Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | RENASANT CORP | ||
Entity Central Index Key | 715,072 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 49,335,631 | ||
Entity Public Float | $ 1,874,674,880 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 187,838 | $ 160,570 |
Interest-bearing balances with banks | 93,615 | 145,654 |
Cash and cash equivalents | 281,453 | 306,224 |
Securities held to maturity (fair value of $362,893 at December 31, 2016) | 0 | 356,282 |
Securities available for sale, at fair value | 671,488 | 674,248 |
Mortgage loans held for sale, at fair value | 108,316 | 177,866 |
Loans, net of unearned income: | ||
Total loans, net of unearned income | 7,620,322 | 6,202,709 |
Allowance for loan losses | (46,211) | (42,737) |
Loans, net | 7,574,111 | 6,159,972 |
Premises and equipment, net | 183,254 | 179,223 |
Other real estate owned: | ||
Purchased | 4,410 | 5,929 |
Non purchased | 11,524 | 17,370 |
Total other real estate owned, net | 15,934 | 23,299 |
Goodwill | 611,046 | 470,534 |
Other intangible assets, net | 24,510 | 24,074 |
Bank-owned life insurance | 175,863 | 152,305 |
Mortgage servicing rights | 39,339 | 26,302 |
Other assets | 144,667 | 149,522 |
Total assets | 9,829,981 | 8,699,851 |
Deposits | ||
Noninterest-bearing | 1,840,424 | 1,561,357 |
Interest-bearing | 6,080,651 | 5,497,780 |
Total deposits | 7,921,075 | 7,059,137 |
Short-term borrowings | 89,814 | 109,676 |
Long-term debt | 207,546 | 202,459 |
Other liabilities | 96,563 | 95,696 |
Total liabilities | 8,314,998 | 7,466,968 |
Shareholders’ equity | ||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $5.00 par value – 150,000,000 shares authorized; 49,990,248 and 45,107,066 shares issued, respectively; 49,321,231 and 44,332,273 shares outstanding, respectively | 249,951 | 225,535 |
Treasury stock, at cost | (19,906) | (21,692) |
Additional paid-in capital | 898,095 | 707,408 |
Retained earnings | 397,354 | 337,536 |
Accumulated other comprehensive loss, net of taxes | (10,511) | (15,904) |
Total shareholders’ equity | 1,514,983 | 1,232,883 |
Total liabilities and shareholders’ equity | 9,829,981 | 8,699,851 |
Non-Purchased | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | 5,588,556 | 4,713,572 |
Purchased | ||
Loans, net of unearned income: | ||
Total loans, net of unearned income | $ 2,031,766 | $ 1,489,137 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 0 | $ 362,893 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 5 | $ 5 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 49,990,248 | 45,107,066 |
Common stock, shares outstanding (shares) | 49,321,231 | 44,323,273 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||
Loans | $ 344,472 | $ 302,314 | $ 236,262 |
Securities | |||
Taxable | 18,531 | 16,551 | 17,026 |
Tax-exempt | 9,433 | 9,814 | 9,520 |
Other | 2,314 | 459 | 215 |
Total interest income | 374,750 | 329,138 | 263,023 |
Interest expense | |||
Deposits | 24,620 | 17,856 | 13,715 |
Borrowings | 13,233 | 10,291 | 7,950 |
Total interest expense | 37,853 | 28,147 | 21,665 |
Net interest income | 336,897 | 300,991 | 241,358 |
Provision for loan losses | 7,550 | 7,530 | 4,750 |
Net interest income after provision for loan losses | 329,347 | 293,461 | 236,608 |
Noninterest income | |||
Service charges on deposit accounts | 33,224 | 31,875 | 29,269 |
Fees and commissions | 21,934 | 18,814 | 15,761 |
Insurance commissions | 8,361 | 8,508 | 8,423 |
Wealth management revenue | 11,884 | 11,652 | 9,808 |
Mortgage banking income | 43,415 | 49,443 | 35,815 |
Net gains on sales of securities | 148 | 1,186 | 96 |
BOLI income | 4,353 | 4,635 | 3,612 |
Other | 8,821 | 11,302 | 5,486 |
Total noninterest income | 132,140 | 137,415 | 108,270 |
Noninterest expense | |||
Salaries and employee benefits | 184,540 | 172,448 | 145,111 |
Data processing | 16,474 | 17,723 | 14,251 |
Net occupancy and equipment | 37,756 | 34,394 | 26,987 |
Other real estate owned | 2,470 | 5,696 | 3,045 |
Professional fees | 7,150 | 7,970 | 4,422 |
Advertising and public relations | 8,248 | 7,080 | 6,112 |
Intangible amortization | 6,530 | 6,747 | 6,069 |
Communications | 7,578 | 8,329 | 7,278 |
Merger and conversion related expenses | 10,378 | 4,023 | 11,614 |
Extinguishment of debt | 205 | 2,539 | 0 |
Loss share termination | 0 | 2,053 | 0 |
Other | 20,289 | 26,097 | 20,225 |
Total noninterest expense | 301,618 | 295,099 | 245,114 |
Income before income taxes | 159,869 | 135,777 | 99,764 |
Income taxes | 67,681 | 44,847 | 31,750 |
Net income | $ 92,188 | $ 90,930 | $ 68,014 |
Basic earnings per share (usd per share) | $ 1.97 | $ 2.18 | $ 1.89 |
Diluted earnings per share (usd per share) | 1.96 | 2.17 | 1.88 |
Cash dividends per common share (usd per share) | $ 0.73 | $ 0.71 | $ 0.68 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 92,188 | $ 90,930 | $ 68,014 |
Securities available for sale: | |||
Unrealized holding losses on securities | (2,218) | (6,206) | (351) |
Reclassification adjustment for gains realized in net income | (91) | (727) | (59) |
Unrealized holding gains on securities transferred from held to maturity to available for sale | 8,108 | 0 | 0 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (173) | (61) | (110) |
Total securities available for sale | 5,626 | (6,994) | (520) |
Derivative instruments: | |||
Unrealized holding gains (losses) on derivative instruments | 536 | 527 | (249) |
Total derivative instruments | 536 | 527 | (249) |
Defined benefit pension and post-retirement benefit plans: | |||
Net gain (loss) arising during the period | 1,028 | 31 | (1,435) |
Amortization of net actuarial loss recognized in net periodic pension cost | 249 | 302 | 267 |
Reclassification adjustment for net settlement gain realized in net income | 0 | (235) | 0 |
Total defined benefit pension and post-retirement benefit plans | 1,277 | 98 | (1,168) |
Other comprehensive income (loss), net of tax | 7,439 | (6,369) | (1,937) |
Comprehensive income | $ 99,627 | $ 84,561 | $ 66,077 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance (shares) at Dec. 31, 2014 | 31,545,145 | |||||
Beginning Balance at Dec. 31, 2014 | $ 711,651 | $ 163,281 | $ (22,128) | $ 345,213 | $ 232,883 | $ (7,598) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 68,014 | 68,014 | ||||
Other comprehensive income (loss) | (1,937) | (1,937) | ||||
Comprehensive income | 66,077 | |||||
Cash dividends | (24,557) | (24,557) | ||||
Common stock issued in connection with an acquisition (shares) | 8,635,879 | |||||
Common stock issued in connection with an acquisition | 281,530 | $ 43,179 | 238,351 | |||
Repurchase of shares in connection with an acquisition related to stock-based compensation awards (shares) | (18,635) | |||||
Repurchase of shares in connection with an acquisition related to stock-based compensation awards | (608) | (608) | ||||
Issuance of common stock for stock-based compensation awards (shares) | 130,902 | |||||
Issuance of common stock for stock-based compensation awards | (1,722) | 351 | (2,073) | |||
Stock-based compensation expense | 4,435 | 4,435 | ||||
Other, net | 12 | 12 | ||||
Ending Balance (shares) at Dec. 31, 2015 | 40,293,291 | |||||
Ending Balance at Dec. 31, 2015 | 1,036,818 | $ 206,460 | (22,385) | 585,938 | 276,340 | (9,535) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 90,930 | 90,930 | ||||
Other comprehensive income (loss) | (6,369) | (6,369) | ||||
Comprehensive income | 84,561 | |||||
Cash dividends | (29,734) | (29,734) | ||||
Common stock issued in connection with an acquisition (shares) | 1,680,021 | |||||
Common stock issued in connection with an acquisition | 55,290 | $ 8,400 | 46,890 | |||
Common stock issued in public offering (shares) | 2,135,000 | |||||
Common stock issued in public offering | 84,105 | $ 10,675 | 73,430 | |||
Issuance of common stock for stock-based compensation awards (shares) | 223,961 | |||||
Issuance of common stock for stock-based compensation awards | (1,652) | 693 | (2,345) | |||
Stock-based compensation expense | 3,117 | 3,117 | ||||
Shares vested through Heritage acquisition | 378 | 378 | ||||
Ending Balance (shares) at Dec. 31, 2016 | 44,332,273 | |||||
Ending Balance at Dec. 31, 2016 | 1,232,883 | $ 225,535 | (21,692) | 707,408 | 337,536 | (15,904) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 92,188 | 92,188 | ||||
Other comprehensive income (loss) | 7,439 | 7,439 | ||||
Comprehensive income | 99,627 | |||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act to Retained earnings | 0 | 2,046 | (2,046) | |||
Cash dividends | (34,416) | (34,416) | ||||
Common stock issued in connection with an acquisition (shares) | 4,883,182 | |||||
Common stock issued in connection with an acquisition | 213,590 | $ 24,416 | 189,174 | |||
Issuance of common stock for stock-based compensation awards (shares) | 105,776 | |||||
Issuance of common stock for stock-based compensation awards | (2,190) | 1,786 | (3,976) | |||
Stock-based compensation expense | 5,293 | 5,293 | ||||
Shares vested through Heritage acquisition | 196 | 196 | ||||
Ending Balance (shares) at Dec. 31, 2017 | 49,321,231 | |||||
Ending Balance at Dec. 31, 2017 | $ 1,514,983 | $ 249,951 | $ (19,906) | $ 898,095 | $ 397,354 | $ (10,511) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share (usd per share) | $ 0.73 | $ 0.71 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 92,188 | $ 90,930 | $ 68,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 7,550 | 7,530 | 4,750 |
Depreciation, amortization and accretion | 4,832 | 3,091 | 9,195 |
Deferred income tax expense | 23,461 | 11,037 | 13,751 |
Revaluation of net deferred tax assets due to changes in tax law | 14,486 | 0 | 0 |
Funding of mortgage loans held for sale | (1,683,454) | (1,951,144) | (1,483,937) |
Proceeds from sales of mortgage loans held for sale | 1,775,450 | 2,031,036 | 1,647,648 |
Gains on sales of mortgage loans held for sale | (19,675) | (31,654) | (25,292) |
Gains on sales of securities | (148) | (1,186) | (96) |
Loss on extinguishment of debt | 205 | 2,539 | 0 |
Losses on sales of premises and equipment | 565 | 115 | 105 |
Stock-based compensation | 5,293 | 3,117 | 4,435 |
Decrease in FDIC loss share indemnification asset, net of accretion and amortization | 0 | 2,891 | 4,409 |
Loss on termination of FDIC loss share agreements | 0 | 2,053 | 0 |
(Increase) decrease in other assets | (6,620) | 10,136 | 9,463 |
(Decrease) increase in other liabilities | (12,572) | (16,694) | 180 |
Net cash provided by operating activities | 201,561 | 163,797 | 252,625 |
Investing activities | |||
Purchases of securities available for sale | (210,190) | (140,133) | (72,114) |
Proceeds from sales of securities available for sale | 495,340 | 4,028 | 8,444 |
Proceeds from call/maturities of securities available for sale | 169,445 | 158,359 | 111,663 |
Purchases of securities held to maturity | 0 | (15,267) | (144,027) |
Proceeds from sales of securities held to maturity | 0 | 0 | 0 |
Proceeds from call/maturities of securities held to maturity | 15,882 | 119,405 | 145,449 |
Net increase in loans | (440,205) | (504,640) | (298,676) |
Purchases of premises and equipment | (13,047) | (13,560) | (25,165) |
Proceeds from sales of premises and equipment | 2,101 | 2,462 | 2,219 |
Proceeds from sales of other assets | 14,131 | 16,939 | 0 |
Payment made to FDIC to terminate loss share agreements | 0 | (4,849) | 0 |
Net cash received in acquisition | 41,685 | 25,263 | 24,776 |
Net cash provided by (used in) investing activities | 75,142 | (351,993) | (247,431) |
Financing activities | |||
Net increase in noninterest-bearing deposits | 11,588 | 209,943 | 79,342 |
Net (decrease) increase in interest-bearing deposits | (88,717) | 279,146 | (77,124) |
Net (decrease) increase in short-term borrowings | (19,862) | (314,952) | 375,220 |
Proceeds from long-term debt | 0 | 98,385 | 40 |
Repayment of long-term debt | (170,240) | (47,230) | (308,766) |
Cash paid for dividends | (34,416) | (29,734) | (24,557) |
Cash received on exercise of stock-based compensation | 173 | 415 | 102 |
Excess tax benefits from exercise of stock options | 0 | 2,771 | 537 |
Proceeds from equity offering | 0 | 84,105 | 0 |
Net cash (used in) provided by financing activities | (301,474) | 282,849 | 44,794 |
Net (decrease) increase in cash and cash equivalents | (24,771) | 94,653 | 49,988 |
Cash and cash equivalents at beginning of year | 306,224 | 211,571 | 161,583 |
Cash and cash equivalents at end of year | 281,453 | 306,224 | 211,571 |
Supplemental disclosures | |||
Cash paid for interest | 36,888 | 25,871 | 21,615 |
Cash paid for income taxes | 32,556 | 22,731 | 18,610 |
Noncash transactions: | |||
Transfers of loans to other real estate | 6,699 | 8,870 | 14,935 |
Financed sales of other real estate owned | 773 | 2,070 | 1,134 |
Transfers of loans held for sale to loan portfolio | 563 | 17,838 | 11,096 |
Common stock issued in acquisition of businesses | $ 213,590 | $ 55,290 | $ 281,530 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies (Dollar amounts in thousands) Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida. Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Consolidation : The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Securities : Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes. Debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio. Securities Sold Under Agreements to Repurchase : Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. Mortgage Loans Held for Sale : Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income. Loans and the Allowance for Loan Losses : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances, adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by, as applicable, the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans. The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies.” Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and 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 is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. See Note 4, “ Non Purchased Loans,” Note 5, “Purchased Loans,” and Note 6, “ Allowance for Loan Losses” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans and its allowance for loan losses. Business Combinations, Accounting for Purchased Loans and Related Assets : Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations.” Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred. Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. FDIC-Assisted Acquisitions: During 2010 and 2011, the Bank acquired in FDIC-assisted acquisitions substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Crescent Bank and Trust Company (Jasper, GA), July 2010 • American Trust Bank (Roswell, GA), February 2011 In connection with the July 2015 acquisition of Heritage Financial Group, Inc. (“Heritage”) and its wholly-owned subsidiary HeritageBank of the South (“HeritageBank”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition in FDIC-assisted acquisitions of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Citizens Bank of Effingham (Springfield, GA), February 2011 • First Southern National Bank (Statesboro, GA), August 2011 A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the Federal Deposit Insurance Corporation (the “FDIC”) whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets. On December 8, 2016, the Bank entered into an agreement with the FDIC that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849 . All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, after such date all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC-assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions. Changes in the FDIC loss share indemnification asset for the year ended December 31, 2016, were as follows: 2016 Balance at January 1 $ 7,149 Additions through acquisition (260 ) Realized losses in excess of initial estimates on: Loans 265 OREO 97 Reimbursable expenses — Amortization (797 ) Reimbursements received from the FDIC (2,987 ) Termination of FDIC loss share agreements (3,467 ) Balance at December 31 $ — At December 31, 2017 , the Company had $22,289 in loans and $448 in other real estate owned (“OREO”) which had been covered under these loss share agreements at the time of termination. Premises and Equipment : Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. Other Real Estate Owned : Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. Mortgage Servicing Rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2017 and 2016 , respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. Changes to the fair value of the mortgage servicing rights are recorded as part of Mortgage banking income in the Consolidated Statements of Income. Goodwill and Other Intangible Assets : Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company’s reporting units, management uses the market approach. If, based on the results of the market approach further analysis is needed, the discounted cash flow approach is utilized. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2017 , 2016 or 2015 . Bank-Owned Life Insurance : Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of Metropolitan and KeyWorth (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $19,283 and $8,376 , respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. Insurance Agency Revenues : Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. Trust and Wealth Management Revenues : The Company offers trust services as well as various investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities, mutual funds and other investment products are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income. Income Taxes : Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. Fair Value Measurements : ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. Derivative Instruments and Hedging Activities : The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. Treasury Stock : Treasury stock is recorded at cost. Shares held in treasury are not retired. Retirement Plans : The Company sponsors a noncontributory pension plan and provides retiree health care benefits for certain employees. In connection with its acquisition of Heritage, the Company also assumed a defined benefit pension plan maintained by HeritageBank. All benefits under this plan were finally distributed in August 2016. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s retirement plans. Stock-Based Compensation : Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective awards’ vesting period. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation - Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation. Earnings Per Common Share : Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards' respective grant dates, calculated in accordance with the treasury method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2017 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. Impact of Recently-Issued Accounting Standards and Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which is an update to FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” (“ASC 606”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of this standard to annual and interim periods beginning after December 15, 2017. While the Company is currently evaluating the impact ASU 2014-09 will have on its financial position and results of operations, and its financial statement disclosures, the recognition of revenue for a majority of the Company’s income streams, including interest income earned on loans and leases, is governed by other accounting standards and is specifically excluded from the coverage of ASC 606. The Company's |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (Dollar amounts in thousands) Acquisition of Metropolitan BancGroup, Inc. Effective July 1, 2017, the Company completed its acquisition of Metropolitan BancGroup, Inc. (“Metropolitan”), the parent company of Metropolitan Bank, in a transaction valued at approximately $219,461 . The Company issued 4,883,182 shares of common stock and paid approximately $4,764 to Metropolitan stock option holders for 100% of the voting equity interest in Metropolitan. At closing, Metropolitan merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, Metropolitan Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. On July 1, 2017, Metropolitan operated eight banking locations in Nashville and Memphis, Tennessee and the Jackson, Mississippi Metropolitan Statistical Area. The Company recorded approximately $147,478 in intangible assets which consist of goodwill of $140,512 and a core deposit intangible of $6,966 . Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Metropolitan based on their fair values on July 1, 2017. Purchase Price: Shares issued to common shareholders 4,883,182 Purchase price per share $ 43.74 Value of stock paid $ 213,590 Cash paid for fractional shares 5 Cash settlement for stock options 4,764 Deal charges paid on behalf of Metropolitan, net of taxes 1,102 Total Purchase Price $ 219,461 Net Assets Acquired: Stockholders’ equity at acquisition date $ 89,253 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (731 ) Mortgage loans held for sale 30 Loans, net of Metropolitan’s allowance for loan losses (13,071 ) Premises and equipment (4,629 ) Intangible assets, net of Metropolitan’s existing intangibles 2,340 Other real estate owned (1,251 ) Other assets 2,731 Deposits (3,603 ) Borrowings (1,294 ) Other liabilities 3,930 Deferred income taxes 5,244 Total Net Assets Acquired 78,949 Goodwill resulting from merger (1) $ 140,512 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed at acquisition date in connection with the merger with Metropolitan. The Company is finalizing the fair values of assets acquired and liabilities assumed related to the Metropolitan acquisition; accordingly, the amounts in the table remain subject to change. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale, net of unearned income 967,804 Premises and equipment 8,576 Other real estate owned 1,203 Intangible assets 147,478 Other assets 69,567 Total assets 1,350,881 Deposits 942,084 Borrowings 174,522 Other liabilities 20,685 Total liabilities 1,137,291 The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2017 and 2016 of the Company as though the Metropolitan merger had been completed as of January 1, 2016 (and the KeyWorth merger, discussed below, was still completed on April 1, 2016). The unaudited estimated pro forma information combines the historical results of Metropolitan with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2016. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Twelve Months Ended December 31, 2017 2016 Net interest income - pro forma (unaudited) $ 356,787 $ 340,796 Net income - pro forma (unaudited) $ 89,554 $ 102,881 Earnings per share - pro forma (unaudited): Basic $ 1.82 $ 2.21 Diluted $ 1.81 $ 2.19 The Company’s consolidated financial statements as of and for the year ended December 31, 2017 include the impact of Metropolitan’s operations since the acquisition date. Due to the system conversion during the third quarter of 2017 and the integration of Metropolitan’s operating activities into the Company’s existing operations, historical reporting for Metropolitan operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of Metropolitan included in the Company’s Consolidated Statement of Income since the acquisition date is impracticable. Acquisition of KeyWorth Bank Effective April 1, 2016, the Company completed its acquisition of KeyWorth Bank (“KeyWorth”) in a transaction valued at approximately $58,884 . The Company issued 1,680,021 shares of common stock and paid approximately $3,594 to KeyWorth stock option and warrant holders for 100% of the voting equity interest in KeyWorth. At closing, KeyWorth merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. As a result of the KeyWorth acquisition, the Company acquired total assets with a fair value of $415,232 , total loans with a fair value of $272,330 and total deposits with a fair value of $348,961 , and six banking locations in the Atlanta metropolitan area. The Company recorded approximately $22,643 in intangible assets which consist of goodwill of $20,633 and a core deposit intangible of $2,010 . Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ — $ — $ — $ — Obligations of states and political subdivisions — — — — $ — $ — $ — $ — December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 14,101 $ 4 $ (187 ) $ 13,918 Obligations of states and political subdivisions 342,181 8,572 (1,778 ) 348,975 $ 356,282 $ 8,576 $ (1,965 ) $ 362,893 In light of the ongoing fiscal uncertainty in many state and local governments, and the fact that the Company’s held to maturity portfolio has historically consisted primarily of municipal securities, the Company analyzes its exposure to potential losses in its security portfolio on at least a quarterly basis. Management reviews the underlying credit rating and analyzes the financial condition of the respective issuers. Although the Company’s analysis of its securities portfolio in the third quarter of 2017 showed that the municipal securities held by the Company had not experienced significant deterioration as of the date of such analysis, the Company transferred all held to maturity securities to available for sale during the third quarter of 2017. This transfer gives management the flexibility to quickly liquidate any municipal securities should further analysis reveal more significant deterioration than has been experienced to date. At the date of transfer, the securities transferred had a carrying value of $365,941 , which included an unrealized gain of $13,219 . At transfer, the unrealized gain was included in the carrying value of the securities portfolio and in accumulated other comprehensive loss presented in the Consolidated Balance Sheet. The amortized cost and fair value of securities available for sale were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 3,554 $ 40 $ (30 ) $ 3,564 Obligations of states and political subdivisions 228,589 6,161 (269 ) 234,481 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 888 (3,059 ) 193,950 Government agency collateralized mortgage obligations 180,258 133 (3,752 ) 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 389 (234 ) 31,170 Government agency collateralized mortgage obligations 5,019 1 (14 ) 5,006 Trust preferred securities 12,442 — (3,054 ) 9,388 Other debt securities 17,106 260 (76 ) 17,290 $ 674,104 $ 7,872 $ (10,488 ) $ 671,488 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 2,066 $ 92 $ — $ 2,158 Residential mortgage backed securities: Government agency mortgage backed securities 414,019 1,941 (6,643 ) 409,317 Government agency collateralized mortgage obligations 171,362 831 (3,367 ) 168,826 Commercial mortgage backed securities: Government agency mortgage backed securities 50,628 696 (461 ) 50,863 Government agency collateralized mortgage obligations 2,528 38 (16 ) 2,550 Trust preferred securities 23,749 — (5,360 ) 18,389 Other debt securities 22,053 310 (218 ) 22,145 Other equity securities — — — — $ 686,405 $ 3,908 $ (16,065 ) $ 674,248 Securities sold during the twelve months ended December 31, 2017 , all of which were securities available for sale, were as follows: Carrying Value Net Proceeds Gain/(Loss) Obligations of other U.S. Government agencies and corporations $ 11,088 $ 10,974 $ (114 ) Obligations of states and political subdivisions 110,019 112,199 2,180 Residential mortgage backed securities: Government agency mortgage backed securities 264,924 263,217 (1,707 ) Government agency collateralized mortgage obligations 72,153 71,781 (372 ) Commercial mortgage backed securities: Government agency mortgage backed securities 14,104 14,082 (22 ) Government agency collateralized mortgage obligations 6,289 6,289 — Trust preferred securities 9,346 9,403 57 Other debt securities 7,269 7,395 126 $ 495,192 $ 495,340 $ 148 Included in the table above are certain securities acquired from Metropolitan sold shortly after acquisition. These securities had an aggregate carrying value of $36,021 at the time of sale, and the Company received net proceeds of $36,021 , resulting in no gain or loss on the sale. Also included in the table above are certain securities sold by the Company during the fourth quarter of 2017 in an effort to manage its consolidated assets below $10,000,000 at December 31, 2017, in order to delay the adverse impact of the Durbin Amendment to the Dodd-Frank Act, which applies to banking institutions with assets over $10,000,000 at year-end. The Durbin Amendment, among other things, imposes limitations on the amount of debit card interchange fees certain banking institutions may collect. Securities sold to achieve this strategy had an aggregate carrying value of $446,880 on the dates of sale, and the Company collected net proceeds of $446,971 , resulting in a $91 net gain on the sales. During the twelve months ended December 31, 2016 and 2015 , the Company sold securities with a carrying value at the time of sale of $2,842 and $1,117 , respectively, for net proceeds of $4,028 and $1,213 , respectively, resulting in a gain of $1,186 and $96 , respectively. Also in 2015, the Company sold certain investments acquired from Heritage shortly after acquisition with an aggregate carrying value of $7,231 at the time of sale for net proceeds of $7,231 , resulting in no gain or loss on the sale. Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Gross gains on sales of securities available for sale $ 2,497 $ 1,257 $ 96 Gross losses on sales of securities available for sale (2,349 ) (71 ) — Gain on sales of securities available for sale, net $ 148 $ 1,186 $ 96 At December 31, 2017 and 2016 , securities with a carrying value of approximately $217,867 and $642,447 , respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $25,888 and $24,426 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2017 and 2016 , respectively. The amortized cost and fair value of securities at December 31, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Available for Sale Amortized Cost Fair Value Due within one year $ 23,584 $ 23,843 Due after one year through five years 71,430 73,379 Due after five years through ten years 81,302 83,212 Due after ten years 75,410 74,292 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 193,950 Government agency collateralized mortgage obligations 180,258 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 31,170 Government agency collateralized mortgage obligations 5,019 5,006 Other debt securities 9,965 9,997 $ 674,104 $ 671,488 The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Held to Maturity: December 31, 2016 Obligations of other U.S. Government agencies and corporations 4 $ 11,915 $ (187 ) 0 $ — $ — 4 $ 11,915 $ (187 ) Obligations of states and political subdivisions 102 83,362 (1,778 ) 0 — — 102 83,362 (1,778 ) Total 106 $ 95,277 $ (1,965 ) 0 $ — $ — 106 $ 95,277 $ (1,965 ) Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: December 31, 2017 Obligations of other U.S. Government agencies and corporations 1 $ 497 $ (3 ) 2 $ 1,999 $ (27 ) 3 $ 2,496 $ (30 ) Obligations of states and political subdivisions 23 11,860 (59 ) 12 7,728 (210 ) 35 $ 19,588 $ (269 ) Residential mortgage backed securities: Government agency mortgage backed securities 29 64,595 (659 ) 44 89,414 (2,400 ) 73 154,009 (3,059 ) Government agency collateralized mortgage obligations 33 102,509 (1,470 ) 29 62,406 (2,282 ) 62 164,915 (3,752 ) Commercial mortgage backed securities: Government agency mortgage backed securities 2 5,629 (17 ) 3 5,872 (217 ) 5 11,501 (234 ) Government agency collateralized mortgage obligations 1 4,986 (14 ) 0 — — 1 4,986 (14 ) Trust preferred securities 0 — — 2 9,388 (3,054 ) 2 9,388 (3,054 ) Other debt securities 2 756 (12 ) 2 6,308 (64 ) 4 7,064 (76 ) Other equity securities — — 0 — — 0 — — Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 131 298,400 (6,042 ) 5 11,504 (601 ) 136 309,904 (6,643 ) Government agency collateralized mortgage obligations 40 97,356 (1,845 ) 14 33,786 (1,522 ) 54 131,142 (3,367 ) Commercial mortgage backed securities: Government agency mortgage backed securities 9 21,933 (453 ) 2 1,101 (8 ) 11 23,034 (461 ) Government agency collateralized mortgage obligations 1 1,729 (16 ) 0 — — 1 1,729 (16 ) Trust preferred securities 0 — — 3 18,389 (5,360 ) 3 18,389 (5,360 ) Other debt securities 3 7,946 (208 ) 2 2,475 (10 ) 5 10,421 (218 ) Other equity securities 0 — — 0 — — 0 — — Total 184 $ 427,364 $ (8,564 ) 26 $ 67,255 $ (7,501 ) 210 $ 494,619 $ (16,065 ) The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any other-than-temporary impairment for the years ended December 31, 2017 or 2016 . The Company holds investments in pooled trust preferred securities that had a cost basis of $12,442 and $23,749 and a fair value of $9,388 and $18,389 at December 31, 2017 and 2016 , respectively. During 2017, the Company sold one of its pooled trust preferred securities. As of December 31, 2017 , the investments in pooled trust preferred securities consisted of two securities representing interests in various tranches of trusts collateralized by debt issued by over 160 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of the investments’ amortized cost, which may be at maturity. At December 31, 2017 , management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for both remaining trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. For the years ended December 31, 2017 , 2016 and 2015 , the Company determined the pooled trust preferred securities and their estimated cash flow were fairly valued, and no additional impairment was recognized during these periods. The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2017 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,310 $ 6,086 $ (2,224 ) BB 16% XXVI Pooled B-2 4,132 3,302 (830 ) Ba1 19% $ 12,442 $ 9,388 $ (3,054 ) The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income: 2017 2016 Balance at January 1 $ (3,337 ) $ (3,337 ) Additions related to credit losses for which OTTI was not previously recognized — — Increases in credit loss for which OTTI was previously recognized — — Reductions for securities sold during the period $ 3,076 $ — Balance at December 31 $ (261 ) $ (3,337 ) |
Non Purchased Loans
Non Purchased Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) “Purchased” loans are those loans acquired in any of the Company’s previous acquisitions, including FDIC-assisted acquisitions. “Non purchased” loans include all of the Company’s other loans, other than mortgage loans held for sale. For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 763,823 $ 589,290 Lease financing 57,354 49,250 Real estate – construction 547,658 483,926 Real estate – 1-4 family mortgage 1,729,534 1,425,730 Real estate – commercial mortgage 2,390,076 2,075,137 Installment loans to individuals 103,452 92,648 Gross loans 5,591,897 4,715,981 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income $ 5,588,556 $ 4,713,572 Past Due and Nonaccrual Loans The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were four restructured loans totaling $649 that were contractually 90 days past due or more and still accruing at December 31, 2017 . There was one restructured loan totaling $69 that was contractually 90 days past due or more and still accruing at December 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $2,673 and $6,164 at December 31, 2017 and 2016 , respectively. Impaired Loans Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,175 $ 1,539 $ 136 $ 856 $ 28 Lease financing — — — — — Real estate – construction 517 517 1 469 26 Real estate – 1-4 family mortgage 9,207 10,823 1,091 9,603 225 Real estate – commercial mortgage 10,053 13,667 2,397 11,180 305 Installment loans to individuals 87 87 1 98 2 Total $ 21,039 $ 26,633 $ 3,626 $ 22,206 $ 586 With no related allowance recorded: Commercial, financial, agricultural $ — $ 38 $ — $ 24 $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage — — — 41 — Real estate – commercial mortgage 568 1,340 — 938 38 Installment loans to individuals — — — — — Total $ 568 $ 1,378 $ — $ 1,003 $ 38 Totals $ 21,607 $ 28,011 $ 3,626 $ 23,209 $ 624 The average recorded investment in impaired loans for the year ended December 31, 2015 was $34,428 . Interest income recognized on impaired loans for the year ended December 31, 2015 was $854 . Restructured Loans At December 31, 2017 , 2016 and 2015 , there were $5,588 , $7,447 and $10,252 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 22 2,202 19,371 2,035 Real estate – commercial mortgage 2 484 332 Installment loans to individuals 1 67 67 Total 25 $ 2,753 $ 2,434 During the years ended December 31, 2017 , the Company had $184 in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the years ended December 31, 2016 or December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 59 $ 10,252 Additional loans with concessions 15 2,036 Reclassified as performing 1 39 Reductions due to: Reclassified as nonperforming (4 ) (1,406 ) Paid in full (16 ) (2,233 ) Charge-offs (1 ) (275 ) Transfer to other real estate owned (1 ) (51 ) Principal paydowns — (915 ) Totals at December 31, 2016 53 $ 7,447 Additional loans with concessions 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 The allocated allowance for loan losses attributable to restructured loans was $85 and $283 at December 31, 2017 and 2016 , respectively. The Company had $18 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 . Credit Quality For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4 ) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5 ) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 566,439 $ 3,913 $ 489 $ 570,841 Real estate – construction 484,160 81 — 484,241 Real estate – 1-4 family mortgage 255,148 4,977 3,720 263,845 Real estate – commercial mortgage 2,034,178 13,533 10,708 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,340,846 $ 22,504 $ 14,917 $ 3,378,267 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 Related Party Loans Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: Loans at December 31, 2016 $ 14,268 New loans and advances 4,342 Loans to directors assumed in acquisition (1) 9,975 Payments received (4,222 ) Changes in related parties — Loans at December 31, 2017 $ 24,363 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2017 or 2016 . Unfunded commitments to certain executive officers and directors and their associates totaled $9,333 and $5,933 at December 31, 2017 and 2016 , respectively. Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans at December 31: 2017 2016 Commercial, financial, agricultural $ 275,570 $ 128,200 Lease financing — — Real estate – construction 85,731 68,753 Real estate – 1-4 family mortgage 614,187 452,447 Real estate – commercial mortgage 1,037,454 823,758 Installment loans to individuals 18,824 15,979 Gross loans 2,031,766 1,489,137 Unearned income — — Loans, net of unearned income $ 2,031,766 $ 1,489,137 Past Due and Nonaccrual Loans The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were three restructured loans totaling $128 that were contractually 90 days past due or more and still accruing at December 31, 2017 . There were three restructured loans totaling $56 that were contractually 90 days past due or more and still accruing at December 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $523 and $1,206 at December 31, 2017 and 2016 , respectively. Impaired Loans Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 487 $ 503 $ 310 $ 500 $ 2 Lease financing — — — — — Real estate – construction 145 147 — 148 — Real estate – 1-4 family mortgage 1,496 1,538 43 1,535 7 Real estate – commercial mortgage 2,275 2,299 48 2,273 111 Installment loans to individuals 135 159 114 161 — Total $ 4,538 $ 4,646 $ 515 $ 4,617 $ 120 With no related allowance recorded: Commercial, financial, agricultural $ 224 $ 229 $ — $ 172 $ 4 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,557 — 1,550 33 Real estate – commercial mortgage 183 186 — 194 11 Installment loans to individuals 55 56 — 61 — Total $ 1,847 $ 2,028 $ — $ 1,977 $ 48 Totals $ 6,385 $ 6,674 $ 515 $ 6,594 $ 168 The average recorded investment in non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2015 was $2,860 . Interest income recognized on non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2015 was $125 . Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 4,555 $ 5,038 $ 372 $ 4,728 $ 207 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 21,887 23,128 841 23,021 1,015 Real estate – commercial mortgage 62,449 70,970 1,606 62,759 2,674 Installment loans to individuals 366 368 1 382 13 Total $ 89,257 $ 99,504 $ 2,820 $ 90,890 $ 3,909 With no related allowance recorded: Commercial, financial, agricultural $ 7,439 $ 15,659 $ — $ 10,304 $ 819 Lease financing — — — — — Real estate – construction 840 1,141 — 648 38 Real estate – 1-4 family mortgage 50,065 63,597 — 64,306 2,636 Real estate – commercial mortgage 122,538 158,105 — 149,917 7,053 Installment loans to individuals 1,619 2,098 — 1,967 77 Total $ 182,501 $ 240,600 $ — $ 227,142 $ 10,623 Totals $ 271,758 $ 340,104 $ 2,820 $ 318,032 $ 14,532 The average recorded investment in credit-deteriorated loans for the year ended December 31, 2015 was $355,010 . Interest income recognized on credit-deteriorated loans for the year ended December 31, 2015 was $17,828 . Restructured Loans At December 31, 2017 , 2016 and 2015 , there were $8,965 , $4,028 and $3,201 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 26 $ 3,201 Additional loans with concessions 25 2,472 Reductions due to: Reclassified as nonperforming (4 ) (216 ) Paid in full (5 ) (1,297 ) Principal paydowns — (132 ) Totals at December 31, 2016 42 $ 4,028 Additional loans with concessions 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 The allocated allowance for loan losses attributable to restructured loans was $103 and $35 at December 31, 2017 and 2016 , respectively. The Company had $9 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 . Credit Quality The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 246,169 $ 2,226 $ 598 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 93,867 5,924 248 100,039 Real estate – commercial mortgage 844,495 7,176 1,827 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,266,429 $ 15,326 $ 2,676 $ 1,284,431 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 5 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 Loans Purchased with Deteriorated Credit Quality Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: Total Purchased Credit Deteriorated Loans December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 December 31, 2016 Contractually-required principal and interest $ 384,096 Nonaccretable difference (1) (74,865 ) Cash flows expected to be collected 309,231 Accretable yield (2) (37,473 ) Fair value $ 271,758 (1) Represents contractual principal cash flows of $48,345 and $63,794 , respectively, and interest cash flows of $9,042 and $11,071 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,640 and $1,858 , respectively, and interest cash flows of $30,567 and $35,615 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2016 $ (49,439 ) Additions through acquisition (4,037 ) Reclasses from nonaccretable difference (950 ) Accretion 14,711 Charge-off 2,242 Balance at December 31, 2016 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) The following table presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference (3,848 ) Cash flows expected to be collected 285,647 Accretable yield (13,317 ) Fair value $ 272,330 |
Purchased Loans
