Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RENASANT CORP | |
Entity Central Index Key | 715,072 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,438,848 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 155,235 | $ 187,838 |
Interest-bearing balances with banks | 137,717 | 93,615 |
Cash and cash equivalents | 292,952 | 281,453 |
Securities available for sale, at fair value | 1,088,779 | 671,488 |
Mortgage loans held for sale, at fair value | 245,046 | 108,316 |
Loans, net of unearned income: | ||
Total | 7,767,657 | 7,620,322 |
Allowance for loan losses | (47,355) | (46,211) |
Loans, net | 7,720,302 | 7,574,111 |
Premises and equipment, net | 186,568 | 183,254 |
Other real estate owned: | ||
Total other real estate owned, net | 13,704 | 15,934 |
Goodwill | 611,046 | 611,046 |
Other intangible assets, net | 21,265 | 24,510 |
Bank-owned life insurance | 177,973 | 175,863 |
Mortgage servicing rights | 43,239 | 39,339 |
Other assets | 143,601 | 144,667 |
Total assets | 10,544,475 | 9,829,981 |
Deposits | ||
Noninterest-bearing | 1,888,561 | 1,840,424 |
Interest-bearing | 6,492,159 | 6,080,651 |
Total deposits | 8,380,720 | 7,921,075 |
Short-term borrowings | 313,393 | 89,814 |
Long-term debt | 207,354 | 207,546 |
Other liabilities | 84,340 | 96,563 |
Total liabilities | 8,985,807 | 8,314,998 |
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 shares issued; 49,424,339 and 49,321,231 shares outstanding, respectively | 249,951 | 249,951 |
Treasury stock, at cost | (17,523) | (19,906) |
Additional paid-in capital | 897,817 | 898,095 |
Retained earnings | 448,475 | 397,354 |
Accumulated other comprehensive loss, net of taxes | (20,052) | (10,511) |
Total shareholders’ equity | 1,558,668 | 1,514,983 |
Total liabilities and shareholders’ equity | 10,544,475 | 9,829,981 |
Non purchased loans and leases | ||
Loans, net of unearned income: | ||
Total | 6,057,766 | 5,588,556 |
Other real estate owned: | ||
Total other real estate owned, net | 4,698 | 4,410 |
Purchased loans | ||
Loans, net of unearned income: | ||
Total | 1,709,891 | 2,031,766 |
Other real estate owned: | ||
Total other real estate owned, net | $ 9,006 | $ 11,524 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
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 | 49,990,248 |
Common stock, shares outstanding (shares) | 49,424,339 | 49,321,231 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income | ||||
Loans | $ 98,656 | $ 80,133 | $ 192,774 | $ 154,540 |
Securities | ||||
Taxable | 5,700 | 4,627 | 9,694 | 8,979 |
Tax-exempt | 1,649 | 2,310 | 3,334 | 4,884 |
Other | 569 | 509 | 1,152 | 1,065 |
Total interest income | 106,574 | 87,579 | 206,954 | 169,468 |
Interest expense | ||||
Deposits | 10,919 | 5,314 | 18,978 | 10,463 |
Borrowings | 3,266 | 2,662 | 6,347 | 5,387 |
Total interest expense | 14,185 | 7,976 | 25,325 | 15,850 |
Net interest income | 92,389 | 79,603 | 181,629 | 153,618 |
Provision for loan losses | 1,810 | 1,750 | 3,560 | 3,250 |
Net interest income after provision for loan losses | 90,579 | 77,853 | 178,069 | 150,368 |
Noninterest income | ||||
Service charges on deposit accounts | 8,271 | 7,958 | 16,744 | 15,889 |
Fees and commissions | 5,917 | 5,470 | 11,602 | 10,669 |
Insurance commissions | 2,110 | 2,181 | 4,115 | 4,041 |
Wealth management revenue | 3,446 | 3,037 | 6,708 | 5,921 |
Mortgage banking income | 12,839 | 12,424 | 23,799 | 22,928 |
BOLI income | 1,195 | 985 | 2,140 | 2,098 |
Other | 1,803 | 2,210 | 4,426 | 4,740 |
Total noninterest income | 35,581 | 34,265 | 69,534 | 66,286 |
Noninterest expense | ||||
Salaries and employee benefits | 52,010 | 45,014 | 100,794 | 87,223 |
Data processing | 4,600 | 3,835 | 8,844 | 8,069 |
Net occupancy and equipment | 9,805 | 8,814 | 19,627 | 18,133 |
Other real estate owned | 232 | 781 | 889 | 1,313 |
Professional fees | 2,176 | 1,882 | 4,314 | 3,949 |
Advertising and public relations | 2,647 | 2,430 | 4,850 | 4,022 |
Intangible amortization | 1,594 | 1,493 | 3,245 | 3,056 |
Communications | 1,877 | 1,908 | 3,846 | 3,771 |
Extinguishment of debt | 0 | 0 | 0 | 205 |
Merger and conversion related expenses | 500 | 3,044 | 1,400 | 3,389 |
Other | 3,585 | 5,640 | 9,161 | 11,020 |
Total noninterest expense | 79,026 | 74,841 | 156,970 | 144,150 |
Income before income taxes | 47,134 | 37,277 | 90,633 | 72,504 |
Income taxes | 10,424 | 11,993 | 20,097 | 23,248 |
Net income (loss) | $ 36,710 | $ 25,284 | $ 70,536 | $ 49,256 |
Basic earnings per share (usd per share) | $ 0.74 | $ 0.57 | $ 1.43 | $ 1.11 |
Diluted earnings per share (usd per share) | 0.74 | 0.57 | 1.42 | 1.11 |
Cash dividends per common share (usd per share) | $ 0.2 | $ 0.18 | $ 0.39 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 36,710 | $ 25,284 | $ 70,536 | $ 49,256 |
Securities available for sale: | ||||
Unrealized holding (losses) gains on securities | (3,000) | 2,569 | (10,909) | 5,476 |
Amortization of unrealized holding gains on securities transferred to the held to maturity category | 0 | (18) | 0 | (169) |
Total securities | (3,000) | 2,551 | (10,909) | 5,307 |
Derivative instruments: | ||||
Unrealized holding gains (losses) on derivative instruments | 387 | (165) | 1,245 | 4 |
Total derivative instruments | 387 | (165) | 1,245 | 4 |
Defined benefit pension and post-retirement benefit plans: | ||||
Amortization of net actuarial loss recognized in net periodic pension cost | 57 | 56 | 123 | 125 |
Total defined benefit pension and post-retirement benefit plans | 57 | 56 | 123 | 125 |
Other comprehensive (loss) income, net of tax | (2,556) | 2,442 | (9,541) | 5,436 |
Comprehensive income | $ 34,154 | $ 27,726 | $ 60,995 | $ 54,692 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income | $ 70,536 | $ 49,256 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for loan losses | 3,560 | 3,250 |
Depreciation, amortization and accretion | 1,854 | 2,625 |
Deferred income tax expense | 3,476 | 2,219 |
Funding of mortgage loans held for sale | (838,564) | (772,456) |
Proceeds from sales of mortgage loans held for sale | 721,351 | 729,532 |
Gains on sales of mortgage loans held for sale | (19,517) | (11,608) |
Penalty on prepayment of debt | 0 | 205 |
(Gains) losses on sales of premises and equipment | (225) | 546 |
Stock-based compensation expense | 3,712 | 2,411 |
(Increase) decrease in other assets | (6,649) | 10,428 |
Decrease in other liabilities | (12,657) | (8,715) |
Net cash (used in) provided by operating activities | (73,123) | 7,693 |
Investing activities | ||
Purchases of securities available for sale | (497,845) | (119,766) |
Proceeds from sales of securities available for sale | 0 | 2,946 |
Proceeds from call/maturities of securities available for sale | 63,655 | 60,928 |
Proceeds from call/maturities of securities held to maturity | 0 | 15,507 |
Net increase in loans | (140,205) | (163,349) |
Purchases of premises and equipment | (10,313) | (7,668) |
Proceeds from sales of premises and equipment | 233 | 1,255 |
Proceeds from sales of other assets | 4,026 | 7,385 |
Net cash used in investing activities | (580,449) | (202,762) |
Financing activities | ||
Net increase in noninterest-bearing deposits | 48,137 | 81,506 |
Net increase in interest-bearing deposits | 413,003 | 62,405 |
Net increase in short-term borrowings | 223,579 | 10,445 |
Repayment of long-term debt | (436) | (11,063) |
Cash paid for dividends | (19,413) | (16,068) |
Net stock-based compensation transactions | 201 | (2,319) |
Net cash provided by financing activities | 665,071 | 124,906 |
Net increase (decrease) in cash and cash equivalents | 11,499 | (70,163) |
Cash and cash equivalents at beginning of period | 281,453 | 306,224 |
Cash and cash equivalents at end of period | 292,952 | 236,061 |
Supplemental disclosures | ||
Cash paid for interest | 24,652 | 16,155 |
Cash paid for income taxes | 12,044 | 12,701 |
Noncash transactions: | ||
Transfers of loans to other real estate owned | 2,291 | 4,227 |
Financed sales of other real estate owned | 418 | 257 |
Transfers of loans held for sale to loans held for investment | $ 663 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (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. (“Renasant Insurance”). The Company offers a diversified range of financial, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Georgia, Alabama and north Florida. Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission on February 28, 2018. Business Combinations : The Company completed its acquisition of Metropolitan BancGroup, Inc. (“Metropolitan”) on July 1, 2017. Metropolitan’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. Use of Estimates : The preparation of financial statements in conformity with 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, and such differences may be material. 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. The Company has determined that no significant events occurred after June 30, 2018 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 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 the 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 statements 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”). This 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 it incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model includes 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 is 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 working with a consulting firm to develop the Company’s CECL model, which includes reviewing the different model requirements and ensuring historical data integrity across all reporting systems. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. 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 currently 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 currently evaluating the effect that ASU 2017-12 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions (In Thousands, Except Share Data) Merger with Brand Group Holdings, Inc. On March 28, 2018, the Company and Brand Group Holdings, Inc. (“Brand”), the parent company of The Brand Banking Company (“Brand Bank”), jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Brand. Under the terms of the agreement, Brand will merge with and into Renasant, with Renasant continuing as the surviving corporation. Immediately after the merger of Brand with and into Renasant, Brand Bank will merge with and into Renasant Bank, with Renasant Bank continuing as the surviving banking corporation in the merger. Under the terms of the merger agreement, the merger consideration to be received by Brand shareholders and the amount to be paid to cash out in-the-money Brand stock options is contingent (and subject to reduction only) upon Brand's divestiture of certain assets, as outlined in the definitive merger agreement filed with the Securities and Exchange Commission on March 30, 2018. Although the deadline for fixing the merger consideration and the option cash-out amount has not yet occurred, as of July 20, 2018 Brand had already divested all of the assets impacting the merger consideration and the option cash-out amount. Accordingly, the Company does not anticipate any further adjustments to the merger consideration and the option cash-out amount. After adjusting the merger consideration and the option cash-out amount to reflect Brand’s divestiture of these assets, each Brand shareholder will have the right to receive 31.72 shares of Renasant common stock and $74.57 in cash for each share of Brand common stock. Additionally, all in-the-money Brand stock options will be cashed out at an amount equal to the excess of $1,519 per share over the exercise price of such option (underwater options will be cancelled). As of June 30, 2018, Brand, which has 13 locations throughout the greater Atlanta market, had approximately $2,240,000 in total assets, which included approximately $1,730,000 in total loans (excluding mortgage loans held for sale), and approximately $1,800,000 in total deposits. The acquisition is expected to close in the third quarter of 2018 and is subject customary conditions set forth in the merger agreement. Brand shareholders approved the merger on July 26, 2018 and all required regulatory approvals have been received. Acquisition of Metropolitan BancGroup, Inc. Effective July 1, 2017, the Company completed its acquisition of 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, 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 on that date in connection with the merger with Metropolitan. 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 six months ended June 30, 2018 and 2017 of the Company as though the Metropolitan merger had been completed as of January 1, 2016. The unaudited 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 necessarily 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. (Unaudited) Six Months Ended June 30, 2018 2017 Net interest income - pro forma $ 181,629 $ 173,508 Net income - pro forma $ 70,536 $ 46,912 Earnings per share - pro forma: Basic $ 1.43 $ 1.00 Diluted $ 1.42 $ 1.00 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities (In Thousands, Except Number of Securities) 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 June 30, 2018 Obligations of other U.S. Government agencies and corporations $ 3,545 $ 19 $ (49 ) $ 3,515 Obligations of states and political subdivisions 217,847 3,787 (758 ) 220,876 Residential mortgage backed securities: Government agency mortgage backed securities 493,001 336 (10,212 ) 483,125 Government agency collateralized mortgage obligations 303,625 59 (7,679 ) 296,005 Commercial mortgage backed securities: Government agency mortgage backed securities 27,468 251 (530 ) 27,189 Government agency collateralized mortgage obligations 24,585 — (264 ) 24,321 Trust preferred securities 12,402 — (2,001 ) 10,401 Other debt securities 23,555 94 (302 ) 23,347 $ 1,106,028 $ 4,546 $ (21,795 ) $ 1,088,779 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 There were no sales of securities during the six months ended June 30, 2018 . During the first quarter of 2017 , the Company sold residential mortgage backed securities with a carrying value of $2,946 at the time of the sale for net proceeds of $2,946 resulting in no gain or loss on the sale. There were no securities sold during the second quarter of 2017. At June 30, 2018 and December 31, 2017 , securities with a carrying value of $443,011 and $217,867 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $18,278 and $25,888 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2018 and December 31, 2017 , respectively. The amortized cost and fair value of securities at June 30, 2018 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 $ 41,602 $ 42,138 Due after one year through five years 54,549 55,472 Due after five years through ten years 80,531 81,272 Due after ten years 65,931 64,758 Residential mortgage backed securities: Government agency mortgage backed securities 493,001 483,125 Government agency collateralized mortgage obligations 303,625 296,005 Commercial mortgage backed securities: Government agency mortgage backed securities 27,468 27,189 Government agency collateralized mortgage obligations 24,585 24,321 Other debt securities 14,736 14,499 $ 1,106,028 $ 1,088,779 The following table presents the age of gross unrealized losses and fair value by investment category 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 Available for Sale: June 30, 2018 Obligations of other U.S. Government agencies and corporations 1 $ 492 $ (8 ) 2 $ 1,980 $ (41 ) 3 $ 2,472 $ (49 ) Obligations of states and political subdivisions 51 32,251 (386 ) 13 7,800 (372 ) 64 40,051 (758 ) Residential mortgage backed securities: Government agency mortgage backed securities 105 361,859 (5,623 ) 47 88,914 (4,589 ) 152 450,773 (10,212 ) Government agency collateralized mortgage obligations 52 178,776 (3,538 ) 34 74,271 (4,141 ) 86 253,047 (7,679 ) Commercial mortgage backed securities: Government agency mortgage backed securities 8 14,530 (178 ) 3 5,659 (352 ) 11 20,189 (530 ) Government agency collateralized mortgage obligations 4 24,321 (264 ) 0 — — 4 24,321 (264 ) Trust preferred securities 0 — — 2 10,401 (2,001 ) 2 10,401 (2,001 ) Other debt securities 10 10,011 (110 ) 2 5,815 (192 ) 12 15,826 (302 ) Total 231 $ 622,240 $ (10,107 ) 103 $ 194,840 $ (11,688 ) 334 $ 817,080 $ (21,795 ) 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 ) Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis. 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 before the security’s maturity. The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 at 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 OTTI for the six months ended June 30, 2018 or 2017 . The Company holds investments in pooled trust preferred securities that had an amortized cost basis of $12,402 and $12,442 and a fair value of $10,401 and $9,388 at June 30, 2018 and December 31, 2017 , respectively. At June 30, 2018 , 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 before recovery of the investments’ amortized cost, 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 June 30, 2018 , 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 trust preferred securities and recognized credit related impairment losses on these securities in 2011. No additional impairment was recognized during the six months ended June 30, 2018 . The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2018 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,313 $ 6,751 $ (1,562 ) BB 16 % XXVI Pooled B-2 4,089 3,650 (439 ) B 19 % $ 12,402 $ 10,401 $ (2,001 ) 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: 2018 2017 Balance at January 1 $ (261 ) $ (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 June 30 $ (261 ) $ (261 ) |
Non Purchased Loans
Non Purchased Loans | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Non Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) 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 as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 790,363 $ 763,823 Lease financing 55,749 57,354 Real estate – construction 642,380 547,658 Real estate – 1-4 family mortgage 1,912,450 1,729,534 Real estate – commercial mortgage 2,554,955 2,390,076 Installment loans to individuals 105,195 103,452 Gross loans 6,061,092 5,591,897 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income $ 6,057,766 $ 5,588,556 Past Due and Nonaccrual Loans 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 status 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 status 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 status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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 June 30, 2018 Commercial, financial, agricultural $ 1,575 $ 150 $ 786,645 $ 788,370 $ — $ 1,900 $ 93 $ 1,993 $ 790,363 Lease financing 288 44 55,082 55,414 — 335 — 335 55,749 Real estate – construction 273 49 642,058 642,380 — — — — 642,380 Real estate – 1-4 family mortgage 6,921 1,663 1,901,680 1,910,264 286 1,158 742 2,186 1,912,450 Real estate – commercial mortgage 2,069 254 2,548,264 2,550,587 14 2,427 1,927 4,368 2,554,955 Installment loans to individuals 487 30 104,639 105,156 6 23 10 39 105,195 Unearned income — — (3,326 ) (3,326 ) — — — — (3,326 ) Total $ 11,613 $ 2,190 $ 6,035,042 $ 6,048,845 $ 306 $ 5,843 $ 2,772 $ 8,921 $ 6,057,766 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 Impaired Loans 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, consumer and construction loans of $500 or more 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, the loan is placed on nonaccrual status and 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. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 2,634 $ 2,319 $ — $ 2,319 $ 376 Lease financing 335 335 — 335 4 Real estate – construction — — — — — Real estate – 1-4 family mortgage 8,065 6,935 — 6,935 64 Real estate – commercial mortgage 8,901 4,454 1,316 5,770 948 Installment loans to individuals 109 104 — 104 1 Total $ 20,044 $ 14,147 $ 1,316 $ 15,463 $ 1,393 December 31, 2017 Commercial, financial, agricultural $ 3,043 $ 2,365 $ — $ 2,365 $ 138 Lease financing 159 159 — 159 2 Real estate – construction 578 578 — 578 4 Real estate – 1-4 family mortgage 10,018 8,169 703 8,872 561 Real estate – commercial mortgage 12,463 9,652 — 9,652 1,861 Installment loans to individuals 121 117 — 117 1 Totals $ 26,382 $ 21,040 $ 703 $ 21,743 $ 2,567 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,663 $ 8 $ 1,873 $ — Lease financing 335 — — — Real estate – construction — — 295 6 Real estate – 1-4 family mortgage 7,442 57 8,911 89 Real estate – commercial mortgage 5,807 38 14,487 176 Installment loans to individuals 106 1 160 2 Total $ 16,353 $ 104 $ 25,726 $ 273 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,653 $ 19 $ 2,187 $ — Lease financing 335 — — — Real estate – construction — — 268 6 Real estate – 1-4 family mortgage 7,507 123 8,892 110 Real estate – commercial mortgage 6,041 130 14,635 279 Installment loans to individuals 108 2 166 2 Total $ 16,644 $ 274 $ 26,148 $ 397 Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which 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. The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 3 $ 127 $ 126 Real estate – commercial mortgage 1 366 62 Installment loans to individuals 1 4 4 Total 5 $ 497 $ 192 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 5 $ 304 $ 297 Real estate – commercial mortgage 2 453 147 Installment loans to individuals 1 4 4 Total 8 $ 761 $ 448 With respect to loans that were restructured during the six months ended June 30, 2018 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2017 , $156 subsequently defaulted within twelve months of the restructuring. Restructured loans 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 two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018 and one restructured loan in the amount of $71 contractually 90 days past due or more and still accruing at June 30, 2017 . The outstanding balance of restructured loans on nonaccrual status was $2,417 and $4,409 at June 30, 2018 and June 30, 2017 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 54 $ 5,588 Additional loans with concessions 5 707 Reclassified as performing 2 154 Reductions due to: Reclassified as nonperforming (5 ) (370 ) Paid in full (5 ) (1,268 ) Principal paydowns — (126 ) Totals at June 30, 2018 51 $ 4,685 The allocated allowance for loan losses attributable to restructured loans was $37 and $238 at June 30, 2018 and June 30, 2017 , respectively. The Company had $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2018 . There was no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2017 . Credit Quality For commercial and commercial real estate 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 these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. Management has established more granular risk rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A , and the “Watch” grade (those with a risk rating of 4B and 4E ) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to the 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 June 30, 2018 Commercial, financial, agricultural $ 576,063 $ 13,105 $ 5,015 $ 594,183 Real estate – construction 575,005 8,258 125 583,388 Real estate – 1-4 family mortgage 281,968 1,159 6,983 290,110 Real estate – commercial mortgage 2,150,721 51,372 18,826 2,220,919 Installment loans to individuals 548 — — 548 Total $ 3,584,305 $ 73,894 $ 30,949 $ 3,689,148 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, 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 June 30, 2018 Commercial, financial, agricultural $ 194,765 $ 1,415 $ 196,180 Lease financing 52,044 379 52,423 Real estate – construction 58,943 49 58,992 Real estate – 1-4 family mortgage 1,618,669 3,671 1,622,340 Real estate – commercial mortgage 333,351 685 334,036 Installment loans to individuals 104,577 70 104,647 Total $ 2,362,349 $ 6,269 $ 2,368,618 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 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 as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 197,455 $ 275,570 Real estate – construction 70,438 85,731 Real estate – 1-4 family mortgage 520,649 614,187 Real estate – commercial mortgage 906,219 1,037,454 Installment loans to individuals 15,130 18,824 Gross loans 1,709,891 2,031,766 Unearned income — — Loans, net of unearned income $ 1,709,891 $ 2,031,766 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased 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 June 30, 2018 Commercial, financial, agricultural $ 894 $ 514 $ 195,614 $ 197,022 $ — $ 349 $ 84 $ 433 $ 197,455 Real estate – construction 919 — 69,519 70,438 — — — — 70,438 Real estate – 1-4 family mortgage 3,127 2,177 512,235 517,539 260 1,236 1,614 3,110 520,649 Real estate – commercial mortgage 1,150 2,770 901,527 905,447 430 132 210 772 906,219 Installment loans to individuals 73 30 14,781 14,884 2 93 151 246 15,130 Total $ 6,163 $ 5,491 $ 1,693,676 $ 1,705,330 $ 692 $ 1,810 $ 2,059 $ 4,561 $ 1,709,891 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 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 Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 439 $ 329 $ 49 $ 378 $ 41 Real estate – 1-4 family mortgage 5,225 700 3,926 4,626 12 Real estate – commercial mortgage 1,466 1,287 156 1,443 66 Installment loans to individuals 248 247 — 247 3 Total $ 7,378 $ 2,563 $ 4,131 $ 6,694 $ 122 December 31, 2017 Commercial, financial, agricultural $ 757 $ 625 $ 74 $ 699 $ 52 Real estate – construction 1,207 — 1,199 1,199 — Real estate – 1-4 family mortgage 6,173 1,385 4,225 5,610 45 Real estate – commercial mortgage 901 728 165 893 6 Installment loans to individuals 165 154 9 163 4 Totals $ 9,203 $ 2,892 $ 5,672 $ 8,564 $ 107 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 380 $ 3 $ 342 $ 1 Real estate – 1-4 family mortgage 5,135 34 4,960 47 Real estate – commercial mortgage 1,462 12 2,515 30 Installment loans to individuals 247 — 19 — Total $ 7,224 $ 49 $ 7,836 $ 78 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 383 $ 6 $ 347 $ 3 Real estate – 1-4 family mortgage 5,252 74 5,032 62 Real estate – commercial mortgage 1,479 30 2,284 51 Installment loans to individuals 247 — 21 — Total $ 7,361 $ 110 $ 7,684 $ 116 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 18,239 $ 3,845 $ 6,570 $ 10,415 $ 325 Real estate – 1-4 family mortgage 56,339 14,254 32,122 46,376 528 Real estate – commercial mortgage 170,327 63,365 79,328 142,693 1,400 Installment loans to individuals 1,645 715 842 1,557 3 Total $ 246,550 $ 82,179 $ 118,862 $ 201,041 $ 2,256 December 31, 2017 Commercial, financial, agricultural $ 24,179 $ 5,768 $ 9,547 $ 15,315 $ 312 Real estate – 1-4 family mortgage 65,049 15,910 38,059 53,969 572 Real estate – commercial mortgage 186,720 65,108 91,230 156,338 892 Installment loans to individuals 1,761 698 940 1,638 1 Totals $ 277,709 $ 87,484 $ 139,776 $ 227,260 $ 1,777 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 12,815 $ 192 $ 14,894 $ 252 Real estate – 1-4 family mortgage 54,634 647 72,933 759 Real estate – commercial mortgage 162,712 1,933 181,007 2,169 Installment loans to individuals 1,651 18 1,935 19 Total $ 231,812 $ 2,790 $ 270,769 $ 3,199 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,051 $ 417 $ 14,048 $ 487 Real estate – 1-4 family mortgage 55,293 1,320 73,656 1,582 Real estate – commercial mortgage 163,959 3,905 182,894 4,394 Installment loans to individuals 1,640 36 1,966 38 Total $ 233,943 $ 5,678 $ 272,564 $ 6,501 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 4 $ 463 $ 367 Total 4 $ 463 $ 367 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 14 $ 2,684 $ 2,178 Real estate – commercial mortgage 4 2,721 1,999 Total 18 $ 5,405 $ 4,177 With respect to loans that were restructured during the first six months ended June 30, 2018 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the first six months ended June 30, 2017 , $368 subsequently defaulted within twelve months of the restructuring. There were four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018 and seven restructured loans in the amount of $534 contractually 90 days past due or more and still accruing at June 30, 2017 . The outstanding balance of restructured loans on nonaccrual status was $684 and $446 at June 30, 2018 and June 30, 2017 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 68 $ 8,965 Additional loans with concessions 3 132 Reclassified as performing restructured loan 2 23 Reductions due to: Reclassified to nonperforming loans (4 ) (425 ) Paid in full (1 ) (76 ) Principal paydowns — (486 ) Totals at June 30, 2018 68 $ 8,133 The allocated allowance for loan losses attributable to restructured loans was $69 and $27 at June 30, 2018 and June 30, 2017 , respectively. The Company had $2 and $5 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2018 and June 30, 2017 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2018 Commercial, financial, agricultural $ 168,753 $ 4,562 $ 3,262 $ 176,577 Real estate – construction 67,609 1,538 263 69,410 Real estate – 1-4 family mortgage 75,205 1,798 4,820 81,823 Real estate – commercial mortgage 708,999 14,634 9,541 733,174 Installment loans to individuals 627 — 2 629 Total $ 1,021,193 $ 22,532 $ 17,888 $ 1,061,613 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 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 June 30, 2018 Commercial, financial, agricultural $ 10,424 $ 39 $ 10,463 Real estate – construction 1,028 — 1,028 Real estate – 1-4 family mortgage 390,746 1,704 392,450 Real estate – commercial mortgage 30,234 118 30,352 Installment loans to individuals 12,670 274 12,944 Total $ 445,102 $ 2,135 $ 447,237 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Real estate – construction 4,511 — 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 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 June 30, 2018 Commercial, financial, agricultural $ 10,415 Real estate – 1-4 family mortgage 46,376 Real estate – commercial mortgage 142,693 Installment loans to individuals 1,557 Total $ 201,041 December 31, 2017 Commercial, financial, agricultural $ 15,315 Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2018 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 282,632 Nonaccretable difference (1) (52,424 ) Cash flows expected to be collected 230,208 Accretable yield (2) (29,167 ) Fair value $ 201,041 (1) Represents contractual principal and interest cash flows of $43,499 and $8,925 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,579 and $27,588 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2018: Total Purchased Credit Deteriorated Loans Balance at January 1, 2018 $ (32,207 ) Reclassification from nonaccretable difference (3,678 ) Accretion 6,660 Charge-offs 58 Balance at June 30, 2018 $ (29,167 ) 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 |
