 1,685 Real estate – residential 115 11,532 24 1,424 Consumer installment — — 4 17 Total 132 $ 18,740 43 $ 3,451 As of December 31, 2017 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — 3 $ 16 Real estate – construction and development 3 1,018 6 340 Real estate – commercial and farmland 14 6,713 10 2,582 Real estate – residential 117 12,741 25 1,462 Consumer installment — — 2 5 Total 134 $ 20,472 46 $ 4,405 |
Troubled Debt Restructurings On Financing Receivables Payment Default | The following table presents the troubled debt restructurings by class that defaulted (defined as 30 days past due) during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 8 $ 107 2 $ 47 Real estate – construction and development 1 — 2 261 Real estate – commercial and farmland 1 246 4 419 Real estate – residential 16 911 12 838 Consumer installment 7 34 7 22 Total 33 $ 1,298 27 $ 1,587 |
Summary of Troubled Debt Restructuring by Loan Class, Classified Separately under Restructured Terms | The following table presents the amount of troubled debt restructurings by loan class, excluding purchased loans, classified separately as accrual and non-accrual at December 31, 2018 and 2017 . As of December 31, 2018 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 5 $ 256 14 $ 138 Real estate – construction and development 5 145 1 2 Real estate – commercial and farmland 12 2,863 3 426 Real estate – residential 71 6,043 20 1,119 Consumer installment 6 16 24 69 Total 99 $ 9,323 62 $ 1,754 As of December 31, 2017 Accruing Loans Non-Accruing Loans Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural 4 $ 41 12 $ 120 Real estate – construction and development 6 417 2 34 Real estate – commercial and farmland 17 6,937 5 204 Real estate – residential 74 6,199 18 1,508 Consumer installment 4 5 33 98 Total 105 $ 13,599 70 $ 1,964 The following table presents the troubled debt restructurings by class that defaulted (defined as 30 days past due) during the year ending December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Loan Class # Balance (in thousands) # Balance (in thousands) Commercial, financial and agricultural — $ — 1 $ 5 Real estate – construction and development — — — — Real estate – commercial and farmland 1 71 2 282 Real estate – residential 25 2,400 9 452 Consumer installment — — 1 3 Total 26 $ 2,471 13 $ 742 |
Summary of Changes in Related Party Loans | Changes in related party loans are summarized as follows: December 31, (dollars in thousands) 2018 2017 Balance, January 1 $ 2,145 $ 3,167 Advances 257 654 Repayments (944 ) (1,676 ) Transactions due to changes in related parties — — Ending balance $ 1,458 $ 2,145 |
Schedule of Allowances for Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the periods indicated. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (dollars in thousands) Commercial, Financial and Agricultural Real Estate – Real Estate – Commercial and Farmland Real Estate - Residential Consumer Installment Purchased Loans Purchased Loan Pools Total Twelve months ended December 31, 2018 Balance, January 1, 2018 $ 3,631 $ 3,629 $ 7,501 $ 4,786 $ 1,916 $ 3,253 $ 1,075 $ 25,791 Provision for loan losses 10,690 277 1,636 1,002 5,569 (2,164 ) (343 ) 16,667 Loans charged off (13,803 ) (292 ) (338 ) (771 ) (4,189 ) (1,738 ) — (21,131 ) Recoveries of loans previously charged off 3,769 120 176 346 499 2,582 — 7,492 Balance, December 31, 2018 $ 4,287 $ 3,734 $ 8,975 $ 5,363 $ 3,795 $ 1,933 $ 732 $ 28,819 Period-end amount allocated to: Loans individually evaluated for impairment (1) $ 570 $ 3 $ 1,591 $ 867 $ — $ 1,933 $ — $ 4,964 Loans collectively evaluated for impairment 3,717 3,731 7,384 4,496 3,795 — 732 23,855 Ending balance $ 4,287 $ 3,734 $ 8,975 $ 5,363 $ 3,795 $ 1,933 $ 732 $ 28,819 Loans: Individually evaluated for impairment (1) $ 3,211 $ 424 $ 6,649 $ 11,364 $ — $ 32,244 $ — $ 53,892 Collectively evaluated for impairment 1,313,148 670,774 1,807,880 1,391,636 455,371 2,468,996 262,625 8,370,430 Acquired with deteriorated credit quality — — — — — 87,592 — 87,592 Ending balance $ 1,316,359 $ 671,198 $ 1,814,529 $ 1,403,000 $ 455,371 $ 2,588,832 $ 262,625 $ 8,511,914 (1) At December 31, 2018 , loans individually evaluated for impairment includes all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000 , including all troubled debt restructurings and not only those currently classified as troubled debt restructurings. (dollars in thousands) Commercial, Financial and Agricultural Real Estate – Real Estate – Commercial and Farmland Real Estate - Residential Consumer Installment Purchased Loans Purchased Loan Pools Total Twelve months ended December 31, 2017 Balance, January 1, 2017 $ 2,192 $ 2,990 $ 7,662 $ 6,786 $ 827 $ 1,626 $ 1,837 $ 23,920 Provision for loan losses 3,019 488 508 (86 ) 2,591 2,606 (762 ) 8,364 Loans charged off (2,850 ) (95 ) (853 ) (2,151 ) (1,618 ) (2,900 ) — (10,467 ) Recoveries of loans previously charged off 1,270 246 184 237 116 1,921 — 3,974 Balance, December 31, 2017 $ 3,631 $ 3,629 $ 7,501 $ 4,786 $ 1,916 $ 3,253 $ 1,075 $ 25,791 Period-end amount allocated to: Loans individually evaluated for impairment (1) $ 465 $ 48 $ 1,047 $ 1,028 $ — $ 3,253 $ 177 $ 6,018 Loans collectively evaluated for impairment 3,166 3,581 6,454 3,758 1,916 — 898 19,773 Ending balance $ 3,631 $ 3,629 $ 7,501 $ 4,786 $ 1,916 $ 3,253 $ 1,075 $ 25,791 Loans: Individually evaluated for impairment (1) $ 2,971 $ 500 $ 8,873 $ 10,818 $ — $ 28,165 $ 904 $ 52,231 Collectively evaluated for impairment 1,359,537 624,095 1,526,566 998,643 324,511 718,447 327,342 5,879,141 Acquired with deteriorated credit quality — — — — — 114,983 — 114,983 Ending balance $ 1,362,508 $ 624,595 $ 1,535,439 $ 1,009,461 $ 324,511 $ 861,595 $ 328,246 $ 6,046,355 (1) At December 31, 2017 , loans individually evaluated for impairment includes all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000 , including all troubled debt restructurings and not only those currently classified as troubled debt restructurings. (dollars in thousands) Commercial, Financial and Agricultural Real Estate – Real Estate – Commercial and Farmland Real Estate - Residential Consumer Installment Purchased Loans Purchased Loan Pools Total Twelve months ended December 31, 2016 Balance, January 1, 2016 $ 1,144 $ 5,009 $ 7,994 $ 4,760 $ 1,574 $ — $ 581 $ 21,062 Provision for loan losses 2,647 (1,921 ) 107 2,757 (523 ) (232 ) 1,256 4,091 Loans charged off (1,999 ) (588 ) (708 ) (1,122 ) (351 ) (1,559 ) — (6,327 ) Recoveries of loans previously charged off 400 490 269 391 127 3,417 — 5,094 Balance, December 31, 2016 $ 2,192 $ 2,990 $ 7,662 $ 6,786 $ 827 $ 1,626 $ 1,837 $ 23,920 Period-end amount allocated to: Loans individually evaluated for impairment (1) $ 120 $ 266 $ 1,502 $ 2,893 $ — $ 1,626 $ — $ 6,407 Loans collectively evaluated for impairment 2,072 2,724 6,160 3,893 827 — 1,837 17,513 Ending balance $ 2,192 $ 2,990 $ 7,662 $ 6,786 $ 827 $ 1,626 $ 1,837 $ 23,920 Loans: Individually evaluated for impairment (1) $ 501 $ 659 $ 12,423 $ 12,697 $ — $ 34,141 $ — $ 60,421 Collectively evaluated for impairment 966,637 362,386 1,393,796 768,321 109,401 886,516 568,314 5,055,371 Acquired with deteriorated credit quality — — — — — 148,534 — 148,534 Ending balance $ 967,138 $ 363,045 $ 1,406,219 $ 781,018 $ 109,401 $ 1,069,191 $ 568,314 $ 5,264,326 (1) At December 31, 2016 , loans individually evaluated for impairment includes all nonaccrual loans greater than $100,000 and all troubled debt restructurings greater than $100,000 , including all troubled debt restructurings and not only those currently classified as troubled debt restructurings |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Activity in Other Real Estate Owned | The following is a summary of the activity in other real estate owned during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 8,464 $ 10,874 Loans transferred to other real estate owned 4,124 4,372 Net gains (losses) on sale and write-downs recorded in statement of income (611 ) (862 ) Sales proceeds (4,697 ) (5,920 ) Other (62 ) — Ending balance $ 7,218 $ 8,464 |
Summary of Activity in Purchased Other Real Estate Owned | The following is a summary of the activity in purchased other real estate owned during years ended December 31, 2018 and 2017 : (dollars in thousands) 2018 2017 Balance, January 1 $ 9,011 $ 12,540 Loans transferred to other real estate owned 6,396 5,023 Acquired in acquisitions 1,888 — Portion of gains (losses) on sale and write-downs payable to (receivable from) the FDIC under loss-sharing agreements 17 86 Net gains (losses) on sale and write-downs recorded in statement of income (690 ) 362 Sales proceeds (7,087 ) (9,000 ) Ending balance $ 9,535 $ 9,011 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized as follows: December 31, (dollars in thousands) 2018 2017 Land $ 49,518 $ 39,299 Buildings and leasehold improvements 110,623 95,771 Furniture and equipment 53,425 48,809 Construction in progress 3,312 757 216,878 184,636 Accumulated depreciation (71,468 ) (66,898 ) $ 145,410 $ 117,738 |
Summary of Future Minimum Lease Commitments | Future minimum lease commitments under the Company’s operating leases, excluding any renewal options, are summarized as follows (in thousands): 2019 $ 6,386 2020 5,181 2021 4,523 2022 4,000 2023 2,983 Thereafter 8,312 $ 31,385 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in the Carrying Value of Goodwill | The change in the carrying value of goodwill for the years ended December 31, 2018 and 2017 is summarized below for both the total Company and by the Company's reportable segments. December 31, (dollars in thousands) 2018 2017 Consolidated Carrying amount of goodwill at beginning of year $ 125,532 $ 125,532 Additions related to acquisitions in current year 377,902 — Carrying amount of goodwill at end of year $ 503,434 $ 125,532 Banking Division Carrying amount of goodwill at beginning of year $ 125,532 $ 125,532 Additions related to acquisitions in current year 312,612 — Carrying amount of goodwill at end of year $ 438,144 $ 125,532 Premium Finance Division Carrying amount of goodwill at beginning of year $ — $ — Additions related to acquisitions in current year $ 65,290 $ — Carrying amount of goodwill at end of year $ 65,290 $ — |
Summary of Information Related to Acquired Intangible Assets | Following is a summary of information related to acquired intangible assets: As of December 31, 2018 As of December 31, 2017 (dollars in thousands) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortized intangible assets: Core deposit premiums $ 57,348 $ 19,512 $ 26,250 $ 12,754 Insurance agent relationships 22,351 2,561 — — US Premium Finance trade name 1,094 143 — — Non-compete agreement 162 50 — — $ 80,955 $ 22,266 $ 26,250 $ 12,754 |
Estimated Amortization Expense | The estimated amortization expense for each of the next five years is as follows (in thousands): 2019 $ 12,022 2020 10,491 2021 8,520 2022 6,887 2023 6,067 Thereafter 14,702 $ 58,689 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2018 are as follows: (dollars in thousands) 2019 $ 1,894,332 2020 334,574 2021 60,185 2022 55,960 2023 21,692 Thereafter 1,089 $ 2,367,832 |
SECURITIES SOLD UNDER REPURCH_2
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Securities Sold Under Repurchase Agreements | The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2018 , 2017 and 2016 : For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Average daily balance during the year $ 15,692 $ 28,694 $ 44,324 Average interest rate during the year 0.15 % 0.20 % 0.22 % Maximum month-end balance during the year $ 23,270 $ 49,836 $ 56,203 Weighted average interest rate at year-end 0.14 % 0.18 % 0.19 % The following is a summary of the Company’s securities sold under agreements to repurchase at December 31, 2018 and 2017 : (dollars in thousands) December 31, December 31, Securities sold under agreements to repurchase $ 20,384 $ 30,638 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
OTHER BORROWINGS | Other borrowings consist of the following: December 31, (dollars in thousands) 2018 2017 Federal Home Loan Bank ("FHLB") borrowings: Daily Rate Credit with a variable interest rate (1.59% at December 31, 2017) $ — $ 25,000 Convertible Flipper Advance due May 22, 2019; current interest rate of 4.68% 1,514 — Principal Reducing Advance due June 20, 2019; fixed interest rate of 1.274% 500 — Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 1,434 — Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% 993 — Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% 1,858 — Fixed Rate Advance due January 8, 2018; fixed interest rate of 1.39% — 150,000 Subordinated notes payable: Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,074 and $1,205, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% 73,926 73,795 Other debt: Advance from correspondent bank due October 5, 2019; fixed interest rate of 4.25% 20 49 Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09% 1,529 1,710 Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (6.24% at December 31, 2018) 70,000 — $ 151,774 $ 250,554 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income | The following tables present a summary of the accumulated other comprehensive income balances, net of tax, as of December 31, 2018 , 2017 and 2016 . (dollars in thousands) Unrealized Gain (Loss) on Derivatives Unrealized Gain (Loss) on Securities Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2017 $ 292 $ (1,572 ) $ (1,280 ) Reclassification to retained earnings due to change in federal corporate tax rate (53 ) (339 ) (392 ) Adjusted balance, January 1, 2018 239 (1,911 ) (1,672 ) Reclassification for gains included in net income, net of tax — (70 ) (70 ) Current year changes, net of tax 112 (3,196 ) (3,084 ) Balance, December 31, 2018 $ 351 $ (5,177 ) $ (4,826 ) (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2016 $ 176 $ (1,234 ) $ (1,058 ) Reclassification for gains included in net income, net of tax — (24 ) (24 ) Current year changes, net of tax 116 (314 ) (198 ) Balance, December 31, 2017 $ 292 $ (1,572 ) $ (1,280 ) (dollars in thousands) Unrealized Unrealized Accumulated Other Comprehensive Income (Loss) Balance, December 31, 2015 $ 152 $ 3,201 $ 3,353 Reclassification for gains included in net income, net of tax — (61 ) (61 ) Current year changes, net of tax 24 (4,374 ) (4,350 ) Balance, December 31, 2016 $ 176 $ (1,234 ) $ (1,058 ) |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following provides information on these noninterest income categories that contain ASC 606 Revenue for the periods indicated. For the Years Ended (dollars in thousands) 2018 2017 2016 Service charges on deposit accounts ASC 606 revenue items Debit card interchange fees $ 18,945 $ 16,086 $ 15,588 Overdraft fees 18,267 17,736 19,447 Other service charges on deposit accounts 8,916 8,232 7,710 Total ASC 606 revenue included in service charges on deposits accounts 46,128 42,054 42,745 Total service charges on deposit accounts $ 46,128 $ 42,054 $ 42,745 Other service charges, commissions and fees ASC 606 revenue items ATM fees $ 2,721 $ 2,575 $ 3,004 Total ASC 606 revenue included in other service charges, commission and fees 2,721 2,575 3,004 Other 282 297 571 Total other service charges, commission and fees $ 3,003 $ 2,872 $ 3,575 |
Other Real Estate Owned, Gain (Loss) Recognized | The following provides information on net gains (losses) recognized on the sale of OREO for the periods indicated. For the Years Ended (dollars in thousands) 2018 2017 2016 Net gains (losses) recognized on sale of OREO $ (459 ) $ 850 $ (227 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense in Consolidated Statements of Income | The income tax expense in the consolidated statements of income consists of the following: For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Current – federal $ 27,714 $ 33,074 $ 28,749 Current - state 1,375 5,230 3,550 Deferred - federal 496 3,874 2,460 Deferred - state 878 (5,069 ) (1,613 ) Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate — 13,625 — $ 30,463 $ 50,734 $ 33,146 |
Schedule of Reconciliation of Differences in Company's Income Tax Expense | The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: For the Years Ended December 31, (dollars in thousands) 2018 2017 2016 Federal income statutory rate 21 % 35 % 35 % Tax at federal income tax rate $ 31,813 $ 43,499 $ 36,836 Change resulting from: State income tax, net of federal benefit 1,965 (680 ) 695 Tax-exempt interest (3,095 ) (4,390 ) (3,916 ) Increase in cash value of bank owned life insurance (382 ) (556 ) (607 ) Excess tax benefit from stock compensation (602 ) (939 ) — Nondeductible merger expenses 1,002 — — Other (238 ) 175 138 Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate — 13,625 — Provision for income taxes $ 30,463 $ 50,734 $ 33,146 |
Components of Deferred Income Taxes | The components of deferred income taxes are as follows: December 31, (dollars in thousands) 2018 2017 Deferred tax assets Allowance for loan losses $ 7,222 $ 6,704 Deferred compensation 3,467 1,494 Deferred gain on interest rate swap 56 114 Unrealized loss on interest rate swap — 80 Nonaccrual interest 107 5 Purchase accounting adjustments 13,144 5,631 Goodwill and intangible assets — 4,909 Other real estate owned 2,980 3,203 Net operating loss tax carryforward 19,277 17,853 AMT credit carryforward 1,339 813 Unrealized loss on securities available for sale 2,792 508 FDIC-assisted transaction adjustments 2,501 — Capitalized costs, accrued expenses and other 2,851 1,144 55,736 42,458 Deferred tax liabilities Premises and equipment 4,597 4,064 Mortgage servicing rights 3,716 1,885 Subordinated debentures 5,259 5,147 FDIC-assisted transaction adjustments — 3,042 Goodwill and intangible assets 7,017 — Unrealized gain on interest rate swap 21 — 20,610 14,138 Net deferred tax asset $ 35,126 $ 28,320 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity of Non-Performance Based and Performance Based Options | A summary of the activity of non-performance-based and performance-based options as of December 31, 2018 is presented below. Non-Performance-Based Performance-Based Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Under option, beginning of year 47,294 $ 14.76 37,013 $ 7.36 Granted — — — — Exercised (47,294 ) 14.76 $ 653 (29,014 ) 7.47 $ 217 Forfeited — — (288 ) 7.47 $ 2 Under option, end of year — $ — — $ — 7,711 $ 6.94 0.11 $ 308 Exercisable at end of year — $ — — $ — 7,711 $ 6.94 0.11 $ 308 A summary of the activity of non-performance-based and performance-based options as of December 31, 2017 is presented below. Non-Performance-Based Performance-Based Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value $ (000) Under option, beginning of year 58,603 $ 14.76 142,910 $ 15.06 Granted — — — — Exercised (11,309 ) 14.76 $ 167 (102,309 ) 17.62 $ 1,803 Forfeited — — (3,588 ) 21.35 Under option, end of year 47,294 $ 14.76 0.14 $ 1,519 37,013 $ 7.36 1.07 $ 1,463 Exercisable at end of year 47,294 $ 14.76 0.14 $ 1,519 37,013 $ 7.36 1.07 $ 1,463 |
Summary of the Status of the Company's Restricted Stock Awards | A summary of the status of the Company’s restricted stock awards as of and for the years ended December 31, 2018 , and 2017 is presented below. 2018 2017 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested shares at beginning of year 277,815 $ 33.24 279,727 $ 26.10 Granted 89,855 53.37 84,147 46.93 Vested (195,344 ) 33.21 (85,587 ) 23.30 Forfeited (10,580 ) 49.52 (472 ) 47.60 Nonvested shares at end of year 161,746 43.40 277,815 33.24 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Net Gains (losses) Relating to Free-Standing Derivative Instruments | The net gains (losses) relating to free-standing mortgage banking derivative instruments used for risk management are summarized below as of December 31, 2018 , 2017 and 2016 . (dollars in thousands) Location December 31, 2018 December 31, 2017 December 31, 2016 Forward contracts related to mortgage loans held for sale Mortgage banking activity $ (1,276 ) $ (12 ) $ 1,285 Interest rate lock commitments Mortgage banking activity $ 2,537 $ 2,833 $ 3,029 |
Summary of Derivative Financial Instruments | The following table reflects the amount and market value of mortgage banking derivatives included in the consolidated balance sheets as of December 31, 2018 and 2017 . 2018 2017 (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Included in other assets: Forward contracts related to mortgage loans held for sale $ — $ — $ 31,500 $ 55 Interest rate lock commitments 81,833 2,537 86,149 2,833 Total included in other assets $ 81,833 $ 2,537 $ 117,649 $ 2,888 Included in other liabilities: Forward contracts related to mortgage loans held for sale $ 163,189 $ 1,276 $ 126,750 $ 67 Total included in other liabilities $ 163,189 $ 1,276 $ 126,750 $ 67 |
FAIR VALUE MEASURES (Tables)
FAIR VALUE MEASURES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Loans Held For Sale Fair Value | The Company's loans held for sale are carried at fair value and are comprised of the following: December 31, (dollars in thousands) 2018 2017 Mortgage loans held for sale $ 107,428 $ 190,445 SBA loans held for sale 3,870 6,997 Total loans held for sale $ 111,298 $ 197,442 |
Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value | The following table summarizes the difference between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2018 and 2017 . December 31, (dollars in thousands) 2018 2017 Aggregate fair value of mortgage loans held for sale $ 107,428 $ 190,445 Aggregate unpaid principal balance $ 103,319 $ 185,814 Past due loans of 90 days or more $ — $ — Nonaccrual loans $ — $ — |
Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis | The following table presents the fair value measurements of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2018 and 2017 . Recurring Basis Fair Value Measurements December 31, 2018 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 State, county and municipal securities $ 150,733 $ — $ 150,733 $ — Corporate debt securities 67,314 — 65,814 1,500 Mortgage-backed securities 974,376 — 974,376 — Loans held for sale 111,298 — 111,298 — Derivative financial instruments 102 — 102 — Mortgage banking derivative instruments 2,537 — 2,537 — Total recurring assets at fair value $ 1,306,360 $ — $ 1,304,860 $ 1,500 Mortgage banking derivative instruments 1,276 — 1,276 — Total recurring liabilities at fair value $ 1,276 $ — $ 1,276 $ — Recurring Basis Fair Value Measurements December 31, 2017 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 State, county and municipal securities $ 137,794 $ — $ 137,794 $ — Corporate debt securities 47,143 — 45,643 1,500 Mortgage-backed securities 625,936 — 625,936 — Loans held for sale 197,442 — 197,442 — Mortgage banking derivative instruments 2,888 — 2,888 — Total recurring assets at fair value $ 1,011,203 $ — $ 1,009,703 $ 1,500 Derivative financial instruments $ 381 $ — $ 381 $ — Mortgage banking derivative instruments 67 — 67 — Total recurring liabilities at fair value $ 448 $ — $ 448 $ — |
Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis | The following table presents the fair value measurements of assets measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy as of December 31, 2018 and 2017 . Nonrecurring Basis Fair Value Measurements December 31, 2018 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Impaired loans carried at fair value $ 28,653 $ — $ — $ 28,653 Other real estate owned 408 — — 408 Purchased other real estate owned 9,535 — — 9,535 Total nonrecurring assets at fair value $ 38,596 $ — $ — $ 38,596 Nonrecurring Basis Fair Value Measurements December 31, 2017 (dollars in thousands) Fair Value Level 1 Level 2 Level 3 Impaired loans carried at fair value $ 27,684 $ — $ — $ 27,684 Other real estate owned 323 — — 323 Purchased other real estate owned 9,011 — — 9,011 Total nonrecurring assets at fair value $ 37,018 $ — $ — $ 37,018 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Unobservable Range of Discounts Weighted Average Discount As of December 31, 2018 Recurring: Investment securities available for sale $ 1,500 Discounted par values Credit quality of 0% 0% Nonrecurring: Impaired loans $ 28,653 Third party appraisals Collateral 3% - 53% 30% Other real estate owned $ 408 Third party appraisals Collateral 15% - 69% 31% Purchased other real estate owned $ 9,535 Third party appraisals Collateral 6% - 74% 39% As of December 31, 2017 Recurring: Investment securities available for sale $ 1,500 Discounted par values Credit quality of 0% 0% Nonrecurring: Impaired loans $ 27,684 Third party appraisals Collateral 20% - 90% 24% Other real estate owned $ 323 Third party appraisals Collateral 15% - 15% 15% Purchased other real estate owned $ 9,011 Third party appraisals Collateral 10% to 74% 26% |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments, not shown elsewhere in these financial statements, were as follows. The methods used to estimate the fair value of financial instruments at December 31, 2017 approximated an entry price. In accordance with the adoption of ASU 2016-01, the methods utilized to estimate the fair value of financial instruments at December 31, 2018 represent an approximation of exit price; however, an actual price derived in an active market may differ. Fair Value Measurements December 31, 2018 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 172,036 $ 172,036 $ — $ — $ 172,036 Federal funds sold and interest-bearing accounts 507,491 507,491 — — 507,491 Time deposits in other banks 10,812 — 10,812 — 10,812 Loans, net 8,454,442 — — 8,365,293 8,365,293 Accrued interest receivable 36,970 — 5,456 31,514 36,970 Financial liabilities: Deposits 9,649,313 — 9,645,617 — 9,645,617 Securities sold under agreements to repurchase 20,384 20,384 — — 20,384 Other borrowings 151,774 — 152,873 — 152,873 Subordinated deferrable interest debentures 89,187 — 90,180 — 90,180 FDIC loss-share payable 19,487 — — 19,576 19,576 Accrued interest payable 5,669 — 5,669 — 5,669 Fair Value Measurements December 31, 2017 (dollars in thousands) Carrying Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and due from banks $ 139,313 $ 139,313 $ — $ — $ 139,313 Federal funds sold and interest-bearing accounts 191,345 191,345 — — 191,345 Loans, net 5,992,880 — — 5,960,963 5,960,963 Accrued interest receivable 26,005 26,005 — — 26,005 Financial liabilities: Deposits 6,625,845 — 6,627,773 — 6,627,773 Securities sold under agreements to repurchase 30,638 30,638 — — 30,638 Other borrowings 250,554 — 271,759 — 251,759 Subordinated deferrable interest debentures 85,550 — 74,243 — 74,243 FDIC loss-share payable 8,803 — — 9,548 9,548 Accrued interest payable 3,258 3,258 — — 3,258 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | A summary of the Company’s commitments is as follows: December 31, (dollars in thousands) 2018 2017 Commitments to extend credit $ 1,671,419 $ 1,109,806 Unused home equity lines of credit 112,310 69,788 Financial standby letters of credit 24,596 11,389 Mortgage interest rate lock commitments 81,833 86,149 Mortgage forward contracts with positive fair value — 31,500 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Company's and Bank's Actual Capital Amounts and Ratios | The Company’s and Bank’s actual capital amounts and ratios are presented in the following table. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage Ratio (tier 1 capital to average assets): Consolidated $ 984,620 9.166 % $ 429,690 4.000 % —N/A— Ameris Bank $ 1,127,926 10.506 % $ 429,428 4.000 % $ 536,785 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Consolidated $ 895,433 10.070 % $ 566,859 6.375 % —N/A— Ameris Bank $ 1,127,926 12.716 % $ 565,486 6.375 % $ 576,573 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Consolidated $ 984,620 11.073 % $ 700,237 7.875 % —N/A— Ameris Bank $ 1,127,926 12.716 % $ 698,541 7.875 % $ 709,629 8.00 % Total Capital Ratio (total capital to risk weighted assets): Consolidated $ 1,087,364 12.229 % $ 878,075 9.875 % —N/A— Ameris Bank $ 1,156,745 13.041 % $ 875,948 9.875 % $ 887,036 10.00 % As of December 31, 2017 Tier 1 Leverage Ratio (tier 1 capital to average assets): Consolidated $ 741,159 9.713 % $ 305,231 4.000 % —N/A— Ameris Bank $ 805,238 10.564 % $ 304,904 4.000 % $ 381,131 5.00 % CET1 Ratio (common equity tier 1 capital to risk weighted assets): Consolidated $ 658,529 10.291 % $ 367,940 5.750 % —N/A— Ameris Bank $ 805,238 12.644 % $ 366,186 5.750 % $ 413,949 6.50 % Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): Consolidated $ 741,159 11.582 % $ 463,925 7.250 % —N/A— Ameris Bank $ 805,238 12.644 % $ 461,712 7.250 % $ 509,476 8.00 % Total Capital Ratio (total capital to risk weighted assets): Consolidated $ 840,745 13.139 % $ 591,904 9.250 % —N/A— Ameris Bank $ 831,029 13.049 % $ 589,081 9.250 % $ 636,845 10.00 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information with Respect to Company's Reportable Business Segments | The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2018 , 2017 and 2016 . Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 323,757 $ 37,146 $ 14,522 $ 7,672 $ 30,229 $ 413,326 Interest expense 38,199 13,686 5,434 2,617 9,998 69,934 Net interest income 285,558 23,460 9,088 5,055 20,231 343,392 Provision for loan losses 4,486 584 — 1,137 10,460 16,667 Noninterest income 58,694 48,260 2,021 4,858 4,579 118,412 Noninterest expense Salaries and employee benefits 100,716 39,469 547 2,870 5,691 149,293 Occupancy and equipment expenses 26,112 2,440 2 234 343 29,131 Data processing and communications expenses 27,026 1,425 122 19 1,793 30,385 Other expenses 71,788 6,998 238 1,137 4,677 84,838 Total noninterest expense 225,642 50,332 909 4,260 12,504 293,647 Income before income tax expense 114,124 20,804 10,200 4,516 1,846 151,490 Income tax expense 23,607 4,335 2,142 948 (569 ) 30,463 Net income $ 90,517 $ 16,469 $ 8,058 $ 3,568 $ 2,415 $ 121,027 Total assets $ 9,290,437 $ 1,153,615 $ 360,839 $ 139,671 $ 498,953 $ 11,443,515 Goodwill $ 438,144 $ — $ — $ — $ 65,290 $ 503,434 Other intangible assets, net $ 37,836 $ — $ — $ — $ 20,853 $ 58,689 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 231,111 $ 21,318 $ 7,701 $ 5,293 $ 28,924 $ 294,347 Interest expense 20,392 5,731 1,824 1,549 4,726 34,222 Net interest income 210,719 15,587 5,877 3,744 24,198 260,125 Provision for loan losses 6,787 771 186 (111 ) 731 8,364 Noninterest income 51,416 44,913 1,739 6,277 112 104,457 Noninterest expense Salaries and employee benefits 78,857 32,996 530 3,126 4,507 120,016 Occupancy and equipment expenses 21,436 2,217 4 215 197 24,069 Data processing and communications expenses 25,177 1,611 98 21 962 27,869 Other expenses 46,192 4,260 163 738 8,629 59,982 Total noninterest expense 171,662 41,084 795 4,100 14,295 231,936 Income before income tax expense 83,686 18,645 6,635 6,032 9,284 124,282 Income tax expense 36,518 6,526 2,322 2,111 3,257 50,734 Net income $ 47,168 $ 12,119 $ 4,313 $ 3,921 $ 6,027 $ 73,548 Total assets $ 6,431,151 $ 598,355 $ 238,561 $ 101,737 $ 486,399 $ 7,856,203 Goodwill $ 125,532 $ — $ — $ — $ — $ 125,532 Other intangible assets, net $ 13,496 $ — $ — $ — $ — $ 13,496 Year Ended (dollars in thousands) Banking Division Retail Mortgage Division Warehouse Lending Division SBA Division Premium Finance Division Total Interest income $ 213,246 $ 14,110 $ 6,686 $ 3,959 $ 1,064 $ 239,065 Interest expense 14,762 3,469 724 739 — 19,694 Net interest income 198,484 10,641 5,962 3,220 1,064 219,371 Provision for loan losses 1,973 573 590 847 108 4,091 Noninterest income 53,168 45,162 1,790 5,681 — 105,801 Noninterest expense Salaries and employee benefits 72,824 30,689 619 2,705 — 106,837 Occupancy and equipment expenses 22,209 1,928 4 254 2 24,397 Data processing and communications expenses 23,140 1,300 103 4 44 24,591 Other expenses 54,438 4,485 106 712 269 60,010 Total noninterest expense 172,611 38,402 832 3,675 315 215,835 Income before income tax expense 77,068 16,828 6,330 4,379 641 105,246 Income tax expense 23,283 5,891 2,215 1,533 224 33,146 Net income $ 53,785 $ 10,937 $ 4,115 $ 2,846 $ 417 $ 72,100 Total assets $ 5,879,859 $ 358,497 $ 189,670 $ 90,908 $ 373,097 $ 6,892,031 Goodwill $ 125,532 $ — $ — $ — $ — $ 125,532 Other intangible assets, net $ 17,428 $ — $ — $ — $ — $ 17,428 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2018 and 2017 (dollars in thousands ) 2018 2017 Assets Cash and due from banks $ 6,977 $ 4,409 Investment in subsidiaries 1,684,810 953,815 Other assets 9,169 31,221 Total assets $ 1,700,956 $ 989,445 Liabilities Other liabilities $ 11,496 $ 25,621 Other borrowings 143,926 73,795 Subordinated deferrable interest debentures 89,187 85,550 Total liabilities 244,609 184,966 Shareholders' equity 1,456,347 804,479 Total liabilities and shareholders' equity $ 1,700,956 $ 989,445 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, 2018 , 2017 and 2016 (dollars in thousands) 2018 2017 2016 Income Dividends from subsidiaries $ 46,000 $ — $ 34,631 Other income 4,726 132 208 Total income 50,726 132 34,839 Expense Interest expense 12,670 9,065 6,280 Other expense 8,578 4,612 2,825 Total expense 21,248 13,677 9,105 Income (loss) before taxes and equity in undistributed income of subsidiaries 29,478 (13,545 ) 25,734 Income tax benefit 5,051 10,622 2,972 Income (loss) before equity in undistributed income of subsidiaries 34,529 (2,923 ) 28,706 Equity in undistributed income of subsidiaries 86,498 76,471 43,394 Net income $ 121,027 $ 73,548 $ 72,100 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, 2018 , 2017 and 2016 (dollars in thousands) 2018 2017 2016 OPERATING ACTIVITIES Net income $ 121,027 $ 73,548 $ 72,100 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation expense 6,241 3,316 2,261 Undistributed earnings of subsidiaries (86,498 ) (76,471 ) (43,394 ) Increase (decrease) in interest payable 313 1,142 (63 ) Decrease (increase) in tax receivable 1,436 5,176 (3,224 ) Provision for deferred taxes 195 (4,620 ) 508 Other operating activities (2,051 ) 1,230 (528 ) Total adjustments (80,364 ) (70,227 ) (44,440 ) Net cash provided by operating activities 40,663 3,321 27,660 INVESTING ACTIVITIES Investment in subsidiary — (110,000 ) — Net cash proceeds received from (paid for) acquisitions (90,542 ) — (23,205 ) Net cash used in investing activities (90,542 ) (110,000 ) (23,205 ) FINANCING ACTIVITIES Issuance of common stock — 88,656 — Purchase of treasury shares (2,062 ) (886 ) (1,225 ) Dividends paid common stock (16,405 ) (14,650 ) (8,584 ) Proceeds from other borrowings 70,000 73,692 14,000 Repayment of other borrowings — (38,850 ) (15,000 ) Proceeds from exercise of stock options 914 2,669 964 Net cash provided by (used in) financing activities 52,447 110,631 (9,845 ) Net change in cash and cash equivalents 2,568 3,952 (5,390 ) Cash and cash equivalents at beginning of year 4,409 457 5,847 Cash and cash equivalents at end of year $ 6,977 $ 4,409 $ 457 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the year for interest $ 12,357 $ 7,923 $ 6,343 Cash paid (received) during the year for income taxes $ (7,500 ) $ (11,000 ) $ — |
QUARTERLY FINANCIAL DATA (una_2
QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Consolidated Quarterly Financial Information | The following table sets forth certain consolidated quarterly financial information of the Company. During the second quarter of 2018, Company recorded approximately $15.1 million of after-tax merger and conversion charges and approximately $4.5 million of after-tax executive retirement benefits. During the fourth quarter of 2017 , the Company recorded approximately $13.6 million of additional income tax expense attributable to the remeasurement of deferred tax assets and deferred tax liabilities at a reduced federal corporate tax rate. During the third quarter of 2017 , the Company recorded approximately $3.1 million of after-tax compliance resolution expense. Quarters Ended December 31, 2018 (dollars in thousands, except per share data) 4 3 2 1 Selected Income Statement Data Interest income $ 122,749 $ 121,119 $ 89,946 $ 79,512 Interest expense 23,195 22,081 13,947 10,711 Net interest income 99,554 99,038 75,999 68,801 Provision for loan losses 3,661 2,095 9,110 1,801 Net interest income after provision for loan losses 95,893 96,943 66,889 67,000 Noninterest income 30,470 30,171 31,307 26,464 Noninterest expense 74,813 72,077 67,995 58,263 Merger and conversion charges 997 276 18,391 835 Income before income taxes 50,553 54,761 11,810 34,366 Income tax 7,017 13,317 2,423 7,706 Net income $ 43,536 $ 41,444 $ 9,387 $ 26,660 Per Share Data Net income – basic $ 0.92 $ 0.87 $ 0.24 $ 0.70 Net income – diluted 0.91 0.87 0.24 0.70 Common dividends - cash 0.10 0.10 0.10 0.10 Quarters Ended December 31, 2017 (dollars in thousands, except per share data) 4 3 2 1 Selected Income Statement Data Interest income $ 79,564 $ 76,322 $ 71,411 $ 67,050 Interest expense 10,041 9,467 8,254 6,460 Net interest income 69,523 66,855 63,157 60,590 Provision for loan losses 2,536 1,787 2,205 1,836 Net interest income after provision for loan losses 66,987 65,068 60,952 58,754 Noninterest income 23,563 26,999 28,189 25,706 Noninterest expense 58,916 63,675 55,739 52,691 Merger and conversion charges 421 92 — 402 Income before income taxes 31,213 28,300 33,402 31,367 Income tax 22,063 8,142 10,315 10,214 Net income $ 9,150 $ 20,158 $ 23,087 $ 21,153 Per Share Data Net income – basic $ 0.25 $ 0.54 $ 0.62 $ 0.59 Net income – diluted 0.24 0.54 0.62 0.59 Common dividends - cash 0.10 0.10 0.10 0.10 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)segmentshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Jan. 01, 2019USD ($) | |
Cash and Cash Equivalents | ||||
Reserve requirement | $ 61,200 | $ 44,100 | ||
Total of the average daily required reserve | 50,400 | 38,800 | ||
Other Investments | ||||
Other investments | 14,455 | 42,270 | ||
Servicing Rights | ||||
Servicing fees | 4,492 | 1,687 | $ 1,708 | |
Share-based Compensation | ||||
Company stock-based compensation cost | $ 6,200 | $ 3,300 | $ 2,300 | |
Earnings Per Share | ||||
Anti-dilutive common shares excluded | shares | 0 | 0 | 0 | |
Mortgage Banking Derivatives | ||||
Fair value of derivative instruments, asset | $ 2,537 | $ 2,888 | ||
Fair value of derivative instruments, liability | $ 1,276 | 67 | ||
Number of reportable segments | segment | 5 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Stranded tax effects | (392) | |||
Reclassification to retained earnings due to change in federal corporate tax rate | $ (392) | |||
Fair Value Hedging | ||||
Derivative Instruments and Hedging Activity | ||||
Derivative asset | $ 102 | |||
Derivative liability | 381 | |||
Buildings and leasehold improvements | Maximum | ||||
Premises and Equipment | ||||
Estimated useful lives, premises and equipment | 40 years | |||
Furniture and equipment | Maximum | ||||
Premises and Equipment | ||||
Estimated useful lives, premises and equipment | 20 years | |||
Furniture and equipment | Minimum | ||||
Premises and Equipment | ||||
Estimated useful lives, premises and equipment | 3 years | |||
Software And Computer Equipment | Maximum | ||||
Premises and Equipment | ||||
Estimated useful lives, premises and equipment | 5 years | |||
Software And Computer Equipment | Minimum | ||||
Premises and Equipment | ||||
Estimated useful lives, premises and equipment | 3 years | |||
Junior Subordinated Debt | Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activity | ||||
Derivative, notional amount | $ 37,100 | 37,100 | ||
Core deposit premiums | Maximum | ||||
Goodwill and Intangible Assets | ||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | |||
Core deposit premiums | Minimum | ||||
Goodwill and Intangible Assets | ||||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | |||
Single Family Residential Assets (SFR) | ||||
FDIC Loss-Share Receivable/Payable | ||||
Coverage period for acquisitions | 10 years | |||
Non-Single Family Assets (NSF) | ||||
FDIC Loss-Share Receivable/Payable | ||||
Coverage period for acquisitions, losses and recoveries both covered | 5 years | |||
US Premium Financing Holding Company | Insurance agent relationships | ||||
Goodwill and Intangible Assets | ||||
Acquired finite-lived intangible assets, weighted average useful life | 8 years | |||
US Premium Financing Holding Company | US Premium Finance trade name | ||||
Goodwill and Intangible Assets | ||||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | |||
US Premium Financing Holding Company | Non-compete agreement | ||||
Goodwill and Intangible Assets | ||||
Acquired finite-lived intangible assets, weighted average useful life | 3 years | |||
Retained Earnings | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Reclassification to retained earnings due to change in federal corporate tax rate | $ 392 | $ 0 | $ 0 | |
Accounting Standards Update 2018-02 | Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Reclassification to retained earnings due to change in federal corporate tax rate | (392) | |||
Accounting Standards Update 2018-02 | Retained Earnings | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Reclassification to retained earnings due to change in federal corporate tax rate | $ 392 | |||
Visa Class B Shares | ||||
Other Investments | ||||
Shares held in other investment | shares | 11,175 | |||
Other investments | $ 242 | |||
Conversation ratio | 1.6298 | |||
Scenario, Forecast | Subsequent Event | Accounting Standards Update 2016-02 | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating Lease, Liability | $ 35,000 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Operating lease, right-of-use assets | 35,000 | |||
Scenario, Forecast | Subsequent Event | Accounting Standards Update 2016-02 | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating Lease, Liability | 30,000 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Operating lease, right-of-use assets | $ 30,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Net income available to common shareholders | $ 121,027 | $ 73,548 | $ 72,100 |
Weighted average number of common shares outstanding (in shares) | 43,142 | 36,828 | 34,347 |
Effect of dilutive stock options (in shares) | 6 | 62 | 108 |
Effect of dilutive restricted stock awards (in shares) | 100 | 254 | 247 |
Weighted average number of common shares outstanding used to calculate diluted earnings per share (in shares) | 43,248 | 37,144 | 34,702 |
PENDING ACQUISITIONS - Narrativ
PENDING ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2019USD ($)branchshares | Dec. 31, 2018USD ($) | Dec. 14, 2018$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||
Reported assets | $ 11,443,515 | $ 7,856,203 | $ 6,892,031 | ||
Gross loans | 8,511,914 | 6,046,355 | $ 5,264,326 | ||
Deposits | 2,520,016 | $ 1,777,141 | |||
Fidelity Southern Corporation | |||||
Business Acquisition [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 34.02 | ||||
Scenario, Forecast | Fidelity Southern Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of bank branches | branch | 69 | ||||
Number of stock for each share of Ameris common stock converted (in shares) | shares | 0.80 | ||||
Consideration transferred | $ 750,700 | ||||
Georgia | Scenario, Forecast | Fidelity Southern Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of bank branches | branch | 50 | ||||
Florida | Scenario, Forecast | Fidelity Southern Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of bank branches | branch | 19 | ||||
Fidelity Southern Corporation | |||||
Business Acquisition [Line Items] | |||||
Reported assets | 4,730,000 | ||||
Gross loans | 3,920,000 | ||||
Deposits | $ 3,980,000 |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 29, 2018USD ($)branch$ / sharesshares | May 25, 2018USD ($)branch$ / sharesshares | Jan. 31, 2018USD ($)$ / sharesshares | Jan. 03, 2018USD ($) | Jan. 18, 2017USD ($) | Mar. 11, 2016USD ($)branch$ / sharesshares | Jan. 31, 2018USD ($)transaction$ / shares | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Jan. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Issuance of common stock in acquisitions | $ 547,127 | $ 0 | $ 72,455 | ||||||||||||
Goodwill | $ 503,434 | 503,434 | 125,532 | 125,532 | |||||||||||
Other noninterest income | 15,298 | $ 6,369 | $ 7,115 | ||||||||||||
Hamilton State Bancshares, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of bank branches | branch | 28 | ||||||||||||||
Number of stock for each share of Ameris common stock converted (in shares) | shares | 0.16 | ||||||||||||||
Cash consideration distributed per share to shareholders of acquiree (USD per share) | $ / shares | $ 0.93 | ||||||||||||||
Common shares issued in a business combination (in shares) | shares | 6,548,385 | ||||||||||||||
Issuance of common stock in acquisitions | $ 349,356 | ||||||||||||||
Cash exchanged for shares | 47,779 | ||||||||||||||
Goodwill | 219,643 | 219,643 | |||||||||||||
Loans | 1,298,040 | 1,298,040 | |||||||||||||
Loan discount | $ 16,200 | ||||||||||||||
Loan discount, percent | 1.23% | ||||||||||||||
Accretable yield | $ 18,339 | ||||||||||||||
Company common stock issued | 349,400 | ||||||||||||||
Purchase price | $ 397,135 | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 53.35 | ||||||||||||||
Atlantic Coast Financial Corporation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of bank branches | branch | 12 | ||||||||||||||
Number of stock for each share of Ameris common stock converted (in shares) | shares | 0.17 | ||||||||||||||
Cash consideration distributed per share to shareholders of acquiree (USD per share) | $ / shares | $ 1.39 | ||||||||||||||
Common shares issued in a business combination (in shares) | shares | 2,631,520 | ||||||||||||||
Cash exchanged for shares | $ 21,527 | ||||||||||||||
Goodwill | 92,970 | 92,970 | $ 93,000 | ||||||||||||
Loans | 755,704 | 755,704 | $ 755,700 | ||||||||||||
Loan discount | $ 21,900 | ||||||||||||||
Loan discount, percent | 2.82% | ||||||||||||||
Accretable yield | $ 10,800 | ||||||||||||||
Company common stock issued | 147,760 | ||||||||||||||
Purchase price | $ 169,287 | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 56.15 | ||||||||||||||