Purchased Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) “Purchased” loans are those loans acquired in any of the Company’s previous acquisitions, including FDIC-assisted acquisitions. “Non purchased” loans include all of the Company’s other loans, other than mortgage loans held for sale. For purposes of this Note 4, all references to “loans” mean non purchased loans. The following is a summary of non purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 763,823 $ 589,290 Lease financing 57,354 49,250 Real estate – construction 547,658 483,926 Real estate – 1-4 family mortgage 1,729,534 1,425,730 Real estate – commercial mortgage 2,390,076 2,075,137 Installment loans to individuals 103,452 92,648 Gross loans 5,591,897 4,715,981 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income $ 5,588,556 $ 4,713,572 Past Due and Nonaccrual Loans The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were four restructured loans totaling $649 that were contractually 90 days past due or more and still accruing at December 31, 2017 . There was one restructured loan totaling $69 that was contractually 90 days past due or more and still accruing at December 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $2,673 and $6,164 at December 31, 2017 and 2016 , respectively. Impaired Loans Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,175 $ 1,539 $ 136 $ 856 $ 28 Lease financing — — — — — Real estate – construction 517 517 1 469 26 Real estate – 1-4 family mortgage 9,207 10,823 1,091 9,603 225 Real estate – commercial mortgage 10,053 13,667 2,397 11,180 305 Installment loans to individuals 87 87 1 98 2 Total $ 21,039 $ 26,633 $ 3,626 $ 22,206 $ 586 With no related allowance recorded: Commercial, financial, agricultural $ — $ 38 $ — $ 24 $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage — — — 41 — Real estate – commercial mortgage 568 1,340 — 938 38 Installment loans to individuals — — — — — Total $ 568 $ 1,378 $ — $ 1,003 $ 38 Totals $ 21,607 $ 28,011 $ 3,626 $ 23,209 $ 624 The average recorded investment in impaired loans for the year ended December 31, 2015 was $34,428 . Interest income recognized on impaired loans for the year ended December 31, 2015 was $854 . Restructured Loans At December 31, 2017 , 2016 and 2015 , there were $5,588 , $7,447 and $10,252 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 22 2,202 19,371 2,035 Real estate – commercial mortgage 2 484 332 Installment loans to individuals 1 67 67 Total 25 $ 2,753 $ 2,434 During the years ended December 31, 2017 , the Company had $184 in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the years ended December 31, 2016 or December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 59 $ 10,252 Additional loans with concessions 15 2,036 Reclassified as performing 1 39 Reductions due to: Reclassified as nonperforming (4 ) (1,406 ) Paid in full (16 ) (2,233 ) Charge-offs (1 ) (275 ) Transfer to other real estate owned (1 ) (51 ) Principal paydowns — (915 ) Totals at December 31, 2016 53 $ 7,447 Additional loans with concessions 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 The allocated allowance for loan losses attributable to restructured loans was $85 and $283 at December 31, 2017 and 2016 , respectively. The Company had $18 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 and $2 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 . Credit Quality For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4 ) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5 ) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 566,439 $ 3,913 $ 489 $ 570,841 Real estate – construction 484,160 81 — 484,241 Real estate – 1-4 family mortgage 255,148 4,977 3,720 263,845 Real estate – commercial mortgage 2,034,178 13,533 10,708 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,340,846 $ 22,504 $ 14,917 $ 3,378,267 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 Related Party Loans Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: Loans at December 31, 2016 $ 14,268 New loans and advances 4,342 Loans to directors assumed in acquisition (1) 9,975 Payments received (4,222 ) Changes in related parties — Loans at December 31, 2017 $ 24,363 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2017 or 2016 . Unfunded commitments to certain executive officers and directors and their associates totaled $9,333 and $5,933 at December 31, 2017 and 2016 , respectively. Purchased Loans (In Thousands, Except Number of Loans) For purposes of this Note 5, all references to “loans” mean purchased loans. The following is a summary of purchased loans at December 31: 2017 2016 Commercial, financial, agricultural $ 275,570 $ 128,200 Lease financing — — Real estate – construction 85,731 68,753 Real estate – 1-4 family mortgage 614,187 452,447 Real estate – commercial mortgage 1,037,454 823,758 Installment loans to individuals 18,824 15,979 Gross loans 2,031,766 1,489,137 Unearned income — — Loans, net of unearned income $ 2,031,766 $ 1,489,137 Past Due and Nonaccrual Loans The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were three restructured loans totaling $128 that were contractually 90 days past due or more and still accruing at December 31, 2017 . There were three restructured loans totaling $56 that were contractually 90 days past due or more and still accruing at December 31, 2016 . The outstanding balance of restructured loans on nonaccrual status was $523 and $1,206 at December 31, 2017 and 2016 , respectively. Impaired Loans Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 487 $ 503 $ 310 $ 500 $ 2 Lease financing — — — — — Real estate – construction 145 147 — 148 — Real estate – 1-4 family mortgage 1,496 1,538 43 1,535 7 Real estate – commercial mortgage 2,275 2,299 48 2,273 111 Installment loans to individuals 135 159 114 161 — Total $ 4,538 $ 4,646 $ 515 $ 4,617 $ 120 With no related allowance recorded: Commercial, financial, agricultural $ 224 $ 229 $ — $ 172 $ 4 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,557 — 1,550 33 Real estate – commercial mortgage 183 186 — 194 11 Installment loans to individuals 55 56 — 61 — Total $ 1,847 $ 2,028 $ — $ 1,977 $ 48 Totals $ 6,385 $ 6,674 $ 515 $ 6,594 $ 168 The average recorded investment in non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2015 was $2,860 . Interest income recognized on non credit deteriorated loans that were subsequently impaired for the year ended December 31, 2015 was $125 . Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 4,555 $ 5,038 $ 372 $ 4,728 $ 207 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 21,887 23,128 841 23,021 1,015 Real estate – commercial mortgage 62,449 70,970 1,606 62,759 2,674 Installment loans to individuals 366 368 1 382 13 Total $ 89,257 $ 99,504 $ 2,820 $ 90,890 $ 3,909 With no related allowance recorded: Commercial, financial, agricultural $ 7,439 $ 15,659 $ — $ 10,304 $ 819 Lease financing — — — — — Real estate – construction 840 1,141 — 648 38 Real estate – 1-4 family mortgage 50,065 63,597 — 64,306 2,636 Real estate – commercial mortgage 122,538 158,105 — 149,917 7,053 Installment loans to individuals 1,619 2,098 — 1,967 77 Total $ 182,501 $ 240,600 $ — $ 227,142 $ 10,623 Totals $ 271,758 $ 340,104 $ 2,820 $ 318,032 $ 14,532 The average recorded investment in credit-deteriorated loans for the year ended December 31, 2015 was $355,010 . Interest income recognized on credit-deteriorated loans for the year ended December 31, 2015 was $17,828 . Restructured Loans At December 31, 2017 , 2016 and 2015 , there were $8,965 , $4,028 and $3,201 , respectively, of restructured loans. The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 26 $ 3,201 Additional loans with concessions 25 2,472 Reductions due to: Reclassified as nonperforming (4 ) (216 ) Paid in full (5 ) (1,297 ) Principal paydowns — (132 ) Totals at December 31, 2016 42 $ 4,028 Additional loans with concessions 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 The allocated allowance for loan losses attributable to restructured loans was $103 and $35 at December 31, 2017 and 2016 , respectively. The Company had $9 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2017 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 . Credit Quality The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 246,169 $ 2,226 $ 598 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 93,867 5,924 248 100,039 Real estate – commercial mortgage 844,495 7,176 1,827 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,266,429 $ 15,326 $ 2,676 $ 1,284,431 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 5 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 Loans Purchased with Deteriorated Credit Quality Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: Total Purchased Credit Deteriorated Loans December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 December 31, 2016 Contractually-required principal and interest $ 384,096 Nonaccretable difference (1) (74,865 ) Cash flows expected to be collected 309,231 Accretable yield (2) (37,473 ) Fair value $ 271,758 (1) Represents contractual principal cash flows of $48,345 and $63,794 , respectively, and interest cash flows of $9,042 and $11,071 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,640 and $1,858 , respectively, and interest cash flows of $30,567 and $35,615 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2016 $ (49,439 ) Additions through acquisition (4,037 ) Reclasses from nonaccretable difference (950 ) Accretion 14,711 Charge-off 2,242 Balance at December 31, 2016 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) The following table presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference (3,848 ) Cash flows expected to be collected 285,647 Accretable yield (13,317 ) Fair value $ 272,330 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands, Except Number of Loans) The following is a summary of non purchased and purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 1,039,393 $ 717,490 Lease financing 57,354 49,250 Real estate – construction 633,389 552,679 Real estate – 1-4 family mortgage 2,343,721 1,878,177 Real estate – commercial mortgage 3,427,530 2,898,895 Installment loans to individuals 122,276 108,627 Gross loans 7,623,663 6,205,118 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income 7,620,322 6,202,709 Allowance for loan losses (46,211 ) (42,737 ) Net loans $ 7,574,111 $ 6,159,972 Allowance for Loan Losses The following table provides a roll-forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,874 ) — (1,713 ) (1,791 ) (630 ) (7,008 ) Recoveries 422 105 733 1,565 107 2,932 Net charge-offs (2,452 ) 105 (980 ) (226 ) (523 ) (4,076 ) Provision for loan losses charged to operations 2,508 943 (1,305 ) 4,551 853 7,550 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Period-End Amount Allocated to: Individually evaluated for impairment $ 190 $ 4 $ 606 $ 1,867 $ 7 $ 2,674 Collectively evaluated for impairment 5,040 3,424 10,831 20,625 1,840 41,760 Acquired with deteriorated credit quality 312 — 572 892 1 1,777 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (2,725 ) — (3,906 ) (2,123 ) (717 ) (9,471 ) Recoveries 331 47 997 757 109 2,241 Net charge-offs (2,394 ) 47 (2,909 ) (1,366 ) (608 ) (7,230 ) Provision for loan losses 3,716 364 2,616 (879 ) 787 6,604 Benefit attributable to FDIC loss share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 39 117 794 241 — 1,191 Provision for loan losses charged to operations 3,694 481 3,295 (686 ) 746 7,530 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Period-End Amount Allocated to: Individually evaluated for impairment $ 446 $ 1 $ 1,134 $ 2,445 $ 115 $ 4,141 Collectively evaluated for impairment 4,668 2,379 12,319 15,008 1,402 35,776 Acquired with deteriorated credit quality 372 — 841 1,606 1 2,820 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Year Ended December 31, 2015 Allowance for loan losses: Beginning balance $ 3,305 $ 1,415 $ 13,549 $ 22,759 $ 1,261 $ 42,289 Charge-offs (943 ) (26 ) (2,173 ) (2,613 ) (1,021 ) (6,776 ) Recoveries 361 26 1,064 614 109 2,174 Net charge-offs (582 ) — (1,109 ) (1,999 ) (912 ) (4,602 ) Provision for loan losses 1,489 435 650 312 1,027 3,913 Benefit attributable to FDIC loss share agreements (64 ) — (91 ) (717 ) — (872 ) Recoveries payable to FDIC 38 2 909 756 4 1,709 Provision for loan losses charged to operations $ 1,463 $ 437 $ 1,468 $ 351 $ 1,031 $ 4,750 Ending balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Period-End Amount Allocated to: Individually evaluated for impairment $ 6 $ 20 $ 4,475 $ 3,099 $ — $ 7,600 Collectively evaluated for impairment 3,827 1,832 9,177 16,916 1,379 33,131 Acquired with deteriorated credit quality 353 — 256 1,096 1 1,706 Ending balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 (1) Includes lease financing receivables. The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Acquired with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment (In Thousands) Bank premises and equipment at December 31 are summarized as follows: 2017 2016 Premises $ 193,173 $ 183,957 Leasehold improvements 7,736 7,862 Furniture and equipment 45,625 42,166 Computer equipment 15,686 13,548 Autos 182 252 Total 262,402 247,785 Accumulated depreciation (79,148 ) (68,562 ) Net $ 183,254 $ 179,223 Depreciation expense was $13,136 , $12,066 and $8,689 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company has operating leases which extend to 2028 for certain land and office locations. Leases that expire are generally expected to be renewed or replaced by other leases. Rental expense was $4,827 , $4,460 and $3,688 for 2017 , 2016 and 2015 , respectively. The following is a summary of future minimum lease payments for years following December 31, 2017 : 2018 $ 5,734 2019 5,138 2020 4,344 2021 3,214 2022 2,120 Thereafter 6,672 Total $ 27,222 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented: Purchased OREO Non Purchased OREO Total OREO December 31, 2017 Residential real estate $ 1,683 $ 758 $ 2,441 Commercial real estate 4,314 1,624 5,938 Residential land development 1,100 781 1,881 Commercial land development 4,427 1,247 5,674 Total $ 11,524 $ 4,410 $ 15,934 December 31, 2016 Residential real estate $ 2,230 $ 699 $ 2,929 Commercial real estate 6,401 1,680 8,081 Residential land development 2,344 1,688 4,032 Commercial land development 6,395 1,862 8,257 Total $ 17,370 $ 5,929 $ 23,299 Changes in the Company’s purchased and non purchased OREO were as follows for the periods presented: Purchased OREO Non Purchased OREO Total OREO Balance at December 31, 2015 $ 22,416 $ 12,986 $ 35,402 Purchased OREO — — — Transfers of loans 7,935 935 8,870 Impairments (1) (1,631 ) (1,484 ) (3,115 ) Dispositions (11,071 ) (6,458 ) (17,529 ) Other (279 ) (50 ) (329 ) Balance at December 31, 2016 $ 17,370 $ 5,929 $ 23,299 Purchased OREO 1,203 — 1,203 Transfers of loans 4,970 1,729 6,699 Impairments (1,199 ) (694 ) (1,893 ) Dispositions (10,438 ) (3,027 ) (13,465 ) Other (382 ) 473 91 Balance at December 31, 2017 $ 11,524 $ 4,410 $ 15,934 (1) Of the total impairment charges of $3,115 recorded for OREO in 2016 , $3,018 was included in the Consolidated Statements of Income for the year ended December 31, 2016 , while the remaining $97 increased the FDIC loss-share indemnification asset prior to the termination of the Company’s loss share agreements effective December 8, 2016. Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented: December 31, 2017 2016 2015 Repairs and maintenance $ 728 $ 962 $ 840 Property taxes and insurance 423 1,374 809 Impairments 1,893 3,018 2,157 Net (gains) losses on OREO sales (405 ) 590 (582 ) Rental income (169 ) (248 ) (179 ) Total $ 2,470 $ 5,696 $ 3,045 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the years ended December 31, 2017 and 2016 were as follows: Community Banks Insurance Total Balance at December 31, 2015 $ 443,104 $ 2,767 $ 445,871 Addition to goodwill from KeyWorth acquisition 20,633 — 20,633 Adjustment to previously recorded goodwill 4,030 — 4,030 Balance at December 31, 2016 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from Metropolitan acquisition 140,512 — 140,512 Balance at December 31, 2017 $ 608,279 $ 2,767 $ 611,046 The additions to goodwill in 2017 from the Metropolitan acquisition and in 2016 from the KeyWorth acquisition represent the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the relevant transaction. The Company is in the process of completing Metropolitan’s final tax return and finalizing the fair values of property and equipment related to the Metropolitan acquisition; as such, the recorded balance of goodwill attributable to the Metropolitan acquisition is subject to change in future periods. The adjustment to previously recorded goodwill in 2016 is due to valuation adjustments on property and equipment as well as certain loans acquired from KeyWorth. The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2017 Core deposit intangible $ 54,958 $ (31,586 ) $ 23,372 Customer relationship intangible 1,970 (832 ) 1,138 Total finite-lived intangible assets $ 56,928 $ (32,418 ) $ 24,510 December 31, 2016 Core deposit intangible $ 47,992 $ (25,188 ) $ 22,804 Customer relationship intangible 1,970 (700 ) 1,270 Total finite-lived intangible assets $ 49,962 $ (25,888 ) $ 24,074 Core deposit intangible amortization expense for the years ended December 31, 2017 , 2016 and 2015 was $6,399 , $6,616 and $5,938 , respectively. Customer relationship intangible amortization expense for the years ended December 31, 2017 , 2016 and 2015 was $131 each year. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2018 $ 6,130 $ 131 $ 6,261 2019 5,212 131 5,343 2020 4,186 131 4,317 2021 3,107 131 3,238 2022 2,187 131 2,318 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented: Carrying Value at January 1, 2016 $ 29,642 Sale of MSRs (18,477 ) Capitalization 18,061 Amortization (2,884 ) Impairment (40 ) Carrying Value at December 31, 2016 $ 26,302 Capitalization 16,973 Amortization (3,936 ) Carrying Value at December 31, 2017 $ 39,339 In 2016, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance totaling $1,830,444 to a third party for net proceeds of $18,508 . There were no sales of MSRs in 2017 or 2015 . During 2016 , the Company recognized an impairment loss on MSRs in earnings in the amount of $40 , which was included in “Mortgage banking income” in the Consolidated Statements of Income. There were no impairment losses recognized during 2017 or 2015 . Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 2017 2016 2015 Unpaid principal balance $ 4,012,519 $ 2,763,344 $ 3,090,839 Weighted-average prepayment speed (CPR) 8.04 % 7.34 % 8.89 % Estimated impact of a 10% increase $ (1,592 ) $ (1,034 ) $ (1,203 ) Estimated impact of a 20% increase (3,095 ) (2,010 ) (2,330 ) Discount rate 9.69 % 9.64 % 9.51 % Estimated impact of a 100bp increase $ (2,027 ) $ (1,368 ) $ (1,357 ) Estimated impact of a 200bp increase (3,896 ) (2,629 ) (2,612 ) Weighted-average coupon interest rate 3.89 % 3.83 % 3.97 % Weighted-average servicing fee (basis points) 26.36 25.87 25.04 Weighted-average remaining maturity (in years) 7.98 11.11 15.23 The Company recorded servicing fees of $5,735 , $3,212 and $3,369 , respectively, for each of the twelve months ended December 31, 2017 , 2016 and 2015 . These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits (In Thousands) The following is a summary of deposits as of December 31: 2017 2016 Noninterest-bearing deposits $ 1,840,424 $ 1,561,357 Interest-bearing demand deposits 3,702,019 3,333,896 Savings deposits 571,948 543,131 Time deposits 1,806,684 1,620,753 Total deposits $ 7,921,075 $ 7,059,137 The approximate scheduled maturities of time deposits at December 31, 2017 are as follows: 2018 $ 914,502 2019 513,379 2020 294,312 2021 47,211 2022 34,578 Thereafter 2,702 Total $ 1,806,684 The aggregate amount of time deposits in denominations of $250 or more at December 31, 2017 and 2016 was $382,630 and $313,409 , respectively. Certain executive officers and directors had amounts on deposit with Renasant Bank of approximately $43,777 and $28,107 at December 31, 2017 and 2016 , respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings (In Thousands) Short-term borrowings as of December 31 are summarized as follows: 2017 2016 Securities sold under agreements to repurchase $ 6,814 $ 9,676 Federal Home Loan Bank short-term advances 83,000 100,000 Total short-term borrowings $ 89,814 $ 109,676 Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage-backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer. The Federal Home Loan Bank short-term advances are comprised of borrowings with original maturities of less than one year. The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: Average Balances Cost of Funds 2017 2016 2015 2017 2016 2015 Federal Home Loan Bank short-term advances $ 208,332 $ 344,724 $ 207,575 1.27 % 0.46 % 0.18 % Securities sold under agreements to repurchase 9,215 12,205 15,515 0.17 0.20 0.21 Total short-term borrowings $ 217,547 $ 356,929 $ 223,090 1.22 % 0.45 % 0.18 % The Company maintains lines of credit with correspondent banks totaling $80,000 at December 31, 2017 . Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2017 or 2016 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt (In Thousands) Long-term debt as of December 31, 2017 and 2016 is summarized as follows: 2017 2016 Federal Home Loan Bank advances $ 7,493 $ 8,542 Other long-term debt 98 147 Junior subordinated debentures 85,881 95,643 Subordinated notes 114,074 98,127 Total long-term debt $ 207,546 $ 202,459 Federal Home Loan Bank advances Long-term advances from the FHLB outstanding at December 31, 2017 had maturities ranging from 2018 to 2030 with a combination of fixed and floating rates ranging from 1.09% to 6.46% . Weighted-average interest rates on outstanding advances at December 31, 2017 and 2016 were 3.33% and 3.47% , respectively. These advances are collateralized by a blanket lien on the Company’s loans. The Company had availability on unused lines of credit with the FHLB of $2,670,141 at December 31, 2017 . In connection with the prepayment of $42,369 in long-term advances from the FHLB during 2016 , the Company incurred penalty charges of $2,539 , which is included under the line item “Extinguishment of debt” in the Consolidated Statements of Income. The Company did not prepay any outstanding long-term advances from the FHLB during 2017 or 2015 . Junior subordinated debentures The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities subject to the terms of the guarantee. The following table provides details on the debentures as of December 31, 2017 : Principal Amount Interest Rate Year of Maturity Amount Included in Tier 1 Capital PHC Statutory Trust I $ 20,619 4.45 % 2033 $ 20,000 PHC Statutory Trust II 31,959 3.46 2035 31,000 Capital Bancorp Capital Trust I 12,372 3.19 2035 12,000 First M&F Statutory Trust I 30,928 2.92 2036 20,003 During 2003, the Company formed PHC Statutory Trust I to provide funds for the cash portion of the Renasant Bancshares, Inc. acquisition. The interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR at the determination date plus 285 basis points. In April 2012, the Company entered into an interest rate swap agreement effective March 17, 2014 , pursuant to which the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 2.85% and pays a fixed rate of interest of 5.49% . The debentures owned by PHC Statutory Trust I are currently redeemable at par. During 2005, the Company formed PHC Statutory Trust II to provide funds for the cash portion of the Heritage Financial Holding Corporation (“HFHC”) acquisition. The interest rate for PHC Statutory Trust II reprices quarterly equal to the three-month LIBOR at the determination date plus 187 basis points. The debentures owned by PHC Statutory Trust II are currently redeemable at par. In connection with the acquisition of HFHC, the Company assumed the debentures issued by Heritage Financial Statutory Trust I. On February 22, 2017, the Company redeemed these debentures. The debentures were redeemed for an aggregate amount of $10,515 , which included the principal amount of $10,310 and a prepayment penalty of $205 . In connection with the acquisition of Capital Bancorp, Inc. (“Capital”) in 2007, the Company assumed the debentures issued to Capital Bancorp Capital Trust I. The discount associated with the Company’s assumption of the debentures issued to Capital Bancorp Capital Trust I was fully amortized during 2010. The interest rate for Capital Bancorp Capital Trust I reprices quarterly equal to the three-month LIBOR plus 150 basis points. In March 2012, the Company entered into an interest rate swap agreement effective March 31, 2014, whereby the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 1.50% and pays a fixed rate of interest of 4.42% . The debentures owned by Capital Bancorp Capital Trust I are currently redeemable at par. In connection with the acquisition of First M&F Corporation (“First M&F”) in 2013, the Company assumed the debentures issued to First M&F Statutory Trust I. The discount associated with the Company’s assumption of the debentures issued to First M&F Statutory Trust I had a carrying value of $9,997 at December 31, 2017 and $10,545 at December 31, 2016. The discount is being amortized through March 2036. The interest rate for First M&F Statutory Trust I reprices quarterly equal to the three-month LIBOR plus a spread of 133 basis points. The Company also assumed from First M&F a pay-fixed, receive-floating interest rate swap, maturing on March 15, 2018, which calls for the Company to pay a fixed rate of 3.795% and receive a variable rate of three-month LIBOR plus a spread of 133 basis points on a quarterly basis. The debentures owned by First M&F Statutory Trust I are currently redeemable at par. The Company has classified $83,003 of the debentures described in the above paragraphs as Tier 1 capital. The Federal Reserve Board issued guidance in March 2005 providing more strict quantitative limits on the amount of securities, similar to the junior subordinated debentures issued or assumed by the Company, that are includable in Tier 1 capital. The new guidance, which became effective in March 2009, did not impact the amount of debentures the Company includes in Tier 1 capital. Furthermore, the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have no effect on the treatment of these debentures as Tier 1 capital while we remain below $15,000,000 in assets. For more information about the Company’s derivative financial instruments, see Note 15, “Derivative Instruments.” Subordinated notes On August 22, 2016, the Company issued and sold in an underwritten public offering $60,000 aggregate principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2026 Notes”) and $40,000 aggregate principal amount of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”), at a public offering price equal to 100% of the aggregate principal amounts of the Notes. As part of the Metropolitan acquisition in 2017, the Company assumed $15,000 of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “Metropolitan Notes”; the 2026 Notes, the 2031 Notes and the Metropolitan Notes are referred to collectively as the “Notes”). The Metropolitan Notes, 2026 Notes and 2031 Notes mature on July 1, 2026, September 1, 2026 and on September 1, 2031, respectively. Until but excluding July 1, 2021, the Company will pay interest on the Metropolitan Notes semi-annually in arrears on each January 1 and July 1 at a fixed annual interest rate equal to 6.50% . From and including July 1, 2021 to but excluding the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 554.5 basis points, payable quarterly in arrears on each January 1, April 1, July 1 and October 1. Until but excluding September 1, 2021 and 2026, respectively, the Company will pay interest on the 2026 Notes and 2031 Notes semi-annually in arrears on each March 1 and September 1 at a fixed annual interest rate equal to 5.00% and 5.50% , respectively. From and including September 1, 2021 and 2026, respectively, to but excluding the maturity date or the date of earlier redemption, the interest rate on the 2026 Notes and 2031 Notes will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 384 basis points and 407.1 basis points, respectively, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, for all of the Notes, in the event that three-month LIBOR is less than zero , three-month LIBOR shall be deemed to be zero . Beginning with the interest payment date of July 1, 2021, as to the Metropolitan Notes, the interest payment date of September 1, 2021 as to the 2026 Notes, and the interest payment date of September 1, 2026, as to the 2031 Notes, and on any interest payment date thereafter, the Company may redeem the applicable Notes in whole or in part at a redemption price equal to 100% of the principal amount of the respective Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem any series of the Notes at any time, at the Company’s option, in whole or in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption price is 100% of the principal amount of the Notes being redeemed plus any accrued and unpaid interest to but excluding the redemption date. There is no sinking fund for the benefit of the Notes, and none of the Notes are convertible or exchangeable. The aggregate stated maturities of long-term debt outstanding at December 31, 2017 , are summarized as follows: 2018 $ 26 2019 1,969 2020 448 2021 219 2022 549 Thereafter 204,335 Total $ 207,546 |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and future benefit accruals ceased as of December 31, 1996. The Company’s funding policy is to contribute annually to the plan an amount at least equal to the minimum amount determined by consulting actuaries in accordance with the requirements of the Internal Revenue Code of 1986, as amended. No contributions were made to the pension plan in 2017 or 2016 . The Company does not anticipate that a contribution will be required in 2018 . The plan’s accumulated benefit obligation and respective projected benefit obligation are substantially the same since benefit accruals under the plan have ceased. The accumulated benefit obligation for the plan was $27,859 and $28,012 at December 31, 2017 and 2016 , respectively. There is no additional minimum pension liability required to be recognized. In connection with the acquisition of Heritage Financial Group, Inc. in 2015, the Company assumed the defined benefit pension plan maintained by HeritageBank, under which accruals had ceased and which had been terminated by HeritageBank immediately prior to the acquisition date. Final distribution of all benefits under the plan was completed in August 2016. The Company also provides retiree health care benefits for certain employees who were employed by the Company and enrolled in the Company’s health plan as of December 31, 2004. To receive benefits, an eligible employee must retire from service with the Company and its affiliates between age 55 and 65 and be credited with at least 15 years of service or with 70 points, determined as the sum of age and service at retirement. The Company periodically determines the portion of the premium to be paid by each eligible retiree and the portion to be paid by the Company. Coverage ceases when an employee attains age 65 and is eligible for Medicare. The Company also provides life insurance coverage for each retiree in the face amount of $5 until age 70 . Retirees can purchase additional insurance or continue coverage beyond age 70 at their sole expense. The Company contributed $119 and $152 to the plan in 2017 and 2016 , respectively. The Company expects to contribute approximately $214 in 2018 . The Company has accounted for its obligation related to these retiree benefits in accordance with ASC 715, “Compensation – Retirement Benefits.” The assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) for the next year is 5.5% . Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2017 , and for the year then ended. Information relating to the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined benefit pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plan (“Other Benefits”) as of December 31, 2017 and 2016 is as follows: Pension Benefits Renasant Pension Benefits HeritageBank (2) Other Benefits 2017 2016 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 28,012 $ 27,856 $ 12,913 $ 1,566 $ 1,704 Service cost — — — 9 12 Interest cost 1,168 1,216 172 42 58 Plan participants’ contributions — — — 77 76 Actuarial loss (gain) 582 (115 ) (481 ) (328 ) (56 ) Benefits paid (1,903 ) (2,018 ) (22 ) (196 ) (228 ) Settlements (1) — — (11,509 ) — — Transfer from HeritageBank Pension Plan — 1,073 (1,073 ) — — Benefit obligation at end of year $ 27,859 $ 28,012 $ — $ 1,170 $ 1,566 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 25,241 $ 24,434 $ 12,458 Actual return on plan assets 3,575 1,752 29 Contribution by employer — — 142 Benefits paid (1,903 ) (2,018 ) (22 ) Settlements (1) — — (11,509 ) Expenses paid from plan trust — — (25 ) Transfer from HeritageBank Pension Plan — 1,073 (1,073 ) Fair value of plan assets at end of year $ 26,913 $ 25,241 $ — Funded status at end of year $ (946 ) $ (2,771 ) $ — $ (1,170 ) $ (1,566 ) Weighted-average assumptions as of December 31 Discount rate used to determine the benefit obligation 3.96 % 4.35 % — % 3.37 % 3.57 % (1) Settlements from the HeritageBank defined benefit pension plan represent the lump sum payments made to participants upon final distribution of benefits as a result of the plan’s termination. (2) Because final distribution of all benefits under the HeritageBank defined benefit pension plan was completed in August 2016, there was no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2017 . The discount rate assumptions at December 31, 2017 were determined using a yield curve approach. A yield curve was developed for a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the benefit plans. The selected discount rate is the rate that produces the same present value of the benefit plan’s projected benefit payments. The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2017 , 2016 and 2015 are as follows: Pension Benefits Renasant Pension Benefits HeritageBank (1) Other Benefits 2017 2016 2015 2016 2015 2017 2016 2015 Service cost $ — $ — $ — $ — $ — $ 9 $ 12 $ 17 Interest cost 1,168 1,216 1,095 172 305 42 58 60 Expected return on plan assets (1,941 ) (1,872 ) (2,040 ) (113 ) (216 ) — — — Prior service cost recognized — — — — — — — — Recognized actuarial loss 401 404 331 — — 6 76 101 Settlement/curtailment/termination losses — — — (780 ) (65 ) — — — Net periodic benefit cost (372 ) (252 ) (614 ) (721 ) 24 57 146 178 Net actuarial loss/(gain) arising during the period (1,051 ) 5 2,812 (397 ) (448 ) (328 ) (56 ) (37 ) Net Settlement/curtailment/termination losses — — — 780 65 — — — Amortization of net actuarial loss recognized in net periodic pension cost (401 ) (404 ) (331 ) — — (6 ) (76 ) (101 ) Total recognized in other comprehensive income (1,452 ) (399 ) 2,481 383 (383 ) (334 ) (132 ) (138 ) Total recognized in net periodic benefit cost and other comprehensive income $ (1,824 ) $ (651 ) $ 1,867 $ (338 ) $ (359 ) $ (277 ) $ 14 $ 40 Weighted-average assumptions as of December 31 Discount rate used to determine net periodic pension cost 4.35 % 4.56 % 4.00 % 4.27 % 4.00 % 3.57 % 3.63 % 3.22 % Expected return on plan assets 8.00 % 8.00 % 8.00 % 3.00 % 3.00 % N/A N/A N/A (1) Because final distribution of all benefits under the HeritageBank defined benefit pension plan was completed in August 2016, there was no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2017 . Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows: Pension Benefits Renasant Other Benefits 2018 $ 2,019 $ 214 2019 2,036 182 2020 2,043 151 2021 2,048 148 2022 2,033 120 2023 - 2027 9,659 386 Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2017 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss 10,063 85 Total $ 10,063 $ 85 The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss 349 — Total $ 349 $ — The investment objective for the Renasant defined benefit pension plan is to achieve above average income and moderate long term growth. An investment committee appointed by management seeks to accomplish this objective by combining an equity income strategy (approximately 65% to 75% ), which generally invests in larger capitalization common stocks, and an intermediate fixed income strategy (approximately 25% to 35% ), which generally invests in U.S. Government securities and investment grade corporate bonds. In response to the current interest rate environment, the committee has begun allocating assets to the higher end of the target range for equity funds in order to lessen the impact of anticipated rising interest rates on the fixed income funds. It is the investment committee’s intent to give the investment managers flexibility within the overall guidelines with respect to investment decisions and their timing. However, significant modifications of any previously approved investments or anticipated use of derivatives to execute investment strategies must be approved by the committee. The plan’s expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation. The expected return on investment classes was computed using a valuation methodology which projected future returns based on current equity valuations rather than historical returns. The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2017 and 2016 follow below. Corporate stocks consist primarily of common stocks of both U.S. companies and international companies that are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). The Company’s investments in registered investment companies consist primarily of investments in funds that invest in investment grade fixed income securities. These investments are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). Fixed income securities consist of U.S. Government securities, investment grade corporate debt, and foreign and municipal obligations. The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2). Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Totals December 31, 2017 Cash and cash equivalents $ 387 $ — $ — $ 387 U.S. government securities — 2,496 — 2,496 Corporate debt — 1,908 — 1,908 Corporate stocks 20,557 — — 20,557 Investments in registered investment companies 921 — — 921 Foreign obligations — 644 — 644 $ 21,865 $ 5,048 $ — $ 26,913 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Totals December 31, 2016 Cash and cash equivalents $ 1,639 $ — $ — $ 1,639 U.S. government securities — 2,270 — 2,270 Corporate debt — 1,991 — 1,991 Corporate stocks 17,823 — — 17,823 Investments in registered investment companies 871 — — 871 Foreign obligations — 647 — 647 $ 20,333 $ 4,908 $ — $ 25,241 Other Retirement Plans The Company maintains a 401(k) plan, which is a contributory plan maintained in the form of a “safe harbor” arrangement. Employees may contribute pre-tax earnings, subject to a maximum established annually by the IRS. The Company matches employee deferrals, up to 4% of compensation. Such matching contributions are allocated to participants at the end of each payroll cycle. The Company also makes a nondiscretionary contribution for each eligible employee in an amount equal to 5% of plan compensation and 5% of plan compensation in excess of the Social Security wage base. This nondiscretionary contribution is allocated to participants who are employed on the last day of each plan year and credited with 1000 hours of service during the year. Employees are automatically enrolled in the plan when employment commences. The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2017 , 2016 and 2015 were $11,471 , $10,762 and $9,271 , respectively. In connection with the KeyWorth acquisition, the Company assumed the KeyWorth Bank 401(k) Plan maintained by KeyWorth, under which all contributions had ceased and which had been terminated by KeyWorth immediately prior to the acquisition date. Distribution of benefits under this plan made solely on account of its termination was completed in June 2016. Similarly, in connection with the Metropolitan acquisition, the Company assumed the Metropolitan Bank 401(k) Plan maintained by Metropolitan Bank, under which all contributions had ceased and which had been terminated by Metropolitan Bank immediately prior to the acquisition date. Distribution of benefits under this plan made solely on account of its termination is anticipated to occur once a determination as to its qualified status in connection with its termination has been received from the Internal Revenue Service. There was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2017 or 2016 associated with these plans. The Company assumed supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital in 2007. The SERPs were established by Capital to provide supplemental retirement benefits. The plans provide four officers of the Company specified annual benefits based upon a projected retirement date. These benefits are payable for a 15 -year period after retirement. The supplemental executive retirement plan liabilities totaled $3,846 and $3,543 at December 31, 2017 and 2016 , respectively. The plans are not qualified under Section 401 of the Internal Revenue Code. Deferred Compensation Plans The Company maintains three deferred compensation plans: a Deferred Stock Unit Plan which is invested in Company stock units and two deferred compensation plans invested in publicly-traded investment alternatives. Nonemployee directors may defer all or any portion of their fees and retainer to the Deferred Stock Unit Plan or the deferred compensation plan maintained for their benefit. Officers may defer base salary and bonus to the Deferred Stock Unit Plan or salary to the deferred compensation plan maintained for their benefit, subject to limits that may be determined annually by the Company. Amounts credited to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock. Amounts credited to the conventional deferred compensation plans are invested at the discretion of each participant from among designated investment alternatives. Directors and officers who participated in these deferred compensation plans on or before December 31, 2006, may invest in a preferential interest rate investment that is derived from the Moody’s Average Corporate Bond Rate, adjusted monthly, and the beneficiaries of participants in the deferred compensation plans as of such date may receive a preretirement death benefit in excess of the amounts credited to plan accounts at the time of death. All of the Company’s deferred compensation plans are unfunded. It is anticipated that the two deferred compensation plans will result in no additional cost to the Company because life insurance policies on the lives of the participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the life insurance policies. The expense recorded in 2017 , 2016 and 2015 for the Company’s deferred compensation plans, inclusive of deferrals, was $1,935 , $1,537 and $1,225 , respectively. In connection with the Metropolitan acquisition, the Company assumed the Metropolitan BancGroup, Inc. Nonqualified Deferred Compensation Plan (“Metropolitan Bank Plan”) maintained by Metropolitan Bank. Participant deferrals were continued in accordance with deferral elections in place under the Metropolitan Bank Plan through December 31, 2017, at which time participant deferrals into this plan ceased. The distribution of accrued account balances will occur in accordance with distribution elections in place under the Metropolitan Bank Plan. Because funds were set aside by Metropolitan and actively invested in a manner identical to the participant account balances, investment gains and losses earned on the invested assets exactly offset the expense recorded to the participant accounts for the year ended December 31, 2017 . Incentive Compensation Plans Under the Company’s “Performance Based Rewards” incentive compensation plan, annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria. The Company designates minimum levels of performance for all participating profit centers and rewards employees on performance over the minimum level. The expense associated with the plan for 2017 , 2016 and 2015 was $4,490 , $2,307 and $3,608 , respectively. In March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and the award of restricted stock. The plan replaced the long-term incentive plan adopted in 2001, which expired in October 2011. The Company issues shares of treasury stock to satisfy stock options exercised or restricted stock granted under the plan. Options granted under the plan allow participants to acquire shares of the Company’s common stock at a fixed exercise price and expire ten years after the grant date. Options vest and become exercisable in installments over a three -year period measured from the grant date. Options that have not vested are forfeited and cancelled upon the termination of a participant’s employment. There were no stock options granted during the years ended December 31, 2017 , 2016 or 2015 . The Company recorded compensation expense of $73 for the year ended December 31, 2015 for options granted prior to 2015 under the plan. There was no compensation expense associated with options recorded for the years ended December 31, 2017 or 2016 . The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2017 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at January 1, 2015 830,950 $ 18.70 Granted — — Exercised (201,371 ) 20.82 Forfeited (8,133 ) 29.45 Outstanding at December 31, 2015 621,446 $ 17.88 3.91 $ 10,274 Exercisable at December 31, 2015 606,027 $ 17.85 3.83 $ 10,038 Granted — — Exercised (435,177 ) 18.67 Forfeited (644 ) 29.67 Outstanding at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Exercisable at December 31, 2016 185,625 $ 15.97 3.91 $ 4,872 Granted — — Exercised (95,875 ) 16.25 Forfeited — — Outstanding at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 Exercisable at December 31, 2017 89,750 $ 15.67 3.14 $ 2,263 The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 and 2015 was $2,487 , $8,323 and $2,445 , respectively. The total grant date fair value of options vested during December 31, 2016 and 2015 was $78 , and $235 , respectively. All options outstanding during 2017 were fully vested and exercisable as of December 31, 2016. The Company awards performance-based restricted stock to executives and other officers and time-based restricted stock to directors, executives and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a designated service period and the attainment of specified performance goals. Target performance levels are derived from the Company’s budget, with threshold performance set at approximately 5% below target and superior performance set at approximately 5% above target. Performance-based restricted stock is granted at the target level; the number of shares ultimately awarded is determined at the end of the applicable performance period and may be increased or decreased depending upon the Company meeting or exceeding (or failing to meet or exceed) the financial performance measures defined by the Board of Directors. Time-based restricted stock vests at the end of the service period defined in the respective grant. The fair value of each restricted stock grant is the closing price of the Company’s common stock on the day immediately preceding the grant date. The Company recorded compensation expense of $5,293 , $3,117 and $3,884 for the years ended December 31, 2017 , 2016 and 2015 , respectively, for restricted stock awarded under the plan. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2017 : Performance- Based Restricted Stock (1) Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of year — $ — 117,345 $ 31.76 Granted 57,204 42.22 153,270 42.81 Vested (55,204 ) 42.22 (43,305 ) 32.36 Cancelled (2,000 ) 42.22 (9,235 ) 39.49 Nonvested at end of year — $ — 218,075 $ 39.08 (1) In January 2017 , the Company awarded 54,450 shares of performance-based restricted stock based on the target level of performance goals of which 2,000 were cancelled prior to the attainment of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 2,754 shares were issued for a total award of 55,204 shares. Unrecognized stock-based compensation expense related to restricted stock totaled $2,105 at December 31, 2017 . At such date, the weighted average period over which this unrecognized expense is expected to be recognized was approximately 1.60 years. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2017 . At December 31, 2017 , an aggregate of 2,273,192 shares of Company common stock were reserved for issuance under the Company’s employee benefit plans. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments (In Thousands) The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At December 31, 2017 , the Company had notional amounts of $216,741 on interest rate contracts with corporate customers and $216,741 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts. In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are accounted for as cash flow hedges with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four -year and five -year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate of interest, and will receive a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements. In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures. In connection with its acquisition of First M&F, the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the acquisition of First M&F. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $131,000 and $120,050 at December 31, 2017 and 2016 , respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $199,000 and $257,000 at December 31, 2017 and 2016 , respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet December 31, Location 2017 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 3,171 $ 1,985 Interest rate lock commitments Other Assets 2,756 2,643 Forward commitments Other Assets 50 4,480 Totals $ 5,977 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 2,536 $ 3,410 Totals $ 2,536 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 3,171 $ 1,985 Interest rate lock commitments Other Liabilities 4 246 Forward commitments Other Liabilities 328 269 Totals $ 3,503 $ 2,500 Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows, as of the dates presented: Year Ended December 31, 2017 2016 2015 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 3,981 $ 2,402 $ 2,200 Interest rate lock commitments: Included in mortgage banking income 356 (2,111 ) (530 ) Forward commitments Included in mortgage banking income (4,489 ) 4,275 (1,917 ) Total $ (152 ) $ 4,566 $ (247 ) For the Company’s derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the years ended December 31, 2017 , 2016 and 2015 . The impact on other comprehensive income for the years ended December 31, 2017 , 2016 , and 2015 , can be seen at Note 19, “Other Comprehensive Income.” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: Offsetting Derivative Assets Offsetting Derivative Liabilities December 31, December 31, December 31, December 31, Gross amounts recognized $ 717 $ 4,778 $ 5,303 $ 4,893 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 717 4,778 5,303 4,893 Gross amounts not offset in the consolidated balance sheets Financial instruments 717 567 717 567 Financial collateral pledged — — 4,357 4,326 Net amounts $ — $ 4,211 $ 229 $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Current Federal $ 28,380 $ 31,679 $ 17,004 State 1,354 2,131 995 29,734 33,810 17,999 Deferred Federal 22,314 10,480 12,625 State 1,147 557 1,126 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 14,486 — — 37,947 11,037 13,751 $ 67,681 $ 44,847 $ 31,750 The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented: Year Ended December 31, 2017 2016 2015 Tax at U.S. statutory rate $ 55,955 $ 47,522 $ 34,918 Increase (decrease) in taxes resulting from: Tax-exempt interest income (3,595 ) (3,467 ) (3,377 ) BOLI income (1,524 ) (1,622 ) (1,264 ) Investment tax credits (1,591 ) (1,390 ) (1,390 ) Amortization of investment in low-income housing tax credits 1,873 1,742 1,734 State income tax expense, net of federal benefit 1,626 1,747 1,378 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 14,486 — — Other items, net 451 315 (249 ) $ 67,681 $ 44,847 $ 31,750 Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: December 31, 2017 2016 Deferred tax assets Allowance for loan losses $ 13,966 $ 19,934 Loans 15,062 23,240 Deferred compensation 7,093 11,254 Net unrealized losses on securities 3,659 10,096 Impairment of assets 1,748 2,512 Net operating loss carryforwards 2,419 2,867 Other 4,722 7,149 Gross deferred tax assets 48,669 77,052 Valuation allowance on state net operating loss carryforwards — — Total deferred tax assets 48,669 77,052 Deferred tax liabilities Investment in partnerships 757 1,556 Depreciation 3,163 2,517 Mortgage servicing rights 10,139 3,360 Subordinated debt 2,394 4,111 Other 1,859 2,876 Total deferred tax liabilities 18,312 14,420 Net deferred tax assets $ 30,357 $ 62,632 The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, among other things, permanently lowered the statutory federal corporate tax rate from 35% to 21%, effective for tax years including or beginning January 1, 2018. Under the guidance of ASC 740, “Income Taxes” (“ASC 740”), the Company revalued its net deferred tax assets on the date of enactment based on the reduction in the overall future tax benefit expected to be realized at the lower tax rate implemented by the new legislation. After reviewing the Company's inventory of deferred tax assets and liabilities on the date of enactment and giving consideration to the future impact of the lower corporate tax rates and other provisions of the new legislation, the Company's revaluation of its net deferred tax assets was $14,486 , which was included in “Income taxes” in the Consolidated Statements of Income. Although in the normal course of business the Company is required to make estimates and assumptions for certain tax items which cannot be fully determined at period end, the Company did not identify items for which the income tax effects of the Tax Act have not been completed as of December 31, 2017 and, therefore, considers its accounting for the tax effects of the Tax Act on its deferred tax assets and liabilities to be complete as of December 31, 2017. The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2014 through 2016. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2013 through 2016. The Company acquired federal and state net operating losses as part of the Metropolitan and Heritage acquisitions. The federal and state net operating losses acquired in the Metropolitan acquisition were $11,788 and $12,881 , respectively, none of which remained to be utilized as of December 31, 2017 . The federal net operating loss acquired in the Heritage acquisition totaled $18,321 , of which $5,920 remained to be utilized as of December 31, 2017 , while state net operating losses totaled $17,168 , of which $7,319 remained to be utilized as of December 31, 2017 . Both the federal and state net operating losses will expire at various dates beginning in 2031; however, the Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the year end December 31, 2017 . A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%. 2017 2016 2015 Balance at January 1 $ 1,510 $ 1,485 $ 2,653 Additions based on positions related to current period 467 25 367 Additions based on positions related to prior period — — — Reductions based on positions related to prior period — — (201 ) Settlements — — (1,334 ) Reductions due to lapse of statute of limitations (371 ) — — Balance at December 31 $ 1,606 $ 1,510 $ 1,485 If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2017 relative to any tax positions taken prior to January 1, 2017 . The Company had accrued $169 , $169 and $125 for interest and penalties related to unrecognized tax benefits as of December 31, 2017 , 2016 and 2015 , respectively. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Qualified Affordable Housing Projects | Investments in Qualified Affordable Housing Projects (In Thousands) The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period. At December 31, 2017 and December 31, 2016 , the Company’s carrying value of QAHPs was $7,637 and $6,331 , respectively. During the first quarter of 2017, the Company sold its interest in a limited liability partnership which reduced the carrying value of the investment in QAHPs by approximately $2,450 . On July 1, 2017, the Company acquired $5,481 in QAHPs in its acquisition of Metropolitan. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets. Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2017 2016 Investment amortization $ 1,714 $ 1,335 Tax credits and other benefits (2,190 ) (1,927 ) Total $ (476 ) $ (592 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (In Thousands) Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825. The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt and equity securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments : The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale : Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals December 31, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,564 $ — $ 3,564 Obligations of states and political subdivisions — 234,481 — 234,481 Residential mortgage-backed securities: Government agency-mortgage backed securities — 193,950 — 193,950 Government agency collateralized mortgage obligations — 176,639 — 176,639 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 31,170 — 31,170 Government agency collateralized mortgage obligations — 5,006 — 5,006 Trust preferred securities — — 9,388 9,388 Other debt securities — 17,290 — 17,290 Total securities available for sale — 662,100 9,388 671,488 Derivative instruments: Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 2,756 — 2,756 Forward commitments — 50 — 50 Total derivative instruments — 5,977 — 5,977 Mortgage loans held for sale — 108,316 — 108,316 Total financial assets $ — $ 776,393 $ 9,388 $ 785,781 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,536 $ — $ 2,536 Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 4 — 4 Forward commitments — 328 — 328 Total derivative instruments — 6,039 — 6,039 Total financial liabilities $ — $ 6,039 $ — $ 6,039 Level 1 Level 2 Level 3 Totals December 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,158 $ — $ 2,158 Residential mortgage-backed securities: Government agency mortgage-backed securities — 409,317 — 409,317 Government agency collateralized mortgage obligations — 168,826 — 168,826 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 50,863 — 50,863 Government agency collateralized mortgage obligations — 2,550 — 2,550 Trust preferred securities — — 18,389 18,389 Other debt securities — 22,145 — 22,145 Total securities available for sale — 655,859 18,389 674,248 Derivative instruments: Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 2,643 — 2,643 Forward commitments — 4,480 — 4,480 Total derivative instruments — 9,108 — 9,108 Mortgage loans held for sale — 177,866 — 177,866 Total financial assets $ — $ 842,833 $ 18,389 $ 861,222 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 3,410 $ — $ 3,410 Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 246 — 246 Forward commitments — 269 — 269 Total derivative instruments — 5,910 — 5,910 Total financial liabilities $ — $ 5,910 $ — $ 5,910 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: Securities available for sale Trust preferred securities Balance at January 1, 2016 $ 19,469 Realized (gains) losses included in net income, net of premium amortization 33 Unrealized gains included in other comprehensive income (59 ) Sales — Issues — Settlements (1,054 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2016 $ 18,389 Realized (gains) losses included in net income, net of premium amortization 25 Unrealized gains included in other comprehensive income 2,364 Sales (9,346 ) Issues — Settlements (2,044 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2017 $ 9,388 For 2017 and 2016 , there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table presents information as of December 31, 2017 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 9,388 Discounted cash flows Default rate 0-100% Nonrecurring Fair Value Measurements Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides as of the dates presented the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: Level 1 Level 2 Level 3 Totals December 31, 2017 Impaired loans $ — $ — $ 9,251 $ 9,251 OREO — — 7,392 7,392 Total $ — $ — $ 16,643 $ 16,643 Level 1 Level 2 Level 3 Totals December 31, 2016 Impaired loans $ — $ — $ 4,101 $ 4,101 OREO — — 6,741 6,741 Mortgage servicing rights — — 26,302 26,302 Total $ — $ — $ 37,144 $ 37,144 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis: Impaired loans : Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $9,608 and $4,406 at December 31, 2017 and December 31, 2016 , respectively, and a specific reserve for these loans of $357 and $305 was included in the allowance for loan losses for the same periods ended. Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end: December 31, 2017 December 31, 2016 Carrying amount prior to remeasurement $ 8,732 $ 8,290 Impairment recognized in results of operations (1,340 ) (1,549 ) Fair value $ 7,392 $ 6,741 Mortgage servicing rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at December 31, 2017 and December 31, 2016 , and $40 in impairment charges were recognized in earnings for the twelve months ended December 31, 2016 . There were no impairment charges recognized in earnings in 2017 . The following table presents information as of December 31, 2017 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 9,251 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 7,392 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% Fair Value Option The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them. Net gains of $1,594 resulting from fair value changes of these mortgage loans were recorded in income during 2017 . The amount does 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 income” 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. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2017 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale $ 108,316 $ 104,820 $ 3,496 Past due loans of 90 days or more — — — Nonaccrual loans — — — Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets Cash and cash equivalents $ 281,453 $ 281,453 $ — $ — $ 281,453 Securities available for sale 671,488 — 662,100 9,388 671,488 Mortgage loans held for sale 108,316 — 108,316 — 108,316 Loans, net 7,574,111 — — 7,514,185 7,514,185 Mortgage servicing rights 39,339 — — 47,868 47,868 Derivative instruments 5,977 — 5,977 — 5,977 Financial liabilities Deposits $ 7,921,075 $ 6,114,391 $ 1,809,085 $ — $ 7,923,476 Short-term borrowings 89,814 89,814 — — 89,814 Other long-term borrowings 98 98 — — 98 Federal Home Loan Bank advances 7,493 — 7,661 — 7,661 Junior subordinated debentures 85,881 — 69,702 — 69,702 Subordinated notes 114,074 — 118,650 — 118,650 Derivative instruments 6,039 — 6,039 — 6,039 Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2016 Financial assets Cash and cash equivalents $ 306,224 $ 306,224 $ — $ — $ 306,224 Securities held to maturity 356,282 — 362,893 — 362,893 Securities available for sale 674,248 — 655,859 18,389 674,248 Mortgage loans held for sale 177,866 — 177,866 — 177,866 Loans, net 6,159,972 — — 5,989,790 5,989,790 Mortgage servicing rights 26,302 — — 32,064 32,064 Derivative instruments 9,108 — 9,108 — 9,108 Financial liabilities Deposits $ 7,059,137 $ 5,438,384 $ 1,631,027 $ — $ 7,069,411 Short-term borrowings 109,676 109,676 — — 109,676 Other long-term borrowings 147 147 — — 147 Federal Home Loan Bank advances 8,542 — 8,777 — 8,777 Junior subordinated debentures 95,643 — 73,301 — 73,301 Subordinated notes 98,127 — 101,000 — 101,000 Derivative instruments 5,910 — 5,910 — 5,910 The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis are discussed previously. Cash and cash equivalents : Cash and cash equivalents consist of cash and due from banks and interest-bearing balances with banks. The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates fair value based on the short-term nature of these assets. Securities held to maturity : Securities held to maturity consist of debt securities such as obligations of U.S. Government agencies, states, and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Loans : For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans, including mortgages, commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Deposits : The fair values disclosed for demand deposits, both interest-bearing and noninterest-bearing, are, by definition, equal to the amount payable on demand at the reporting date. Such deposits are classified within Level 1 of the fair value hierarchy. The fair values of certificates of deposit and individual retirement accounts are estimated using a discounted cash flow based on currently effective interest rates for similar types of deposits. These deposits are classified within Level 2 of the fair value hierarchy. Short-term borrowings : Short-term borrowings consist of securities sold under agreements to repurchase and short-term FHLB advances. The fair value of these borrowings approximates the carrying value of the amounts reported in the Consolidated Balance Sheets for each respective account given the short-term nature of the liabilities. Federal Home Loan Bank advances : The fair value for FHLB advances is determined by discounting the expected future cash outflows using current market rates for similar borrowings, or Level 2 inputs. Junior subordinated debentures and subordinated notes : The fair value for the Company’s junior subordinated debentures and subordinated notes is determined using quoted market prices for similar instruments traded in active markets. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income (In Thousands) Changes in the components of other comprehensive income, net of tax, were as follows: Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2017 Securities available for sale: Unrealized holding losses on securities $ (3,617 ) $ (1,399 ) $ (2,218 ) Unrealized holding gains on securities transferred from held to maturity to available for sale 13,219 5,111 8,108 Reclassification adjustment for gains realized in net income (1) (148 ) (57 ) (91 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 9,172 3,546 5,626 Derivative instruments: Unrealized holding gains on derivative instruments 874 338 536 Total derivative instruments 874 338 536 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 1,379 351 1,028 Amortization of net actuarial loss recognized in net periodic pension cost (2) 407 158 249 Total defined benefit pension and post-retirement benefit plans 1,786 509 1,277 Total other comprehensive income $ 11,832 $ 4,393 $ 7,439 Year Ended December 31, 2016 Securities available for sale: Unrealized holding losses on securities $ (10,119 ) $ (3,913 ) $ (6,206 ) Reclassification adjustment for gains realized in net income (1) (1,186 ) (459 ) (727 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (99 ) (38 ) (61 ) Total securities available for sale (11,404 ) (4,410 ) (6,994 ) Derivative instruments: Unrealized holding gains on derivative instruments 856 329 527 Total derivative instruments 856 329 527 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 51 20 31 Amortization of net actuarial loss recognized in net periodic pension cost (2) 480 178 302 Reclassification of adjustment for net settlement gain realized in net income (2) (383 ) (148 ) (235 ) Total defined benefit pension and post-retirement benefit plans 148 50 98 Total other comprehensive loss $ (10,400 ) $ (4,031 ) $ (6,369 ) Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2015 Securities available for sale: Unrealized holding losses on securities $ (571 ) $ (220 ) $ (351 ) Reclassification adjustment for gains realized in net income (1) (96 ) (37 ) (59 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (178 ) (68 ) (110 ) Total securities available for sale (845 ) (325 ) (520 ) Derivative instruments: Unrealized holding losses on derivative instruments (420 ) (171 ) (249 ) Total derivative instruments (420 ) (171 ) (249 ) Defined benefit pension and post-retirement benefit plans: Net loss arising during the period (2,393 ) (958 ) (1,435 ) Amortization of net actuarial loss recognized in net periodic pension cost (2) 432 165 267 Total defined benefit pension and post-retirement benefit plans (1,961 ) (793 ) (1,168 ) Total other comprehensive loss $ (3,226 ) $ (1,289 ) $ (1,937 ) (1) Included in Net gains on sales of securities in the Consolidated Statements of Income (2) Included in Salaries and employee benefits in the Consolidated Statements of Income The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: 2017 2016 2015 Unrealized gains on securities $ 7,363 $ 9,490 $ 16,500 Non-credit related portion of other-than-temporary impairment on securities (9,313 ) (16,719 ) (16,735 ) Unrealized losses on derivative instruments (995 ) (1,355 ) (1,882 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,566 ) (7,320 ) (7,418 ) Total accumulated other comprehensive loss $ (10,511 ) $ (15,904 ) $ (9,535 ) |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations (In Thousands, Except Share Data) (Unaudited) The following table sets forth a summary of the unaudited quarterly results of operations. First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Interest income $ 81,889 $ 87,579 $ 100,695 $ 104,587 Interest expense 7,874 7,976 10,678 11,325 Net interest income 74,015 79,603 90,017 93,262 Provision for loan losses 1,500 1,750 2,150 2,150 Noninterest income 32,021 34,265 33,413 32,441 Noninterest expense 69,309 74,841 80,660 76,808 Income before income taxes 35,227 37,277 40,620 46,745 Income taxes 11,255 11,993 14,199 30,234 Net income $ 23,972 $ 25,284 $ 26,421 $ 16,511 Basic earnings per share $ 0.54 $ 0.57 $ 0.54 $ 0.33 Diluted earnings per share $ 0.54 $ 0.57 $ 0.53 $ 0.33 2016 Interest income $ 76,259 $ 84,008 $ 83,032 $ 85,840 Interest expense 6,205 6,851 7,301 7,791 Net interest income 70,054 77,157 75,731 78,049 Provision for loan losses 1,800 1,430 2,650 1,650 Noninterest income 33,302 35,586 38,272 30,255 Noninterest expense 69,814 77,259 76,468 71,558 Income before income taxes 31,742 34,054 34,885 35,096 Income taxes 10,526 11,154 11,706 11,461 Net income $ 21,216 $ 22,900 $ 23,179 $ 23,635 Basic earnings per share $ 0.53 $ 0.54 $ 0.55 $ 0.56 Diluted earnings per share $ 0.52 $ 0.54 $ 0.55 $ 0.55 See Note 2, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisitions of KeyWorth in the second quarter of 2016 and Metropolitan in the third quarter of 2017. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share (In Thousands, Except Share Data) Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Basic Net income applicable to common stock $ 92,188 $ 90,930 $ 68,014 Average common shares outstanding 46,874,502 41,737,636 35,971,877 Net income per common share—basic $ 1.97 $ 2.18 $ 1.89 Diluted Net income applicable to common stock $ 92,188 $ 90,930 $ 68,014 Average common shares outstanding 46,874,502 41,737,636 35,971,877 Effect of dilutive stock-based compensation 127,014 251,819 255,562 Average common shares outstanding—diluted 47,001,516 41,989,455 36,227,439 Net income per common share—diluted $ 1.96 $ 2.17 $ 1.88 Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Number of shares 77,545 — — Range of exercise prices (for stock option awards) — — — |
Commitments, Contingent Liabili
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk | Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (In Thousands) Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2017 were $1,619,022 and $68,946 , respectively, compared to $1,263,059 and $44,086 , respectively, at December 31, 2016 . Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements. Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments. |
Restrictions on Cash, Securitie
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances | Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (In Thousands) Renasant Bank is required to maintain minimum average balances with the Federal Reserve. At December 31, 2017 and 2016 , Renasant Bank’s reserve requirements with the Federal Reserve were $129,429 and $109,044 , respectively, with which it was in full compliance. The Company’s balance of FHLB stock, which is carried at amortized cost, at December 31, 2017 and 2016 , was $15,070 and $9,589 , respectively. The required investment for the same time period was $7,181 and $7,611 , respectively. The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”). In addition, the FDIC also has the authority to prohibit the Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of the Bank, could include the payment of dividends. Accordingly, the approval of the DBCF is required prior to Renasant Bank paying dividends to the Company, and under certain circumstances the approval of the FDIC may be required. At December 31, 2017 , the Bank’s earned surplus exceeded the Bank’s capital stock by more than ten times. Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2017 , the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $105,075 . As of December 31, 2017 , no loans from the Bank to the Company were outstanding. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters (In Thousands) 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: 2017 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 979,604 10.18 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 896,733 11.34 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 979,604 12.39 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,142,926 14.46 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,000,715 10.42 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,000,715 12.69 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 1,000,715 12.69 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 1,050,751 13.32 % 871,911 13.09 % In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), a higher minimum Tier 1 capital requirement and other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. The CET1 capital ratio includes common equity as defined under GAAP and does not include any other type of non-common equity under GAAP. Banks must now maintain CET1 capital of 4.5% of average assets, Tier 1 capital of 6% of average assets and total capital of 8% of risk-weighted assets to be categorized as adequately capitalized. Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework.” The calculation of risk-weighted assets in the denominator of the Basel III capital ratios has been adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and Renasant Bank: — Residential mortgages: Replaced the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income. — Commercial mortgages: Replaced the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans. — Nonperforming loans: Replaced the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. The Final Rules also introduced a capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Final Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. It is not expected that the countercyclical capital buffer will be applicable to Renasant Corporation or Renasant Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and will be phased in over a 4-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows: • The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-size businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities. • The Insurance segment includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers. • The Wealth Management segment offers a broad range of wealth management and fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts. The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2017 , 2016 and 2015 : Community Banks Insurance Wealth Management Other Consolidated 2017 Net interest income $ 344,499 $ 457 $ 2,160 $ (10,219 ) $ 336,897 Provision for loan losses 7,550 — — — 7,550 Noninterest income 110,308 9,530 12,863 (561 ) 132,140 Noninterest expense 281,698 6,957 11,785 1,178 301,618 Income before income taxes 165,559 3,030 3,238 (11,958 ) 159,869 Income taxes 70,257 1,184 — (3,760 ) 67,681 Net income (loss) $ 95,302 $ 1,846 $ 3,238 $ (8,198 ) $ 92,188 Total assets $ 9,717,779 $ 26,470 $ 61,330 $ 24,402 $ 9,829,981 Goodwill 608,279 2,767 — — 611,046 2016 Net interest income $ 305,583 $ 350 $ 1,846 $ (6,788 ) $ 300,991 Provision for loan losses 7,530 — — — 7,530 Noninterest income 114,615 10,074 12,354 372 137,415 Noninterest expense 276,260 6,873 11,099 867 295,099 Income before income taxes 136,408 3,551 3,101 (7,283 ) 135,777 Income taxes 46,352 1,385 — (2,890 ) 44,847 Net income (loss) $ 90,056 $ 2,166 $ 3,101 $ (4,393 ) $ 90,930 Total assets $ 8,602,022 $ 23,693 $ 54,857 $ 19,279 $ 8,699,851 Goodwill 467,767 2,767 — — 470,534 2015 Net interest income $ 244,242 $ 311 $ 1,688 $ (4,883 ) $ 241,358 Provision for loan losses 4,752 — (2 ) — 4,750 Noninterest income 88,498 9,340 10,559 (127 ) 108,270 Noninterest expense 228,248 6,900 9,130 836 245,114 Income before income taxes 99,740 2,751 3,119 (5,846 ) 99,764 Income taxes 32,941 1,078 — (2,269 ) 31,750 Net income (loss) $ 66,799 $ 1,673 $ 3,119 $ (3,577 ) $ 68,014 Total assets $ 7,833,084 $ 22,550 $ 46,035 $ 24,827 $ 7,926,496 Goodwill 443,104 2,767 — — 445,871 |
Renasant Corporation (Parent Co
Renasant Corporation (Parent Company Only) Condensed Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Renasant Corporation (Parent Company Only) Condensed Financial Information | Renasant Corporation (Parent Company Only) Condensed Financial Information (In Thousands) Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents (1) $ 81,839 $ 121,233 Investments 2,734 4,327 Investment in bank subsidiary (2) 1,618,993 1,291,686 Accrued interest receivable on bank balances (2) 6 5 Intercompany receivable (2) 4,210 2,771 Other assets 10,839 11,508 Total assets $ 1,718,621 $ 1,431,530 Liabilities and shareholders’ equity Junior subordinated debentures $ 85,881 $ 95,643 Subordinated notes 114,074 98,127 Other liabilities 3,683 4,877 Shareholders’ equity 1,514,983 1,232,883 Total liabilities and shareholders’ equity $ 1,718,621 $ 1,431,530 (1) Eliminates in consolidation, with the exception of $1,970 pledged for collateral and held at non-subsidiary bank in 2015 (2) Eliminates in consolidation Statements of Income Year Ended December 31, 2017 2016 2015 Income Dividends from bank subsidiary (1) $ 34,416 $ 29,733 $ 24,557 Interest income from bank subsidiary (1) 8 8 7 Other dividends 94 469 266 Other income 588 1,275 58 Total income 35,106 31,485 24,888 Expenses 12,649 9,036 6,823 Income before income tax benefit and equity in undistributed net income of bank subsidiary 22,457 22,449 18,065 Income tax benefit (3,761 ) (2,890 ) (2,521 ) Equity in undistributed net income of bank subsidiary (1) 65,970 65,591 47,428 Net income $ 92,188 $ 90,930 $ 68,014 (1) Eliminates in consolidation Statements of Cash Flows Year Ended December 31, 2017 2016 2015 Operating activities Net income $ 92,188 $ 90,930 $ 68,014 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of securities — (1,186 ) — Equity in undistributed net income of bank subsidiary (65,970 ) (65,591 ) (47,428 ) Amortization/depreciation/accretion 656 560 579 Increase in other assets (1,069 ) (556 ) (1,377 ) (Decrease) increase in other liabilities (2,291 ) 564 1,088 Net cash provided by operating activities 23,514 24,721 20,876 Investing activities Purchases of securities held to maturity and available for sale — (1,380 ) (2,183 ) Sales and maturities of securities held to maturity and available for sale 1,555 6,101 1,089 Investment in subsidiaries (25,000 ) (75,000 ) — Net cash (paid) received in acquisition 4,834 — 5,292 Other investing activities (54 ) — — Net cash (used in) provided by investing activities (18,665 ) (70,279 ) 4,198 Financing activities Cash paid for dividends (34,416 ) (29,734 ) (24,557 ) Cash received on exercise of stock-based compensation 173 415 102 Excess tax benefits from exercise of stock options — 2,771 520 Repayment of long-term debt (10,310 ) — — Repayments of advances from bank subsidiary — — — Proceeds from issuance of long-term debt — 98,127 — Proceeds from equity offering — 84,105 — Other financing activities 310 — — Net cash (used in) provided by financing activities (44,243 ) 155,684 (23,935 ) (Decrease) increase in cash and cash equivalents (39,394 ) 110,126 1,139 Cash and cash equivalents at beginning of year 121,233 11,107 9,968 Cash and cash equivalents at end of year $ 81,839 $ 121,233 $ 11,107 |
Significant Accounting Polici35
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Consolidation | Consolidation : The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Securities | Securities : Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes. Debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase : Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale : Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income. |
Loans and the Allowance for Loan Losses | Loans and the Allowance for Loan Losses : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances, adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by, as applicable, the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans. The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies.” Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and 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 is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. |
Business Combinations, Accounting for Purchased Loans and Related Assets | Business Combinations, Accounting for Purchased Loans and Related Assets : Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations.” Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred. Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment. FDIC-Assisted Acquisitions: During 2010 and 2011, the Bank acquired in FDIC-assisted acquisitions substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Crescent Bank and Trust Company (Jasper, GA), July 2010 • American Trust Bank (Roswell, GA), February 2011 In connection with the July 2015 acquisition of Heritage Financial Group, Inc. (“Heritage”) and its wholly-owned subsidiary HeritageBank of the South (“HeritageBank”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition in FDIC-assisted acquisitions of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions: • Citizens Bank of Effingham (Springfield, GA), February 2011 • First Southern National Bank (Statesboro, GA), August 2011 A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the Federal Deposit Insurance Corporation (the “FDIC”) whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets. On December 8, 2016, the Bank entered into an agreement with the FDIC that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849 . All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, after such date all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC-assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions. |
Premises and Equipment | Premises and Equipment : Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter. |
Other Real Estate Owned | Other Real Estate Owned : Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income. |
Mortgage Servicing Rights | Mortgage Servicing Rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2017 and 2016 , respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. Changes to the fair value of the mortgage servicing rights are recorded as part of Mortgage banking income in the Consolidated Statements of Income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets : Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company’s reporting units, management uses the market approach. If, based on the results of the market approach further analysis is needed, the discounted cash flow approach is utilized. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance : Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of Metropolitan and KeyWorth (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $19,283 and $8,376 , respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. |
Insurance Agency Revenues | Insurance Agency Revenues : Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income. |
Trust and Financial Services Revenue | Trust and Wealth Management Revenues : The Company offers trust services as well as various investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities, mutual funds and other investment products are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income. |
Income Taxes | Income Taxes : Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense. |
Fair Value Measurements | Fair Value Measurements : ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities : The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.” Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings. The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. |
Treasury Stock | Treasury Stock : Treasury stock is recorded at cost. Shares held in treasury are not retired. |
Retirement Plans | Retirement Plans : The Company sponsors a noncontributory pension plan and provides retiree health care benefits for certain employees. In connection with its acquisition of Heritage, the Company also assumed a defined benefit pension plan maintained by HeritageBank. All benefits under this plan were finally distributed in August 2016. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” (“ASC 715”), using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. |
Stock-Based Compensation | Stock-Based Compensation : Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective awards’ vesting period. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation - Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” |
Earnings Per Common Share | Earnings Per Common Share : Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards' respective grant dates, calculated in accordance with the treasury method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. |
Impact of Recently-Issued Accounting Standards and Pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements : In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which is an update to FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers” (“ASC 606”). ASU 2014-09 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of this standard to annual and interim periods beginning after December 15, 2017. While the Company is currently evaluating the impact ASU 2014-09 will have on its financial position and results of operations, and its financial statement disclosures, the recognition of revenue for a majority of the Company’s income streams, including interest income earned on loans and leases, is governed by other accounting standards and is specifically excluded from the coverage of ASC 606. The Company's revenue covered by ASC 606, the most significant of which is service charges on deposit accounts, are generally based on day-to-day contracts with Company customers and is not impacted by the new guidance. The Company adopted the standard in the first quarter of 2018 and, at the time of this filing, does not expect to record a cumulative effect adjustment to the opening retained earnings as any adjustment was determined to be immaterial. The Company will include newly applicable revenue disclosures in future filings. In January 2016, FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. The Company used an entry price notion in determining the fair value of certain financial instruments prior to its changing to the exit price notion upon adoption of this standard in the first quarter of 2018. The Company does not expect any other significant changes as a result of adoption of this standard. In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 amends the accounting model and disclosure requirements for leases. The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not. Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current GAAP, and operating leases. Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities. The accounting model and disclosure requirements for lessors remains substantially unchanged from current GAAP. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact ASU 2016-02 will have on its financial position and results of operations, and its financial statement disclosures, and the expected results include the recognition of leased assets and related lease liabilities on the balance sheet, along with leasehold amortization and interest expense recognized in the statement of income. In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. The Company has formed an implementation committee comprised of both accounting and credit employees to guide Renasant Bank through the implementation of ASU 2016-13. Currently, this committee is gaining an understanding of the potential impact of the CECL model, reviewing the model requirements and ensuring data integrity across all reporting systems. The Company has also engaged consulting firms and software providers to assist in evaluating the varying approaches to the implementation of the CECL model. In August 2016, FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. ASU 2016-15 only impacts the presentation of specific items within the statement of cash flows and is not expected to have a material impact on the Company's financial statements. In March 2017, FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). ASU 2017-07 requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. These amendments also allow only the service cost component to be eligible for capitalization when applicable. ASU 2017-07 will be effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2017-07 will have on its financial position and results of operations and its financial statement disclosures. In March 2017, FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 requires the amortization period for certain callable debt securities held at a premium to be the earliest call date. ASU 2017-08 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-08 will have on its financial position and results of operations and its financial statement disclosures. In August 2017, FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to simplify hedge accounting by eliminating the requirement to separately measure and report hedge effectiveness. ASU 2017-12 also seeks to expand the application of hedge accounting by modifying current requirements to include hedge accounting on partial-term hedges, the hedging of prepayable financial instruments and other strategies. ASU 2017-12 will be effective for interim and annual periods beginning after December 15, 2018. The Company is evaluating the effect that ASU 2017-12 will have on its financial position and results of operations and its financial statement disclosures. In February 2018, FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)” (“ASU 2018-02”). The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings to eliminate the stranded tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act. ASU 2018-02 will be effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period, for public companies for reporting periods for which financial statements have not yet been issued. The Company elected to early adopt ASU 2018-02 and, as a result, reclassified $2,046 from accumulated other comprehensive income to retained earnings as of December 31, 2017. The reclassification impacted the Consolidated Balance Sheet and the Consolidated Statement of Changes in Shareholders’ Equity as of and for the twelve months ended December 31, 2017. |