Purchased Loans
Purchased Loans | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Purchased Loans | Non Purchased Loans (In Thousands, Except Number of Loans) 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 as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 790,363 $ 763,823 Lease financing 55,749 57,354 Real estate – construction 642,380 547,658 Real estate – 1-4 family mortgage 1,912,450 1,729,534 Real estate – commercial mortgage 2,554,955 2,390,076 Installment loans to individuals 105,195 103,452 Gross loans 6,061,092 5,591,897 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income $ 6,057,766 $ 5,588,556 Past Due and Nonaccrual Loans 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 status 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 status 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 status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 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 June 30, 2018 Commercial, financial, agricultural $ 1,575 $ 150 $ 786,645 $ 788,370 $ — $ 1,900 $ 93 $ 1,993 $ 790,363 Lease financing 288 44 55,082 55,414 — 335 — 335 55,749 Real estate – construction 273 49 642,058 642,380 — — — — 642,380 Real estate – 1-4 family mortgage 6,921 1,663 1,901,680 1,910,264 286 1,158 742 2,186 1,912,450 Real estate – commercial mortgage 2,069 254 2,548,264 2,550,587 14 2,427 1,927 4,368 2,554,955 Installment loans to individuals 487 30 104,639 105,156 6 23 10 39 105,195 Unearned income — — (3,326 ) (3,326 ) — — — — (3,326 ) Total $ 11,613 $ 2,190 $ 6,035,042 $ 6,048,845 $ 306 $ 5,843 $ 2,772 $ 8,921 $ 6,057,766 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 Impaired Loans 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, consumer and construction loans of $500 or more 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, the loan is placed on nonaccrual status and 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. Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 2,634 $ 2,319 $ — $ 2,319 $ 376 Lease financing 335 335 — 335 4 Real estate – construction — — — — — Real estate – 1-4 family mortgage 8,065 6,935 — 6,935 64 Real estate – commercial mortgage 8,901 4,454 1,316 5,770 948 Installment loans to individuals 109 104 — 104 1 Total $ 20,044 $ 14,147 $ 1,316 $ 15,463 $ 1,393 December 31, 2017 Commercial, financial, agricultural $ 3,043 $ 2,365 $ — $ 2,365 $ 138 Lease financing 159 159 — 159 2 Real estate – construction 578 578 — 578 4 Real estate – 1-4 family mortgage 10,018 8,169 703 8,872 561 Real estate – commercial mortgage 12,463 9,652 — 9,652 1,861 Installment loans to individuals 121 117 — 117 1 Totals $ 26,382 $ 21,040 $ 703 $ 21,743 $ 2,567 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,663 $ 8 $ 1,873 $ — Lease financing 335 — — — Real estate – construction — — 295 6 Real estate – 1-4 family mortgage 7,442 57 8,911 89 Real estate – commercial mortgage 5,807 38 14,487 176 Installment loans to individuals 106 1 160 2 Total $ 16,353 $ 104 $ 25,726 $ 273 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,653 $ 19 $ 2,187 $ — Lease financing 335 — — — Real estate – construction — — 268 6 Real estate – 1-4 family mortgage 7,507 123 8,892 110 Real estate – commercial mortgage 6,041 130 14,635 279 Installment loans to individuals 108 2 166 2 Total $ 16,644 $ 274 $ 26,148 $ 397 Restructured Loans Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which 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. The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 3 $ 127 $ 126 Real estate – commercial mortgage 1 366 62 Installment loans to individuals 1 4 4 Total 5 $ 497 $ 192 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 5 $ 304 $ 297 Real estate – commercial mortgage 2 453 147 Installment loans to individuals 1 4 4 Total 8 $ 761 $ 448 With respect to loans that were restructured during the six months ended June 30, 2018 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2017 , $156 subsequently defaulted within twelve months of the restructuring. Restructured loans 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 two restructured loans in the amount of $468 contractually 90 days past due or more and still accruing at June 30, 2018 and one restructured loan in the amount of $71 contractually 90 days past due or more and still accruing at June 30, 2017 . The outstanding balance of restructured loans on nonaccrual status was $2,417 and $4,409 at June 30, 2018 and June 30, 2017 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 54 $ 5,588 Additional loans with concessions 5 707 Reclassified as performing 2 154 Reductions due to: Reclassified as nonperforming (5 ) (370 ) Paid in full (5 ) (1,268 ) Principal paydowns — (126 ) Totals at June 30, 2018 51 $ 4,685 The allocated allowance for loan losses attributable to restructured loans was $37 and $238 at June 30, 2018 and June 30, 2017 , respectively. The Company had $22 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2018 . There was no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2017 . Credit Quality For commercial and commercial real estate 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 these loans. Loan grades range between 1 and 9 , with 1 being loans with the least credit risk. Loans within the “Pass” grade (historically, those with a risk rating between 1 and 4) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. Management has established more granular risk rating categories to better identify heightened credit risk as loans migrate downward in the risk rating system. The “Pass” grade is now reserved for loans with a risk rating between 1 and 4A , and the “Watch” grade (those with a risk rating of 4B and 4E ) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9 ) generally have a higher risk of loss and therefore a higher risk factor applied to the 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 June 30, 2018 Commercial, financial, agricultural $ 576,063 $ 13,105 $ 5,015 $ 594,183 Real estate – construction 575,005 8,258 125 583,388 Real estate – 1-4 family mortgage 281,968 1,159 6,983 290,110 Real estate – commercial mortgage 2,150,721 51,372 18,826 2,220,919 Installment loans to individuals 548 — — 548 Total $ 3,584,305 $ 73,894 $ 30,949 $ 3,689,148 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 For portfolio balances of consumer, small balance consumer mortgage loans, such as 1-4 family mortgage loans, and certain other loans originated for other than commercial purposes, 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 June 30, 2018 Commercial, financial, agricultural $ 194,765 $ 1,415 $ 196,180 Lease financing 52,044 379 52,423 Real estate – construction 58,943 49 58,992 Real estate – 1-4 family mortgage 1,618,669 3,671 1,622,340 Real estate – commercial mortgage 333,351 685 334,036 Installment loans to individuals 104,577 70 104,647 Total $ 2,362,349 $ 6,269 $ 2,368,618 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 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 as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 197,455 $ 275,570 Real estate – construction 70,438 85,731 Real estate – 1-4 family mortgage 520,649 614,187 Real estate – commercial mortgage 906,219 1,037,454 Installment loans to individuals 15,130 18,824 Gross loans 1,709,891 2,031,766 Unearned income — — Loans, net of unearned income $ 1,709,891 $ 2,031,766 Past Due and Nonaccrual Loans The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 4, “Non Purchased 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 June 30, 2018 Commercial, financial, agricultural $ 894 $ 514 $ 195,614 $ 197,022 $ — $ 349 $ 84 $ 433 $ 197,455 Real estate – construction 919 — 69,519 70,438 — — — — 70,438 Real estate – 1-4 family mortgage 3,127 2,177 512,235 517,539 260 1,236 1,614 3,110 520,649 Real estate – commercial mortgage 1,150 2,770 901,527 905,447 430 132 210 772 906,219 Installment loans to individuals 73 30 14,781 14,884 2 93 151 246 15,130 Total $ 6,163 $ 5,491 $ 1,693,676 $ 1,705,330 $ 692 $ 1,810 $ 2,059 $ 4,561 $ 1,709,891 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 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 Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 Impaired Loans The Company’s policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 4, “Non Purchased Loans.” Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 439 $ 329 $ 49 $ 378 $ 41 Real estate – 1-4 family mortgage 5,225 700 3,926 4,626 12 Real estate – commercial mortgage 1,466 1,287 156 1,443 66 Installment loans to individuals 248 247 — 247 3 Total $ 7,378 $ 2,563 $ 4,131 $ 6,694 $ 122 December 31, 2017 Commercial, financial, agricultural $ 757 $ 625 $ 74 $ 699 $ 52 Real estate – construction 1,207 — 1,199 1,199 — Real estate – 1-4 family mortgage 6,173 1,385 4,225 5,610 45 Real estate – commercial mortgage 901 728 165 893 6 Installment loans to individuals 165 154 9 163 4 Totals $ 9,203 $ 2,892 $ 5,672 $ 8,564 $ 107 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 380 $ 3 $ 342 $ 1 Real estate – 1-4 family mortgage 5,135 34 4,960 47 Real estate – commercial mortgage 1,462 12 2,515 30 Installment loans to individuals 247 — 19 — Total $ 7,224 $ 49 $ 7,836 $ 78 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 383 $ 6 $ 347 $ 3 Real estate – 1-4 family mortgage 5,252 74 5,032 62 Real estate – commercial mortgage 1,479 30 2,284 51 Installment loans to individuals 247 — 21 — Total $ 7,361 $ 110 $ 7,684 $ 116 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 18,239 $ 3,845 $ 6,570 $ 10,415 $ 325 Real estate – 1-4 family mortgage 56,339 14,254 32,122 46,376 528 Real estate – commercial mortgage 170,327 63,365 79,328 142,693 1,400 Installment loans to individuals 1,645 715 842 1,557 3 Total $ 246,550 $ 82,179 $ 118,862 $ 201,041 $ 2,256 December 31, 2017 Commercial, financial, agricultural $ 24,179 $ 5,768 $ 9,547 $ 15,315 $ 312 Real estate – 1-4 family mortgage 65,049 15,910 38,059 53,969 572 Real estate – commercial mortgage 186,720 65,108 91,230 156,338 892 Installment loans to individuals 1,761 698 940 1,638 1 Totals $ 277,709 $ 87,484 $ 139,776 $ 227,260 $ 1,777 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 12,815 $ 192 $ 14,894 $ 252 Real estate – 1-4 family mortgage 54,634 647 72,933 759 Real estate – commercial mortgage 162,712 1,933 181,007 2,169 Installment loans to individuals 1,651 18 1,935 19 Total $ 231,812 $ 2,790 $ 270,769 $ 3,199 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,051 $ 417 $ 14,048 $ 487 Real estate – 1-4 family mortgage 55,293 1,320 73,656 1,582 Real estate – commercial mortgage 163,959 3,905 182,894 4,394 Installment loans to individuals 1,640 36 1,966 38 Total $ 233,943 $ 5,678 $ 272,564 $ 6,501 Restructured Loans An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 4, “Non Purchased Loans.” The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 4 $ 463 $ 367 Total 4 $ 463 $ 367 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 14 $ 2,684 $ 2,178 Real estate – commercial mortgage 4 2,721 1,999 Total 18 $ 5,405 $ 4,177 With respect to loans that were restructured during the first six months ended June 30, 2018 , none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the first six months ended June 30, 2017 , $368 subsequently defaulted within twelve months of the restructuring. There were four restructured loans in the amount of $425 contractually 90 days past due or more and still accruing at June 30, 2018 and seven restructured loans in the amount of $534 contractually 90 days past due or more and still accruing at June 30, 2017 . The outstanding balance of restructured loans on nonaccrual status was $684 and $446 at June 30, 2018 and June 30, 2017 , respectively. Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 68 $ 8,965 Additional loans with concessions 3 132 Reclassified as performing restructured loan 2 23 Reductions due to: Reclassified to nonperforming loans (4 ) (425 ) Paid in full (1 ) (76 ) Principal paydowns — (486 ) Totals at June 30, 2018 68 $ 8,133 The allocated allowance for loan losses attributable to restructured loans was $69 and $27 at June 30, 2018 and June 30, 2017 , respectively. The Company had $2 and $5 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2018 and June 30, 2017 , respectively. Credit Quality A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 4, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2018 Commercial, financial, agricultural $ 168,753 $ 4,562 $ 3,262 $ 176,577 Real estate – construction 67,609 1,538 263 69,410 Real estate – 1-4 family mortgage 75,205 1,798 4,820 81,823 Real estate – commercial mortgage 708,999 14,634 9,541 733,174 Installment loans to individuals 627 — 2 629 Total $ 1,021,193 $ 22,532 $ 17,888 $ 1,061,613 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 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 June 30, 2018 Commercial, financial, agricultural $ 10,424 $ 39 $ 10,463 Real estate – construction 1,028 — 1,028 Real estate – 1-4 family mortgage 390,746 1,704 392,450 Real estate – commercial mortgage 30,234 118 30,352 Installment loans to individuals 12,670 274 12,944 Total $ 445,102 $ 2,135 $ 447,237 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Real estate – construction 4,511 — 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 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 June 30, 2018 Commercial, financial, agricultural $ 10,415 Real estate – 1-4 family mortgage 46,376 Real estate – commercial mortgage 142,693 Installment loans to individuals 1,557 Total $ 201,041 December 31, 2017 Commercial, financial, agricultural $ 15,315 Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 The following table presents the fair value of loans that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2018 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 282,632 Nonaccretable difference (1) (52,424 ) Cash flows expected to be collected 230,208 Accretable yield (2) (29,167 ) Fair value $ 201,041 (1) Represents contractual principal and interest cash flows of $43,499 and $8,925 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,579 and $27,588 , respectively, expected to be collected. Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows as of June 30, 2018: Total Purchased Credit Deteriorated Loans Balance at January 1, 2018 $ (32,207 ) Reclassification from nonaccretable difference (3,678 ) Accretion 6,660 Charge-offs 58 Balance at June 30, 2018 $ (29,167 ) 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 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses (In Thousands) The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 987,818 $ 1,039,393 Lease financing 55,749 57,354 Real estate – construction 712,818 633,389 Real estate – 1-4 family mortgage 2,433,099 2,343,721 Real estate – commercial mortgage 3,461,174 3,427,530 Installment loans to individuals 120,325 122,276 Gross loans 7,770,983 7,623,663 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income 7,767,657 7,620,322 Allowance for loan losses (47,355 ) (46,211 ) Net loans $ 7,720,302 $ 7,574,111 Allowance for Loan Losses The allowance for loan losses is maintained at a level believed adequate by management based on its ongoing analysis of the loan portfolio to absorb probable credit losses inherent in the entire loan portfolio, 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. 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. 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 Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 7,071 $ 4,198 $ 11,404 $ 21,914 $ 1,814 $ 46,401 Charge-offs (457 ) — (979 ) (46 ) (99 ) (1,581 ) Recoveries 114 3 83 496 29 725 Net (charge-offs) recoveries (343 ) 3 (896 ) 450 (70 ) (856 ) Provision for loan losses charged to operations 418 501 1,149 86 (344 ) 1,810 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (1,116 ) — (1,650 ) (659 ) (221 ) (3,646 ) Recoveries 349 7 216 604 54 1,230 Net (charge-offs) recoveries (767 ) 7 (1,434 ) (55 ) (167 ) (2,416 ) Provision for loan losses charged to operations 2,371 1,267 1,082 (879 ) (281 ) 3,560 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Period-End Amount Allocated to: Individually evaluated for impairment $ 417 $ — $ 76 $ 1,014 $ 8 $ 1,515 Collectively evaluated for impairment 6,404 4,702 11,053 20,036 1,389 43,584 Purchased with deteriorated credit quality 325 — 528 1,400 3 2,256 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2017 Allowance for loan losses: Beginning balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 Charge-offs (304 ) — (551 ) (434 ) (125 ) (1,414 ) Recoveries 64 3 64 717 42 890 Net (charge-offs) recoveries (240 ) 3 (487 ) 283 (83 ) (524 ) Provision for loan losses charged to operations 220 458 429 244 399 1,750 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (1,136 ) — (826 ) (661 ) (389 ) (3,012 ) Recoveries 121 34 146 812 61 1,174 Net (charge-offs) recoveries (1,015 ) 34 (680 ) 151 (328 ) (1,838 ) Provision for loan losses charged to operations 621 166 (1,510 ) 3,390 583 3,250 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Period-End Amount Allocated to: Individually evaluated for impairment $ 166 $ 2 $ 878 $ 2,159 $ 3 $ 3,208 Collectively evaluated for impairment 4,587 2,578 10,534 19,313 1,769 38,781 Purchased with deteriorated credit quality 339 — 692 1,128 1 2,160 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 (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 June 30, 2018 Individually evaluated for impairment $ 2,697 $ — $ 11,561 $ 7,213 $ 686 $ 22,157 Collectively evaluated for impairment 974,706 712,818 2,375,162 3,311,268 170,505 7,544,459 Purchased with deteriorated credit quality 10,415 — 46,376 142,693 1,557 201,041 Ending balance $ 987,818 $ 712,818 $ 2,433,099 $ 3,461,174 $ 172,748 $ 7,767,657 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 Purchased 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 (1) Includes lease financing receivables. |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 Residential real estate $ 543 $ 1,540 $ 2,083 Commercial real estate 3,257 1,484 4,741 Residential land development 724 605 1,329 Commercial land development 4,482 1,069 5,551 Total $ 9,006 $ 4,698 $ 13,704 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 Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2018 $ 11,524 $ 4,410 $ 15,934 Transfers of loans 515 1,776 2,291 Impairments (455 ) (294 ) (749 ) Dispositions (2,576 ) (1,193 ) (3,769 ) Other (2 ) (1 ) (3 ) Balance at June 30, 2018 $ 9,006 $ 4,698 $ 13,704 Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Repairs and maintenance $ 55 $ 199 $ 168 $ 396 Property taxes and insurance 37 76 149 408 Impairments 397 379 749 757 Net losses (gains) on OREO sales (239 ) 189 (143 ) (138 ) Rental income (18 ) (62 ) (34 ) (110 ) Total $ 232 $ 781 $ 889 $ 1,313 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the six months ended June 30, 2018 were as follows: Community Banks Insurance Total Balance at January 1, 2018 $ 608,279 $ 2,767 $ 611,046 Addition to goodwill from acquisition — — — Adjustment to previously recorded goodwill — — — Balance at June 30, 2018 $ 608,279 $ 2,767 $ 611,046 The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2018 Core deposit intangibles $ 54,958 $ (34,765 ) $ 20,193 Customer relationship intangible 1,970 (898 ) 1,072 Total finite-lived intangible assets $ 56,928 $ (35,663 ) $ 21,265 December 31, 2017 Core deposit intangibles $ 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 Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Amortization expense for: Core deposit intangibles $ 1,561 $ 1,460 $ 3,179 $ 2,990 Customer relationship intangible 33 33 66 66 Total intangible amortization $ 1,594 $ 1,493 $ 3,245 $ 3,056 The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2018 and the succeeding four 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 | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights (In Thousands) The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs 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, and other factors. Impairment losses on MSRs are recognized to the extent by which the unamortized cost exceeds fair value. There were no impairment losses recognized during the six months ended June 30, 2018 and 2017 . Changes in the Company’s MSRs were as follows: Balance at January 1, 2018 $ 39,339 Capitalization 6,303 Amortization (2,403 ) Balance at June 30, 2018 $ 43,239 Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: June 30, 2018 December 31, 2017 Unpaid principal balance $ 4,315,261 $ 4,012,519 Weighted-average prepayment speed (CPR) 7.32 % 8.04 % Estimated impact of a 10% increase $ (1,792 ) $ (1,592 ) Estimated impact of a 20% increase (3,475 ) (3,095 ) Discount rate 9.42 % 9.69 % Estimated impact of a 10% increase $ (2,573 ) $ (2,027 ) Estimated impact of a 20% increase (4,937 ) (3,896 ) Weighted-average coupon interest rate 3.94 % 3.89 % Weighted-average servicing fee (basis points) 26.77 26.36 Weighted-average remaining maturity (in years) 8.35 7.98 The Company recorded servicing fees of $2,124 and $1,434 for the three months ended June 30, 2018 and 2017 , respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $4,494 and $2,667 for the six months ended June 30, 2018 and 2017 , respectively. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
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 also provides retiree health 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 plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: Pension Benefits Renasant Other Benefits Three Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ — $ — $ 2 $ 1 Interest cost 256 291 7 8 Expected return on plan assets (520 ) (487 ) — — Recognized actuarial loss (gain) 77 100 — (10 ) Net periodic benefit (return) cost $ (187 ) $ (96 ) $ 9 $ (1 ) Pension Benefits Renasant Other Benefits Six Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ — $ — $ 4 $ 4 Interest cost 522 584 16 21 Expected return on plan assets (1,038 ) (971 ) — — Recognized actuarial loss 164 200 — 3 Net periodic benefit (return) cost $ (352 ) $ (187 ) $ 20 $ 28 Incentive Compensation Plans 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 six months ended June 30, 2018 or 2017 . The following table summarizes the changes in stock options as of and for the six months ended June 30, 2018 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 89,750 $ 15.67 Granted — — Exercised (38,000 ) 15.48 Forfeited (5,000 ) 15.32 Options outstanding at end of period 46,750 $ 15.87 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 or 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 following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2018 : Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period — $ — 218,075 $ 39.08 Awarded 95,183 40.89 138,061 41.91 Vested — — (56,646 ) 38.43 Cancelled (3,014 ) 40.89 (14,646 ) 41.97 Nonvested at end of period 92,169 $ 40.89 284,844 $ 40.43 During the six months ended June 30, 2018 , the Company reissued 93,511 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $1,920 and $1,237 for the three months ended June 30, 2018 and 2017 , respectively, and $3,712 and $2,411 for the six months ended June 30, 2018 and 2017 , respectively. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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 also from time to time 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 June 30, 2018 , the Company had notional amounts of $219,738 on interest rate contracts with corporate customers and $219,738 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans. 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 each accounted for as a cash flow hedge 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 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 April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018. Under this swap agreement, 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 agreement, which terminates in June 2028, 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 Company’s junior subordinated debentures. 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 and adjustable-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $196,667 and $131,000 at June 30, 2018 and December 31, 2017 , 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 $374,000 and $199,000 at June 30, 2018 and December 31, 2017 , respectively. The following table provides details on the Company’s derivative financial instruments as of the dates presented: Fair Value Balance Sheet Location June 30, December 31, 2017 Derivative assets: Designated as hedging instruments Interest rate swap Other Assets $ 181 $ — Totals $ 181 $ — Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,142 $ 3,171 Interest rate lock commitments Other Assets 4,699 2,756 Forward commitments Other Assets 98 50 Totals $ 8,939 $ 5,977 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 1,047 $ 2,536 Totals $ 1,047 $ 2,536 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,142 $ 3,171 Interest rate lock commitments Other Liabilities 1 4 Forward commitments Other Liabilities 1,301 328 Totals $ 5,444 $ 3,503 Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 1,038 $ 690 $ 2,024 $ 1,369 Interest rate lock commitments: Included in mortgage banking income (238 ) (1,538 ) 1,946 1,315 Forward commitments Included in mortgage banking income (1,012 ) 2,256 (924 ) (3,613 ) Total $ (212 ) $ 1,408 $ 3,046 $ (929 ) 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 six months ended June 30, 2018 or 2017 . The impact on other comprehensive income for the six months ended June 30, 2018 and 2017 , respectively, can be seen at Note 15, “Other Comprehensive Income (Loss).” Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” 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: Offsetting Derivative Assets Offsetting Derivative Liabilities June 30, December 31, 2017 June 30, December 31, 2017 Gross amounts recognized $ 3,659 $ 717 $ 3,111 $ 5,303 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 3,659 717 3,111 5,303 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 884 717 884 717 Financial collateral pledged — — 175 4,357 Net amounts $ 2,775 $ — $ 2,052 $ 229 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. June 30, December 31, 2018 2017 2017 Deferred tax assets Allowance for loan losses $ 15,800 $ 20,566 $ 13,966 Loans 11,789 19,575 15,062 Deferred compensation 7,098 9,845 7,093 Securities — 2,440 3,659 Net unrealized losses on securities - OCI 6,916 6,670 — Impairment of assets 1,791 1,986 1,748 Federal and State net operating loss carryforwards 1,297 3,081 2,419 Intangibles — 1,758 — Other 4,310 3,577 4,722 Total deferred tax assets 49,001 69,498 48,669 Deferred tax liabilities Investment in partnerships 548 1,272 757 Fixed assets 3,073 1,875 3,163 Mortgage servicing rights 11,224 3,360 10,139 Junior subordinated debt 2,352 4,004 2,394 Other 1,665 2,000 1,859 Total deferred tax liabilities 18,862 12,511 18,312 Net deferred tax assets $ 30,139 $ 56,987 $ 30,357 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. As a result, the Company calculated taxes in the current quarter based on a 21% federal corporate tax rate, whereas taxes were calculated in previous periods based on a 35% federal corporate tax rate. 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 as a reduction in “Income taxes” in the Consolidated Statements of Income for the year ended December 31, 2017. 