US Premium Financing Holding Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Common shares issued in a business combination (in shares) | shares | 830,301 | 1,073,158 | |||||||||||||
Issuance of common stock in acquisitions | $ 55,855 | ||||||||||||||
Cash exchanged for shares | $ 21,421 | ||||||||||||||
Goodwill | 65,290 | $ 65,290 | |||||||||||||
Company common stock issued | $ 44,500 | $ 5,500 | $ 5,800 | ||||||||||||
Purchase of remaining ownership interest in cost method investment | 70.00% | 25.01% | 4.99% | 70.00% | 70.00% | ||||||||||
Number of acquisition transactions | transaction | 3 | ||||||||||||||
Additional cash payments | $ 5,800 | $ 5,800 | $ 5,800 | ||||||||||||
Present value of contingent earn-out consideration expected to be paid | 5,705 | ||||||||||||||
Purchase price | $ 8,900 | $ 12,500 | $ 82,981 | ||||||||||||
Other noninterest income | $ 2,500 | $ 2,000 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 53.55 | $ 53.55 | $ 53.55 | ||||||||||||
Jacksonville Bancorp, Inc | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of bank branches | branch | 8 | ||||||||||||||
Number of stock for each share of Ameris common stock converted (in shares) | shares | 0.5861 | ||||||||||||||
Common shares issued in a business combination (in shares) | shares | 2,549,469 | ||||||||||||||
Issuance of common stock in acquisitions | $ 72,455 | ||||||||||||||
Cash exchanged for shares | 23,937 | ||||||||||||||
Goodwill | 35,485 | ||||||||||||||
Loans | 401,638 | ||||||||||||||
Accretable yield | 27,000 | ||||||||||||||
Purchase price | $ 96,392 | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 16.50 | ||||||||||||||
Stock allocation | 75.00% | ||||||||||||||
Cash allocation | 25.00% | ||||||||||||||
Loans purchased | $ 401,600 | ||||||||||||||
Discount on loans acquired | $ 15,200 | ||||||||||||||
Percentage of discount on loans acquired | 3.64% | ||||||||||||||
US Premium Financing Holding Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage | 30.00% | ||||||||||||||
Equity securities | $ 23,900 |
BUSINESS COMBINATIONS - Assets
BUSINESS COMBINATIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2018 | May 25, 2018 | Jan. 31, 2018 | Jan. 03, 2018 | Jan. 18, 2017 | Mar. 11, 2016 | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 |
Deposits: | |||||||||||
Goodwill | $ 503,434 | $ 125,532 | $ 125,532 | ||||||||
Consideration: | |||||||||||
Company common stock issued | 547,127 | $ 0 | $ 72,455 | ||||||||
Hamilton State Bancshares, Inc. | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 13,927 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 102,156 | ||||||||||
Time deposits in other banks | 11,558 | ||||||||||
Investment securities | 285,830 | ||||||||||
Other investments | 2,094 | ||||||||||
Loans | 1,298,040 | ||||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | 1,298,040 | ||||||||||
Other real estate owned | 847 | ||||||||||
Premises and equipment | 26,760 | ||||||||||
Intangible assets | 23,610 | ||||||||||
Cash value of bank owned life insurance | 4,454 | ||||||||||
Deferred income taxes, net | 6,480 | ||||||||||
Other assets | 13,036 | ||||||||||
Total assets | 1,788,792 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 381,039 | ||||||||||
Interest-bearing | 1,204,211 | ||||||||||
Total deposits | 1,585,250 | ||||||||||
Other borrowings | 10,907 | ||||||||||
Subordinated deferrable interest debenture | 2,292 | ||||||||||
Other liabilities | 12,851 | ||||||||||
Total liabilities | 1,611,300 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 177,492 | ||||||||||
Goodwill | 219,643 | ||||||||||
Net assets acquired over (under) liabilities assumed | 397,135 | ||||||||||
Consideration: | |||||||||||
Ameris Bancorp common shares issued | 6,548,385 | ||||||||||
Share price (in dollars per share) | $ 53.35 | ||||||||||
Company common stock issued | $ 349,400 | ||||||||||
Company common stock issued | 349,356 | ||||||||||
Cash exchanged for shares | 47,779 | ||||||||||
Fair value of total consideration transferred | 397,135 | ||||||||||
Hamilton State Bancshares, Inc. | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 0 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Time deposits in other banks | 0 | ||||||||||
Investment securities | (2,376) | ||||||||||
Other investments | 0 | ||||||||||
Loans | (15,528) | ||||||||||
Less allowance for loan losses | 11,183 | ||||||||||
Loans, net | (4,345) | ||||||||||
Other real estate owned | 0 | ||||||||||
Premises and equipment | 0 | ||||||||||
Intangible assets | (2,755) | ||||||||||
Cash value of bank owned life insurance | 0 | ||||||||||
Deferred income taxes, net | (6,308) | ||||||||||
Other assets | 0 | ||||||||||
Total assets | (15,784) | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | (1,896) | ||||||||||
Total deposits | (1,896) | ||||||||||
Other borrowings | (66) | ||||||||||
Subordinated deferrable interest debenture | (658) | ||||||||||
Other liabilities | 2,391 | ||||||||||
Total liabilities | (229) | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | (15,555) | ||||||||||
Goodwill | 220,713 | ||||||||||
Net assets acquired over (under) liabilities assumed | 205,158 | ||||||||||
Hamilton State Bancshares, Inc. | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | (478) | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Time deposits in other banks | 0 | ||||||||||
Investment securities | 0 | ||||||||||
Other investments | 0 | ||||||||||
Loans | (696) | ||||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | (696) | ||||||||||
Other real estate owned | 0 | ||||||||||
Premises and equipment | (723) | ||||||||||
Intangible assets | 7,610 | ||||||||||
Cash value of bank owned life insurance | 0 | ||||||||||
Deferred income taxes, net | 343 | ||||||||||
Other assets | (17) | ||||||||||
Total assets | 6,039 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | 4,783 | ||||||||||
Total deposits | 4,783 | ||||||||||
Other borrowings | 286 | ||||||||||
Subordinated deferrable interest debenture | (143) | ||||||||||
Other liabilities | 0 | ||||||||||
Total liabilities | 4,926 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 1,113 | ||||||||||
Goodwill | (1,070) | ||||||||||
Net assets acquired over (under) liabilities assumed | 43 | ||||||||||
Atlantic Coast Financial Corporation | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 3,990 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 22,149 | ||||||||||
Investment securities | 35,126 | ||||||||||
Other investments | 9,576 | ||||||||||
Loans held for sale | 358 | ||||||||||
Loans | 755,704 | $ 755,700 | |||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | 755,704 | ||||||||||
Other real estate owned | 1,041 | ||||||||||
Premises and equipment | 10,896 | ||||||||||
Intangible assets | 7,488 | ||||||||||
Cash value of bank owned life insurance | 18,182 | ||||||||||
Deferred income taxes, net | 6,833 | ||||||||||
Other assets | 2,970 | ||||||||||
Total assets | 874,313 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 69,761 | ||||||||||
Interest-bearing | 515,406 | ||||||||||
Total deposits | 585,167 | ||||||||||
Other borrowings | 204,475 | ||||||||||
Other liabilities | 8,354 | ||||||||||
Total liabilities | 797,996 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 76,317 | ||||||||||
Goodwill | 92,970 | $ 93,000 | |||||||||
Net assets acquired over (under) liabilities assumed | 169,287 | ||||||||||
Consideration: | |||||||||||
Ameris Bancorp common shares issued | 2,631,520 | ||||||||||
Share price (in dollars per share) | $ 56.15 | ||||||||||
Company common stock issued | $ 147,760 | ||||||||||
Cash exchanged for shares | 21,527 | ||||||||||
Fair value of total consideration transferred | 169,287 | ||||||||||
Atlantic Coast Financial Corporation | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 0 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Investment securities | (60) | ||||||||||
Other investments | 0 | ||||||||||
Loans held for sale | 0 | ||||||||||
Loans | (19,423) | ||||||||||
Less allowance for loan losses | 8,573 | ||||||||||
Loans, net | (10,850) | ||||||||||
Other real estate owned | (796) | ||||||||||
Premises and equipment | (1,695) | ||||||||||
Intangible assets | 5,937 | ||||||||||
Cash value of bank owned life insurance | 0 | ||||||||||
Deferred income taxes, net | 709 | ||||||||||
Other assets | (634) | ||||||||||
Total assets | (7,389) | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | (554) | ||||||||||
Total deposits | (554) | ||||||||||
Other borrowings | 0 | ||||||||||
Other liabilities | (13) | ||||||||||
Total liabilities | (567) | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | (6,822) | ||||||||||
Goodwill | 91,360 | ||||||||||
Net assets acquired over (under) liabilities assumed | 84,538 | ||||||||||
Atlantic Coast Financial Corporation | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 0 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Investment securities | 0 | ||||||||||
Other investments | 0 | ||||||||||
Loans held for sale | 0 | ||||||||||
Loans | (2,478) | ||||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | (2,478) | ||||||||||
Other real estate owned | 0 | ||||||||||
Premises and equipment | 0 | ||||||||||
Intangible assets | 1,551 | ||||||||||
Cash value of bank owned life insurance | 0 | ||||||||||
Deferred income taxes, net | 342 | ||||||||||
Other assets | 0 | ||||||||||
Total assets | (585) | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | 1,025 | ||||||||||
Total deposits | 1,025 | ||||||||||
Other borrowings | 0 | ||||||||||
Other liabilities | 0 | ||||||||||
Total liabilities | 1,025 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | (1,610) | ||||||||||
Goodwill | 1,610 | ||||||||||
Net assets acquired over (under) liabilities assumed | 0 | ||||||||||
US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Total assets | 23,607 | ||||||||||
Deposits: | |||||||||||
Deferred tax liability | 5,916 | ||||||||||
Total liabilities | 5,916 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 17,691 | ||||||||||
Goodwill | 65,290 | ||||||||||
Net assets acquired over (under) liabilities assumed | 82,981 | ||||||||||
Consideration: | |||||||||||
Ameris Bancorp common shares issued | 830,301 | 1,073,158 | |||||||||
Share price (in dollars per share) | $ 53.55 | $ 53.55 | |||||||||
Company common stock issued | $ 44,500 | $ 5,500 | $ 5,800 | ||||||||
Price per share of the Company's common stock (in dollars per share) | $ 48.55 | $ 45.45 | |||||||||
Company common stock issued | $ 55,855 | ||||||||||
Cash exchanged for shares | 21,421 | ||||||||||
Present value of contingent earn-out consideration expected to be paid | 5,705 | ||||||||||
Fair value of total consideration transferred | 8,900 | $ 12,500 | 82,981 | ||||||||
US Premium Financing Holding Company | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Total assets | 21,314 | 21,314 | |||||||||
Deposits: | |||||||||||
Deferred tax liability | 5,492 | 5,492 | |||||||||
Total liabilities | 5,492 | 5,492 | |||||||||
Net identifiable assets acquired over (under) liabilities assumed | 15,822 | 15,822 | |||||||||
Goodwill | 67,159 | 67,159 | |||||||||
Net assets acquired over (under) liabilities assumed | 82,981 | 82,981 | |||||||||
US Premium Financing Holding Company | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Total assets | 2,293 | ||||||||||
Deposits: | |||||||||||
Deferred tax liability | 424 | ||||||||||
Total liabilities | 424 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 1,869 | ||||||||||
Goodwill | (1,869) | ||||||||||
Net assets acquired over (under) liabilities assumed | 0 | ||||||||||
Jacksonville Bancorp, Inc | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ 9,704 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 7,027 | ||||||||||
Investment securities | 59,894 | ||||||||||
Other investments | 2,458 | ||||||||||
Loans | 401,638 | ||||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | 401,638 | ||||||||||
Other real estate owned | 1,926 | ||||||||||
Premises and equipment | 4,679 | ||||||||||
Intangible assets | 4,746 | ||||||||||
Other assets | 33,883 | ||||||||||
Total assets | 525,955 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 123,399 | ||||||||||
Interest-bearing | 277,960 | ||||||||||
Total deposits | 401,359 | ||||||||||
Other borrowings | 48,434 | ||||||||||
Subordinated deferrable interest debenture | 12,901 | ||||||||||
Other liabilities | 2,354 | ||||||||||
Total liabilities | 465,048 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 60,907 | ||||||||||
Goodwill | 35,485 | ||||||||||
Net assets acquired over (under) liabilities assumed | $ 96,392 | ||||||||||
Consideration: | |||||||||||
Ameris Bancorp common shares issued | 2,549,469 | ||||||||||
Share price (in dollars per share) | $ 16.50 | ||||||||||
Price per share of the Company's common stock (in dollars per share) | $ 28.42 | ||||||||||
Company common stock issued | $ 72,455 | ||||||||||
Cash exchanged for shares | 23,937 | ||||||||||
Fair value of total consideration transferred | 96,392 | ||||||||||
Jacksonville Bancorp, Inc | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 0 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Investment securities | (942) | ||||||||||
Other investments | 0 | ||||||||||
Loans | (15,746) | ||||||||||
Less allowance for loan losses | 12,613 | ||||||||||
Loans, net | (3,133) | ||||||||||
Other real estate owned | (1,035) | ||||||||||
Premises and equipment | 0 | ||||||||||
Intangible assets | 5,566 | ||||||||||
Other assets | 23,266 | ||||||||||
Total assets | 23,722 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | 421 | ||||||||||
Total deposits | 421 | ||||||||||
Other borrowings | 84 | ||||||||||
Subordinated deferrable interest debenture | (3,393) | ||||||||||
Other liabilities | 0 | ||||||||||
Total liabilities | (2,888) | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 26,610 | ||||||||||
Goodwill | 31,375 | ||||||||||
Net assets acquired over (under) liabilities assumed | 57,985 | ||||||||||
Jacksonville Bancorp, Inc | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 0 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 0 | ||||||||||
Investment securities | 0 | ||||||||||
Other investments | 0 | ||||||||||
Loans | 553 | ||||||||||
Less allowance for loan losses | 0 | ||||||||||
Loans, net | 553 | ||||||||||
Other real estate owned | 88 | ||||||||||
Premises and equipment | (119) | ||||||||||
Intangible assets | (1,108) | ||||||||||
Other assets | (3,524) | ||||||||||
Total assets | (4,110) | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 0 | ||||||||||
Interest-bearing | 0 | ||||||||||
Total deposits | 0 | ||||||||||
Other borrowings | 0 | ||||||||||
Subordinated deferrable interest debenture | 0 | ||||||||||
Other liabilities | 0 | ||||||||||
Total liabilities | 0 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | (4,110) | ||||||||||
Goodwill | 4,110 | ||||||||||
Net assets acquired over (under) liabilities assumed | 0 | ||||||||||
As Previously Reported | Hamilton State Bancshares, Inc. | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 14,405 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 102,156 | ||||||||||
Time deposits in other banks | 11,558 | ||||||||||
Investment securities | 288,206 | ||||||||||
Other investments | 2,094 | ||||||||||
Loans | 1,314,264 | ||||||||||
Less allowance for loan losses | (11,183) | ||||||||||
Loans, net | 1,303,081 | ||||||||||
Other real estate owned | 847 | ||||||||||
Premises and equipment | 27,483 | ||||||||||
Intangible assets | 18,755 | ||||||||||
Cash value of bank owned life insurance | 4,454 | ||||||||||
Deferred income taxes, net | 12,445 | ||||||||||
Other assets | 13,053 | ||||||||||
Total assets | 1,798,537 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 381,039 | ||||||||||
Interest-bearing | 1,201,324 | ||||||||||
Total deposits | 1,582,363 | ||||||||||
Other borrowings | 10,687 | ||||||||||
Subordinated deferrable interest debenture | 3,093 | ||||||||||
Other liabilities | 10,460 | ||||||||||
Total liabilities | 1,606,603 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 191,934 | ||||||||||
Goodwill | 0 | ||||||||||
Net assets acquired over (under) liabilities assumed | $ 191,934 | ||||||||||
As Previously Reported | Atlantic Coast Financial Corporation | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 3,990 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 22,149 | ||||||||||
Investment securities | 35,186 | ||||||||||
Other investments | 9,576 | ||||||||||
Loans held for sale | 358 | ||||||||||
Loans | 777,605 | ||||||||||
Less allowance for loan losses | (8,573) | ||||||||||
Loans, net | 769,032 | ||||||||||
Other real estate owned | 1,837 | ||||||||||
Premises and equipment | 12,591 | ||||||||||
Intangible assets | 0 | ||||||||||
Cash value of bank owned life insurance | 18,182 | ||||||||||
Deferred income taxes, net | 5,782 | ||||||||||
Other assets | 3,604 | ||||||||||
Total assets | 882,287 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 69,761 | ||||||||||
Interest-bearing | 514,935 | ||||||||||
Total deposits | 584,696 | ||||||||||
Other borrowings | 204,475 | ||||||||||
Other liabilities | 8,367 | ||||||||||
Total liabilities | 797,538 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 84,749 | ||||||||||
Goodwill | 0 | ||||||||||
Net assets acquired over (under) liabilities assumed | $ 84,749 | ||||||||||
As Previously Reported | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Total assets | 0 | 0 | |||||||||
Deposits: | |||||||||||
Deferred tax liability | 0 | 0 | |||||||||
Total liabilities | 0 | 0 | |||||||||
Net identifiable assets acquired over (under) liabilities assumed | 0 | 0 | |||||||||
Goodwill | 0 | 0 | |||||||||
Net assets acquired over (under) liabilities assumed | 0 | 0 | |||||||||
As Previously Reported | Jacksonville Bancorp, Inc | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | 9,704 | ||||||||||
Federal funds sold and interest-bearing deposits in banks | 7,027 | ||||||||||
Investment securities | 60,836 | ||||||||||
Other investments | 2,458 | ||||||||||
Loans | 416,831 | ||||||||||
Less allowance for loan losses | (12,613) | ||||||||||
Loans, net | 404,218 | ||||||||||
Other real estate owned | 2,873 | ||||||||||
Premises and equipment | 4,798 | ||||||||||
Intangible assets | 288 | ||||||||||
Other assets | 14,141 | ||||||||||
Total assets | 506,343 | ||||||||||
Deposits: | |||||||||||
Noninterest-bearing | 123,399 | ||||||||||
Interest-bearing | 277,539 | ||||||||||
Total deposits | 400,938 | ||||||||||
Other borrowings | 48,350 | ||||||||||
Subordinated deferrable interest debenture | 16,294 | ||||||||||
Other liabilities | 2,354 | ||||||||||
Total liabilities | 467,936 | ||||||||||
Net identifiable assets acquired over (under) liabilities assumed | 38,407 | ||||||||||
Goodwill | 0 | ||||||||||
Net assets acquired over (under) liabilities assumed | $ 38,407 | ||||||||||
Insurance agent relationships | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | 22,351 | ||||||||||
Insurance agent relationships | US Premium Financing Holding Company | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | 20,000 | 20,000 | |||||||||
Insurance agent relationships | US Premium Financing Holding Company | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | 2,351 | ||||||||||
Insurance agent relationships | As Previously Reported | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | 0 | 0 | |||||||||
US Premium Finance trade name | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | 1,094 | ||||||||||
US Premium Finance trade name | US Premium Financing Holding Company | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | 1,136 | 1,136 | |||||||||
US Premium Finance trade name | US Premium Financing Holding Company | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | (42) | ||||||||||
US Premium Finance trade name | As Previously Reported | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | 0 | 0 | |||||||||
Non-compete agreement | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | 162 | ||||||||||
Non-compete agreement | US Premium Financing Holding Company | Initial Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | 178 | 178 | |||||||||
Non-compete agreement | US Premium Financing Holding Company | Subsequent Fair Value Adjustments | |||||||||||
Assets | |||||||||||
Intangible assets | $ (16) | ||||||||||
Non-compete agreement | As Previously Reported | US Premium Financing Holding Company | |||||||||||
Assets | |||||||||||
Intangible assets | $ 0 | $ 0 | |||||||||
Weighted Average | US Premium Financing Holding Company | |||||||||||
Consideration: | |||||||||||
Share price (in dollars per share) | $ 52.047 | $ 52.047 |
BUSINESS COMBINATIONS - Purchas
BUSINESS COMBINATIONS - Purchased Credit-Impaired Loans Acquired (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | May 25, 2018 | Mar. 11, 2016 |
Atlantic Coast Financial Corporation | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 16,077 | ||
Non-accretable difference | (4,115) | ||
Cash flows expected to be collected | 11,962 | ||
Accretable yield | (1,199) | ||
Total purchased credit-impaired loans acquired | 10,763 | ||
Certain Loans Acquired in Transfer, Accretable Yield | $ 10,800 | ||
Hamilton State Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 21,223 | ||
Non-accretable difference | (2,090) | ||
Cash flows expected to be collected | 19,133 | ||
Accretable yield | (794) | ||
Certain Loans Acquired in Transfer, Accretable Yield | $ 18,339 | ||
Jacksonville Bancorp, Inc | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | $ 42,314 | ||
Non-accretable difference | (9,181) | ||
Cash flows expected to be collected | 33,133 | ||
Accretable yield | (6,182) | ||
Total purchased credit-impaired loans acquired | 26,951 | ||
Certain Loans Acquired in Transfer, Accretable Yield | $ 27,000 |
BUSINESS COMBINATIONS - Acquire
BUSINESS COMBINATIONS - Acquired Loan Data (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | May 25, 2018 | Mar. 11, 2016 |
Atlantic Coast Financial Corporation | |||
Business Acquisition [Line Items] | |||
Acquired receivables subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | $ 10,763 | ||
Acquired receivables subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 16,077 | ||
Acquired receivables subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 4,115 | ||
Acquired receivables not subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | 744,941 | ||
Acquired receivables not subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 1,041,768 | ||
Acquired receivables not subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | $ 0 | ||
Hamilton State Bancshares, Inc. | |||
Business Acquisition [Line Items] | |||
Acquired receivables subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | $ 18,339 | ||
Acquired receivables subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 21,223 | ||
Acquired receivables subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 2,090 | ||
Acquired receivables not subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | 1,279,701 | ||