Significant Accounting Polici36
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Changes in the FDIC loss-share indemnification asset | Changes in the FDIC loss share indemnification asset for the year ended December 31, 2016, were as follows: 2016 Balance at January 1 $ 7,149 Additions through acquisition (260 ) Realized losses in excess of initial estimates on: Loans 265 OREO 97 Reimbursable expenses — Amortization (797 ) Reimbursements received from the FDIC (2,987 ) Termination of FDIC loss share agreements (3,467 ) Balance at December 31 $ — |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Metropolitan based on their fair values on July 1, 2017. Purchase Price: Shares issued to common shareholders 4,883,182 Purchase price per share $ 43.74 Value of stock paid $ 213,590 Cash paid for fractional shares 5 Cash settlement for stock options 4,764 Deal charges paid on behalf of Metropolitan, net of taxes 1,102 Total Purchase Price $ 219,461 Net Assets Acquired: Stockholders’ equity at acquisition date $ 89,253 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: Securities (731 ) Mortgage loans held for sale 30 Loans, net of Metropolitan’s allowance for loan losses (13,071 ) Premises and equipment (4,629 ) Intangible assets, net of Metropolitan’s existing intangibles 2,340 Other real estate owned (1,251 ) Other assets 2,731 Deposits (3,603 ) Borrowings (1,294 ) Other liabilities 3,930 Deferred income taxes 5,244 Total Net Assets Acquired 78,949 Goodwill resulting from merger (1) $ 140,512 (1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed at acquisition date in connection with the merger with Metropolitan. The Company is finalizing the fair values of assets acquired and liabilities assumed related to the Metropolitan acquisition; accordingly, the amounts in the table remain subject to change. Cash and cash equivalents $ 47,556 Securities 108,697 Loans, including mortgage loans held for sale, net of unearned income 967,804 Premises and equipment 8,576 Other real estate owned 1,203 Intangible assets 147,478 Other assets 69,567 Total assets 1,350,881 Deposits 942,084 Borrowings 174,522 Other liabilities 20,685 Total liabilities 1,137,291 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2017 and 2016 of the Company as though the Metropolitan merger had been completed as of January 1, 2016 (and the KeyWorth merger, discussed below, was still completed on April 1, 2016). The unaudited estimated pro forma information combines the historical results of Metropolitan with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2016. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred. Twelve Months Ended December 31, 2017 2016 Net interest income - pro forma (unaudited) $ 356,787 $ 340,796 Net income - pro forma (unaudited) $ 89,554 $ 102,881 Earnings per share - pro forma (unaudited): Basic $ 1.82 $ 2.21 Diluted $ 1.81 $ 2.19 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized cost and fair value of securities held to maturity | The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ — $ — $ — $ — Obligations of states and political subdivisions — — — — $ — $ — $ — $ — December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 14,101 $ 4 $ (187 ) $ 13,918 Obligations of states and political subdivisions 342,181 8,572 (1,778 ) 348,975 $ 356,282 $ 8,576 $ (1,965 ) $ 362,893 |
Amortized cost and fair value of securities available for sale | The amortized cost and fair value of securities available for sale were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 Obligations of other U.S. Government agencies and corporations $ 3,554 $ 40 $ (30 ) $ 3,564 Obligations of states and political subdivisions 228,589 6,161 (269 ) 234,481 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 888 (3,059 ) 193,950 Government agency collateralized mortgage obligations 180,258 133 (3,752 ) 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 389 (234 ) 31,170 Government agency collateralized mortgage obligations 5,019 1 (14 ) 5,006 Trust preferred securities 12,442 — (3,054 ) 9,388 Other debt securities 17,106 260 (76 ) 17,290 $ 674,104 $ 7,872 $ (10,488 ) $ 671,488 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2016 Obligations of other U.S. Government agencies and corporations $ 2,066 $ 92 $ — $ 2,158 Residential mortgage backed securities: Government agency mortgage backed securities 414,019 1,941 (6,643 ) 409,317 Government agency collateralized mortgage obligations 171,362 831 (3,367 ) 168,826 Commercial mortgage backed securities: Government agency mortgage backed securities 50,628 696 (461 ) 50,863 Government agency collateralized mortgage obligations 2,528 38 (16 ) 2,550 Trust preferred securities 23,749 — (5,360 ) 18,389 Other debt securities 22,053 310 (218 ) 22,145 Other equity securities — — — — $ 686,405 $ 3,908 $ (16,065 ) $ 674,248 |
Gross realized gains and gross realized losses on sales of securities available for sale | Securities sold during the twelve months ended December 31, 2017 , all of which were securities available for sale, were as follows: Carrying Value Net Proceeds Gain/(Loss) Obligations of other U.S. Government agencies and corporations $ 11,088 $ 10,974 $ (114 ) Obligations of states and political subdivisions 110,019 112,199 2,180 Residential mortgage backed securities: Government agency mortgage backed securities 264,924 263,217 (1,707 ) Government agency collateralized mortgage obligations 72,153 71,781 (372 ) Commercial mortgage backed securities: Government agency mortgage backed securities 14,104 14,082 (22 ) Government agency collateralized mortgage obligations 6,289 6,289 — Trust preferred securities 9,346 9,403 57 Other debt securities 7,269 7,395 126 $ 495,192 $ 495,340 $ 148 Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Gross gains on sales of securities available for sale $ 2,497 $ 1,257 $ 96 Gross losses on sales of securities available for sale (2,349 ) (71 ) — Gain on sales of securities available for sale, net $ 148 $ 1,186 $ 96 |
Amortized cost and fair value of securities by contractual maturity | The amortized cost and fair value of securities at December 31, 2017 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Available for Sale Amortized Cost Fair Value Due within one year $ 23,584 $ 23,843 Due after one year through five years 71,430 73,379 Due after five years through ten years 81,302 83,212 Due after ten years 75,410 74,292 Residential mortgage backed securities: Government agency mortgage backed securities 196,121 193,950 Government agency collateralized mortgage obligations 180,258 176,639 Commercial mortgage backed securities: Government agency mortgage backed securities 31,015 31,170 Government agency collateralized mortgage obligations 5,019 5,006 Other debt securities 9,965 9,997 $ 674,104 $ 671,488 |
Unrealized losses and fair value by investment category | The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Held to Maturity: December 31, 2016 Obligations of other U.S. Government agencies and corporations 4 $ 11,915 $ (187 ) 0 $ — $ — 4 $ 11,915 $ (187 ) Obligations of states and political subdivisions 102 83,362 (1,778 ) 0 — — 102 83,362 (1,778 ) Total 106 $ 95,277 $ (1,965 ) 0 $ — $ — 106 $ 95,277 $ (1,965 ) Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: December 31, 2017 Obligations of other U.S. Government agencies and corporations 1 $ 497 $ (3 ) 2 $ 1,999 $ (27 ) 3 $ 2,496 $ (30 ) Obligations of states and political subdivisions 23 11,860 (59 ) 12 7,728 (210 ) 35 $ 19,588 $ (269 ) Residential mortgage backed securities: Government agency mortgage backed securities 29 64,595 (659 ) 44 89,414 (2,400 ) 73 154,009 (3,059 ) Government agency collateralized mortgage obligations 33 102,509 (1,470 ) 29 62,406 (2,282 ) 62 164,915 (3,752 ) Commercial mortgage backed securities: Government agency mortgage backed securities 2 5,629 (17 ) 3 5,872 (217 ) 5 11,501 (234 ) Government agency collateralized mortgage obligations 1 4,986 (14 ) 0 — — 1 4,986 (14 ) Trust preferred securities 0 — — 2 9,388 (3,054 ) 2 9,388 (3,054 ) Other debt securities 2 756 (12 ) 2 6,308 (64 ) 4 7,064 (76 ) Other equity securities — — 0 — — 0 — — Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) December 31, 2016 Obligations of other U.S. Government agencies and corporations 0 $ — $ — 0 $ — $ — 0 $ — $ — Residential mortgage backed securities: Government agency mortgage backed securities 131 298,400 (6,042 ) 5 11,504 (601 ) 136 309,904 (6,643 ) Government agency collateralized mortgage obligations 40 97,356 (1,845 ) 14 33,786 (1,522 ) 54 131,142 (3,367 ) Commercial mortgage backed securities: Government agency mortgage backed securities 9 21,933 (453 ) 2 1,101 (8 ) 11 23,034 (461 ) Government agency collateralized mortgage obligations 1 1,729 (16 ) 0 — — 1 1,729 (16 ) Trust preferred securities 0 — — 3 18,389 (5,360 ) 3 18,389 (5,360 ) Other debt securities 3 7,946 (208 ) 2 2,475 (10 ) 5 10,421 (218 ) Other equity securities 0 — — 0 — — 0 — — Total 184 $ 427,364 $ (8,564 ) 26 $ 67,255 $ (7,501 ) 210 $ 494,619 $ (16,065 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2017 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,310 $ 6,086 $ (2,224 ) BB 16% XXVI Pooled B-2 4,132 3,302 (830 ) Ba1 19% $ 12,442 $ 9,388 $ (3,054 ) |
Cumulative credit related losses recognized in earnings | The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income: 2017 2016 Balance at January 1 $ (3,337 ) $ (3,337 ) Additions related to credit losses for which OTTI was not previously recognized — — Increases in credit loss for which OTTI was previously recognized — — Reductions for securities sold during the period $ 3,076 $ — Balance at December 31 $ (261 ) $ (3,337 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 763,823 $ 589,290 Lease financing 57,354 49,250 Real estate – construction 547,658 483,926 Real estate – 1-4 family mortgage 1,729,534 1,425,730 Real estate – commercial mortgage 2,390,076 2,075,137 Installment loans to individuals 103,452 92,648 Gross loans 5,591,897 4,715,981 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income $ 5,588,556 $ 4,713,572 The following is a summary of purchased loans at December 31: 2017 2016 Commercial, financial, agricultural $ 275,570 $ 128,200 Lease financing — — Real estate – construction 85,731 68,753 Real estate – 1-4 family mortgage 614,187 452,447 Real estate – commercial mortgage 1,037,454 823,758 Installment loans to individuals 18,824 15,979 Gross loans 2,031,766 1,489,137 Unearned income — — Loans, net of unearned income $ 2,031,766 $ 1,489,137 The following is a summary of non purchased and purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 1,039,393 $ 717,490 Lease financing 57,354 49,250 Real estate – construction 633,389 552,679 Real estate – 1-4 family mortgage 2,343,721 1,878,177 Real estate – commercial mortgage 3,427,530 2,898,895 Installment loans to individuals 122,276 108,627 Gross loans 7,623,663 6,205,118 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income 7,620,322 6,202,709 Allowance for loan losses (46,211 ) (42,737 ) Net loans $ 7,574,111 $ 6,159,972 |
Past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 |
Impaired loans | Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,175 $ 1,539 $ 136 $ 856 $ 28 Lease financing — — — — — Real estate – construction 517 517 1 469 26 Real estate – 1-4 family mortgage 9,207 10,823 1,091 9,603 225 Real estate – commercial mortgage 10,053 13,667 2,397 11,180 305 Installment loans to individuals 87 87 1 98 2 Total $ 21,039 $ 26,633 $ 3,626 $ 22,206 $ 586 With no related allowance recorded: Commercial, financial, agricultural $ — $ 38 $ — $ 24 $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage — — — 41 — Real estate – commercial mortgage 568 1,340 — 938 38 Installment loans to individuals — — — — — Total $ 568 $ 1,378 $ — $ 1,003 $ 38 Totals $ 21,607 $ 28,011 $ 3,626 $ 23,209 $ 624 Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 487 $ 503 $ 310 $ 500 $ 2 Lease financing — — — — — Real estate – construction 145 147 — 148 — Real estate – 1-4 family mortgage 1,496 1,538 43 1,535 7 Real estate – commercial mortgage 2,275 2,299 48 2,273 111 Installment loans to individuals 135 159 114 161 — Total $ 4,538 $ 4,646 $ 515 $ 4,617 $ 120 With no related allowance recorded: Commercial, financial, agricultural $ 224 $ 229 $ — $ 172 $ 4 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,557 — 1,550 33 Real estate – commercial mortgage 183 186 — 194 11 Installment loans to individuals 55 56 — 61 — Total $ 1,847 $ 2,028 $ — $ 1,977 $ 48 Totals $ 6,385 $ 6,674 $ 515 $ 6,594 $ 168 |
Restructured loans | Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 22 2,202 19,371 2,035 Real estate – commercial mortgage 2 484 332 Installment loans to individuals 1 67 67 Total 25 $ 2,753 $ 2,434 The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 |
Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 59 $ 10,252 Additional loans with concessions 15 2,036 Reclassified as performing 1 39 Reductions due to: Reclassified as nonperforming (4 ) (1,406 ) Paid in full (16 ) (2,233 ) Charge-offs (1 ) (275 ) Transfer to other real estate owned (1 ) (51 ) Principal paydowns — (915 ) Totals at December 31, 2016 53 $ 7,447 Additional loans with concessions 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 26 $ 3,201 Additional loans with concessions 25 2,472 Reductions due to: Reclassified as nonperforming (4 ) (216 ) Paid in full (5 ) (1,297 ) Principal paydowns — (132 ) Totals at December 31, 2016 42 $ 4,028 Additional loans with concessions 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 |
Loan portfolio by risk-rating grades | The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 566,439 $ 3,913 $ 489 $ 570,841 Real estate – construction 484,160 81 — 484,241 Real estate – 1-4 family mortgage 255,148 4,977 3,720 263,845 Real estate – commercial mortgage 2,034,178 13,533 10,708 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,340,846 $ 22,504 $ 14,917 $ 3,378,267 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 246,169 $ 2,226 $ 598 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 93,867 5,924 248 100,039 Real estate – commercial mortgage 844,495 7,176 1,827 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,266,429 $ 15,326 $ 2,676 $ 1,284,431 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 |
Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 5 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 |
Related party loans | A summary of the changes in related party loans follows: Loans at December 31, 2016 $ 14,268 New loans and advances 4,342 Loans to directors assumed in acquisition (1) 9,975 Payments received (4,222 ) Changes in related parties — Loans at December 31, 2017 $ 24,363 (1) Loans to directors assumed in acquisition are included in the tables in Note 5, “Purchased Loans.” |
Purchased Loans (Tables)
Purchased Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 763,823 $ 589,290 Lease financing 57,354 49,250 Real estate – construction 547,658 483,926 Real estate – 1-4 family mortgage 1,729,534 1,425,730 Real estate – commercial mortgage 2,390,076 2,075,137 Installment loans to individuals 103,452 92,648 Gross loans 5,591,897 4,715,981 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income $ 5,588,556 $ 4,713,572 The following is a summary of purchased loans at December 31: 2017 2016 Commercial, financial, agricultural $ 275,570 $ 128,200 Lease financing — — Real estate – construction 85,731 68,753 Real estate – 1-4 family mortgage 614,187 452,447 Real estate – commercial mortgage 1,037,454 823,758 Installment loans to individuals 18,824 15,979 Gross loans 2,031,766 1,489,137 Unearned income — — Loans, net of unearned income $ 2,031,766 $ 1,489,137 The following is a summary of non purchased and purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 1,039,393 $ 717,490 Lease financing 57,354 49,250 Real estate – construction 633,389 552,679 Real estate – 1-4 family mortgage 2,343,721 1,878,177 Real estate – commercial mortgage 3,427,530 2,898,895 Installment loans to individuals 122,276 108,627 Gross loans 7,623,663 6,205,118 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income 7,620,322 6,202,709 Allowance for loan losses (46,211 ) (42,737 ) Net loans $ 7,574,111 $ 6,159,972 |
Past due and nonaccrual loans | The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 2,722 $ 22 $ 759,143 $ 761,887 $ 205 $ 1,033 $ 698 $ 1,936 $ 763,823 Lease financing 47 — 57,148 57,195 — 159 — 159 57,354 Real estate – construction 50 — 547,608 547,658 — — — — 547,658 Real estate – 1-4 family mortgage 11,810 2,194 1,712,982 1,726,986 — 1,818 730 2,548 1,729,534 Real estate – commercial mortgage 1,921 727 2,381,871 2,384,519 — 2,877 2,680 5,557 2,390,076 Installment loans to individuals 429 72 102,901 103,402 1 28 21 50 103,452 Unearned income — — (3,341 ) (3,341 ) — — — — (3,341 ) Total $ 16,979 $ 3,015 $ 5,558,312 $ 5,578,306 $ 206 $ 5,915 $ 4,129 $ 10,250 $ 5,588,556 December 31, 2016 Commercial, financial, agricultural $ 811 $ 720 $ 586,730 $ 588,261 $ — $ 932 $ 97 $ 1,029 $ 589,290 Lease financing 193 — 48,919 49,112 — 138 — 138 49,250 Real estate – construction 995 — 482,931 483,926 — — — — 483,926 Real estate – 1-4 family mortgage 6,189 1,136 1,414,254 1,421,579 161 1,222 2,768 4,151 1,425,730 Real estate – commercial mortgage 2,283 99 2,066,821 2,069,203 580 2,778 2,576 5,934 2,075,137 Installment loans to individuals 324 124 92,179 92,627 — 21 — 21 92,648 Unearned income — — (2,409 ) (2,409 ) — — — — (2,409 ) Total $ 10,795 $ 2,079 $ 4,689,425 $ 4,702,299 $ 741 $ 5,091 $ 5,441 $ 11,273 $ 4,713,572 The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented: Accruing Loans Nonaccruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Loans Total Loans December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 Lease financing — — — — — — — — — Real estate – construction 415 — 85,316 85,731 — — — — 85,731 Real estate – 1-4 family mortgage 6,070 2,280 602,464 610,814 385 879 2,109 3,373 614,187 Real estate – commercial mortgage 2,947 2,910 1,031,141 1,036,998 191 99 166 456 1,037,454 Installment loans to individuals 208 9 18,443 18,660 59 — 105 164 18,824 Unearned income — — — — — — — — — Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 December 31, 2016 Commercial, financial, agricultural $ 823 $ 990 $ 125,417 $ 127,230 $ 260 $ 381 $ 329 $ 970 $ 128,200 Lease financing — — — — — — — — — Real estate – construction 527 321 67,760 68,608 — 145 — 145 68,753 Real estate – 1-4 family mortgage 4,572 3,382 440,258 448,212 417 2,047 1,771 4,235 452,447 Real estate – commercial mortgage 3,045 6,112 808,886 818,043 — 2,661 3,054 5,715 823,758 Installment loans to individuals 96 10 15,591 15,697 — 156 126 282 15,979 Unearned income — — — — — — — — — Total $ 9,063 $ 10,815 $ 1,457,912 $ 1,477,790 $ 677 $ 5,390 $ 5,280 $ 11,347 $ 1,489,137 |
Impaired loans | Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 2,365 $ 3,043 $ 138 $ 2,861 $ 47 Lease financing 159 159 2 159 — Real estate – construction 578 578 4 526 29 Real estate – 1-4 family mortgage 8,169 9,315 561 8,295 259 Real estate – commercial mortgage 9,652 12,463 1,861 9,316 206 Installment loans to individuals 117 121 1 130 3 Total $ 21,040 $ 25,679 $ 2,567 $ 21,287 $ 544 With no related allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 703 703 — 711 29 Real estate – commercial mortgage — — — — — Installment loans to individuals — — — — — Total $ 703 $ 703 $ — $ 711 $ 29 Totals $ 21,743 $ 26,382 $ 2,567 $ 21,998 $ 573 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 1,175 $ 1,539 $ 136 $ 856 $ 28 Lease financing — — — — — Real estate – construction 517 517 1 469 26 Real estate – 1-4 family mortgage 9,207 10,823 1,091 9,603 225 Real estate – commercial mortgage 10,053 13,667 2,397 11,180 305 Installment loans to individuals 87 87 1 98 2 Total $ 21,039 $ 26,633 $ 3,626 $ 22,206 $ 586 With no related allowance recorded: Commercial, financial, agricultural $ — $ 38 $ — $ 24 $ — Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage — — — 41 — Real estate – commercial mortgage 568 1,340 — 938 38 Installment loans to individuals — — — — — Total $ 568 $ 1,378 $ — $ 1,003 $ 38 Totals $ 21,607 $ 28,011 $ 3,626 $ 23,209 $ 624 Non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 625 $ 678 $ 52 $ 618 $ 21 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,433 45 1,419 18 Real estate – commercial mortgage 728 733 6 751 26 Installment loans to individuals 154 155 4 155 — Total $ 2,892 $ 2,999 $ 107 $ 2,943 $ 65 With no related allowance recorded: Commercial, financial, agricultural $ 74 $ 79 $ — $ 75 $ 3 Lease financing — — — — — Real estate – construction 1,199 1,207 — 318 47 Real estate – 1-4 family mortgage 4,225 4,740 — 4,161 176 Real estate – commercial mortgage 165 168 — 177 8 Installment loans to individuals 9 10 — 13 — Total $ 5,672 $ 6,204 $ — $ 4,744 $ 234 Totals $ 8,564 $ 9,203 $ 107 $ 7,687 $ 299 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 487 $ 503 $ 310 $ 500 $ 2 Lease financing — — — — — Real estate – construction 145 147 — 148 — Real estate – 1-4 family mortgage 1,496 1,538 43 1,535 7 Real estate – commercial mortgage 2,275 2,299 48 2,273 111 Installment loans to individuals 135 159 114 161 — Total $ 4,538 $ 4,646 $ 515 $ 4,617 $ 120 With no related allowance recorded: Commercial, financial, agricultural $ 224 $ 229 $ — $ 172 $ 4 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 1,385 1,557 — 1,550 33 Real estate – commercial mortgage 183 186 — 194 11 Installment loans to individuals 55 56 — 61 — Total $ 1,847 $ 2,028 $ — $ 1,977 $ 48 Totals $ 6,385 $ 6,674 $ 515 $ 6,594 $ 168 |
Purchased credit deteriorated loans | Credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and for the periods presented: As of December 31, 2017 Year Ended December 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 5,768 $ 6,004 $ 312 $ 5,672 $ 259 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 15,910 16,752 572 16,837 793 Real estate – commercial mortgage 65,108 69,029 892 68,168 3,333 Installment loans to individuals 698 698 1 710 25 Total $ 87,484 $ 92,483 $ 1,777 $ 91,387 $ 4,410 With no related allowance recorded: Commercial, financial, agricultural $ 9,547 $ 18,175 $ — $ 9,208 $ 989 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 38,059 48,297 — 46,983 1,993 Real estate – commercial mortgage 91,230 117,691 — 104,485 5,431 Installment loans to individuals 940 1,063 — 1,109 46 Total $ 139,776 $ 185,226 $ — $ 161,785 $ 8,459 Totals $ 227,260 $ 277,709 $ 1,777 $ 253,172 $ 12,869 As of December 31, 2016 Year Ended December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With a related allowance recorded: Commercial, financial, agricultural $ 4,555 $ 5,038 $ 372 $ 4,728 $ 207 Lease financing — — — — — Real estate – construction — — — — — Real estate – 1-4 family mortgage 21,887 23,128 841 23,021 1,015 Real estate – commercial mortgage 62,449 70,970 1,606 62,759 2,674 Installment loans to individuals 366 368 1 382 13 Total $ 89,257 $ 99,504 $ 2,820 $ 90,890 $ 3,909 With no related allowance recorded: Commercial, financial, agricultural $ 7,439 $ 15,659 $ — $ 10,304 $ 819 Lease financing — — — — — Real estate – construction 840 1,141 — 648 38 Real estate – 1-4 family mortgage 50,065 63,597 — 64,306 2,636 Real estate – commercial mortgage 122,538 158,105 — 149,917 7,053 Installment loans to individuals 1,619 2,098 — 1,967 77 Total $ 182,501 $ 240,600 $ — $ 227,142 $ 10,623 Totals $ 271,758 $ 340,104 $ 2,820 $ 318,032 $ 14,532 |
Restructured loans | Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural 2 $ 331 $ 330 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 8 598 586 Real estate – commercial mortgage 3 683 313 Installment loans to individuals 1 4 3 Total 14 $ 1,616 $ 1,232 December 31, 2016 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction 1 510 518 Real estate – 1-4 family mortgage 11 1,188 1,167 Real estate – commercial mortgage — — — Installment loans to individuals — — — Total 12 $ 1,698 $ 1,685 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 22 2,202 19,371 2,035 Real estate – commercial mortgage 2 484 332 Installment loans to individuals 1 67 67 Total 25 $ 2,753 $ 2,434 The following table illustrates the impact of modifications classified as restructured loans held on the Consolidated Balance Sheets and still performing in accordance with their restructured terms at period end, segregated by class, as of the periods presented. Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 |
Changes in restructured loans | Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 59 $ 10,252 Additional loans with concessions 15 2,036 Reclassified as performing 1 39 Reductions due to: Reclassified as nonperforming (4 ) (1,406 ) Paid in full (16 ) (2,233 ) Charge-offs (1 ) (275 ) Transfer to other real estate owned (1 ) (51 ) Principal paydowns — (915 ) Totals at December 31, 2016 53 $ 7,447 Additional loans with concessions 16 1,453 Reclassified as performing 2 183 Reductions due to: Reclassified as nonperforming (7 ) (853 ) Paid in full (8 ) (1,165 ) Charge-offs (1 ) (250 ) Principal paydowns — (304 ) Lapse of concession period (1 ) (923 ) Totals at December 31, 2017 54 $ 5,588 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment December 31, 2017 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 23 3,744 3,127 Real estate – commercial mortgage 5 3,115 2,231 Installment loans to individuals — — — Total 28 $ 6,859 $ 5,358 December 31, 2016 Commercial, financial, agricultural 1 $ 41 $ 17 Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 17 1,608 1,269 Real estate – commercial mortgage 5 1,623 1,079 Installment loans to individuals — — — Total 23 $ 3,272 $ 2,365 December 31, 2015 Commercial, financial, agricultural — $ — $ — Lease financing — — — Real estate – construction — — — Real estate – 1-4 family mortgage 15 1,268 956 Real estate – commercial mortgage 8 2,547 2,070 Installment loans to individuals — — — Total 23 $ 3,815 $ 3,026 During the years ended December 31, 2017 and 2016 , the Company had $212 and $54 , respectively, in troubled debt restructurings that subsequently defaulted within twelve months of the restructuring. There was no such occurrence for the year ended December 31, 2015 . Changes in the Company’s restructured loans are set forth in the table below. Number of Loans Recorded Investment Totals at January 1, 2016 26 $ 3,201 Additional loans with concessions 25 2,472 Reductions due to: Reclassified as nonperforming (4 ) (216 ) Paid in full (5 ) (1,297 ) Principal paydowns — (132 ) Totals at December 31, 2016 42 $ 4,028 Additional loans with concessions 36 5,703 Reclassified from nonperforming 9 838 Reductions due to: Reclassified as nonperforming (10 ) (786 ) Paid in full (3 ) (323 ) Charge-offs (1 ) (17 ) Principal paydowns — (377 ) Lapse of concession period (1 ) (101 ) Totals at December 31, 2017 72 $ 8,965 |
Loan portfolio by risk-rating grades | The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 566,439 $ 3,913 $ 489 $ 570,841 Real estate – construction 484,160 81 — 484,241 Real estate – 1-4 family mortgage 255,148 4,977 3,720 263,845 Real estate – commercial mortgage 2,034,178 13,533 10,708 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,340,846 $ 22,504 $ 14,917 $ 3,378,267 December 31, 2016 Commercial, financial, agricultural $ 434,323 $ 4,531 $ 850 $ 439,704 Real estate – construction 402,156 393 — 402,549 Real estate – 1-4 family mortgage 190,882 3,374 6,129 200,385 Real estate – commercial mortgage 1,734,523 18,118 13,088 1,765,729 Installment loans to individuals — — — — Total $ 2,761,884 $ 26,416 $ 20,067 $ 2,808,367 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total December 31, 2017 Commercial, financial, agricultural $ 246,169 $ 2,226 $ 598 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 93,867 5,924 248 100,039 Real estate – commercial mortgage 844,495 7,176 1,827 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,266,429 $ 15,326 $ 2,676 $ 1,284,431 December 31, 2016 Commercial, financial, agricultural $ 102,777 $ 2,370 $ 1,491 $ 106,638 Real estate – construction 61,206 2,640 — 63,846 Real estate – 1-4 family mortgage 105,265 7,665 364 113,294 Real estate – commercial mortgage 608,192 8,445 723 617,360 Installment loans to individuals — — 114 114 Total $ 877,440 $ 21,120 $ 2,692 $ 901,252 |
Loan portfolio not subject to risk rating | The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 191,473 $ 1,509 $ 192,982 Lease financing 53,854 159 54,013 Real estate – construction 63,417 — 63,417 Real estate – 1-4 family mortgage 1,462,347 3,342 1,465,689 Real estate – commercial mortgage 330,441 1,216 331,657 Installment loans to individuals 102,409 122 102,531 Total $ 2,203,941 $ 6,348 $ 2,210,289 December 31, 2016 Commercial, financial, agricultural $ 148,499 $ 1,087 $ 149,586 Lease financing 46,703 138 46,841 Real estate – construction 81,377 — 81,377 Real estate – 1-4 family mortgage 1,222,816 2,529 1,225,345 Real estate – commercial mortgage 308,609 799 309,408 Installment loans to individuals 92,504 144 92,648 Total $ 1,900,508 $ 4,697 $ 1,905,205 The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Performing Non-Performing Total December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Lease financing — — — Real estate – construction 4,511 5 — 4,511 Real estate – 1-4 family mortgage 459,038 1,141 460,179 Real estate – commercial mortgage 27,495 123 27,618 Installment loans to individuals 16,344 161 16,505 Total $ 518,604 $ 1,471 $ 520,075 December 31, 2016 Commercial, financial, agricultural $ 9,489 $ 79 $ 9,568 Lease financing — — — Real estate – construction 3,601 466 4,067 Real estate – 1-4 family mortgage 265,697 1,504 267,201 Real estate – commercial mortgage 21,353 58 21,411 Installment loans to individuals 13,712 168 13,880 Total $ 313,852 $ 2,275 $ 316,127 |
Loans acquired with deteriorated credit quality | Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented: Total Purchased Credit Deteriorated Loans December 31, 2017 Commercial, financial, agricultural $ 15,315 Lease financing — Real estate – construction — Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 December 31, 2016 Commercial, financial, agricultural $ 11,994 Lease financing — Real estate – construction 840 Real estate – 1-4 family mortgage 71,952 Real estate – commercial mortgage 184,987 Installment loans to individuals 1,985 Total $ 271,758 |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | The following table presents the fair value of loans determined to be impaired at the time of acquisition: Total Purchased Credit Deteriorated Loans December 31, 2017 Contractually-required principal and interest $ 316,854 Nonaccretable difference (1) (57,387 ) Cash flows expected to be collected 259,467 Accretable yield (2) (32,207 ) Fair value $ 227,260 December 31, 2016 Contractually-required principal and interest $ 384,096 Nonaccretable difference (1) (74,865 ) Cash flows expected to be collected 309,231 Accretable yield (2) (37,473 ) Fair value $ 271,758 (1) Represents contractual principal cash flows of $48,345 and $63,794 , respectively, and interest cash flows of $9,042 and $11,071 , respectively, not expected to be collected. (2) Represents contractual principal cash flows of $1,640 and $1,858 , respectively, and interest cash flows of $30,567 and $35,615 , respectively, expected to be collected. |
Changes in accretable yield of loans acquired with deteriorated credit quality | Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows: Total Purchased Credit Deteriorated Loans Balance at January 1, 2016 $ (49,439 ) Additions through acquisition (4,037 ) Reclasses from nonaccretable difference (950 ) Accretion 14,711 Charge-off 2,242 Balance at December 31, 2016 $ (37,473 ) Additions through acquisition (1,777 ) Reclasses from nonaccretable difference (9,750 ) Accretion 15,560 Charge-off 1,233 Balance at December 31, 2017 $ (32,207 ) |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference (3,848 ) Cash flows expected to be collected 285,647 Accretable yield (13,317 ) Fair value $ 272,330 The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Acquired with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of loans | The following is a summary of non purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 763,823 $ 589,290 Lease financing 57,354 49,250 Real estate – construction 547,658 483,926 Real estate – 1-4 family mortgage 1,729,534 1,425,730 Real estate – commercial mortgage 2,390,076 2,075,137 Installment loans to individuals 103,452 92,648 Gross loans 5,591,897 4,715,981 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income $ 5,588,556 $ 4,713,572 The following is a summary of purchased loans at December 31: 2017 2016 Commercial, financial, agricultural $ 275,570 $ 128,200 Lease financing — — Real estate – construction 85,731 68,753 Real estate – 1-4 family mortgage 614,187 452,447 Real estate – commercial mortgage 1,037,454 823,758 Installment loans to individuals 18,824 15,979 Gross loans 2,031,766 1,489,137 Unearned income — — Loans, net of unearned income $ 2,031,766 $ 1,489,137 The following is a summary of non purchased and purchased loans and leases at December 31: 2017 2016 Commercial, financial, agricultural $ 1,039,393 $ 717,490 Lease financing 57,354 49,250 Real estate – construction 633,389 552,679 Real estate – 1-4 family mortgage 2,343,721 1,878,177 Real estate – commercial mortgage 3,427,530 2,898,895 Installment loans to individuals 122,276 108,627 Gross loans 7,623,663 6,205,118 Unearned income (3,341 ) (2,409 ) Loans, net of unearned income 7,620,322 6,202,709 Allowance for loan losses (46,211 ) (42,737 ) Net loans $ 7,574,111 $ 6,159,972 |
Rollforward of the allowance for loan losses | The following table provides a roll-forward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (2,874 ) — (1,713 ) (1,791 ) (630 ) (7,008 ) Recoveries 422 105 733 1,565 107 2,932 Net charge-offs (2,452 ) 105 (980 ) (226 ) (523 ) (4,076 ) Provision for loan losses charged to operations 2,508 943 (1,305 ) 4,551 853 7,550 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Period-End Amount Allocated to: Individually evaluated for impairment $ 190 $ 4 $ 606 $ 1,867 $ 7 $ 2,674 Collectively evaluated for impairment 5,040 3,424 10,831 20,625 1,840 41,760 Acquired with deteriorated credit quality 312 — 572 892 1 1,777 Ending balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Charge-offs (2,725 ) — (3,906 ) (2,123 ) (717 ) (9,471 ) Recoveries 331 47 997 757 109 2,241 Net charge-offs (2,394 ) 47 (2,909 ) (1,366 ) (608 ) (7,230 ) Provision for loan losses 3,716 364 2,616 (879 ) 787 6,604 Benefit attributable to FDIC loss share agreements (61 ) — (115 ) (48 ) (41 ) (265 ) Recoveries payable to FDIC 39 117 794 241 — 1,191 Provision for loan losses charged to operations 3,694 481 3,295 (686 ) 746 7,530 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Period-End Amount Allocated to: Individually evaluated for impairment $ 446 $ 1 $ 1,134 $ 2,445 $ 115 $ 4,141 Collectively evaluated for impairment 4,668 2,379 12,319 15,008 1,402 35,776 Acquired with deteriorated credit quality 372 — 841 1,606 1 2,820 Ending balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Year Ended December 31, 2015 Allowance for loan losses: Beginning balance $ 3,305 $ 1,415 $ 13,549 $ 22,759 $ 1,261 $ 42,289 Charge-offs (943 ) (26 ) (2,173 ) (2,613 ) (1,021 ) (6,776 ) Recoveries 361 26 1,064 614 109 2,174 Net charge-offs (582 ) — (1,109 ) (1,999 ) (912 ) (4,602 ) Provision for loan losses 1,489 435 650 312 1,027 3,913 Benefit attributable to FDIC loss share agreements (64 ) — (91 ) (717 ) — (872 ) Recoveries payable to FDIC 38 2 909 756 4 1,709 Provision for loan losses charged to operations $ 1,463 $ 437 $ 1,468 $ 351 $ 1,031 $ 4,750 Ending balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 Period-End Amount Allocated to: Individually evaluated for impairment $ 6 $ 20 $ 4,475 $ 3,099 $ — $ 7,600 Collectively evaluated for impairment 3,827 1,832 9,177 16,916 1,379 33,131 Acquired with deteriorated credit quality 353 — 256 1,096 1 1,706 Ending balance $ 4,186 $ 1,852 $ 13,908 $ 21,111 $ 1,380 $ 42,437 (1) Includes lease financing receivables. |
Investment in loans, net of unearned income on impairment methodology | The following table presents the fair value of loans purchased from Metropolitan as of the July 1, 2017 acquisition date. At acquisition date: July 1, 2017 Contractually-required principal and interest $ 1,198,741 Nonaccretable difference (79,165 ) Cash flows expected to be collected 1,119,576 Accretable yield (154,543 ) Fair value $ 965,033 The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date. At acquisition date: April 1, 2016 Contractually-required principal and interest $ 289,495 Nonaccretable difference (3,848 ) Cash flows expected to be collected 285,647 Accretable yield (13,317 ) Fair value $ 272,330 The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented: Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total December 31, 2017 Individually evaluated for impairment $ 3,064 $ 1,777 $ 14,482 $ 10,545 $ 439 $ 30,307 Collectively evaluated for impairment 1,021,014 631,612 2,275,270 3,260,648 174,211 7,362,755 Acquired with deteriorated credit quality 15,315 — 53,969 156,337 1,639 227,260 Ending balance $ 1,039,393 $ 633,389 $ 2,343,721 $ 3,427,530 $ 176,289 $ 7,620,322 December 31, 2016 Individually evaluated for impairment $ 1,886 $ 662 $ 12,088 $ 13,079 $ 277 $ 27,992 Collectively evaluated for impairment 703,610 551,177 1,794,137 2,700,829 153,206 5,902,959 Acquired with deteriorated credit quality 11,994 840 71,952 184,987 1,985 271,758 Ending balance $ 717,490 $ 552,679 $ 1,878,177 $ 2,898,895 $ 155,468 $ 6,202,709 (1) Includes lease financing receivables. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Bank premises and equipment | Bank premises and equipment at December 31 are summarized as follows: 2017 2016 Premises $ 193,173 $ 183,957 Leasehold improvements 7,736 7,862 Furniture and equipment 45,625 42,166 Computer equipment 15,686 13,548 Autos 182 252 Total 262,402 247,785 Accumulated depreciation (79,148 ) (68,562 ) Net $ 183,254 $ 179,223 |
Summary of future minimum lease payments | The following is a summary of future minimum lease payments for years following December 31, 2017 : 2018 $ 5,734 2019 5,138 2020 4,344 2021 3,214 2022 2,120 Thereafter 6,672 Total $ 27,222 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented: Purchased OREO Non Purchased OREO Total OREO December 31, 2017 Residential real estate $ 1,683 $ 758 $ 2,441 Commercial real estate 4,314 1,624 5,938 Residential land development 1,100 781 1,881 Commercial land development 4,427 1,247 5,674 Total $ 11,524 $ 4,410 $ 15,934 December 31, 2016 Residential real estate $ 2,230 $ 699 $ 2,929 Commercial real estate 6,401 1,680 8,081 Residential land development 2,344 1,688 4,032 Commercial land development 6,395 1,862 8,257 Total $ 17,370 $ 5,929 $ 23,299 |
Changes in OREO covered and not covered under a loss-share agreement | Changes in the Company’s purchased and non purchased OREO were as follows for the periods presented: Purchased OREO Non Purchased OREO Total OREO Balance at December 31, 2015 $ 22,416 $ 12,986 $ 35,402 Purchased OREO — — — Transfers of loans 7,935 935 8,870 Impairments (1) (1,631 ) (1,484 ) (3,115 ) Dispositions (11,071 ) (6,458 ) (17,529 ) Other (279 ) (50 ) (329 ) Balance at December 31, 2016 $ 17,370 $ 5,929 $ 23,299 Purchased OREO 1,203 — 1,203 Transfers of loans 4,970 1,729 6,699 Impairments (1,199 ) (694 ) (1,893 ) Dispositions (10,438 ) (3,027 ) (13,465 ) Other (382 ) 473 91 Balance at December 31, 2017 $ 11,524 $ 4,410 $ 15,934 (1) Of the total impairment charges of $3,115 recorded for OREO in 2016 , $3,018 was included in the Consolidated Statements of Income for the year ended December 31, 2016 , while the remaining $97 increased the FDIC loss-share indemnification asset prior to the termination of the Company’s loss share agreements effective December 8, 2016. |
Components of "Other real estate owned" in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented: December 31, 2017 2016 2015 Repairs and maintenance $ 728 $ 962 $ 840 Property taxes and insurance 423 1,374 809 Impairments 1,893 3,018 2,157 Net (gains) losses on OREO sales (405 ) 590 (582 ) Rental income (169 ) (248 ) (179 ) Total $ 2,470 $ 5,696 $ 3,045 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | Changes in the carrying amount of goodwill during the years ended December 31, 2017 and 2016 were as follows: Community Banks Insurance Total Balance at December 31, 2015 $ 443,104 $ 2,767 $ 445,871 Addition to goodwill from KeyWorth acquisition 20,633 — 20,633 Adjustment to previously recorded goodwill 4,030 — 4,030 Balance at December 31, 2016 $ 467,767 $ 2,767 $ 470,534 Addition to goodwill from Metropolitan acquisition 140,512 — 140,512 Balance at December 31, 2017 $ 608,279 $ 2,767 $ 611,046 |
Summary of finite-lived intangible assets | The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2017 Core deposit intangible $ 54,958 $ (31,586 ) $ 23,372 Customer relationship intangible 1,970 (832 ) 1,138 Total finite-lived intangible assets $ 56,928 $ (32,418 ) $ 24,510 December 31, 2016 Core deposit intangible $ 47,992 $ (25,188 ) $ 22,804 Customer relationship intangible 1,970 (700 ) 1,270 Total finite-lived intangible assets $ 49,962 $ (25,888 ) $ 24,074 |
Estimated amortization expense of finite-lived intangible assets for future periods | The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows: Core Deposit Intangibles Customer Relationship Intangible Total 2018 $ 6,130 $ 131 $ 6,261 2019 5,212 131 5,343 2020 4,186 131 4,317 2021 3,107 131 3,238 2022 2,187 131 2,318 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Changes in the Company's mortgage servicing rights | Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented: Carrying Value at January 1, 2016 $ 29,642 Sale of MSRs (18,477 ) Capitalization 18,061 Amortization (2,884 ) Impairment (40 ) Carrying Value at December 31, 2016 $ 26,302 Capitalization 16,973 Amortization (3,936 ) Carrying Value at December 31, 2017 $ 39,339 |
Data and key economic assumptions related to the Company's mortgage servicing rights | Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 2017 2016 2015 Unpaid principal balance $ 4,012,519 $ 2,763,344 $ 3,090,839 Weighted-average prepayment speed (CPR) 8.04 % 7.34 % 8.89 % Estimated impact of a 10% increase $ (1,592 ) $ (1,034 ) $ (1,203 ) Estimated impact of a 20% increase (3,095 ) (2,010 ) (2,330 ) Discount rate 9.69 % 9.64 % 9.51 % Estimated impact of a 100bp increase $ (2,027 ) $ (1,368 ) $ (1,357 ) Estimated impact of a 200bp increase (3,896 ) (2,629 ) (2,612 ) Weighted-average coupon interest rate 3.89 % 3.83 % 3.97 % Weighted-average servicing fee (basis points) 26.36 25.87 25.04 Weighted-average remaining maturity (in years) 7.98 11.11 15.23 |