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 had not been completed as of December 31, 2017 and, therefore, considered its accounting for the tax effects of the Tax Act on its deferred tax assets and liabilities to have been completed as of December 31, 2017. The Company expects to utilize its 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 six months ended June 30, 2018 or 2017 or the year ended December 31, 2017 . |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 , the Company’s carrying value of QAHPs was $6,855 and $7,637 , respectively. The Company has no remaining funding obligations related to the QAHPs. The investments in QAHPs are being 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 QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Tax credit amortization $ 410 $ 262 $ 804 $ 523 Tax credits and other benefits (572 ) (388 ) (1,145 ) (848 ) Total $ (162 ) $ (126 ) $ (341 ) $ (325 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements (In Thousands) Fair Value Measurements and the Fair Level Hierarchy 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). 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 on a recurring basis 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, “Financial Instruments” (“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, obligations of states and political subdivisions, mortgage-backed securities, trust preferred securities, and other debt 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 extensively 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 such as 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 June 30, 2018 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,515 $ — $ 3,515 Obligations of states and political subdivisions — 220,876 — $ 220,876 Residential mortgage-backed securities: Government agency mortgage backed securities — 483,125 — 483,125 Government agency collateralized mortgage obligations — 296,005 — 296,005 Commercial mortgage-backed securities: Government agency mortgage backed securities — 27,189 — 27,189 Government agency collateralized mortgage obligations — 24,321 — 24,321 Trust preferred securities — — 10,401 10,401 Other debt securities — 23,347 — 23,347 Total securities available for sale — 1,078,378 10,401 1,088,779 Derivative instruments: Interest rate swaps — 181 — 181 Interest rate contracts — 4,142 — 4,142 Interest rate lock commitments — 4,699 — 4,699 Forward commitments — 98 — 98 Total derivative instruments — 9,120 — 9,120 Mortgage loans held for sale — 245,046 — 245,046 Total financial assets $ — $ 1,332,544 $ 10,401 $ 1,342,945 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 1,047 $ — $ 1,047 Interest rate contracts — 4,142 — 4,142 Interest rate lock commitments — 1 — 1 Forward commitments — 1,301 — 1,301 Total derivative instruments — 6,491 — 6,491 Total financial liabilities $ — $ 6,491 $ — $ 6,491 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 swaps $ — $ 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 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. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2018 . The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented: Three Months Ended June 30, 2018 Trust preferred securities Balance at April 1, 2018 $ 10,045 Accretion included in net income 8 Unrealized gains included in other comprehensive income 383 Purchases — Sales — Issues — Settlements (35 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Three Months Ended June 30, 2017 Trust preferred securities Balance at April 1, 2017 $ 17,823 Accretion included in net income 38 Unrealized gains included in other comprehensive income 22 Purchases — Sales — Issues — Settlements (891 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2017 $ 16,992 Six Months Ended June 30, 2018 Trust preferred securities Balance at January 1, 2018 $ 9,388 Accretion included in net income 17 Unrealized gains included in other comprehensive income 1,052 Purchases — Sales — Issues — Settlements (56 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Six Months Ended June 30, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 46 Unrealized losses included in other comprehensive income 559 Reclassification adjustment — Purchases — Sales — Issues — Settlements (2,002 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2017 $ 16,992 For each of the three and six months ended June 30, 2018 and 2017 , 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 June 30, 2018 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 $ 10,401 Discounted cash flows Default rate 0-100% Nonrecurring Fair Value Measurements Certain assets and liabilities 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 the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: June 30, 2018 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 3,964 $ 3,964 OREO — — 2,662 2,662 Total $ — $ — $ 6,626 $ 6,626 December 31, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 9,251 $ 9,251 OREO — — 7,392 7,392 Total $ — $ — $ 16,643 $ 16,643 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial 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 $4,518 and $9,608 at June 30, 2018 and December 31, 2017 , respectively, and a specific reserve for these loans of $554 and $357 was included in the allowance for loan losses as of such dates. 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 OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: June 30, December 31, 2017 Carrying amount prior to remeasurement $ 3,212 $ 8,732 Impairment recognized in results of operations (550 ) (1,340 ) Fair value $ 2,662 $ 7,392 The following table presents information as of June 30, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 3,964 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,662 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 $4,177 and $6,092 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2018 and 2017 , respectively. 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 June 30, 2018 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 245,046 $ 237,373 $ 7,673 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 As of June 30, 2018 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 292,952 $ 292,952 $ — $ — $ 292,952 Securities available for sale 1,088,779 — 1,078,378 10,401 1,088,779 Mortgage loans held for sale 245,046 — 245,046 — 245,046 Loans, net 7,720,302 — — 7,608,411 7,608,411 Mortgage servicing rights 43,239 — — 57,575 57,575 Derivative instruments 9,120 — 9,120 — 9,120 Financial liabilities Deposits $ 8,380,720 $ 6,508,375 $ 1,867,633 $ — $ 8,376,008 Short-term borrowings 313,393 313,393 — — 313,393 Other long-term borrowings 73 73 — — 73 Federal Home Loan Bank advances 7,082 — 7,135 — 7,135 Junior subordinated debentures 86,155 — 82,166 — 82,166 Subordinated notes 114,044 — 116,650 — 116,650 Derivative instruments 6,491 — 6,491 — 6,491 Fair Value As of December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total 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 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (4,025 ) $ (1,025 ) $ (3,000 ) Total securities available for sale (4,025 ) (1,025 ) (3,000 ) Derivative instruments: Unrealized holding gains on derivative instruments 519 132 387 Total derivative instruments 519 132 387 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 77 20 57 Total defined benefit pension and post-retirement benefit plans 77 20 57 Total other comprehensive loss $ (3,429 ) $ (873 ) $ (2,556 ) Three months ended June 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 4,188 $ 1,619 $ 2,569 Amortization of unrealized holding gains on securities transferred to the held to maturity category (29 ) (11 ) (18 ) Total securities available for sale 4,159 1,608 2,551 Derivative instruments: Unrealized holding losses on derivative instruments (270 ) (105 ) (165 ) Total derivative instruments (270 ) (105 ) (165 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 91 35 56 Total defined benefit pension and post-retirement benefit plans 91 35 56 Total other comprehensive income $ 3,980 $ 1,538 $ 2,442 Pre-Tax Tax Expense (Benefit) Net of Tax Six months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (14,634 ) $ (3,725 ) $ (10,909 ) Total securities available for sale (14,634 ) (3,725 ) (10,909 ) Derivative instruments: Unrealized holding gains on derivative instruments 1,670 425 1,245 Total derivative instruments 1,670 425 1,245 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 164 41 123 Total defined benefit pension and post-retirement benefit plans 164 41 123 Total other comprehensive loss $ (12,800 ) $ (3,259 ) $ (9,541 ) Six months ended June 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 8,927 $ 3,451 $ 5,476 Amortization of unrealized holding gains on securities transferred to the held to maturity category (275 ) (106 ) (169 ) Total securities available for sale 8,652 3,345 5,307 Derivative instruments: Unrealized holding gains on derivative instruments 6 2 4 Total derivative instruments 6 2 4 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 204 79 125 Total defined benefit pension and post-retirement benefit plans 204 79 125 Total other comprehensive income $ 8,862 $ 3,426 $ 5,436 The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: June 30, December 31, 2017 Unrealized gains (losses) on securities $ (1,540 ) $ 7,363 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (9,313 ) Unrealized gains (losses) on derivative instruments 250 (995 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,443 ) (7,566 ) Total accumulated other comprehensive loss $ (20,052 ) $ (10,511 ) |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
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 service-based restricted stock awards fully vested and outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: Three Months Ended June 30, 2018 2017 Basic Net income applicable to common stock $ 36,710 $ 25,284 Average common shares outstanding 49,413,754 44,415,423 Net income per common share - basic $ 0.74 $ 0.57 Diluted Net income applicable to common stock $ 36,710 $ 25,284 Average common shares outstanding 49,413,754 44,415,423 Effect of dilutive stock-based compensation 136,007 108,118 Average common shares outstanding - diluted 49,549,761 44,523,541 Net income per common share - diluted $ 0.74 $ 0.57 Six Months Ended June 30, 2018 2017 Basic Net income applicable to common stock $ 70,536 $ 49,256 Average common shares outstanding 49,385,244 44,390,021 Net income per common share - basic $ 1.43 $ 1.11 Diluted Net income applicable to common stock $ 70,536 $ 49,256 Average common shares outstanding 49,385,244 44,390,021 Effect of dilutive stock-based compensation 136,801 110,259 Average common shares outstanding - diluted 49,522,045 44,500,280 Net income per common share - diluted $ 1.42 $ 1.11 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: Three Months Ended June 30, 2018 2017 Number of shares 44,273 — Exercise prices (for stock option awards) — — Six Months Ended June 30, 2018 2017 Number of shares 44,273 — Exercise prices (for stock option awards) — — |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2018 | |
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 Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented: June 30, 2018 December 31, 2017 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,034,498 10.63 % $ 979,604 10.18 % Common Equity Tier 1 Capital to Risk-Weighted Assets 951,490 11.71 % 896,733 11.34 % Tier 1 Capital to Risk-Weighted Assets 1,034,498 12.73 % 979,604 12.39 % Total Capital to Risk-Weighted Assets 1,198,046 14.75 % 1,142,926 14.46 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,057,998 10.89 % $ 1,000,715 10.42 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,057,998 13.04 % 1,000,715 12.69 % Tier 1 Capital to Risk-Weighted Assets 1,057,998 13.04 % 1,000,715 12.69 % Total Capital to Risk-Weighted Assets 1,108,178 13.66 % 1,050,751 13.32 % Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. When fully phased in on January 1, 2019, the required capital conservation buffer will be 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements; as of June 30, 2018, the capital conservation buffer is 1.875% of risk-weighted assets. In addition, the Basel III regulatory capital reforms and rules effecting certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 issued by the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency (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. These revisions affect the calculation of the denominator of a banking organization’s risk-based capital ratios to reflect the higher-risk nature of certain types of loans. As applicable to Renasant Bank: — For residential mortgages, the former 50% risk weight for performing residential first-lien mortgages and 100% risk-weight for all other mortgages has been replaced 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. — For commercial mortgages, a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans has been substituted for the former 100% risk weight. — For nonperforming loans, the former 100% risk weight is now a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status. Finally, Tier 1 capital treatment for “hybrid” capital items like trust preferred securities has been eliminated, subject to various grandfathering and transition rules. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
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-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities. • The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. • The Wealth Management segment offers a broad range of fiduciary services which include 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 periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended June 30, 2018 Net interest income (loss) $ 94,676 $ 118 $ 315 $ (2,720 ) $ 92,389 Provision for loan losses 1,810 — — — 1,810 Noninterest income 29,949 2,148 3,714 (230 ) 35,581 Noninterest expense 73,628 1,819 3,213 366 79,026 Income (loss) before income taxes 49,187 447 816 (3,316 ) 47,134 Income tax expense (benefit) 11,165 116 — (857 ) 10,424 Net income (loss) $ 38,022 $ 331 $ 816 $ (2,459 ) $ 36,710 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Three months ended June 30, 2017 Net interest income (loss) $ 81,392 $ 124 $ 524 $ (2,437 ) $ 79,603 Provision for loan losses 1,750 — — — 1,750 Noninterest income 28,592 2,264 3,267 142 34,265 Noninterest expense 70,018 1,766 2,905 152 74,841 Income (loss) before income taxes 38,216 622 886 (2,447 ) 37,277 Income tax expense (benefit) 12,712 238 — (957 ) 11,993 Net income (loss) $ 25,504 $ 384 $ 886 $ (1,490 ) $ 25,284 Total assets $ 8,776,737 $ 24,746 $ 58,156 $ 12,633 $ 8,872,272 Goodwill $ 467,767 $ 2,767 — — $ 470,534 Community Banks Insurance Wealth Management Other Consolidated Six months ended June 30, 2018 Net interest income (loss) $ 186,103 $ 224 $ 628 $ (5,326 ) $ 181,629 Provision for loan losses 3,560 — — 3,560 Noninterest income (loss) 57,867 4,920 7,241 (494 ) 69,534 Noninterest expense 146,261 3,550 6,605 554 156,970 Income (loss) before income taxes 94,149 1,594 1,264 (6,374 ) 90,633 Income tax expense (benefit) 21,332 413 — (1,648 ) 20,097 Net income (loss) $ 72,817 $ 1,181 $ 1,264 $ (4,726 ) $ 70,536 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Six months ended June 30, 2017 Net interest income (loss) $ 157,348 $ 216 $ 1,011 $ (4,957 ) $ 153,618 Provision for loan losses 3,250 — — — 3,250 Noninterest income 55,170 4,813 6,386 (83 ) 66,286 Noninterest expense 134,239 3,458 5,901 552 144,150 Income (loss) before income taxes 75,029 1,571 1,496 (5,592 ) 72,504 Income tax expense (benefit) 24,822 613 — (2,187 ) 23,248 Net income (loss) $ 50,207 $ 958 $ 1,496 $ (3,405 ) $ 49,256 Total assets $ 8,776,737 $ 24,746 $ 58,156 $ 12,633 $ 8,872,272 Goodwill $ 467,767 $ 2,767 — — $ 470,534 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition (In Thousands) The Company adopted ASU 2014-09, an update to ASC 606, in the first quarter of 2018. The majority of the Company’s revenue streams are governed by other authoritative guidance and, therefore, considered out-of-scope of ASC 606. The Company’s revenue streams that are considered in-scope of ASC 606 are discussed below. ASC 606 requires costs that are incremental to obtaining a contract to be capitalized. In the case of the Company, these costs would include sales commissions for insurance and wealth management products. ASC 606 has established, and the Company has utilized, a practical expedient allowing costs that, if capitalized, would have an amortization period of one year or less to instead be expensed as incurred. Service Charges on Deposit Accounts Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees. The contracts with deposit account customers are day-to-day contracts and are considered to be terminable at will by either party. Therefore, the fees are all considered to be earned when charged and simultaneously collected. Insurance Commissions Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers, which include health and life insurance and property and casualty insurance. Insurance commissions are earned when policies are placed by customers with the insurance carriers and are collected and recognized using two different methods: the agency bill method and the direct bill method. Under the agency bill method, Renasant Insurance is responsible for billing the customers directly and then collecting and remitting the premiums to the insurance carriers. Agency bill revenue is recognized at the later of the invoice date or effective date of the policy. The Company has established a reserve for such policies which is derived from historical collection experience and updated annually. The contract balances (i.e. accounts receivable and accounts payable related to insurance commisions earned and premiums due) and the reserve established are considered inconsequential to the overall financial results of the Company. Under the direct bill method, premium billing and collections are handled by the insurance carriers, and a commission is then paid to Renasant Insurance. Direct bill revenue is recognized when the cash is received from the insurance carriers. While there is recourse on these commissions in the event of policy cancellations, based on the Company’s historical data, significant or material reversals of revenue based on policy cancellations are not anticipated. The Company monitors policy cancellations on a monthly basis and, if a significant or material set of transactions occurred, the Company will adjust earnings accordingly. The Company also earns contingency income that it recognizes on a cash basis. Contingency income is a bonus received from the insurance underwriters and is based both on commission income and claims experience on the Company’s clients’ policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the amount of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $31 and $79 for the three months ending June 30, 2018 and 2017, respectively, and $794 and $766 for the six months ending June 30, 2018 and 2017, respectively. Wealth Management Revenue Wealth management consists of the Trust division and the Financial Services division. The Trust division operates on a custodial basis which includes administration of benefit plans as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. Fees for managing these accounts are based on the value of assets under management in the account, with the amount of the fee depending on the type of account. Revenue is recognized on monthly basis, and there is little to no risk of a material reversal of revenue. The contract balance (i.e. management fee receivable) recognized is considered inconsequential to the overall financial results of the Company. The Financial Services division provides specialized products and services to the Company’s customers, which include investment guidance relating to fixed and variable annuities, mutual funds, stocks and other investments offered through a third party provider. Fees are recognized based on either trade activity, which are recognized at the time of the trade, or assets under management, which are recognized monthly. Sales of Other Real Estate Owned The Company continually markets the properties included in the OREO portfolio. The Company will at times, in the ordinary course of business, provide seller-financing on the sales of OREO. In cases where a sale is seller-financed, the Company must ensure the commitment of both parties to perform their respective obligations and the collectability of the transaction price in order to properly recognize the revenue on the sale of OREO. This is accomplished through the Company’s loan underwriting process. In this process the Company considers things such as the buyer’s initial equity in the property, the credit quality of the borrower, the financing terms of the loan and the cash flow from the property, if applicable. If it is determined that the contract criteria in ASC 606 have been met, the revenue on the sale of OREO will be recognized on the closing date of the sale when the Company has transferred title to the buyer and obtained the right to receive payment for the property. In instances where sales are not seller-financed, the Company recognizes revenue on the closing date of the sale when the Company has obtained payment for the property and transferred title to the buyer. For additional information on OREO, please see Note 7, “Other Real Estate Owned.” |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission on February 28, 2018. |
Business combinations | Business Combinations : The Company completed its acquisition of Metropolitan BancGroup, Inc. (“Metropolitan”) on July 1, 2017. Metropolitan’s financial condition and results of operations are included in the Company’s financial condition and results of operations as of the acquisition date. |
Use of estimates | Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. |
Subsequent events | 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. |
Impact of recently-issued accounting standards and pronouncements | Impact of Recently-Issued Accounting Standards and Pronouncements : 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 the 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 statements 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”). This 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 it incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model includes 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 is 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 working with a consulting firm to develop the Company’s CECL model, which includes reviewing the different model requirements and ensuring historical data integrity across all reporting systems. In January 2017, FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”). ASU 2017-04 will amend and simplify current goodwill impairment testing by eliminating certain testing under the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for interim and annual periods beginning after December 15, 2019 and is not expected to have a material impact on the Company’s financial statements. 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 currently 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 currently evaluating the effect that ASU 2017-12 will have on its financial position and results of operations and its financial statement disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Summary of the allocation of purchase price to assets and liabilities acquired | 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, 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. |
Summary of the fair value of assets acquired and liabilities assumed | The following table summarizes the fair value on July 1, 2017 of assets acquired and liabilities assumed on that date in connection with the merger with Metropolitan. 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 |
Pro forma combined condensed consolidated financial information | The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the six months ended June 30, 2018 and 2017 of the Company as though the Metropolitan merger had been completed as of January 1, 2016. The unaudited 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 necessarily 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. (Unaudited) Six Months Ended June 30, 2018 2017 Net interest income - pro forma $ 181,629 $ 173,508 Net income - pro forma $ 70,536 $ 46,912 Earnings per share - pro forma: Basic $ 1.43 $ 1.00 Diluted $ 1.42 $ 1.00 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
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 June 30, 2018 Obligations of other U.S. Government agencies and corporations $ 3,545 $ 19 $ (49 ) $ 3,515 Obligations of states and political subdivisions 217,847 3,787 (758 ) 220,876 Residential mortgage backed securities: Government agency mortgage backed securities 493,001 336 (10,212 ) 483,125 Government agency collateralized mortgage obligations 303,625 59 (7,679 ) 296,005 Commercial mortgage backed securities: Government agency mortgage backed securities 27,468 251 (530 ) 27,189 Government agency collateralized mortgage obligations 24,585 — (264 ) 24,321 Trust preferred securities 12,402 — (2,001 ) 10,401 Other debt securities 23,555 94 (302 ) 23,347 $ 1,106,028 $ 4,546 $ (21,795 ) $ 1,088,779 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 and fair value of securities by contractual maturity | The amortized cost and fair value of securities at June 30, 2018 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 $ 41,602 $ 42,138 Due after one year through five years 54,549 55,472 Due after five years through ten years 80,531 81,272 Due after ten years 65,931 64,758 Residential mortgage backed securities: Government agency mortgage backed securities 493,001 483,125 Government agency collateralized mortgage obligations 303,625 296,005 Commercial mortgage backed securities: Government agency mortgage backed securities 27,468 27,189 Government agency collateralized mortgage obligations 24,585 24,321 Other debt securities 14,736 14,499 $ 1,106,028 $ 1,088,779 |
Gross unrealized losses and fair value by investment category | The following table presents the age of gross unrealized losses and fair value by investment category 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 Available for Sale: June 30, 2018 Obligations of other U.S. Government agencies and corporations 1 $ 492 $ (8 ) 2 $ 1,980 $ (41 ) 3 $ 2,472 $ (49 ) Obligations of states and political subdivisions 51 32,251 (386 ) 13 7,800 (372 ) 64 40,051 (758 ) Residential mortgage backed securities: Government agency mortgage backed securities 105 361,859 (5,623 ) 47 88,914 (4,589 ) 152 450,773 (10,212 ) Government agency collateralized mortgage obligations 52 178,776 (3,538 ) 34 74,271 (4,141 ) 86 253,047 (7,679 ) Commercial mortgage backed securities: Government agency mortgage backed securities 8 14,530 (178 ) 3 5,659 (352 ) 11 20,189 (530 ) Government agency collateralized mortgage obligations 4 24,321 (264 ) 0 — — 4 24,321 (264 ) Trust preferred securities 0 — — 2 10,401 (2,001 ) 2 10,401 (2,001 ) Other debt securities 10 10,011 (110 ) 2 5,815 (192 ) 12 15,826 (302 ) Total 231 $ 622,240 $ (10,107 ) 103 $ 194,840 $ (11,688 ) 334 $ 817,080 $ (21,795 ) 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 ) Total 91 $ 190,832 $ (2,234 ) 94 $ 183,115 $ (8,254 ) 185 $ 373,947 $ (10,488 ) |
Investments in pooled trust preferred securities | The following table provides information regarding the Company’s investments in pooled trust preferred securities at June 30, 2018 : Name Single/ Pooled Class/ Tranche Amortized Cost Fair Value Unrealized Loss Lowest Credit Rating Issuers Currently in Deferral or Default XXIII Pooled B-2 $ 8,313 $ 6,751 $ (1,562 ) BB 16 % XXVI Pooled B-2 4,089 3,650 (439 ) B 19 % $ 12,402 $ 10,401 $ (2,001 ) |
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: 2018 2017 Balance at January 1 $ (261 ) $ (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 June 30 $ (261 ) $ (261 ) |
Non Purchased Loans (Tables)
Non Purchased Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of non-purchased loans and leases | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 790,363 $ 763,823 Lease financing 55,749 57,354 Real estate – construction 642,380 547,658 Real estate – 1-4 family mortgage 1,912,450 1,729,534 Real estate – commercial mortgage 2,554,955 2,390,076 Installment loans to individuals 105,195 103,452 Gross loans 6,061,092 5,591,897 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income $ 6,057,766 $ 5,588,556 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 197,455 $ 275,570 Real estate – construction 70,438 85,731 Real estate – 1-4 family mortgage 520,649 614,187 Real estate – commercial mortgage 906,219 1,037,454 Installment loans to individuals 15,130 18,824 Gross loans 1,709,891 2,031,766 Unearned income — — Loans, net of unearned income $ 1,709,891 $ 2,031,766 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 987,818 $ 1,039,393 Lease financing 55,749 57,354 Real estate – construction 712,818 633,389 Real estate – 1-4 family mortgage 2,433,099 2,343,721 Real estate – commercial mortgage 3,461,174 3,427,530 Installment loans to individuals 120,325 122,276 Gross loans 7,770,983 7,623,663 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income 7,767,657 7,620,322 Allowance for loan losses (47,355 ) (46,211 ) Net loans $ 7,720,302 $ 7,574,111 |