Acquired receivables not subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 1,441,534 | ||
Acquired receivables not subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | $ 0 | ||
Jacksonville Bancorp, Inc | |||
Business Acquisition [Line Items] | |||
Acquired receivables subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | $ 26,951 | ||
Acquired receivables subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 42,314 | ||
Acquired receivables subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 9,181 | ||
Acquired receivables not subject to ASC 310-30, Fair Value of Acquired Loans at Acquisition Date | 374,687 | ||
Acquired receivables not subject to ASC 310-30, Gross Contractual Amounts Receivable at Acquisition Date | 488,346 | ||
Acquired receivables not subject to ASC 310-30, Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | $ 0 |
BUSINESS COMBINATIONS - Pro For
BUSINESS COMBINATIONS - Pro Forma Information (Details) - Coastal Bankshares, Inc. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Net interest income and noninterest income | $ 514,885 | $ 477,500 |
Net income | 134,486 | 97,686 |
Net income available to common shareholders | $ 134,486 | $ 97,686 |
Income per common share available to common shareholders – basic (in dollars per share) | $ 2.83 | $ 2.08 |
Income per common share available to common shareholders – diluted (in dollars per share) | $ 2.83 | $ 2.07 |
Average number of shares outstanding, basic (in shares) | 47,460,000 | 46,959,000 |
Average number of shares outstanding, diluted (in shares) | 47,566,000 | 47,275,000 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,198,976 | $ 813,293 |
Gross Unrealized Gains | 6,257 | 4,472 |
Gross Unrealized Losses | (12,810) | (6,892) |
Estimated Fair Value | 1,192,423 | 810,873 |
State, county and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 149,670 | 135,968 |
Gross Unrealized Gains | 1,367 | 1,989 |
Gross Unrealized Losses | (304) | (163) |
Estimated Fair Value | 150,733 | 137,794 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 67,123 | 46,659 |
Gross Unrealized Gains | 718 | 721 |
Gross Unrealized Losses | (527) | (237) |
Estimated Fair Value | 67,314 | 47,143 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 982,183 | 630,666 |
Gross Unrealized Gains | 4,172 | 1,762 |
Gross Unrealized Losses | (11,979) | (6,492) |
Estimated Fair Value | $ 974,376 | $ 625,936 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Gross Unrealized Losses and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Estimated Fair Value | ||
Less Than 12 Months | $ 160,820 | $ 299,794 |
12 Months or More | 487,574 | 213,946 |
Total | 648,394 | 513,740 |
Unrealized Losses | ||
Less Than 12 Months | (743) | (2,551) |
12 Months or More | (12,067) | (4,341) |
Total | (12,810) | (6,892) |
State, county and municipal securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 23,784 | 33,976 |
12 Months or More | 33,873 | 4,725 |
Total | 57,657 | 38,701 |
Unrealized Losses | ||
Less Than 12 Months | (52) | (115) |
12 Months or More | (252) | (48) |
Total | (304) | (163) |
Corporate debt securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 17,291 | 3,465 |
12 Months or More | 17,952 | 18,853 |
Total | 35,243 | 22,318 |
Unrealized Losses | ||
Less Than 12 Months | (111) | (35) |
12 Months or More | (416) | (202) |
Total | (527) | (237) |
Mortgage-backed securities | ||
Estimated Fair Value | ||
Less Than 12 Months | 119,745 | 262,353 |
12 Months or More | 435,749 | 190,368 |
Total | 555,494 | 452,721 |
Unrealized Losses | ||
Less Than 12 Months | (580) | (2,401) |
12 Months or More | (11,399) | (4,091) |
Total | $ (11,979) | $ (6,492) |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) $ in Millions | Dec. 31, 2018USD ($)positionsecurity | Dec. 31, 2017USD ($) |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in security portfolio | 531 | |
Number of securities in unrealized loss position | 293 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss position | 239 | |
State, county and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss position | position | 41 | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss position | 13 | |
Collateral Pledged | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pledged Securities, carrying value | $ | $ 510 | $ 403.3 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value of Debt Securities, Available for Sale, by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Due in one year or less | $ 16,900 | |
Due from one year to five years | 86,338 | |
Due from five to ten years | 84,383 | |
Due after ten years | 29,172 | |
Mortgage-backed securities | 982,183 | |
Amortized Cost | 1,198,976 | $ 813,293 |
Estimated Fair Value | ||
Due in one year or less | 16,907 | |
Due from one year to five years | 86,234 | |
Due from five to ten years | 85,595 | |
Due after ten years | 29,311 | |
Mortgage-backed securities | 974,376 | |
Estimated Fair Value | $ 1,192,423 | $ 810,873 |
INVESTMENT SECURITIES - Gains a
INVESTMENT SECURITIES - Gains and Losses on Sales of Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains on sales of securities | $ 390 | $ 38 | $ 312 |
Gross losses on sales of securities | 301 | 1 | 218 |
Net realized gains on sales of securities available for sale | $ 89 | $ 37 | $ 94 |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Gain (Loss) on Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net realized gains on sales of securities available for sale | $ 89 | $ 37 | $ 94 |
Unrealized holding losses on equity securities | (126) | 0 | 0 |
Total gain (loss) on securities | $ (37) | $ 37 | $ 94 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN LOSSES - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loan pools | $ 262,600 | $ 328,200 | |
Purchased loan pools principal balance | 260,500 | 324,400 | |
Purchased pool loans unamortized purchase premium | 2,100 | 3,800 | |
Allowance for loan and lease Losses, purchased loan pools | 732 | 1,100 | |
Loans modified that are not troubled debt restructurings | 111,700 | 103,000 | |
Troubled debt restructurings excluding purchased loans | 11,000 | 15,600 | |
Troubled debt restructurings, previous charge-offs | 890 | 2,800 | |
Allowance for loan losses allocated to troubled debt restructurings | 820 | 1,400 | |
Consumer Installment Home Improvement Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 399,900 | 273,700 | |
Commercial Insurance Premium Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 413,500 | 482,500 | |
Purchased Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,588,832 | 861,595 | |
Purchased loans carrying value | 2,590,000 | 861,600 | |
Purchased loan pools, troubled debt restructuring amount | 904 | ||
Nonaccrual loans | 24,107 | 15,428 | |
Troubled debt restructuring loans | 2,499 | 3,635 | |
Troubled debt restructurings, previous charge-offs | 940 | 1,200 | |
Troubled debt restructurings principal balances | 2,500 | 3,600 | |
Financing receivable, modifications, subsequent default, recorded investment | 2,500 | 742 | |
Troubled debt restructuring | 22,200 | $ 24,900 | |
Financing receivable, modifications, number of contracts | contract | 1 | ||
Loans Excluding Purchased Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 17,952 | $ 14,202 | |
Troubled debt restructuring loans | 2,256 | 4,212 | |
Troubled debt restructurings principal balances | 2,300 | 4,200 | |
Financing receivable, modifications, subsequent default, recorded investment | 1,300 | 1,600 | |
Minimum | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 100 | 100 | $ 100 |
Troubled debt restructuring loans | $ 100 | $ 100 | $ 100 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN LOSSES - Loans Receivable, Excluding Purchased Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 8,511,914 | $ 6,046,355 |
Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,660,457 | 4,856,514 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,316,359 | 1,362,508 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 671,198 | 624,595 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,814,529 | 1,535,439 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,403,000 | 1,009,461 |
Consumer installment | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 455,371 | $ 324,511 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN LOSSES - Loans Receivable, Purchased Loans (Details) - Purchased Loans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,588,832 | $ 861,595 |
Commercial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 372,686 | 74,378 |
Real estate – construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 227,900 | 65,513 |
Real estate – commercial and farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,337,859 | 468,246 |
Real estate – residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 623,199 | 250,539 |
Consumer installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 27,188 | $ 2,919 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN LOSSES - Rollforward for Purchased Loans (Details) - Purchased Loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, January 1 | $ 861,595 | $ 1,069,191 |
Charge-offs | (1,803) | (3,411) |
Additions due to acquisitions | 2,053,744 | 0 |
Accretion | (11,918) | (11,308) |
Transfers to purchased other real estate owned | (6,396) | (5,023) |
Payments received | (330,226) | (210,470) |
Ending balance | $ 2,588,832 | $ 861,595 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN LOSSES - Rollforward of Accretable Discounts of Purchased Loans (Details) - Purchased Loans, Accretable Discount - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, January 1 | $ 20,192 | $ 30,624 |
Additions due to acquisitions | 30,037 | 0 |
Accretion | (11,918) | (11,308) |
Accretable discounts removed due to charge-offs | (42) | (17) |
Transfers between non-accretable and accretable discounts, net | 2,227 | 893 |
Ending balance | $ 40,496 | $ 20,192 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN LOSSES - Loans Accounted for on a NonAccrual Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 17,952 | $ 14,202 |
Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 24,107 | 15,428 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 1,412 | 1,306 |
Commercial, financial and agricultural | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 1,199 | 813 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 892 | 554 |
Real estate – construction and development | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 6,119 | 3,139 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 4,654 | 2,665 |
Real estate – commercial and farmland | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 5,534 | 5,685 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 10,465 | 9,194 |
Real estate – residential | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 10,769 | 5,743 |
Consumer installment | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 529 | 483 |
Consumer installment | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 486 | $ 48 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN LOSSES - Analysis of Past-Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 8,511,914 | $ 6,046,355 |
Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 53,984 | 44,215 |
Current Loans | 5,606,473 | 4,812,299 |
Total Loans | 5,660,457 | 4,856,514 |
Loans 90 Days or More Past Due and Still Accruing | 4,222 | 5,991 |
Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 35,599 | 14,774 |
Current Loans | 2,553,233 | 846,821 |
Total Loans | 2,588,832 | 861,595 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 23,089 | 20,131 |
Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 16,193 | 4,056 |
Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 12,104 | 7,508 |
Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 4,166 | 2,354 |
Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 18,791 | 16,576 |
Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 15,240 | 8,364 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 16,537 | 18,387 |
Current Loans | 1,299,822 | 1,344,121 |
Total Loans | 1,316,359 | 1,362,508 |
Loans 90 Days or More Past Due and Still Accruing | 3,808 | 5,991 |
Commercial, financial and agricultural | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,852 | 793 |
Current Loans | 370,834 | 73,585 |
Total Loans | 372,686 | 74,378 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 6,479 | 8,124 |
Commercial, financial and agricultural | Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 421 | 0 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 5,295 | 3,285 |
Commercial, financial and agricultural | Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 416 | 33 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 4,763 | 6,978 |
Commercial, financial and agricultural | Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,015 | 760 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 2,424 | 1,121 |
Current Loans | 668,774 | 623,474 |
Total Loans | 671,198 | 624,595 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – construction and development | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 6,270 | 2,635 |
Current Loans | 221,630 | 62,878 |
Total Loans | 227,900 | 65,513 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – construction and development | Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,218 | 810 |
Real estate – construction and development | Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 627 | 87 |
Real estate – construction and development | Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 481 | 23 |
Real estate – construction and development | Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 370 | 31 |
Real estate – construction and development | Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 725 | 288 |
Real estate – construction and development | Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 5,273 | 2,517 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 5,800 | 3,596 |
Current Loans | 1,808,729 | 1,531,843 |
Total Loans | 1,814,529 | 1,535,439 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – commercial and farmland | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 4,369 | 4,615 |
Current Loans | 1,333,490 | 463,631 |
Total Loans | 1,337,859 | 468,246 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,625 | 869 |
Real estate – commercial and farmland | Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,935 | 1,190 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 530 | 787 |
Real estate – commercial and farmland | Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 736 | 701 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 3,645 | 1,940 |
Real estate – commercial and farmland | Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,698 | 2,724 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 24,977 | 18,754 |
Current Loans | 1,378,023 | 990,707 |
Total Loans | 1,403,000 | 1,009,461 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – residential | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 21,943 | 6,627 |
Current Loans | 601,256 | 243,912 |
Total Loans | 623,199 | 250,539 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Real estate – residential | Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 11,423 | 8,772 |
Real estate – residential | Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 12,531 | 2,722 |
Real estate – residential | Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 4,631 | 2,941 |
Real estate – residential | Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 2,407 | 1,585 |
Real estate – residential | Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 8,923 | 7,041 |
Real estate – residential | Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 7,005 | 2,320 |
Consumer installment | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 4,246 | 2,357 |
Current Loans | 451,125 | 322,154 |
Total Loans | 455,371 | 324,511 |
Loans 90 Days or More Past Due and Still Accruing | 414 | 0 |
Consumer installment | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,165 | 104 |
Current Loans | 26,023 | 2,815 |
Total Loans | 27,188 | 2,919 |
Loans 90 Days or More Past Due and Still Accruing | 0 | 0 |
Consumer installment | Loans 30-59 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 2,344 | 1,556 |
Consumer installment | Loans 30-59 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 679 | 57 |
Consumer installment | Loans 60-89 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 1,167 | 472 |
Consumer installment | Loans 60-89 Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 237 | 4 |
Consumer installment | Loans 90 or More Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | 735 | 329 |
Consumer installment | Loans 90 or More Days Past Due | Purchased Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Past Due | $ 249 | $ 43 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans Excluding Purchased Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 17,952 | $ 14,202 | $ 18,114 |
Troubled debt restructurings not included above | 9,323 | 13,599 | 14,209 |
Total impaired loans | 27,275 | 27,801 | 32,323 |
Interest income recognized on impaired loans | 827 | 1,867 | 1,033 |
Foregone interest income on impaired loans | 853 | 950 | 977 |
Purchased Impaired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 24,107 | 15,428 | 22,966 |
Troubled debt restructurings not included above | 18,740 | 20,472 | 23,543 |
Total impaired loans | 42,847 | 35,900 | 46,509 |
Interest income recognized on impaired loans | 2,203 | 1,625 | 2,755 |
Foregone interest income on impaired loans | $ 1,483 | $ 1,239 | $ 1,637 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN LOSSES - Analysis of Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | $ 29,676 | $ 31,505 |
Recorded Investment With No Allowance | 8,324 | 7,250 |
Recorded Investment With Allowance | 18,951 | 20,551 |
Total Recorded Investment | 27,275 | 27,801 |
Related Allowance | 2,465 | 2,245 |
Average Recorded Investment | 26,063 | 29,819 |
Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 59,562 | 48,750 |
Recorded Investment With No Allowance | 10,882 | 8,198 |
Recorded Investment With Allowance | 31,965 | 27,702 |
Total Recorded Investment | 42,847 | 35,900 |
Related Allowance | 1,933 | 3,241 |
Average Recorded Investment | 40,559 | 40,817 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 1,902 | 1,453 |
Recorded Investment With No Allowance | 1,155 | 734 |
Recorded Investment With Allowance | 513 | 613 |
Total Recorded Investment | 1,668 | 1,347 |
Related Allowance | 4 | 145 |
Average Recorded Investment | 1,637 | 2,173 |
Commercial, financial and agricultural | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 5,717 | 4,170 |
Recorded Investment With No Allowance | 473 | 70 |
Recorded Investment With Allowance | 757 | 744 |
Total Recorded Investment | 1,230 | 814 |
Related Allowance | 0 | 400 |
Average Recorded Investment | 836 | 827 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 1,378 | 1,467 |
Recorded Investment With No Allowance | 613 | 471 |
Recorded Investment With Allowance | 424 | 500 |
Total Recorded Investment | 1,037 | 971 |
Related Allowance | 3 | 48 |
Average Recorded Investment | 984 | 1,122 |
Real estate – construction and development | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 13,714 | 9,060 |
Recorded Investment With No Allowance | 623 | 282 |
Recorded Investment With Allowance | 6,511 | 3,875 |
Total Recorded Investment | 7,134 | 4,157 |
Related Allowance | 476 | 1,114 |
Average Recorded Investment | 5,712 | 3,877 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 8,950 | 10,646 |
Recorded Investment With No Allowance | 867 | 729 |
Recorded Investment With Allowance | 6,649 | 8,873 |
Total Recorded Investment | 7,516 | 9,602 |
Related Allowance | 1,591 | 1,047 |
Average Recorded Investment | 7,879 | 11,053 |
Real estate – commercial and farmland | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 14,766 | 14,596 |
Recorded Investment With No Allowance | 1,115 | 1,224 |
Recorded Investment With Allowance | 10,581 | 11,173 |
Total Recorded Investment | 11,696 | 12,397 |
Related Allowance | 684 | 906 |
Average Recorded Investment | 12,349 | 15,329 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 16,885 | 17,416 |
Recorded Investment With No Allowance | 5,144 | 4,828 |
Recorded Investment With Allowance | 11,365 | 10,565 |
Total Recorded Investment | 16,509 | 15,393 |
Related Allowance | 867 | 1,005 |
Average Recorded Investment | 15,029 | 14,930 |
Real estate – residential | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 24,839 | 20,867 |
Recorded Investment With No Allowance | 8,185 | 6,574 |
Recorded Investment With Allowance | 14,116 | 11,910 |
Total Recorded Investment | 22,301 | 18,484 |
Related Allowance | 773 | 821 |
Average Recorded Investment | 21,433 | 20,743 |
Consumer installment | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 561 | 523 |
Recorded Investment With No Allowance | 545 | 488 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 545 | 488 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 534 | 541 |
Consumer installment | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 526 | 57 |
Recorded Investment With No Allowance | 486 | 48 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 486 | 48 |
Related Allowance | 0 | 0 |
Average Recorded Investment | $ 229 | $ 41 |
LOANS AND ALLOWANCE FOR LOAN_12
LOANS AND ALLOWANCE FOR LOAN LOSSES - Loans by Risk Grade (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $ 8,511,914 | $ 6,046,355 |
Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 5,660,457 | 4,856,514 |
Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,588,832 | 861,595 |
10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 542,164 | 554,979 |
10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 90,775 | 3,964 |
15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 523,101 | 688,481 |
15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 84,617 | 101,098 |
20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,408,128 | 2,033,979 |
20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 656,289 | 259,872 |
23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 59,054 | 16,996 |
23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 63,613 | 19,736 |
25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,047,688 | 1,487,781 |
25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,586,377 | 385,080 |
30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 35,118 | 30,075 |
30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,448 | 37,121 |
40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 45,204 | 44,216 |
40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 76,713 | 54,724 |
50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 7 |
50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,316,359 | 1,362,508 |
Commercial, financial and agricultural | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 372,686 | 74,378 |