Deposit (Tables)
Deposit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of deposits | The following is a summary of deposits as of December 31: 2017 2016 Noninterest-bearing deposits $ 1,840,424 $ 1,561,357 Interest-bearing demand deposits 3,702,019 3,333,896 Savings deposits 571,948 543,131 Time deposits 1,806,684 1,620,753 Total deposits $ 7,921,075 $ 7,059,137 |
Schedule of maturities time deposits | The approximate scheduled maturities of time deposits at December 31, 2017 are as follows: 2018 $ 914,502 2019 513,379 2020 294,312 2021 47,211 2022 34,578 Thereafter 2,702 Total $ 1,806,684 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | Short-term borrowings as of December 31 are summarized as follows: 2017 2016 Securities sold under agreements to repurchase $ 6,814 $ 9,676 Federal Home Loan Bank short-term advances 83,000 100,000 Total short-term borrowings $ 89,814 $ 109,676 |
Average balances and cost of funds of short-term borrowings | The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: Average Balances Cost of Funds 2017 2016 2015 2017 2016 2015 Federal Home Loan Bank short-term advances $ 208,332 $ 344,724 $ 207,575 1.27 % 0.46 % 0.18 % Securities sold under agreements to repurchase 9,215 12,205 15,515 0.17 0.20 0.21 Total short-term borrowings $ 217,547 $ 356,929 $ 223,090 1.22 % 0.45 % 0.18 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt as of December 31, 2017 and 2016 is summarized as follows: 2017 2016 Federal Home Loan Bank advances $ 7,493 $ 8,542 Other long-term debt 98 147 Junior subordinated debentures 85,881 95,643 Subordinated notes 114,074 98,127 Total long-term debt $ 207,546 $ 202,459 |
Debentures | The following table provides details on the debentures as of December 31, 2017 : Principal Amount Interest Rate Year of Maturity Amount Included in Tier 1 Capital PHC Statutory Trust I $ 20,619 4.45 % 2033 $ 20,000 PHC Statutory Trust II 31,959 3.46 2035 31,000 Capital Bancorp Capital Trust I 12,372 3.19 2035 12,000 First M&F Statutory Trust I 30,928 2.92 2036 20,003 |
Aggregate stated maturities of long-term debt outstanding | The aggregate stated maturities of long-term debt outstanding at December 31, 2017 , are summarized as follows: 2018 $ 26 2019 1,969 2020 448 2021 219 2022 549 Thereafter 204,335 Total $ 207,546 |
Employee Benefit and Deferred49
Employee Benefit and Deferred Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Information relating to the defined benefit pension plan and post-retirement health and life plans | Information relating to the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined benefit pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plan (“Other Benefits”) as of December 31, 2017 and 2016 is as follows: Pension Benefits Renasant Pension Benefits HeritageBank (2) Other Benefits 2017 2016 2016 2017 2016 Change in benefit obligation Benefit obligation at beginning of year $ 28,012 $ 27,856 $ 12,913 $ 1,566 $ 1,704 Service cost — — — 9 12 Interest cost 1,168 1,216 172 42 58 Plan participants’ contributions — — — 77 76 Actuarial loss (gain) 582 (115 ) (481 ) (328 ) (56 ) Benefits paid (1,903 ) (2,018 ) (22 ) (196 ) (228 ) Settlements (1) — — (11,509 ) — — Transfer from HeritageBank Pension Plan — 1,073 (1,073 ) — — Benefit obligation at end of year $ 27,859 $ 28,012 $ — $ 1,170 $ 1,566 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 25,241 $ 24,434 $ 12,458 Actual return on plan assets 3,575 1,752 29 Contribution by employer — — 142 Benefits paid (1,903 ) (2,018 ) (22 ) Settlements (1) — — (11,509 ) Expenses paid from plan trust — — (25 ) Transfer from HeritageBank Pension Plan — 1,073 (1,073 ) Fair value of plan assets at end of year $ 26,913 $ 25,241 $ — Funded status at end of year $ (946 ) $ (2,771 ) $ — $ (1,170 ) $ (1,566 ) Weighted-average assumptions as of December 31 Discount rate used to determine the benefit obligation 3.96 % 4.35 % — % 3.37 % 3.57 % (1) Settlements from the HeritageBank defined benefit pension plan represent the lump sum payments made to participants upon final distribution of benefits as a result of the plan’s termination. (2) Because final distribution of all benefits under the HeritageBank defined benefit pension plan was completed in August 2016, there was no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2017 . |
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2017 , 2016 and 2015 are as follows: Pension Benefits Renasant Pension Benefits HeritageBank (1) Other Benefits 2017 2016 2015 2016 2015 2017 2016 2015 Service cost $ — $ — $ — $ — $ — $ 9 $ 12 $ 17 Interest cost 1,168 1,216 1,095 172 305 42 58 60 Expected return on plan assets (1,941 ) (1,872 ) (2,040 ) (113 ) (216 ) — — — Prior service cost recognized — — — — — — — — Recognized actuarial loss 401 404 331 — — 6 76 101 Settlement/curtailment/termination losses — — — (780 ) (65 ) — — — Net periodic benefit cost (372 ) (252 ) (614 ) (721 ) 24 57 146 178 Net actuarial loss/(gain) arising during the period (1,051 ) 5 2,812 (397 ) (448 ) (328 ) (56 ) (37 ) Net Settlement/curtailment/termination losses — — — 780 65 — — — Amortization of net actuarial loss recognized in net periodic pension cost (401 ) (404 ) (331 ) — — (6 ) (76 ) (101 ) Total recognized in other comprehensive income (1,452 ) (399 ) 2,481 383 (383 ) (334 ) (132 ) (138 ) Total recognized in net periodic benefit cost and other comprehensive income $ (1,824 ) $ (651 ) $ 1,867 $ (338 ) $ (359 ) $ (277 ) $ 14 $ 40 Weighted-average assumptions as of December 31 Discount rate used to determine net periodic pension cost 4.35 % 4.56 % 4.00 % 4.27 % 4.00 % 3.57 % 3.63 % 3.22 % Expected return on plan assets 8.00 % 8.00 % 8.00 % 3.00 % 3.00 % N/A N/A N/A (1) Because final distribution of all benefits under the HeritageBank defined benefit pension plan was completed in August 2016, there was no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2017 . |
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan | Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows: Pension Benefits Renasant Other Benefits 2018 $ 2,019 $ 214 2019 2,036 182 2020 2,043 151 2021 2,048 148 2022 2,033 120 2023 - 2027 9,659 386 |
Amounts recognized in accumulated other comprehensive income, net of tax | Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2017 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss 10,063 85 Total $ 10,063 $ 85 |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss 349 — Total $ 349 $ — |
Fair values of defined benefit pension plan assets by category of the firm | The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2). Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Totals December 31, 2017 Cash and cash equivalents $ 387 $ — $ — $ 387 U.S. government securities — 2,496 — 2,496 Corporate debt — 1,908 — 1,908 Corporate stocks 20,557 — — 20,557 Investments in registered investment companies 921 — — 921 Foreign obligations — 644 — 644 $ 21,865 $ 5,048 $ — $ 26,913 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Totals December 31, 2016 Cash and cash equivalents $ 1,639 $ — $ — $ 1,639 U.S. government securities — 2,270 — 2,270 Corporate debt — 1,991 — 1,991 Corporate stocks 17,823 — — 17,823 Investments in registered investment companies 871 — — 871 Foreign obligations — 647 — 647 $ 20,333 $ 4,908 $ — $ 25,241 |
Summarizes information about options issued under the long-term equity incentive plan | n March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and the award of restricted stoc |
Summary of the changes in restricted stock | The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2017 : Performance- Based Restricted Stock (1) Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of year — $ — 117,345 $ 31.76 Granted 57,204 42.22 153,270 42.81 Vested (55,204 ) 42.22 (43,305 ) 32.36 Cancelled (2,000 ) 42.22 (9,235 ) 39.49 Nonvested at end of year — $ — 218,075 $ 39.08 (1) In January 2017 , the Company awarded 54,450 shares of performance-based restricted stock based on the target level of performance goals of which 2,000 were cancelled prior to the attainment of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 2,754 shares were issued for a total award of 55,204 shares. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet December 31, Location 2017 2016 Derivative assets: Not designated as hedging instruments: Interest rate contracts Other Assets $ 3,171 $ 1,985 Interest rate lock commitments Other Assets 2,756 2,643 Forward commitments Other Assets 50 4,480 Totals $ 5,977 $ 9,108 Derivative liabilities: Designated as hedging instruments: Interest rate swap Other Liabilities $ 2,536 $ 3,410 Totals $ 2,536 $ 3,410 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 3,171 $ 1,985 Interest rate lock commitments Other Liabilities 4 246 Forward commitments Other Liabilities 328 269 Totals $ 3,503 $ 2,500 |
Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income | Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows, as of the dates presented: Year Ended December 31, 2017 2016 2015 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 3,981 $ 2,402 $ 2,200 Interest rate lock commitments: Included in mortgage banking income 356 (2,111 ) (530 ) Forward commitments Included in mortgage banking income (4,489 ) 4,275 (1,917 ) Total $ (152 ) $ 4,566 $ (247 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: Offsetting Derivative Assets Offsetting Derivative Liabilities December 31, December 31, December 31, December 31, Gross amounts recognized $ 717 $ 4,778 $ 5,303 $ 4,893 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 717 4,778 5,303 4,893 Gross amounts not offset in the consolidated balance sheets Financial instruments 717 567 717 567 Financial collateral pledged — — 4,357 4,326 Net amounts $ — $ 4,211 $ 229 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of the provision for income taxes | Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Current Federal $ 28,380 $ 31,679 $ 17,004 State 1,354 2,131 995 29,734 33,810 17,999 Deferred Federal 22,314 10,480 12,625 State 1,147 557 1,126 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 14,486 — — 37,947 11,037 13,751 $ 67,681 $ 44,847 $ 31,750 Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2017 2016 Investment amortization $ 1,714 $ 1,335 Tax credits and other benefits (2,190 ) (1,927 ) Total $ (476 ) $ (592 ) |
Reconciliation of income taxes computed at the United States federal statutory tax rates | The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented: Year Ended December 31, 2017 2016 2015 Tax at U.S. statutory rate $ 55,955 $ 47,522 $ 34,918 Increase (decrease) in taxes resulting from: Tax-exempt interest income (3,595 ) (3,467 ) (3,377 ) BOLI income (1,524 ) (1,622 ) (1,264 ) Investment tax credits (1,591 ) (1,390 ) (1,390 ) Amortization of investment in low-income housing tax credits 1,873 1,742 1,734 State income tax expense, net of federal benefit 1,626 1,747 1,378 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 14,486 — — Other items, net 451 315 (249 ) $ 67,681 $ 44,847 $ 31,750 |
Significant components of the Company's deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: December 31, 2017 2016 Deferred tax assets Allowance for loan losses $ 13,966 $ 19,934 Loans 15,062 23,240 Deferred compensation 7,093 11,254 Net unrealized losses on securities 3,659 10,096 Impairment of assets 1,748 2,512 Net operating loss carryforwards 2,419 2,867 Other 4,722 7,149 Gross deferred tax assets 48,669 77,052 Valuation allowance on state net operating loss carryforwards — — Total deferred tax assets 48,669 77,052 Deferred tax liabilities Investment in partnerships 757 1,556 Depreciation 3,163 2,517 Mortgage servicing rights 10,139 3,360 Subordinated debt 2,394 4,111 Other 1,859 2,876 Total deferred tax liabilities 18,312 14,420 Net deferred tax assets $ 30,357 $ 62,632 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%. 2017 2016 2015 Balance at January 1 $ 1,510 $ 1,485 $ 2,653 Additions based on positions related to current period 467 25 367 Additions based on positions related to prior period — — — Reductions based on positions related to prior period — — (201 ) Settlements — — (1,334 ) Reductions due to lapse of statute of limitations (371 ) — — Balance at December 31 $ 1,606 $ 1,510 $ 1,485 |
Investments in Qualified Affo52
Investments in Qualified Affordable Housing Projects (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of qualified affordable housing projects included in income taxes | Significant components of the provision for income taxes are as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Current Federal $ 28,380 $ 31,679 $ 17,004 State 1,354 2,131 995 29,734 33,810 17,999 Deferred Federal 22,314 10,480 12,625 State 1,147 557 1,126 Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 14,486 — — 37,947 11,037 13,751 $ 67,681 $ 44,847 $ 31,750 Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows: Year Ended December 31, 2017 2016 Investment amortization $ 1,714 $ 1,335 Tax credits and other benefits (2,190 ) (1,927 ) Total $ (476 ) $ (592 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair values of financial assets and liabilities measured on a recurring basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals December 31, 2017 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,564 $ — $ 3,564 Obligations of states and political subdivisions — 234,481 — 234,481 Residential mortgage-backed securities: Government agency-mortgage backed securities — 193,950 — 193,950 Government agency collateralized mortgage obligations — 176,639 — 176,639 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 31,170 — 31,170 Government agency collateralized mortgage obligations — 5,006 — 5,006 Trust preferred securities — — 9,388 9,388 Other debt securities — 17,290 — 17,290 Total securities available for sale — 662,100 9,388 671,488 Derivative instruments: Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 2,756 — 2,756 Forward commitments — 50 — 50 Total derivative instruments — 5,977 — 5,977 Mortgage loans held for sale — 108,316 — 108,316 Total financial assets $ — $ 776,393 $ 9,388 $ 785,781 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 2,536 $ — $ 2,536 Interest rate contracts — 3,171 — 3,171 Interest rate lock commitments — 4 — 4 Forward commitments — 328 — 328 Total derivative instruments — 6,039 — 6,039 Total financial liabilities $ — $ 6,039 $ — $ 6,039 Level 1 Level 2 Level 3 Totals December 31, 2016 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 2,158 $ — $ 2,158 Residential mortgage-backed securities: Government agency mortgage-backed securities — 409,317 — 409,317 Government agency collateralized mortgage obligations — 168,826 — 168,826 Commercial mortgage-backed securities: Government agency-mortgage backed securities — 50,863 — 50,863 Government agency collateralized mortgage obligations — 2,550 — 2,550 Trust preferred securities — — 18,389 18,389 Other debt securities — 22,145 — 22,145 Total securities available for sale — 655,859 18,389 674,248 Derivative instruments: Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 2,643 — 2,643 Forward commitments — 4,480 — 4,480 Total derivative instruments — 9,108 — 9,108 Mortgage loans held for sale — 177,866 — 177,866 Total financial assets $ — $ 842,833 $ 18,389 $ 861,222 Financial liabilities: Derivative instruments: Interest rate swap $ — $ 3,410 $ — $ 3,410 Interest rate contracts — 1,985 — 1,985 Interest rate lock commitments — 246 — 246 Forward commitments — 269 — 269 Total derivative instruments — 5,910 — 5,910 Total financial liabilities $ — $ 5,910 $ — $ 5,910 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following table provides for the periods presented a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs: Securities available for sale Trust preferred securities Balance at January 1, 2016 $ 19,469 Realized (gains) losses included in net income, net of premium amortization 33 Unrealized gains included in other comprehensive income (59 ) Sales — Issues — Settlements (1,054 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2016 $ 18,389 Realized (gains) losses included in net income, net of premium amortization 25 Unrealized gains included in other comprehensive income 2,364 Sales (9,346 ) Issues — Settlements (2,044 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at December 31, 2017 $ 9,388 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis | The following table presents information as of December 31, 2017 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Trust preferred securities $ 9,388 Discounted cash flows Default rate 0-100% |
Impaired loans measured at fair value on a nonrecurring basis | Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: Level 1 Level 2 Level 3 Totals December 31, 2017 Impaired loans $ — $ — $ 9,251 $ 9,251 OREO — — 7,392 7,392 Total $ — $ — $ 16,643 $ 16,643 Level 1 Level 2 Level 3 Totals December 31, 2016 Impaired loans $ — $ — $ 4,101 $ 4,101 OREO — — 6,741 6,741 Mortgage servicing rights — — 26,302 26,302 Total $ — $ — $ 37,144 $ 37,144 |
OREO measured at fair value on a nonrecurring basis | The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end: December 31, 2017 December 31, 2016 Carrying amount prior to remeasurement $ 8,732 $ 8,290 Impairment recognized in results of operations (1,340 ) (1,549 ) Fair value $ 7,392 $ 6,741 |
Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis | The following table presents information as of December 31, 2017 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 9,251 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO $ 7,392 Appraised value of property less estimated costs to sell Estimated costs to sell 4-10% |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2017 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale $ 108,316 $ 104,820 $ 3,496 Past due loans of 90 days or more — — — Nonaccrual loans — — — |
Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis | The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2017 Financial assets Cash and cash equivalents $ 281,453 $ 281,453 $ — $ — $ 281,453 Securities available for sale 671,488 — 662,100 9,388 671,488 Mortgage loans held for sale 108,316 — 108,316 — 108,316 Loans, net 7,574,111 — — 7,514,185 7,514,185 Mortgage servicing rights 39,339 — — 47,868 47,868 Derivative instruments 5,977 — 5,977 — 5,977 Financial liabilities Deposits $ 7,921,075 $ 6,114,391 $ 1,809,085 $ — $ 7,923,476 Short-term borrowings 89,814 89,814 — — 89,814 Other long-term borrowings 98 98 — — 98 Federal Home Loan Bank advances 7,493 — 7,661 — 7,661 Junior subordinated debentures 85,881 — 69,702 — 69,702 Subordinated notes 114,074 — 118,650 — 118,650 Derivative instruments 6,039 — 6,039 — 6,039 Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2016 Financial assets Cash and cash equivalents $ 306,224 $ 306,224 $ — $ — $ 306,224 Securities held to maturity 356,282 — 362,893 — 362,893 Securities available for sale 674,248 — 655,859 18,389 674,248 Mortgage loans held for sale 177,866 — 177,866 — 177,866 Loans, net 6,159,972 — — 5,989,790 5,989,790 Mortgage servicing rights 26,302 — — 32,064 32,064 Derivative instruments 9,108 — 9,108 — 9,108 Financial liabilities Deposits $ 7,059,137 $ 5,438,384 $ 1,631,027 $ — $ 7,069,411 Short-term borrowings 109,676 109,676 — — 109,676 Other long-term borrowings 147 147 — — 147 Federal Home Loan Bank advances 8,542 — 8,777 — 8,777 Junior subordinated debentures 95,643 — 73,301 — 73,301 Subordinated notes 98,127 — 101,000 — 101,000 Derivative instruments 5,910 — 5,910 — 5,910 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income | Changes in the components of other comprehensive income, net of tax, were as follows: Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2017 Securities available for sale: Unrealized holding losses on securities $ (3,617 ) $ (1,399 ) $ (2,218 ) Unrealized holding gains on securities transferred from held to maturity to available for sale 13,219 5,111 8,108 Reclassification adjustment for gains realized in net income (1) (148 ) (57 ) (91 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (282 ) (109 ) (173 ) Total securities available for sale 9,172 3,546 5,626 Derivative instruments: Unrealized holding gains on derivative instruments 874 338 536 Total derivative instruments 874 338 536 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 1,379 351 1,028 Amortization of net actuarial loss recognized in net periodic pension cost (2) 407 158 249 Total defined benefit pension and post-retirement benefit plans 1,786 509 1,277 Total other comprehensive income $ 11,832 $ 4,393 $ 7,439 Year Ended December 31, 2016 Securities available for sale: Unrealized holding losses on securities $ (10,119 ) $ (3,913 ) $ (6,206 ) Reclassification adjustment for gains realized in net income (1) (1,186 ) (459 ) (727 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (99 ) (38 ) (61 ) Total securities available for sale (11,404 ) (4,410 ) (6,994 ) Derivative instruments: Unrealized holding gains on derivative instruments 856 329 527 Total derivative instruments 856 329 527 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 51 20 31 Amortization of net actuarial loss recognized in net periodic pension cost (2) 480 178 302 Reclassification of adjustment for net settlement gain realized in net income (2) (383 ) (148 ) (235 ) Total defined benefit pension and post-retirement benefit plans 148 50 98 Total other comprehensive loss $ (10,400 ) $ (4,031 ) $ (6,369 ) Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2015 Securities available for sale: Unrealized holding losses on securities $ (571 ) $ (220 ) $ (351 ) Reclassification adjustment for gains realized in net income (1) (96 ) (37 ) (59 ) Amortization of unrealized holding gains on securities transferred to the held to maturity category (178 ) (68 ) (110 ) Total securities available for sale (845 ) (325 ) (520 ) Derivative instruments: Unrealized holding losses on derivative instruments (420 ) (171 ) (249 ) Total derivative instruments (420 ) (171 ) (249 ) Defined benefit pension and post-retirement benefit plans: Net loss arising during the period (2,393 ) (958 ) (1,435 ) Amortization of net actuarial loss recognized in net periodic pension cost (2) 432 165 267 Total defined benefit pension and post-retirement benefit plans (1,961 ) (793 ) (1,168 ) Total other comprehensive loss $ (3,226 ) $ (1,289 ) $ (1,937 ) (1) Included in Net gains on sales of securities in the Consolidated Statements of Income (2) Included in Salaries and employee benefits in the Consolidated Statements of Income |
Accumulated balances for each component of other comprehensive income, net of tax | The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows: 2017 2016 2015 Unrealized gains on securities $ 7,363 $ 9,490 $ 16,500 Non-credit related portion of other-than-temporary impairment on securities (9,313 ) (16,719 ) (16,735 ) Unrealized losses on derivative instruments (995 ) (1,355 ) (1,882 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,566 ) (7,320 ) (7,418 ) Total accumulated other comprehensive loss $ (10,511 ) $ (15,904 ) $ (9,535 ) |
Quarterly Results of Operatio55
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the unaudited quarterly results of operations | The following table sets forth a summary of the unaudited quarterly results of operations. First Quarter Second Quarter Third Quarter Fourth Quarter 2017 Interest income $ 81,889 $ 87,579 $ 100,695 $ 104,587 Interest expense 7,874 7,976 10,678 11,325 Net interest income 74,015 79,603 90,017 93,262 Provision for loan losses 1,500 1,750 2,150 2,150 Noninterest income 32,021 34,265 33,413 32,441 Noninterest expense 69,309 74,841 80,660 76,808 Income before income taxes 35,227 37,277 40,620 46,745 Income taxes 11,255 11,993 14,199 30,234 Net income $ 23,972 $ 25,284 $ 26,421 $ 16,511 Basic earnings per share $ 0.54 $ 0.57 $ 0.54 $ 0.33 Diluted earnings per share $ 0.54 $ 0.57 $ 0.53 $ 0.33 2016 Interest income $ 76,259 $ 84,008 $ 83,032 $ 85,840 Interest expense 6,205 6,851 7,301 7,791 Net interest income 70,054 77,157 75,731 78,049 Provision for loan losses 1,800 1,430 2,650 1,650 Noninterest income 33,302 35,586 38,272 30,255 Noninterest expense 69,814 77,259 76,468 71,558 Income before income taxes 31,742 34,054 34,885 35,096 Income taxes 10,526 11,154 11,706 11,461 Net income $ 21,216 $ 22,900 $ 23,179 $ 23,635 Basic earnings per share $ 0.53 $ 0.54 $ 0.55 $ 0.56 Diluted earnings per share $ 0.52 $ 0.54 $ 0.55 $ 0.55 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted net income per common share | Basic and diluted net income per common share calculations are as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Basic Net income applicable to common stock $ 92,188 $ 90,930 $ 68,014 Average common shares outstanding 46,874,502 41,737,636 35,971,877 Net income per common share—basic $ 1.97 $ 2.18 $ 1.89 Diluted Net income applicable to common stock $ 92,188 $ 90,930 $ 68,014 Average common shares outstanding 46,874,502 41,737,636 35,971,877 Effect of dilutive stock-based compensation 127,014 251,819 255,562 Average common shares outstanding—diluted 47,001,516 41,989,455 36,227,439 Net income per common share—diluted $ 1.96 $ 2.17 $ 1.88 |
Schedule of potentially dilutive securities excluded from computation of earnings per share | Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Year Ended December 31, 2017 2016 2015 Number of shares 77,545 — — Range of exercise prices (for stock option awards) — — — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Guidelines specify capital tiers | The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Common Equity Tier 1 to Tier 1 Capital to Total Capital to Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% |
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: 2017 2016 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 979,604 10.18 % $ 858,850 10.59 % Common Equity Tier 1 Capital to Risk-Weighted Assets 896,733 11.34 % 766,560 11.47 % Tier 1 Capital to Risk-Weighted Assets 979,604 12.39 % 858,850 12.86 % Total Capital to Risk-Weighted Assets 1,142,926 14.46 % 1,004,038 15.03 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,000,715 10.42 % $ 824,850 10.20 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,000,715 12.69 % 824,850 12.38 % Tier 1 Capital to Risk-Weighted Assets 1,000,715 12.69 % 824,850 12.38 % Total Capital to Risk-Weighted Assets 1,050,751 13.32 % 871,911 13.09 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial information for operating segments | The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2017 , 2016 and 2015 : Community Banks Insurance Wealth Management Other Consolidated 2017 Net interest income $ 344,499 $ 457 $ 2,160 $ (10,219 ) $ 336,897 Provision for loan losses 7,550 — — — 7,550 Noninterest income 110,308 9,530 12,863 (561 ) 132,140 Noninterest expense 281,698 6,957 11,785 1,178 301,618 Income before income taxes 165,559 3,030 3,238 (11,958 ) 159,869 Income taxes 70,257 1,184 — (3,760 ) 67,681 Net income (loss) $ 95,302 $ 1,846 $ 3,238 $ (8,198 ) $ 92,188 Total assets $ 9,717,779 $ 26,470 $ 61,330 $ 24,402 $ 9,829,981 Goodwill 608,279 2,767 — — 611,046 2016 Net interest income $ 305,583 $ 350 $ 1,846 $ (6,788 ) $ 300,991 Provision for loan losses 7,530 — — — 7,530 Noninterest income 114,615 10,074 12,354 372 137,415 Noninterest expense 276,260 6,873 11,099 867 295,099 Income before income taxes 136,408 3,551 3,101 (7,283 ) 135,777 Income taxes 46,352 1,385 — (2,890 ) 44,847 Net income (loss) $ 90,056 $ 2,166 $ 3,101 $ (4,393 ) $ 90,930 Total assets $ 8,602,022 $ 23,693 $ 54,857 $ 19,279 $ 8,699,851 Goodwill 467,767 2,767 — — 470,534 2015 Net interest income $ 244,242 $ 311 $ 1,688 $ (4,883 ) $ 241,358 Provision for loan losses 4,752 — (2 ) — 4,750 Noninterest income 88,498 9,340 10,559 (127 ) 108,270 Noninterest expense 228,248 6,900 9,130 836 245,114 Income before income taxes 99,740 2,751 3,119 (5,846 ) 99,764 Income taxes 32,941 1,078 — (2,269 ) 31,750 Net income (loss) $ 66,799 $ 1,673 $ 3,119 $ (3,577 ) $ 68,014 Total assets $ 7,833,084 $ 22,550 $ 46,035 $ 24,827 $ 7,926,496 Goodwill 443,104 2,767 — — 445,871 |
Renasant Corporation (Parent 59
Renasant Corporation (Parent Company Only) Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents (1) $ 81,839 $ 121,233 Investments 2,734 4,327 Investment in bank subsidiary (2) 1,618,993 1,291,686 Accrued interest receivable on bank balances (2) 6 5 Intercompany receivable (2) 4,210 2,771 Other assets 10,839 11,508 Total assets $ 1,718,621 $ 1,431,530 Liabilities and shareholders’ equity Junior subordinated debentures $ 85,881 $ 95,643 Subordinated notes 114,074 98,127 Other liabilities 3,683 4,877 Shareholders’ equity 1,514,983 1,232,883 Total liabilities and shareholders’ equity $ 1,718,621 $ 1,431,530 (1) Eliminates in consolidation, with the exception of $1,970 pledged for collateral and held at non-subsidiary bank in 2015 (2) Eliminates in consolidation |
Statements of Income | Statements of Income Year Ended December 31, 2017 2016 2015 Income Dividends from bank subsidiary (1) $ 34,416 $ 29,733 $ 24,557 Interest income from bank subsidiary (1) 8 8 7 Other dividends 94 469 266 Other income 588 1,275 58 Total income 35,106 31,485 24,888 Expenses 12,649 9,036 6,823 Income before income tax benefit and equity in undistributed net income of bank subsidiary 22,457 22,449 18,065 Income tax benefit (3,761 ) (2,890 ) (2,521 ) Equity in undistributed net income of bank subsidiary (1) 65,970 65,591 47,428 Net income $ 92,188 $ 90,930 $ 68,014 (1) Eliminates in consolidation |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, 2017 2016 2015 Operating activities Net income $ 92,188 $ 90,930 $ 68,014 Adjustments to reconcile net income to net cash provided by operating activities: Gain on sale of securities — (1,186 ) — Equity in undistributed net income of bank subsidiary (65,970 ) (65,591 ) (47,428 ) Amortization/depreciation/accretion 656 560 579 Increase in other assets (1,069 ) (556 ) (1,377 ) (Decrease) increase in other liabilities (2,291 ) 564 1,088 Net cash provided by operating activities 23,514 24,721 20,876 Investing activities Purchases of securities held to maturity and available for sale — (1,380 ) (2,183 ) Sales and maturities of securities held to maturity and available for sale 1,555 6,101 1,089 Investment in subsidiaries (25,000 ) (75,000 ) — Net cash (paid) received in acquisition 4,834 — 5,292 Other investing activities (54 ) — — Net cash (used in) provided by investing activities (18,665 ) (70,279 ) 4,198 Financing activities Cash paid for dividends (34,416 ) (29,734 ) (24,557 ) Cash received on exercise of stock-based compensation 173 415 102 Excess tax benefits from exercise of stock options — 2,771 520 Repayment of long-term debt (10,310 ) — — Repayments of advances from bank subsidiary — — — Proceeds from issuance of long-term debt — 98,127 — Proceeds from equity offering — 84,105 — Other financing activities 310 — — Net cash (used in) provided by financing activities (44,243 ) 155,684 (23,935 ) (Decrease) increase in cash and cash equivalents (39,394 ) 110,126 1,139 Cash and cash equivalents at beginning of year 121,233 11,107 9,968 Cash and cash equivalents at end of year $ 81,839 $ 121,233 $ 11,107 |
Significant Accounting Polici60
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Changes in the FDIC loss-share indemnification asset | |
Balance at January 1 | $ 7,149 |
Additions through acquisition | (260) |
Realized losses in excess of initial estimates on: | |
Loans | 265 |
OREO | 97 |
Reimbursable expenses | 0 |
Amortization | (797) |
Reimbursements received from the FDIC | (2,987) |
Termination of FDIC loss share agreements | (3,467) |
Balance at December 31 | $ 0 |
Significant Accounting Polici61
Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 01, 2016USD ($) | Jul. 01, 2015USD ($)agreement | |
Accounting Policies [Abstract] | |||||
Date of discontinued recognition of interest on mortgage and commercial loans | 90 days | ||||
Consumer and other retail loan due date | 120 days | ||||
Minimum duration for past due residential loans to be considered as nonperforming | 90 days | ||||
Payments made to FDIC to terminate loss share agreements | $ 0 | $ 4,849,000 | $ 0 | ||
Previously covered loans | 22,289,000 | ||||
Previously covered OREO | 448,000 | ||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Impairment of company's goodwill | $ 0 | 0 | 0 | ||
Lock in period for interest rates | 45 days | ||||
Accumulated other comprehensive income (loss), net of taxes | $ 10,511,000 | 15,904,000 | $ 9,535,000 | ||
Retained earnings | 397,354,000 | $ 337,536,000 | |||
Accounting Standards Update, 2018-02 | New Accounting Pronouncement, Early Adoption, Effect | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Accumulated other comprehensive income (loss), net of taxes | 2,046,000 | ||||
Retained earnings | $ 2,046,000 | ||||
Premises | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Estimated life (in years) | 40 years | ||||
Furniture and equipment | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Estimated life (in years) | 7 years | ||||
Computer equipment | Minimum | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Estimated life (in years) | 3 years | ||||
Computer equipment | Maximum | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Estimated life (in years) | 5 years | ||||
Heritage Financial Group | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Number of loss sharing agreements acquired | agreement | 2 | ||||
Cash surrender value of life insurance | $ 19,283,000 | ||||
KeyWorth Bank | |||||
Significant Accounting Policies (Textual) [Abstract] | |||||
Cash surrender value of life insurance | $ 8,376,000 |
Mergers and Acquisitions (Detai
Mergers and Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Value of stock paid | $ 213,590 | $ 55,290 | $ 281,530 | |
Net Assets Acquired: | ||||
Goodwill | $ 611,046 | $ 470,534 | $ 445,871 | |
Metropolitan Bancgroup, Inc. | ||||
Business Acquisition [Line Items] | ||||
Shares issued to common shareholders (shares) | 4,883,182 | |||
Fair value of common stock on date of issuance (usd per share) | $ 43.74 | |||
Value of stock paid | $ 213,590 | |||
Cash paid for fractional shares | 5 | |||
Cash settlement for stock options | 4,764 | |||
Deal charges paid on behalf of Metropolitan, net of taxes | 1,102 | |||
Total Purchase Price | 219,461 | |||
Net Assets Acquired: | ||||
Securities | (731) | |||
Mortgage loans held for sale | 30 | |||
Loans, net of Metropolitan’s allowance for loan losses | (13,071) | |||
Premises and equipment | (4,629) | |||
Intangible assets, net of Metropolitan’s existing intangibles | 2,340 | |||
Other real estate owned | (1,251) | |||
Other assets | 2,731 | |||
Deposits | (3,603) | |||
Borrowings | (1,294) | |||
Other liabilities | 3,930 | |||
Deferred income taxes | 5,244 | |||
Total net assets acquired | 78,949 | |||
Goodwill | 140,512 | |||
Metropolitan Bancgroup, Inc. | Metropolitan Bancgroup, Inc. | ||||
Net Assets Acquired: | ||||
Stockholders’ equity at acquisition date | $ 89,253 |
Mergers and Acquisitions (Det63
Mergers and Acquisitions (Details 1) - Metropolitan Bancgroup, Inc. $ in Thousands | Jul. 01, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 47,556 |
Securities | 108,697 |
Loans, including mortgage loans held for sale, net of unearned income | 967,804 |
Premises and equipment | 8,576 |
Other real estate owned | 1,203 |
Intangible assets | 147,478 |
Other assets | 69,567 |
Total assets | 1,350,881 |
Deposits | 942,084 |
Borrowings | 174,522 |
Other liabilities | 20,685 |
Total liabilities | $ 1,137,291 |
Mergers and Acquisitions (Det64
Mergers and Acquisitions (Details 2) - Metropolitan Bancgroup, Inc. - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 356,787 | $ 340,796 |
Net income | $ 89,554 | $ 102,881 |
Earnings per share, basic (usd per share) | $ 1.82 | $ 2.21 |
Earnings per share, diluted (usd per share) | $ 1.81 | $ 2.19 |
Mergers and Acquisitions (Det65
Mergers and Acquisitions (Details Textual) $ in Thousands | Jul. 01, 2017USD ($)branchshares | Apr. 01, 2016USD ($)branchshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 611,046 | $ 470,534 | $ 445,871 | ||
Metropolitan Bancgroup, Inc. | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 219,461 | ||||
Shares issued to common shareholders (shares) | shares | 4,883,182 | ||||
Cash settlement for stock options | $ 4,764 | ||||
Percentage of voting interests acquired (percent) | 100.00% | ||||
Number of locations acquired | branch | 8 | ||||
Intangible assets | $ 147,478 | ||||
Goodwill | 140,512 | ||||
Intangible acquired | $ 6,966 | ||||
Useful life (in years) | 10 years | ||||
Total net assets acquired | $ 78,949 | ||||
Borrowings | $ 174,522 | ||||
KeyWorth Bank | |||||
Business Acquisition [Line Items] | |||||
Transaction value | $ 58,884 | ||||
Percentage of voting interests acquired (percent) | 100.00% | ||||
Intangible assets | $ 22,643 | ||||
Goodwill | 20,633 | ||||
Intangible acquired | $ 2,010 | ||||
Useful life (in years) | 10 years | ||||
Consideration paid to stock option and warrant holders | $ 3,594 | ||||
Total net assets acquired | 415,232 | ||||
Borrowings | $ 272,330 | ||||
Number of offices in operation | branch | 6 | ||||
KeyWorth Bank | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Deposits assumed | $ 348,961 | ||||
KeyWorth Bank | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Shares issued to common shareholders (shares) | shares | 1,680,021 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value, Held to Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | $ 0 | $ 356,282 |
Gross Unrealized Gains | 0 | 8,576 |
Gross Unrealized Losses | 0 | (1,965) |
Fair Value | 0 | 362,893 |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 0 | 14,101 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | 0 | (187) |
Fair Value | 0 | 13,918 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities held to maturity | ||
Amortized Cost | 0 | 342,181 |
Gross Unrealized Gains | 0 | 8,572 |
Gross Unrealized Losses | 0 | (1,778) |
Fair Value | $ 0 | $ 348,975 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)institutionTranche | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Transferred security, at carrying value | $ 365,941,000 | ||||
Transferred to AFS securities, unrealized gain (loss) | $ 13,219,000 | ||||
Proceeds from sales of securities available for sale | $ 495,340,000 | $ 4,028,000 | $ 8,444,000 | ||
Carrying Value | $ 495,192,000 | 495,192,000 | |||
Gross realized gain (loss), excluding other than temporary impairments | 148,000 | ||||
Carrying value | 674,104,000 | 674,104,000 | |||
Securities available for sale, at fair value | 671,488,000 | $ 671,488,000 | 674,248,000 | ||
Number of securities representing interests in tranches of trusts (tranches) | Tranche | 2 | ||||
Number of institutions issuing debt (institutions) | institution | 160 | ||||
Trust preferred securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Carrying value | 12,442,000 | $ 12,442,000 | 23,749,000 | ||
Securities available for sale, at fair value | 9,388,000 | 9,388,000 | 18,389,000 | ||
Other than temporary impairment losses | 0 | 0 | 0 | ||
Secure government, public and trust deposits | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale securities pledged as collateral | 217,867,000 | 217,867,000 | 642,447,000 | ||
Short-term borrowings | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available for sale securities pledged as collateral | 25,888,000 | 25,888,000 | 24,426,000 | ||
Metropolitan Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities available for sale | 36,021,000 | ||||
Carrying Value | 36,021,000 | 36,021,000 | |||
Durbin Amendment Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities available for sale | 446,971,000 | ||||
Carrying Value | 446,880,000 | $ 446,880,000 | |||
Gross realized gain (loss), excluding other than temporary impairments | $ 91,000 | ||||
Non-Heritage Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities available for sale | 4,028,000 | 1,213,000 | |||
Carrying Value | 2,842,000 | 1,117,000 | |||
Gross realized gain (loss), excluding other than temporary impairments | 1,186,000 | 96,000 | |||
Heritage Securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities available for sale | $ 7,231,000 | ||||
Carrying Value | $ 7,231,000 |
Securities - Amortized Cost a68
Securities - Amortized Cost and Fair Value, Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | $ 674,104 | $ 686,405 |
Gross Unrealized Gains | 7,872 | 3,908 |
Gross Unrealized Losses | (10,488) | (16,065) |
Fair Value | 671,488 | 674,248 |
Trust preferred securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 12,442 | 23,749 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,054) | (5,360) |
Fair Value | 9,388 | 18,389 |
Other debt securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 17,106 | 22,053 |
Gross Unrealized Gains | 260 | 310 |
Gross Unrealized Losses | (76) | (218) |
Fair Value | 17,290 | 22,145 |
Other equity securities | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 0 | |
Obligations of other U.S. Government agencies and corporations | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 3,554 | 2,066 |
Gross Unrealized Gains | 40 | 92 |
Gross Unrealized Losses | (30) | 0 |
Fair Value | 3,564 | 2,158 |
Obligations of states and political subdivisions | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 228,589 | |
Gross Unrealized Gains | 6,161 | |
Gross Unrealized Losses | (269) | |
Fair Value | 234,481 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 196,121 | 414,019 |
Gross Unrealized Gains | 888 | 1,941 |
Gross Unrealized Losses | (3,059) | (6,643) |
Fair Value | 193,950 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 31,015 | 50,628 |
Gross Unrealized Gains | 389 | 696 |
Gross Unrealized Losses | (234) | (461) |
Fair Value | 31,170 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 180,258 | 171,362 |
Gross Unrealized Gains | 133 | 831 |
Gross Unrealized Losses | (3,752) | (3,367) |
Fair Value | 176,639 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Amortized cost and fair value of securities available for sale | ||
Amortized Cost | 5,019 | 2,528 |
Gross Unrealized Gains | 1 | 38 |
Gross Unrealized Losses | (14) | (16) |
Fair Value | $ 5,006 | $ 2,550 |
Securities - Securities Sold (D
Securities - Securities Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | $ 495,192 | ||
Net Proceeds | 495,340 | $ 4,028 | $ 8,444 |
Gain/(Loss) | 148 | ||
Trust preferred securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 9,346 | ||
Net Proceeds | 9,403 | ||
Gain/(Loss) | 57 | ||
Other debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 7,269 | ||
Net Proceeds | 7,395 | ||
Gain/(Loss) | 126 | ||
Obligations of other U.S. Government agencies and corporations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 11,088 | ||
Net Proceeds | 10,974 | ||
Gain/(Loss) | (114) | ||
Obligations of states and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 110,019 | ||
Net Proceeds | 112,199 | ||
Gain/(Loss) | 2,180 | ||
Government agency mortgage backed securities | Residential mortgage backed securities: | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 264,924 | ||
Net Proceeds | 263,217 | ||
Gain/(Loss) | (1,707) | ||
Government agency mortgage backed securities | Commercial mortgage backed securities: | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 14,104 | ||
Net Proceeds | 14,082 | ||
Gain/(Loss) | (22) | ||
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 72,153 | ||
Net Proceeds | 71,781 | ||
Gain/(Loss) | (372) | ||
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying Value | 6,289 | ||
Net Proceeds | 6,289 | ||
Gain/(Loss) | $ 0 |
Securities - Realized Gains and
Securities - Realized Gains and Losses on Sales of AFS (Details - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gross realized gains and gross realized losses on sales of securities available for sale | |||
Gross gains on sales of securities available for sale | $ 2,497 | $ 1,257 | $ 96 |
Gross losses on sales of securities available for sale | (2,349) | (71) | 0 |
Gain on sales of securities available for sale, net | $ 148 | $ 1,186 | $ 96 |
Securities - Contractual Maturi
Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Due within one year | $ 23,584 | |
Due after one year through five years | 71,430 | |
Due after five years through ten years | 81,302 | |
Due after ten years | 75,410 | |
Available-for-sale Securities, Fair Value [Abstract] | ||
Due within one year | 23,843 | |
Due after one year through five years | 73,379 | |
Due after five years through ten years | 83,212 | |
Due after ten years | 74,292 | |
Amortized Cost | 674,104 | |
Securities available for sale, at fair value | 671,488 | $ 674,248 |
Residential mortgage backed securities: | Government agency mortgage backed securities | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Amortized Cost | 196,121 | |
Securities available for sale, at fair value | 193,950 | 409,317 |
Residential mortgage backed securities: | Government agency collateralized mortgage obligations | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Amortized Cost | 180,258 | |
Securities available for sale, at fair value | 176,639 | 168,826 |
Commercial mortgage backed securities: | Government agency mortgage backed securities | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Amortized Cost | 31,015 | |
Securities available for sale, at fair value | 31,170 | 50,863 |
Commercial mortgage backed securities: | Government agency collateralized mortgage obligations | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Amortized Cost | 5,019 | |
Securities available for sale, at fair value | 5,006 | $ 2,550 |
Other debt securities | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Amortized Cost | 9,965 | |
Securities available for sale, at fair value | $ 9,997 |
Securities - Investment Categor
Securities - Investment Category and Length of Time in Unrealized Loss Position (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)security | Dec. 31, 2017USD ($)security | |
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 106 | |
Number of positions, 12 Months or More (securities) | security | 0 | |
Number of positions (securities) | security | 106 | |
Fair Value, Less than 12 Months | $ 95,277 | |
Fair Value, 12 Months or More | 0 | |
Fair Value, Total | 95,277 | |
Unrealized Losses, Less than 12 months | (1,965) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses, Total | $ (1,965) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 184 | 91 |
Number of positions, 12 months or more (securities) | security | 26 | 94 |
Number of positions (securities) | security | 210 | 185 |
Fair Value, Less than 12 Months | $ 427,364 | $ 190,832 |
Fair Value, 12 Months or More | 67,255 | 183,115 |
Fair Value, Total | 494,619 | 373,947 |
Unrealized Losses, Less than 12 months | (8,564) | (2,234) |
Unrealized Losses, 12 Months or More | (7,501) | (8,254) |
Unrealized Losses, Total | $ (16,065) | $ (10,488) |
Trust preferred securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 0 | 0 |
Number of positions, 12 months or more (securities) | security | 3 | 2 |
Number of positions (securities) | security | 3 | 2 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or More | 18,389 | 9,388 |
Fair Value, Total | 18,389 | 9,388 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Unrealized Losses, 12 Months or More | (5,360) | (3,054) |
Unrealized Losses, Total | $ (5,360) | $ (3,054) |
Other debt securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 3 | 2 |
Number of positions, 12 months or more (securities) | security | 2 | 2 |
Number of positions (securities) | security | 5 | 4 |
Fair Value, Less than 12 Months | $ 7,946 | $ 756 |
Fair Value, 12 Months or More | 2,475 | 6,308 |
Fair Value, Total | 10,421 | 7,064 |
Unrealized Losses, Less than 12 months | (208) | (12) |
Unrealized Losses, 12 Months or More | (10) | (64) |
Unrealized Losses, Total | $ (218) | $ (76) |
Other equity securities | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 0 | |
Number of positions, 12 months or more (securities) | security | 0 | 0 |
Number of positions (securities) | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 0 | 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Unrealized Losses, 12 Months or More | 0 | 0 |
Unrealized Losses, Total | $ 0 | $ 0 |
Obligations of other U.S. Government agencies and corporations | ||
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 4 | |
Number of positions, 12 Months or More (securities) | security | 0 | |
Number of positions (securities) | security | 4 | |
Fair Value, Less than 12 Months | $ 11,915 | |
Fair Value, 12 Months or More | 0 | |
Fair Value, Total | 11,915 | |
Unrealized Losses, Less than 12 months | (187) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses, Total | $ (187) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 0 | 1 |
Number of positions, 12 months or more (securities) | security | 0 | 2 |
Number of positions (securities) | security | 0 | 3 |
Fair Value, Less than 12 Months | $ 0 | $ 497 |
Fair Value, 12 Months or More | 0 | 1,999 |
Fair Value, Total | 0 | 2,496 |
Unrealized Losses, Less than 12 months | 0 | (3) |
Unrealized Losses, 12 Months or More | 0 | (27) |
Unrealized Losses, Total | $ 0 | $ (30) |
Obligations of states and political subdivisions | ||
Held to Maturity: | ||
Number of positions, less than 12 months (securities) | security | 102 | |
Number of positions, 12 Months or More (securities) | security | 0 | |
Number of positions (securities) | security | 102 | |
Fair Value, Less than 12 Months | $ 83,362 | |
Fair Value, 12 Months or More | 0 | |
Fair Value, Total | 83,362 | |
Unrealized Losses, Less than 12 months | (1,778) | |
Unrealized Losses, 12 Months or More | 0 | |
Unrealized Losses, Total | $ (1,778) | |
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 23 | |
Number of positions, 12 months or more (securities) | security | 12 | |
Number of positions (securities) | security | 35 | |
Fair Value, Less than 12 Months | $ 11,860 | |
Fair Value, 12 Months or More | 7,728 | |
Fair Value, Total | 19,588 | |
Unrealized Losses, Less than 12 months | (59) | |
Unrealized Losses, 12 Months or More | (210) | |
Unrealized Losses, Total | $ (269) | |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 131 | 29 |
Number of positions, 12 months or more (securities) | security | 5 | 44 |
Number of positions (securities) | security | 136 | 73 |
Fair Value, Less than 12 Months | $ 298,400 | $ 64,595 |
Fair Value, 12 Months or More | 11,504 | 89,414 |
Fair Value, Total | 309,904 | 154,009 |
Unrealized Losses, Less than 12 months | (6,042) | (659) |
Unrealized Losses, 12 Months or More | (601) | (2,400) |
Unrealized Losses, Total | $ (6,643) | $ (3,059) |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 9 | 2 |
Number of positions, 12 months or more (securities) | security | 2 | 3 |
Number of positions (securities) | security | 11 | 5 |
Fair Value, Less than 12 Months | $ 21,933 | $ 5,629 |
Fair Value, 12 Months or More | 1,101 | 5,872 |
Fair Value, Total | 23,034 | 11,501 |
Unrealized Losses, Less than 12 months | (453) | (17) |
Unrealized Losses, 12 Months or More | (8) | (217) |
Unrealized Losses, Total | $ (461) | $ (234) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 40 | 33 |
Number of positions, 12 months or more (securities) | security | 14 | 29 |
Number of positions (securities) | security | 54 | 62 |
Fair Value, Less than 12 Months | $ 97,356 | $ 102,509 |
Fair Value, 12 Months or More | 33,786 | 62,406 |
Fair Value, Total | 131,142 | 164,915 |
Unrealized Losses, Less than 12 months | (1,845) | (1,470) |
Unrealized Losses, 12 Months or More | (1,522) | (2,282) |
Unrealized Losses, Total | $ (3,367) | $ (3,752) |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, less than 12 months (securities) | security | 1 | 1 |
Number of positions, 12 months or more (securities) | security | 0 | 0 |
Number of positions (securities) | security | 1 | 1 |
Fair Value, Less than 12 Months | $ 1,729 | $ 4,986 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 1,729 | 4,986 |
Unrealized Losses, Less than 12 months | (16) | (14) |
Unrealized Losses, 12 Months or More | 0 | 0 |
Unrealized Losses, Total | $ (16) | $ (14) |
Securities - Investments in Poo
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 674,104 | |
Fair Value | 671,488 | $ 674,248 |
Trust preferred securities | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 12,442 | 23,749 |
Fair Value | 9,388 | $ 18,389 |
Unrealized Loss | (3,054) | |
XXIII | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | 8,310 | |
Fair Value | 6,086 | |
Unrealized Loss | $ (2,224) | |
Issuers currently in deferral or default (percent) | 16.00% | |
XXVI | ||
Investments in pooled trust preferred securities | ||
Amortized Cost | $ 4,132 | |
Fair Value | 3,302 | |
Unrealized Loss | $ (830) | |
Issuers currently in deferral or default (percent) | 19.00% |
Securities - Cumulative Credit
Securities - Cumulative Credit Related Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cumulative credit related losses recognized in earnings | ||
Balance at January 1 | $ (3,337) | $ (3,337) |
Additions related to credit losses for which OTTI was not previously recognized | 0 | 0 |
Increases in credit loss for which OTTI was previously recognized | 0 | 0 |
Reductions for securities sold during the period | 3,076 | 0 |
Balance at December 31 | $ (261) | $ (3,337) |
Non Purchased Loans - Summary o
Non Purchased Loans - Summary of Non-purchased Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 7,623,663 | $ 6,205,118 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,039,393 | 717,490 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Lease financing | ||
Summary of loans | ||
Gross loans | 57,354 | 49,250 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 633,389 | 552,679 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,343,721 | 1,878,177 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,427,530 | 2,898,895 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 122,276 | 108,627 |
Loans, net of unearned income | 176,289 | 155,468 |
Non-Purchased | ||
Summary of loans | ||
Gross loans | 5,591,897 | 4,715,981 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 5,588,556 | 4,713,572 |
Non-Purchased | Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 763,823 | 589,290 |
Non-Purchased | Lease financing | ||
Summary of loans | ||
Gross loans | 57,354 | 49,250 |
Non-Purchased | Real estate – construction | ||
Summary of loans | ||
Gross loans | 547,658 | 483,926 |
Non-Purchased | Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,729,534 | 1,425,730 |
Non-Purchased | Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 2,390,076 | 2,075,137 |
Non-Purchased | Installment loans to individuals | ||
Summary of loans | ||
Gross loans | $ 103,452 | $ 92,648 |
Non Purchased Loans - Aging of
Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 7,623,663 | $ 6,205,118 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,039,393 | 717,490 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 57,354 | 49,250 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 633,389 | 552,679 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,343,721 | 1,878,177 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,427,530 | 2,898,895 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 122,276 | 108,627 |
Loans, net of unearned income | 176,289 | 155,468 |
Non-Purchased | ||
Past due and nonaccrual loans | ||
Total loans, gross | 5,591,897 | 4,715,981 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 5,588,556 | 4,713,572 |
Non-Purchased | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 5,558,312 | 4,689,425 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 5,578,306 | 4,702,299 |
Non-Purchased | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 16,979 | 10,795 |
Non-Purchased | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,015 | 2,079 |
Non-Purchased | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 4,129 | 5,441 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 10,250 | 11,273 |
Non-Purchased | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 206 | 741 |
Non-Purchased | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 5,915 | 5,091 |
Non-Purchased | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 763,823 | 589,290 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 759,143 | 586,730 |
Total loans, gross | 761,887 | 588,261 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,722 | 811 |
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 22 | 720 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 698 | 97 |
Total loans, gross | 1,936 | 1,029 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 205 | 0 |
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,033 | 932 |
Non-Purchased | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 57,354 | 49,250 |
Non-Purchased | Lease financing | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 57,148 | 48,919 |
Total loans, gross | 57,195 | 49,112 |
Non-Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 47 | 193 |
Non-Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non-Purchased | Lease financing | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 159 | 138 |
Non-Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non-Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 159 | 138 |
Non-Purchased | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 547,658 | 483,926 |
Non-Purchased | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 547,608 | 482,931 |
Total loans, gross | 547,658 | 483,926 |
Non-Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 50 | 995 |
Non-Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,729,534 | 1,425,730 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,712,982 | 1,414,254 |
Total loans, gross | 1,726,986 | 1,421,579 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 11,810 | 6,189 |
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,194 | 1,136 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 730 | 2,768 |
Total loans, gross | 2,548 | 4,151 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 161 |
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,818 | 1,222 |
Non-Purchased | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,390,076 | 2,075,137 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,381,871 | 2,066,821 |
Total loans, gross | 2,384,519 | 2,069,203 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,921 | 2,283 |
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 727 | 99 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,680 | 2,576 |
Total loans, gross | 5,557 | 5,934 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 580 |
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,877 | 2,778 |
Non-Purchased | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 103,452 | 92,648 |
Non-Purchased | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 102,901 | 92,179 |
Total loans, gross | 103,402 | 92,627 |
Non-Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 429 | 324 |
Non-Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 72 | 124 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 21 | 0 |
Total loans, gross | 50 | 21 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1 | 0 |
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 28 | $ 21 |
Non Purchased Loans - Additiona
Non Purchased Loans - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)loan_gradeloan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Restructured loans discontinued past due period | 90 days | ||
Allowance for loan losses attributable to restructured loans | $ 46,211,000 | $ 42,737,000 | |
Non-Purchased | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Nonperforming loans charged off past due period | 90 days | ||
Number of restructured loans | loan | 4 | 1 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Average recorded investment in impaired loans | $ 21,998,000 | $ 23,209,000 | $ 34,428,000 |
Interest income recognized on impaired loans | 854,000 | ||
Modifications, recorded investment | 5,588,000 | 7,447,000 | $ 10,252,000 |
Modifications, subsequent default, recorded investment | 184,000 | ||
Remaining availability under commitments to lend additional funds on restructured loans | 18,000 | 2,000 | |
Unfunded commitment | $ 9,333,000 | 5,933,000 | |
Non-Purchased | Minimum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 1 | ||
Non-Purchased | Maximum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 9 | ||
Non-Purchased | Pass | Minimum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 1 | ||
Non-Purchased | Pass | Maximum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 4 | ||
Non-Purchased | Watch | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 5 | ||
Non-Purchased | Substandard | Minimum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 6 | ||
Non-Purchased | Substandard | Maximum | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Loan grades range (loan grade) | loan_grade | 9 | ||
Non-Purchased | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | $ 649,000 | 69,000 | |
Non-Purchased | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 2,673,000 | 6,164,000 | |
Allowance for loan losses attributable to restructured loans | $ 85,000 | $ 283,000 |
Non Purchased Loans - Impaired
Non Purchased Loans - Impaired Loans Recognized (Details) - Non-Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired loans | |||
Recorded Investment With Allowance | $ 21,040 | $ 21,039 | |
Recorded Investment With No Allowance | 703 | 568 | |
Total Recorded Investment | 21,743 | 21,607 | |
Unpaid Principal Balance With Allowance | 25,679 | 26,633 | |
Unpaid Principal Balance With no Allowance | 703 | 1,378 | |
Total Unpaid Principal Balance | 26,382 | 28,011 | |
With Related Allowance | 2,567 | 3,626 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 2,567 | 3,626 | |
Average Recorded Investment With Related Allowance | 21,287 | 22,206 | |
Average Recorded Investment With No Related Allowance | 711 | 1,003 | |
Average recorded investment in impaired loans | 21,998 | 23,209 | $ 34,428 |
Interest Income Recognized With Related Allowance | 544 | 586 | |
Interest Income Recognized With No Related Allowance | 29 | 38 | |
Interest Income, Total | 573 | 624 | |
Commercial, financial, agricultural | |||
Impaired loans | |||
Recorded Investment With Allowance | 2,365 | 1,175 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 3,043 | 1,539 | |
Unpaid Principal Balance With no Allowance | 0 | 38 | |
With Related Allowance | 138 | 136 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 2,861 | 856 | |
Average Recorded Investment With No Related Allowance | 0 | 24 | |
Interest Income Recognized With Related Allowance | 47 | 28 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Lease financing | |||
Impaired loans | |||
Recorded Investment With Allowance | 159 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 159 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 2 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 159 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – construction | |||
Impaired loans | |||
Recorded Investment With Allowance | 578 | 517 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 578 | 517 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 4 | 1 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 526 | 469 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 29 | 26 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – 1-4 family mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 8,169 | 9,207 | |
Recorded Investment With No Allowance | 703 | 0 | |
Unpaid Principal Balance With Allowance | 9,315 | 10,823 | |
Unpaid Principal Balance With no Allowance | 703 | 0 | |
With Related Allowance | 561 | 1,091 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 8,295 | 9,603 | |
Average Recorded Investment With No Related Allowance | 711 | 41 | |
Interest Income Recognized With Related Allowance | 259 | 225 | |
Interest Income Recognized With No Related Allowance | 29 | 0 | |
Real estate – commercial mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 9,652 | 10,053 | |
Recorded Investment With No Allowance | 0 | 568 | |
Unpaid Principal Balance With Allowance | 12,463 | 13,667 | |
Unpaid Principal Balance With no Allowance | 0 | 1,340 | |
With Related Allowance | 1,861 | 2,397 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 9,316 | 11,180 | |
Average Recorded Investment With No Related Allowance | 0 | 938 | |
Interest Income Recognized With Related Allowance | 206 | 305 | |
Interest Income Recognized With No Related Allowance | 0 | 38 | |
Installment loans to individuals | |||
Impaired loans | |||
Recorded Investment With Allowance | 117 | 87 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 121 | 87 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 1 | 1 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 130 | 98 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 3 | 2 | |
Interest Income Recognized With No Related Allowance | $ 0 | $ 0 |
Non Purchased Loans - Restructu
Non Purchased Loans - Restructured Loans by Class (Details) - Non-Purchased $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Restructured loans | |||
Number of Loans (loans) | loan | 14 | 12 | 25 |
Pre-Modification Outstanding Recorded Investment | $ 1,616 | $ 1,698 | $ 2,753 |
Post-Modification Outstanding Recorded Investment | $ 1,232 | $ 1,685 | $ 2,434 |
Commercial, financial, agricultural | |||
Restructured loans | |||
Number of Loans (loans) | loan | 2 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 331 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 330 | $ 0 | $ 0 |
Lease financing | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – construction | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 510 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 518 | $ 0 |
Real estate – 1-4 family mortgage | |||
Restructured loans | |||
Number of Loans (loans) | loan | 8 | 11 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 598 | $ 1,188 | $ 2,202 |
Post-Modification Outstanding Recorded Investment | $ 586 | $ 1,167 | $ 2,035 |
Real estate – commercial mortgage | |||
Restructured loans | |||
Number of Loans (loans) | loan | 3 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 683 | $ 0 | $ 484 |
Post-Modification Outstanding Recorded Investment | $ 313 | $ 0 | $ 332 |
Installment loans to individuals | |||
Restructured loans | |||
Number of Loans (loans) | loan | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 4 | $ 0 | $ 67 |
Post-Modification Outstanding Recorded Investment | $ 3 | $ 0 | $ 67 |
Non Purchased Loans - Restruc80
Non Purchased Loans - Restructured Loans (Details) - Non-Purchased $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Number of Loans | ||
Beginning balance (loans) | loan | 53 | 59 |
Additional loans with concessions (loans) | loan | 16 | 15 |
Reclassified as performing (loans) | loan | 2 | 1 |
Reclassified as nonperforming (loans) | loan | (7) | (4) |
Paid in full (loans) | loan | (8) | (16) |
Charge-offs (loans) | loan | (1) | (1) |
Transfer to other real estate owned (loans) | loan | (1) | |
Principal paydowns (loans) | loan | 0 | 0 |
Lapse of concession period (loans) | loan | (1) | |
Ending balance (loans) | loan | 54 | 53 |
Recorded Investment | ||
Beginning balance | $ | $ 7,447 | $ 10,252 |
Additional loans with concessions | $ | 1,453 | 2,036 |
Reclassified as performing | $ | 183 | 39 |
Reclassified as nonperforming | $ | (853) | (1,406) |
Paid in full | $ | (1,165) | (2,233) |
Charge-offs | $ | (250) | (275) |
Transfer to other real estate owned | $ | (51) | |
Principal paydowns | $ | (304) | (915) |
Lapse of concession period | $ | (923) | |
Ending balance | $ | $ 5,588 | $ 7,447 |
Non Purchased Loans - Loan Port
Non Purchased Loans - Loan Portfolio by Risk-rating Grades (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 7,620,322 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,039,393 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 176,289 | 155,468 |
Non-Purchased | ||
Loan portfolio by risk-rating grades | ||
Total | 5,588,556 | 4,713,572 |
Non-Purchased | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 3,378,267 | 2,808,367 |
Non-Purchased | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 3,340,846 | 2,761,884 |
Non-Purchased | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 22,504 | 26,416 |
Non-Purchased | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 14,917 | 20,067 |
Non-Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 570,841 | 439,704 |
Non-Purchased | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 566,439 | 434,323 |
Non-Purchased | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 3,913 | 4,531 |
Non-Purchased | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 489 | 850 |
Non-Purchased | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 484,241 | 402,549 |
Non-Purchased | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 484,160 | 402,156 |
Non-Purchased | Real estate – construction | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 81 | 393 |
Non-Purchased | Real estate – construction | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 263,845 | 200,385 |
Non-Purchased | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 255,148 | 190,882 |
Non-Purchased | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 4,977 | 3,374 |
Non-Purchased | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 3,720 | 6,129 |
Non-Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 2,058,419 | 1,765,729 |
Non-Purchased | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 2,034,178 | 1,734,523 |
Non-Purchased | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 13,533 | 18,118 |
Non-Purchased | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 10,708 | 13,088 |
Non-Purchased | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 921 | 0 |
Non-Purchased | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 921 | 0 |
Non-Purchased | Installment loans to individuals | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Non-Purchased | Installment loans to individuals | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | $ 0 | $ 0 |
Non Purchased Loans - Performin
Non Purchased Loans - Performing Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,620,322 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,039,393 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 176,289 | 155,468 |
Non-Purchased | ||
Loan portfolio not subject to risk rating | ||
Total | 5,588,556 | 4,713,572 |
Non-Purchased | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,210,289 | 1,905,205 |
Non-Purchased | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,203,941 | 1,900,508 |
Non-Purchased | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 6,348 | 4,697 |
Non-Purchased | Commercial, financial, agricultural | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 192,982 | 149,586 |
Non-Purchased | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 191,473 | 148,499 |
Non-Purchased | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,509 | 1,087 |
Non-Purchased | Lease financing | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 54,013 | 46,841 |
Non-Purchased | Lease financing | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 53,854 | 46,703 |
Non-Purchased | Lease financing | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 159 | 138 |
Non-Purchased | Real estate – construction | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 63,417 | 81,377 |
Non-Purchased | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 63,417 | 81,377 |
Non-Purchased | Real estate – construction | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Non-Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,465,689 | 1,225,345 |
Non-Purchased | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,462,347 | 1,222,816 |
Non-Purchased | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 3,342 | 2,529 |
Non-Purchased | Real estate – commercial mortgage | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 331,657 | 309,408 |
Non-Purchased | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 330,441 | 308,609 |
Non-Purchased | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,216 | 799 |
Non-Purchased | Installment loans to individuals | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 102,531 | 92,648 |
Non-Purchased | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 102,409 | 92,504 |
Non-Purchased | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 122 | $ 144 |
Non Purchased Loans - Related P
Non Purchased Loans - Related Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Related Party Loans | |
Loans to directors assumed in acquisition | $ 9,975 |
Non-Purchased | |
Related Party Loans | |
Loans at December 31, 2016 | 14,268 |
New loans and advances | 4,342 |
Payments received | (4,222) |
Changes in related parties | 0 |
Loans at December 31, 2017 | $ 24,363 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of loans | ||
Gross loans | $ 7,623,663 | $ 6,205,118 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Purchased | ||
Summary of loans | ||
Gross loans | 2,031,766 | 1,489,137 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,031,766 | 1,489,137 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 1,039,393 | 717,490 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Commercial, financial, agricultural | Purchased | ||
Summary of loans | ||
Gross loans | 275,570 | 128,200 |
Lease financing | ||
Summary of loans | ||
Gross loans | 57,354 | 49,250 |
Lease financing | Purchased | ||
Summary of loans | ||
Gross loans | 0 | 0 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 633,389 | 552,679 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – construction | Purchased | ||
Summary of loans | ||
Gross loans | 85,731 | 68,753 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,343,721 | 1,878,177 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – 1-4 family mortgage | Purchased | ||
Summary of loans | ||
Gross loans | 614,187 | 452,447 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,427,530 | 2,898,895 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Real estate – commercial mortgage | Purchased | ||
Summary of loans | ||
Gross loans | 1,037,454 | 823,758 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 122,276 | 108,627 |
Loans, net of unearned income | 176,289 | 155,468 |
Installment loans to individuals | Purchased | ||
Summary of loans | ||
Gross loans | $ 18,824 | $ 15,979 |
Purchased Loans - Aging of Past
Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 7,623,663 | $ 6,205,118 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,039,393 | 717,490 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 57,354 | 49,250 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 633,389 | 552,679 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,343,721 | 1,878,177 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,427,530 | 2,898,895 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 122,276 | 108,627 |
Loans, net of unearned income | 176,289 | 155,468 |
Purchased | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,031,766 | 1,489,137 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,031,766 | 1,489,137 |
Purchased | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,010,852 | 1,457,912 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 2,027,342 | 1,477,790 |
Purchased | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 10,759 | 9,063 |
Purchased | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 5,731 | 10,815 |
Purchased | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,612 | 5,280 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 4,424 | 11,347 |
Purchased | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 635 | 677 |
Purchased | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,177 | 5,390 |
Purchased | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 275,570 | 128,200 |
Purchased | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 273,488 | 125,417 |
Total loans, gross | 275,139 | 127,230 |
Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,119 | 823 |
Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 532 | 990 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 232 | 329 |
Total loans, gross | 431 | 970 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 260 |
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 199 | 381 |
Purchased | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 85,731 | 68,753 |
Purchased | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 85,316 | 67,760 |
Total loans, gross | 85,731 | 68,608 |
Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 415 | 527 |
Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 321 |
Purchased | Real estate – construction | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 145 |
Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 145 |
Purchased | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 614,187 | 452,447 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 602,464 | 440,258 |
Total loans, gross | 610,814 | 448,212 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 6,070 | 4,572 |
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,280 | 3,382 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,109 | 1,771 |
Total loans, gross | 3,373 | 4,235 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 385 | 417 |
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 879 | 2,047 |
Purchased | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,037,454 | 823,758 |
Purchased | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,031,141 | 808,886 |
Total loans, gross | 1,036,998 | 818,043 |
Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,947 | 3,045 |
Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,910 | 6,112 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 166 | 3,054 |
Total loans, gross | 456 | 5,715 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 191 | 0 |
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 99 | 2,661 |
Purchased | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 18,824 | 15,979 |
Purchased | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 18,443 | 15,591 |
Total loans, gross | 18,660 | 15,697 |
Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 208 | 96 |
Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 9 | 10 |
Purchased | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 105 | 126 |
Total loans, gross | 164 | 282 |
Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 59 | 0 |
Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 0 | $ 156 |
Purchased Loans - Additional In
Purchased Loans - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Restructured loans discontinued past due period | 90 days | ||
Allowance for loan losses attributable to restructured loans | $ 46,211,000 | $ 42,737,000 | |
Purchased | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Nonperforming loans charged off past due period | 90 days | ||
Number of restructured loans | loan | 3 | 3 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Average recorded investment in impaired loans | $ 7,687,000 | $ 6,594,000 | $ 2,860,000 |
Interest income recognized on impaired loans | 125,000 | ||
Interest income recognized on credit-deteriorated loans | 234,000 | 48,000 | |
Modifications, recorded investment | 8,965,000 | 4,028,000 | $ 3,201,000 |
Modifications, subsequent default, recorded investment | 212,000 | 54,000 | |
Remaining availability under commitments to lend additional funds on restructured loans | 9,000 | 3,000 | |
Purchased | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 128,000 | 56,000 | |
Purchased | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 523,000 | 1,206,000 | |
Allowance for loan losses attributable to restructured loans | $ 103,000 | $ 35,000 |
Purchased Loans - Deteriorated
Purchased Loans - Deteriorated Loans (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired loans | |||
Recorded Investment With Allowance | $ 2,892 | $ 4,538 | |
Recorded Investment With No Allowance | 5,672 | 1,847 | |
Total Recorded Investment | 8,564 | 6,385 | |
Unpaid Principal Balance With Allowance | 2,999 | 4,646 | |
Unpaid Principal Balance With no Allowance | 6,204 | 2,028 | |
Total Unpaid Principal Balance | 9,203 | 6,674 | |
With Related Allowance | 107 | 515 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 107 | 515 | |
Average Recorded Investment With Related Allowance | 2,943 | 4,617 | |
Average Recorded Investment With No Related Allowance | 4,744 | 1,977 | |
Average recorded investment in impaired loans | 7,687 | 6,594 | $ 2,860 |
Interest Income Recognized With Related Allowance | 65 | 120 | |
Interest Income Recognized With No Related Allowance | 234 | 48 | |
Interest Income, Total | 299 | 168 | |
Commercial, financial, agricultural | |||
Impaired loans | |||
Recorded Investment With Allowance | 625 | 487 | |
Recorded Investment With No Allowance | 74 | 224 | |
Unpaid Principal Balance With Allowance | 678 | 503 | |
Unpaid Principal Balance With no Allowance | 79 | 229 | |
With Related Allowance | 52 | 310 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 618 | 500 | |
Average Recorded Investment With No Related Allowance | 75 | 172 | |
Interest Income Recognized With Related Allowance | 21 | 2 | |
Interest Income Recognized With No Related Allowance | 3 | 4 | |
Lease financing | |||
Impaired loans | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Real estate – construction | |||
Impaired loans | |||
Recorded Investment With Allowance | 0 | 145 | |
Recorded Investment With No Allowance | 1,199 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 147 | |
Unpaid Principal Balance With no Allowance | 1,207 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 148 | |
Average Recorded Investment With No Related Allowance | 318 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 47 | 0 | |
Real estate – 1-4 family mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 1,385 | 1,496 | |
Recorded Investment With No Allowance | 4,225 | 1,385 | |
Unpaid Principal Balance With Allowance | 1,433 | 1,538 | |
Unpaid Principal Balance With no Allowance | 4,740 | 1,557 | |
With Related Allowance | 45 | 43 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 1,419 | 1,535 | |
Average Recorded Investment With No Related Allowance | 4,161 | 1,550 | |
Interest Income Recognized With Related Allowance | 18 | 7 | |
Interest Income Recognized With No Related Allowance | 176 | 33 | |
Real estate – commercial mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 728 | 2,275 | |
Recorded Investment With No Allowance | 165 | 183 | |
Unpaid Principal Balance With Allowance | 733 | 2,299 | |
Unpaid Principal Balance With no Allowance | 168 | 186 | |
With Related Allowance | 6 | 48 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 751 | 2,273 | |
Average Recorded Investment With No Related Allowance | 177 | 194 | |
Interest Income Recognized With Related Allowance | 26 | 111 | |
Interest Income Recognized With No Related Allowance | 8 | 11 | |
Installment loans to individuals | |||
Impaired loans | |||
Recorded Investment With Allowance | 154 | 135 | |
Recorded Investment With No Allowance | 9 | 55 | |
Unpaid Principal Balance With Allowance | 155 | 159 | |
Unpaid Principal Balance With no Allowance | 10 | 56 | |
With Related Allowance | 4 | 114 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 155 | 161 | |
Average Recorded Investment With No Related Allowance | 13 | 61 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Impaired loans | |||
Recorded Investment With Allowance | 87,484 | 89,257 | |
Recorded Investment With No Allowance | 139,776 | 182,501 | |
Total Recorded Investment | 227,260 | 271,758 | |
Unpaid Principal Balance With Allowance | 92,483 | 99,504 | |
Unpaid Principal Balance With no Allowance | 185,226 | 240,600 | |
Total Unpaid Principal Balance | 277,709 | 340,104 | |
With Related Allowance | 1,777 | 2,820 | |
With No Related Allowance | 0 | 0 | |
Related Allowance | 1,777 | 2,820 | |
Average Recorded Investment With Related Allowance | 91,387 | 90,890 | |
Average Recorded Investment With No Related Allowance | 161,785 | 227,142 | |
Average recorded investment in impaired loans | 253,172 | 318,032 | 355,010 |
Interest Income Recognized With Related Allowance | 4,410 | 3,909 | |
Interest Income Recognized With No Related Allowance | 8,459 | 10,623 | $ 17,828 |
Interest Income, Total | 12,869 | 14,532 | |
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | |||
Impaired loans | |||
Recorded Investment With Allowance | 5,768 | 4,555 | |
Recorded Investment With No Allowance | 9,547 | 7,439 | |
Unpaid Principal Balance With Allowance | 6,004 | 5,038 | |
Unpaid Principal Balance With no Allowance | 18,175 | 15,659 | |
With Related Allowance | 312 | 372 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 5,672 | 4,728 | |
Average Recorded Investment With No Related Allowance | 9,208 | 10,304 | |
Interest Income Recognized With Related Allowance | 259 | 207 | |
Interest Income Recognized With No Related Allowance | 989 | 819 | |
Receivables Acquired with Deteriorated Credit Quality | Lease financing | |||
Impaired loans | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 0 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 0 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 0 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | |||
Impaired loans | |||
Recorded Investment With Allowance | 0 | 0 | |
Recorded Investment With No Allowance | 0 | 840 | |
Unpaid Principal Balance With Allowance | 0 | 0 | |
Unpaid Principal Balance With no Allowance | 0 | 1,141 | |
With Related Allowance | 0 | 0 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 0 | 0 | |
Average Recorded Investment With No Related Allowance | 0 | 648 | |
Interest Income Recognized With Related Allowance | 0 | 0 | |
Interest Income Recognized With No Related Allowance | 0 | 38 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 15,910 | 21,887 | |
Recorded Investment With No Allowance | 38,059 | 50,065 | |
Unpaid Principal Balance With Allowance | 16,752 | 23,128 | |
Unpaid Principal Balance With no Allowance | 48,297 | 63,597 | |
With Related Allowance | 572 | 841 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 16,837 | 23,021 | |
Average Recorded Investment With No Related Allowance | 46,983 | 64,306 | |
Interest Income Recognized With Related Allowance | 793 | 1,015 | |
Interest Income Recognized With No Related Allowance | 1,993 | 2,636 | |
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | |||
Impaired loans | |||
Recorded Investment With Allowance | 65,108 | 62,449 | |
Recorded Investment With No Allowance | 91,230 | 122,538 | |
Unpaid Principal Balance With Allowance | 69,029 | 70,970 | |
Unpaid Principal Balance With no Allowance | 117,691 | 158,105 | |
With Related Allowance | 892 | 1,606 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 68,168 | 62,759 | |
Average Recorded Investment With No Related Allowance | 104,485 | 149,917 | |
Interest Income Recognized With Related Allowance | 3,333 | 2,674 | |
Interest Income Recognized With No Related Allowance | 5,431 | 7,053 | |
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | |||
Impaired loans | |||
Recorded Investment With Allowance | 698 | 366 | |
Recorded Investment With No Allowance | 940 | 1,619 | |
Unpaid Principal Balance With Allowance | 698 | 368 | |
Unpaid Principal Balance With no Allowance | 1,063 | 2,098 | |
With Related Allowance | 1 | 1 | |
With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 710 | 382 | |
Average Recorded Investment With No Related Allowance | 1,109 | 1,967 | |
Interest Income Recognized With Related Allowance | 25 | 13 | |
Interest Income Recognized With No Related Allowance | $ 46 | $ 77 |
Purchased Loans - Restructured
Purchased Loans - Restructured Loans by Class (Details) - Purchased $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Restructured loans | |||
Number of Loans (loans) | loan | 28 | 23 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 6,859 | $ 3,272 | $ 3,815 |
Post-Modification Outstanding Recorded Investment | $ 5,358 | $ 2,365 | $ 3,026 |
Commercial, financial, agricultural | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 41 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 17 | $ 0 |
Lease financing | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – construction | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Real estate – 1-4 family mortgage | |||
Restructured loans | |||
Number of Loans (loans) | loan | 23 | 17 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 3,744 | $ 1,608 | $ 1,268 |
Post-Modification Outstanding Recorded Investment | $ 3,127 | $ 1,269 | $ 956 |
Real estate – commercial mortgage | |||
Restructured loans | |||
Number of Loans (loans) | loan | 5 | 5 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 3,115 | $ 1,623 | $ 2,547 |