Aging of 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 June 30, 2018 Commercial, financial, agricultural $ 1,575 $ 150 $ 786,645 $ 788,370 $ — $ 1,900 $ 93 $ 1,993 $ 790,363 Lease financing 288 44 55,082 55,414 — 335 — 335 55,749 Real estate – construction 273 49 642,058 642,380 — — — — 642,380 Real estate – 1-4 family mortgage 6,921 1,663 1,901,680 1,910,264 286 1,158 742 2,186 1,912,450 Real estate – commercial mortgage 2,069 254 2,548,264 2,550,587 14 2,427 1,927 4,368 2,554,955 Installment loans to individuals 487 30 104,639 105,156 6 23 10 39 105,195 Unearned income — — (3,326 ) (3,326 ) — — — — (3,326 ) Total $ 11,613 $ 2,190 $ 6,035,042 $ 6,048,845 $ 306 $ 5,843 $ 2,772 $ 8,921 $ 6,057,766 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 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 June 30, 2018 Commercial, financial, agricultural $ 894 $ 514 $ 195,614 $ 197,022 $ — $ 349 $ 84 $ 433 $ 197,455 Real estate – construction 919 — 69,519 70,438 — — — — 70,438 Real estate – 1-4 family mortgage 3,127 2,177 512,235 517,539 260 1,236 1,614 3,110 520,649 Real estate – commercial mortgage 1,150 2,770 901,527 905,447 430 132 210 772 906,219 Installment loans to individuals 73 30 14,781 14,884 2 93 151 246 15,130 Total $ 6,163 $ 5,491 $ 1,693,676 $ 1,705,330 $ 692 $ 1,810 $ 2,059 $ 4,561 $ 1,709,891 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 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 Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 |
Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 2,634 $ 2,319 $ — $ 2,319 $ 376 Lease financing 335 335 — 335 4 Real estate – construction — — — — — Real estate – 1-4 family mortgage 8,065 6,935 — 6,935 64 Real estate – commercial mortgage 8,901 4,454 1,316 5,770 948 Installment loans to individuals 109 104 — 104 1 Total $ 20,044 $ 14,147 $ 1,316 $ 15,463 $ 1,393 December 31, 2017 Commercial, financial, agricultural $ 3,043 $ 2,365 $ — $ 2,365 $ 138 Lease financing 159 159 — 159 2 Real estate – construction 578 578 — 578 4 Real estate – 1-4 family mortgage 10,018 8,169 703 8,872 561 Real estate – commercial mortgage 12,463 9,652 — 9,652 1,861 Installment loans to individuals 121 117 — 117 1 Totals $ 26,382 $ 21,040 $ 703 $ 21,743 $ 2,567 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 18,239 $ 3,845 $ 6,570 $ 10,415 $ 325 Real estate – 1-4 family mortgage 56,339 14,254 32,122 46,376 528 Real estate – commercial mortgage 170,327 63,365 79,328 142,693 1,400 Installment loans to individuals 1,645 715 842 1,557 3 Total $ 246,550 $ 82,179 $ 118,862 $ 201,041 $ 2,256 December 31, 2017 Commercial, financial, agricultural $ 24,179 $ 5,768 $ 9,547 $ 15,315 $ 312 Real estate – 1-4 family mortgage 65,049 15,910 38,059 53,969 572 Real estate – commercial mortgage 186,720 65,108 91,230 156,338 892 Installment loans to individuals 1,761 698 940 1,638 1 Totals $ 277,709 $ 87,484 $ 139,776 $ 227,260 $ 1,777 Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 439 $ 329 $ 49 $ 378 $ 41 Real estate – 1-4 family mortgage 5,225 700 3,926 4,626 12 Real estate – commercial mortgage 1,466 1,287 156 1,443 66 Installment loans to individuals 248 247 — 247 3 Total $ 7,378 $ 2,563 $ 4,131 $ 6,694 $ 122 December 31, 2017 Commercial, financial, agricultural $ 757 $ 625 $ 74 $ 699 $ 52 Real estate – construction 1,207 — 1,199 1,199 — Real estate – 1-4 family mortgage 6,173 1,385 4,225 5,610 45 Real estate – commercial mortgage 901 728 165 893 6 Installment loans to individuals 165 154 9 163 4 Totals $ 9,203 $ 2,892 $ 5,672 $ 8,564 $ 107 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,663 $ 8 $ 1,873 $ — Lease financing 335 — — — Real estate – construction — — 295 6 Real estate – 1-4 family mortgage 7,442 57 8,911 89 Real estate – commercial mortgage 5,807 38 14,487 176 Installment loans to individuals 106 1 160 2 Total $ 16,353 $ 104 $ 25,726 $ 273 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,653 $ 19 $ 2,187 $ — Lease financing 335 — — — Real estate – construction — — 268 6 Real estate – 1-4 family mortgage 7,507 123 8,892 110 Real estate – commercial mortgage 6,041 130 14,635 279 Installment loans to individuals 108 2 166 2 Total $ 16,644 $ 274 $ 26,148 $ 397 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 12,815 $ 192 $ 14,894 $ 252 Real estate – 1-4 family mortgage 54,634 647 72,933 759 Real estate – commercial mortgage 162,712 1,933 181,007 2,169 Installment loans to individuals 1,651 18 1,935 19 Total $ 231,812 $ 2,790 $ 270,769 $ 3,199 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,051 $ 417 $ 14,048 $ 487 Real estate – 1-4 family mortgage 55,293 1,320 73,656 1,582 Real estate – commercial mortgage 163,959 3,905 182,894 4,394 Installment loans to individuals 1,640 36 1,966 38 Total $ 233,943 $ 5,678 $ 272,564 $ 6,501 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 380 $ 3 $ 342 $ 1 Real estate – 1-4 family mortgage 5,135 34 4,960 47 Real estate – commercial mortgage 1,462 12 2,515 30 Installment loans to individuals 247 — 19 — Total $ 7,224 $ 49 $ 7,836 $ 78 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 383 $ 6 $ 347 $ 3 Real estate – 1-4 family mortgage 5,252 74 5,032 62 Real estate – commercial mortgage 1,479 30 2,284 51 Installment loans to individuals 247 — 21 — Total $ 7,361 $ 110 $ 7,684 $ 116 |
Impact of modifications classified as restructured loans | The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 3 $ 127 $ 126 Real estate – commercial mortgage 1 366 62 Installment loans to individuals 1 4 4 Total 5 $ 497 $ 192 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 5 $ 304 $ 297 Real estate – commercial mortgage 2 453 147 Installment loans to individuals 1 4 4 Total 8 $ 761 $ 448 The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 4 $ 463 $ 367 Total 4 $ 463 $ 367 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 14 $ 2,684 $ 2,178 Real estate – commercial mortgage 4 2,721 1,999 Total 18 $ 5,405 $ 4,177 |
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, 2018 54 $ 5,588 Additional loans with concessions 5 707 Reclassified as performing 2 154 Reductions due to: Reclassified as nonperforming (5 ) (370 ) Paid in full (5 ) (1,268 ) Principal paydowns — (126 ) Totals at June 30, 2018 51 $ 4,685 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 68 $ 8,965 Additional loans with concessions 3 132 Reclassified as performing restructured loan 2 23 Reductions due to: Reclassified to nonperforming loans (4 ) (425 ) Paid in full (1 ) (76 ) Principal paydowns — (486 ) Totals at June 30, 2018 68 $ 8,133 |
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 June 30, 2018 Commercial, financial, agricultural $ 576,063 $ 13,105 $ 5,015 $ 594,183 Real estate – construction 575,005 8,258 125 583,388 Real estate – 1-4 family mortgage 281,968 1,159 6,983 290,110 Real estate – commercial mortgage 2,150,721 51,372 18,826 2,220,919 Installment loans to individuals 548 — — 548 Total $ 3,584,305 $ 73,894 $ 30,949 $ 3,689,148 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2018 Commercial, financial, agricultural $ 168,753 $ 4,562 $ 3,262 $ 176,577 Real estate – construction 67,609 1,538 263 69,410 Real estate – 1-4 family mortgage 75,205 1,798 4,820 81,823 Real estate – commercial mortgage 708,999 14,634 9,541 733,174 Installment loans to individuals 627 — 2 629 Total $ 1,021,193 $ 22,532 $ 17,888 $ 1,061,613 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 |
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 June 30, 2018 Commercial, financial, agricultural $ 194,765 $ 1,415 $ 196,180 Lease financing 52,044 379 52,423 Real estate – construction 58,943 49 58,992 Real estate – 1-4 family mortgage 1,618,669 3,671 1,622,340 Real estate – commercial mortgage 333,351 685 334,036 Installment loans to individuals 104,577 70 104,647 Total $ 2,362,349 $ 6,269 $ 2,368,618 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 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 June 30, 2018 Commercial, financial, agricultural $ 10,424 $ 39 $ 10,463 Real estate – construction 1,028 — 1,028 Real estate – 1-4 family mortgage 390,746 1,704 392,450 Real estate – commercial mortgage 30,234 118 30,352 Installment loans to individuals 12,670 274 12,944 Total $ 445,102 $ 2,135 $ 447,237 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Real estate – construction 4,511 — 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 |
Purchased Loans (Tables)
Purchased Loans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 790,363 $ 763,823 Lease financing 55,749 57,354 Real estate – construction 642,380 547,658 Real estate – 1-4 family mortgage 1,912,450 1,729,534 Real estate – commercial mortgage 2,554,955 2,390,076 Installment loans to individuals 105,195 103,452 Gross loans 6,061,092 5,591,897 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income $ 6,057,766 $ 5,588,556 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 197,455 $ 275,570 Real estate – construction 70,438 85,731 Real estate – 1-4 family mortgage 520,649 614,187 Real estate – commercial mortgage 906,219 1,037,454 Installment loans to individuals 15,130 18,824 Gross loans 1,709,891 2,031,766 Unearned income — — Loans, net of unearned income $ 1,709,891 $ 2,031,766 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 987,818 $ 1,039,393 Lease financing 55,749 57,354 Real estate – construction 712,818 633,389 Real estate – 1-4 family mortgage 2,433,099 2,343,721 Real estate – commercial mortgage 3,461,174 3,427,530 Installment loans to individuals 120,325 122,276 Gross loans 7,770,983 7,623,663 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income 7,767,657 7,620,322 Allowance for loan losses (47,355 ) (46,211 ) Net loans $ 7,720,302 $ 7,574,111 |
Aging of 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 June 30, 2018 Commercial, financial, agricultural $ 1,575 $ 150 $ 786,645 $ 788,370 $ — $ 1,900 $ 93 $ 1,993 $ 790,363 Lease financing 288 44 55,082 55,414 — 335 — 335 55,749 Real estate – construction 273 49 642,058 642,380 — — — — 642,380 Real estate – 1-4 family mortgage 6,921 1,663 1,901,680 1,910,264 286 1,158 742 2,186 1,912,450 Real estate – commercial mortgage 2,069 254 2,548,264 2,550,587 14 2,427 1,927 4,368 2,554,955 Installment loans to individuals 487 30 104,639 105,156 6 23 10 39 105,195 Unearned income — — (3,326 ) (3,326 ) — — — — (3,326 ) Total $ 11,613 $ 2,190 $ 6,035,042 $ 6,048,845 $ 306 $ 5,843 $ 2,772 $ 8,921 $ 6,057,766 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 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 June 30, 2018 Commercial, financial, agricultural $ 894 $ 514 $ 195,614 $ 197,022 $ — $ 349 $ 84 $ 433 $ 197,455 Real estate – construction 919 — 69,519 70,438 — — — — 70,438 Real estate – 1-4 family mortgage 3,127 2,177 512,235 517,539 260 1,236 1,614 3,110 520,649 Real estate – commercial mortgage 1,150 2,770 901,527 905,447 430 132 210 772 906,219 Installment loans to individuals 73 30 14,781 14,884 2 93 151 246 15,130 Total $ 6,163 $ 5,491 $ 1,693,676 $ 1,705,330 $ 692 $ 1,810 $ 2,059 $ 4,561 $ 1,709,891 December 31, 2017 Commercial, financial, agricultural $ 1,119 $ 532 $ 273,488 $ 275,139 $ — $ 199 $ 232 $ 431 $ 275,570 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 Total $ 10,759 $ 5,731 $ 2,010,852 $ 2,027,342 $ 635 $ 1,177 $ 2,612 $ 4,424 $ 2,031,766 |
Impaired loans | Loans accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 2,634 $ 2,319 $ — $ 2,319 $ 376 Lease financing 335 335 — 335 4 Real estate – construction — — — — — Real estate – 1-4 family mortgage 8,065 6,935 — 6,935 64 Real estate – commercial mortgage 8,901 4,454 1,316 5,770 948 Installment loans to individuals 109 104 — 104 1 Total $ 20,044 $ 14,147 $ 1,316 $ 15,463 $ 1,393 December 31, 2017 Commercial, financial, agricultural $ 3,043 $ 2,365 $ — $ 2,365 $ 138 Lease financing 159 159 — 159 2 Real estate – construction 578 578 — 578 4 Real estate – 1-4 family mortgage 10,018 8,169 703 8,872 561 Real estate – commercial mortgage 12,463 9,652 — 9,652 1,861 Installment loans to individuals 121 117 — 117 1 Totals $ 26,382 $ 21,040 $ 703 $ 21,743 $ 2,567 Loans accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 18,239 $ 3,845 $ 6,570 $ 10,415 $ 325 Real estate – 1-4 family mortgage 56,339 14,254 32,122 46,376 528 Real estate – commercial mortgage 170,327 63,365 79,328 142,693 1,400 Installment loans to individuals 1,645 715 842 1,557 3 Total $ 246,550 $ 82,179 $ 118,862 $ 201,041 $ 2,256 December 31, 2017 Commercial, financial, agricultural $ 24,179 $ 5,768 $ 9,547 $ 15,315 $ 312 Real estate – 1-4 family mortgage 65,049 15,910 38,059 53,969 572 Real estate – commercial mortgage 186,720 65,108 91,230 156,338 892 Installment loans to individuals 1,761 698 940 1,638 1 Totals $ 277,709 $ 87,484 $ 139,776 $ 227,260 $ 1,777 Loans accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates presented: Unpaid Contractual Principal Balance Recorded Investment With Allowance Recorded Investment With No Allowance Total Recorded Investment Related Allowance June 30, 2018 Commercial, financial, agricultural $ 439 $ 329 $ 49 $ 378 $ 41 Real estate – 1-4 family mortgage 5,225 700 3,926 4,626 12 Real estate – commercial mortgage 1,466 1,287 156 1,443 66 Installment loans to individuals 248 247 — 247 3 Total $ 7,378 $ 2,563 $ 4,131 $ 6,694 $ 122 December 31, 2017 Commercial, financial, agricultural $ 757 $ 625 $ 74 $ 699 $ 52 Real estate – construction 1,207 — 1,199 1,199 — Real estate – 1-4 family mortgage 6,173 1,385 4,225 5,610 45 Real estate – commercial mortgage 901 728 165 893 6 Installment loans to individuals 165 154 9 163 4 Totals $ 9,203 $ 2,892 $ 5,672 $ 8,564 $ 107 |
Investment and interest income recognized on impaired loans | The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,663 $ 8 $ 1,873 $ — Lease financing 335 — — — Real estate – construction — — 295 6 Real estate – 1-4 family mortgage 7,442 57 8,911 89 Real estate – commercial mortgage 5,807 38 14,487 176 Installment loans to individuals 106 1 160 2 Total $ 16,353 $ 104 $ 25,726 $ 273 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 2,653 $ 19 $ 2,187 $ — Lease financing 335 — — — Real estate – construction — — 268 6 Real estate – 1-4 family mortgage 7,507 123 8,892 110 Real estate – commercial mortgage 6,041 130 14,635 279 Installment loans to individuals 108 2 166 2 Total $ 16,644 $ 274 $ 26,148 $ 397 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-30 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 12,815 $ 192 $ 14,894 $ 252 Real estate – 1-4 family mortgage 54,634 647 72,933 759 Real estate – commercial mortgage 162,712 1,933 181,007 2,169 Installment loans to individuals 1,651 18 1,935 19 Total $ 231,812 $ 2,790 $ 270,769 $ 3,199 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 13,051 $ 417 $ 14,048 $ 487 Real estate – 1-4 family mortgage 55,293 1,320 73,656 1,582 Real estate – commercial mortgage 163,959 3,905 182,894 4,394 Installment loans to individuals 1,640 36 1,966 38 Total $ 233,943 $ 5,678 $ 272,564 $ 6,501 The following table presents the average recorded investment and interest income recognized on loans accounted for under ASC 310-20 and which are impaired loans for the periods presented: Three Months Ended Three Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 380 $ 3 $ 342 $ 1 Real estate – 1-4 family mortgage 5,135 34 4,960 47 Real estate – commercial mortgage 1,462 12 2,515 30 Installment loans to individuals 247 — 19 — Total $ 7,224 $ 49 $ 7,836 $ 78 Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial, financial, agricultural $ 383 $ 6 $ 347 $ 3 Real estate – 1-4 family mortgage 5,252 74 5,032 62 Real estate – commercial mortgage 1,479 30 2,284 51 Installment loans to individuals 247 — 21 — Total $ 7,361 $ 110 $ 7,684 $ 116 |
Impact of modifications classified as restructured loans | The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 49 $ 49 Total 1 $ 49 $ 49 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 3 $ 127 $ 126 Real estate – commercial mortgage 1 366 62 Installment loans to individuals 1 4 4 Total 5 $ 497 $ 192 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Real estate – 1-4 family mortgage 4 $ 625 $ 625 Real estate – commercial mortgage 1 83 78 Total 5 $ 708 $ 703 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 5 $ 304 $ 297 Real estate – commercial mortgage 2 453 147 Installment loans to individuals 1 4 4 Total 8 $ 761 $ 448 The following tables illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end: Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Three months ended June 30, 2018 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Total 1 $ 18 $ 17 Three months ended June 30, 2017 Real estate – 1-4 family mortgage 4 $ 463 $ 367 Total 4 $ 463 $ 367 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Six months ended June 30, 2018 Commercial, financial, agricultural 1 $ 48 $ 44 Real estate – 1-4 family mortgage 1 $ 18 $ 17 Real estate – commercial mortgage 1 8 7 Total 3 $ 74 $ 68 Six months ended June 30, 2017 Real estate – 1-4 family mortgage 14 $ 2,684 $ 2,178 Real estate – commercial mortgage 4 2,721 1,999 Total 18 $ 5,405 $ 4,177 |
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, 2018 54 $ 5,588 Additional loans with concessions 5 707 Reclassified as performing 2 154 Reductions due to: Reclassified as nonperforming (5 ) (370 ) Paid in full (5 ) (1,268 ) Principal paydowns — (126 ) Totals at June 30, 2018 51 $ 4,685 Changes in the Company’s restructured loans are set forth in the table below: Number of Loans Recorded Investment Totals at January 1, 2018 68 $ 8,965 Additional loans with concessions 3 132 Reclassified as performing restructured loan 2 23 Reductions due to: Reclassified to nonperforming loans (4 ) (425 ) Paid in full (1 ) (76 ) Principal paydowns — (486 ) Totals at June 30, 2018 68 $ 8,133 |
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 June 30, 2018 Commercial, financial, agricultural $ 576,063 $ 13,105 $ 5,015 $ 594,183 Real estate – construction 575,005 8,258 125 583,388 Real estate – 1-4 family mortgage 281,968 1,159 6,983 290,110 Real estate – commercial mortgage 2,150,721 51,372 18,826 2,220,919 Installment loans to individuals 548 — — 548 Total $ 3,584,305 $ 73,894 $ 30,949 $ 3,689,148 December 31, 2017 Commercial, financial, agricultural $ 554,943 $ 11,496 $ 4,402 $ 570,841 Real estate – construction 483,498 662 81 484,241 Real estate – 1-4 family mortgage 254,643 505 8,697 263,845 Real estate – commercial mortgage 1,983,750 50,428 24,241 2,058,419 Installment loans to individuals 921 — — 921 Total $ 3,277,755 $ 63,091 $ 37,421 $ 3,378,267 The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented: Pass Watch Substandard Total June 30, 2018 Commercial, financial, agricultural $ 168,753 $ 4,562 $ 3,262 $ 176,577 Real estate – construction 67,609 1,538 263 69,410 Real estate – 1-4 family mortgage 75,205 1,798 4,820 81,823 Real estate – commercial mortgage 708,999 14,634 9,541 733,174 Installment loans to individuals 627 — 2 629 Total $ 1,021,193 $ 22,532 $ 17,888 $ 1,061,613 December 31, 2017 Commercial, financial, agricultural $ 241,195 $ 4,974 $ 2,824 $ 248,993 Real estate – construction 81,220 — — 81,220 Real estate – 1-4 family mortgage 91,369 2,498 6,172 100,039 Real estate – commercial mortgage 827,372 17,123 9,003 853,498 Installment loans to individuals 678 — 3 681 Total $ 1,241,834 $ 24,595 $ 18,002 $ 1,284,431 |
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 June 30, 2018 Commercial, financial, agricultural $ 194,765 $ 1,415 $ 196,180 Lease financing 52,044 379 52,423 Real estate – construction 58,943 49 58,992 Real estate – 1-4 family mortgage 1,618,669 3,671 1,622,340 Real estate – commercial mortgage 333,351 685 334,036 Installment loans to individuals 104,577 70 104,647 Total $ 2,362,349 $ 6,269 $ 2,368,618 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 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 June 30, 2018 Commercial, financial, agricultural $ 10,424 $ 39 $ 10,463 Real estate – construction 1,028 — 1,028 Real estate – 1-4 family mortgage 390,746 1,704 392,450 Real estate – commercial mortgage 30,234 118 30,352 Installment loans to individuals 12,670 274 12,944 Total $ 445,102 $ 2,135 $ 447,237 December 31, 2017 Commercial, financial, agricultural $ 11,216 $ 46 $ 11,262 Real estate – construction 4,511 — 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 |
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 June 30, 2018 Commercial, financial, agricultural $ 10,415 Real estate – 1-4 family mortgage 46,376 Real estate – commercial mortgage 142,693 Installment loans to individuals 1,557 Total $ 201,041 December 31, 2017 Commercial, financial, agricultural $ 15,315 Real estate – 1-4 family mortgage 53,969 Real estate – commercial mortgage 156,338 Installment loans to individuals 1,638 Total $ 227,260 |
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 that exhibited evidence of deteriorated credit quality at the time of acquisition at June 30, 2018 : Total Purchased Credit Deteriorated Loans Contractually-required principal and interest $ 282,632 Nonaccretable difference (1) (52,424 ) Cash flows expected to be collected 230,208 Accretable yield (2) (29,167 ) Fair value $ 201,041 (1) Represents contractual principal and interest cash flows of $43,499 and $8,925 , respectively, not expected to be collected. (2) Represents contractual principal and interest cash flows of $1,579 and $27,588 , 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 as of June 30, 2018: Total Purchased Credit Deteriorated Loans Balance at January 1, 2018 $ (32,207 ) Reclassification from nonaccretable difference (3,678 ) Accretion 6,660 Charge-offs 58 Balance at June 30, 2018 $ (29,167 ) |
Fair value of loans purchased from KeyWorth | 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 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 June 30, 2018 Individually evaluated for impairment $ 2,697 $ — $ 11,561 $ 7,213 $ 686 $ 22,157 Collectively evaluated for impairment 974,706 712,818 2,375,162 3,311,268 170,505 7,544,459 Purchased with deteriorated credit quality 10,415 — 46,376 142,693 1,557 201,041 Ending balance $ 987,818 $ 712,818 $ 2,433,099 $ 3,461,174 $ 172,748 $ 7,767,657 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 Purchased 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 (1) Includes lease financing receivables. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of total non purchased and purchased loans | The following is a summary of non purchased loans and leases as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 790,363 $ 763,823 Lease financing 55,749 57,354 Real estate – construction 642,380 547,658 Real estate – 1-4 family mortgage 1,912,450 1,729,534 Real estate – commercial mortgage 2,554,955 2,390,076 Installment loans to individuals 105,195 103,452 Gross loans 6,061,092 5,591,897 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income $ 6,057,766 $ 5,588,556 The following is a summary of purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 197,455 $ 275,570 Real estate – construction 70,438 85,731 Real estate – 1-4 family mortgage 520,649 614,187 Real estate – commercial mortgage 906,219 1,037,454 Installment loans to individuals 15,130 18,824 Gross loans 1,709,891 2,031,766 Unearned income — — Loans, net of unearned income $ 1,709,891 $ 2,031,766 The following is a summary of total non purchased and purchased loans as of the dates presented: June 30, December 31, 2017 Commercial, financial, agricultural $ 987,818 $ 1,039,393 Lease financing 55,749 57,354 Real estate – construction 712,818 633,389 Real estate – 1-4 family mortgage 2,433,099 2,343,721 Real estate – commercial mortgage 3,461,174 3,427,530 Installment loans to individuals 120,325 122,276 Gross loans 7,770,983 7,623,663 Unearned income (3,326 ) (3,341 ) Loans, net of unearned income 7,767,657 7,620,322 Allowance for loan losses (47,355 ) (46,211 ) Net loans $ 7,720,302 $ 7,574,111 |
Roll forward 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 Three Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 7,071 $ 4,198 $ 11,404 $ 21,914 $ 1,814 $ 46,401 Charge-offs (457 ) — (979 ) (46 ) (99 ) (1,581 ) Recoveries 114 3 83 496 29 725 Net (charge-offs) recoveries (343 ) 3 (896 ) 450 (70 ) (856 ) Provision for loan losses charged to operations 418 501 1,149 86 (344 ) 1,810 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2018 Allowance for loan losses: Beginning balance $ 5,542 $ 3,428 $ 12,009 $ 23,384 $ 1,848 $ 46,211 Charge-offs (1,116 ) — (1,650 ) (659 ) (221 ) (3,646 ) Recoveries 349 7 216 604 54 1,230 Net (charge-offs) recoveries (767 ) 7 (1,434 ) (55 ) (167 ) (2,416 ) Provision for loan losses charged to operations 2,371 1,267 1,082 (879 ) (281 ) 3,560 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Period-End Amount Allocated to: Individually evaluated for impairment $ 417 $ — $ 76 $ 1,014 $ 8 $ 1,515 Collectively evaluated for impairment 6,404 4,702 11,053 20,036 1,389 43,584 Purchased with deteriorated credit quality 325 — 528 1,400 3 2,256 Ending balance $ 7,146 $ 4,702 $ 11,657 $ 22,450 $ 1,400 $ 47,355 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Three Months Ended June 30, 2017 Allowance for loan losses: Beginning balance $ 5,112 $ 2,119 $ 12,162 $ 22,073 $ 1,457 $ 42,923 Charge-offs (304 ) — (551 ) (434 ) (125 ) (1,414 ) Recoveries 64 3 64 717 42 890 Net (charge-offs) recoveries (240 ) 3 (487 ) 283 (83 ) (524 ) Provision for loan losses charged to operations 220 458 429 244 399 1,750 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Commercial Real Estate - Construction Real Estate - 1-4 Family Mortgage Real Estate - Commercial Mortgage Installment and Other (1) Total Six Months Ended June 30, 2017 Allowance for loan losses: Beginning balance $ 5,486 $ 2,380 $ 14,294 $ 19,059 $ 1,518 $ 42,737 Charge-offs (1,136 ) — (826 ) (661 ) (389 ) (3,012 ) Recoveries 121 34 146 812 61 1,174 Net (charge-offs) recoveries (1,015 ) 34 (680 ) 151 (328 ) (1,838 ) Provision for loan losses charged to operations 621 166 (1,510 ) 3,390 583 3,250 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 Period-End Amount Allocated to: Individually evaluated for impairment $ 166 $ 2 $ 878 $ 2,159 $ 3 $ 3,208 Collectively evaluated for impairment 4,587 2,578 10,534 19,313 1,769 38,781 Purchased with deteriorated credit quality 339 — 692 1,128 1 2,160 Ending balance $ 5,092 $ 2,580 $ 12,104 $ 22,600 $ 1,773 $ 44,149 (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 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 June 30, 2018 Individually evaluated for impairment $ 2,697 $ — $ 11,561 $ 7,213 $ 686 $ 22,157 Collectively evaluated for impairment 974,706 712,818 2,375,162 3,311,268 170,505 7,544,459 Purchased with deteriorated credit quality 10,415 — 46,376 142,693 1,557 201,041 Ending balance $ 987,818 $ 712,818 $ 2,433,099 $ 3,461,174 $ 172,748 $ 7,767,657 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 Purchased 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 (1) Includes lease financing receivables. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 Residential real estate $ 543 $ 1,540 $ 2,083 Commercial real estate 3,257 1,484 4,741 Residential land development 724 605 1,329 Commercial land development 4,482 1,069 5,551 Total $ 9,006 $ 4,698 $ 13,704 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 |
Changes in purchased and non purchased OREO | Changes in the Company’s purchased and non purchased OREO were as follows: Purchased OREO Non Purchased OREO Total OREO Balance at January 1, 2018 $ 11,524 $ 4,410 $ 15,934 Transfers of loans 515 1,776 2,291 Impairments (455 ) (294 ) (749 ) Dispositions (2,576 ) (1,193 ) (3,769 ) Other (2 ) (1 ) (3 ) Balance at June 30, 2018 $ 9,006 $ 4,698 $ 13,704 |
Components of OREO in the Consolidated Statements of Income | Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Repairs and maintenance $ 55 $ 199 $ 168 $ 396 Property taxes and insurance 37 76 149 408 Impairments 397 379 749 757 Net losses (gains) on OREO sales (239 ) 189 (143 ) (138 ) Rental income (18 ) (62 ) (34 ) (110 ) Total $ 232 $ 781 $ 889 $ 1,313 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying amounts of goodwill by operating segments | The carrying amounts of goodwill by operating segments for the six months ended June 30, 2018 were as follows: Community Banks Insurance Total Balance at January 1, 2018 $ 608,279 $ 2,767 $ 611,046 Addition to goodwill from acquisition — — — Adjustment to previously recorded goodwill — — — Balance at June 30, 2018 $ 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 June 30, 2018 Core deposit intangibles $ 54,958 $ (34,765 ) $ 20,193 Customer relationship intangible 1,970 (898 ) 1,072 Total finite-lived intangible assets $ 56,928 $ (35,663 ) $ 21,265 December 31, 2017 Core deposit intangibles $ 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 |
Current year amortization expense for finite-lived intangible assets | Current year amortization expense for finite-lived intangible assets is presented in the table below. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Amortization expense for: Core deposit intangibles $ 1,561 $ 1,460 $ 3,179 $ 2,990 Customer relationship intangible 33 33 66 66 Total intangible amortization $ 1,594 $ 1,493 $ 3,245 $ 3,056 |
Estimated amortization expense of finite-lived intangible assets | The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2018 and the succeeding four 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) | 6 Months Ended |
Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Changes in the Company's MSRs | Changes in the Company’s MSRs were as follows: Balance at January 1, 2018 $ 39,339 Capitalization 6,303 Amortization (2,403 ) Balance at June 30, 2018 $ 43,239 |
Data and key economic assumptions related to the Company's MSRs | Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented: June 30, 2018 December 31, 2017 Unpaid principal balance $ 4,315,261 $ 4,012,519 Weighted-average prepayment speed (CPR) 7.32 % 8.04 % Estimated impact of a 10% increase $ (1,792 ) $ (1,592 ) Estimated impact of a 20% increase (3,475 ) (3,095 ) Discount rate 9.42 % 9.69 % Estimated impact of a 10% increase $ (2,573 ) $ (2,027 ) Estimated impact of a 20% increase (4,937 ) (3,896 ) Weighted-average coupon interest rate 3.94 % 3.89 % Weighted-average servicing fee (basis points) 26.77 26.36 Weighted-average remaining maturity (in years) 8.35 7.98 |
Employee Benefit and Deferred35
Employee Benefit and Deferred Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Plan expense for non-contributory benefit pension plan and post-retirement health and life plans | The plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows: Pension Benefits Renasant Other Benefits Three Months Ended Three Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ — $ — $ 2 $ 1 Interest cost 256 291 7 8 Expected return on plan assets (520 ) (487 ) — — Recognized actuarial loss (gain) 77 100 — (10 ) Net periodic benefit (return) cost $ (187 ) $ (96 ) $ 9 $ (1 ) Pension Benefits Renasant Other Benefits Six Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Service cost $ — $ — $ 4 $ 4 Interest cost 522 584 16 21 Expected return on plan assets (1,038 ) (971 ) — — Recognized actuarial loss 164 200 — 3 Net periodic benefit (return) cost $ (352 ) $ (187 ) $ 20 $ 28 |
Summary of the changes in stock options and restricted stock | The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2018 : Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of period — $ — 218,075 $ 39.08 Awarded 95,183 40.89 138,061 41.91 Vested — — (56,646 ) 38.43 Cancelled (3,014 ) 40.89 (14,646 ) 41.97 Nonvested at end of period 92,169 $ 40.89 284,844 $ 40.43 The following table summarizes the changes in stock options as of and for the six months ended June 30, 2018 : Shares Weighted Average Exercise Price Options outstanding at beginning of period 89,750 $ 15.67 Granted — — Exercised (38,000 ) 15.48 Forfeited (5,000 ) 15.32 Options outstanding at end of period 46,750 $ 15.87 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 Location June 30, December 31, 2017 Derivative assets: Designated as hedging instruments Interest rate swap Other Assets $ 181 $ — Totals $ 181 $ — Not designated as hedging instruments: Interest rate contracts Other Assets $ 4,142 $ 3,171 Interest rate lock commitments Other Assets 4,699 2,756 Forward commitments Other Assets 98 50 Totals $ 8,939 $ 5,977 Derivative liabilities: Designated as hedging instruments: Interest rate swaps Other Liabilities $ 1,047 $ 2,536 Totals $ 1,047 $ 2,536 Not designated as hedging instruments: Interest rate contracts Other Liabilities $ 4,142 $ 3,171 Interest rate lock commitments Other Liabilities 1 4 Forward commitments Other Liabilities 1,301 328 Totals $ 5,444 $ 3,503 |
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 periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Derivatives not designated as hedging instruments: Interest rate contracts: Included in interest income on loans $ 1,038 $ 690 $ 2,024 $ 1,369 Interest rate lock commitments: Included in mortgage banking income (238 ) (1,538 ) 1,946 1,315 Forward commitments Included in mortgage banking income (1,012 ) 2,256 (924 ) (3,613 ) Total $ (212 ) $ 1,408 $ 3,046 $ (929 ) |
Gross and net derivative positions, including pledged collateral | 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: Offsetting Derivative Assets Offsetting Derivative Liabilities June 30, December 31, 2017 June 30, December 31, 2017 Gross amounts recognized $ 3,659 $ 717 $ 3,111 $ 5,303 Gross amounts offset in the Consolidated Balance Sheets — — — — Net amounts presented in the Consolidated Balance Sheets 3,659 717 3,111 5,303 Gross amounts not offset in the Consolidated Balance Sheets Financial instruments 884 717 884 717 Financial collateral pledged — — 175 4,357 Net amounts $ 2,775 $ — $ 2,052 $ 229 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Significant components of the Company's deferred tax assets and liabilities | The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented. June 30, December 31, 2018 2017 2017 Deferred tax assets Allowance for loan losses $ 15,800 $ 20,566 $ 13,966 Loans 11,789 19,575 15,062 Deferred compensation 7,098 9,845 7,093 Securities — 2,440 3,659 Net unrealized losses on securities - OCI 6,916 6,670 — Impairment of assets 1,791 1,986 1,748 Federal and State net operating loss carryforwards 1,297 3,081 2,419 Intangibles — 1,758 — Other 4,310 3,577 4,722 Total deferred tax assets 49,001 69,498 48,669 Deferred tax liabilities Investment in partnerships 548 1,272 757 Fixed assets 3,073 1,875 3,163 Mortgage servicing rights 11,224 3,360 10,139 Junior subordinated debt 2,352 4,004 2,394 Other 1,665 2,000 1,859 Total deferred tax liabilities 18,862 12,511 18,312 Net deferred tax assets $ 30,139 $ 56,987 $ 30,357 |
Investments in Qualified Affo38
Investments in Qualified Affordable Housing Projects (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Components of qualified affordable housing projects included in income taxes | Components of the Company’s investments in QAHPs were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Tax credit amortization $ 410 $ 262 $ 804 $ 523 Tax credits and other benefits (572 ) (388 ) (1,145 ) (848 ) Total $ (162 ) $ (126 ) $ (341 ) $ (325 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value 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 June 30, 2018 Financial assets: Securities available for sale: Obligations of other U.S. Government agencies and corporations $ — $ 3,515 $ — $ 3,515 Obligations of states and political subdivisions — 220,876 — $ 220,876 Residential mortgage-backed securities: Government agency mortgage backed securities — 483,125 — 483,125 Government agency collateralized mortgage obligations — 296,005 — 296,005 Commercial mortgage-backed securities: Government agency mortgage backed securities — 27,189 — 27,189 Government agency collateralized mortgage obligations — 24,321 — 24,321 Trust preferred securities — — 10,401 10,401 Other debt securities — 23,347 — 23,347 Total securities available for sale — 1,078,378 10,401 1,088,779 Derivative instruments: Interest rate swaps — 181 — 181 Interest rate contracts — 4,142 — 4,142 Interest rate lock commitments — 4,699 — 4,699 Forward commitments — 98 — 98 Total derivative instruments — 9,120 — 9,120 Mortgage loans held for sale — 245,046 — 245,046 Total financial assets $ — $ 1,332,544 $ 10,401 $ 1,342,945 Financial liabilities: Derivative instruments: Interest rate swaps $ — $ 1,047 $ — $ 1,047 Interest rate contracts — 4,142 — 4,142 Interest rate lock commitments — 1 — 1 Forward commitments — 1,301 — 1,301 Total derivative instruments — 6,491 — 6,491 Total financial liabilities $ — $ 6,491 $ — $ 6,491 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 swaps $ — $ 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 |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented: Three Months Ended June 30, 2018 Trust preferred securities Balance at April 1, 2018 $ 10,045 Accretion included in net income 8 Unrealized gains included in other comprehensive income 383 Purchases — Sales — Issues — Settlements (35 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Three Months Ended June 30, 2017 Trust preferred securities Balance at April 1, 2017 $ 17,823 Accretion included in net income 38 Unrealized gains included in other comprehensive income 22 Purchases — Sales — Issues — Settlements (891 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2017 $ 16,992 Six Months Ended June 30, 2018 Trust preferred securities Balance at January 1, 2018 $ 9,388 Accretion included in net income 17 Unrealized gains included in other comprehensive income 1,052 Purchases — Sales — Issues — Settlements (56 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2018 $ 10,401 Six Months Ended June 30, 2017 Trust preferred securities Balance at January 1, 2017 $ 18,389 Accretion included in net income 46 Unrealized losses included in other comprehensive income 559 Reclassification adjustment — Purchases — Sales — Issues — Settlements (2,002 ) Transfers into Level 3 — Transfers out of Level 3 — Balance at June 30, 2017 $ 16,992 |
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 June 30, 2018 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 $ 10,401 Discounted cash flows Default rate 0-100% |
Assets measured at fair value on a nonrecurring basis | The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified: June 30, 2018 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 3,964 $ 3,964 OREO — — 2,662 2,662 Total $ — $ — $ 6,626 $ 6,626 December 31, 2017 Level 1 Level 2 Level 3 Totals Impaired loans $ — $ — $ 9,251 $ 9,251 OREO — — 7,392 7,392 Total $ — $ — $ 16,643 $ 16,643 |
OREO measured at fair value on a nonrecurring basis | The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented: June 30, December 31, 2017 Carrying amount prior to remeasurement $ 3,212 $ 8,732 Impairment recognized in results of operations (550 ) (1,340 ) Fair value $ 2,662 $ 7,392 |
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 June 30, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Range of Inputs Impaired loans $ 3,964 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4-10% OREO 2,662 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 June 30, 2018 : Aggregate Fair Value Aggregate Unpaid Principal Balance Difference Mortgage loans held for sale measured at fair value $ 245,046 $ 237,373 $ 7,673 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 As of June 30, 2018 Carrying Value Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 292,952 $ 292,952 $ — $ — $ 292,952 Securities available for sale 1,088,779 — 1,078,378 10,401 1,088,779 Mortgage loans held for sale 245,046 — 245,046 — 245,046 Loans, net 7,720,302 — — 7,608,411 7,608,411 Mortgage servicing rights 43,239 — — 57,575 57,575 Derivative instruments 9,120 — 9,120 — 9,120 Financial liabilities Deposits $ 8,380,720 $ 6,508,375 $ 1,867,633 $ — $ 8,376,008 Short-term borrowings 313,393 313,393 — — 313,393 Other long-term borrowings 73 73 — — 73 Federal Home Loan Bank advances 7,082 — 7,135 — 7,135 Junior subordinated debentures 86,155 — 82,166 — 82,166 Subordinated notes 114,044 — 116,650 — 116,650 Derivative instruments 6,491 — 6,491 — 6,491 Fair Value As of December 31, 2017 Carrying Value Level 1 Level 2 Level 3 Total 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 |
Other Comprehensive Income (L40
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in the components of other comprehensive income (loss) | Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented: Pre-Tax Tax Expense (Benefit) Net of Tax Three months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (4,025 ) $ (1,025 ) $ (3,000 ) Total securities available for sale (4,025 ) (1,025 ) (3,000 ) Derivative instruments: Unrealized holding gains on derivative instruments 519 132 387 Total derivative instruments 519 132 387 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 77 20 57 Total defined benefit pension and post-retirement benefit plans 77 20 57 Total other comprehensive loss $ (3,429 ) $ (873 ) $ (2,556 ) Three months ended June 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 4,188 $ 1,619 $ 2,569 Amortization of unrealized holding gains on securities transferred to the held to maturity category (29 ) (11 ) (18 ) Total securities available for sale 4,159 1,608 2,551 Derivative instruments: Unrealized holding losses on derivative instruments (270 ) (105 ) (165 ) Total derivative instruments (270 ) (105 ) (165 ) Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 91 35 56 Total defined benefit pension and post-retirement benefit plans 91 35 56 Total other comprehensive income $ 3,980 $ 1,538 $ 2,442 Pre-Tax Tax Expense (Benefit) Net of Tax Six months ended June 30, 2018 Securities available for sale: Unrealized holding losses on securities $ (14,634 ) $ (3,725 ) $ (10,909 ) Total securities available for sale (14,634 ) (3,725 ) (10,909 ) Derivative instruments: Unrealized holding gains on derivative instruments 1,670 425 1,245 Total derivative instruments 1,670 425 1,245 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 164 41 123 Total defined benefit pension and post-retirement benefit plans 164 41 123 Total other comprehensive loss $ (12,800 ) $ (3,259 ) $ (9,541 ) Six months ended June 30, 2017 Securities available for sale: Unrealized holding gains on securities $ 8,927 $ 3,451 $ 5,476 Amortization of unrealized holding gains on securities transferred to the held to maturity category (275 ) (106 ) (169 ) Total securities available for sale 8,652 3,345 5,307 Derivative instruments: Unrealized holding gains on derivative instruments 6 2 4 Total derivative instruments 6 2 4 Defined benefit pension and post-retirement benefit plans: Amortization of net actuarial loss recognized in net periodic pension cost 204 79 125 Total defined benefit pension and post-retirement benefit plans 204 79 125 Total other comprehensive income $ 8,862 $ 3,426 $ 5,436 |
Accumulated balances for each component of other comprehensive income (loss), net of tax | The accumulated balances for each component of other comprehensive income (loss), net of tax, were as follows as of the dates presented: June 30, December 31, 2017 Unrealized gains (losses) on securities $ (1,540 ) $ 7,363 Non-credit related portion of other-than-temporary impairment on securities (11,319 ) (9,313 ) Unrealized gains (losses) on derivative instruments 250 (995 ) Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations (7,443 ) (7,566 ) Total accumulated other comprehensive loss $ (20,052 ) $ (10,511 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: Three Months Ended June 30, 2018 2017 Basic Net income applicable to common stock $ 36,710 $ 25,284 Average common shares outstanding 49,413,754 44,415,423 Net income per common share - basic $ 0.74 $ 0.57 Diluted Net income applicable to common stock $ 36,710 $ 25,284 Average common shares outstanding 49,413,754 44,415,423 Effect of dilutive stock-based compensation 136,007 108,118 Average common shares outstanding - diluted 49,549,761 44,523,541 Net income per common share - diluted $ 0.74 $ 0.57 Six Months Ended June 30, 2018 2017 Basic Net income applicable to common stock $ 70,536 $ 49,256 Average common shares outstanding 49,385,244 44,390,021 Net income per common share - basic $ 1.43 $ 1.11 Diluted Net income applicable to common stock $ 70,536 $ 49,256 Average common shares outstanding 49,385,244 44,390,021 Effect of dilutive stock-based compensation 136,801 110,259 Average common shares outstanding - diluted 49,522,045 44,500,280 Net income per common share - diluted $ 1.42 $ 1.11 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Guidelines governing the classification of 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 Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% |
Capital and risk-based capital and leverage ratios | The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented: June 30, 2018 December 31, 2017 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 1,034,498 10.63 % $ 979,604 10.18 % Common Equity Tier 1 Capital to Risk-Weighted Assets 951,490 11.71 % 896,733 11.34 % Tier 1 Capital to Risk-Weighted Assets 1,034,498 12.73 % 979,604 12.39 % Total Capital to Risk-Weighted Assets 1,198,046 14.75 % 1,142,926 14.46 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 1,057,998 10.89 % $ 1,000,715 10.42 % Common Equity Tier 1 Capital to Risk-Weighted Assets 1,057,998 13.04 % 1,000,715 12.69 % Tier 1 Capital to Risk-Weighted Assets 1,057,998 13.04 % 1,000,715 12.69 % Total Capital to Risk-Weighted Assets 1,108,178 13.66 % 1,050,751 13.32 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Financial information for the company's operating segments | The following table provides financial information for the Company’s operating segments as of and for the periods presented: Community Banks Insurance Wealth Management Other Consolidated Three months ended June 30, 2018 Net interest income (loss) $ 94,676 $ 118 $ 315 $ (2,720 ) $ 92,389 Provision for loan losses 1,810 — — — 1,810 Noninterest income 29,949 2,148 3,714 (230 ) 35,581 Noninterest expense 73,628 1,819 3,213 366 79,026 Income (loss) before income taxes 49,187 447 816 (3,316 ) 47,134 Income tax expense (benefit) 11,165 116 — (857 ) 10,424 Net income (loss) $ 38,022 $ 331 $ 816 $ (2,459 ) $ 36,710 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Three months ended June 30, 2017 Net interest income (loss) $ 81,392 $ 124 $ 524 $ (2,437 ) $ 79,603 Provision for loan losses 1,750 — — — 1,750 Noninterest income 28,592 2,264 3,267 142 34,265 Noninterest expense 70,018 1,766 2,905 152 74,841 Income (loss) before income taxes 38,216 622 886 (2,447 ) 37,277 Income tax expense (benefit) 12,712 238 — (957 ) 11,993 Net income (loss) $ 25,504 $ 384 $ 886 $ (1,490 ) $ 25,284 Total assets $ 8,776,737 $ 24,746 $ 58,156 $ 12,633 $ 8,872,272 Goodwill $ 467,767 $ 2,767 — — $ 470,534 Community Banks Insurance Wealth Management Other Consolidated Six months ended June 30, 2018 Net interest income (loss) $ 186,103 $ 224 $ 628 $ (5,326 ) $ 181,629 Provision for loan losses 3,560 — — 3,560 Noninterest income (loss) 57,867 4,920 7,241 (494 ) 69,534 Noninterest expense 146,261 3,550 6,605 554 156,970 Income (loss) before income taxes 94,149 1,594 1,264 (6,374 ) 90,633 Income tax expense (benefit) 21,332 413 — (1,648 ) 20,097 Net income (loss) $ 72,817 $ 1,181 $ 1,264 $ (4,726 ) $ 70,536 Total assets $ 10,439,785 $ 24,513 $ 61,869 $ 18,308 $ 10,544,475 Goodwill $ 608,279 $ 2,767 — — $ 611,046 Six months ended June 30, 2017 Net interest income (loss) $ 157,348 $ 216 $ 1,011 $ (4,957 ) $ 153,618 Provision for loan losses 3,250 — — — 3,250 Noninterest income 55,170 4,813 6,386 (83 ) 66,286 Noninterest expense 134,239 3,458 5,901 552 144,150 Income (loss) before income taxes 75,029 1,571 1,496 (5,592 ) 72,504 Income tax expense (benefit) 24,822 613 — (2,187 ) 23,248 Net income (loss) $ 50,207 $ 958 $ 1,496 $ (3,405 ) $ 49,256 Total assets $ 8,776,737 $ 24,746 $ 58,156 $ 12,633 $ 8,872,272 Goodwill $ 467,767 $ 2,767 — — $ 470,534 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) | Jul. 01, 2017USD ($)branchshares | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)branch | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Assets | $ 10,544,475,000 | $ 9,829,981,000 | $ 8,872,272,000 | ||
Deposits | 8,380,720,000 | 7,921,075,000 | |||
Goodwill resulting from merger | $ 611,046,000 | $ 611,046,000 | $ 470,534,000 | ||
Metropolitan Bancgroup, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash settlement for stock options | $ 4,764,000 | ||||
Transaction value | $ 219,461,000 | ||||
Shares issued to common shareholders (in shares) | shares | 4,883,182 | ||||
Voting interest acquired (percent) | 100.00% | ||||
Number of locations acquired | branch | 8 | ||||
Intangible assets, including goodwill | $ 147,478,000 | ||||
Goodwill resulting from merger | 140,512,000 | ||||
Core deposit intangible | $ 6,966,000 | ||||
Weighted average useful life (in years) | 10 years | ||||
Scenario, Forecast | Brand Bank | |||||
Business Acquisition [Line Items] | |||||
Entity shares issued per acquiree share (in shares) | shares | 31.72 | ||||
Amount paid per acquiree share (in dollars per share) | $ / shares | $ 74.57 | ||||
Cash settlement for stock options | $ 1,519,000 | ||||
Brand | |||||
Business Acquisition [Line Items] | |||||
Number of locations | branch | 13 | ||||
Assets | $ 2,240,000,000 | ||||
Loans | 1,730,000,000 | ||||
Deposits | $ 1,800,000,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | $ 1,106,028 | $ 674,104 | $ 2,946 |
Gross Unrealized Gains | 4,546 | 7,872 | |
Gross Unrealized Losses | (21,795) | (10,488) | |
Fair Value | 1,088,779 | 671,488 | |
Trust preferred securities | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 12,402 | 12,442 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (2,001) | (3,054) | |
Fair Value | 10,401 | 9,388 | |
Other debt securities | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 23,555 | 17,106 | |
Gross Unrealized Gains | 94 | 260 | |
Gross Unrealized Losses | (302) | (76) | |
Fair Value | 23,347 | 17,290 | |
Obligations of other U.S. Government agencies and corporations | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 3,545 | 3,554 | |
Gross Unrealized Gains | 19 | 40 | |
Gross Unrealized Losses | (49) | (30) | |
Fair Value | 3,515 | 3,564 | |
Obligations of states and political subdivisions | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 217,847 | 228,589 | |
Gross Unrealized Gains | 3,787 | 6,161 | |
Gross Unrealized Losses | (758) | (269) | |
Fair Value | 220,876 | 234,481 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 493,001 | 196,121 | |
Gross Unrealized Gains | 336 | 888 | |
Gross Unrealized Losses | (10,212) | (3,059) | |
Fair Value | 483,125 | 193,950 | |
Government agency mortgage backed securities | Commercial mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 27,468 | 31,015 | |
Gross Unrealized Gains | 251 | 389 | |
Gross Unrealized Losses | (530) | (234) | |
Fair Value | 27,189 | 31,170 | |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 303,625 | 180,258 | |
Gross Unrealized Gains | 59 | 133 | |
Gross Unrealized Losses | (7,679) | (3,752) | |
Fair Value | 296,005 | 176,639 | |
Government agency collateralized mortgage obligations | Commercial mortgage backed securities: | |||
Amortized cost and fair value of securities available for sale | |||
Amortized Cost | 24,585 | 5,019 | |
Gross Unrealized Gains | 0 | 1 | |
Gross Unrealized Losses | (264) | (14) | |
Fair Value | $ 24,321 | $ 5,006 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of the Allocation of Purchase Price to Assets and Liabilities Acquired (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed: | ||||
Goodwill resulting from merger | $ 611,046 | $ 611,046 | $ 470,534 | |
Metropolitan Bancgroup, Inc. | ||||
Purchase Price: | ||||
Shares issued to common shareholders (in shares) | 4,883,182 | |||
Purchase price per share (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, net of taxes | 1,102 | |||
Total Purchase Price | 219,461 | |||
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 | 140,512 | |||
Metropolitan Bancgroup, Inc. | Metropolitan Bancgroup, Inc. | ||||
Net Assets Acquired: | ||||
Stockholders’ equity at acquisition date | $ 89,253 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($)securityinstitution | Dec. 31, 2017USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale debt securities | $ 2,946,000 | $ 1,106,028,000 | $ 674,104,000 |
Sale proceeds | $ 2,946,000 | ||
Fair Value | $ 1,088,779,000 | 671,488,000 | |
Number of institutions issuing debt | institution | 160 | ||
Trust preferred securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale debt securities | $ 12,402,000 | 12,442,000 | |
Fair Value | $ 10,401,000 | 9,388,000 | |
Number of securities representing interests in tranches of trusts (tranches) | security | 2 | ||
Impairments | $ 0 | ||
Secure government, public and trust deposits | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | 443,011,000 | 217,867,000 | |
Short-term borrowings | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | $ 18,278,000 | $ 25,888,000 |
Mergers and Acquisitions - Su48
Mergers and Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - 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 |
Securities - Amortized Cost a49
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Amortized Cost | |||
Due within one year | $ 41,602 | ||
Due after one year through five years | 54,549 | ||
Due after five years through ten years | 80,531 | ||
Due after ten years | 65,931 | ||
Amortized Cost | 1,106,028 | $ 674,104 | $ 2,946 |
Fair Value | |||
Due within one year | 42,138 | ||
Due after one year through five years | 55,472 | ||
Due after five years through ten years | 81,272 | ||
Due after ten years | 64,758 | ||
Fair Value | 1,088,779 | 671,488 | |
Other debt securities | |||
Amortized Cost | |||
Amortized Cost | 23,555 | 17,106 | |
Other debt securities, amortized cost | 14,736 | ||
Fair Value | |||
Other debt securities, fair value | 14,499 | ||
Fair Value | 23,347 | 17,290 | |
Government agency mortgage backed securities | Residential mortgage backed securities: | |||
Amortized Cost | |||
Amortized Cost | 493,001 | 196,121 | |
Fair Value | |||
Fair Value | 483,125 | 193,950 | |
Government agency mortgage backed securities | Commercial mortgage-backed securities | |||
Amortized Cost | |||
Amortized Cost | 27,468 | 31,015 | |
Fair Value | |||
Fair Value | 27,189 | 31,170 | |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | |||
Amortized Cost | |||
Amortized Cost | 303,625 | 180,258 | |
Fair Value | |||
Fair Value | 296,005 | 176,639 | |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | |||
Amortized Cost | |||
Amortized Cost | 24,585 | 5,019 | |
Fair Value | |||
Fair Value | $ 24,321 | $ 5,006 |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro Forma Combined Condensed Consolidated Financial Information (Details) - Metropolitan Bancgroup, Inc. - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | ||
Net interest income - pro forma | $ 181,629 | $ 173,508 |
Net income - pro forma | $ 70,536 | $ 46,912 |
Earnings per share - pro forma: | ||
Basic (usd per share) | $ 1.43 | $ 1 |
Diluted (usd per share) | $ 1.42 | $ 1 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value by Investment Category (Details) $ in Thousands | Jun. 30, 2018USD ($)security | Dec. 31, 2017USD ($)security |
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 231 | 91 |
Fair Value, Less than 12 Months | $ 622,240 | $ 190,832 |
Unrealized Losses, Less than 12 Months | $ (10,107) | $ (2,234) |
Number of positions, 12 Months or More | security | 103 | 94 |
Fair value, 12 Months or More | $ 194,840 | $ 183,115 |
Unrealized Losses, 12 Months or More | $ (11,688) | $ (8,254) |
Number of positions | security | 334 | 185 |
Fair value | $ 817,080 | $ 373,947 |
Unrealized Losses | $ (21,795) | $ (10,488) |
Trust preferred securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 0 | 0 |
Fair Value, Less than 12 Months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 Months | $ 0 | $ 0 |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 10,401 | $ 9,388 |
Unrealized Losses, 12 Months or More | $ (2,001) | $ (3,054) |
Number of positions | security | 2 | 2 |
Fair value | $ 10,401 | $ 9,388 |
Unrealized Losses | $ (2,001) | $ (3,054) |
Other debt securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 10 | 2 |
Fair Value, Less than 12 Months | $ 10,011 | $ 756 |
Unrealized Losses, Less than 12 Months | $ (110) | $ (12) |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 5,815 | $ 6,308 |
Unrealized Losses, 12 Months or More | $ (192) | $ (64) |
Number of positions | security | 12 | 4 |
Fair value | $ 15,826 | $ 7,064 |
Unrealized Losses | $ (302) | $ (76) |
Obligations of other U.S. Government agencies and corporations | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 1 | 1 |
Fair Value, Less than 12 Months | $ 492 | $ 497 |
Unrealized Losses, Less than 12 Months | $ (8) | $ (3) |
Number of positions, 12 Months or More | security | 2 | 2 |
Fair value, 12 Months or More | $ 1,980 | $ 1,999 |
Unrealized Losses, 12 Months or More | $ (41) | $ (27) |
Number of positions | security | 3 | 3 |
Fair value | $ 2,472 | $ 2,496 |
Unrealized Losses | $ (49) | $ (30) |
Obligations of states and political subdivisions | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 51 | 23 |
Fair Value, Less than 12 Months | $ 32,251 | $ 11,860 |
Unrealized Losses, Less than 12 Months | $ (386) | $ (59) |
Number of positions, 12 Months or More | security | 13 | 12 |
Fair value, 12 Months or More | $ 7,800 | $ 7,728 |
Unrealized Losses, 12 Months or More | $ (372) | $ (210) |
Number of positions | security | 64 | 35 |
Fair value | $ 40,051 | $ 19,588 |
Unrealized Losses | $ (758) | $ (269) |
Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 105 | 29 |
Fair Value, Less than 12 Months | $ 361,859 | $ 64,595 |
Unrealized Losses, Less than 12 Months | $ (5,623) | $ (659) |
Number of positions, 12 Months or More | security | 47 | 44 |
Fair value, 12 Months or More | $ 88,914 | $ 89,414 |
Unrealized Losses, 12 Months or More | $ (4,589) | $ (2,400) |
Number of positions | security | 152 | 73 |
Fair value | $ 450,773 | $ 154,009 |
Unrealized Losses | $ (10,212) | $ (3,059) |
Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 8 | 2 |
Fair Value, Less than 12 Months | $ 14,530 | $ 5,629 |
Unrealized Losses, Less than 12 Months | $ (178) | $ (17) |
Number of positions, 12 Months or More | security | 3 | 3 |
Fair value, 12 Months or More | $ 5,659 | $ 5,872 |
Unrealized Losses, 12 Months or More | $ (352) | $ (217) |
Number of positions | security | 11 | 5 |
Fair value | $ 20,189 | $ 11,501 |
Unrealized Losses | $ (530) | $ (234) |
Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 52 | 33 |
Fair Value, Less than 12 Months | $ 178,776 | $ 102,509 |
Unrealized Losses, Less than 12 Months | $ (3,538) | $ (1,470) |
Number of positions, 12 Months or More | security | 34 | 29 |
Fair value, 12 Months or More | $ 74,271 | $ 62,406 |
Unrealized Losses, 12 Months or More | $ (4,141) | $ (2,282) |
Number of positions | security | 86 | 62 |
Fair value | $ 253,047 | $ 164,915 |
Unrealized Losses | $ (7,679) | $ (3,752) |
Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Available for Sale: | ||
Number of positions, Less than 12 Months | security | 4 | 1 |
Fair Value, Less than 12 Months | $ 24,321 | $ 4,986 |
Unrealized Losses, Less than 12 Months | $ (264) | $ (14) |
Number of positions, 12 Months or More | security | 0 | 0 |
Fair value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of positions | security | 4 | 1 |
Fair value | $ 24,321 | $ 4,986 |
Unrealized Losses | $ (264) | $ (14) |
Securities - Investments in Poo
Securities - Investments in Pooled Trust Preferred Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Investments in pooled trust preferred securities | |||
Amortized Cost | $ 1,106,028 | $ 674,104 | $ 2,946 |
Fair Value | 1,088,779 | 671,488 | |
Trust preferred securities | |||
Investments in pooled trust preferred securities | |||
Amortized Cost | 12,402 | 12,442 | |
Fair Value | 10,401 | $ 9,388 | |
Unrealized Loss | (2,001) | ||
XXIII | |||
Investments in pooled trust preferred securities | |||
Amortized Cost | 8,313 | ||
Fair Value | 6,751 | ||
Unrealized Loss | $ (1,562) | ||
Issuers Currently in Deferral or Default | 16.00% | ||
XXVI | |||
Investments in pooled trust preferred securities | |||
Amortized Cost | $ 4,089 | ||
Fair Value | 3,650 | ||
Unrealized Loss | $ (439) | ||
Issuers Currently in Deferral or Default | 19.00% |
Securities - Cumulative Credit
Securities - Cumulative Credit Related Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cumulative credit related losses recognized in earnings | ||
Beginning balance | $ (261) | $ (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 | 0 | 3,076 |
Ending balance | $ (261) | $ (261) |
Non Purchased Loans - Summary o
Non Purchased Loans - Summary of Non-Purchased Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Summary of loans | ||
Gross loans | $ 7,770,983 | $ 7,623,663 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 7,767,657 | 7,620,322 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 987,818 | 1,039,393 |
Loans, net of unearned income | 987,818 | 1,039,393 |
Lease financing | ||
Summary of loans | ||
Gross loans | 55,749 | 57,354 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 712,818 | 633,389 |
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,433,099 | 2,343,721 |
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,461,174 | 3,427,530 |
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 120,325 | 122,276 |
Loans, net of unearned income | 172,748 | 176,289 |
Non purchased loans and leases | ||
Summary of loans | ||
Gross loans | 6,061,092 | 5,591,897 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 6,057,766 | 5,588,556 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 790,363 | 763,823 |
Non purchased loans and leases | Lease financing | ||
Summary of loans | ||
Gross loans | 55,749 | 57,354 |
Non purchased loans and leases | Real estate – construction | ||
Summary of loans | ||
Gross loans | 642,380 | 547,658 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 1,912,450 | 1,729,534 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 2,554,955 | 2,390,076 |
Non purchased loans and leases | Installment loans to individuals | ||
Summary of loans | ||
Gross loans | $ 105,195 | $ 103,452 |
Non Purchased Loans - Narrative
Non Purchased Loans - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ 47,355,000 | $ 46,211,000 | |
Non purchased loans and leases | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Mortgage and commercial loans discontinued past due period | 90 days | ||
Consumer and other retail loans charged-off past due period | 120 days | ||
Threshold for impairment measurement | $ 500,000 | ||
Troubled debt restructured | $ 4,685,000 | $ 156,000 | $ 5,588,000 |
Nonperforming loans charged-off past due period | 90 days | ||
Number of restructured loans | loan | 2 | 1 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Remaining availability under commitments to lend additional funds on restructured loans | $ 22,000 | $ 0 | |
Non purchased loans and leases | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | 468,000 | 71,000 | |
Non purchased loans and leases | Restructured Loans | |||
Loans and Allowance for Loan Losses (Additional Textual) [Abstract] | |||
Outstanding balance of restructured loans | 2,417,000 | 4,409,000 | |
Allowance for loan losses attributable to restructured loans | $ 37,000 | $ 238,000 |
Non Purchased Loans - Aging of
Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Past due and nonaccrual loans | ||
Total loans, gross | $ 7,770,983 | $ 7,623,663 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 7,767,657 | 7,620,322 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 987,818 | 1,039,393 |
Loans, net of unearned income | 987,818 | 1,039,393 |
Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 55,749 | 57,354 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 712,818 | 633,389 |
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,433,099 | 2,343,721 |
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 3,461,174 | 3,427,530 |
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 120,325 | 122,276 |
Loans, net of unearned income | 172,748 | 176,289 |
Non purchased loans and leases | ||
Past due and nonaccrual loans | ||
Total loans, gross | 6,061,092 | 5,591,897 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 6,057,766 | 5,588,556 |
Non purchased loans and leases | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Total loans, gross | 790,363 | 763,823 |
Non purchased loans and leases | Lease financing | ||
Past due and nonaccrual loans | ||
Total loans, gross | 55,749 | 57,354 |
Non purchased loans and leases | Real estate – construction | ||
Past due and nonaccrual loans | ||
Total loans, gross | 642,380 | 547,658 |
Non purchased loans and leases | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 1,912,450 | 1,729,534 |
Non purchased loans and leases | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Total loans, gross | 2,554,955 | 2,390,076 |
Non purchased loans and leases | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Total loans, gross | 105,195 | 103,452 |
Non purchased loans and leases | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 6,035,042 | 5,558,312 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 6,048,845 | 5,578,306 |
Non purchased loans and leases | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 786,645 | 759,143 |
Total loans, gross | 788,370 | 761,887 |
Non purchased loans and leases | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 55,082 | 57,148 |
Total loans, gross | 55,414 | 57,195 |
Non purchased loans and leases | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 642,058 | 547,608 |
Total loans, gross | 642,380 | 547,658 |
Non purchased loans and leases | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,901,680 | 1,712,982 |
Total loans, gross | 1,910,264 | 1,726,986 |
Non purchased loans and leases | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 2,548,264 | 2,381,871 |
Total loans, gross | 2,550,587 | 2,384,519 |
Non purchased loans and leases | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 104,639 | 102,901 |
Total loans, gross | 105,156 | 103,402 |
Non purchased loans and leases | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,772 | 4,129 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 8,921 | 10,250 |
Non purchased loans and leases | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Current Loans | 93 | 698 |
Total loans, gross | 1,993 | 1,936 |
Non purchased loans and leases | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 335 | 159 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Total loans, gross | 0 | 0 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 742 | 730 |
Total loans, gross | 2,186 | 2,548 |
Non purchased loans and leases | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Current Loans | 1,927 | 2,680 |
Total loans, gross | 4,368 | 5,557 |
Non purchased loans and leases | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Current Loans | 10 | 21 |
Total loans, gross | 39 | 50 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 11,613 | 16,979 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 1,575 | 2,722 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 288 | 47 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 273 | 50 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 6,921 | 11,810 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,069 | 1,921 |
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 487 | 429 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 306 | 206 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 205 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 286 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 14 | 0 |
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 6 | 1 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 2,190 | 3,015 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 150 | 22 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 44 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 49 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 1,663 | 2,194 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 254 | 727 |
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | 30 | 72 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Loans past due | 5,843 | 5,915 |
Unearned income | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans past due | 1,900 | 1,033 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Lease financing | ||
Past due and nonaccrual loans | ||
Loans past due | 335 | 159 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 1,158 | 1,818 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans past due | 2,427 | 2,877 |
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans past due | $ 23 | $ 28 |
Non Purchased Loans - Impaired
Non Purchased Loans - Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Impaired loans | ||
Unpaid Contractual Principal Balance | $ 20,044 | $ 26,382 |
Recorded Investment With Allowance | 14,147 | 21,040 |
Recorded Investment With No Allowance | 1,316 | 703 |
Total Recorded Investment | 15,463 | 21,743 |
Related Allowance | 1,393 | 2,567 |
Commercial, financial, agricultural | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 2,634 | 3,043 |
Recorded Investment With Allowance | 2,319 | 2,365 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 2,319 | 2,365 |
Related Allowance | 376 | 138 |
Lease financing | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 335 | 159 |
Recorded Investment With Allowance | 335 | 159 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 335 | 159 |
Related Allowance | 4 | 2 |
Real estate – construction | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 0 | 578 |
Recorded Investment With Allowance | 0 | 578 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 0 | 578 |
Related Allowance | 0 | 4 |
Real estate – 1-4 family mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 8,065 | 10,018 |
Recorded Investment With Allowance | 6,935 | 8,169 |
Recorded Investment With No Allowance | 0 | 703 |
Total Recorded Investment | 6,935 | 8,872 |
Related Allowance | 64 | 561 |
Real estate – commercial mortgage | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 8,901 | 12,463 |
Recorded Investment With Allowance | 4,454 | 9,652 |
Recorded Investment With No Allowance | 1,316 | 0 |
Total Recorded Investment | 5,770 | 9,652 |
Related Allowance | 948 | 1,861 |
Installment loans to individuals | ||
Impaired loans | ||
Unpaid Contractual Principal Balance | 109 | 121 |
Recorded Investment With Allowance | 104 | 117 |
Recorded Investment With No Allowance | 0 | 0 |
Total Recorded Investment | 104 | 117 |
Related Allowance | $ 1 | $ 1 |
Non Purchased Loans - Investmen
Non Purchased Loans - Investment and Interest Income Recognized on Impaired Loans (Details) - Non purchased loans and leases - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | $ 16,353 | $ 25,726 | $ 16,644 | $ 26,148 |
Interest Income Recognized | 104 | 273 | 274 | 397 |
Commercial, financial, agricultural | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 2,663 | 1,873 | 2,653 | 2,187 |
Interest Income Recognized | 8 | 0 | 19 | 0 |
Lease financing | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 335 | 0 | 335 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Real estate – construction | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 0 | 295 | 0 | 268 |
Interest Income Recognized | 0 | 6 | 0 | 6 |
Real estate – 1-4 family mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 7,442 | 8,911 | 7,507 | 8,892 |
Interest Income Recognized | 57 | 89 | 123 | 110 |
Real estate – commercial mortgage | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 5,807 | 14,487 | 6,041 | 14,635 |
Interest Income Recognized | 38 | 176 | 130 | 279 |
Installment loans to individuals | ||||
Investment and interest income recognized on impaired loans | ||||
Average Recorded Investment | 106 | 160 | 108 | 166 |
Interest Income Recognized | $ 1 | $ 2 | $ 2 | $ 2 |
Non Purchased Loans - Impact of
Non Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 1 | 5 | 5 | 8 |
Pre- Modification Outstanding Recorded Investment | $ 49 | $ 497 | $ 708 | $ 761 |
Post- Modification Outstanding Recorded Investment | $ 49 | $ 192 | $ 703 | $ 448 |
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 3 | 4 | 5 |
Pre- Modification Outstanding Recorded Investment | $ 49 | $ 127 | $ 625 | $ 304 |
Post- Modification Outstanding Recorded Investment | $ 49 | $ 126 | $ 625 | $ 297 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | 2 | |
Pre- Modification Outstanding Recorded Investment | $ 366 | $ 83 | $ 453 | |
Post- Modification Outstanding Recorded Investment | $ 62 | $ 78 | $ 147 | |
Installment loans to individuals | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 4 | $ 4 | ||
Post- Modification Outstanding Recorded Investment | $ 4 | $ 4 |
Non Purchased Loans - Changes i
Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($)loan | Jun. 30, 2018USD ($)loan | |
Changes in restructured loans [Roll Forward] | ||
Totals at January 1, 2018 (loans) | loan | 54 | |
Additional loans with concessions (loans) | loan | 5 | |
Reclassified as performing (loans) | loan | 2 | |
Reclassified as nonperforming (loans) | loan | (5) | |
Paid in full (loans) | loan | (5) | |
Principal paydowns (loans) | loan | 0 | |
Totals at March 30, 2018 (loans) | loan | 51 | 51 |
Recorded Investment | ||
Totals at January 1, 2018 | $ | $ 5,588 | |
Additional loans with concessions | $ | 707 | |
Reclassified as performing | $ | $ 154 | |
Reclassified as nonperforming | $ | (370) | |
Paid in full | $ | (1,268) | |
Principal paydowns | $ | (126) | |
Totals at June 30, 2018 | $ | $ 4,685 | $ 4,685 |
Non Purchased Loans - Loan Port
Non Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | $ 7,767,657 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 987,818 | 1,039,393 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 172,748 | 176,289 |
Non purchased loans and leases | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 6,057,766 | 5,588,556 |
Non purchased loans and leases | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 3,689,148 | 3,378,267 |
Non purchased loans and leases | Internal Noninvestment Grade | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 594,183 | 570,841 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 583,388 | 484,241 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 290,110 | 263,845 |
Non purchased loans and leases | Internal Noninvestment Grade | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,220,919 | 2,058,419 |
Non purchased loans and leases | Internal Noninvestment Grade | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 548 | 921 |
Non purchased loans and leases | Pass | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 3,584,305 | 3,277,755 |
Non purchased loans and leases | Pass | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 576,063 | 554,943 |
Non purchased loans and leases | Pass | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 575,005 | 483,498 |
Non purchased loans and leases | Pass | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 281,968 | 254,643 |
Non purchased loans and leases | Pass | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 2,150,721 | 1,983,750 |
Non purchased loans and leases | Pass | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 548 | 921 |
Non purchased loans and leases | Watch | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 73,894 | 63,091 |
Non purchased loans and leases | Watch | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 13,105 | 11,496 |
Non purchased loans and leases | Watch | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 8,258 | 662 |
Non purchased loans and leases | Watch | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 1,159 | 505 |
Non purchased loans and leases | Watch | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 51,372 | 50,428 |
Non purchased loans and leases | Watch | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 0 | 0 |
Non purchased loans and leases | Substandard | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 30,949 | 37,421 |
Non purchased loans and leases | Substandard | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 5,015 | 4,402 |
Non purchased loans and leases | Substandard | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 125 | 81 |
Non purchased loans and leases | Substandard | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 6,983 | 8,697 |
Non purchased loans and leases | Substandard | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | 18,826 | 24,241 |
Non purchased loans and leases | Substandard | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Loans, net of unearned income | $ 0 | $ 0 |
Non Purchased Loans - Loan Po62
Non Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,767,657 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 987,818 | 1,039,393 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 172,748 | 176,289 |
Non purchased loans and leases | ||
Loan portfolio not subject to risk rating | ||
Total | 6,057,766 | 5,588,556 |
Non purchased loans and leases | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 2,368,618 | 2,210,289 |
Non purchased loans and leases | Performing and Nonperforming | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 196,180 | 192,982 |
Non purchased loans and leases | Performing and Nonperforming | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 52,423 | 54,013 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 58,992 | 63,417 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,622,340 | 1,465,689 |
Non purchased loans and leases | Performing and Nonperforming | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 334,036 | 331,657 |
Non purchased loans and leases | Performing and Nonperforming | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 104,647 | 102,531 |
Non purchased loans and leases | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,362,349 | 2,203,941 |
Non purchased loans and leases | Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 194,765 | 191,473 |
Non purchased loans and leases | Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 52,044 | 53,854 |
Non purchased loans and leases | Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 58,943 | 63,417 |
Non purchased loans and leases | Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 1,618,669 | 1,462,347 |
Non purchased loans and leases | Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 333,351 | 330,441 |
Non purchased loans and leases | Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 104,577 | 102,409 |
Non purchased loans and leases | Non- Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 6,269 | 6,348 |
Non purchased loans and leases | Non- Performing | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 1,415 | 1,509 |
Non purchased loans and leases | Non- Performing | Lease financing | ||
Loan portfolio not subject to risk rating | ||
Total | 379 | 159 |
Non purchased loans and leases | Non- Performing | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 49 | 0 |
Non purchased loans and leases | Non- Performing | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,671 | 3,342 |
Non purchased loans and leases | Non- Performing | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 685 | 1,216 |
Non purchased loans and leases | Non- Performing | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | $ 70 | $ 122 |
Purchased Loans - Summary of Pu
Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Summary of loans | ||
Gross loans | $ 7,770,983 | $ 7,623,663 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 7,767,657 | 7,620,322 |
Purchased loans | ||
Summary of loans | ||
Gross loans | 1,709,891 | 2,031,766 |
Unearned income | 0 | 0 |
Loans, net of unearned income | 1,709,891 | 2,031,766 |
Commercial, financial, agricultural | ||
Summary of loans | ||
Gross loans | 987,818 | 1,039,393 |
Loans, net of unearned income | 987,818 | 1,039,393 |
Commercial, financial, agricultural | Purchased loans | ||
Summary of loans | ||
Gross loans | 197,455 | 275,570 |
Loans, net of unearned income | 197,455 | 275,570 |
Real estate – construction | ||
Summary of loans | ||
Gross loans | 712,818 | 633,389 |
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – construction | Purchased loans | ||
Summary of loans | ||
Gross loans | 70,438 | 85,731 |
Loans, net of unearned income | 70,438 | 85,731 |
Real estate – 1-4 family mortgage | ||
Summary of loans | ||
Gross loans | 2,433,099 | 2,343,721 |
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – 1-4 family mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 520,649 | 614,187 |
Loans, net of unearned income | 520,649 | 614,187 |
Real estate – commercial mortgage | ||
Summary of loans | ||
Gross loans | 3,461,174 | 3,427,530 |
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Real estate – commercial mortgage | Purchased loans | ||
Summary of loans | ||
Gross loans | 906,219 | 1,037,454 |
Loans, net of unearned income | 906,219 | 1,037,454 |
Installment loans to individuals | ||
Summary of loans | ||
Gross loans | 120,325 | 122,276 |
Loans, net of unearned income | 172,748 | 176,289 |
Installment loans to individuals | Purchased loans | ||
Summary of loans | ||
Gross loans | 15,130 | 18,824 |
Loans, net of unearned income | $ 15,130 | $ 18,824 |
Purchased Loans - Aging of Past
Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Past due and nonaccrual loans | ||
Loans, net of unearned income | $ 7,767,657 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 987,818 | 1,039,393 |
Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 172,748 | 176,289 |
Purchased loans | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 1,709,891 | 2,031,766 |
Purchased loans | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,693,676 | 2,010,852 |
Loans, net of unearned income | 1,705,330 | 2,027,342 |
Purchased loans | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 6,163 | 10,759 |
Purchased loans | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 5,491 | 5,731 |
Purchased loans | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 2,059 | 2,612 |
Loans, net of unearned income | 4,561 | 4,424 |
Purchased loans | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 692 | 635 |
Purchased loans | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,810 | 1,177 |
Purchased loans | Commercial, financial, agricultural | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 197,455 | 275,570 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 195,614 | 273,488 |
Loans, net of unearned income | 197,022 | 275,139 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 894 | 1,119 |
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 514 | 532 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 84 | 232 |
Loans, net of unearned income | 433 | 431 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 349 | 199 |
Purchased loans | Real estate – construction | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 70,438 | 85,731 |
Purchased loans | Real estate – construction | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 69,519 | 85,316 |
Loans, net of unearned income | 70,438 | 85,731 |
Purchased loans | Real estate – construction | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 919 | 415 |
Purchased loans | Real estate – construction | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 0 | 0 |
Loans, net of unearned income | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 0 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 520,649 | 614,187 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 512,235 | 602,464 |
Loans, net of unearned income | 517,539 | 610,814 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 3,127 | 6,070 |
Purchased loans | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,177 | 2,280 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 1,614 | 2,109 |
Loans, net of unearned income | 3,110 | 3,373 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 260 | 385 |
Purchased loans | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,236 | 879 |
Purchased loans | Real estate – commercial mortgage | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 906,219 | 1,037,454 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 901,527 | 1,031,141 |
Loans, net of unearned income | 905,447 | 1,036,998 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 1,150 | 2,947 |
Purchased loans | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2,770 | 2,910 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 210 | 166 |
Loans, net of unearned income | 772 | 456 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 430 | 191 |
Purchased loans | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 132 | 99 |
Purchased loans | Installment loans to individuals | ||
Past due and nonaccrual loans | ||
Loans, net of unearned income | 15,130 | 18,824 |
Purchased loans | Installment loans to individuals | Accruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 14,781 | 18,443 |
Loans, net of unearned income | 14,884 | 18,660 |
Purchased loans | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 73 | 208 |
Purchased loans | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 30 | 9 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | ||
Past due and nonaccrual loans | ||
Current Loans | 151 | 105 |
Loans, net of unearned income | 246 | 164 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | 2 | 59 |
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due | ||
Past due and nonaccrual loans | ||
Loans past due | $ 93 | $ 0 |
Purchased Loans - Impaired Loan
Purchased Loans - Impaired Loans and Average Recorded Investment and Interest Income Recognized (Details) - Purchased - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Impaired loans | |||||
Unpaid Contractual Principal Balance | $ 7,378 | $ 7,378 | $ 9,203 | ||
Recorded Investment With Allowance | 2,563 | 2,563 | 2,892 | ||
Recorded Investment With No Allowance | 4,131 | 4,131 | 5,672 | ||
Total Recorded Investment | 6,694 | 6,694 | 8,564 | ||
Related Allowance | 122 | 122 | 107 | ||
Average Recorded Investment | 7,224 | $ 7,836 | 7,361 | $ 7,684 | |
Interest Income Recognized | 49 | 78 | 110 | 116 | |
Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 246,550 | 246,550 | 277,709 | ||
Recorded Investment With Allowance | 82,179 | 82,179 | 87,484 | ||
Recorded Investment With No Allowance | 118,862 | 118,862 | 139,776 | ||
Total Recorded Investment | 201,041 | 201,041 | 227,260 | ||
Related Allowance | 2,256 | 2,256 | 1,777 | ||
Average Recorded Investment | 231,812 | 270,769 | 233,943 | 272,564 | |
Interest Income Recognized | 2,790 | 3,199 | 5,678 | 6,501 | |
Commercial, financial, agricultural | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 439 | 439 | 757 | ||
Recorded Investment With Allowance | 329 | 329 | 625 | ||
Recorded Investment With No Allowance | 49 | 49 | 74 | ||
Total Recorded Investment | 378 | 378 | 699 | ||
Related Allowance | 41 | 41 | 52 | ||
Average Recorded Investment | 380 | 342 | 383 | 347 | |
Interest Income Recognized | 3 | 1 | 6 | 3 | |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 18,239 | 18,239 | 24,179 | ||
Recorded Investment With Allowance | 3,845 | 3,845 | 5,768 | ||
Recorded Investment With No Allowance | 6,570 | 6,570 | 9,547 | ||
Total Recorded Investment | 10,415 | 10,415 | 15,315 | ||
Related Allowance | 325 | 325 | 312 | ||
Average Recorded Investment | 12,815 | 14,894 | 13,051 | 14,048 | |
Interest Income Recognized | 192 | 252 | 417 | 487 | |
Real estate – construction | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,207 | ||||
Recorded Investment With Allowance | 0 | ||||
Recorded Investment With No Allowance | 1,199 | ||||
Total Recorded Investment | 1,199 | ||||
Related Allowance | 0 | ||||
Real estate – 1-4 family mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 5,225 | 5,225 | 6,173 | ||
Recorded Investment With Allowance | 700 | 700 | 1,385 | ||
Recorded Investment With No Allowance | 3,926 | 3,926 | 4,225 | ||
Total Recorded Investment | 4,626 | 4,626 | 5,610 | ||
Related Allowance | 12 | 12 | 45 | ||
Average Recorded Investment | 5,135 | 4,960 | 5,252 | 5,032 | |
Interest Income Recognized | 34 | 47 | 74 | 62 | |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 56,339 | 56,339 | 65,049 | ||
Recorded Investment With Allowance | 14,254 | 14,254 | 15,910 | ||
Recorded Investment With No Allowance | 32,122 | 32,122 | 38,059 | ||
Total Recorded Investment | 46,376 | 46,376 | 53,969 | ||
Related Allowance | 528 | 528 | 572 | ||
Average Recorded Investment | 54,634 | 72,933 | 55,293 | 73,656 | |
Interest Income Recognized | 647 | 759 | 1,320 | 1,582 | |
Real estate – commercial mortgage | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,466 | 1,466 | 901 | ||
Recorded Investment With Allowance | 1,287 | 1,287 | 728 | ||
Recorded Investment With No Allowance | 156 | 156 | 165 | ||
Total Recorded Investment | 1,443 | 1,443 | 893 | ||
Related Allowance | 66 | 66 | 6 | ||
Average Recorded Investment | 1,462 | 2,515 | 1,479 | 2,284 | |
Interest Income Recognized | 12 | 30 | 30 | 51 | |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 170,327 | 170,327 | 186,720 | ||
Recorded Investment With Allowance | 63,365 | 63,365 | 65,108 | ||
Recorded Investment With No Allowance | 79,328 | 79,328 | 91,230 | ||
Total Recorded Investment | 142,693 | 142,693 | 156,338 | ||
Related Allowance | 1,400 | 1,400 | 892 | ||
Average Recorded Investment | 162,712 | 181,007 | 163,959 | 182,894 | |
Interest Income Recognized | 1,933 | 2,169 | 3,905 | 4,394 | |
Installment loans to individuals | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 248 | 248 | 165 | ||
Recorded Investment With Allowance | 247 | 247 | 154 | ||
Recorded Investment With No Allowance | 0 | 0 | 9 | ||
Total Recorded Investment | 247 | 247 | 163 | ||
Related Allowance | 3 | 3 | 4 | ||
Average Recorded Investment | 247 | 19 | 247 | 21 | |
Interest Income Recognized | 0 | 0 | 0 | 0 | |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | |||||
Impaired loans | |||||
Unpaid Contractual Principal Balance | 1,645 | 1,645 | 1,761 | ||
Recorded Investment With Allowance | 715 | 715 | 698 | ||
Recorded Investment With No Allowance | 842 | 842 | 940 | ||
Total Recorded Investment | 1,557 | 1,557 | 1,638 | ||
Related Allowance | 3 | 3 | $ 1 | ||
Average Recorded Investment | 1,651 | 1,935 | 1,640 | 1,966 | |
Interest Income Recognized | $ 18 | $ 19 | $ 36 | $ 38 |
Purchased Loans - Impact of Mod
Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Purchased loans $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | |
Restructured loans | ||||
Number of Loans | loan | 1 | 4 | 3 | 18 |
Pre- Modification Outstanding Recorded Investment | $ 18 | $ 463 | $ 74 | $ 5,405 |
Post- Modification Outstanding Recorded Investment | $ 17 | $ 367 | $ 68 | $ 4,177 |
Commercial, financial, agricultural | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | |||
Pre- Modification Outstanding Recorded Investment | $ 48 | |||
Post- Modification Outstanding Recorded Investment | $ 44 | |||
Real estate – 1-4 family mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 4 | 1 | 14 |
Pre- Modification Outstanding Recorded Investment | $ 18 | $ 463 | $ 18 | $ 2,684 |
Post- Modification Outstanding Recorded Investment | $ 17 | $ 367 | $ 17 | $ 2,178 |
Real estate – commercial mortgage | ||||
Restructured loans | ||||
Number of Loans | loan | 1 | 4 | ||
Pre- Modification Outstanding Recorded Investment | $ 8 | $ 2,721 | ||
Post- Modification Outstanding Recorded Investment | $ 7 | $ 1,999 |
Purchased Loans - Narrative (De
Purchased Loans - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Allowance for loan losses attributable to restructured loans | $ 47,355,000 | $ 46,211,000 | |
Purchased loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 368,000 | ||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Number of restructured loans | loan | 4 | 7 | |
Remaining availability under commitments to lend additional funds on restructured loans | $ 2,000 | $ 5,000 | |
Purchased loans | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 425,000 | 534,000 | |
Purchased loans | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 684,000 | 446,000 | |
Allowance for loan losses attributable to restructured loans | $ 69,000 | $ 27,000 | |
Non purchased loans and leases | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Number of restructured loans | loan | 2 | 1 | |
Restructured loans discontinued past due period | 90 days | 90 days | |
Remaining availability under commitments to lend additional funds on restructured loans | $ 22,000 | $ 0 | |
Non purchased loans and leases | Nonaccruing Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 468,000 | 71,000 | |
Non purchased loans and leases | Restructured Loans | |||
Loans and Allowance for Loan Losses (Textual) [Abstract] | |||
Outstanding balance of restructured loans | 2,417,000 | 4,409,000 | |
Allowance for loan losses attributable to restructured loans | $ 37,000 | $ 238,000 |
Purchased Loans - Changes in Re
Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($)loan | Jun. 30, 2018USD ($)loan | |
Number of Loans | ||
Totals at January 1, 2018 (loans) | loan | 68 | |
Additional loans with concessions (loans) | loan | 3 | |
Reclassified as performing restructured loan (loan) | loan | 2 | |
Reclassified to nonperforming loans (loans) | loan | (4) | |
Paid in full (loans) | loan | (1) | |
Principal paydowns (loans) | loan | 0 | |
Totals at March 30, 2018 (loans) | loan | 68 | 68 |
Recorded Investment | ||
Totals at January 1, 2018 | $ | $ 8,965 | |
Additional loans with concessions | $ | 132 | |
Reclassified as performing restructured loan | $ | 23 | |
Reclassified to nonperforming loans | $ | $ (425) | |
Paid in full | $ | (76) | |
Principal paydowns | $ | (486) | |
Totals at June 30, 2018 | $ | $ 8,133 | $ 8,133 |
Purchased Loans - Loan Portfoli
Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loan portfolio by risk-rating grades | ||
Total | $ 7,767,657 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 987,818 | 1,039,393 |
Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 172,748 | 176,289 |
Purchased loans | ||
Loan portfolio by risk-rating grades | ||
Total | 1,709,891 | 2,031,766 |
Purchased loans | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 1,061,613 | 1,284,431 |
Purchased loans | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 1,021,193 | 1,241,834 |
Purchased loans | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 22,532 | 24,595 |
Purchased loans | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 17,888 | 18,002 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio by risk-rating grades | ||
Total | 197,455 | 275,570 |
Purchased loans | Commercial, financial, agricultural | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 176,577 | 248,993 |
Purchased loans | Commercial, financial, agricultural | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 168,753 | 241,195 |
Purchased loans | Commercial, financial, agricultural | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 4,562 | 4,974 |
Purchased loans | Commercial, financial, agricultural | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 3,262 | 2,824 |
Purchased loans | Real estate – construction | ||
Loan portfolio by risk-rating grades | ||
Total | 70,438 | 85,731 |
Purchased loans | Real estate – construction | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 69,410 | 81,220 |
Purchased loans | Real estate – construction | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 67,609 | 81,220 |
Purchased loans | Real estate – construction | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 1,538 | 0 |
Purchased loans | Real estate – construction | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 263 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 520,649 | 614,187 |
Purchased loans | Real estate – 1-4 family mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 81,823 | 100,039 |
Purchased loans | Real estate – 1-4 family mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 75,205 | 91,369 |
Purchased loans | Real estate – 1-4 family mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 1,798 | 2,498 |
Purchased loans | Real estate – 1-4 family mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 4,820 | 6,172 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio by risk-rating grades | ||
Total | 906,219 | 1,037,454 |
Purchased loans | Real estate – commercial mortgage | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 733,174 | 853,498 |
Purchased loans | Real estate – commercial mortgage | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 708,999 | 827,372 |
Purchased loans | Real estate – commercial mortgage | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 14,634 | 17,123 |
Purchased loans | Real estate – commercial mortgage | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | 9,541 | 9,003 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio by risk-rating grades | ||
Total | 15,130 | 18,824 |
Purchased loans | Installment loans to individuals | Internal Noninvestment Grade | ||
Loan portfolio by risk-rating grades | ||
Total | 629 | 681 |
Purchased loans | Installment loans to individuals | Pass | ||
Loan portfolio by risk-rating grades | ||
Total | 627 | 678 |
Purchased loans | Installment loans to individuals | Watch | ||
Loan portfolio by risk-rating grades | ||
Total | 0 | 0 |
Purchased loans | Installment loans to individuals | Substandard | ||
Loan portfolio by risk-rating grades | ||
Total | $ 2 | $ 3 |
Purchased Loans - Loan Portfo70
Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loan portfolio not subject to risk rating | ||
Total | $ 7,767,657 | $ 7,620,322 |
Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 987,818 | 1,039,393 |
Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 172,748 | 176,289 |
Purchased loans | ||
Loan portfolio not subject to risk rating | ||
Total | 1,709,891 | 2,031,766 |
Purchased loans | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 447,237 | 520,075 |
Purchased loans | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 445,102 | 518,604 |
Purchased loans | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 2,135 | 1,471 |
Purchased loans | Commercial, financial, agricultural | ||
Loan portfolio not subject to risk rating | ||
Total | 197,455 | 275,570 |
Purchased loans | Commercial, financial, agricultural | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 10,463 | 11,262 |
Purchased loans | Commercial, financial, agricultural | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 10,424 | 11,216 |
Purchased loans | Commercial, financial, agricultural | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 39 | 46 |
Purchased loans | Real estate – construction | ||
Loan portfolio not subject to risk rating | ||
Total | 70,438 | 85,731 |
Purchased loans | Real estate – construction | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 1,028 | 4,511 |
Purchased loans | Real estate – construction | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,028 | 4,511 |
Purchased loans | Real estate – construction | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 0 | 0 |
Purchased loans | Real estate – 1-4 family mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 520,649 | 614,187 |
Purchased loans | Real estate – 1-4 family mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 392,450 | 460,179 |
Purchased loans | Real estate – 1-4 family mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 390,746 | 459,038 |
Purchased loans | Real estate – 1-4 family mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 1,704 | 1,141 |
Purchased loans | Real estate – commercial mortgage | ||
Loan portfolio not subject to risk rating | ||
Total | 906,219 | 1,037,454 |
Purchased loans | Real estate – commercial mortgage | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 30,352 | 27,618 |
Purchased loans | Real estate – commercial mortgage | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 30,234 | 27,495 |
Purchased loans | Real estate – commercial mortgage | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 118 | 123 |
Purchased loans | Installment loans to individuals | ||
Loan portfolio not subject to risk rating | ||
Total | 15,130 | 18,824 |
Purchased loans | Installment loans to individuals | Performing and Nonperforming | ||
Loan portfolio not subject to risk rating | ||
Total | 12,944 | 16,505 |
Purchased loans | Installment loans to individuals | Performing | ||
Loan portfolio not subject to risk rating | ||
Total | 12,670 | 16,344 |
Purchased loans | Installment loans to individuals | Non-Performing | ||
Loan portfolio not subject to risk rating | ||
Total | $ 274 | $ 161 |
Purchased Loans - Loans Acquire
Purchased Loans - Loans Acquired with Deteriorated Credit Quality (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 7,720,302 | $ 7,574,111 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 201,041 | 227,260 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 10,415 | 15,315 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 46,376 | 53,969 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | 142,693 | 156,338 |
Purchased loans | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals | ||
Loans acquired with deteriorated credit quality | ||
Total Purchased Credit Deteriorated Loans | $ 1,557 | $ 1,638 |
Purchased Loans - Fair Value of
Purchased Loans - Fair Value of Loans Determined to Be Impaired and Not to Be Impaired at The Time of Acquisition (Details) - Purchased loans - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition | ||
Accretable yield | $ (29,167) | $ (32,207) |
Fair value of loans contractual principal cash flows amount | 43,499 | |
Fair value of loans contractual interest cash flows | 8,925 | |
Fair value of loans contractual purchase discount | 1,579 | |
Fair value of loans contractual interest payments | 27,588 | |
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 | 282,632 | |
Nonaccretable difference | (52,424) | |
Cash flows expected to be collected | 230,208 | |
Accretable yield | (29,167) | |
Fair value | $ 201,041 |
Purchased Loans - Changes in Ac
Purchased Loans - Changes in Accretable Yield of Loans Purchased with Deteriorated Credit Quality (Details) - Purchased loans $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Changes in accretable yield of loans acquired with deteriorated credit quality | |
Balance at January 1, 2018 | $ (32,207) |
Reclasses from nonaccretable difference | (3,678) |
Accretion | 6,660 |
Charge-offs | 58 |
Balance at June 30, 2018 | $ (29,167) |
Purchased Loans - Fair Value 74
Purchased Loans - Fair Value of Loans Purchased (Details) - Purchased loans - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jul. 01, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accretable yield | $ (29,167) | $ (32,207) | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Contractually-required principal and interest | 282,632 | ||
Nonaccretable difference | (52,424) | ||
Cash flows expected to be collected | 230,208 | ||
Accretable yield | (29,167) | ||
Fair value | $ 201,041 | ||
Metropolitan Bancgroup, Inc. | Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [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 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Total Non Purchased and Purchased Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 7,770,983 | $ 7,623,663 |
Unearned income | (3,326) | (3,341) |
Loans, net of unearned income | 7,767,657 | 7,620,322 |
Allowance for loan losses | (47,355) | (46,211) |
Loans, net | 7,720,302 | 7,574,111 |
Commercial, financial, agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 987,818 | 1,039,393 |
Loans, net of unearned income | 987,818 | 1,039,393 |
Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 55,749 | 57,354 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 712,818 | 633,389 |
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – 1-4 family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 2,433,099 | 2,343,721 |
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,461,174 | 3,427,530 |
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Installment loans to individuals | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 120,325 | 122,276 |
Loans, net of unearned income | $ 172,748 | $ 176,289 |
Other Real Estate Owned - Cove
Other Real Estate Owned - Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs | ||
Purchased OREO | $ 9,006 | $ 11,524 |
Non Purchased OREO | 4,698 | 4,410 |
Total OREO | 13,704 | 15,934 |
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 | 543 | 1,683 |
Non Purchased OREO | 1,540 | 758 |
Total OREO | 2,083 | 2,441 |
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 | 3,257 | 4,314 |
Non Purchased OREO | 1,484 | 1,624 |
Total OREO | 4,741 | 5,938 |
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 | 724 | 1,100 |
Non Purchased OREO | 605 | 781 |
Total OREO | 1,329 | 1,881 |
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 | 4,482 | 4,427 |
Non Purchased OREO | 1,069 | 1,247 |
Total OREO | $ 5,551 | $ 5,674 |
Allowance for Loan Losses - Rol
Allowance for Loan Losses - Roll Forward Of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowance for loan losses: | ||||
Beginning balance | $ 46,401 | $ 42,923 | $ 46,211 | $ 42,737 |
Charge-offs | (1,581) | (1,414) | (3,646) | (3,012) |
Recoveries | 725 | 890 | 1,230 | 1,174 |
Net (charge-offs) recoveries | (856) | (524) | (2,416) | (1,838) |
Provision for loan losses charged to operations | 1,810 | 1,750 | 3,560 | 3,250 |
Ending balance | 47,355 | 44,149 | 47,355 | 44,149 |
Individually evaluated for impairment | 1,515 | 3,208 | 1,515 | 3,208 |
Collectively evaluated for impairment | 43,584 | 38,781 | 43,584 | 38,781 |
Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 2,256 | 2,160 | 2,256 | 2,160 |
Commercial, financial, agricultural | ||||
Allowance for loan losses: | ||||
Beginning balance | 7,071 | 5,112 | 5,542 | 5,486 |
Charge-offs | (457) | (304) | (1,116) | (1,136) |
Recoveries | 114 | 64 | 349 | 121 |
Net (charge-offs) recoveries | (343) | (240) | (767) | (1,015) |
Provision for loan losses charged to operations | 418 | 220 | 2,371 | 621 |
Ending balance | 7,146 | 5,092 | 7,146 | 5,092 |
Individually evaluated for impairment | 417 | 166 | 417 | 166 |
Collectively evaluated for impairment | 6,404 | 4,587 | 6,404 | 4,587 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 325 | 339 | 325 | 339 |
Real estate – construction | ||||
Allowance for loan losses: | ||||
Beginning balance | 4,198 | 2,119 | 3,428 | 2,380 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 3 | 3 | 7 | 34 |
Net (charge-offs) recoveries | 3 | 3 | 7 | 34 |
Provision for loan losses charged to operations | 501 | 458 | 1,267 | 166 |
Ending balance | 4,702 | 2,580 | 4,702 | 2,580 |
Individually evaluated for impairment | 0 | 2 | 0 | 2 |
Collectively evaluated for impairment | 4,702 | 2,578 | 4,702 | 2,578 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 0 | 0 | 0 | 0 |
Real estate – 1-4 family mortgage | ||||
Allowance for loan losses: | ||||
Beginning balance | 11,404 | 12,162 | 12,009 | 14,294 |
Charge-offs | (979) | (551) | (1,650) | (826) |
Recoveries | 83 | 64 | 216 | 146 |
Net (charge-offs) recoveries | (896) | (487) | (1,434) | (680) |
Provision for loan losses charged to operations | 1,149 | 429 | 1,082 | (1,510) |
Ending balance | 11,657 | 12,104 | 11,657 | 12,104 |
Individually evaluated for impairment | 76 | 878 | 76 | 878 |
Collectively evaluated for impairment | 11,053 | 10,534 | 11,053 | 10,534 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 528 | 692 | 528 | 692 |
Real estate – commercial mortgage | ||||
Allowance for loan losses: | ||||
Beginning balance | 21,914 | 22,073 | 23,384 | 19,059 |
Charge-offs | (46) | (434) | (659) | (661) |
Recoveries | 496 | 717 | 604 | 812 |
Net (charge-offs) recoveries | 450 | 283 | (55) | 151 |
Provision for loan losses charged to operations | 86 | 244 | (879) | 3,390 |
Ending balance | 22,450 | 22,600 | 22,450 | 22,600 |
Individually evaluated for impairment | 1,014 | 2,159 | 1,014 | 2,159 |
Collectively evaluated for impairment | 20,036 | 19,313 | 20,036 | 19,313 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 1,400 | 1,128 | 1,400 | 1,128 |
Installment loans to individuals | ||||
Allowance for loan losses: | ||||
Beginning balance | 1,814 | 1,457 | 1,848 | 1,518 |
Charge-offs | (99) | (125) | (221) | (389) |
Recoveries | 29 | 42 | 54 | 61 |
Net (charge-offs) recoveries | (70) | (83) | (167) | (328) |
Provision for loan losses charged to operations | (344) | 399 | (281) | 583 |
Ending balance | 1,400 | 1,773 | 1,400 | 1,773 |
Individually evaluated for impairment | 8 | 3 | 8 | 3 |
Collectively evaluated for impairment | 1,389 | 1,769 | 1,389 | 1,769 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | $ 3 | $ 1 | $ 3 | $ 1 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Purchased OREO | |
Balance at January 1, 2018 | $ 11,524 |
Transfers of loans | 515 |
Impairments | (455) |
Dispositions | (2,576) |
Other | (2) |
Balance at June 30, 2018 | 9,006 |
Non Purchased OREO | |
Balance at January 1, 2018 | 4,410 |
Transfers of loans | 1,776 |
Impairments | (294) |
Dispositions | (1,193) |
Other | (1) |
Balance at June 30, 2018 | 4,698 |
Total OREO | |
Balance at January 1, 2018 | 15,934 |
Transfers of loans | 2,291 |
Impairments | (749) |
Dispositions | (3,769) |
Other | (3) |
Balance at June 30, 2018 | $ 13,704 |
Allowance for Loan Losses - Inv
Allowance for Loan Losses - Investment in Loans, Net of Unearned Income on Impairment Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | $ 22,157 | $ 30,307 |
Collectively evaluated for impairment | 7,544,459 | 7,362,755 |
Loans, net of unearned income | 7,767,657 | 7,620,322 |
Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 201,041 | 227,260 |
Commercial, financial, agricultural | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 2,697 | 3,064 |
Collectively evaluated for impairment | 974,706 | 1,021,014 |
Loans, net of unearned income | 987,818 | 1,039,393 |
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 10,415 | 15,315 |
Real estate – construction | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 0 | 1,777 |
Collectively evaluated for impairment | 712,818 | 631,612 |
Loans, net of unearned income | 712,818 | 633,389 |
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 0 | 0 |
Real estate – 1-4 family mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 11,561 | 14,482 |
Collectively evaluated for impairment | 2,375,162 | 2,275,270 |
Loans, net of unearned income | 2,433,099 | 2,343,721 |
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 46,376 | 53,969 |
Real estate – commercial mortgage | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 7,213 | 10,545 |
Collectively evaluated for impairment | 3,311,268 | 3,260,648 |
Loans, net of unearned income | 3,461,174 | 3,427,530 |
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | 142,693 | 156,337 |
Installment loans to individuals | ||
Investment in loans, net of unearned income on impairment methodology | ||
Individually evaluated for impairment | 686 | 439 |
Collectively evaluated for impairment | 170,505 | 174,211 |
Loans, net of unearned income | 172,748 | 176,289 |
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality | ||
Investment in loans, net of unearned income on impairment methodology | ||
Purchased with deteriorated credit quality | $ 1,557 | $ 1,639 |
Other Real Estate Owned - Compo
Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Components of other real estate owned in the Consolidated Statements of Income | ||||
Repairs and maintenance | $ 55 | $ 199 | $ 168 | $ 396 |
Property taxes and insurance | 37 | 76 | 149 | 408 |
Impairments | 397 | 379 | 749 | 757 |
Net losses (gains) on OREO sales | (239) | 189 | (143) | (138) |
Rental income | (18) | (62) | (34) | (110) |
Total | $ 232 | $ 781 | $ 889 | $ 1,313 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Balance at January 1, 2018 | $ 611,046 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at June 30, 2018 | 611,046 |
Community Banks | |
Goodwill [Roll Forward] | |
Balance at January 1, 2018 | 608,279 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at June 30, 2018 | 608,279 |
Insurance | |
Goodwill [Roll Forward] | |
Balance at January 1, 2018 | 2,767 |
Addition to goodwill from acquisition | 0 |
Adjustment to previously recorded goodwill | 0 |
Balance at June 30, 2018 | $ 2,767 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 56,928 | $ 56,928 |
Accumulated Amortization | (35,663) | (32,418) |
Net Carrying Amount | 21,265 | 24,510 |
Core Deposit Intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 54,958 | 54,958 |
Accumulated Amortization | (34,765) | (31,586) |
Net Carrying Amount | 20,193 | 23,372 |
Customer Relationship Intangible | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,970 | 1,970 |
Accumulated Amortization | (898) | (832) |
Net Carrying Amount | $ 1,072 | $ 1,138 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 1,594 | $ 1,493 | $ 3,245 | $ 3,056 |
Core Deposit Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | 1,561 | 1,460 | 3,179 | 2,990 |
Customer Relationship Intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible amortization | $ 33 | $ 33 | $ 66 | $ 66 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 6,261 |
2,019 | 5,343 |
2,020 | 4,317 |
2,021 | 3,238 |
2,022 | 2,318 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 6,130 |
2,019 | 5,212 |
2,020 | 4,186 |
2,021 | 3,107 |
2,022 | 2,187 |
Customer Relationship Intangible | |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | 131 |
2,019 | 131 |
2,020 | 131 |
2,021 | 131 |
2,022 | $ 131 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Mortgage Servicing Rights (Textual) [Abstract] | ||||
Impairment losses on mortgage servicing rights | $ 0 | $ 0 | ||
Servicing fees | $ 2,124,000 | $ 1,434,000 | $ 4,494,000 | $ 2,667,000 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in the Company's MSRs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Changes in mortgage servicing rights | |
Balance at January 1, 2018 | $ 39,339 |
Capitalization | 6,303 |
Amortization | (2,403) |
Balance at June 30, 2018 | $ 43,239 |
Mortgage Servicing Rights - Dat
Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Data and key economic assumptions related to mortgage servicing rights | ||
Unpaid principal balance | $ 4,315,261 | $ 4,012,519 |
Weighted-average prepayment speed (CPR) | 7.32% | 8.04% |
Estimated impact of a 10% increase | $ (1,792) | $ (1,592) |
Estimated impact of a 20% increase | $ (3,475) | $ (3,095) |
Discount rate | 9.42% | 9.69% |
Estimated impact of a 10% increase | $ (2,573) | $ (2,027) |
Estimated impact of a 20% increase | $ (4,937) | $ (3,896) |
Weighted-average coupon interest rate | 3.94% | 3.89% |
Weighted-average servicing fee | 26.77% | 26.36% |
Weighted-average remaining maturity | 8 years 4 months 6 days | 7 years 11 months 23 days |
Employee Benefit and Deferred88
Employee Benefit and Deferred Compensation Plans - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)pointshares | Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Minimum retirement age for benefits | 55 years | |||
Maximum retirement age for benefits | 65 years | |||
Eligible employee years of service | 15 years | |||
Number of points for eligibility | point | 70 | |||
Minimum eligible age for medicare coverage | 65 years | |||
Life insurance coverage face value | $ | $ 5,000 | |||
Age limit for life insurance coverage provided by the Company | 70 years | |||
Age at which retiree's pay for life insurance coverage at their sole expense | 70 years | |||
Option expiration period | 10 years | |||
Award vesting period | 3 years | |||
Stock options granted (in shares) | shares | 0 | 0 | 0 | |
Treasury shares reissued (in shares) | shares | 93,511 | |||
Total stock-based compensation expense | $ | $ 1,920,000 | $ 1,237,000 | $ 3,712,000 | $ 2,411,000 |
Performance Based Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allowable variance | 5.00% |
Employee Benefit and Deferred89
Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 256 | 291 | 522 | 584 |
Expected return on plan assets | (520) | (487) | (1,038) | (971) |
Recognized actuarial loss | 77 | 100 | 164 | 200 |
Net periodic benefit (return) cost | (187) | (96) | (352) | (187) |
Other Benefits | ||||
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans | ||||
Service cost | 2 | 1 | 4 | 4 |
Interest cost | 7 | 8 | 16 | 21 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss | 0 | (10) | 0 | 3 |
Net periodic benefit (return) cost | $ 9 | $ (1) | $ 20 | $ 28 |
Employee Benefit and Deferred90
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Shares | |||
Options outstanding at beginning of period (shares) | 89,750 | ||
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (38,000) | ||
Forfeited (shares) | (5,000) | ||
Options outstanding at end of period (shares) | 46,750 | 46,750 | |
Weighted Average Exercise Price | |||
Options outstanding at beginning of period (usd per share) | $ 15.67 | ||
Granted (usd per share) | 0 | ||
Exercised (usd per share) | 15.48 | ||
Forfeited (usd per share) | 15.32 | ||
Options outstanding at end of period (usd per share) | $ 15.87 | $ 15.87 |
Employee Benefit and Deferred91
Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Restricted Stock (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Performance Shares | |
Performance-Based Restricted Stock | |
Beginning balance (shares) | shares | 0 |
Awarded (shares) | shares | 95,183 |
Vested (shares) | shares | 0 |
Cancelled (shares) | shares | (3,014) |
Ending balance (shares) | shares | 92,169 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 0 |
Awarded (usd per share) | $ / shares | 40.89 |
Vested (usd per share) | $ / shares | 0 |
Cancelled (usd per share) | $ / shares | 40.89 |
Ending balance (usd per share) | $ / shares | $ 40.89 |
Restricted Stock | |
Performance-Based Restricted Stock | |
Beginning balance (shares) | shares | 218,075 |
Awarded (shares) | shares | 138,061 |
Vested (shares) | shares | (56,646) |
Cancelled (shares) | shares | (14,646) |
Ending balance (shares) | shares | 284,844 |
Weighted Average Grant-Date Fair Value | |
Beginning balance (usd per share) | $ / shares | $ 39.08 |
Awarded (usd per share) | $ / shares | 41.91 |
Vested (usd per share) | $ / shares | 38.43 |
Cancelled (usd per share) | $ / shares | 41.97 |
Ending balance (usd per share) | $ / shares | $ 40.43 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 1 Months Ended | ||||
Jun. 30, 2014USD ($)derivative_instrument | Jun. 30, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 30, 2012USD ($)derivative_instrument | |
Interest rate contracts with corporate customers | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 219,738,000 | ||||
Offsetting interest rate contracts with other financial institutions | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 219,738,000 | ||||
Interest rate swaps | |||||
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] | |||||
Notional amount | $ 15,000,000 | ||||
Term of contract | 5 years | ||||
Cash flow hedging | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 30,000,000 | $ 32,000,000 | |||
Number of instruments held | derivative_instrument | 2 | ||||
Commitments to fund fixed-rate residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | 196,667,000 | $ 131,000,000 | |||
Commitments to sell residential mortgage loans | |||||
Derivative Instruments (Textual) [Abstract] | |||||
Notional amount | $ 374,000,000 | $ 199,000,000 |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative financial instruments | ||
Derivative assets | $ 181 | $ 0 |
Not designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative assets | 8,939 | 5,977 |
Derivative liabilities | 5,444 | 3,503 |
Designated as hedging instruments: | ||
Derivative financial instruments | ||
Derivative liabilities | 1,047 | 2,536 |
Other Assets | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative assets | 4,142 | 3,171 |
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative assets | 4,699 | 2,756 |
Other Assets | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative assets | 98 | 50 |
Other Assets | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative assets | 181 | 0 |
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts | ||
Derivative financial instruments | ||
Derivative liabilities | 4,142 | 3,171 |
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 1 | 4 |
Other Liabilities | Not designated as hedging instruments: | Forward commitments | ||
Derivative financial instruments | ||
Derivative liabilities | 1,301 | 328 |
Other Liabilities | Designated as hedging instruments: | Interest rate swaps | ||
Derivative financial instruments | ||
Derivative liabilities | $ 1,047 | $ 2,536 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) On Derivative Financial Instruments (Details) - Not designated as hedging instruments: - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ (212) | $ 1,408 | $ 3,046 | $ (929) |
Interest rate contracts | Included in interest income on loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | 1,038 | 690 | 2,024 | 1,369 |
Interest rate lock commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | (238) | (1,538) | 1,946 | 1,315 |
Forward commitments | Included in mortgage banking income | ||||
Derivatives, Fair Value [Line Items] | ||||
Gains (losses) on derivative financial instruments | $ (1,012) | $ 2,256 | $ (924) | $ (3,613) |
Derivative Instruments - Gross
Derivative Instruments - Gross and Net Derivative Positions, Including Pledged Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Derivative Assets | ||
Gross amounts recognized | $ 3,659 | $ 717 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 3,659 | 717 |
Financial instruments | 884 | 717 |
Financial collateral pledged | 0 | 0 |
Net amounts | 2,775 | 0 |
Gross amounts not offset in the Consolidated Balance Sheets | ||
Gross amounts recognized | 3,111 | 5,303 |
Gross amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Net amounts presented in the Consolidated Balance Sheets | 3,111 | 5,303 |
Financial instruments | 884 | 717 |
Financial collateral pledged | 175 | 4,357 |
Net amounts | $ 2,052 | $ 229 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Deferred tax assets | |||
Allowance for loan losses | $ 15,800 | $ 13,966 | $ 20,566 |
Loans | 11,789 | 15,062 | 19,575 |
Deferred compensation | 7,098 | 7,093 | 9,845 |
Securities | 0 | 3,659 | 2,440 |
Net unrealized losses on securities - OCI | 6,916 | 0 | 6,670 |
Impairment of assets | 1,791 | 1,748 | 1,986 |
Federal and State net operating loss carryforwards | 1,297 | 2,419 | 3,081 |
Intangibles | 0 | 0 | 1,758 |
Other | 4,310 | 4,722 | 3,577 |
Total deferred tax assets | 49,001 | 48,669 | 69,498 |
Deferred tax liabilities | |||
Investment in partnerships | 548 | 757 | 1,272 |
Fixed assets | 3,073 | 3,163 | 1,875 |
Mortgage servicing rights | 11,224 | 10,139 | 3,360 |
Junior subordinated debt | 2,352 | 2,394 | 4,004 |
Other | 1,665 | 1,859 | 2,000 |
Total deferred tax liabilities | 18,862 | 18,312 | 12,511 |
Net deferred tax assets | $ 30,139 | $ 30,357 | $ 56,987 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Provisional income tax expense (benefit) | $ 14,486,000 | ||
Heritage Financial Group | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, valuation allowance | $ 0 | $ 0 | $ 0 |
Investments in Qualified Affo98
Investments in Qualified Affordable Housing Projects Investments in Qualified Affordable Housing Projects - Narrative (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Carrying value of qualified affordable housing project investments | $ 6,855,000 | $ 7,637,000 |
Funding obligation related to qualified affordable housing projects | $ 0 |
Investments in Qualified Affo99
Investments in Qualified Affordable Housing Projects - Components of Qualified Affordable Housing Projects Included in Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Tax credit amortization | $ 410 | $ 262 | $ 804 | $ 523 |
Tax credits and other benefits | (572) | (388) | (1,145) | (848) |
Total | $ (162) | $ (126) | $ (341) | $ (325) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Securities available for sale | $ 1,088,779 | $ 671,488 |
Derivative instruments | 181 | 0 |
Recurring | ||
Financial assets: | ||
Securities available for sale | 1,088,779 | 671,488 |
Derivative instruments | 9,120 | 5,977 |
Mortgage loans held for sale | 245,046 | 108,316 |
Total financial assets | 1,342,945 | 785,781 |
Financial liabilities: | ||
Derivative instruments | 6,491 | 6,039 |
Total financial liabilities | 6,491 | 6,039 |
Recurring | Interest rate swaps | ||
Financial assets: | ||
Derivative instruments | 181 | |
Financial liabilities: | ||
Derivative instruments | 1,047 | 2,536 |
Recurring | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,142 | 3,171 |
Financial liabilities: | ||
Derivative instruments | 4,142 | 3,171 |
Recurring | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 4,699 | 2,756 |
Financial liabilities: | ||
Derivative instruments | 1 | 4 |
Recurring | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 98 | 50 |
Financial liabilities: | ||
Derivative instruments | 1,301 | 328 |
Recurring | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 10,401 | 9,388 |
Recurring | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 23,347 | 17,290 |
Recurring | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 3,515 | 3,564 |
Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 220,876 | 234,481 |
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 483,125 | 193,950 |
Recurring | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 27,189 | 31,170 |
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 296,005 | 176,639 |
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 24,321 | 5,006 |
Recurring | Level 1 | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 1 | Interest rate swaps | ||
Financial assets: | ||
Derivative instruments | 0 | |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 1 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | ||
Financial assets: | ||
Securities available for sale | 1,078,378 | 662,100 |
Derivative instruments | 9,120 | 5,977 |
Mortgage loans held for sale | 245,046 | 108,316 |
Total financial assets | 1,332,544 | 776,393 |
Financial liabilities: | ||
Derivative instruments | 6,491 | 6,039 |
Total financial liabilities | 6,491 | 6,039 |
Recurring | Level 2 | Interest rate swaps | ||
Financial liabilities: | ||
Derivative instruments | 1,047 | 2,536 |
Recurring | Level 2 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 4,142 | 3,171 |
Financial liabilities: | ||
Derivative instruments | 4,142 | 3,171 |
Recurring | Level 2 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 4,699 | 2,756 |
Financial liabilities: | ||
Derivative instruments | 1 | 4 |
Recurring | Level 2 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 98 | 50 |
Financial liabilities: | ||
Derivative instruments | 1,301 | 328 |
Recurring | Level 2 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 23,347 | 17,290 |
Recurring | Level 2 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 3,515 | 3,564 |
Recurring | Level 2 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 220,876 | 234,481 |
Recurring | Level 2 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 483,125 | 193,950 |
Recurring | Level 2 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 27,189 | 31,170 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 296,005 | 176,639 |
Recurring | Level 2 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 24,321 | 5,006 |
Recurring | Level 3 | ||
Financial assets: | ||
Securities available for sale | 10,401 | 9,388 |
Derivative instruments | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Total financial assets | 10,401 | 9,388 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Total financial liabilities | 0 | 0 |
Recurring | Level 3 | Interest rate swaps | ||
Financial assets: | ||
Derivative instruments | 0 | |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate contracts | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Interest rate lock commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Forward commitments | ||
Financial assets: | ||
Derivative instruments | 0 | 0 |
Financial liabilities: | ||
Derivative instruments | 0 | 0 |
Recurring | Level 3 | Trust preferred securities | ||
Financial assets: | ||
Securities available for sale | 10,401 | 9,388 |
Recurring | Level 3 | Other debt securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Obligations of other U.S. Government agencies and corporations | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Obligations of states and political subdivisions | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency mortgage backed securities | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Residential mortgage backed securities: | ||
Financial assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Government agency collateralized mortgage obligations | Commercial mortgage-backed securities | ||
Financial assets: | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Trust preferred securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reconciliation for assets and liabilities measured at fair value on a recurring basis | ||||
Beginning balance | $ 10,045 | $ 17,823 | $ 9,388 | $ 18,389 |
Accretion included in net income | 8 | 38 | 17 | 46 |
Unrealized gains included in other comprehensive income | 383 | 22 | 1,052 | 559 |
Reclassification adjustment | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issues | 0 | 0 | 0 | 0 |
Settlements | (35) | (891) | (56) | (2,002) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 10,401 | $ 16,992 | $ 10,401 | $ 16,992 |
Fair Value Measurements - Signi
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Trust preferred securities $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis | |
Fair Value | $ 10,401 |
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 | 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 | 100.00% |
Fair Value Measurements - As103
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 3,964 | $ 9,251 |
OREO | 2,662 | 7,392 |
Total | 6,626 | 16,643 |
Level 1 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 0 | 0 |
OREO | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Impaired loans measured at fair value on a nonrecurring basis | ||
Impaired loans | 3,964 | 9,251 |
OREO | 2,662 | 7,392 |
Total | $ 6,626 | $ 16,643 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Measurements (Textual) [Abstract] | |||
Impaired loans not covered under loss-share agreements | $ 4,518 | $ 9,608 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific reserve included in allowance for loan losses | 47,355 | 46,211 | |
Changes in fair value, gain (loss) | 4,177 | $ 6,092 | |
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 | $ 554 | $ 357 |
Fair Value Measurements - OREO
Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
OREO measured at fair value on a nonrecurring basis | ||
Carrying amount prior to remeasurement | $ 3,212 | $ 8,732 |
Impairment recognized in results of operations | (550) | (1,340) |
Fair value | $ 2,662 | $ 7,392 |
Fair Value Measurements - Si106
Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 3,964 | $ 9,251 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | 3,964 | $ 9,251 |
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 3,964 | |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair Value | $ 2,662 | |
Valuation Technique | Appraised value of property less estimated costs to sell | |
Significant Unobservable Inputs | Estimated costs to sell | |
Level 3 | Minimum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | Minimum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 4.00% | |
Level 3 | Maximum | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% | |
Level 3 | Maximum | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Range of Inputs | 10.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Aggregate Fair Value | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | $ 245,046 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Aggregate Unpaid Principal Balance | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | 237,373 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | 0 |
Difference | |
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value | |
Mortgage loans held for sale measured at fair value | 7,673 |
Past due loans of 90 days or more | 0 |
Nonaccrual loans | $ 0 |
Fair Value Measurements - As108
Fair Value Measurements - Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets | ||
Securities available for sale | $ 1,088,779 | $ 671,488 |
Mortgage loans held for sale | 245,046 | 108,316 |
Mortgage servicing rights | 43,239 | 39,339 |
Derivative instruments | 181 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 292,952 | 281,453 |
Securities available for sale | 1,088,779 | 671,488 |
Mortgage loans held for sale | 245,046 | 108,316 |
Loans, net | 7,720,302 | 7,574,111 |
Mortgage servicing rights | 43,239 | 39,339 |
Derivative instruments | 9,120 | 5,977 |
Financial liabilities | ||
Deposits | 8,380,720 | 7,921,075 |
Short-term borrowings | 313,393 | 89,814 |
Other long-term borrowings | 73 | 98 |
Federal Home Loan Bank advances | 7,082 | 7,493 |
Junior subordinated debentures | 86,155 | 85,881 |
Subordinated notes | 114,044 | 114,074 |
Derivative instruments | 6,491 | 6,039 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 292,952 | 281,453 |
Securities available for sale | 1,088,779 | 671,488 |
Mortgage loans held for sale | 245,046 | 108,316 |
Loans, net | 7,608,411 | 7,514,185 |
Mortgage servicing rights | 57,575 | 47,868 |
Derivative instruments | 9,120 | 5,977 |
Financial liabilities | ||
Deposits | 8,376,008 | 7,923,476 |
Short-term borrowings | 313,393 | 89,814 |
Other long-term borrowings | 73 | 98 |
Federal Home Loan Bank advances | 7,135 | 7,661 |
Junior subordinated debentures | 82,166 | 69,702 |
Subordinated notes | 116,650 | 118,650 |
Derivative instruments | 6,491 | 6,039 |
Fair Value | Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 292,952 | 281,453 |
Securities available for sale | 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 | 6,508,375 | 6,114,391 |
Short-term borrowings | 313,393 | 89,814 |
Other long-term borrowings | 73 | 98 |
Federal Home Loan Bank advances | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Subordinated notes | 0 | 0 |
Derivative instruments | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,078,378 | 662,100 |
Mortgage loans held for sale | 245,046 | 108,316 |
Loans, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 9,120 | 5,977 |
Financial liabilities | ||
Deposits | 1,867,633 | 1,809,085 |
Short-term borrowings | 0 | 0 |
Other long-term borrowings | 0 | 0 |
Federal Home Loan Bank advances | 7,135 | 7,661 |
Junior subordinated debentures | 82,166 | 69,702 |
Subordinated notes | 116,650 | 118,650 |
Derivative instruments | 6,491 | 6,039 |
Fair Value | Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 10,401 | 9,388 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 7,608,411 | 7,514,185 |
Mortgage servicing rights | 57,575 | 47,868 |
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 |
Other Comprehensive Income (109
Other Comprehensive Income (Loss) - Changes in the Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss), pre-tax | $ (3,429) | $ 3,980 | $ (12,800) | $ 8,862 |
Total other comprehensive income (loss), tax expense (benefit) | (873) | 1,538 | (3,259) | 3,426 |
Other comprehensive (loss) income, net of tax | (2,556) | 2,442 | (9,541) | 5,436 |
Securities available for sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | (4,025) | 4,188 | (14,634) | 8,927 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | (1,025) | 1,619 | (3,725) | 3,451 |
Other comprehensive income (loss), before reclassifications, net of tax | (3,000) | 2,569 | (10,909) | 5,476 |
Reclassification from AOCI, pre-tax | (29) | |||
Reclassification from AOCI, tax expense (benefit) | (11) | |||
Reclassification from AOCI, net of tax | (18) | |||
Total other comprehensive income (loss), pre-tax | (4,025) | 4,159 | (14,634) | 8,652 |
Total other comprehensive income (loss), tax expense (benefit) | (1,025) | 1,608 | (3,725) | 3,345 |
Other comprehensive (loss) income, net of tax | (3,000) | 2,551 | (10,909) | 5,307 |
Derivative instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, pre-tax | 519 | (270) | 1,670 | 6 |
Other comprehensive income (loss) before reclassifications, tax expense (benefit) | 132 | (105) | 425 | 2 |
Other comprehensive income (loss), before reclassifications, net of tax | 387 | (165) | 1,245 | 4 |
Total other comprehensive income (loss), pre-tax | 519 | (270) | 1,670 | 6 |
Total other comprehensive income (loss), tax expense (benefit) | 132 | (105) | 425 | 2 |
Other comprehensive (loss) income, net of tax | 387 | (165) | 1,245 | 4 |
Defined benefit Pension and Post-Retirement Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive income (loss), pre-tax | 77 | 91 | 164 | 204 |
Total other comprehensive income (loss), tax expense (benefit) | 20 | 35 | 41 | 79 |
Other comprehensive (loss) income, net of tax | 57 | 56 | 123 | 125 |
Amortization of net actuarial loss recognized in net periodic pension cost | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | 77 | 91 | 164 | 204 |
Reclassification from AOCI, tax expense (benefit) | 20 | 35 | 41 | 79 |
Reclassification from AOCI, net of tax | $ 57 | $ 56 | $ 123 | 125 |
Accumulated net investment gain (loss), amortization of unrealized holding gains transferred to held to maturity attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, pre-tax | (275) | |||
Reclassification from AOCI, tax expense (benefit) | (106) | |||
Reclassification from AOCI, net of tax | $ (169) |
Other Comprehensive Income (110
Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accumulated balances for component of other comprehensive income, net of tax | ||
Unrealized gains (losses) on securities | $ (1,540) | $ 7,363 |
Non-credit related portion of other-than-temporary impairment on securities | (11,319) | (9,313) |
Unrealized gains (losses) on derivative instruments | 250 | (995) |
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations | (7,443) | (7,566) |
Total accumulated other comprehensive loss | $ (20,052) | $ (10,511) |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Basic | ||||
Net income applicable to common stock | $ 36,710 | $ 25,284 | $ 70,536 | $ 49,256 |
Average common shares outstanding (shares) | 49,413,754 | 44,415,423 | 49,385,244 | 44,390,021 |
Net income per common share - basic (usd per share) | $ 0.74 | $ 0.57 | $ 1.43 | $ 1.11 |
Diluted | ||||
Net income applicable to common stock | $ 36,710 | $ 25,284 | $ 70,536 | $ 49,256 |
Average common shares outstanding (shares) | 49,413,754 | 44,415,423 | 49,385,244 | 44,390,021 |
Effect of dilutive stock-based compensation (shares) | 136,007 | 108,118 | 136,801 | 110,259 |
Average common shares outstanding - diluted (shares) | 49,549,761 | 44,523,541 | 49,522,045 | 44,500,280 |
Net income per common share - diluted (usd per share) | $ 0.74 | $ 0.57 | $ 1.42 | $ 1.11 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Exercise prices (for stock option awards) | $ 0 | $ 0 | $ 0 | $ 0 |
Employee Stock Option | ||||
Schedule of antidilutive securities excluded from computation of earnings per share | ||||
Number of antiduilutive shares (in shares) | 44,273 | 0 | 44,273 | 0 |
Regulatory Matters - Guidelines
Regulatory Matters - Guidelines Governing the Classification of Capital Tiers (Details) | Jun. 30, 2018 |
Banking and Thrift [Abstract] | |
Tier 1 Capital to Average Assets (Leverage), Well capitalized | 5.00% |
Tier 1 Capital to Average Assets (Leverage), Adequately capitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Undercapitalized | 4.00% |
Tier 1 Capital to Average Assets (Leverage), Significantly undercapitalized | 3.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Well capitalized | 6.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Adequately capitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Undercapitalized | 4.50% |
Common Equity Tier 1 to Risk-Weighted Assets, Significantly undercapitalized | 3.00% |
Tier 1 Capital to Risk-Weighted Assets, Well capitalized | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, Adequately capitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Undercapitalized | 6.00% |
Tier 1 Capital to Risk-Weighted Assets, Significantly undercapitalized | 4.00% |
Total Capital to Risk-Weighted Assets, Well capitalized | 10.00% |
Total Capital to Risk-Weighted Assets, Adequately capitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Undercapitalized | 8.00% |
Total Capital to Risk-Weighted Assets, Significantly undercapitalized | 6.00% |
Critically undercapitalized | 2.00% |
Regulatory Matters - Capital an
Regulatory Matters - Capital and Risk-Based Capital and Leverage Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Renasant Corporation | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 1,034,498 | $ 979,604 |
Tier 1 capital to average assets (leverage) - ratio | 10.63% | 10.18% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 951,490 | $ 896,733 |
Common equity tier 1 capital to risk-weighted assets - ratio | 11.71% | 11.34% |
Tier 1 capital to risk-weighted assets - amount | $ 1,034,498 | $ 979,604 |
Tier 1 capital to risk-weighted assets - ratio | 12.73% | 12.39% |
Total capital to risk-weighted assets - amount | $ 1,198,046 | $ 1,142,926 |
Total capital to risk-weighted assets - ratio | 14.75% | 14.46% |
Renasant Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital to average assets (leverage) - amount | $ 1,057,998 | $ 1,000,715 |
Tier 1 capital to average assets (leverage) - ratio | 10.89% | 10.42% |
Common equity tier 1 capital to risk-weighted assets - amount | $ 1,057,998 | $ 1,000,715 |
Common equity tier 1 capital to risk-weighted assets - ratio | 13.04% | 12.69% |
Tier 1 capital to risk-weighted assets - amount | $ 1,057,998 | $ 1,000,715 |
Tier 1 capital to risk-weighted assets - ratio | 13.04% | 12.69% |
Total capital to risk-weighted assets - amount | $ 1,108,178 | $ 1,050,751 |
Total capital to risk-weighted assets - ratio | 13.66% | 13.32% |
Segment Reporting - Financial I
Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financial information for the Company's operating segments | |||||
Net interest income (loss) | $ 92,389 | $ 79,603 | $ 181,629 | $ 153,618 | |
Provision for loan losses | 1,810 | 1,750 | 3,560 | 3,250 | |
Noninterest income | 35,581 | 34,265 | 69,534 | 66,286 | |
Noninterest expense | 79,026 | 74,841 | 156,970 | 144,150 | |
Income before income taxes | 47,134 | 37,277 | 90,633 | 72,504 | |
Income tax expense (benefit) | 10,424 | 11,993 | 20,097 | 23,248 | |
Net income (loss) | 36,710 | 25,284 | 70,536 | 49,256 | |
Total assets | 10,544,475 | 8,872,272 | 10,544,475 | 8,872,272 | $ 9,829,981 |
Goodwill | 611,046 | 470,534 | 611,046 | 470,534 | 611,046 |
Community Banks | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 608,279 | 608,279 | 608,279 | ||
Insurance | |||||
Financial information for the Company's operating segments | |||||
Goodwill | 2,767 | 2,767 | $ 2,767 | ||
Operating Segments | Community Banks | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 94,676 | 81,392 | 186,103 | 157,348 | |
Provision for loan losses | 1,810 | 1,750 | 3,560 | 3,250 | |
Noninterest income | 29,949 | 28,592 | 57,867 | 55,170 | |
Noninterest expense | 73,628 | 70,018 | 146,261 | 134,239 | |
Income before income taxes | 49,187 | 38,216 | 94,149 | 75,029 | |
Income tax expense (benefit) | 11,165 | 12,712 | 21,332 | 24,822 | |
Net income (loss) | 38,022 | 25,504 | 72,817 | 50,207 | |
Total assets | 10,439,785 | 8,776,737 | 10,439,785 | 8,776,737 | |
Goodwill | 608,279 | 467,767 | 608,279 | 467,767 | |
Operating Segments | Insurance | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 118 | 124 | 224 | 216 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 2,148 | 2,264 | 4,920 | 4,813 | |
Noninterest expense | 1,819 | 1,766 | 3,550 | 3,458 | |
Income before income taxes | 447 | 622 | 1,594 | 1,571 | |
Income tax expense (benefit) | 116 | 238 | 413 | 613 | |
Net income (loss) | 331 | 384 | 1,181 | 958 | |
Total assets | 24,513 | 24,746 | 24,513 | 24,746 | |
Goodwill | 2,767 | 2,767 | 2,767 | 2,767 | |
Operating Segments | Wealth Management | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | 315 | 524 | 628 | 1,011 | |
Provision for loan losses | 0 | 0 | 0 | ||
Noninterest income | 3,714 | 3,267 | 7,241 | 6,386 | |
Noninterest expense | 3,213 | 2,905 | 6,605 | 5,901 | |
Income before income taxes | 816 | 886 | 1,264 | 1,496 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 816 | 886 | 1,264 | 1,496 | |
Total assets | 61,869 | 58,156 | 61,869 | 58,156 | |
Goodwill | 0 | 0 | 0 | 0 | |
Other | |||||
Financial information for the Company's operating segments | |||||
Net interest income (loss) | (2,720) | (2,437) | (5,326) | (4,957) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | (230) | 142 | (494) | (83) | |
Noninterest expense | 366 | 152 | 554 | 552 | |
Income before income taxes | (3,316) | (2,447) | (6,374) | (5,592) | |
Income tax expense (benefit) | (857) | (957) | (1,648) | (2,187) | |
Net income (loss) | (2,459) | (1,490) | (4,726) | (3,405) | |
Total assets | 18,308 | 12,633 | 18,308 | 12,633 | |
Goodwill | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | ||||
Contingency income | $ 31 | $ 79 | $ 794 | $ 766 |