Commercial, financial and agricultural | 10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 530,864 | 539,899 |
Commercial, financial and agricultural | 10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 90,205 | 3,358 |
Commercial, financial and agricultural | 15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 452,250 | 568,557 |
Commercial, financial and agricultural | 15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,648 | 4,541 |
Commercial, financial and agricultural | 20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 174,811 | 125,740 |
Commercial, financial and agricultural | 20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 20,489 | 8,517 |
Commercial, financial and agricultural | 23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 13,714 | 330 |
Commercial, financial and agricultural | 23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 14,445 | 0 |
Commercial, financial and agricultural | 25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 137,038 | 117,358 |
Commercial, financial and agricultural | 25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 215,096 | 43,085 |
Commercial, financial and agricultural | 30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 5,130 | 5,236 |
Commercial, financial and agricultural | 30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 11,601 | 13,718 |
Commercial, financial and agricultural | 40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,552 | 5,381 |
Commercial, financial and agricultural | 40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 18,202 | 1,159 |
Commercial, financial and agricultural | 50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 7 |
Commercial, financial and agricultural | 50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Commercial, financial and agricultural | 60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Commercial, financial and agricultural | 60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 671,198 | 624,595 |
Real estate – construction and development | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 227,900 | 65,513 |
Real estate – construction and development | 10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 40 | 0 |
Real estate – construction and development | 10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | 15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 681 | 1,005 |
Real estate – construction and development | 15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | 20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 74,657 | 59,318 |
Real estate – construction and development | 20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 18,022 | 13,014 |
Real estate – construction and development | 23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 6,264 | 4,474 |
Real estate – construction and development | 23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,728 | 2,306 |
Real estate – construction and development | 25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 582,456 | 552,918 |
Real estate – construction and development | 25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 195,079 | 39,877 |
Real estate – construction and development | 30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,091 | 4,207 |
Real estate – construction and development | 30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,459 | 4,076 |
Real estate – construction and development | 40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 3,009 | 2,673 |
Real estate – construction and development | 40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 10,612 | 6,240 |
Real estate – construction and development | 50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | 50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | 60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – construction and development | 60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,814,529 | 1,535,439 |
Real estate – commercial and farmland | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,337,859 | 468,246 |
Real estate – commercial and farmland | 10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 500 | 5,790 |
Real estate – commercial and farmland | 10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – commercial and farmland | 15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 37,079 | 68,507 |
Real estate – commercial and farmland | 15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,407 | 5,047 |
Real estate – commercial and farmland | 20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 888,433 | 966,391 |
Real estate – commercial and farmland | 20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 230,089 | 186,187 |
Real estate – commercial and farmland | 23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 30,364 | 6,408 |
Real estate – commercial and farmland | 23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 29,468 | 6,081 |
Real estate – commercial and farmland | 25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 814,068 | 454,506 |
Real estate – commercial and farmland | 25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,034,943 | 230,570 |
Real estate – commercial and farmland | 30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 20,959 | 15,108 |
Real estate – commercial and farmland | 30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 10,063 | 13,637 |
Real estate – commercial and farmland | 40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 23,126 | 18,729 |
Real estate – commercial and farmland | 40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 25,889 | 26,724 |
Real estate – commercial and farmland | 50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – commercial and farmland | 50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – commercial and farmland | 60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – commercial and farmland | 60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,403,000 | 1,009,461 |
Real estate – residential | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 623,199 | 250,539 |
Real estate – residential | 10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 16 | 47 |
Real estate – residential | 10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – residential | 15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 33,043 | 49,742 |
Real estate – residential | 15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 74,398 | 91,270 |
Real estate – residential | 20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 1,246,383 | 843,178 |
Real estate – residential | 20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 385,279 | 50,988 |
Real estate – residential | 23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 8,634 | 5,781 |
Real estate – residential | 23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 16,937 | 11,349 |
Real estate – residential | 25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 94,143 | 88,537 |
Real estate – residential | 25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 118,082 | 70,837 |
Real estate – residential | 30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 4,881 | 5,339 |
Real estate – residential | 30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 7,231 | 5,637 |
Real estate – residential | 40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 15,900 | 16,837 |
Real estate – residential | 40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 21,272 | 20,458 |
Real estate – residential | 50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – residential | 50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – residential | 60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Real estate – residential | 60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Consumer installment | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 455,371 | 324,511 |
Consumer installment | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 27,188 | 2,919 |
Consumer installment | 10 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 10,744 | 9,243 |
Consumer installment | 10 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 570 | 606 |
Consumer installment | 15 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 48 | 670 |
Consumer installment | 15 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 164 | 240 |
Consumer installment | 20 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 23,844 | 39,352 |
Consumer installment | 20 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 2,410 | 1,166 |
Consumer installment | 23 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 78 | 3 |
Consumer installment | 23 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 35 | 0 |
Consumer installment | 25 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 419,983 | 274,462 |
Consumer installment | 25 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 23,177 | 711 |
Consumer installment | 30 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 57 | 185 |
Consumer installment | 30 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 94 | 53 |
Consumer installment | 40 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 617 | 596 |
Consumer installment | 40 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 738 | 143 |
Consumer installment | 50 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Consumer installment | 50 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Consumer installment | 60 | Loans Excluding Purchased Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | 0 | 0 |
Consumer installment | 60 | Purchased Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans portfolio by risk grade | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_13
LOANS AND ALLOWANCE FOR LOAN LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Details) $ in Thousands | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract |
Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 33 | 32 |
Troubled debt restructurings not included above | $ | $ 2,256 | $ 4,212 |
Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 34 | 23 |
Troubled debt restructurings not included above | $ | $ 2,499 | $ 3,635 |
Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 33 | 27 |
Troubled debt restructurings not included above | $ | $ 1,298 | $ 1,587 |
Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 26 | 13 |
Troubled debt restructurings not included above | $ | $ 2,471 | $ 742 |
Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 99 | 105 |
Troubled debt restructurings not included above | $ | $ 9,323 | $ 13,599 |
Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 132 | 134 |
Troubled debt restructurings not included above | $ | $ 18,740 | $ 20,472 |
Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 43 | 46 |
Troubled debt restructurings not included above | $ | $ 3,451 | $ 4,405 |
Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 62 | 70 |
Troubled debt restructurings not included above | $ | $ 1,754 | $ 1,964 |
Commercial, financial and agricultural | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 11 | 2 |
Troubled debt restructurings not included above | $ | $ 348 | $ 7 |
Commercial, financial and agricultural | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 4 | 1 |
Troubled debt restructurings not included above | $ | $ 63 | $ 5 |
Commercial, financial and agricultural | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 8 | 2 |
Troubled debt restructurings not included above | $ | $ 107 | $ 47 |
Commercial, financial and agricultural | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Troubled debt restructurings not included above | $ | $ 0 | $ 5 |
Commercial, financial and agricultural | Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 0 |
Troubled debt restructurings not included above | $ | $ 31 | $ 0 |
Commercial, financial and agricultural | Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 5 | 4 |
Troubled debt restructurings not included above | $ | $ 256 | $ 41 |
Commercial, financial and agricultural | Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 3 |
Troubled debt restructurings not included above | $ | $ 32 | $ 16 |
Commercial, financial and agricultural | Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 14 | 12 |
Troubled debt restructurings not included above | $ | $ 138 | $ 120 |
Real estate – construction and development | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 0 |
Troubled debt restructurings not included above | $ | $ 3 | $ 0 |
Real estate – construction and development | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Troubled debt restructurings not included above | $ | $ 0 | $ 0 |
Real estate – construction and development | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 2 |
Troubled debt restructurings not included above | $ | $ 0 | $ 261 |
Real estate – construction and development | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Troubled debt restructurings not included above | $ | $ 0 | $ 0 |
Real estate – construction and development | Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 4 | 3 |
Troubled debt restructurings not included above | $ | $ 1,015 | $ 1,018 |
Real estate – construction and development | Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 5 | 6 |
Troubled debt restructurings not included above | $ | $ 145 | $ 417 |
Real estate – construction and development | Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 5 | 6 |
Troubled debt restructurings not included above | $ | $ 293 | $ 340 |
Real estate – construction and development | Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 2 |
Troubled debt restructurings not included above | $ | $ 2 | $ 34 |
Real estate – commercial and farmland | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 7 |
Troubled debt restructurings not included above | $ | $ 440 | $ 3,516 |
Real estate – commercial and farmland | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 4 |
Troubled debt restructurings not included above | $ | $ 71 | $ 1,311 |
Real estate – commercial and farmland | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 4 |
Troubled debt restructurings not included above | $ | $ 246 | $ 419 |
Real estate – commercial and farmland | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 1 | 2 |
Troubled debt restructurings not included above | $ | $ 71 | $ 282 |
Real estate – commercial and farmland | Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 12 | 14 |
Troubled debt restructurings not included above | $ | $ 6,162 | $ 6,713 |
Real estate – commercial and farmland | Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 12 | 17 |
Troubled debt restructurings not included above | $ | $ 2,863 | $ 6,937 |
Real estate – commercial and farmland | Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 7 | 10 |
Troubled debt restructurings not included above | $ | $ 1,685 | $ 2,582 |
Real estate – commercial and farmland | Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 3 | 5 |
Troubled debt restructurings not included above | $ | $ 426 | $ 204 |
Real estate – residential | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 13 | 12 |
Troubled debt restructurings not included above | $ | $ 1,430 | $ 656 |
Real estate – residential | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 27 | 18 |
Troubled debt restructurings not included above | $ | $ 2,351 | $ 2,319 |
Real estate – residential | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 16 | 12 |
Troubled debt restructurings not included above | $ | $ 911 | $ 838 |
Real estate – residential | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 25 | 9 |
Troubled debt restructurings not included above | $ | $ 2,400 | $ 452 |
Real estate – residential | Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 115 | 117 |
Troubled debt restructurings not included above | $ | $ 11,532 | $ 12,741 |
Real estate – residential | Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 71 | 74 |
Troubled debt restructurings not included above | $ | $ 6,043 | $ 6,199 |
Real estate – residential | Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 24 | 25 |
Troubled debt restructurings not included above | $ | $ 1,424 | $ 1,462 |
Real estate – residential | Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 20 | 18 |
Troubled debt restructurings not included above | $ | $ 1,119 | $ 1,508 |
Consumer installment | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 6 | 11 |
Troubled debt restructurings not included above | $ | $ 35 | $ 33 |
Consumer installment | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 2 | 0 |
Troubled debt restructurings not included above | $ | $ 14 | $ 0 |
Consumer installment | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 7 | 7 |
Troubled debt restructurings not included above | $ | $ 34 | $ 22 |
Consumer installment | Financing Receivables, 1 to 29 Days Past Due | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 1 |
Troubled debt restructurings not included above | $ | $ 0 | $ 3 |
Consumer installment | Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 0 | 0 |
Troubled debt restructurings not included above | $ | $ 0 | $ 0 |
Consumer installment | Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 6 | 4 |
Troubled debt restructurings not included above | $ | $ 16 | $ 5 |
Consumer installment | Non-Accruing Loans | Purchased Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 4 | 2 |
Troubled debt restructurings not included above | $ | $ 17 | $ 5 |
Consumer installment | Non-Accruing Loans | Financing Receivables, 1 to 29 Days Past Due | Loans Excluding Purchased Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | contract | 24 | 33 |
Troubled debt restructurings not included above | $ | $ 69 | $ 98 |
LOANS AND ALLOWANCE FOR LOAN_14
LOANS AND ALLOWANCE FOR LOAN LOSSES - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance, January 1 | $ 2,145 | $ 3,167 |
Advances | 257 | 654 |
Repayments | (944) | (1,676) |
Transactions due to changes in related parties | 0 | 0 |
Ending balance | $ 1,458 | $ 2,145 |
LOANS AND ALLOWANCE FOR LOAN_15
LOANS AND ALLOWANCE FOR LOAN LOSSES - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | $ 25,791 | $ 23,920 | $ 25,791 | $ 23,920 | $ 21,062 | |||||||||
Provision for loan losses | $ 3,661 | $ 2,095 | $ 9,110 | 1,801 | $ 2,536 | $ 1,787 | $ 2,205 | 1,836 | 16,667 | 8,364 | 4,091 | |||
Loans charged off | (21,131) | (10,467) | (6,327) | |||||||||||
Recoveries of loans previously charged off | 7,492 | 3,974 | 5,094 | |||||||||||
Balance, Allowance | 28,819 | 25,791 | 28,819 | 25,791 | 23,920 | |||||||||
Ending balance, Loan | 8,511,914 | 6,046,355 | 8,511,914 | 6,046,355 | 5,264,326 | |||||||||
Loans individually evaluated for impairment | $ 4,964 | $ 6,018 | $ 6,407 | |||||||||||
Loans collectively evaluated for impairment | 23,855 | 19,773 | 17,513 | |||||||||||
Balance, Allowance | 28,819 | 25,791 | 25,791 | 23,920 | 25,791 | 23,920 | 21,062 | 28,819 | 25,791 | 23,920 | ||||
Individually evaluated for impairment | 53,892 | 52,231 | 60,421 | |||||||||||
Collectively evaluated for impairment | 8,370,430 | 5,879,141 | 5,055,371 | |||||||||||
Acquired with deteriorated credit quality | 87,592 | 114,983 | 148,534 | |||||||||||
Purchased Loans | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 3,253 | 1,626 | 3,253 | 1,626 | 0 | |||||||||
Provision for loan losses | (2,164) | 2,606 | (232) | |||||||||||
Loans charged off | (1,738) | (2,900) | (1,559) | |||||||||||
Recoveries of loans previously charged off | 2,582 | 1,921 | 3,417 | |||||||||||
Balance, Allowance | 1,933 | 3,253 | 1,933 | 3,253 | 1,626 | |||||||||
Ending balance, Loan | 2,588,832 | 861,595 | 2,588,832 | 861,595 | 1,069,191 | |||||||||
Loans individually evaluated for impairment | 1,933 | 3,253 | 1,626 | |||||||||||
Loans collectively evaluated for impairment | 0 | 0 | 0 | |||||||||||
Balance, Allowance | 1,933 | 3,253 | 3,253 | 1,626 | 3,253 | 1,626 | 0 | 1,933 | 3,253 | 1,626 | ||||
Individually evaluated for impairment | 32,244 | 28,165 | 34,141 | |||||||||||
Collectively evaluated for impairment | 2,468,996 | 718,447 | 886,516 | |||||||||||
Acquired with deteriorated credit quality | 87,592 | 114,983 | 148,534 | |||||||||||
Nonaccrual loans | 24,107 | 15,428 | ||||||||||||
Troubled debt restructuring loans | 2,499 | 3,635 | ||||||||||||
Purchased Loan Pools | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 1,075 | 1,837 | 1,075 | 1,837 | 581 | |||||||||
Provision for loan losses | (343) | (762) | 1,256 | |||||||||||
Loans charged off | 0 | 0 | 0 | |||||||||||
Recoveries of loans previously charged off | 0 | 0 | 0 | |||||||||||
Balance, Allowance | 732 | 1,075 | 732 | 1,075 | 1,837 | |||||||||
Ending balance, Loan | 262,625 | 328,246 | 262,625 | 328,246 | 568,314 | |||||||||
Loans individually evaluated for impairment | 0 | 177 | 0 | |||||||||||
Loans collectively evaluated for impairment | 732 | 898 | 1,837 | |||||||||||
Balance, Allowance | 732 | 1,075 | 1,075 | 1,837 | 1,075 | 1,837 | 581 | 732 | 1,075 | 1,837 | ||||
Individually evaluated for impairment | 0 | 904 | 0 | |||||||||||
Collectively evaluated for impairment | 262,625 | 327,342 | 568,314 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Commercial, financial and agricultural | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 3,631 | 2,192 | 3,631 | 2,192 | 1,144 | |||||||||
Provision for loan losses | 10,690 | 3,019 | 2,647 | |||||||||||
Loans charged off | (13,803) | (2,850) | (1,999) | |||||||||||
Recoveries of loans previously charged off | 3,769 | 1,270 | 400 | |||||||||||
Balance, Allowance | 4,287 | 3,631 | 4,287 | 3,631 | 2,192 | |||||||||
Ending balance, Loan | 1,316,359 | 1,362,508 | 1,316,359 | 1,362,508 | 967,138 | |||||||||
Loans individually evaluated for impairment | 570 | 465 | 120 | |||||||||||
Loans collectively evaluated for impairment | 3,717 | 3,166 | 2,072 | |||||||||||
Balance, Allowance | 4,287 | 3,631 | 3,631 | 2,192 | 3,631 | 2,192 | 1,144 | 4,287 | 3,631 | 2,192 | ||||
Individually evaluated for impairment | 3,211 | 2,971 | 501 | |||||||||||
Collectively evaluated for impairment | 1,313,148 | 1,359,537 | 966,637 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Commercial, financial and agricultural | Purchased Loans | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Nonaccrual loans | 1,199 | 813 | ||||||||||||
Troubled debt restructuring loans | 63 | 5 | ||||||||||||
Real estate – construction and development | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 3,629 | 2,990 | 3,629 | 2,990 | 5,009 | |||||||||
Provision for loan losses | 277 | 488 | (1,921) | |||||||||||
Loans charged off | (292) | (95) | (588) | |||||||||||
Recoveries of loans previously charged off | 120 | 246 | 490 | |||||||||||
Balance, Allowance | 3,734 | 3,629 | 3,734 | 3,629 | 2,990 | |||||||||
Ending balance, Loan | 671,198 | 624,595 | 671,198 | 624,595 | 363,045 | |||||||||
Loans individually evaluated for impairment | 3 | 48 | 266 | |||||||||||
Loans collectively evaluated for impairment | 3,731 | 3,581 | 2,724 | |||||||||||