Post-Modification Outstanding Recorded Investment | $ 2,231 | $ 1,079 | $ 2,070 |
Installment loans to individuals | |||
Restructured loans | |||
Number of Loans (loans) | loan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Purchased Loans - Changes in Re
Purchased Loans - Changes in Restructured Loans (Details) - Purchased $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Number of Loans | ||
Beginning balance (loans) | loan | 42 | 26 |
Additional loans with concessions (loans) | loan | 36 | 25 |
Reclassified as nonperforming (loans) | loan | (10) | (4) |
Paid in full (loans) | loan | (3) | (5) |
Charge-offs (loans) | loan | (1) | |
Principal paydowns (loans) | loan | 0 | 0 |
Lapse of concession period (loans) | loan | (1) | |
Reclassified as performing (loans) | loan | (9) | |
Ending balance (loans) | loan | 72 | 42 |
Recorded Investment | ||
Beginning balance | $ | $ 4,028 | $ 3,201 |
Additional loans with concessions | $ | 5,703 | 2,472 |
Reclassified as nonperforming | $ | (786) | (216) |
Paid in full | $ | (323) | (1,297) |
Charge-offs | $ | (17) | |
Principal paydowns | $ | (377) | (132) |
Lapse of concession period | $ | (101) | |
Reclassified as performing | $ | (838) | |
Ending balance | $ | $ 8,965 | $ 4,028 |
Purchased Loans - Loan Portfoli
Purchased Loans - Loan Portfolio by Risk-rating Grades (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan portfolio by risk-rating grades | ||
Total | $ 7,620,322 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 1,039,393 | 717,490 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 176,289 | 155,468 |
Purchased | ||
Loan portfolio by risk-rating grades | ||
Total | 2,031,766 | 1,489,137 |
Purchased | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1,284,431 | 901,252 |
Purchased | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 1,266,429 | 877,440 |
Purchased | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 15,326 | 21,120 |
Purchased | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 2,676 | 2,692 |
Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 248,993 | 106,638 |
Purchased | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 246,169 | 102,777 |
Purchased | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 2,226 | 2,370 |
Purchased | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 598 | 1,491 |
Purchased | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 81,220 | 63,846 |
Purchased | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 81,220 | 61,206 |
Purchased | Real estate – construction | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 2,640 |
Purchased | Real estate – construction | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 100,039 | 113,294 |
Purchased | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 93,867 | 105,265 |
Purchased | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 5,924 | 7,665 |
Purchased | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 248 | 364 |
Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 853,498 | 617,360 |
Purchased | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 844,495 | 608,192 |
Purchased | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 7,176 | 8,445 |
Purchased | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 1,827 | 723 |
Purchased | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 681 | 114 |
Purchased | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 678 | 0 |
Purchased | Installment loans to individuals | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased | Installment loans to individuals | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | $ 3 | $ 114 |
Purchased Loans - Performing St
Purchased Loans - Performing Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,620,322 | $ 6,202,709 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,039,393 | 717,490 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 176,289 | 155,468 |
Purchased | ||
Loan portfolio not subject to risk rating | ||
Total | 2,031,766 | 1,489,137 |
Purchased | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 520,075 | 316,127 |
Purchased | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 518,604 | 313,852 |
Purchased | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,471 | 2,275 |
Purchased | Commercial, financial, agricultural | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 11,262 | 9,568 |
Purchased | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 11,216 | 9,489 |
Purchased | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 46 | 79 |
Purchased | Lease financing | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased | Lease financing | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased | Lease financing | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased | Real estate – construction | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 4,511 | 4,067 |
Purchased | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 4,511 | 3,601 |
Purchased | Real estate – construction | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 466 |
Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 460,179 | 267,201 |
Purchased | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 459,038 | 265,697 |
Purchased | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,141 | 1,504 |
Purchased | Real estate – commercial mortgage | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 27,618 | 21,411 |
Purchased | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 27,495 | 21,353 |
Purchased | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 123 | 58 |
Purchased | Installment loans to individuals | Performing and Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 16,505 | 13,880 |
Purchased | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 16,344 | 13,712 |
Purchased | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 161 | $ 168 |
Purchased Loans - Purchased Wit
Purchased Loans - Purchased With Deteriorated Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 7,574,111 | $ 6,159,972 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 227,260 | 271,758 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 15,315 | 11,994 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Lease financing | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 0 | 0 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – construction | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 0 | 840 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 53,969 | 71,952 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 156,338 | 184,987 |
Purchased | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 1,638 | $ 1,985 |
Purchased Loans - Loans Determi
Purchased Loans - Loans Determined to be Impaired (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | |||
Accretable yield | $ (32,207) | $ (37,473) | $ (49,439) |
Fair value of loans contractual principal cash flows amount | 48,345 | 63,794 | |
Fair value of loans contractual interest cash flows | 9,042 | 11,071 | |
Fair value of loans contractual purchase discount | 1,640 | 1,858 | |
Fair value of loans contractual interest payments | 30,567 | 35,615 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | |||
Contractually-required principal and interest | 316,854 | 384,096 | |
Nonaccretable difference | (57,387) | (74,865) | |
Cash flows expected to be collected | 259,467 | 309,231 | |
Accretable yield | (32,207) | (37,473) | |
Fair value | $ 227,260 | $ 271,758 |
Purchased Loans - Changes in Ac
Purchased Loans - Changes in Accretable Yield (Details) - Purchased - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ (37,473) | $ (49,439) |
Additions through acquisition | (1,777) | (4,037) |
Reclasses from nonaccretable difference | (9,750) | (950) |
Accretion | 15,560 | 14,711 |
Charge-off | 1,233 | 2,242 |
Ending balance | $ (32,207) | $ (37,473) |
Purchased Loans - Fair Value of
Purchased Loans - Fair Value of Acquired Loans (Details) - Purchased - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 01, 2017 | Dec. 31, 2016 | Apr. 01, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accretable yield | $ (32,207) | $ (37,473) | $ (49,439) | ||
Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | 316,854 | 384,096 | |||
Nonaccretable difference | (57,387) | (74,865) | |||
Cash flows expected to be collected | 259,467 | 309,231 | |||
Accretable yield | (32,207) | (37,473) | |||
Fair value | $ 227,260 | $ 271,758 | |||
Metropolitan Bancgroup, Inc. | Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | $ 1,198,741 | ||||
Nonaccretable difference | (79,165) | ||||
Cash flows expected to be collected | 1,119,576 | ||||
Accretable yield | (154,543) | ||||
Fair value | $ 965,033 | ||||
KeyWorth Bank | Receivables Acquired with Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contractually-required principal and interest | $ 289,495 | ||||
Nonaccretable difference | (3,848) | ||||
Cash flows expected to be collected | 285,647 | ||||
Accretable yield | (13,317) | ||||
Fair value | $ 272,330 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 7,623,663 | $ 6,205,118 |
Unearned income | (3,341) | (2,409) |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Allowance for loan losses | (46,211) | (42,737) |
Loans, net | 7,574,111 | 6,159,972 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,039,393 | 717,490 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 57,354 | 49,250 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 633,389 | 552,679 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,343,721 | 1,878,177 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,427,530 | 2,898,895 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 122,276 | 108,627 |
Loans, net of unearned income | $ 176,289 | $ 155,468 |
Allowance for Loan Losses (De97
Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | $ 42,737 | $ 42,437 | $ 42,737 | $ 42,437 | $ 42,289 | |||||||||
Charge-offs | (7,008) | (9,471) | (6,776) | |||||||||||
Recoveries | 2,932 | 2,241 | 2,174 | |||||||||||
Net charge-offs | (4,076) | (7,230) | (4,602) | |||||||||||
Provision for loan losses | 6,604 | 3,913 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (265) | (872) | ||||||||||||
Recoveries payable to FDIC | 1,191 | 1,709 | ||||||||||||
Provision for loan losses charged to operations | $ 2,150 | $ 2,150 | $ 1,750 | 1,500 | $ 1,650 | $ 2,650 | $ 1,430 | 1,800 | 7,550 | 7,530 | 4,750 | |||
Ending balance | 46,211 | 42,737 | 46,211 | 42,737 | 42,437 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | $ 2,674 | $ 4,141 | $ 7,600 | |||||||||||
Collectively evaluated for impairment | 41,760 | 35,776 | 33,131 | |||||||||||
Acquired with deteriorated credit quality | 46,211 | 42,737 | 42,737 | 42,437 | 42,737 | 42,437 | 42,289 | 46,211 | 42,737 | 42,437 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 2,820 | 1,706 | 2,820 | 1,706 | ||||||||||
Ending balance | 1,777 | 2,820 | 1,777 | 2,820 | 1,706 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | 1,777 | 2,820 | 2,820 | 1,706 | 2,820 | 1,706 | 1,706 | 1,777 | 2,820 | 1,706 | ||||
Commercial, financial, agricultural | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 5,486 | 4,186 | 5,486 | 4,186 | 3,305 | |||||||||
Charge-offs | (2,874) | (2,725) | (943) | |||||||||||
Recoveries | 422 | 331 | 361 | |||||||||||
Net charge-offs | (2,452) | (2,394) | (582) | |||||||||||
Provision for loan losses | 3,716 | 1,489 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (61) | (64) | ||||||||||||
Recoveries payable to FDIC | 39 | 38 | ||||||||||||
Provision for loan losses charged to operations | 2,508 | 3,694 | 1,463 | |||||||||||
Ending balance | 5,542 | 5,486 | 5,542 | 5,486 | 4,186 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 190 | 446 | 6 | |||||||||||
Collectively evaluated for impairment | 5,040 | 4,668 | 3,827 | |||||||||||
Acquired with deteriorated credit quality | 5,542 | 5,486 | 5,486 | 4,186 | 5,486 | 4,186 | 3,305 | 5,542 | 5,486 | 4,186 | ||||
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 372 | 353 | 372 | 353 | ||||||||||
Ending balance | 312 | 372 | 312 | 372 | 353 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | 312 | 372 | 372 | 353 | 372 | 353 | 353 | 312 | 372 | 353 | ||||
Real estate – construction | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 2,380 | 1,852 | 2,380 | 1,852 | 1,415 | |||||||||
Charge-offs | 0 | 0 | (26) | |||||||||||
Recoveries | 105 | 47 | 26 | |||||||||||
Net charge-offs | 105 | 47 | 0 | |||||||||||
Provision for loan losses | 364 | 435 | ||||||||||||
Benefit attributable to FDIC loss share agreements | 0 | 0 | ||||||||||||
Recoveries payable to FDIC | 117 | 2 | ||||||||||||
Provision for loan losses charged to operations | 943 | 481 | 437 | |||||||||||
Ending balance | 3,428 | 2,380 | 3,428 | 2,380 | 1,852 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 4 | 1 | 20 | |||||||||||
Collectively evaluated for impairment | 3,424 | 2,379 | 1,832 | |||||||||||
Acquired with deteriorated credit quality | 3,428 | 2,380 | 2,380 | 1,852 | 2,380 | 1,852 | 1,415 | 3,428 | 2,380 | 1,852 | ||||
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | 0 | 0 | ||||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Real estate – 1-4 family mortgage | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 14,294 | 13,908 | 14,294 | 13,908 | 13,549 | |||||||||
Charge-offs | (1,713) | (3,906) | (2,173) | |||||||||||
Recoveries | 733 | 997 | 1,064 | |||||||||||
Net charge-offs | (980) | (2,909) | (1,109) | |||||||||||
Provision for loan losses | 2,616 | 650 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (115) | (91) | ||||||||||||
Recoveries payable to FDIC | 794 | 909 | ||||||||||||
Provision for loan losses charged to operations | (1,305) | 3,295 | 1,468 | |||||||||||
Ending balance | 12,009 | 14,294 | 12,009 | 14,294 | 13,908 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 606 | 1,134 | 4,475 | |||||||||||
Collectively evaluated for impairment | 10,831 | 12,319 | 9,177 | |||||||||||
Acquired with deteriorated credit quality | 12,009 | 14,294 | 14,294 | 13,908 | 14,294 | 13,908 | 13,549 | 12,009 | 14,294 | 13,908 | ||||
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 841 | 256 | 841 | 256 | ||||||||||
Ending balance | 572 | 841 | 572 | 841 | 256 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | 572 | 841 | 841 | 256 | 841 | 256 | 256 | 572 | 841 | 256 | ||||
Real estate – commercial mortgage | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 19,059 | 21,111 | 19,059 | 21,111 | 22,759 | |||||||||
Charge-offs | (1,791) | (2,123) | (2,613) | |||||||||||
Recoveries | 1,565 | 757 | 614 | |||||||||||
Net charge-offs | (226) | (1,366) | (1,999) | |||||||||||
Provision for loan losses | (879) | 312 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (48) | (717) | ||||||||||||
Recoveries payable to FDIC | 241 | 756 | ||||||||||||
Provision for loan losses charged to operations | 4,551 | (686) | 351 | |||||||||||
Ending balance | 23,384 | 19,059 | 23,384 | 19,059 | 21,111 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 1,867 | 2,445 | 3,099 | |||||||||||
Collectively evaluated for impairment | 20,625 | 15,008 | 16,916 | |||||||||||
Acquired with deteriorated credit quality | 23,384 | 19,059 | 19,059 | 21,111 | 19,059 | 21,111 | 22,759 | 23,384 | 19,059 | 21,111 | ||||
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1,606 | 1,096 | 1,606 | 1,096 | ||||||||||
Ending balance | 892 | 1,606 | 892 | 1,606 | 1,096 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | 892 | 1,606 | 1,606 | 1,096 | 1,606 | 1,096 | 1,096 | 892 | 1,606 | 1,096 | ||||
Installment and Other | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1,518 | 1,380 | 1,518 | 1,380 | 1,261 | |||||||||
Charge-offs | (630) | (717) | (1,021) | |||||||||||
Recoveries | 107 | 109 | 109 | |||||||||||
Net charge-offs | (523) | (608) | (912) | |||||||||||
Provision for loan losses | 787 | 1,027 | ||||||||||||
Benefit attributable to FDIC loss share agreements | (41) | 0 | ||||||||||||
Recoveries payable to FDIC | 0 | 4 | ||||||||||||
Provision for loan losses charged to operations | 853 | 746 | 1,031 | |||||||||||
Ending balance | 1,848 | 1,518 | 1,848 | 1,518 | 1,380 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Individually evaluated for impairment | 7 | 115 | 0 | |||||||||||
Collectively evaluated for impairment | 1,840 | 1,402 | 1,379 | |||||||||||
Acquired with deteriorated credit quality | 1,848 | 1,518 | 1,518 | 1,380 | 1,518 | 1,380 | 1,261 | 1,848 | 1,518 | 1,380 | ||||
Installment and Other | Receivables Acquired with Deteriorated Credit Quality | ||||||||||||||
Rollforward of the allowance for loan losses | ||||||||||||||
Beginning balance | 1 | 1 | 1 | 1 | ||||||||||
Ending balance | 1 | 1 | 1 | 1 | 1 | |||||||||
Period-End Amount Allocated to: | ||||||||||||||
Acquired with deteriorated credit quality | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Allowance for Loan Losses (De98
Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | $ 30,307 | $ 27,992 |
Collectively evaluated for impairment | 7,362,755 | 5,902,959 |
Loans, net of unearned income | 7,620,322 | 6,202,709 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 227,260 | 271,758 |
Commercial, financial, agricultural | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 3,064 | 1,886 |
Collectively evaluated for impairment | 1,021,014 | 703,610 |
Loans, net of unearned income | 1,039,393 | 717,490 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 15,315 | 11,994 |
Real estate – construction | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 1,777 | 662 |
Collectively evaluated for impairment | 631,612 | 551,177 |
Loans, net of unearned income | 633,389 | 552,679 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 0 | 840 |
Real estate – 1-4 family mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 14,482 | 12,088 |
Collectively evaluated for impairment | 2,275,270 | 1,794,137 |
Loans, net of unearned income | 2,343,721 | 1,878,177 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 53,969 | 71,952 |
Real estate – commercial mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 10,545 | 13,079 |
Collectively evaluated for impairment | 3,260,648 | 2,700,829 |
Loans, net of unearned income | 3,427,530 | 2,898,895 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | 156,337 | 184,987 |
Installment loans to individuals | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 439 | 277 |
Collectively evaluated for impairment | 174,211 | 153,206 |
Loans, net of unearned income | 176,289 | 155,468 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Acquired with deteriorated credit quality | $ 1,639 | $ 1,985 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Bank premises and equipment | ||
Gross | $ 262,402 | $ 247,785 |
Accumulated depreciation | (79,148) | (68,562) |
Net | 183,254 | 179,223 |
Premises | ||
Bank premises and equipment | ||
Gross | 193,173 | 183,957 |
Leasehold improvements | ||
Bank premises and equipment | ||
Gross | 7,736 | 7,862 |
Furniture and equipment | ||
Bank premises and equipment | ||
Gross | 45,625 | 42,166 |
Computer equipment | ||
Bank premises and equipment | ||
Gross | 15,686 | 13,548 |
Autos | ||
Bank premises and equipment | ||
Gross | $ 182 | $ 252 |
Premises and Equipment (Deta100
Premises and Equipment (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Summary of future minimum lease payments | |
2,018 | $ 5,734 |
2,019 | 5,138 |
2,020 | 4,344 |
2,021 | 3,214 |
2,022 | 2,120 |
Thereafter | 6,672 |
Total | $ 27,222 |
Premises and Equipment (Deta101
Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premises And Equipment (Textual) [Abstract] | |||
Depreciation expense | $ 13,136 | $ 12,066 | $ 8,689 |
Rental expense | $ 4,827 | $ 4,460 | $ 3,688 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | $ 11,524 | $ 17,370 |
Non Purchased OREO | 4,410 | 5,929 |
Total other real estate owned, net | 15,934 | 23,299 |
Residential real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 1,683 | 2,230 |
Non Purchased OREO | 758 | 699 |
Total other real estate owned, net | 2,441 | 2,929 |
Commercial real estate | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 4,314 | 6,401 |
Non Purchased OREO | 1,624 | 1,680 |
Total other real estate owned, net | 5,938 | 8,081 |
Residential land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 1,100 | 2,344 |
Non Purchased OREO | 781 | 1,688 |
Total other real estate owned, net | 1,881 | 4,032 |
Commercial land development | ||
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | 4,427 | 6,395 |
Non Purchased OREO | 1,247 | 1,862 |
Total other real estate owned, net | $ 5,674 | $ 8,257 |
Other Real Estate Owned (Det103
Other Real Estate Owned (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Purchased OREO | ||
Beginning balance | $ 17,370 | $ 22,416 |
Purchased OREO | 1,203 | 0 |
Transfers of loans | 4,970 | 7,935 |
Impairments | (1,199) | (1,631) |
Dispositions | (10,438) | (11,071) |
Other | (382) | (279) |
Ending balance | 11,524 | 17,370 |
Non Purchased OREO | ||
Beginning balance | 5,929 | 12,986 |
Purchased OREO | 0 | 0 |
Transfers of loans | 1,729 | 935 |
Impairments | (694) | (1,484) |
Dispositions | (3,027) | (6,458) |
Other | 473 | (50) |
Ending balance | 4,410 | 5,929 |
Total OREO | ||
Beginning balance | 23,299 | 35,402 |
Purchased OREO | 1,203 | 0 |
Transfers of loans | 6,699 | 8,870 |
Impairments | (1,893) | (3,115) |
Dispositions | (13,465) | (17,529) |
Other | 91 | (329) |
Ending balance | $ 15,934 | 23,299 |
Other real estate covered impairments | 3,115 | |
Statements of Income | ||
Total OREO | ||
Other real estate covered impairments | 3,018 | |
FDIC Loss Share Indemnification Asset | ||
Total OREO | ||
Other real estate covered impairments | $ 97 |
Other Real Estate Owned (Det104
Other Real Estate Owned (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of other real estate owned in the Consolidated Statements of Income | |||
Repairs and maintenance | $ 728 | $ 962 | $ 840 |
Property taxes and insurance | 423 | 1,374 | 809 |
Impairments | 1,893 | 3,018 | 2,157 |
Net (gains) losses on OREO sales | (405) | 590 | (582) |
Rental income | (169) | (248) | (179) |
Total | $ 2,470 | $ 5,696 | $ 3,045 |
Goodwill and Other Intangibl105
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Changes In Carrying Amount of Goodwill | ||
Beginning balance | $ 470,534 | $ 445,871 |
Addition to goodwill | 140,512 | 20,633 |
Adjustment to previously recorded goodwill | 4,030 | |
Ending balance | 611,046 | 470,534 |
Community Banks | ||
Changes In Carrying Amount of Goodwill | ||
Beginning balance | 467,767 | 443,104 |
Addition to goodwill | 140,512 | 20,633 |
Adjustment to previously recorded goodwill | 4,030 | |
Ending balance | 608,279 | 467,767 |
Insurance | ||
Changes In Carrying Amount of Goodwill | ||
Beginning balance | 2,767 | 2,767 |
Addition to goodwill | 0 | 0 |
Adjustment to previously recorded goodwill | 0 | |
Ending balance | $ 2,767 | $ 2,767 |
Goodwill and Other Intangibl106
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of finite-lived intangible assets | ||
Gross Carrying Amount | $ 56,928 | $ 49,962 |
Accumulated Amortization | (32,418) | (25,888) |
Net Carrying Amount | 24,510 | 24,074 |
Core deposit intangible | ||
Summary of finite-lived intangible assets | ||
Gross Carrying Amount | 54,958 | 47,992 |
Accumulated Amortization | (31,586) | (25,188) |
Net Carrying Amount | 23,372 | 22,804 |
Customer relationship intangible | ||
Summary of finite-lived intangible assets | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (832) | (700) |
Net Carrying Amount | $ 1,138 | $ 1,270 |
Goodwill and Other Intangibl107
Goodwill and Other Intangible Assets (Details 2) $ in Thousands | Dec. 31, 2017USD ($) |
Estimated amortization expense of finite-lived intangible assets for future periods | |
2,018 | $ 6,261 |
2,019 | 5,343 |
2,020 | 4,317 |
2,021 | 3,238 |
2,022 | 2,318 |
Core deposit intangible | |
Estimated amortization expense of finite-lived intangible assets for future periods | |
2,018 | 6,130 |
2,019 | 5,212 |
2,020 | 4,186 |
2,021 | 3,107 |
2,022 | 2,187 |
Customer relationship intangible | |
Estimated amortization expense of finite-lived intangible assets for future periods | |
2,018 | 131 |
2,019 | 131 |
2,020 | 131 |
2,021 | 131 |
2,022 | $ 131 |
Goodwill and Other Intangibl108
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | $ 6,530 | $ 6,747 | $ 6,069 |
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | 6,399 | 6,616 | 5,938 |
Customer relationship intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible amortization | $ 131 | $ 131 | $ 131 |
Mortgage Servicing Rights (Deta
Mortgage Servicing Rights (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in mortgage servicing rights | |||
Beginning balance | $ 26,302,000 | $ 29,642,000 | |
Sale of MSRs | (18,477,000) | ||
Capitalization | 16,973,000 | 18,061,000 | |
Amortization | (3,936,000) | (2,884,000) | |
Impairment | 0 | (40,000) | $ 0 |
Ending balance | $ 39,339,000 | $ 26,302,000 | $ 29,642,000 |
Mortgage Servicing Rights (D110
Mortgage Servicing Rights (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Data and key economic assumptions related to mortgage servicing rights | |||
Unpaid principal balance | $ 4,012,519 | $ 2,763,344 | $ 3,090,839 |
Weighted-average prepayment speed (CPR) | 8.04% | 7.34% | 8.89% |
Estimated impact of a 10% increase | $ (1,592) | $ (1,034) | $ (1,203) |
Estimated impact of a 20% increase | $ (3,095) | $ (2,010) | $ (2,330) |
Discount rate | 9.69% | 9.64% | 9.51% |
Estimated impact of a 100bp increase | $ (2,027) | $ (1,368) | $ (1,357) |
Estimated impact of a 200bp increase | $ (3,896) | $ (2,629) | $ (2,612) |
Weighted-average coupon interest rate | 3.89% | 3.83% | 3.97% |
Weighted-average servicing fee (basis points) | 0.2636% | 0.2587% | 0.2504% |
Weighted-average remaining maturity (in years) | 7 years 11 months 24 days | 11 years 1 month 10 days | 15 years 2 months 22 days |
Mortgage Servicing Rights (D111
Mortgage Servicing Rights (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |||
Unpaid principle balance of related mortgage loan | $ 1,830,444,000 | ||
Sale of MSR proceeds | $ 0 | 18,508,000 | $ 0 |
MSR impairment (recovery) | 0 | 40,000 | 0 |
Servicing fees | $ 5,735,000 | $ 3,212,000 | $ 3,369,000 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of deposits | ||
Noninterest-bearing deposits | $ 1,840,424 | $ 1,561,357 |
Interest-bearing demand deposits | 3,702,019 | 3,333,896 |
Savings deposits | 571,948 | 543,131 |
Time deposits | 1,806,684 | 1,620,753 |
Total deposits | $ 7,921,075 | $ 7,059,137 |
Deposits (Details 1)
Deposits (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Maturities of time deposits | ||
2,018 | $ 914,502 | |
2,019 | 513,379 | |
2,020 | 294,312 | |
2,021 | 47,211 | |
2,022 | 34,578 | |
Thereafter | 2,702 | |
Total | $ 1,806,684 | $ 1,620,753 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits (Textual) [Abstract] | ||
Time deposits in denominations of $250 or more | $ 382,630 | $ 313,409 |
Amount on deposits | $ 43,777 | $ 28,107 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term borrowings | ||
Total short-term borrowings | $ 89,814 | $ 109,676 |
Securities sold under agreements to repurchase | ||
Short-term borrowings | ||
Total short-term borrowings | 6,814 | 9,676 |
Federal Home Loan Bank short-term advances | ||
Short-term borrowings | ||
Total short-term borrowings | $ 83,000 | $ 100,000 |
Short-Term Borrowings (Details
Short-Term Borrowings (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Average balances and cost of funds of short-term borrowings | |||
Average Balances | $ 217,547 | $ 356,929 | $ 223,090 |
Cost of Funds | 1.22% | 0.45% | 0.18% |
Federal Home Loan Bank short-term advances | |||
Average balances and cost of funds of short-term borrowings | |||
Average Balances | $ 208,332 | $ 344,724 | $ 207,575 |
Cost of Funds | 1.27% | 0.46% | 0.18% |
Securities sold under agreements to repurchase | |||
Average balances and cost of funds of short-term borrowings | |||
Average Balances | $ 9,215 | $ 12,205 | $ 15,515 |
Cost of Funds | 0.17% | 0.20% | 0.21% |
Short-Term Borrowings (Detai117
Short-Term Borrowings (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Short Term Borrowings (Textual) [Abstract] | ||
Lines of credit with correspondent banks | $ 80,000,000 | |
Amounts outstanding under lines of credit | $ 0 | $ 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term debt | ||
Total long-term debt | $ 207,546 | $ 202,459 |
Federal Home Loan Bank advances | ||
Long-term debt | ||
Total long-term debt | 7,493 | 8,542 |
Other long-term debt | ||
Long-term debt | ||
Total long-term debt | 98 | 147 |
Junior subordinated debentures | ||
Long-term debt | ||
Total long-term debt | 85,881 | 95,643 |
Subordinated notes | ||
Long-term debt | ||
Total long-term debt | $ 114,074 | $ 98,127 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | Jul. 01, 2017 | Feb. 22, 2017 | Aug. 22, 2016 | Mar. 17, 2014 | Mar. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2003 |
Debt Instrument [Line Items] | |||||||||||
Unused lines of credit | $ 2,670,141,000 | ||||||||||
Loss on extinguishment of debt | 205,000 | $ 2,539,000 | $ 0 | ||||||||
Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Par percentage | 100.00% | ||||||||||
Redemption price percentage | 100.00% | ||||||||||
PHC Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate (percent) | 5.49% | ||||||||||
Heritage Financial Statutory Trust I | Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption of debenture | $ 10,515,000 | ||||||||||
Aggregate principal amount | 10,310,000 | ||||||||||
Prepayment penalty | $ 205,000 | ||||||||||
Capital Bancorp Capital Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate (percent) | 4.42% | ||||||||||
Junior subordinated notes | 83,003,000 | ||||||||||
First M&F Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Junior subordinated notes | $ 9,997,000 | 10,545,000 | |||||||||
Interest rate of senior note (percent) | 3.795% | ||||||||||
5.00% Subordinated Notes due 2026 | Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of senior note (percent) | 5.00% | ||||||||||
Aggregate principal amount | $ 60,000,000 | ||||||||||
5.50% Subordinated Notes due 2031 | Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of senior note (percent) | 5.50% | ||||||||||
Aggregate principal amount | $ 40,000,000 | ||||||||||
Metropolitan Notes | Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of senior note (percent) | 6.50% | ||||||||||
Borrowings | $ 15,000,000 | ||||||||||
LIBOR | PHC Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 2.85% | 285.00% | |||||||||
LIBOR | PHC Statutory Trust II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 187.00% | ||||||||||
LIBOR | Capital Bancorp Capital Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 1.50% | 150.00% | |||||||||
LIBOR | First M&F Statutory Trust I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 133.00% | ||||||||||
LIBOR | 5.00% Subordinated Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 384.00% | ||||||||||
LIBOR | 5.50% Subordinated Notes due 2031 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 407.10% | ||||||||||
LIBOR | Metropolitan Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 554.50% | ||||||||||
Federal Home Loan Bank | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt, amount | $ 0 | 42,369,000 | $ 0 | ||||||||
Loss on extinguishment of debt | $ 2,539,000 | ||||||||||
Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity period of Long-term advances, earliest | 2,018 | ||||||||||
Long-term advances, interest rates (percent) | 1.09% | ||||||||||
Minimum | LIBOR | 5.00% Subordinated Notes due 2026 | Subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate threshold | 0.00% | ||||||||||
Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity period of Long-term advances, new | 2,030 | ||||||||||
Long-term advances, interest rates (percent) | 6.46% | ||||||||||
Weighted Average | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term advances, interest rates (percent) | 3.33% | 3.47% |
Long-Term Debt (Details 1)
Long-Term Debt (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
PHC Statutory Trust I | |
Debentures details | |
Principal Amount | $ 20,619 |
Interest Rate | 4.45% |
Year of Maturity | 2,033 |
Amount Included in Tier 1 Capital | $ 20,000 |
PHC Statutory Trust II | |
Debentures details | |
Principal Amount | $ 31,959 |
Interest Rate | 3.46% |
Year of Maturity | 2,035 |
Amount Included in Tier 1 Capital | $ 31,000 |
Capital Bancorp Capital Trust I | |
Debentures details | |
Principal Amount | $ 12,372 |
Interest Rate | 3.19% |
Year of Maturity | 2,035 |
Amount Included in Tier 1 Capital | $ 12,000 |
First M&F Statutory Trust I | |
Debentures details | |
Principal Amount | $ 30,928 |
Interest Rate | 2.92% |
Year of Maturity | 2,036 |
Amount Included in Tier 1 Capital | $ 20,003 |
Long-Term Debt (Details 2)
Long-Term Debt (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregate stated maturities of long-term debt outstanding | ||
2,018 | $ 26 | |
2,019 | 1,969 | |
2,020 | 448 | |
2,021 | 219 | |
2,022 | 549 | |
Thereafter | 204,335 | |
Total | $ 207,546 | $ 202,459 |
Employee Benefit and Deferre122
Employee Benefit and Deferred Compensation Plans (Details Textual) | 12 Months Ended | |||
Dec. 31, 2017USD ($)pointplanshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2007officer | |
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Accumulated benefit obligation | $ 27,859,000 | $ 28,012,000 | ||
Retiring age limit, minimum | 55 years | |||
Retiring age limit, maximum | 65 years | |||
Eligible employee from service (in years) | 15 years | |||
Number of points for eligibility (points) | point | 70 | |||
Minimum eligible age for Medicare coverage | 65 years | |||
Life insurance coverage face value | $ 5,000 | |||
Life insurance maturity age | 70 years | |||
Additional life insurance maturity age | 70 years | |||
Expected company contributions | $ 214,000 | |||
Health care cost trend rate (percent) | 5.50% | |||
Employee deferrals (percent) | 4.00% | |||
Percentage of plan compensation as nondiscretionary contribution (percent) | 5.00% | |||
Percentage of plan compensation in excess of social security wage base (percent) | 5.00% | |||
Hours of service credited to the employees during the year | 1000 hours | |||
Employee deferrals amounts | $ 11,471,000 | 10,762,000 | $ 9,271,000 | |
Number of officers provided for | officer | 4 | |||
Expiration period subsequent to retirement | 15 years | |||
Supplemental executive retirement liabilities totaled | $ 3,846,000 | 3,543,000 | ||
Number of deferred compensation plans, including deferred stock unit plan | plan | 3 | |||
Number of conventional deferred compensation plans | plan | 2 | |||
Company's deferred compensation plan expense | $ 1,935,000 | 1,537,000 | 1,225,000 | |
Incentive compensation plan expense | $ 4,490,000 | $ 2,307,000 | $ 3,608,000 | |
Option expiration period | 10 years | |||
Option exercisable period | 3 years | |||
Granted (shares) | shares | 0 | 0 | 0 | |
Intrinsic value of options exercised | $ 2,487,000 | $ 8,323,000 | $ 2,445,000 | |
Fair value of options vested in period | 78,000 | 235,000 | ||
Common shares reserved for issuance under employee benefit plans (shares) | shares | 2,273,192 | |||
Stock compensation plan | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Compensation expense | $ 0 | 0 | 73,000 | |
Unrecognized stock-based compensation expense | 0 | |||
Performance- Based Restricted Stock | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Compensation expense | $ 5,293,000 | 3,117,000 | 3,884,000 | |
Target performance level, allowable variance above and below target | 5.00% | |||
Time- Based Restricted Stock | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Unrecognized stock-based compensation expense | $ 2,105,000 | |||
Weighted average period over which unrecognized expense is expected to be recognized (in years) | 1 year 7 months 6 days | |||
Minimum | Other equity securities | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Equity income strategy (percent) | 65.00% | |||
Minimum | Debt Securities | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Equity income strategy (percent) | 25.00% | |||
Maximum | Other equity securities | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Equity income strategy (percent) | 75.00% | |||
Maximum | Debt Securities | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Equity income strategy (percent) | 35.00% | |||
Pension Benefits | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Company contribution to pension benefit plan | $ 0 | 0 | ||
Accumulated benefit obligation | 27,859,000 | 28,012,000 | $ 27,856,000 | |
Other Postretirement Benefits Plan | ||||
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract] | ||||
Company contribution to pension benefit plan | $ 119,000 | $ 152,000 |
Employee Benefit and Deferre123
Employee Benefit and Deferred Compensation Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 28,012,000 | ||
Benefit obligation at end of year | 27,859,000 | $ 28,012,000 | |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 25,241,000 | ||
Fair value of plan assets at end of year | 26,913,000 | 25,241,000 | |
Pension Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 28,012,000 | 27,856,000 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 1,168,000 | 1,216,000 | 1,095,000 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | 582,000 | (115,000) | |
Benefits paid | (1,903,000) | (2,018,000) | |
Settlements | 0 | 0 | |
Transfer from HeritageBank Pension Plan | 0 | 1,073,000 | |
Benefit obligation at end of year | 27,859,000 | 28,012,000 | 27,856,000 |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 25,241,000 | 24,434,000 | |
Actual return on plan assets | 3,575,000 | 1,752,000 | |
Contribution by employer | 0 | 0 | |
Benefits paid | (1,903,000) | (2,018,000) | |
Settlements | 0 | 0 | |
Expenses paid from plan trust | 0 | 0 | |
Transfer from HeritageBank Pension Plan | 0 | 1,073,000 | |
Fair value of plan assets at end of year | 26,913,000 | 25,241,000 | 24,434,000 |
Funded status at end of year | $ (946,000) | $ (2,771,000) | |
Weighted-average assumptions as of December 31 | |||
Discount rate (percent) | 3.96% | 4.35% | |
Pension Benefits | HeritageBank | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 0 | $ 12,913,000 | |
Service cost | 0 | 0 | |
Interest cost | 172,000 | 305,000 | |
Plan participants’ contributions | 0 | ||
Actuarial loss (gain) | (481,000) | ||
Benefits paid | (22,000) | ||
Settlements | (11,509,000) | ||
Transfer from HeritageBank Pension Plan | (1,073,000) | ||
Benefit obligation at end of year | 0 | 12,913,000 | |
Change in fair value of plan assets | |||
Fair value of plan assets at beginning of year | 0 | 12,458,000 | |
Actual return on plan assets | 29,000 | ||
Contribution by employer | 142,000 | ||
Benefits paid | (22,000) | ||
Settlements | (11,509,000) | ||
Expenses paid from plan trust | (25,000) | ||
Transfer from HeritageBank Pension Plan | (1,073,000) | ||
Fair value of plan assets at end of year | 0 | 12,458,000 | |
Funded status at end of year | $ 0 | ||
Weighted-average assumptions as of December 31 | |||
Discount rate (percent) | 0.00% | ||
Other Benefits | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,566,000 | $ 1,704,000 | |
Service cost | 9,000 | 12,000 | 17,000 |
Interest cost | 42,000 | 58,000 | 60,000 |
Plan participants’ contributions | 77,000 | 76,000 | |
Actuarial loss (gain) | (328,000) | (56,000) | |
Benefits paid | (196,000) | (228,000) | |
Settlements | 0 | 0 | |
Transfer from HeritageBank Pension Plan | 0 | 0 | |
Benefit obligation at end of year | 1,170,000 | 1,566,000 | $ 1,704,000 |
Change in fair value of plan assets | |||
Settlements | 0 | 0 | |
Funded status at end of year | $ (1,170,000) | $ (1,566,000) | |
Weighted-average assumptions as of December 31 | |||
Discount rate (percent) | 3.37% | 3.57% |
Employee Benefit and Deferre124
Employee Benefit and Deferred Compensation Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 1,168 | 1,216 | 1,095 |
Expected return on plan assets | (1,941) | (1,872) | (2,040) |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 401 | 404 | 331 |
Settlement/curtailment/termination losses | 0 | 0 | 0 |
Net periodic benefit cost | (372) | (252) | (614) |
Net actuarial loss/(gain) arising during the period | (1,051) | 5 | 2,812 |
Net Settlement/curtailment/termination losses | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost | (401) | (404) | (331) |
Total recognized in other comprehensive income | (1,452) | (399) | 2,481 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (1,824) | $ (651) | $ 1,867 |
Discount rate used to determine net periodic pension cost (percent) | 4.35% | 4.56% | 4.00% |
Expected return on plan assets (percent) | 8.00% | 8.00% | 8.00% |
Pension Benefits | HeritageBank | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 0 | $ 0 | |
Interest cost | 172 | 305 | |
Expected return on plan assets | (113) | (216) | |
Prior service cost recognized | 0 | 0 | |
Recognized actuarial loss | 0 | 0 | |
Settlement/curtailment/termination losses | (780) | (65) | |
Net periodic benefit cost | (721) | 24 | |
Net actuarial loss/(gain) arising during the period | (397) | (448) | |
Net Settlement/curtailment/termination losses | 780 | 65 | |
Amortization of net actuarial loss recognized in net periodic pension cost | 0 | 0 | |
Total recognized in other comprehensive income | 383 | (383) | |
Total recognized in net periodic benefit cost and other comprehensive income | $ (338) | $ (359) | |
Discount rate used to determine net periodic pension cost (percent) | 4.27% | 4.00% | |
Expected return on plan assets (percent) | 3.00% | 3.00% | |
Other Benefits | |||
Components of net periodic benefit cost (income) | |||
Service cost | $ 9 | $ 12 | $ 17 |
Interest cost | 42 | 58 | 60 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost recognized | 0 | 0 | 0 |
Recognized actuarial loss | 6 | 76 | 101 |
Settlement/curtailment/termination losses | 0 | 0 | 0 |
Net periodic benefit cost | 57 | 146 | 178 |
Net actuarial loss/(gain) arising during the period | (328) | (56) | (37) |
Net Settlement/curtailment/termination losses | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net periodic pension cost | (6) | (76) | (101) |
Total recognized in other comprehensive income | (334) | (132) | (138) |
Total recognized in net periodic benefit cost and other comprehensive income | $ (277) | $ 14 | $ 40 |
Discount rate used to determine net periodic pension cost (percent) | 3.57% | 3.63% | 3.22% |
Employee Benefit and Deferre125
Employee Benefit and Deferred Compensation Plans (Details 2) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Defined benefit pension plan and post-retirement health and life plan | |
2,018 | $ 2,019 |
2,019 | 2,036 |
2,020 | 2,043 |
2,021 | 2,048 |
2,022 | 2,033 |
2023-2027 | 9,659 |
Other Benefits | |
Defined benefit pension plan and post-retirement health and life plan | |
2,018 | 214 |
2,019 | 182 |
2,020 | 151 |
2,021 | 148 |
2,022 | 120 |
2023-2027 | $ 386 |
Employee Benefit and Deferre126
Employee Benefit and Deferred Compensation Plans (Details 3) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Amounts recognized in accumulated other comprehensive income, net of tax | |
Prior service cost | $ 0 |
Actuarial loss | 10,063 |
Total | 10,063 |
Other Benefits | |
Amounts recognized in accumulated other comprehensive income, net of tax | |
Prior service cost | 0 |
Actuarial loss | 85 |
Total | $ 85 |
Employee Benefit and Deferre127
Employee Benefit and Deferred Compensation Plans (Details 4) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits | |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | |
Prior service cost | $ 0 |
Actuarial loss | 349 |
Total | 349 |
Other Benefits | |
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost | |
Prior service cost | 0 |
Actuarial loss | 0 |
Total | $ 0 |
Employee Benefit and Deferre128
Employee Benefit and Deferred Compensation Plans (Details 5) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | $ 26,913 | $ 25,241 |
Cash and cash equivalents | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 387 | 1,639 |
U.S. government securities | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 2,496 | 2,270 |
Corporate debt | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 1,908 | 1,991 |
Corporate stocks | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 20,557 | 17,823 |
Investments in registered investment companies | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 921 | 871 |
Foreign obligations | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 644 | 647 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 21,865 | 20,333 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash and cash equivalents | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 387 | 1,639 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. government securities | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate debt | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate stocks | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 20,557 | 17,823 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Investments in registered investment companies | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 921 | 871 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | Foreign obligations | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 5,048 | 4,908 |
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | U.S. government securities | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 2,496 | 2,270 |
Significant Other Observable Inputs (Level 2) | Corporate debt | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 1,908 | 1,991 |
Significant Other Observable Inputs (Level 2) | Corporate stocks | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Investments in registered investment companies | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Foreign obligations | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 644 | 647 |
Significant Unobservable Inputs (Level 3) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. government securities | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate debt | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate stocks | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Investments in registered investment companies | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Foreign obligations | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Fair value | $ 0 | $ 0 |
Employee Benefit and Deferre129
Employee Benefit and Deferred Compensation Plans (Details 7) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | |||
Outstanding at beginning of year (shares) | 185,625 | 621,446 | 830,950 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (95,875) | (435,177) | (201,371) |
Forfeited (shares) | 0 | (644) | (8,133) |
Outstanding at end of year (shares) | 89,750 | 185,625 | 621,446 |
Exercisable at end of year (shares) | 89,750 | 185,625 | 606,027 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 15.97 | $ 17.88 | $ 18.70 |
Granted (usd per share) | 0 | 0 | 0 |
Exercised (usd per share) | 16.25 | 18.67 | 20.82 |
Forfeited (usd per share) | 0 | 29.67 | 29.45 |
Outstanding at end of year (usd per share) | 15.67 | 15.97 | 17.88 |
Exercisable at end of year (usd per share) | $ 15.67 | $ 15.97 | $ 17.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding at end of year, Weighted Average Remaining Contractual Life (in years) | 3 years 1 month 20 days | 3 years 10 months 28 days | 3 years 10 months 28 days |
Exercisable at end of year, Weighted Average Remaining Contractual Life (in years) | 3 years 1 month 20 days | 3 years 10 months 28 days | 3 years 9 months 29 days |
Aggregate Intrinsic Value, Outstanding | $ 2,263 | $ 4,872 | $ 10,274 |
Aggregate Intrinsic Value, Exercisable | $ 2,263 | $ 4,872 | $ 10,038 |
Employee Benefit and Deferre130
Employee Benefit and Deferred Compensation Plans (Details 8) - $ / shares | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | |
Performance- Based Restricted Stock | |||
Summary of the changes in performance based stock | |||
Nonvested at beginning of year (shares) | 0 | 0 | |
Granted (shares) | 54,450 | 2,754 | 57,204 |
Vested (shares) | (55,204) | ||
Cancelled (shares) | (2,000) | (2,000) | |
Nonvested at end of year (shares) | 0 | 0 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (usd per share) | $ 0 | $ 0 | |
Granted (usd per share) | 42.22 | ||
Vested (usd per share) | 42.22 | ||
Cancelled (usd per share) | 42.22 | ||
Nonvested at ending of year (usd per share) | $ 0 | $ 0 | |
Time- Based Restricted Stock | |||
Summary of the changes in performance based stock | |||
Nonvested at beginning of year (shares) | 117,345 | 117,345 | |
Granted (shares) | 153,270 | ||
Vested (shares) | (43,305) | ||
Cancelled (shares) | (9,235) | ||
Nonvested at end of year (shares) | 218,075 | 218,075 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at beginning of year (usd per share) | $ 31.76 | $ 31.76 | |
Granted (usd per share) | 42.81 | ||
Vested (usd per share) | 32.36 | ||
Cancelled (usd per share) | 39.49 | ||
Nonvested at ending of year (usd per share) | $ 39.08 | $ 39.08 |
Derivative Instruments (Details
Derivative Instruments (Details Textual) | 1 Months Ended | ||||
Jun. 30, 2014USD ($)derivative_instrument | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 01, 2013USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 216,741,000 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 216,741,000 | ||||
Interest rate swap | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Number of instruments held | derivative_instrument | 2 | ||||
Floating rate liability at the bank level, derivative one | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 15,000,000 | ||||
Term of contract | 4 years | ||||
Floating rate liability at the bank level, derivative two | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Term of contract | 5 years | ||||
Cash Flow Hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 32,000,000 | ||||
Number of instruments held | derivative_instrument | 2 | ||||
Cash Flow Hedging | First M&F | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 30,000,000 | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 131,000,000 | $ 120,050,000 | |||
Commitments to sell residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 199,000,000 | $ 257,000,000 |
Derivative Instruments (Deta132
Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets: | $ 5,977 | $ 9,108 |
Derivative liabilities: | 3,503 | 2,500 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities: | 2,536 | 3,410 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets: | 3,171 | 1,985 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets: | 2,756 | 2,643 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets: | 50 | 4,480 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities: | 3,171 | 1,985 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities: | 4 | 246 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities: | 328 | 269 |
Other Liabilities | Designated as hedging instruments: | Interest rate swap | ||
Derivative financial instruments | ||
Derivative liabilities: | $ 2,536 | $ 3,410 |
Derivative Instruments (Deta133
Derivative Instruments (Details 1) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | $ (152) | $ 4,566 | $ (247) |
Included in interest income on loans | Interest rate contracts | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | 3,981 | 2,402 | 2,200 |
Included in mortgage banking income | Interest rate lock commitments | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | 356 | (2,111) | (530) |
Included in mortgage banking income | Forward commitments | |||
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income | |||
Gains (losses) on derivative financial instruments | $ (4,489) | $ 4,275 | $ (1,917) |
Derivative Instruments (Deta134
Derivative Instruments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 717 | $ 4,778 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 717 | 4,778 |
Financial instruments | 717 | 567 |
Financial collateral pledged | 0 | 0 |
Net amounts | 0 | 4,211 |
Offsetting Derivative Liabilities | ||
Gross amounts recognized | 5,303 | 4,893 |
Gross amounts offset in the consolidated balance sheets | 0 | 0 |
Net amounts presented in the consolidated balance sheets | 5,303 | 4,893 |
Financial instruments | 717 | 567 |
Financial collateral pledged | 4,357 | 4,326 |
Net amounts | $ 229 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | |||||||||||
Federal | $ 28,380 | $ 31,679 | $ 17,004 | ||||||||
State | 1,354 | 2,131 | 995 | ||||||||
Total | 29,734 | 33,810 | 17,999 | ||||||||
Deferred | |||||||||||
Federal | 22,314 | 10,480 | 12,625 | ||||||||
State | 1,147 | 557 | 1,126 | ||||||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | 14,486 | 0 | 0 | ||||||||
Total | 37,947 | 11,037 | 13,751 | ||||||||
Total income tax expense | $ 30,234 | $ 14,199 | $ 11,993 | $ 11,255 | $ 11,461 | $ 11,706 | $ 11,154 | $ 10,526 | $ 67,681 | $ 44,847 | $ 31,750 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of income taxes computed at the United States federal statutory tax rates | |||||||||||
Tax at U.S. statutory rate | $ 55,955 | $ 47,522 | $ 34,918 | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
Tax-exempt interest income | (3,595) | (3,467) | (3,377) | ||||||||
BOLI income | (1,524) | (1,622) | (1,264) | ||||||||
Investment tax credits | (1,591) | (1,390) | (1,390) | ||||||||
Amortization of investment in low-income housing tax credits | 1,873 | 1,742 | 1,734 | ||||||||
State income tax expense, net of federal benefit | 1,626 | 1,747 | 1,378 | ||||||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | 14,486 | 0 | 0 | ||||||||
Other items, net | 451 | 315 | (249) | ||||||||
Total income tax expense | $ 30,234 | $ 14,199 | $ 11,993 | $ 11,255 | $ 11,461 | $ 11,706 | $ 11,154 | $ 10,526 | $ 67,681 | $ 44,847 | $ 31,750 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Allowance for loan losses | $ 13,966,000 | $ 19,934,000 |
Loans | 15,062,000 | 23,240,000 |
Deferred compensation | 7,093,000 | 11,254,000 |
Net unrealized losses on securities | 3,659,000 | 10,096,000 |
Impairment of assets | 1,748,000 | 2,512,000 |
Net operating loss carryforwards | 2,419,000 | 2,867,000 |
Other | 4,722,000 | 7,149,000 |
Gross deferred tax assets | 48,669,000 | 77,052,000 |
Valuation allowance on state net operating loss carryforwards | 0 | 0 |
Total deferred tax assets | 48,669,000 | 77,052,000 |
Deferred tax liabilities | ||
Investment in partnerships | 757,000 | 1,556,000 |
Depreciation | 3,163,000 | 2,517,000 |
Mortgage servicing rights | 10,139,000 | 3,360,000 |
Subordinated debt | 2,394,000 | 4,111,000 |
Other | 1,859,000 | 2,876,000 |
Total deferred tax liabilities | 18,312,000 | 14,420,000 |
Net deferred tax assets | $ 30,357,000 | $ 62,632,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | $ 14,486,000 | $ 0 | $ 0 | |
Operating loss carryforwards allowance | 0 | 0 | ||
Accrued interest and penalties related to unrecognized tax benefits | 169,000 | $ 169,000 | $ 125,000 | |
Metropolitan Bancgroup, Inc. | Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 11,788,000 | |||
Metropolitan Bancgroup, Inc. | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 12,881,000 | |||
Heritage Financial Group | Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 5,920,000 | $ 18,321,000 | ||
Heritage Financial Group | State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 7,319,000 | $ 17,168,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of unrecognized tax benefits | |||
Balance at January 1 | $ 1,510 | $ 1,485 | $ 2,653 |
Additions based on positions related to current period | 467 | 25 | 367 |
Additions based on positions related to prior period | 0 | 0 | 0 |
Reductions based on positions related to prior period | 0 | 0 | (201) |
Settlements | 0 | 0 | (1,334) |
Reductions due to lapse of statute of limitations | (371) | 0 | 0 |
Balance at December 31 | $ 1,606 | $ 1,510 | $ 1,485 |
Investments in Qualified Aff140
Investments in Qualified Affordable Housing Projects (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 01, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 7,637,000 | $ 6,331,000 | ||
Increase (decrease) in QAHP | $ (2,450,000) | |||
Commitment | $ 0 | |||
Investment amortization | 1,714,000 | 1,335,000 | ||
Tax credits and other benefits | (2,190,000) | (1,927,000) | ||
Total | $ (476,000) | $ (592,000) | ||
Metropolitan Bancgroup, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying value of qualified affordable housing project investments | $ 5,481,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Fair Value | $ 671,488 | $ 674,248 |
Trust preferred securities | ||
Financial assets: | ||
Fair Value | 9,388 | 18,389 |
Other debt securities | ||
Financial assets: | ||
Fair Value | 17,290 | 22,145 |
Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 3,564 | 2,158 |
Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 234,481 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 193,950 | 409,317 |
Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 31,170 | 50,863 |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 176,639 | 168,826 |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 5,006 | 2,550 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Fair Value | 662,100 | 655,859 |
Derivative instruments | 5,977 | 9,108 |
Financial liabilities: | ||
Derivative instruments | 6,039 | 5,910 |
Significant Other Observable Inputs (Level 2) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 2,536 | |
Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 3,171 | |
Financial liabilities: | ||
Derivative instruments | 3,171 | |
Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 2,756 | |
Significant Other Observable Inputs (Level 2) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 50 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 328 | |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Fair Value | 9,388 | 18,389 |
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | ||
Financial assets: | ||
Fair Value | 671,488 | 674,248 |
Derivative instruments | 5,977 | 9,108 |
Total financial assets | 785,781 | 861,222 |
Financial liabilities: | ||
Derivative instruments | 6,039 | 5,910 |
Total financial liabilities | 6,039 | 5,910 |
Recurring | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 2,536 | 3,410 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 3,171 | 1,985 |
Financial liabilities: | ||
Derivative instruments | 3,171 | 1,985 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 2,756 | 2,643 |
Financial liabilities: | ||
Derivative instruments | 4 | 246 |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 50 | 4,480 |
Financial liabilities: | ||
Derivative instruments | 328 | 269 |
Recurring | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 108,316 | 177,866 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 9,388 | 18,389 |
Recurring | Other debt securities | ||
Financial assets: | ||
Fair Value | 17,290 | 22,145 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 3,564 | 2,158 |
Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 234,481 | |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 193,950 | 409,317 |
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 31,170 | 50,863 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 176,639 | 168,826 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 5,006 | 2,550 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Derivative instruments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other debt securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 0 | |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Fair Value | 662,100 | 655,859 |
Derivative instruments | 5,977 | 9,108 |
Total financial assets | 776,393 | 842,833 |
Financial liabilities: | ||
Derivative instruments | 6,039 | 5,910 |
Total financial liabilities | 6,039 | 5,910 |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 3,410 | |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 1,985 | |
Financial liabilities: | ||
Derivative instruments | 1,985 | |
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 2,643 | |
Financial liabilities: | ||
Derivative instruments | 4 | 246 |
Recurring | Significant Other Observable Inputs (Level 2) | Forward commitments | ||
Financial liabilities: | ||
Derivative instruments | 269 | |
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 108,316 | 177,866 |
Recurring | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Other debt securities | ||
Financial assets: | ||
Fair Value | 17,290 | 22,145 |
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 3,564 | 2,158 |
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 234,481 | |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 193,950 | 409,317 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 31,170 | 50,863 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 176,639 | 168,826 |
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 5,006 | 2,550 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Fair Value | 9,388 | 18,389 |
Derivative instruments | 0 | 0 |
Total financial assets | 9,388 | 18,389 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap | ||
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Trust preferred securities | ||
Financial assets: | ||
Fair Value | 9,388 | 18,389 |
Recurring | Significant Unobservable Inputs (Level 3) | Other debt securities | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Financial assets: | ||
Fair Value | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | ||
Financial assets: | ||
Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Det142
Fair Value Measurements (Details 1) - Trust preferred securities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||
Beginning Balance | $ 18,389 | $ 19,469 |
Realized (gains) losses included in net income, net of premium amortization | 25 | 33 |
Unrealized gains included in other comprehensive income | 2,364 | (59) |
Sales | (9,346) | 0 |
Issues | 0 | 0 |
Settlements | (2,044) | (1,054) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | $ 9,388 | $ 18,389 |
Fair Value Measurements (Det143
Fair Value Measurements (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Gains (losses) related to assets or liabilities measured on a recurring basis using significant unobservable inputs | $ 0 | $ 0 | |
Impaired loans not covered under loss-share agreements | 9,608,000 | 4,406,000 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 46,211,000 | 42,737,000 | |
MSR impairment (recovery) | 0 | 40,000 | $ 0 |
Net loss resulting from fair value changes of these mortgage loans | 1,594,000 | ||
Impaired Loans, Not Covered | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | $ 357,000 | $ 305,000 |
Fair Value Measurements (Det144
Fair Value Measurements (Details 2) - Trust preferred securities $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 9,388 |
Valuation Technique | Discounted cash flows |
Significant Unobservable Inputs | Default rate |
Minimum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs (percent) | 0.00% |
Maximum | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Range of Inputs (percent) | 100.00% |
Fair Value Measurements (Det145
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 9,251 | $ 4,101 |
OREO | 7,392 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | 16,643 | 37,144 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Mortgage servicing rights | 0 | |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 9,251 | 4,101 |
OREO | 7,392 | 6,741 |
Mortgage servicing rights | 26,302 | |
Total | $ 16,643 | $ 37,144 |
Fair Value Measurements (Det146
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
OREO not covered under loss-share agreements: | ||
Carrying amount prior to remeasurement | $ 8,732 | $ 8,290 |
Impairment recognized in results of operations | (1,340) | (1,549) |
Fair value | $ 7,392 | $ 6,741 |
Fair Value Measurements (Det147
Fair Value Measurements (Details 5) - Significant Unobservable Inputs (Level 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 9,251 |
Valuation Technique | Appraised value of collateral less estimated costs to sell |
Significant Unobservable Inputs | Estimated costs to sell |
OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value | $ 7,392 |
Valuation Technique | Appraised value of property less estimated costs to sell |
Significant Unobservable Inputs | Estimated costs to sell |
Minimum | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Range of Inputs (percent) | 4.00% |
Minimum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Range of Inputs (percent) | 4.00% |
Maximum | Impaired loans | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Range of Inputs (percent) | 10.00% |
Maximum | OREO | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Range of Inputs (percent) | 10.00% |
Fair Value Measurements (Det148
Fair Value Measurements (Details 6) $ in Thousands | Dec. 31, 2017USD ($) |
Aggregate Fair Value | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Mortgage loans held for sale | $ 108,316 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Aggregate Unpaid Principal Balance | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Mortgage loans held for sale | 104,820 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Difference | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Mortgage loans held for sale | 3,496 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements (Det149
Fair Value Measurements (Details 7) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair values of defined benefit pension plan assets by category of the firm | ||
Securities held to maturity | $ 0 | $ 356,282 |
Securities available for sale, at fair value | 671,488 | 674,248 |
Mortgage loans held for sale | 108,316 | 177,866 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Cash and cash equivalents | 281,453 | 306,224 |
Securities held to maturity | 0 | |
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 6,114,391 | 5,438,384 |
Short-term borrowings | 89,814 | 109,676 |
Other long-term borrowings | 98 | 147 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 362,893 | |
Securities available for sale, at fair value | 662,100 | 655,859 |
Mortgage loans held for sale | 108,316 | 177,866 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 5,977 | 9,108 |
Financial liabilities | ||
Deposits | 1,809,085 | 1,631,027 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 7,661 | 8,777 |
Junior subordinated debentures | 69,702 | 73,301 |
Subordinated notes | 118,650 | 101,000 |
Derivative instruments | 6,039 | 5,910 |
Significant Unobservable Inputs (Level 3) | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Cash and cash equivalents | 0 | 0 |
Securities held to maturity | 0 | |
Securities available for sale, at fair value | 9,388 | 18,389 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 7,514,185 | 5,989,790 |
Mortgage servicing rights | 47,868 | 32,064 |
Derivative instruments | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Carrying Value | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Cash and cash equivalents | 281,453 | 306,224 |
Securities held to maturity | 356,282 | |
Securities available for sale, at fair value | 671,488 | 674,248 |
Mortgage loans held for sale | 108,316 | 177,866 |
Loans, net | 7,574,111 | 6,159,972 |
Mortgage servicing rights | 39,339 | 26,302 |
Derivative instruments | 5,977 | 9,108 |
Financial liabilities | ||
Deposits | 7,921,075 | 7,059,137 |
Short-term borrowings | 89,814 | 109,676 |
Other long-term borrowings | 98 | 147 |
Federal Home Loan Bank advances | 7,493 | 8,542 |
Junior subordinated debentures | 85,881 | 95,643 |
Subordinated notes | 114,074 | 98,127 |
Derivative instruments | 6,039 | 5,910 |
Fair Value | ||
Fair values of defined benefit pension plan assets by category of the firm | ||
Cash and cash equivalents | 281,453 | 306,224 |
Securities held to maturity | 362,893 | |
Securities available for sale, at fair value | 671,488 | 674,248 |
Mortgage loans held for sale | 108,316 | 177,866 |
Loans, net | 7,514,185 | 5,989,790 |
Mortgage servicing rights | 47,868 | 32,064 |
Derivative instruments | 5,977 | 9,108 |
Financial liabilities | ||
Deposits | 7,923,476 | 7,069,411 |
Short-term borrowings | 89,814 | 109,676 |
Other long-term borrowings | 98 | 147 |
Federal Home Loan Bank advances | 7,661 | 8,777 |
Junior subordinated debentures | 69,702 | 73,301 |
Subordinated notes | 118,650 | 101,000 |
Derivative instruments | $ 6,039 | $ 5,910 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total other comprehensive income (loss), pre-tax | $ 11,832 | $ (10,400) | $ (3,226) |
Total other comprehensive income (loss), tax expense (benefit) | 4,393 | (4,031) | (1,289) |
Other comprehensive income (loss), net of tax | 7,439 | (6,369) | (1,937) |
Securities Available for Sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (3,617) | (10,119) | (571) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (1,399) | (3,913) | (220) |
Other comprehensive income (loss), before reclassifications, net of tax | (2,218) | (6,206) | (351) |
Reclassification from AOCI, pre-tax | (148) | (1,186) | (96) |
Reclassification from AOCI, tax expense (benefit) | (57) | (459) | (37) |
Reclassification from AOCI, net of tax | (91) | (727) | (59) |
Total other comprehensive income (loss), pre-tax | 9,172 | (11,404) | (845) |
Total other comprehensive income (loss), tax expense (benefit) | 3,546 | (4,410) | (325) |
Other comprehensive income (loss), net of tax | 5,626 | (6,994) | (520) |
Accumulated Net Investment Gain (Loss) Attributable to Parent, Securities Transferred from Held to Maturity to Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 13,219 | ||
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 5,111 | ||
Other comprehensive income (loss), before reclassifications, net of tax | 8,108 | ||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | (282) | (99) | (178) |
Reclassification from AOCI, tax expense (benefit) | (109) | (38) | (68) |
Reclassification from AOCI, net of tax | (173) | (61) | (110) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 874 | 856 | (420) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 338 | 329 | (171) |
Other comprehensive income (loss), before reclassifications, net of tax | 536 | 527 | (249) |
Total other comprehensive income (loss), pre-tax | 874 | 856 | (420) |
Total other comprehensive income (loss), tax expense (benefit) | 338 | 329 | (171) |
Other comprehensive income (loss), net of tax | 536 | 527 | (249) |
Defined benefit Pension and Post-Retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | 480 | ||
Reclassification from AOCI, tax expense (benefit) | 178 | ||
Reclassification from AOCI, net of tax | 302 | ||
Total other comprehensive income (loss), pre-tax | 1,786 | 148 | (1,961) |
Total other comprehensive income (loss), tax expense (benefit) | 509 | 50 | (793) |
Other comprehensive income (loss), net of tax | 1,277 | 98 | (1,168) |
Net gain (losses) arising during the period | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 1,379 | 51 | (2,393) |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 351 | 20 | (958) |
Other comprehensive income (loss), before reclassifications, net of tax | 1,028 | 31 | (1,435) |
Reclassification of adjustment for net settlement gain realized in net income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | (383) | ||
Reclassification from AOCI, tax expense (benefit) | (148) | ||
Reclassification from AOCI, net of tax | $ (235) | ||
Amortization of net actuarial loss recognized in net periodic pension cost | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, pre-tax | 407 | 432 | |
Reclassification from AOCI, tax expense (benefit) | 158 | 165 | |
Reclassification from AOCI, net of tax | $ 249 | $ 267 |
Other Comprehensive Income (151
Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated balances for component of other comprehensive income, net of tax | |||
Unrealized gains on securities | $ 7,363 | $ 9,490 | $ 16,500 |
Non-credit related portion of other-than-temporary impairment on securities | (9,313) | (16,719) | (16,735) |
Unrealized losses on derivative instruments | (995) | (1,355) | (1,882) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,566) | (7,320) | (7,418) |
Total accumulated other comprehensive loss | $ (10,511) | $ (15,904) | $ (9,535) |
Quarterly Results of Operati152
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of the unaudited quarterly results of operations | |||||||||||
Interest income | $ 104,587 | $ 100,695 | $ 87,579 | $ 81,889 | $ 85,840 | $ 83,032 | $ 84,008 | $ 76,259 | $ 374,750 | $ 329,138 | $ 263,023 |
Interest expense | 11,325 | 10,678 | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 37,853 | 28,147 | 21,665 |
Net interest income | 93,262 | 90,017 | 79,603 | 74,015 | 78,049 | 75,731 | 77,157 | 70,054 | 336,897 | 300,991 | 241,358 |
Provision for loan losses | 2,150 | 2,150 | 1,750 | 1,500 | 1,650 | 2,650 | 1,430 | 1,800 | 7,550 | 7,530 | 4,750 |
Noninterest income | 32,441 | 33,413 | 34,265 | 32,021 | 30,255 | 38,272 | 35,586 | 33,302 | 132,140 | 137,415 | 108,270 |
Noninterest expense | 76,808 | 80,660 | 74,841 | 69,309 | 71,558 | 76,468 | 77,259 | 69,814 | 301,618 | 295,099 | 245,114 |
Income before income taxes | 46,745 | 40,620 | 37,277 | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 159,869 | 135,777 | 99,764 |
Income taxes | 30,234 | 14,199 | 11,993 | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | 67,681 | 44,847 | 31,750 |
Net income | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | $ 92,188 | $ 90,930 | $ 68,014 |
Basic earnings per share (usd per share) | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.54 | $ 0.56 | $ 0.55 | $ 0.54 | $ 0.53 | $ 1.97 | $ 2.18 | $ 1.89 |
Diluted earnings per share (usd per share) | $ 0.33 | $ 0.53 | $ 0.57 | $ 0.54 | $ 0.55 | $ 0.55 | $ 0.54 | $ 0.52 | $ 1.96 | $ 2.17 | $ 1.88 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic | |||||||||||
Net income applicable to common stock | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | $ 92,188 | $ 90,930 | $ 68,014 |
Average common shares outstanding (shares) | 46,874,502 | 41,737,636 | 35,971,877 | ||||||||
Net income per common share - basic (usd per share) | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.54 | $ 0.56 | $ 0.55 | $ 0.54 | $ 0.53 | $ 1.97 | $ 2.18 | $ 1.89 |
Diluted | |||||||||||
Net income applicable to common stock | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | $ 92,188 | $ 90,930 | $ 68,014 |
Average common shares outstanding (shares) | 46,874,502 | 41,737,636 | 35,971,877 | ||||||||
Effect of dilutive stock-based compensation (shares) | 127,014 | 251,819 | 255,562 | ||||||||
Average common shares outstanding - diluted (shares) | 47,001,516 | 41,989,455 | 36,227,439 | ||||||||
Net income per common share - diluted (usd per share) | $ 0.33 | $ 0.53 | $ 0.57 | $ 0.54 | $ 0.55 | $ 0.55 | $ 0.54 | $ 0.52 | $ 1.96 | $ 2.17 | $ 1.88 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares (shares) | 77,545 | 0 | 0 |
Minimum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of exercise prices (usd per share) | $ 0 | $ 0 | $ 0 |
Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Range of exercise prices (usd per share) | $ 0 | $ 0 | $ 0 |
Commitments, Contingent Liab155
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Textual) [Abstract] | ||
Unfunded loan commitments | $ 1,619,022 | $ 1,263,059 |
Letters of credit outstanding | $ 68,946 | $ 44,086 |
Restrictions on Cash, Securi156
Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Restrictions on Cash, Bank Dividends, Loans or Advances (Textual) [Abstract] | ||
Reserve requirements with federal reserve | $ 129,429,000 | $ 109,044,000 |
FHLB stock | 15,070,000 | 9,589,000 |
FHLB required investment amount | 7,181,000 | $ 7,611,000 |
Amount transferable loans maximum | $ 105,075,000 | |
Regulatory restrictions on payments of dividends, excess surplus ratio | 10 | |
Company borrowings | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) | Dec. 31, 2017 |
Banking and Thrift [Abstract] | |
Tier one leverage capital required to be well capitalized to average assets | 5.00% |
Tier one leverage capital required to be well capitalized to average assets | 6.50% |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% |
Capital required to be well capitalized to risk weighted assets | 10.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.00% |
Tier one leverage capital required for capital adequacy to average assets | 4.50% |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% |
Capital required for capital adequacy to risk weighted assets | 8.00% |
Tier one leverage capital required to be undercapitalized to average assets | 4.00% |
Tier one leverage capital required to be undercapitalized to average assets | 4.50% |
Tier one risk based capital required to be undercapitalized to risk weighted assets | 6.00% |
Capital required to be undercapitalized to risk weighted assets | 8.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets | 3.00% |
Tier one leverage capital required to be significantly undercapitalized to average assets | 3.00% |
Tier one risk based capital required to be significantly undercapitalized to risk weighted assets | 4.00% |
Capital required to be significantly undercapitalized to risk weighted assets | 6.00% |
Tangible capital required to be critically undercapitalized to total assets | 2.00% |
Regulatory Matters (Details 1)
Regulatory Matters (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Renasant Corporation | ||
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | ||
Amount Included in Tier 1 Capital | $ 979,604 | $ 858,850 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 10.18% | 10.59% |
Common Equity Tier One Capital to Risk - Weighted Assets, amount | $ 896,733 | $ 766,560 |
Common Equity Tier One Capital to Risk - Weighted Assets (percent) | 11.34% | 11.47% |
Tier 1 Capital to Risk -Weighted Assets, amount | $ 979,604 | $ 858,850 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 12.39% | 12.86% |
Total Capital to Risk - Weighted Assets, amount | $ 1,142,926 | $ 1,004,038 |
Total Capital to Risk - Weighted Assets (percent) | 14.46% | 15.03% |
Renasant Bank | ||
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank | ||
Amount Included in Tier 1 Capital | $ 1,000,715 | $ 824,850 |
Tier 1 Capital to Average Assets (Leverage) (percent) | 10.42% | 10.20% |
Common Equity Tier One Capital to Risk - Weighted Assets, amount | $ 1,000,715 | $ 824,850 |
Common Equity Tier One Capital to Risk - Weighted Assets (percent) | 12.69% | 12.38% |
Tier 1 Capital to Risk -Weighted Assets, amount | $ 1,000,715 | $ 824,850 |
Tier 1 Capital to Risk - Weighted Assets (percent) | 12.69% | 12.38% |
Total Capital to Risk - Weighted Assets, amount | $ 1,050,751 | $ 871,911 |
Total Capital to Risk - Weighted Assets (percent) | 13.32% | 13.09% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial information for operating segments | |||||||||||
Net interest income | $ 93,262 | $ 90,017 | $ 79,603 | $ 74,015 | $ 78,049 | $ 75,731 | $ 77,157 | $ 70,054 | $ 336,897 | $ 300,991 | $ 241,358 |
Provision for loan losses | 2,150 | 2,150 | 1,750 | 1,500 | 1,650 | 2,650 | 1,430 | 1,800 | 7,550 | 7,530 | 4,750 |
Noninterest income | 32,441 | 33,413 | 34,265 | 32,021 | 30,255 | 38,272 | 35,586 | 33,302 | 132,140 | 137,415 | 108,270 |
Noninterest expense | 76,808 | 80,660 | 74,841 | 69,309 | 71,558 | 76,468 | 77,259 | 69,814 | 301,618 | 295,099 | 245,114 |
Income before income taxes | 46,745 | 40,620 | 37,277 | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 159,869 | 135,777 | 99,764 |
Income taxes | 30,234 | 14,199 | 11,993 | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | 67,681 | 44,847 | 31,750 |
Net income | 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | 92,188 | 90,930 | 68,014 |
Total assets | 9,829,981 | 8,699,851 | 9,829,981 | 8,699,851 | 7,926,496 | ||||||
Goodwill | 611,046 | 470,534 | 611,046 | 470,534 | 445,871 | ||||||
Community Banks | |||||||||||
Financial information for operating segments | |||||||||||
Goodwill | 608,279 | 467,767 | 608,279 | 467,767 | 443,104 | ||||||
Insurance | |||||||||||
Financial information for operating segments | |||||||||||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | 2,767 | ||||||
Operating Segments | Community Banks | |||||||||||
Financial information for operating segments | |||||||||||
Net interest income | 344,499 | 305,583 | 244,242 | ||||||||
Provision for loan losses | 7,550 | 7,530 | 4,752 | ||||||||
Noninterest income | 110,308 | 114,615 | 88,498 | ||||||||
Noninterest expense | 281,698 | 276,260 | 228,248 | ||||||||
Income before income taxes | 165,559 | 136,408 | 99,740 | ||||||||
Income taxes | 70,257 | 46,352 | 32,941 | ||||||||
Net income | 95,302 | 90,056 | 66,799 | ||||||||
Total assets | 9,717,779 | 8,602,022 | 9,717,779 | 8,602,022 | 7,833,084 | ||||||
Goodwill | 608,279 | 467,767 | 608,279 | 467,767 | 443,104 | ||||||
Operating Segments | Insurance | |||||||||||
Financial information for operating segments | |||||||||||
Net interest income | 457 | 350 | 311 | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 9,530 | 10,074 | 9,340 | ||||||||
Noninterest expense | 6,957 | 6,873 | 6,900 | ||||||||
Income before income taxes | 3,030 | 3,551 | 2,751 | ||||||||
Income taxes | 1,184 | 1,385 | 1,078 | ||||||||
Net income | 1,846 | 2,166 | 1,673 | ||||||||
Total assets | 26,470 | 23,693 | 26,470 | 23,693 | 22,550 | ||||||
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | 2,767 | ||||||
Operating Segments | Wealth Management | |||||||||||
Financial information for operating segments | |||||||||||
Net interest income | 2,160 | 1,846 | 1,688 | ||||||||
Provision for loan losses | 0 | 0 | (2) | ||||||||
Noninterest income | 12,863 | 12,354 | 10,559 | ||||||||
Noninterest expense | 11,785 | 11,099 | 9,130 | ||||||||
Income before income taxes | 3,238 | 3,101 | 3,119 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income | 3,238 | 3,101 | 3,119 | ||||||||
Total assets | 61,330 | 54,857 | 61,330 | 54,857 | 46,035 | ||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Other | |||||||||||
Financial information for operating segments | |||||||||||
Net interest income | (10,219) | (6,788) | (4,883) | ||||||||
Provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | (561) | 372 | (127) | ||||||||
Noninterest expense | 1,178 | 867 | 836 | ||||||||
Income before income taxes | (11,958) | (7,283) | (5,846) | ||||||||
Income taxes | (3,760) | (2,890) | (2,269) | ||||||||
Net income | (8,198) | (4,393) | (3,577) | ||||||||
Total assets | 24,402 | 19,279 | 24,402 | 19,279 | 24,827 | ||||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Renasant Corporation (Parent160
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 281,453 | $ 306,224 | $ 211,571 | $ 161,583 |
Other assets | 144,667 | 149,522 | ||
Total assets | 9,829,981 | 8,699,851 | 7,926,496 | |
Liabilities and shareholders’ equity | ||||
Other liabilities | 96,563 | 95,696 | ||
Total shareholders’ equity | 1,514,983 | 1,232,883 | 1,036,818 | 711,651 |
Total liabilities and shareholders’ equity | 9,829,981 | 8,699,851 | ||
Cash collateral | 1,970 | |||
Renasant Corporation | ||||
Assets | ||||
Cash and cash equivalents | 81,839 | 121,233 | $ 11,107 | $ 9,968 |
Investments | 2,734 | 4,327 | ||
Investment in bank subsidiary | 1,618,993 | 1,291,686 | ||
Accrued interest receivable on bank balances | 6 | 5 | ||
Intercompany receivable | 4,210 | 2,771 | ||
Other assets | 10,839 | 11,508 | ||
Total assets | 1,718,621 | 1,431,530 | ||
Liabilities and shareholders’ equity | ||||
Junior subordinated debentures | 85,881 | 95,643 | ||
Subordinated notes | 114,074 | 98,127 | ||
Other liabilities | 3,683 | 4,877 | ||
Total shareholders’ equity | 1,514,983 | 1,232,883 | ||
Total liabilities and shareholders’ equity | $ 1,718,621 | $ 1,431,530 |
Renasant Corporation (Parent161
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income | |||||||||||
Other dividends | $ 2,314 | $ 459 | $ 215 | ||||||||
Total income | $ 32,441 | $ 33,413 | $ 34,265 | $ 32,021 | $ 30,255 | $ 38,272 | $ 35,586 | $ 33,302 | 132,140 | 137,415 | 108,270 |
Expenses | 11,325 | 10,678 | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 37,853 | 28,147 | 21,665 |
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 46,745 | 40,620 | 37,277 | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 159,869 | 135,777 | 99,764 |
Income tax benefit | 30,234 | 14,199 | 11,993 | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | 67,681 | 44,847 | 31,750 |
Net income | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | 92,188 | 90,930 | 68,014 |
Renasant Corporation | |||||||||||
Income | |||||||||||
Dividends from bank subsidiary | 34,416 | 29,733 | 24,557 | ||||||||
Interest income from bank subsidiary | 8 | 8 | 7 | ||||||||
Other dividends | 94 | 469 | 266 | ||||||||
Other income | 588 | 1,275 | 58 | ||||||||
Total income | 35,106 | 31,485 | 24,888 | ||||||||
Expenses | 12,649 | 9,036 | 6,823 | ||||||||
Income before income tax benefit and equity in undistributed net income of bank subsidiary | 22,457 | 22,449 | 18,065 | ||||||||
Income tax benefit | (3,761) | (2,890) | (2,521) | ||||||||
Equity in undistributed net income of bank subsidiary | 65,970 | 65,591 | 47,428 | ||||||||
Net income | $ 92,188 | $ 90,930 | $ 68,014 |
Renasant Corporation (Parent162
Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||||||||||
Net income | $ 16,511 | $ 26,421 | $ 25,284 | $ 23,972 | $ 23,635 | $ 23,179 | $ 22,900 | $ 21,216 | $ 92,188 | $ 90,930 | $ 68,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of securities | (148) | (1,186) | (96) | ||||||||
Increase in other assets | (6,620) | 10,136 | 9,463 | ||||||||
(Decrease) increase in other liabilities | (12,572) | (16,694) | 180 | ||||||||
Net cash provided by operating activities | 201,561 | 163,797 | 252,625 | ||||||||
Investing activities | |||||||||||
Net cash (paid) received in acquisition | 41,685 | 25,263 | 24,776 | ||||||||
Net cash provided by (used in) investing activities | 75,142 | (351,993) | (247,431) | ||||||||
Financing activities | |||||||||||
Cash paid for dividends | (34,416) | (29,734) | (24,557) | ||||||||
Cash received on exercise of stock-based compensation | 173 | 415 | 102 | ||||||||
Excess tax benefits from exercise of stock options | 0 | 2,771 | 537 | ||||||||
Repayment of long-term debt | (170,240) | (47,230) | (308,766) | ||||||||
Proceeds from issuance of long-term debt | 0 | 98,385 | 40 | ||||||||
Proceeds from equity offering | 0 | 84,105 | 0 | ||||||||
Net cash (used in) provided by financing activities | (301,474) | 282,849 | 44,794 | ||||||||
Net (decrease) increase in cash and cash equivalents | (24,771) | 94,653 | 49,988 | ||||||||
Cash and cash equivalents at beginning of year | 306,224 | 211,571 | 306,224 | 211,571 | 161,583 | ||||||
Cash and cash equivalents at end of year | 281,453 | 306,224 | 281,453 | 306,224 | 211,571 | ||||||
Renasant Corporation | |||||||||||
Operating activities | |||||||||||
Net income | 92,188 | 90,930 | 68,014 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sale of securities | 0 | (1,186) | 0 | ||||||||
Equity in undistributed net income of bank subsidiary | (65,970) | (65,591) | (47,428) | ||||||||
Amortization/depreciation/accretion | 656 | 560 | 579 | ||||||||
Increase in other assets | (1,069) | (556) | (1,377) | ||||||||
(Decrease) increase in other liabilities | (2,291) | 564 | 1,088 | ||||||||
Net cash provided by operating activities | 23,514 | 24,721 | 20,876 | ||||||||
Investing activities | |||||||||||
Purchases of securities held to maturity and available for sale | 0 | (1,380) | (2,183) | ||||||||
Sales and maturities of securities held to maturity and available for sale | 1,555 | 6,101 | 1,089 | ||||||||
Investment in subsidiaries | (25,000) | (75,000) | 0 | ||||||||
Net cash (paid) received in acquisition | 4,834 | 0 | 5,292 | ||||||||
Other investing activities | (54) | 0 | 0 | ||||||||
Net cash provided by (used in) investing activities | (18,665) | (70,279) | 4,198 | ||||||||
Financing activities | |||||||||||
Cash paid for dividends | (34,416) | (29,734) | (24,557) | ||||||||
Cash received on exercise of stock-based compensation | 173 | 415 | 102 | ||||||||
Excess tax benefits from exercise of stock options | 0 | 2,771 | 520 | ||||||||
Repayment of long-term debt | (10,310) | 0 | 0 | ||||||||
Repayments of advances from bank subsidiary | 0 | 0 | 0 | ||||||||
Proceeds from issuance of long-term debt | 0 | 98,127 | 0 | ||||||||
Proceeds from equity offering | 0 | 84,105 | 0 | ||||||||
Other financing activities | 310 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities | (44,243) | 155,684 | (23,935) | ||||||||
Net (decrease) increase in cash and cash equivalents | (39,394) | 110,126 | 1,139 | ||||||||
Cash and cash equivalents at beginning of year | $ 121,233 | $ 11,107 | 121,233 | 11,107 | 9,968 | ||||||
Cash and cash equivalents at end of year | $ 81,839 | $ 121,233 | $ 81,839 | $ 121,233 | $ 11,107 |