Balance, Allowance | 3,734 | 3,629 | 3,629 | 2,990 | 3,629 | 2,990 | 5,009 | 3,734 | 3,629 | 2,990 | ||||
Individually evaluated for impairment | 424 | 500 | 659 | |||||||||||
Collectively evaluated for impairment | 670,774 | 624,095 | 362,386 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Real estate – construction and development | Purchased Loans | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Nonaccrual loans | 6,119 | 3,139 | ||||||||||||
Troubled debt restructuring loans | 0 | 0 | ||||||||||||
Real estate – commercial and farmland | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 7,501 | 7,662 | 7,501 | 7,662 | 7,994 | |||||||||
Provision for loan losses | 1,636 | 508 | 107 | |||||||||||
Loans charged off | (338) | (853) | (708) | |||||||||||
Recoveries of loans previously charged off | 176 | 184 | 269 | |||||||||||
Balance, Allowance | 8,975 | 7,501 | 8,975 | 7,501 | 7,662 | |||||||||
Ending balance, Loan | 1,814,529 | 1,535,439 | 1,814,529 | 1,535,439 | 1,406,219 | |||||||||
Loans individually evaluated for impairment | 1,591 | 1,047 | 1,502 | |||||||||||
Loans collectively evaluated for impairment | 7,384 | 6,454 | 6,160 | |||||||||||
Balance, Allowance | 8,975 | 7,501 | 7,501 | 7,662 | 7,501 | 7,662 | 7,994 | 8,975 | 7,501 | 7,662 | ||||
Individually evaluated for impairment | 6,649 | 8,873 | 12,423 | |||||||||||
Collectively evaluated for impairment | 1,807,880 | 1,526,566 | 1,393,796 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Real estate – commercial and farmland | Purchased Loans | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Nonaccrual loans | 5,534 | 5,685 | ||||||||||||
Troubled debt restructuring loans | 71 | 1,311 | ||||||||||||
Real estate – residential | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 4,786 | 6,786 | 4,786 | 6,786 | 4,760 | |||||||||
Provision for loan losses | 1,002 | (86) | 2,757 | |||||||||||
Loans charged off | (771) | (2,151) | (1,122) | |||||||||||
Recoveries of loans previously charged off | 346 | 237 | 391 | |||||||||||
Balance, Allowance | 5,363 | 4,786 | 5,363 | 4,786 | 6,786 | |||||||||
Ending balance, Loan | 1,403,000 | 1,009,461 | 1,403,000 | 1,009,461 | 781,018 | |||||||||
Loans individually evaluated for impairment | 867 | 1,028 | 2,893 | |||||||||||
Loans collectively evaluated for impairment | 4,496 | 3,758 | 3,893 | |||||||||||
Balance, Allowance | 5,363 | 4,786 | 4,786 | 6,786 | 4,786 | 6,786 | 4,760 | 5,363 | 4,786 | 6,786 | ||||
Individually evaluated for impairment | 11,364 | 10,818 | 12,697 | |||||||||||
Collectively evaluated for impairment | 1,391,636 | 998,643 | 768,321 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Real estate – residential | Purchased Loans | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Nonaccrual loans | 10,769 | 5,743 | ||||||||||||
Troubled debt restructuring loans | 2,351 | 2,319 | ||||||||||||
Consumer Installment | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Balance, Allowance | 1,916 | 827 | 1,916 | 827 | 1,574 | |||||||||
Provision for loan losses | 5,569 | 2,591 | (523) | |||||||||||
Loans charged off | (4,189) | (1,618) | (351) | |||||||||||
Recoveries of loans previously charged off | 499 | 116 | 127 | |||||||||||
Balance, Allowance | 3,795 | 1,916 | 3,795 | 1,916 | 827 | |||||||||
Ending balance, Loan | 455,371 | 324,511 | 455,371 | 324,511 | 109,401 | |||||||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |||||||||||
Loans collectively evaluated for impairment | 3,795 | 1,916 | 827 | |||||||||||
Balance, Allowance | $ 3,795 | $ 1,916 | $ 1,916 | $ 827 | $ 1,916 | $ 827 | $ 1,574 | 3,795 | 1,916 | 827 | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |||||||||||
Collectively evaluated for impairment | 455,371 | 324,511 | 109,401 | |||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | |||||||||||
Substandard | Minimum | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Nonaccrual loans | 100 | 100 | 100 | |||||||||||
Troubled debt restructuring loans | $ 100 | $ 100 | $ 100 |
OTHER REAL ESTATE OWNED - Summa
OTHER REAL ESTATE OWNED - Summary of Activity in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Real Estate [Roll Forward] | ||
Balance, January 1 | $ 8,464 | $ 10,874 |
Loans transferred to other real estate owned | 4,124 | 4,372 |
Net gains (losses) on sale and write-downs recorded in statement of income | (611) | (862) |
Sales proceeds | (4,697) | (5,920) |
Other | (62) | 0 |
Ending balance | $ 7,218 | $ 8,464 |
OTHER REAL ESTATE OWNED - Sum_2
OTHER REAL ESTATE OWNED - Summary of Activity in Purchased Other Real Estate Owned (Details) - Purchased other real estate owned - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Purchased Other Real Estate [Roll Forward] | ||
Balance, January 1 | $ 9,011 | $ 12,540 |
Loans transferred to other real estate owned | 6,396 | 5,023 |
Acquired in acquisitions | 1,888 | 0 |
Portion of gains (losses) on sale and write-downs payable to (receivable from) the FDIC under loss-sharing agreements | 17 | 86 |
Net gains (losses) on sale and write-downs recorded in statement of income | (690) | 362 |
Sales proceeds | (7,087) | (9,000) |
Ending balance | $ 9,535 | $ 9,011 |
PREMISES AND EQUIPMENT - Schedu
PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 216,878 | $ 184,636 |
Accumulated depreciation | (71,468) | (66,898) |
Premises and equipment, net | 145,410 | 117,738 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 49,518 | 39,299 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 110,623 | 95,771 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 53,425 | 48,809 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 3,312 | $ 757 |
PREMISES AND EQUIPMENT - Narrat
PREMISES AND EQUIPMENT - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)renewal_option | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 10,014 | $ 9,196 | $ 9,519 |
Initial lease terms | 10 years | ||
Number of lease renewal options | renewal_option | 2 | ||
Operating leases, rent expense | $ 7,900 | $ 4,900 | $ 4,500 |
PREMISES AND EQUIPMENT - Sche_2
PREMISES AND EQUIPMENT - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 6,386 |
2,020 | 5,181 |
2,021 | 4,523 |
2,022 | 4,000 |
2,023 | 2,983 |
Thereafter | 8,312 |
Total | $ 31,385 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | $ 125,532 | $ 125,532 |
Additions related to acquisitions in current year | 377,902 | 0 |
Carrying amount of goodwill at end of year | 503,434 | 125,532 |
Banking Division | ||
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | 125,532 | 125,532 |
Additions related to acquisitions in current year | 312,612 | 0 |
Carrying amount of goodwill at end of year | 438,144 | 125,532 |
Premium Finance Division | ||
Goodwill [Roll Forward] | ||
Carrying amount of goodwill at beginning of year | 0 | 0 |
Additions related to acquisitions in current year | 65,290 | 0 |
Carrying amount of goodwill at end of year | $ 65,290 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill recorded | $ 377,902,000 | $ 0 | |
Carrying value of intangible assets | 58,689,000 | 13,500,000 | |
Loans | 5,660,457,000 | 4,856,514,000 | |
Amortization of intangible assets | 9,512,000 | 3,932,000 | $ 4,376,000 |
Hamilton State Bancshares, Inc. | |||
Goodwill [Line Items] | |||
Goodwill recorded | 219,600,000 | ||
Atlantic Coast Financial Corporation | |||
Goodwill [Line Items] | |||
Goodwill recorded | 93,000,000 | ||
US Premium Financing Holding Company | |||
Goodwill [Line Items] | |||
Goodwill recorded | $ 65,300,000 | ||
Core deposit premiums | Minimum | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | ||
Core deposit premiums | Maximum | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||
Core deposit premiums | Hamilton State Bancshares, Inc. | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets | $ 23,600,000 | ||
Core deposit premiums | Atlantic Coast Financial Corporation | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets | 7,500,000 | ||
Insurance agent relationships | US Premium Financing Holding Company | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets | $ 22,400,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 8 years | ||
US Premium Finance trade name | US Premium Financing Holding Company | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets | $ 1,100,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | ||
Non-compete agreement | US Premium Financing Holding Company | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets | $ 162,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 3 years | ||
Banking Division | |||
Goodwill [Line Items] | |||
Goodwill recorded | $ 312,612,000 | 0 | |
Goodwill, Impairment Loss | 0 | ||
Premium Finance Division | |||
Goodwill [Line Items] | |||
Goodwill recorded | 65,290,000 | 0 | |
Goodwill, Impairment Loss | 0 | ||
Decrease in loans | (72,200,000) | ||
Loans | $ 410,400,000 | $ 482,500,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 80,955 | $ 26,250 |
Accumulated Amortization | 22,266 | 12,754 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 57,348 | 26,250 |
Accumulated Amortization | 19,512 | 12,754 |
Insurance agent relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 22,351 | 0 |
Accumulated Amortization | 2,561 | 0 |
US Premium Finance trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,094 | 0 |
Accumulated Amortization | 143 | 0 |
Non-compete agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 162 | 0 |
Accumulated Amortization | $ 50 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 12,022 | |
2,020 | 10,491 | |
2,021 | 8,520 | |
2,022 | 6,887 | |
2,023 | 6,067 | |
Thereafter | 14,702 | |
Total | $ 58,689 | $ 13,500 |
DEPOSITS - Scheduled Maturities
DEPOSITS - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Banking and Thrift [Abstract] | |
2,019 | $ 1,894,332 |
2,020 | 334,574 |
2,021 | 60,185 |
2,022 | 55,960 |
2,023 | 21,692 |
Thereafter | 1,089 |
Total | $ 2,367,832 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time deposits of $250,000 or more | $ 423.6 | $ 235.8 |
Brokered deposits | 846.7 | 228.6 |
Related party deposit liabilities | $ 8 | $ 6.2 |
SECURITIES SOLD UNDER REPURCH_3
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS - Summary of Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities sold under agreements to repurchase | $ 20,384 | $ 30,638 | |
Weighted Average | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities sold under agreements to repurchase | $ 15,692 | $ 28,694 | $ 44,324 |
Average interest rate during the year | 0.15% | 0.20% | 0.22% |
Weighted average interest rate at year-end | 0.14% | 0.18% | 0.19% |
Maximum | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Securities sold under agreements to repurchase | $ 23,270 | $ 49,836 | $ 56,203 |
SECURITIES SOLD UNDER REPURCH_4
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS - Summary of Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Securities sold under agreements to repurchase | $ 20,384 | $ 30,638 |
OTHER BORROWINGS - Schedule of
OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Net carrying value of subordinated debt | $ 89,187 | $ 85,550 |
Other borrowings | 151,774 | $ 250,554 |
Daily Rate Credit with a variable interest rate (1.59% at December 31, 2017) | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 1.59% | |
Advance from correspondent bank | $ 0 | $ 25,000 |
Convertible Flipper Advance due May 22, 2019; current interest rate of 4.68% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.68% | |
Advance from correspondent bank | $ 1,514 | 0 |
Principal Reducing Advance due June 20, 2019; fixed interest rate of 1.274% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 1.274% | |
Advance from correspondent bank | $ 500 | 0 |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.55% | |
Advance from correspondent bank | $ 1,434 | 0 |
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.55% | |
Advance from correspondent bank | $ 993 | 0 |
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 3.095% | |
Advance from correspondent bank | $ 1,858 | $ 0 |
Fixed Rate Advance due January 8, 2018; fixed interest rate of 1.39% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 1.39% | |
Advance from correspondent bank | $ 0 | $ 150,000 |
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,074 and $1,205, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 5.75% | |
Unamortized debt issuance expense | $ 1,074 | 1,205 |
Net carrying value of subordinated debt | $ 73,926 | 73,795 |
Advance from correspondent bank due October 5, 2019; fixed interest rate of 4.25% | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.25% | |
Other borrowings | $ 20 | 49 |
Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09% | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 1,529 | 1,710 |
Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (6.24% at December 31, 2018) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
Long-term line of credit | $ 70,000 | $ 0 |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
London Interbank Offered Rate (LIBOR) | Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,074 and $1,205, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616% | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.616% |
OTHER BORROWINGS - Narrative (D
OTHER BORROWINGS - Narrative (Details) - USD ($) | Mar. 15, 2022 | Dec. 31, 2018 | Mar. 13, 2017 |
Debt Instrument [Line Items] | |||
Federal home loan bank, advances, general debt obligations, amount of available, unused funds | $ 1,930,000,000 | ||
Line of credit facility, remaining borrowing capacity | 30,000,000 | ||
Credit arrangements for federal funds purchase | 117,000,000 | ||
Pledged assets separately reported, loans pledged for federal reserve bank, at fair value | 1,640,000,000 | ||
Loans pledged at federal reserve discount window available for borrowing | $ 1,140,000,000 | ||
London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
Senior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Face amount | $ 75,000,000 | ||
Interest rate, stated percentage | 5.75% | ||
Scenario, Forecast | Senior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Redemption price, percentage | 100.00% | ||
Scenario, Forecast | Senior Subordinated Notes | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.616% | ||
Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (6.24% at December 31, 2018) | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | ||
Basis spread on variable rate | 3.50% |
SUBORDINATED DEFERRABLE INTER_2
SUBORDINATED DEFERRABLE INTEREST DEBENTURES - Narrative (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2017 | |
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock, value, issued | $ 0 | $ 0 | ||||||
First National Banc Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 5,000,000 | |||||||
Preferred stock spread variable dividend rate | 2.80% | |||||||
Trust preferred securities interest rate | 5.60% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 5,000,000 | |||||||
Long-term debt, gross | 5,155,000 | |||||||
Common stock held in trust | $ 155,000 | |||||||
Prosperity Banking Capital Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 5,000,000 | |||||||
Preferred stock spread variable dividend rate | 2.57% | |||||||
Trust preferred securities interest rate | 4.97% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 5,000,000 | |||||||
Long-term debt, gross | 5,155,000 | |||||||
Common stock held in trust | 155,000 | |||||||
Subordinated debt obligations, net carrying value | $ 3,567,000 | |||||||
Prosperity Banking Capital Trust II | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 4,500,000 | |||||||
Preferred stock spread variable dividend rate | 3.15% | |||||||
Trust preferred securities interest rate | 5.97% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 4,500,000 | |||||||
Long-term debt, gross | 4,640,000 | |||||||
Common stock held in trust | 140,000 | |||||||
Subordinated debt obligations, net carrying value | $ 3,513,000 | |||||||
Prosperity Bank Statutory Trust III | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 10,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.60% | |||||||
Trust preferred securities interest rate | 4.39% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 10,000,000 | |||||||
Long-term debt, gross | 10,310,000 | |||||||
Common stock held in trust | 310,000 | |||||||
Subordinated debt obligations, net carrying value | $ 5,989,000 | |||||||
Prosperity Bank Statutory Trust IV | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 10,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.54% | |||||||
Trust preferred securities interest rate | 4.33% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 5,000,000 | |||||||
Long-term debt, gross | 5,155,000 | |||||||
Common stock held in trust | 310,000 | |||||||
Subordinated debt obligations, net carrying value | $ 3,372,000 | |||||||
Coastal Bankshares Statutory Trust One | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 5,000,000 | |||||||
Preferred stock spread variable dividend rate | 3.15% | |||||||
Trust preferred securities interest rate | 5.59% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 5,000,000 | |||||||
Long-term debt, gross | 5,155,000 | |||||||
Common stock held in trust | 155,000 | |||||||
Subordinated debt obligations, net carrying value | $ 4,013,000 | |||||||
Coastal Bankshares Statutory Trust Two | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 10,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.60% | |||||||
Trust preferred securities interest rate | 4.39% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 10,000,000 | |||||||
Long-term debt, gross | 10,310,000 | |||||||
Common stock held in trust | 310,000 | |||||||
Subordinated debt obligations, net carrying value | $ 6,421,000 | |||||||
Merchants & Southern Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 3,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.90% | |||||||
Trust preferred securities interest rate | 4.69% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 3,000,000 | |||||||
Long-term debt, gross | 3,093,000 | |||||||
Common stock held in trust | 93,000 | |||||||
Subordinated debt obligations, net carrying value | $ 2,068,000 | |||||||
Merchants & Southern Statutory Trust II | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 3,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.50% | |||||||
Trust preferred securities interest rate | 4.29% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 3,000,000 | |||||||
Long-term debt, gross | 3,093,000 | |||||||
Common stock held in trust | 93,000 | |||||||
Subordinated debt obligations, net carrying value | $ 1,910,000 | |||||||
Atlantic BancGroup, Inc. Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 3,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.50% | |||||||
Trust preferred securities interest rate | 4.29% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 3,000,000 | |||||||
Long-term debt, gross | 3,093,000 | |||||||
Common stock held in trust | 93,000 | |||||||
Subordinated debt obligations, net carrying value | $ 1,844,000 | |||||||
Jacksonville Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 4,000,000 | |||||||
Preferred stock spread variable dividend rate | 2.63% | |||||||
Trust preferred securities interest rate | 5.42% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 4,000,000 | |||||||
Long-term debt, gross | 4,124,000 | |||||||
Common stock held in trust | 124,000 | |||||||
Subordinated debt obligations, net carrying value | $ 3,191,000 | |||||||
Jacksonville Statutory Trust II | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 3,000,000 | |||||||
Preferred stock spread variable dividend rate | 1.73% | |||||||
Trust preferred securities interest rate | 4.52% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 3,000,000 | |||||||
Long-term debt, gross | 3,093,000 | |||||||
Common stock held in trust | 93,000 | |||||||
Subordinated debt obligations, net carrying value | $ 2,042,000 | |||||||
Jacksonville Bancorp, Inc. Statutory Trust III | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock value authorized | $ 7,550,000 | |||||||
Preferred stock spread variable dividend rate | 3.75% | |||||||
Trust preferred securities interest rate | 6.54% | |||||||
Preferred stock maturity period | 30 years | |||||||
Preferred stock, value, outstanding | $ 7,550,000 | |||||||
Long-term debt, gross | 7,784,000 | |||||||
Common stock held in trust | 234,000 | |||||||
Subordinated debt obligations, net carrying value | $ 6,673,000 | |||||||
Cherokee Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock spread variable dividend rate | 1.50% | |||||||
Trust preferred securities interest rate | 4.29% | |||||||
Preferred stock, value, outstanding | $ 3,093,000 | |||||||
Long-term debt, gross | 3,000,000 | |||||||
Common stock held in trust | 93,000 | |||||||
Subordinated debt obligations, net carrying value | 2,315,000 | |||||||
Ameris Statutory Trust I | ||||||||
Securities Financing Transaction [Line Items] | ||||||||
Preferred stock spread variable dividend rate | 1.63% | |||||||
Long-term debt, gross | $ 37,114,000 | |||||||
Common stock held in trust | $ 1,114,000 | |||||||
Preferred stock, value, issued | $ 36,000,000 | |||||||
Preferred stock and debt rate percentage | 4.42% |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2018 | May 25, 2018 | Jan. 31, 2018 | Jan. 03, 2018 | Mar. 06, 2017 | Jan. 18, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 25, 2018 | Feb. 16, 2018 | Mar. 13, 2017 |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Authorized repurchase amount | $ 100,000 | |||||||||||||
Number of shares repurchased (in shares) | 0 | |||||||||||||
Issuance of common stock | $ 0 | $ 88,656 | $ 0 | |||||||||||
Payments for capital contribution | $ 110,000 | |||||||||||||
Underwritten Public Offering | ||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Issuance of common stock (in shares) | 2,012,500 | |||||||||||||
Shares issued, price per share (in dollars per share) | $ 46.50 | |||||||||||||
Issuance of common stock | $ 88,700 | |||||||||||||
Public offering deduction amount | $ 4,900 | |||||||||||||
Senior Subordinated Notes | ||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Interest rate, stated percentage | 5.75% | |||||||||||||
Hamilton State Bancshares, Inc. | ||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Common shares issued in a business combination (in shares) | 6,548,385 | |||||||||||||
Increase in shareholders' equity | $ 349,400 | |||||||||||||
Share price (in dollars per share) | $ 53.35 | |||||||||||||
Purchase price | $ 397,135 | |||||||||||||
Atlantic Coast Financial Corporation | ||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Common shares issued in a business combination (in shares) | 2,631,520 | |||||||||||||
Increase in shareholders' equity | $ 147,760 | |||||||||||||
Share price (in dollars per share) | $ 56.15 | |||||||||||||
Purchase price | $ 169,287 | |||||||||||||
US Premium Financing Holding Company | ||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||||
Common shares issued in a business combination (in shares) | 830,301 | 1,073,158 | ||||||||||||
Increase in shareholders' equity | $ 44,500 | $ 5,500 | $ 5,800 | |||||||||||
Share price (in dollars per share) | $ 53.55 | $ 53.55 | ||||||||||||
Purchase of remaining ownership interest in cost method investment | 70.00% | 25.01% | 4.99% | 70.00% | ||||||||||
Stock issued during period, shares, purchase of assets (in shares) | 114,285 | 128,572 | ||||||||||||
Price per share of the Company's common stock (in dollars per share) | $ 48.55 | $ 45.45 | ||||||||||||
Purchase price | $ 8,900 | $ 12,500 | $ 82,981 | |||||||||||
Additional cash payments | $ 5,800 | $ 5,800 | ||||||||||||
Number of shares registered for resale or other disposition (in shares) | 944,586 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ 804,479 | $ 646,437 | |
Reclassification to retained earnings due to change in federal corporate tax rate | (392) | ||
Adjusted balance, January 1, 2018 | (1,672) | ||
Reclassification for gains included in net income, net of tax | (70) | (24) | $ (61) |
Current year changes, net of tax | (3,084) | (198) | (4,350) |
Balance at end of period | 1,456,347 | 804,479 | 646,437 |
Unrealized Gain (Loss) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 292 | 176 | 152 |
Reclassification to retained earnings due to change in federal corporate tax rate | (53) | ||
Adjusted balance, January 1, 2018 | 239 | ||
Reclassification for gains included in net income, net of tax | 0 | 0 | 0 |
Current year changes, net of tax | 112 | 116 | 24 |
Balance at end of period | 351 | 292 | 176 |
Unrealized Gain (Loss) on Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,572) | (1,234) | 3,201 |
Reclassification to retained earnings due to change in federal corporate tax rate | (339) | ||
Adjusted balance, January 1, 2018 | (1,911) | ||
Reclassification for gains included in net income, net of tax | (70) | (24) | (61) |
Current year changes, net of tax | (3,196) | (314) | (4,374) |
Balance at end of period | (5,177) | (1,572) | (1,234) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,280) | (1,058) | 3,353 |
Balance at end of period | $ (4,826) | $ (1,280) | $ (1,058) |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Service charges on deposit accounts | $ 46,128 | $ 42,054 | $ 42,745 |
Other service charges, commissions and fees | 3,003 | 2,872 | 3,575 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 46,128 | 42,054 | 42,745 |
Debit card interchange fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 18,945 | 16,086 | 15,588 |
Overdraft fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 18,267 | 17,736 | 19,447 |
Other service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 8,916 | 8,232 | 7,710 |
Other service charges, commissions and fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 2,721 | 2,575 | 3,004 |
ATM fees | |||
Disaggregation of Revenue [Line Items] | |||
ASC 606 Revenue Items | 2,721 | 2,575 | 3,004 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Other service charges, commissions and fees | $ 282 | $ 297 | $ 571 |
REVENUE FROM CONTRACTS WITH C_4
REVENUE FROM CONTRACTS WITH CUSTOMERS - Gains/Losses on the Sale of OREO (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Net gains (losses) recognized on the sale of OREO | $ (1,301) | $ (500) | $ (1,953) |
Credit Resolution Related Expense | |||
Disaggregation of Revenue [Line Items] | |||
Net gains (losses) recognized on the sale of OREO | $ (459) | $ 850 | $ (227) |
INCOME TAXES - Summary of Incom
INCOME TAXES - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current – federal | $ 27,714 | $ 33,074 | $ 28,749 | ||||||||
Current - state | 1,375 | 5,230 | 3,550 | ||||||||
Deferred - federal | 496 | 3,874 | 2,460 | ||||||||
Deferred - state | 878 | (5,069) | (1,613) | ||||||||
Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate | 0 | 13,625 | 0 | ||||||||
Provision for income taxes | $ 7,017 | $ 13,317 | $ 2,423 | $ 7,706 | $ 22,063 | $ 8,142 | $ 10,315 | $ 10,214 | $ 30,463 | $ 50,734 | $ 33,146 |
INCOME TAXES - Reconciliation E
INCOME TAXES - Reconciliation Effective Income Tax Amount (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income statutory rate | 21.00% | 35.00% | 35.00% | ||||||||
Tax at federal income tax rate | $ 31,813 | $ 43,499 | $ 36,836 | ||||||||
Change resulting from: | |||||||||||
State income tax, net of federal benefit | 1,965 | (680) | 695 | ||||||||
Tax-exempt interest | (3,095) | (4,390) | (3,916) | ||||||||
Increase in cash value of bank owned life insurance | (382) | (556) | (607) | ||||||||
Excess tax benefit from stock compensation | (602) | (939) | 0 | ||||||||
Nondeductible merger expenses | 1,002 | 0 | 0 | ||||||||
Other | (238) | 175 | 138 | ||||||||
Remeasurement of deferred tax assets and deferred tax liabilities at reduced federal corporate tax rate | 0 | 13,625 | 0 | ||||||||
Provision for income taxes | $ 7,017 | $ 13,317 | $ 2,423 | $ 7,706 | $ 22,063 | $ 8,142 | $ 10,315 | $ 10,214 | $ 30,463 | $ 50,734 | $ 33,146 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Interest and penalties related to income taxes | $ 0 | $ 0 | $ 0 |
Accrued interest and penalties related to income taxes | 0 | $ 0 | $ 0 |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 75,920,000 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 70,200,000 | ||
Maximum | Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, recovery period | 17 years | ||
Maximum | State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, recovery period | 17 years |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||
Allowance for loan losses | $ 7,222 | $ 6,704 |
Deferred compensation | 3,467 | 1,494 |
Deferred gain on interest rate swap | 56 | 114 |
Unrealized loss on interest rate swap | 0 | 80 |
Nonaccrual interest | 107 | 5 |
Purchase accounting adjustments | 13,144 | 5,631 |
Goodwill and intangible assets | 0 | 4,909 |
Other real estate owned | 2,980 | 3,203 |
Net operating loss tax carryforward | 19,277 | 17,853 |
AMT credit carryforward | 1,339 | 813 |
Unrealized loss on securities available for sale | 2,792 | 508 |
FDIC-assisted transaction adjustments | 2,501 | 0 |
Capitalized costs, accrued expenses and other | 2,851 | 1,144 |
Deferred tax assets, net of valuation allowance, total | 55,736 | 42,458 |
Deferred tax liabilities | ||
Premises and equipment | 4,597 | 4,064 |
Mortgage servicing rights | 3,716 | 1,885 |
Subordinated debentures | 5,259 | 5,147 |
FDIC-assisted transaction adjustments | 0 | 3,042 |
Goodwill and intangible assets | 7,017 | 0 |
Unrealized gain on interest rate swap | 21 | 0 |
Deferred tax liabilities, net | 20,610 | 14,138 |
Net deferred tax asset | $ 35,126 | $ 28,320 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plan expenses | $ 2,945 | $ 2,213 | $ 2,053 |
Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum term employees required to work to be eligible in plan | 30 days | ||
Minimum age eligibility of employee | 18 years |
DEFERRED COMPENSATION PLANS - N
DEFERRED COMPENSATION PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash surrender value of life insurance | $ 104,100 | $ 79,600 | |
Deferred compensation arrangement with individual, recorded liability | 769 | 874 | |
Deferred compensation arrangement with individual, compensation expense | 739 | 1,416 | $ 1,127 |
Supplemental Employee Retirement Plan | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement with individual, recorded liability | $ 5,474 | $ 4,962 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement with individual, shares authorized for issuance (in shares) | 2,985,000 | ||
Shares available to be issued under stock-based incentive plan (in shares) | 804,855 | ||
Options granted during the period (in shares) | 0 | 0 | 0 |
Share-based compensation expense | $ 6,241 | $ 3,316 | $ 2,261 |
Restricted stock weighted average period | 1 year 3 months 4 days | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Income tax benefit related to compensation expense | $ 24 | $ 248 | $ 177 |
Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 10 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding restricted shares (in shares) | 161,746 | 277,815 | 279,727 |
Income tax benefit related to compensation expense | $ 818 | $ 698 | $ 721 |
Deferred compensation expense | 822 | ||
Unearned compensation related to restricted stock | $ 3,342 | $ 4,489 | $ 3,878 |
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Activity of Non-Performance-Based & Performance-Based Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Option Activity, Shares | |||
Granted (in shares) | 0 | 0 | 0 |
Non-Performance-Based | |||
Stock Option Activity, Shares | |||
Under option, beginning of year (in shares) | 47,294 | 58,603 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (47,294) | (11,309) | |
Forfeited (in shares) | 0 | 0 | |
Under option, end of year (in shares) | 0 | 47,294 | 58,603 |
Exercisable at end of year (in shares) | 0 | 47,294 | |
Stock Options Weighted Average Exercise Price | |||
Under option, beginning of year, Weighted-Average Exercise Price (in dollars per share) | $ 14.76 | $ 14.76 | |
Granted, Weighted-Average Exercise Price (in dollars per share) | 0 | 0 | |
Exercised, Weighted-Average Exercise Price (in dollars per share) | 14.76 | 14.76 | |
Forfeited, Weighted-Average Exercise Price (in dollars per share) | 0 | 0 | |
Under option, end of year, Weighted-Average Exercise Price (in dollars per share) | 0 | 14.76 | $ 14.76 |
Exercisable at end of year, Weighted-Average Exercise Price (in dollars per share) | $ 0 | $ 14.76 | |
Stock Option Activity, Additional Disclosures | |||
Under option, end of year, Weighted Average Contractual Term | 0 years | 1 month 20 days | |
Exercisable at end of year, Weighted Average Contractual Term | 0 years | 1 month 20 days | |
Exercised, Aggregate Intrinsic Value | $ 653 | $ 167 | |
Under option, end of year, Aggregate Intrinsic Value | 0 | 1,519 | |
Exercisable at end of year, Aggregate Intrinsic Value | $ 0 | $ 1,519 | |
Performance-Based | |||
Stock Option Activity, Shares | |||
Under option, beginning of year (in shares) | 37,013 | 142,910 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (29,014) | (102,309) | |
Forfeited (in shares) | (288) | (3,588) | |
Under option, end of year (in shares) | 7,711 | 37,013 | 142,910 |
Exercisable at end of year (in shares) | 7,711 | 37,013 | |
Stock Options Weighted Average Exercise Price | |||
Under option, beginning of year, Weighted-Average Exercise Price (in dollars per share) | $ 7.36 | $ 15.06 | |
Granted, Weighted-Average Exercise Price (in dollars per share) | 0 | 0 | |
Exercised, Weighted-Average Exercise Price (in dollars per share) | 7.47 | 17.62 | |
Forfeited, Weighted-Average Exercise Price (in dollars per share) | 7.47 | 21.35 | |
Under option, end of year, Weighted-Average Exercise Price (in dollars per share) | 6.94 | 7.36 | $ 15.06 |
Exercisable at end of year, Weighted-Average Exercise Price (in dollars per share) | $ 6.94 | $ 7.36 | |
Stock Option Activity, Additional Disclosures | |||
Under option, end of year, Weighted Average Contractual Term | 1 month 9 days | 1 year 25 days | |
Exercisable at end of year, Weighted Average Contractual Term | 1 month 9 days | 1 year 25 days | |
Exercised, Aggregate Intrinsic Value | $ 217 | $ 1,803 | |
Forfeited, Aggregate Intrinsic Value | 2 | ||
Under option, end of year, Aggregate Intrinsic Value | 308 | 1,463 | |
Exercisable at end of year, Aggregate Intrinsic Value | $ 308 | $ 1,463 |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary of the Status of the Company's Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | ||
Nonvested shares at beginning of year (in shares) | 277,815 | 279,727 |
Granted (in shares) | 89,855 | 84,147 |
Vested (in shares) | (195,344) | (85,587) |
Forfeited (in shares) | (10,580) | (472) |
Nonvested shares at end of year (in shares) | 161,746 | 277,815 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares at beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 33.24 | $ 26.10 |
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share) | 53.37 | 46.93 |
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share) | 33.21 | 23.30 |
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share) | 49.52 | 47.60 |
Nonvested shares at end of year, Weighted-Average Grant-Date Fair Value (in dollars per share) | $ 43.40 | $ 33.24 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010 | |
Derivative [Line Items] | |||||||||||||
Interest rate cash flow hedge asset at fair value | $ 102,000 | $ 102,000 | |||||||||||
Interest rate cash flow hedge liability at fair value | $ 381,000 | $ 381,000 | |||||||||||
Interest expense | 23,195,000 | $ 22,081,000 | $ 13,947,000 | $ 10,711,000 | 10,041,000 | $ 9,467,000 | $ 8,254,000 | $ 6,460,000 | 69,934,000 | 34,222,000 | $ 19,694,000 | ||
Mortgages | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative asset | 2,600,000 | 2,900,000 | 2,600,000 | 2,900,000 | |||||||||
Derivative liability | 1,300,000 | 67,000 | 1,300,000 | 67,000 | |||||||||
Interest rate lock commitments | Mortgages | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative asset, notional amount | $ 81,800,000 | 86,100,000 | $ 81,800,000 | 86,100,000 | |||||||||
Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative liability, notional amount | $ 37,100,000 | ||||||||||||
Derivative, fixed interest rate | 4.11% | 4.11% | |||||||||||
Interest expense | $ 122,000 | 484,000 | $ 678,000 | ||||||||||
Forward contracts related to mortgage loans held for sale | Mortgages | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | $ 163,200,000 | $ 158,300,000 | $ 163,200,000 | $ 158,300,000 | |||||||||
London Interbank Offered Rate (LIBOR) | Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, basis spread on variable rate | 1.63% | 1.63% | |||||||||||
Scenario, Forecast | Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 83,000 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Net Gains (Losses) Relating to Free-Standing Derivative Instruments (Details) - Mortgage banking derivative instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Forward contracts related to mortgage loans held for sale | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | $ (1,276) | $ (12) | $ 1,285 |
Interest rate lock commitments | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net, pretax, total | $ 2,537 | $ 2,833 | $ 3,029 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Derivative Financial Instruments (Details) - Mortgages - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 81,833 | $ 117,649 |
Derivative, fair value | 2,537 | 2,888 |
Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, notional amount | 163,189 | 126,750 |
Derivative, fair value | 1,276 | 67 |
Forward contracts related to mortgage loans held for sale | ||
Derivative [Line Items] | ||
Derivative, notional amount | 163,200 | 158,300 |
Forward contracts related to mortgage loans held for sale | Other Assets | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 31,500 |
Derivative, fair value | 0 | 55 |
Forward contracts related to mortgage loans held for sale | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative, notional amount | 163,189 | 126,750 |
Derivative, fair value | 1,276 | 67 |
Interest rate lock commitments | Other Assets | ||
Derivative [Line Items] | ||
Derivative, notional amount | 81,833 | 86,149 |
Derivative, fair value | $ 2,537 | $ 2,833 |
FAIR VALUE MEASURES - Loans Hel
FAIR VALUE MEASURES - Loans Held for Sale Carried at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 111,298 | $ 197,442 |
Mortgage loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 107,428 | 190,445 |
SBA loans held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 3,870 | $ 6,997 |
FAIR VALUE MEASURES - Narrative
FAIR VALUE MEASURES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net gains (losses) from change in fair value of mortgages loans held for sale | $ 4.1 | $ 4.6 | $ 2.2 |
Net gain (loss) from changes in fair value of related derivative financial instruments | $ 1.8 | $ (3) | $ (4.2) |
FAIR VALUE MEASURES - Differenc
FAIR VALUE MEASURES - Difference Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measured at Fair Value (Details) - Loans held for sale - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate fair value of mortgage loans held for sale | $ 107,428 | $ 190,445 |
Aggregate unpaid principal balance | 103,319 | 185,814 |
Past due loans of 90 days or more | 0 | 0 |
Nonaccrual loans | $ 0 | $ 0 |
FAIR VALUE MEASURES - Fair Valu
FAIR VALUE MEASURES - Fair Value Measurements of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 1,192,423 | $ 810,873 |
Loans held for sale | 111,298 | 197,442 |
State, county and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 150,733 | 137,794 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 67,314 | 47,143 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 974,376 | 625,936 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 111,298 | 197,442 |
Total recurring assets at fair value | 1,306,360 | 1,011,203 |
Total recurring liabilities at fair value | 1,276 | 448 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 0 | 0 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 111,298 | 197,442 |
Total recurring assets at fair value | 1,304,860 | 1,009,703 |
Total recurring liabilities at fair value | 1,276 | 448 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 1,500 | 1,500 |
Loans held for sale | 0 | 0 |
Total recurring assets at fair value | 1,500 | 1,500 |
Total recurring liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | State, county and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 150,733 | 137,794 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 150,733 | 137,794 |
Fair Value, Measurements, Recurring | State, county and municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 67,314 | 47,143 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 65,814 | 45,643 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 1,500 | 1,500 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 974,376 | 625,936 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 974,376 | 625,936 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Derivative financial instruments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 102 | |
Derivative liability | 381 | |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 102 | |
Derivative liability | 381 | |
Derivative financial instruments | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | |
Mortgage banking derivative instruments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 2,537 | 2,888 |
Derivative liability | 1,276 | 67 |
Mortgage banking derivative instruments | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Mortgage banking derivative instruments | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 2,537 | 2,888 |
Derivative liability | 1,276 | 67 |
Mortgage banking derivative instruments | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | $ 0 | $ 0 |
FAIR VALUE MEASURES - Summary o
FAIR VALUE MEASURES - Summary of Fair Value Measurements of Assets Measured at Fair Value on Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 38,596 | $ 37,018 |
Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 38,596 | 37,018 |
Impaired loans carried at fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 28,653 | 27,684 |
Impaired loans carried at fair value | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Impaired loans carried at fair value | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Impaired loans carried at fair value | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 28,653 | 27,684 |
Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 408 | 323 |
Other real estate owned | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Other real estate owned | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Other real estate owned | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 408 | 323 |
Purchased other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 9,535 | 9,011 |
Purchased other real estate owned | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Purchased other real estate owned | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | 0 | 0 |
Purchased other real estate owned | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value | $ 9,535 | $ 9,011 |
FAIR VALUE MEASURES - Summary_2
FAIR VALUE MEASURES - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2018USD ($) | Sep. 30, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities available for sale, at fair value | $ 1,192,423 | $ 810,873 | ||
Other real estate owned | 9,535 | 9,011 | ||
Purchased other real estate owned | 7,218 | 8,464 | $ 10,874 | |
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities available for sale, at fair value | 1,500 | 1,500 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total impaired loans | 28,653 | 27,684 | ||
Other real estate owned | 408 | 323 | ||
Purchased other real estate owned | $ 9,535 | $ 9,011 | ||
Discounted par values | Credit quality of underlying issuer | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities available for sale, measurement input | 0 | 0 | ||
Discounted par values | Credit quality of underlying issuer | Fair Value, Measurements, Recurring | Weighted Average | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment securities available for sale, measurement input | 0 | 0 | ||
Third party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans, measurement input | 0.03 | 0.20 | ||
Third party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans, measurement input | 0.53 | 0.90 | ||
Third party appraisals and discounted cash flows | Collateral discounts and discount rates | Fair Value, Measurements, Nonrecurring | Weighted Average | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impaired loans, measurement input | 0.30 | 0.24 | ||
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other real estate owned, measurement input | 0.15 | 0.15 | ||
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other real estate owned, measurement input | 0.69 | 0.15 | ||
Third party appraisals and sales contracts | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Weighted Average | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Other real estate owned, measurement input | 0.31 | 0.15 | ||
Third party appraisals | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Minimum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Purchased other real estate owned, measurement input | 0.06 | 0.10 | ||
Third party appraisals | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Maximum | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Purchased other real estate owned, measurement input | 0.74 | 0.74 | ||
Third party appraisals | Collateral discounts and estimated costs to sell | Fair Value, Measurements, Nonrecurring | Weighted Average | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Purchased other real estate owned, measurement input | 0.39 | 0.26 |
FAIR VALUE MEASURES - Carrying
FAIR VALUE MEASURES - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Cash and due from banks | $ 172,036 | $ 139,313 |
Time deposits in other banks | 10,812 | 0 |
Financial liabilities: | ||
Other borrowings | 151,774 | 250,554 |
Subordinated deferrable interest debentures | 89,187 | 85,550 |
FDIC loss-share payable | 19,487 | 8,803 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 172,036 | 139,313 |
Federal funds sold and interest-bearing accounts | 507,491 | 191,345 |
Time deposits in other banks | 10,812 | |
Loans, net | 8,454,442 | 5,992,880 |
Accrued interest receivable | 36,970 | 26,005 |
Financial liabilities: | ||
Deposits | 9,649,313 | 6,625,845 |
Securities sold under agreements to repurchase | 20,384 | 30,638 |
Other borrowings | 151,774 | 250,554 |
Subordinated deferrable interest debentures | 89,187 | 85,550 |
FDIC loss-share payable | 19,487 | 8,803 |
Accrued interest payable | 5,669 | 3,258 |
Fair Value | ||
Financial assets: | ||
Cash and due from banks | 172,036 | 139,313 |
Federal funds sold and interest-bearing accounts | 507,491 | 191,345 |
Time deposits in other banks | 10,812 | |
Loans, net | 8,365,293 | 5,960,963 |
Accrued interest receivable | 36,970 | 26,005 |
Financial liabilities: | ||
Deposits | 9,645,617 | 6,627,773 |
Securities sold under agreements to repurchase | 20,384 | 30,638 |
Other borrowings | 152,873 | 251,759 |
Subordinated deferrable interest debentures | 90,180 | 74,243 |
FDIC loss-share payable | 19,576 | 9,548 |
Accrued interest payable | 5,669 | 3,258 |
Fair Value | Level 1 | ||
Financial assets: | ||
Cash and due from banks | 172,036 | 139,313 |
Federal funds sold and interest-bearing accounts | 507,491 | 191,345 |
Time deposits in other banks | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 26,005 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 20,384 | 30,638 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | 0 | 0 |
FDIC loss-share payable | 0 | 0 |
Accrued interest payable | 0 | 3,258 |
Fair Value | Level 2 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing accounts | 0 | 0 |
Time deposits in other banks | 10,812 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 5,456 | 0 |
Financial liabilities: | ||
Deposits | 9,645,617 | 6,627,773 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 152,873 | 271,759 |
Subordinated deferrable interest debentures | 90,180 | 74,243 |
FDIC loss-share payable | 0 | 0 |
Accrued interest payable | 5,669 | 0 |
Fair Value | Level 3 | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing accounts | 0 | 0 |
Time deposits in other banks | 0 | |
Loans, net | 8,365,293 | 5,960,963 |
Accrued interest receivable | 31,514 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated deferrable interest debentures | 0 | 0 |
FDIC loss-share payable | 19,576 | 9,548 |
Accrued interest payable | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Guarantor Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit | $ 1,671,419 | $ 1,109,806 |
Unused home equity lines of credit | 112,310 | 69,788 |
Financial standby letters of credit | 24,596 | 11,389 |
Mortgage interest rate lock commitments | 81,833 | 86,149 |
Mortgage forward contracts with positive fair value | $ 0 | $ 31,500 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Thousands | Jan. 03, 2018 | Aug. 08, 2013 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||||
Other liabilities | $ 57,023 | $ 50,334 | ||
Loss contingency, damages sought, value | $ 2,900 | |||
Federal Home Loan Bank | Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letter of credit | 75,000 | |||
US Premium Financing Holding Company | ||||
Loss Contingencies [Line Items] | ||||
Other liabilities | $ 18,100 | |||
US Premium Financing Holding Company | ||||
Loss Contingencies [Line Items] | ||||
Cost method investment ownership percentage | 25.01% | |||
Mr. Villari | ||||
Loss Contingencies [Line Items] | ||||
Cash paid for purchase of shares of common stock | $ 12,500 | |||
Stock issued during period, shares, purchase of assets (in shares) | 114,285 |
REGULATORY MATTERS - Narrative
REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Retained earnings, unappropriated | $ 67.2 | |||
Percentage of capital conservation buffer for capital adequacy purposes | 1.875% | 1.25% | 0.00% | |
Scenario, Forecast | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Percentage of capital conservation buffer for capital adequacy purposes | 2.50% |
REGULATORY MATTERS - Company's
REGULATORY MATTERS - Company's and Bank's Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Amount | $ 984,620 | $ 741,159 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Ratio | 9.166% | 9.713% |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Amount | $ 429,690 | $ 305,231 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Amount | $ 895,433 | $ 658,529 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Ratio | 10.07% | 10.291% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Amount | $ 566,859 | $ 367,940 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Ratio | 6.375% | 5.75% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Amount | $ 984,620 | $ 741,159 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Ratio | 11.073% | 11.582% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 700,237 | $ 463,925 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 7.875% | 7.25% |
Total Capital Ratio (total capital to risk weighted assets) Actual Amount | $ 1,087,364 | $ 840,745 |
Total Capital Ratio (total capital to risk weighted assets) Actual Ratio | 12.229% | 13.139% |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 878,075 | $ 591,904 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 9.875% | 9.25% |
Ameris Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Amount | $ 1,127,926 | $ 805,238 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) Actual Ratio | 10.506% | 10.564% |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Amount | $ 429,428 | $ 304,904 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Leverage Ratio (tier 1 capital to average assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 536,785 | $ 381,131 |
Tier 1 Leverage Ratio (tier 1 capital to average assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Amount | $ 1,127,926 | $ 805,238 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Actual Ratio | 12.716% | 12.644% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Amount | $ 565,486 | $ 366,186 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) Adequacy Purposes Ratio | 6.375% | 5.75% |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 576,573 | $ 413,949 |
CET1 Ratio (common equity tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Amount | $ 1,127,926 | $ 805,238 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) Actual Ratio | 12.716% | 12.644% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 698,541 | $ 461,712 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 7.875% | 7.25% |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 709,629 | $ 509,476 |
Tier 1 Capital Ratio (tier 1 capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total Capital Ratio (total capital to risk weighted assets) Actual Amount | $ 1,156,745 | $ 831,029 |
Total Capital Ratio (total capital to risk weighted assets) Actual Ratio | 13.041% | 13.049% |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Amount | $ 875,948 | $ 589,081 |
Total Capital Ratio (total capital to risk weighted assets) For Capital Adequacy Purposes Ratio | 9.875% | 9.25% |
Total Capital Ratio (total capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 887,036 | $ 636,845 |
Total Capital Ratio (total capital to risk weighted assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Financial Information with Respect to Company's Reportable Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 122,749 | $ 121,119 | $ 89,946 | $ 79,512 | $ 79,564 | $ 76,322 | $ 71,411 | $ 67,050 | $ 413,326 | $ 294,347 | $ 239,065 |
Interest expense | 23,195 | 22,081 | 13,947 | 10,711 | 10,041 | 9,467 | 8,254 | 6,460 | 69,934 | 34,222 | 19,694 |
Net interest income | 99,554 | 99,038 | 75,999 | 68,801 | 69,523 | 66,855 | 63,157 | 60,590 | 343,392 | 260,125 | 219,371 |
Provision for loan losses | 3,661 | 2,095 | 9,110 | 1,801 | 2,536 | 1,787 | 2,205 | 1,836 | 16,667 | 8,364 | 4,091 |
Noninterest income | 30,470 | 30,171 | 31,307 | 26,464 | 23,563 | 26,999 | 28,189 | 25,706 | 118,412 | 104,457 | 105,801 |
Noninterest expense | |||||||||||
Salaries and employee benefits | 149,293 | 120,016 | 106,837 | ||||||||
Occupancy and equipment expenses | 29,131 | 24,069 | 24,397 | ||||||||
Data processing and communications expenses | 30,385 | 27,869 | 24,591 | ||||||||
Other expenses | 84,838 | 59,982 | 60,010 | ||||||||
Total noninterest expense | 74,813 | 72,077 | 67,995 | 58,263 | 58,916 | 63,675 | 55,739 | 52,691 | 293,647 | 231,936 | 215,835 |
Income before income tax expense | 50,553 | 54,761 | 11,810 | 34,366 | 31,213 | 28,300 | 33,402 | 31,367 | 151,490 | 124,282 | 105,246 |
Income tax expense | 7,017 | 13,317 | 2,423 | 7,706 | 22,063 | 8,142 | 10,315 | 10,214 | 30,463 | 50,734 | 33,146 |
Net income | 43,536 | $ 41,444 | $ 9,387 | $ 26,660 | 9,150 | $ 20,158 | $ 23,087 | $ 21,153 | 121,027 | 73,548 | 72,100 |
Total assets | 11,443,515 | 7,856,203 | 11,443,515 | 7,856,203 | 6,892,031 | ||||||
Goodwill | 503,434 | 125,532 | 503,434 | 125,532 | 125,532 | ||||||
Other intangible assets, net | 58,689 | 13,496 | 58,689 | 13,496 | 17,428 | ||||||
Banking Division | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 323,757 | 231,111 | 213,246 | ||||||||
Interest expense | 38,199 | 20,392 | 14,762 | ||||||||
Net interest income | 285,558 | 210,719 | 198,484 | ||||||||
Provision for loan losses | 4,486 | 6,787 | 1,973 | ||||||||
Noninterest income | 58,694 | 51,416 | 53,168 | ||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 100,716 | 78,857 | 72,824 | ||||||||
Occupancy and equipment expenses | 26,112 | 21,436 | 22,209 | ||||||||
Data processing and communications expenses | 27,026 | 25,177 | 23,140 | ||||||||
Other expenses | 71,788 | 46,192 | 54,438 | ||||||||
Total noninterest expense | 225,642 | 171,662 | 172,611 | ||||||||
Income before income tax expense | 114,124 | 83,686 | 77,068 | ||||||||
Income tax expense | 23,607 | 36,518 | 23,283 | ||||||||
Net income | 90,517 | 47,168 | 53,785 | ||||||||
Total assets | 9,290,437 | 6,431,151 | 9,290,437 | 6,431,151 | 5,879,859 | ||||||
Goodwill | 438,144 | 125,532 | 438,144 | 125,532 | 125,532 | ||||||
Other intangible assets, net | 37,836 | 13,496 | 37,836 | 13,496 | 17,428 | ||||||
Retail Mortgage Division | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 37,146 | 21,318 | 14,110 | ||||||||
Interest expense | 13,686 | 5,731 | 3,469 | ||||||||
Net interest income | 23,460 | 15,587 | 10,641 | ||||||||
Provision for loan losses | 584 | 771 | 573 | ||||||||
Noninterest income | 48,260 | 44,913 | 45,162 | ||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 39,469 | 32,996 | 30,689 | ||||||||
Occupancy and equipment expenses | 2,440 | 2,217 | 1,928 | ||||||||
Data processing and communications expenses | 1,425 | 1,611 | 1,300 | ||||||||
Other expenses | 6,998 | 4,260 | 4,485 | ||||||||
Total noninterest expense | 50,332 | 41,084 | 38,402 | ||||||||
Income before income tax expense | 20,804 | 18,645 | 16,828 | ||||||||
Income tax expense | 4,335 | 6,526 | 5,891 | ||||||||
Net income | 16,469 | 12,119 | 10,937 | ||||||||
Total assets | 1,153,615 | 598,355 | 1,153,615 | 598,355 | 358,497 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Warehouse Lending Division | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 14,522 | 7,701 | 6,686 | ||||||||
Interest expense | 5,434 | 1,824 | 724 | ||||||||
Net interest income | 9,088 | 5,877 | 5,962 | ||||||||
Provision for loan losses | 0 | 186 | 590 | ||||||||
Noninterest income | 2,021 | 1,739 | 1,790 | ||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 547 | 530 | 619 | ||||||||
Occupancy and equipment expenses | 2 | 4 | 4 | ||||||||
Data processing and communications expenses | 122 | 98 | 103 | ||||||||
Other expenses | 238 | 163 | 106 | ||||||||
Total noninterest expense | 909 | 795 | 832 | ||||||||
Income before income tax expense | 10,200 | 6,635 | 6,330 | ||||||||
Income tax expense | 2,142 | 2,322 | 2,215 | ||||||||
Net income | 8,058 | 4,313 | 4,115 | ||||||||
Total assets | 360,839 | 238,561 | 360,839 | 238,561 | 189,670 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
SBA Division | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 7,672 | 5,293 | 3,959 | ||||||||
Interest expense | 2,617 | 1,549 | 739 | ||||||||
Net interest income | 5,055 | 3,744 | 3,220 | ||||||||
Provision for loan losses | 1,137 | (111) | 847 | ||||||||
Noninterest income | 4,858 | 6,277 | 5,681 | ||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 2,870 | 3,126 | 2,705 | ||||||||
Occupancy and equipment expenses | 234 | 215 | 254 | ||||||||
Data processing and communications expenses | 19 | 21 | 4 | ||||||||
Other expenses | 1,137 | 738 | 712 | ||||||||
Total noninterest expense | 4,260 | 4,100 | 3,675 | ||||||||
Income before income tax expense | 4,516 | 6,032 | 4,379 | ||||||||
Income tax expense | 948 | 2,111 | 1,533 | ||||||||
Net income | 3,568 | 3,921 | 2,846 | ||||||||
Total assets | 139,671 | 101,737 | 139,671 | 101,737 | 90,908 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Other intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Premium Finance Division | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 30,229 | 28,924 | 1,064 | ||||||||
Interest expense | 9,998 | 4,726 | 0 | ||||||||
Net interest income | 20,231 | 24,198 | 1,064 | ||||||||
Provision for loan losses | 10,460 | 731 | 108 | ||||||||
Noninterest income | 4,579 | 112 | 0 | ||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 5,691 | 4,507 | 0 | ||||||||
Occupancy and equipment expenses | 343 | 197 | 2 | ||||||||
Data processing and communications expenses | 1,793 | 962 | 44 | ||||||||
Other expenses | 4,677 | 8,629 | 269 | ||||||||
Total noninterest expense | 12,504 | 14,295 | 315 | ||||||||
Income before income tax expense | 1,846 | 9,284 | 641 | ||||||||
Income tax expense | (569) | 3,257 | 224 | ||||||||
Net income | 2,415 | 6,027 | 417 | ||||||||
Total assets | 498,953 | 486,399 | 498,953 | 486,399 | 373,097 | ||||||
Goodwill | 65,290 | 0 | 65,290 | 0 | 0 | ||||||
Other intangible assets, net | $ 20,853 | $ 0 | $ 20,853 | $ 0 | $ 0 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and due from banks | $ 172,036 | $ 139,313 | ||
Other assets | 88,397 | 72,194 | ||
Total assets | 11,443,515 | 7,856,203 | $ 6,892,031 | |
Liabilities | ||||
Other liabilities | 57,023 | 50,334 | ||
Other borrowings | 151,774 | 250,554 | ||
Subordinated deferrable interest debentures | 89,187 | 85,550 | ||
Total liabilities | 9,987,168 | 7,051,724 | ||
Shareholders' equity | 1,456,347 | 804,479 | 646,437 | |
Total liabilities and shareholders’ equity | 11,443,515 | 7,856,203 | ||
Ameris Bancorp | ||||
Assets | ||||
Cash and due from banks | 6,977 | 4,409 | $ 457 | $ 5,847 |
Investment in subsidiaries | 1,684,810 | 953,815 | ||
Other assets | 9,169 | 31,221 | ||
Total assets | 1,700,956 | 989,445 | ||
Liabilities | ||||
Other liabilities | 11,496 | 25,621 | ||
Other borrowings | 143,926 | 73,795 | ||
Subordinated deferrable interest debentures | 89,187 | 85,550 | ||
Total liabilities | 244,609 | 184,966 | ||
Shareholders' equity | 1,456,347 | 804,479 | ||
Total liabilities and shareholders’ equity | $ 1,700,956 | $ 989,445 |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income | |||||||||||
Total interest income | $ 122,749 | $ 121,119 | $ 89,946 | $ 79,512 | $ 79,564 | $ 76,322 | $ 71,411 | $ 67,050 | $ 413,326 | $ 294,347 | $ 239,065 |
Expense | |||||||||||
Interest expense | 23,195 | 22,081 | 13,947 | 10,711 | 10,041 | 9,467 | 8,254 | 6,460 | 69,934 | 34,222 | 19,694 |
Other expense | 35,446 | 28,078 | 25,308 | ||||||||
Total noninterest expense | 74,813 | 72,077 | 67,995 | 58,263 | 58,916 | 63,675 | 55,739 | 52,691 | 293,647 | 231,936 | 215,835 |
Income (loss) before taxes and equity in undistributed income of subsidiaries | 50,553 | 54,761 | 11,810 | 34,366 | 31,213 | 28,300 | 33,402 | 31,367 | 151,490 | 124,282 | 105,246 |
Income tax benefit | (7,017) | (13,317) | (2,423) | (7,706) | (22,063) | (8,142) | (10,315) | (10,214) | (30,463) | (50,734) | (33,146) |
Net income | $ 43,536 | $ 41,444 | $ 9,387 | $ 26,660 | $ 9,150 | $ 20,158 | $ 23,087 | $ 21,153 | 121,027 | 73,548 | 72,100 |
Ameris Bancorp | |||||||||||
Income | |||||||||||
Dividends from subsidiaries | 46,000 | 0 | 34,631 | ||||||||
Other income | 4,726 | 132 | 208 | ||||||||
Total interest income | 50,726 | 132 | 34,839 | ||||||||
Expense | |||||||||||
Interest expense | 12,670 | 9,065 | 6,280 | ||||||||
Other expense | 8,578 | 4,612 | 2,825 | ||||||||
Total noninterest expense | 21,248 | 13,677 | 9,105 | ||||||||
Income (loss) before taxes and equity in undistributed income of subsidiaries | 29,478 | (13,545) | 25,734 | ||||||||
Income tax benefit | 5,051 | 10,622 | 2,972 | ||||||||
Income (loss) before equity in undistributed income of subsidiaries | 34,529 | (2,923) | 28,706 | ||||||||
Equity in undistributed income of subsidiaries | 86,498 | 76,471 | 43,394 | ||||||||
Net income | $ 121,027 | $ 73,548 | $ 72,100 |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF AMERIS BANCORP (PARENT COMPANY ONLY) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 43,536 | $ 41,444 | $ 9,387 | $ 26,660 | $ 9,150 | $ 20,158 | $ 23,087 | $ 21,153 | $ 121,027 | $ 73,548 | $ 72,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share-based compensation expense | 6,241 | 3,316 | 2,261 | ||||||||
Increase (decrease) in interest payable | 2,411 | 1,757 | 446 | ||||||||
Decrease (increase) in tax receivable | 4,032 | (473) | (8,328) | ||||||||
Provision for deferred taxes | 1,374 | 12,430 | 847 | ||||||||
Other operating activities | (10,761) | 10,895 | (5,128) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Issuance of common stock | 0 | 88,656 | 0 | ||||||||
Purchase of treasury shares | (2,062) | (886) | (1,225) | ||||||||
Dividends paid - common stock | (16,405) | (14,650) | (8,584) | ||||||||
Proceeds from other borrowings | 1,530,000 | 1,837,692 | 635,886 | ||||||||
Repayment of other borrowings | (1,844,258) | (2,079,554) | (231,020) | ||||||||
Net change in cash and cash equivalents | 348,869 | 132,273 | (192,178) | ||||||||
Cash and cash equivalents at beginning of year | 139,313 | 139,313 | |||||||||
Cash and cash equivalents at end of year | 172,036 | 139,313 | 172,036 | 139,313 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Interest | 67,523 | 32,465 | 19,248 | ||||||||
Cash paid (received) during the year for income taxes | 20,026 | 38,939 | 40,575 | ||||||||
Ameris Bancorp | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 121,027 | 73,548 | 72,100 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share-based compensation expense | 6,241 | 3,316 | 2,261 | ||||||||
Undistributed earnings of subsidiaries | (86,498) | (76,471) | (43,394) | ||||||||
Increase (decrease) in interest payable | 313 | 1,142 | (63) | ||||||||
Decrease (increase) in tax receivable | 1,436 | 5,176 | (3,224) | ||||||||
Provision for deferred taxes | 195 | (4,620) | 508 | ||||||||
Other operating activities | (2,051) | 1,230 | (528) | ||||||||
Total adjustments | (80,364) | (70,227) | (44,440) | ||||||||
Net cash provided by operating activities | 40,663 | 3,321 | 27,660 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Investment in subsidiary | 0 | (110,000) | 0 | ||||||||
Net cash proceeds received from (paid for) acquisitions | (90,542) | 0 | (23,205) | ||||||||
Net cash used in investing activities | (90,542) | (110,000) | (23,205) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Issuance of common stock | 0 | 88,656 | 0 | ||||||||
Purchase of treasury shares | (2,062) | (886) | (1,225) | ||||||||
Dividends paid - common stock | (16,405) | (14,650) | (8,584) | ||||||||
Proceeds from other borrowings | 70,000 | 73,692 | 14,000 | ||||||||
Repayment of other borrowings | 0 | (38,850) | (15,000) | ||||||||
Proceeds from exercise of stock options | 914 | 2,669 | 964 | ||||||||
Net cash provided by (used in) financing activities | 52,447 | 110,631 | (9,845) | ||||||||
Net change in cash and cash equivalents | 2,568 | 3,952 | (5,390) | ||||||||
Cash and cash equivalents at beginning of year | $ 4,409 | $ 457 | 4,409 | 457 | 5,847 | ||||||
Cash and cash equivalents at end of year | $ 6,977 | $ 4,409 | 6,977 | 4,409 | 457 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Interest | 12,357 | 7,923 | 6,343 | ||||||||
Cash paid (received) during the year for income taxes | $ (7,500) | $ (11,000) | $ 0 |
QUARTERLY FINANCIAL DATA - Narr
QUARTERLY FINANCIAL DATA - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||
After-tax merger and conversion charges | $ 15.1 | ||
After-tax executive retirement benefits costs | $ 4.5 | ||
Tax reform, additional tax expense from remeasurement from reduced tax rate | $ 13.6 | ||
After-tax compliance resolution expense | $ 3.1 |
QUARTERLY FINANCIAL DATA - Sche
QUARTERLY FINANCIAL DATA - Schedule of Consolidated Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Income Statement Data | |||||||||||
Interest income | $ 122,749 | $ 121,119 | $ 89,946 | $ 79,512 | $ 79,564 | $ 76,322 | $ 71,411 | $ 67,050 | $ 413,326 | $ 294,347 | $ 239,065 |
Interest expense | 23,195 | 22,081 | 13,947 | 10,711 | 10,041 | 9,467 | 8,254 | 6,460 | 69,934 | 34,222 | 19,694 |
Net interest income | 99,554 | 99,038 | 75,999 | 68,801 | 69,523 | 66,855 | 63,157 | 60,590 | 343,392 | 260,125 | 219,371 |
Provision for loan losses | 3,661 | 2,095 | 9,110 | 1,801 | 2,536 | 1,787 | 2,205 | 1,836 | 16,667 | 8,364 | 4,091 |
Net interest income after provision for loan losses | 95,893 | 96,943 | 66,889 | 67,000 | 66,987 | 65,068 | 60,952 | 58,754 | 326,725 | 251,761 | 215,280 |
Noninterest income | 30,470 | 30,171 | 31,307 | 26,464 | 23,563 | 26,999 | 28,189 | 25,706 | 118,412 | 104,457 | 105,801 |
Noninterest expense | 74,813 | 72,077 | 67,995 | 58,263 | 58,916 | 63,675 | 55,739 | 52,691 | 293,647 | 231,936 | 215,835 |
Merger and conversion charges | 997 | 276 | 18,391 | 835 | 421 | 92 | 0 | 402 | |||
Income before income tax expense | 50,553 | 54,761 | 11,810 | 34,366 | 31,213 | 28,300 | 33,402 | 31,367 | 151,490 | 124,282 | 105,246 |
Income tax | 7,017 | 13,317 | 2,423 | 7,706 | 22,063 | 8,142 | 10,315 | 10,214 | 30,463 | 50,734 | 33,146 |
Net income | $ 43,536 | $ 41,444 | $ 9,387 | $ 26,660 | $ 9,150 | $ 20,158 | $ 23,087 | $ 21,153 | $ 121,027 | $ 73,548 | $ 72,100 |
Per Share Data | |||||||||||
Net income - basic (in dollars per share) | $ 0.92 | $ 0.87 | $ 0.24 | $ 0.70 | $ 0.25 | $ 0.54 | $ 0.62 | $ 0.59 | $ 2.81 | $ 2 | $ 2.10 |
Net income - diluted (in dollars per share) | 0.91 | 0.87 | 0.24 | 0.70 | 0.24 | 0.54 | 0.62 | 0.59 | $ 2.80 | $ 1.98 | $ 2.08 |
Common dividends - cash (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |