Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2019shares | |
Cover page. | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2019 |
Document Transition Report | false |
Entity File Number | 0-13660 |
Entity Registrant Name | Seacoast Banking Corporation of Florida |
Entity Incorporation, State or Country Code | FL |
Entity Tax Identification Number | 59-2260678 |
Entity Address, Address Line One | 815 COLORADO AVENUE, |
Entity Address, City or Town | STUART |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34994 |
City Area Code | (772) |
Local Phone Number | 287-4000 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SBCF |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 51,482,029 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000730708 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Interest and fees on loans | $ 63,092 | $ 48,713 | $ 187,667 | $ 140,489 |
Interest and dividends on securities | 8,933 | 9,807 | 27,279 | 29,016 |
Interest on interest bearing deposits and other investments | 800 | 634 | 2,591 | 1,835 |
Total Interest Income | 72,825 | 59,154 | 217,537 | 171,340 |
Interest on deposits | 4,334 | 2,097 | 13,032 | 5,623 |
Interest on time certificates | 6,009 | 2,975 | 16,692 | 7,783 |
Interest on borrowed money | 1,534 | 2,520 | 5,955 | 6,403 |
Total Interest Expense | 11,877 | 7,592 | 35,679 | 19,809 |
Net Interest Income | 60,948 | 51,562 | 181,858 | 151,531 |
Provision for loan losses | 2,251 | 5,774 | 6,199 | 9,388 |
Net Interest Income after Provision for Loan Losses | 58,697 | 45,788 | 175,659 | 142,143 |
Noninterest income | ||||
Other income | 14,790 | 12,339 | 41,678 | 37,506 |
Securities losses, net | (847) | (48) | (1,322) | (198) |
Total Noninterest Income (Note I) | 13,943 | 12,291 | 40,356 | 37,308 |
Total Noninterest Expenses (Note I) | 38,583 | 37,399 | 122,682 | 112,809 |
Income Before Income Taxes | 34,057 | 20,680 | 93,333 | 66,642 |
Provision for income taxes | 8,452 | 4,358 | 21,770 | 15,329 |
Net Income | $ 25,605 | $ 16,322 | $ 71,563 | $ 51,313 |
Share Data | ||||
Net income per share of common stock - diluted (in dollars per share) | $ 0.49 | $ 0.34 | $ 1.38 | $ 1.07 |
Net income per share of common stock - basic (in dollars per share) | $ 0.50 | $ 0.35 | $ 1.39 | $ 1.09 |
Average common shares outstanding - diluted (in shares) | 51,935 | 48,029 | 51,996 | 47,903 |
Average common shares outstanding - basic (in shares) | 51,473 | 47,205 | 51,426 | 47,108 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 25,605 | $ 16,322 | $ 71,563 | $ 51,313 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on securities available for sale | 5,555 | (3,548) | 29,864 | (20,564) |
Reclassification of unrealized losses on securities transferred to available for sale upon adoption of new accounting pronouncement | 0 | 0 | (730) | 0 |
Amortization of unrealized losses on securities transferred to held to maturity, net | 59 | 108 | 202 | 442 |
Reclassification adjustment for losses included in net income | 895 | 0 | 1,538 | 0 |
(Provision) benefit for income taxes | (1,468) | 919 | (7,503) | 5,358 |
Total other comprehensive income (loss) | 5,041 | (2,521) | 23,371 | (14,764) |
Comprehensive Income | $ 30,646 | $ 13,801 | $ 94,934 | $ 36,549 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 106,349 | $ 92,242 |
Interest bearing deposits with other banks | 25,911 | 23,709 |
Total cash and cash equivalents | 132,260 | 115,951 |
Time deposits with other banks | 4,579 | 8,243 |
Debt securities: | ||
Securities available for sale (at fair value) | 920,811 | 865,831 |
Securities held to maturity (fair value $276,069 at September 30, 2019 and $349,895 at December 31, 2018) | 273,644 | 357,949 |
Total debt securities | 1,194,455 | 1,223,780 |
Loans held for sale (at fair value) | 26,768 | 11,873 |
Loans | 4,986,289 | 4,825,214 |
Less: Allowance for loan losses | (33,605) | (32,423) |
Loans, net of allowance for loan losses | 4,952,684 | 4,792,791 |
Bank premises and equipment, net | 67,873 | 71,024 |
Other real estate owned | 13,593 | 12,802 |
Goodwill | 205,286 | 204,753 |
Other intangible assets, net | 21,318 | 25,977 |
Bank owned life insurance | 125,277 | 123,394 |
Net deferred tax assets | 17,168 | 28,954 |
Other assets | 129,384 | 128,117 |
Total Assets | 6,890,645 | 6,747,659 |
Liabilities | ||
Deposits | 5,673,141 | 5,177,240 |
Securities sold under agreements to repurchase, maturing within 30 days | 70,414 | 214,323 |
Federal Home Loan Bank (FHLB) borrowings | 50,000 | 380,000 |
Subordinated debt | 71,014 | 70,804 |
Other liabilities | 63,398 | 41,025 |
Total Liabilities | 5,927,967 | 5,883,392 |
Shareholders' Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 51,730,773 and outstanding 51,482,029 at September 30, 2019, and authorized 120,000,000, issued 51,514,734 and outstanding 51,361,079 shares at December 31, 2018 | 5,148 | 5,136 |
Other shareholders' equity | 957,530 | 859,131 |
Total Shareholders' Equity | 962,678 | 864,267 |
Total Liabilities and Shareholders' Equity | $ 6,890,645 | $ 6,747,659 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 276,069 | $ 349,895 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 51,730,773 | 51,514,734 |
Common stock, shares outstanding (in shares) | 51,482,029 | 51,361,079 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 71,563 | $ 51,313 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 4,899 | 4,691 |
Amortization of premiums and discounts on securities, net | 1,876 | 2,567 |
Amortization of operating lease right-of-use assets | 3,068 | 0 |
Other amortization and accretion, net | (1,914) | 185 |
Stock based compensation | 5,773 | 5,603 |
Origination of loans designated for sale | (234,130) | (225,929) |
Sale of loans designated for sale | 227,711 | 239,316 |
Provision for loan losses | 6,199 | 9,388 |
Deferred income taxes | 4,442 | 5,675 |
Losses on sale of securities | 1,538 | 0 |
Gains on sale of loans | (6,683) | (7,752) |
Gains on sale and write-downs of other real estate owned | (279) | (12) |
Losses on disposition of fixed assets | 506 | 216 |
Bank owned life insurance death benefits | (956) | 0 |
Changes in operating assets and liabilities, net of effects from acquired companies: | ||
Net increase in other assets | (1,585) | (4,052) |
Net (decrease) increase in other liabilities | (6,721) | 3,644 |
Net cash provided by operating activities | 75,307 | 84,853 |
Cash Flows from Investing Activities | ||
Maturities and repayments of debt securities available for sale | 67,951 | 107,728 |
Maturities and repayments of debt securities held to maturity | 30,382 | 48,945 |
Proceeds from sale of debt securities available for sale | 122,906 | 0 |
Purchases of debt securities available for sale | (164,451) | (104,650) |
Maturities of time deposits with other banks | 3,664 | 2,740 |
Net new loans and principal repayments | (48,600) | (225,570) |
Purchases of loans held for investment | (117,853) | (19,541) |
Proceeds from sale of other real estate owned | 5,153 | 9,260 |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 46,283 | 28,751 |
Purchase of FHLB and Federal Reserve Bank Stock | (36,093) | (33,681) |
Proceeds from sale of Visa Class B Stock | 0 | 21,333 |
Proceeds from bank owned life insurance | 14,218 | 4,232 |
Additions to bank premises and equipment | (2,254) | (3,557) |
Net cash used in investing activities | (78,694) | (164,010) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 495,901 | 50,790 |
Net decrease in federal funds purchased and repurchase agreements | (143,909) | (27,059) |
Net decrease in FHLB borrowings with original maturities of three months or less | (267,000) | (10,000) |
Repayments of FHLB borrowings with original maturities of more than three months | (63,000) | 0 |
Proceeds from FHLB borrowings with original maturities of more than three months | 0 | 60,000 |
Stock based employee benefit plans | (2,296) | 1,016 |
Dividends paid | 0 | 0 |
Net cash provided by financing activities | 19,696 | 74,747 |
Net increase (decrease) in cash and cash equivalents | 16,309 | (4,410) |
Cash and cash equivalents at beginning of period | 115,951 | 109,504 |
Cash and cash equivalents at end of period | 132,260 | 105,094 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 35,255 | 18,952 |
Cash paid during the period for taxes | 13,500 | 9,200 |
New operating lease right-of-use assets | 29,430 | 0 |
New operating lease liabilities | 33,756 | 0 |
Supplemental disclosure of non cash investing activities: | ||
Transfer of debt securities from held to maturity to available for sale | 52,796 | 0 |
Transfers from loans to other real estate owned | 5,665 | 4,271 |
Transfers from bank premises to other real estate owned | $ 0 | $ 2,052 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 46,918 | |||||
Beginning balance at Dec. 31, 2017 | $ 689,664 | $ 4,693 | $ 661,632 | $ 29,914 | $ (2,359) | $ (4,216) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 36,549 | 51,313 | (14,764) | |||
Stock based compensation expense (in shares) | 32 | |||||
Stock based compensation expense | 5,602 | 5,602 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | (2) | |||||
Common stock transactions related to stock based employee benefit plans | (497) | $ 20 | (22) | (495) | ||
Common stock issued for stock options (in shares) | 322 | |||||
Common stock issued for stock options | 1,513 | $ 14 | 1,499 | |||
Increase (decrease) in shares during period (in shares) | 352 | |||||
Increase (decrease) in stockholders' equity during period | 43,167 | $ 34 | 7,079 | 51,198 | (495) | (14,649) |
Ending balance (in shares) at Sep. 30, 2018 | 47,270 | |||||
Ending balance at Sep. 30, 2018 | 732,831 | $ 4,727 | 668,711 | 81,112 | (2,854) | (18,865) |
Beginning balance (in shares) at Jun. 30, 2018 | 47,164 | |||||
Beginning balance at Jun. 30, 2018 | 716,163 | $ 4,716 | 665,885 | 64,790 | (2,884) | (16,344) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 13,801 | 16,322 | (2,521) | |||
Stock based compensation expense (in shares) | 32 | |||||
Stock based compensation expense | 1,980 | 1,980 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 1 | |||||
Common stock transactions related to stock based employee benefit plans | 24 | $ 3 | (9) | 30 | ||
Common stock issued for stock options (in shares) | 73 | |||||
Common stock issued for stock options | 863 | $ 8 | 855 | |||
Increase (decrease) in shares during period (in shares) | 106 | |||||
Increase (decrease) in stockholders' equity during period | 16,668 | $ 11 | 2,826 | 16,322 | 30 | (2,521) |
Ending balance (in shares) at Sep. 30, 2018 | 47,270 | |||||
Ending balance at Sep. 30, 2018 | 732,831 | $ 4,727 | 668,711 | 81,112 | (2,854) | (18,865) |
Beginning balance (in shares) at Dec. 31, 2018 | 51,361 | |||||
Beginning balance at Dec. 31, 2018 | 864,267 | $ 5,136 | 778,501 | 97,074 | (3,384) | (13,060) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 94,934 | 71,563 | 23,371 | |||
Stock based compensation expense (in shares) | 30 | |||||
Stock based compensation expense | 5,773 | 5,773 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 62 | |||||
Common stock transactions related to stock based employee benefit plans | (2,724) | $ 9 | (38) | (2,695) | ||
Common stock issued for stock options (in shares) | 29 | |||||
Common stock issued for stock options | 428 | $ 3 | 425 | |||
Increase (decrease) in shares during period (in shares) | 121 | |||||
Increase (decrease) in stockholders' equity during period | 98,411 | $ 12 | 6,160 | 71,563 | (2,695) | 23,371 |
Ending balance (in shares) at Sep. 30, 2019 | 51,482 | |||||
Ending balance at Sep. 30, 2019 | 962,678 | $ 5,148 | 784,661 | 168,637 | (6,079) | 10,311 |
Beginning balance (in shares) at Jun. 30, 2019 | 51,461 | |||||
Beginning balance at Jun. 30, 2019 | 930,239 | $ 5,146 | 782,928 | 143,032 | (6,137) | 5,270 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 30,646 | 25,605 | 5,041 | |||
Stock based compensation expense (in shares) | 30 | |||||
Stock based compensation expense | 1,745 | 1,745 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | (9) | |||||
Common stock transactions related to stock based employee benefit plans | 48 | $ 2 | (12) | 58 | ||
Increase (decrease) in shares during period (in shares) | 21 | |||||
Increase (decrease) in stockholders' equity during period | 32,439 | $ 2 | 1,733 | 25,605 | 58 | 5,041 |
Ending balance (in shares) at Sep. 30, 2019 | 51,482 | |||||
Ending balance at Sep. 30, 2019 | $ 962,678 | $ 5,148 | $ 784,661 | $ 168,637 | $ (6,079) | $ 10,311 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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 period amounts have been reclassified to conform to the current period presentation. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Adoption of new accounting pronouncements: On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, “Leases”, and all the related amendments (collectively, Accounting Standards Codification “ASC” Topic 842) through a cumulative-effect adjustment. The new guidance requires a lessee to recognize at the transition date right-of-use assets ("ROUA") and lease liabilities for all operating leases. Upon adoption, the Company recognized ROUAs of $29 million and lease liabilities of $33 million . Operating lease liabilities are measured based on the present value of lease payments over the lease term. At the transition date, ROUA was determined by adjusting lease liabilities for the carrying balances of deferred rent under ASC Topic 840 Leases , cease-use liabilities under ASC Topic 420 Exit or Disposal Cost Obligations , and assets and liabilities recognized under ASC Topic 805 Business Combinations for acquired operating leases, which aggregated to $4 million . We determine if an arrangement is a lease at the inception of a lease. ROUAs represent our right to use the underlying asset and lease liabilities represent our obligation to make lease payments for the lease term. Operating lease ROUAs and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the appropriate term and information available at commencement date in determining the present value of lease payments. The lease term may include options to extend the lease when it is reasonably certain that we will exercise that option. ROUAs and operating lease liabilities are reported in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected certain practical expedients offered by the FASB for all classes of leased assets. As a result, the Company has not reassessed whether existing contracts are or contain leases, nor has the Company reassessed the classification of existing leases. The Company elected not to separate lease and non-lease components and instead accounts for them as a single lease component. The Company also elected to exclude short-term leases from the recognition of ROUAs and lease liabilities. Therefore, if the lease term is equal to or less than twelve months (including the renewal options that we are reasonably certain to exercise) and we are not reasonably certain to exercise any available purchase options in the lease, we do not apply the new lease accounting guidance for those leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of ROUAs. On January 1, 2019, we adopted ASU 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, we reclassified certain debt securities from held to maturity to available for sale. The following table summarizes the impact: January 1, 2019 (In thousands) Amortized Cost Net Unrealized Gain (Loss) Reflected in OCI Fair Value Private mortgage-backed securities and collateralized mortgage obligations $ 21,526 $ 147 $ 21,673 Collateralized loan obligations 32,000 (877 ) 31,123 Totals $ 53,526 $ (730 ) $ 52,796 Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. We have established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for loan losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, other than temporary impairment of securities, income taxes and realization of deferred tax assets and contingent liabilities. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Yet Adopted | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Yet Adopted The following provides a brief description of accounting standards that have been issued but are not yet adopted that could have a material effect on the Company's financial statements: ASU 2016-13, Financial Instruments –Credit Losses (Topic 326) Description In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (i.e. loan commitments, standby letters of credit, financial guarantees and other similar instruments). Date of Adoption This amendment is effective for SEC registrants that are not Smaller Reporting Companies, including the Company, for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Effect on the Consolidated Financial Statements The Company continues to validate and refine the credit loss estimation techniques and related processes that have been developed under the direction of the Company's transition oversight committee. Updates to business processes and the documentation of accounting policy decisions are ongoing. A validation of the CECL model has been completed by a third party and the the Company is currently conducting parallel runs of the CECL model process. The Company expects to recognize an increase in the allowance for credit losses upon adoption, which will be recorded as a one-time cumulative adjustment to retained earnings at the adoption date, January 1, 2020. The magnitude of the increase, however, has not yet been determined. The expected increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio. For loans currently classified as purchased unimpaired (“PUL”), the CECL standard requires a reserve for expected credit losses to be established regardless of the impact of a purchase discount on the amortized cost basis. The accounting for existing PUL purchase discounts and premiums is not affected by the standard, and these will continue to accrete into interest income over the remaining lives of the loans on a level yield basis. Existing purchased credit impaired (“PCI”) loans will be classified as purchased credit deteriorated (“PCD”) loans and a reserve for expected credit losses will be established. The impact at adoption will be influenced by the outcome of our continuing review of the model, assumptions, methodologies and judgments, and by the loan portfolio composition and by macroeconomic conditions and forecasts at the adoption date. Additionally, the CECL model could produce higher volatility in the quarterly provision for credit losses than our current reserve process. The Company does not expect adoption of the standard to materially impact its held to maturity debt security portfolio, which is comprised of securities guaranteed either explicitly or implicitly by government sponsored entities. While available for sale (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect a material impact to AFS securities upon adoption. ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Description In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss. Date of Adoption This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017. Effect on the Consolidated Financial Statements The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For both the three and nine months ended September 30, 2019 , options to purchase 492,000 shares were antidilutive in each period and, accordingly, were excluded in the computation of diluted earnings per share, compared to 481,000 and 412,000 shares, respectively, for the three and nine months ended September 30, 2018 . Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except per share data) 2019 2018 2019 2018 Basic earnings per share Net income $ 25,605 $ 16,322 $ 71,563 $ 51,313 Average common shares outstanding 51,473 47,205 51,426 47,108 Net income per share $ 0.50 $ 0.35 $ 1.39 $ 1.09 Diluted earnings per share Net income $ 25,605 $ 16,322 $ 71,563 $ 51,313 Average common shares outstanding 51,473 47,205 51,426 47,108 Add: Dilutive effect of employee restricted stock and stock options 462 824 570 795 Average diluted shares outstanding 51,935 48,029 51,996 47,903 Net income per share $ 0.49 $ 0.34 $ 1.38 $ 1.07 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 10,206 $ 319 $ (1 ) $ 10,524 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 562,270 12,096 (520 ) 573,846 Private mortgage-backed securities and collateralized mortgage obligations 60,809 1,808 (17 ) 62,600 Collateralized loan obligations 241,387 1 (1,402 ) 239,986 Obligations of state and political subdivisions 32,506 1,349 — 33,855 Totals $ 907,178 $ 15,573 $ (1,940 ) $ 920,811 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 Totals $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,200 $ 106 $ (6 ) $ 7,300 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 567,753 300 (14,047 ) 554,006 Private mortgage-backed securities and collateralized mortgage obligations 55,569 560 (401 ) 55,728 Collateralized loan obligations 212,807 1 (3,442 ) 209,366 Obligations of state and political subdivisions 39,543 339 (451 ) 39,431 Totals $ 882,872 $ 1,306 $ (18,347 ) $ 865,831 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 304,423 $ — $ (7,324 ) $ 297,099 Private mortgage-backed securities and collateralized mortgage obligations 21,526 277 (130 ) 21,673 Collateralized loan obligations 32,000 — (877 ) 31,123 Totals $ 357,949 $ 277 $ (8,331 ) $ 349,895 Proceeds from sales of securities during the three and nine months ended September 30, 2019 were $49.6 million and $122.9 million , respectively. Included in "Securities losses, net" for the three months ended September 30, 2019 are gross losses of $0.9 million , and for the nine months ended September 30, 2019 , are gross gains of $0.3 million and gross losses of $1.8 million . Also included in “Securities losses, net” for the three and nine months ended September 30, 2019 is an increase of $0.1 million and $0.2 million , respectively, in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities. There were no sales of securities during the three and nine months ended September 30, 2018 . Included in “Securities losses, net” for the three and nine months ended September 30, 2018 , is a decrease of $0.1 million and $0.2 million , respectively, in the value of the CRA-qualified mutual fund investment. On January 1, 2019, the Company adopted ASU 2017-12 and subsequently transferred held to maturity debt securities with an amortized cost basis of $53.5 million to available for sale. Those securities had unrealized losses of $0.7 million that was recorded in other comprehensive income on the date of transfer. At September 30, 2019 , debt securities with a fair value of $86.1 million were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Debt securities with a fair value of $99.9 million were pledged as collateral for repurchase agreements. The amortized cost and fair value of debt securities held to maturity and available for sale at September 30, 2019 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Held to Maturity Available for Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ — $ — $ 10,047 $ 10,069 Due after one year through five years — — 134,560 134,537 Due after five years through ten years — — 131,057 130,712 Due after ten years — — 8,435 9,047 — — 284,099 284,365 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 273,644 276,069 562,270 573,846 Private mortgage-backed securities and collateralized mortgage obligations — — 60,809 62,600 Totals $ 273,644 $ 276,069 $ 907,178 $ 920,811 The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at September 30, 2019 and December 31, 2018 , respectively. September 30, 2019 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 438 (1 ) $ — $ — $ 438 $ (1 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 83,139 (383 ) 115,545 (1,642 ) 198,684 (2,025 ) Private mortgage-backed securities and collateralized mortgage obligations 8,010 (17 ) — — 8,010 (17 ) Collateralized loan obligations 118,668 (568 ) 110,516 (834 ) 229,184 (1,402 ) Totals $ 210,255 $ (969 ) $ 226,061 $ (2,476 ) $ 436,316 $ (3,445 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 99 $ (1 ) $ 642 $ (5 ) $ 741 $ (6 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 200,184 (2,235 ) 623,420 (19,136 ) 823,604 (21,371 ) Private mortgage-backed securities and collateralized mortgage obligations 20,071 (344 ) 12,739 (187 ) 32,810 (531 ) Collateralized loan obligations 238,894 (4,319 ) — — 238,894 (4,319 ) Obligations of state and political subdivisions 19,175 (241 ) 9,553 (210 ) 28,728 (451 ) Totals $ 478,423 $ (7,140 ) $ 646,354 $ (19,538 ) $ 1,124,777 $ (26,678 ) The two tables above include debt securities that were transferred from available for sale into held to maturity during 2014. Those securities had unrealized losses of $3.1 million at the date of transfer, and at September 30, 2019 , the unamortized balance was $0.4 million . At September 30, 2019 , the Company had $2.0 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations of government sponsored entities having a fair value of $198.7 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on the assessment of these mitigating factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities. At September 30, 2019 , the Company had unrealized losses of $1.4 million on collateralized loan obligations with a fair value of $229.2 million . The collateral for these securities is first lien senior secured corporate debt. The Company holds senior tranches rated credit A or higher. Management expects to recover the entire amortized cost basis of these securities. At September 30, 2019 , the Company does not intend to sell debt securities that are in an unrealized loss position and it is not more than likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at September 30, 2019 . Included in other assets at September 30, 2019 is $33.0 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Also included in other assets is a $6.4 million investment in a CRA-qualified mutual fund carried at fair value. The Company holds 11,330 shares of Visa Class B stock, which following resolution of Visa litigation will be converted to Visa Class A shares. Under the current conversion ratio that became effective September 27, 2019 , the Company would receive 1.6228 shares of Class A stock for each share of Class B stock for a total of 18,386 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans Information pertaining to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is as follows: September 30, 2019 (In thousands) Portfolio Loans PCI Loans PULs Total Construction and land development $ 272,915 $ 158 $ 53,251 $ 326,324 Commercial real estate 1,709,227 10,259 590,881 2,310,367 Residential real estate 1,184,579 2,364 223,003 1,409,946 Commercial and financial 635,153 600 86,533 722,286 Consumer 208,425 — 8,941 217,366 Totals 1 $ 4,010,299 $ 13,381 $ 962,609 $ 4,986,289 December 31, 2018 (In thousands) Portfolio Loans PCI Loans PULs Total Construction and land development $ 301,473 $ 151 $ 141,944 $ 443,568 Commercial real estate 1,437,989 10,828 683,249 2,132,066 Residential real estate 1,055,525 2,718 266,134 1,324,377 Commercial and financial 603,057 737 118,528 722,322 Consumer 190,207 — 12,674 202,881 Totals 1 $ 3,588,251 $ 14,434 $ 1,222,529 $ 4,825,214 1 Net loan balances as of September 30, 2019 and December 31, 2018 include deferred costs of $18.7 million and $16.9 million for each period, respectively. The following tables present the contractual delinquency of the recorded investment by class of loans as of: September 30, 2019 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Financing Receivables Portfolio Loans Construction and land development $ 266,815 $ 1,747 $ — $ — $ 4,353 $ 272,915 Commercial real estate 1,702,928 1,271 599 — 4,429 1,709,227 Residential real estate 1,173,158 3,349 182 — 7,890 1,184,579 Commercial and financial 627,056 4,448 — — 3,649 635,153 Consumer 207,467 572 306 — 80 208,425 Total Portfolio Loans 3,977,424 11,387 1,087 — 20,401 4,010,299 Purchased Unimpaired Loans Construction and land development 49,682 — 2,995 — 574 53,251 Commercial real estate 587,865 872 848 — 1,296 590,881 Residential real estate 222,383 75 122 — 423 223,003 Commercial and financial 84,614 1,362 — — 557 86,533 Consumer 8,796 116 — — 29 8,941 Total PULs 953,340 2,425 3,965 — 2,879 962,609 Purchased Credit Impaired Loans Construction and land development 145 — — — 13 158 Commercial real estate 9,314 — — — 945 10,259 Residential real estate 573 — — — 1,791 2,364 Commercial and financial 585 — — — 15 600 Consumer — — — — — — Total PCI Loans 10,617 — — — 2,764 13,381 Total Loans $ 4,941,381 $ 13,812 $ 5,052 $ — $ 26,044 $ 4,986,289 December 31, 2018 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Financing Receivables Portfolio Loans Construction and land development $ 301,348 $ 97 $ — $ — $ 28 $ 301,473 Commercial real estate 1,427,413 3,852 97 141 6,486 1,437,989 Residential real estate 1,044,375 2,524 525 295 7,806 1,055,525 Commercial and financial 594,930 5,186 1,661 — 1,280 603,057 Consumer 189,061 637 326 — 183 190,207 Total Portfolio Loans 3,557,127 12,296 2,609 436 15,783 3,588,251 Purchased Unimpaired Loans Construction and land development 140,013 1,931 — — — 141,944 Commercial real estate 680,060 1,846 — — 1,343 683,249 Residential real estate 260,781 1,523 — 90 3,740 266,134 Commercial and financial 116,173 342 — — 2,013 118,528 Consumer 12,643 — 31 — — 12,674 Total PULs 1,209,670 5,642 31 90 7,096 1,222,529 Purchased Credit Impaired Loans Construction and land development 135 — — — 16 151 Commercial real estate 8,403 1,034 — — 1,391 10,828 Residential real estate 556 — — — 2,162 2,718 Commercial and financial 74 635 — — 28 737 Consumer — — — — — — Total PCI Loans 9,168 1,669 — — 3,597 14,434 Total Loans $ 4,775,965 $ 19,607 $ 2,640 $ 526 $ 26,476 $ 4,825,214 The Company's Credit Risk Management also utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: • Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. • Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. • Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off. Risk ratings on commercial lending facilities are re-evaluated during the annual review process at a minimum, based on the size of the aggregate exposure, and/or when there is a credit action of the existing credit exposure. The following tables present the risk category of loans by class based on the most recent analysis performed as of: September 30, 2019 (In thousands) Pass Special Mention Substandard Doubtful Total Construction and land development $ 316,636 $ 4,559 $ 5,129 $ — $ 326,324 Commercial real estate 2,260,472 27,838 21,736 321 2,310,367 Residential real estate 1,386,760 3,978 19,208 — 1,409,946 Commercial and financial 703,565 10,436 7,135 1,150 722,286 Consumer 212,955 3,417 994 — 217,366 Totals $ 4,880,388 $ 50,228 $ 54,202 $ 1,471 $ 4,986,289 December 31, 2018 (In thousands) Pass Special Mention Substandard Doubtful Total Construction and land development $ 428,044 $ 10,429 $ 5,095 $ — $ 443,568 Commercial real estate 2,063,589 41,429 27,048 — 2,132,066 Residential real estate 1,296,634 3,654 24,089 — 1,324,377 Commercial and financial 707,663 8,387 6,247 25 722,322 Consumer 198,367 3,397 1,117 — 202,881 Totals $ 4,694,297 $ 67,296 $ 63,596 $ 25 $ 4,825,214 PCI Loans PCI loans are accounted for pursuant to ASC Topic 310-30. The excess of cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan in situations where there is a reasonable expectation about the timing and amount of cash flows expected to be collected. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the non-accretable difference. The table below summarizes the changes in accretable yield on PCI loans for the periods ended: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Beginning balance $ 2,344 $ 3,189 $ 2,822 $ 3,699 Additions — — — — Deletions — — — (43 ) Accretion (287 ) (284 ) (1,336 ) (989 ) Reclassification from non-accretable difference 62 — 633 238 Ending balance $ 2,119 $ 2,905 $ 2,119 $ 2,905 Troubled Debt Restructured Loans The Company’s Troubled Debt Restructuring (“TDR”) concessions granted to certain borrowers generally do not include forgiveness of principal balances, but may include interest rate reductions, an extension of the amortization period and/or converting the loan to interest only for a limited period of time. Loan modifications are not reported in calendar years after modification if the loans were modified at an interest rate equal to the yields of new loan originations with comparable risk and the loans are performing based on the terms of the restructured agreements. Most loans prior to modification were classified as impaired and the allowance for loan losses is determined in accordance with Company policy. During the three and nine months ended September 30, 2019 , there were three loans totaling $1.6 million and seven loans totaling $4.0 million , respectively, modified in a TDR. There were three defaults totaling $2.1 million of loans to a single borrower modified in TDRs within the twelve months preceding September 30, 2019 . During the three and nine months ended September 30, 2018 there was one loan totaling $0.1 million modified in a TDR. There was one loan that defaulted which had been modified in a TDR of $0.1 million during the t welve months preceding September 30, 2018 . The Company considers a loan to have defaulted when it becomes 90 days or more delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and a specific allowance for loan loss is assigned in accordance with the Company’s policy. Impaired Loans Loans are considered impaired if they are 90 days or more past due, in nonaccrual status, or are TDRs. As of September 30, 2019 and December 31, 2018 , the Company’s recorded investment in impaired loans, excluding PCI loans, the unpaid principal balance and related valuation allowance was as follows: September 30, 2019 (In thousands) Recorded Investment Unpaid Principal Balance Related Valuation Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 4,972 $ 5,169 $ — Commercial real estate 6,222 7,649 — Residential real estate 9,727 14,223 — Commercial and financial 3,407 4,406 — Consumer 118 131 — Impaired Loans with an Allowance Recorded: Construction and land development 98 114 16 Commercial real estate 4,223 4,223 247 Residential real estate 4,888 5,035 517 Commercial and financial 1,948 1,963 727 Consumer 229 245 57 Total Impaired Loans Construction and land development 5,070 5,283 16 Commercial real estate 10,445 11,872 247 Residential real estate 14,615 19,258 517 Commercial and financial 5,355 6,369 727 Consumer 347 376 57 Totals $ 35,832 $ 43,158 $ 1,564 December 31, 2018 (In thousands) Recorded Investment Unpaid Principal Balance Related Valuation Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 15 $ 229 $ — Commercial real estate 3,852 5,138 — Residential real estate 13,510 18,111 — Commercial and financial 1,191 1,414 — Consumer 280 291 — Impaired Loans with an Allowance Recorded: Construction and land development 196 211 22 Commercial real estate 9,786 12,967 369 Residential real estate 5,537 5,664 805 Commercial and financial 2,131 2,309 1,498 Consumer 202 211 34 Total Impaired Loans Construction and land development 211 440 22 Commercial real estate 13,638 18,105 369 Residential real estate 19,047 23,775 805 Commercial and financial 3,322 3,723 1,498 Consumer 482 502 34 Totals $ 36,700 $ 46,545 $ 2,728 Impaired loans also include TDRs where concessions have been granted to borrowers who have experienced financial difficulty. At September 30, 2019 and at December 31, 2018 , accruing TDRs totaled $12.4 million and $13.3 million , respectively. Average impaired loans for the three months ended September 30, 2019 and 2018 were $35.1 million and $38.1 million , respectively. Average impaired loans for the nine months ended September 30, 2019 and 2018 were $35.5 million and $34.5 million , respectively. The impaired loans were measured for impairment based on the value of underlying collateral or the present value of expected future cash flows discounted at the loan’s effective interest rate. The valuation allowance is included in the allowance for loan losses. Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful, at which time payments received are recorded as reductions in principal. For the three months ended September 30, 2019 and 2018 , the Company recorded interest income on impaired loans of $0.7 million and $0.5 million , respectively. For the nine months ended September 30, 2019 and 2018 , the Company recorded interest income on impaired loans of $1.5 million and $1.4 million , respectively. For impaired loans whose impairment is measured based on the present value of expected future cash flows, interest income represents the change in present value attributable to the passage of time, and totaled $40,000 and $36,000 , respectively, for the three months ended September 30, 2019 and 2018 , and $102,000 and $157,000 , respectively, for the nine months ended September 30, 2019 and 2018 . |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for the three and nine month periods ended September 30, 2019 and 2018 is summarized as follows: Three Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,243 $ (395 ) $ — $ 6 $ — $ 1,854 Commercial real estate 11,870 1,368 (232 ) 10 (19 ) 12,997 Residential real estate 7,508 87 (38 ) 52 (20 ) 7,589 Commercial and financial 8,912 769 (1,625 ) 295 — 8,351 Consumer 2,972 422 (697 ) 118 (1 ) 2,814 Totals $ 33,505 $ 2,251 $ (2,592 ) $ 481 $ (40 ) $ 33,605 Three Months Ended September 30, 2018 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,287 $ (221 ) $ — $ 3 $ — $ 2,069 Commercial real estate 9,126 4,191 (1 ) 18 (16 ) 13,318 Residential real estate 8,850 (1,279 ) (6 ) 99 (19 ) 7,645 Commercial and financial 7,102 1,739 (842 ) 163 — 8,162 Consumer 1,559 1,344 (296 ) 65 (1 ) 2,671 Totals $ 28,924 $ 5,774 $ (1,145 ) $ 348 $ (36 ) $ 33,865 Nine Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,233 $ (391 ) $ — $ 13 $ (1 ) $ 1,854 Commercial real estate 11,112 1,560 (248 ) 622 (49 ) 12,997 Residential real estate 7,775 (276 ) (102 ) 242 (50 ) 7,589 Commercial and financial 8,585 3,736 (4,450 ) 480 — 8,351 Consumer 2,718 1,570 (1,915 ) 443 (2 ) 2,814 Totals $ 32,423 $ 6,199 $ (6,715 ) $ 1,800 $ (102 ) $ 33,605 Nine Months Ended September 30, 2018 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 1,642 $ 414 $ — $ 13 $ — $ 2,069 Commercial real estate 9,285 3,826 (15 ) 268 (46 ) 13,318 Residential real estate 7,131 (78 ) (33 ) 733 (108 ) 7,645 Commercial and financial 7,297 3,639 (2,985 ) 211 — 8,162 Consumer 1,767 1,587 (931 ) 251 (3 ) 2,671 Totals $ 27,122 $ 9,388 $ (3,964 ) $ 1,476 $ (157 ) $ 33,865 The allowance for loan losses is comprised of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. The Company’s loan portfolio, excluding PCI loans, and related allowance at September 30, 2019 and December 31, 2018 is shown in the following tables: September 30, 2019 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 5,070 $ 16 $ 321,096 $ 1,838 $ 326,166 $ 1,854 Commercial real estate 10,445 247 2,289,663 12,750 2,300,108 12,997 Residential real estate 14,615 517 1,392,967 7,072 1,407,582 7,589 Commercial and financial 5,355 727 716,331 7,624 721,686 8,351 Consumer 347 57 217,019 2,757 217,366 2,814 Totals $ 35,832 $ 1,564 $ 4,937,076 $ 32,041 $ 4,972,908 $ 33,605 December 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 211 $ 22 $ 443,206 $ 2,211 $ 443,417 $ 2,233 Commercial real estate 13,638 369 2,107,600 10,743 2,121,238 11,112 Residential real estate 19,047 805 1,302,612 6,970 1,321,659 7,775 Commercial and financial 3,322 1,498 718,263 7,087 721,585 8,585 Consumer 482 34 202,399 2,684 202,881 2,718 Totals $ 36,700 $ 2,728 $ 4,774,080 $ 29,695 $ 4,810,780 $ 32,423 Loans collectively evaluated for impairment reported at September 30, 2019 included acquired loans that are not PCI loans. At September 30, 2019 , the remaining fair value adjustments for PUL loans was approximately $36.3 million, or approximately 3.8% of the outstanding aggregate PUL balances. At December 31, 2018 , the remaining fair value adjustments for PUL loans was approximately $47.0 million, or 3.9% of the outstanding aggregate PUL balances. These amounts are accreted into interest income over the remaining lives of the related loans on a level yield basis. The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 PCI Loans Individually Evaluated for Impairment (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 158 $ — $ 151 $ — Commercial real estate 10,259 — 10,828 — Residential real estate 2,364 — 2,718 — Commercial and financial 600 — 737 — Consumer — — — — Totals $ 13,381 $ — $ 14,434 $ — |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. Company securities sold under agreements to repurchase and securities pledged were as follows by collateral type and maturity as of: (In thousands) September 30, 2019 December 31, 2018 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 99,881 $ 246,829 |
Lease Commitments
Lease Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments The Company is the lessee in various noncancellable operating leases for land, buildings, and equipment. Certain leases contain provisions for variable lease payments that are linked to the consumer price index. Lease cost for the three and nine months ended September 30, 2019 consists of: (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 1,385 $ 4,174 Variable lease cost 305 901 Short-term lease cost 154 574 Sublease income (179 ) (440 ) Total lease cost $ 1,665 $ 5,209 The following table provides supplemental information related to leases as of and for the nine months ended September 30, 2019 : (In thousands, except for weighted average data) September 30, 2019 Operating lease right-of-use assets $ 26,355 Operating lease liabilities 30,381 Cash paid for amounts included in the measurement of operating lease liabilities 4,445 Right-of-use assets obtained in exchange for new operating lease obligations 353 Weighted average remaining lease term for operating leases 9 years Weighted average discount rate for operating leases 4.71 % The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company includes the extended term in the calculation of the lease liability. Maturities of lease liabilities as of September 30, 2019 are as follows: Twelve Months Ended September 30, (In thousands) 2020 $ 5,765 2021 4,768 2022 4,493 2023 3,601 2024 3,542 Thereafter 15,360 Total undiscounted cash flows 37,529 Less: Net present value adjustment (7,148 ) Total $ 30,381 |
Noninterest Income and Expense
Noninterest Income and Expense | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Noninterest Income and Expense | Noninterest Income and Expense Details of noninterest income and expenses for the three and nine months ended September 30, 2019 and 2018 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Noninterest income Service charges on deposit accounts $ 2,978 $ 2,833 $ 8,569 $ 8,179 Trust fees 1,183 1,083 3,347 3,143 Mortgage banking fees 2,127 1,135 4,976 3,873 Brokerage commissions and fees 449 444 1,426 1,264 Marine finance fees 152 194 715 1,213 Interchange income 3,206 3,119 10,012 9,137 BOLI income 928 1,078 2,770 3,200 SBA gains 569 473 1,896 1,955 Other income 3,198 1,980 7,967 5,542 14,790 12,339 41,678 37,506 Securities losses, net (847 ) (48 ) (1,322 ) (198 ) Total $ 13,943 $ 12,291 $ 40,356 $ 37,308 Noninterest expense Salaries and wages $ 18,640 $ 17,129 $ 56,566 $ 48,939 Employee benefits 2,973 3,205 10,374 9,320 Outsourced data processing costs 3,711 3,493 11,432 10,565 Telephone/data lines 603 624 2,307 1,879 Occupancy 3,368 3,214 10,916 9,647 Furniture and equipment 1,528 1,367 4,829 4,292 Marketing 933 1,139 3,276 3,735 Legal and professional fees 1,648 2,019 6,528 6,293 FDIC assessments 56 431 881 1,624 Amortization of intangibles 1,456 1,004 4,370 2,997 Foreclosed property expense and net (gain)/loss on sale 262 (136 ) 48 461 Other 3,405 3,910 11,155 13,057 Total $ 38,583 $ 37,399 $ 122,682 $ 112,809 |
Equity Capital
Equity Capital | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity Capital | Equity Capital The Company is well capitalized and at September 30, 2019 , the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2019 and December 31, 2018 included: (In thousands) Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Available for sale debt securities 1 $ 920,811 $ 100 $ 920,711 $ — Loans held for sale 2 26,768 — 26,768 — Loans 3 4,606 — 1,737 2,869 Other real estate owned 4 13,593 — 241 13,352 Equity securities 5 6,422 6,422 — — December 31, 2018 Available for sale debt securities 1 $ 865,831 $ 100 $ 865,731 $ — Loans held for sale 2 11,873 — 11,873 — Loans 3 8,590 — 2,290 6,300 Other real estate owned 4 12,802 — 297 12,505 Equity securities 5 6,205 6,205 — — 1 See Note D for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. Available for sale debt securities : U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans held for sale : Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of September 30, 2019 and December 31, 2018 . The aggregate fair value and contractual balance of loans held for sale as of September 30, 2019 and December 31, 2018 is as follows: (In thousands) September 30, 2019 December 31, 2018 Aggregate fair value $ 26,768 $ 11,873 Contractual balance 25,803 11,562 Excess 965 311 Loans : Level 2 loans consist of impaired real estate loans which are collateral dependent. Fair value is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluations are based on the comparative sales approach. Level 3 loans consist of commercial and commercial real estate impaired loans. For these loans evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At September 30, 2019 , the capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.6% . Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered level 3 in the fair value hierarchy. Impaired loans measured at fair value total $4.6 million with a specific reserve of $1.6 million at September 30, 2019 , compared to $8.6 million with a specific reserve of $2.7 million at December 31, 2018 . For loans classified as level 3, changes included loans migrating to OREO of $4.6 million and paydowns and chargeoffs of $1.5 million , offset by additions of $2.7 million for the nine months ended September 30, 2019 . Other real estate owned : When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as level 3. For OREO classified as level 3 during the nine months ended September 30, 2019 , changes included additions of foreclosed loans of $5.5 million , offset by sales of $4.3 million and writedowns of $0.4 million . Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarter-end valuation process. There were no such transfers for loans and OREO classified as level 3 during the nine months ended September 30, 2019 and 2018 . The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2019 and December 31, 2018 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Financial Assets Debt securities held to maturity 1 $ 273,644 $ — $ 276,069 $ — Time deposits with other banks 4,579 — — 4,473 Loans, net 4,948,078 — — 4,961,833 Financial Liabilities Deposit liabilities 5,673,141 — — 5,672,972 Federal Home Loan Bank (FHLB) borrowings 50,000 — — 49,996 Subordinated debt 71,014 — 61,160 — December 31, 2018 Financial Assets Debt securities held to maturity 1 $ 357,949 $ — $ 349,895 $ — Time deposits with other banks 8,243 — — 8,132 Loans, net 4,784,201 — — 4,835,248 Financial Liabilities Deposit liabilities 5,177,240 — — 5,172,098 Federal Home Loan Bank (FHLB) borrowings 380,000 — — 380,027 Subordinated debt 70,804 — 61,224 — 1 See Note D for further detail of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, and securities sold under agreements to repurchase, maturing within 30 days. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at September 30, 2019 and December 31, 2018 : Held to maturity debt securities : These debt securities are reported at fair value utilizing level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisition of First Green Bancorp, Inc. On October 19, 2018, the Company completed its acquisition of First Green Bancorp, Inc (“First Green”). Simultaneously, upon completion of the merger of First Green and the Company, First Green's wholly owned subsidiary bank, First Green Bank, was merged with and into Seacoast Bank. Prior to the acquisition, First Green operated seven branches in the Orlando, Daytona, and Fort Lauderdale markets. As a result of this acquisition, the Company expects to enhance its presence in the Orlando, Daytona, and Fort Lauderdale markets, expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities. The Company acquired 100% of the outstanding common stock of First Green. Under the terms of the definitive agreement, each share of First Green common stock was converted into the right to receive 0.7324 shares of Seacoast common stock. (In thousands, except per share data) October 19, 2018 Shares exchanged for cash $ 5,462 Per share exchange ratio 0.7324 Number of shares of common stock issued 4,000 Multiplied by common stock price per share on October 19, 2018 $ 26.87 Value of common stock issued 107,486 Cash paid for First Green vested stock options 6,558 Total purchase price $ 114,044 The acquisition of First Green was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $56.7 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. The adjustments reflected in the table below are the result of information obtained subsequent to the initial measurement. (In thousands) Initially Measured October 19, 2018 Measurement Period Adjustments As Adjusted October 19, 2018 Assets: Cash $ 29,434 $ — $ 29,434 Investment securities 32,145 — 32,145 Loans, net 631,497 — 631,497 Fixed assets 16,828 — 16,828 Other real estate owned 410 — 410 Core deposit intangibles 10,170 (678 ) 9,492 Goodwill 56,198 532 56,730 Other assets 40,669 181 40,850 Totals $ 817,351 $ 35 $ 817,386 Liabilities: Deposits $ 624,289 $ — $ 624,289 Other liabilities 79,018 35 79,053 Totals $ 703,307 $ 35 $ 703,342 The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. October 19, 2018 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 101,674 $ 101,119 Commercial real estate 437,767 406,613 Construction/development/land 61,195 58,385 Commercial loans 56,288 54,973 Consumer and other loans 9,156 8,942 Purchased Credit Impaired 2,136 1,465 Total acquired loans $ 668,216 $ 631,497 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factors. The factors we considered to identify loans as PCI loans were all acquired loans that were nonaccrual, 60 days or more past due, designated as TDR, graded “special mention” or “substandard.” These loans were then evaluated to determine estimated fair values as of the acquisition date. As required by generally accepted accounting principles, we are accounting for these loans pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of October 19, 2018 for PCI loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (In thousands) October 19, 2018 Contractually required principal and interest $ 2,136 Non-accretable difference (671 ) Cash flows expected to be collected 1,465 Accretable yield — Total purchased credit-impaired loans acquired $ 1,465 Loans without specifically identified credit deficiency factors are referred to as PULs for disclosure purposes. These loans were then evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-Forma Information Pro-forma data for the three and nine months ended September 30, 2018 presents information as if the acquisition of First Green occurred at the beginning of 2018 , as follows: (In thousands, except per share amounts) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Net interest income $ 59,670 $ 174,416 Net income 21,070 64,440 EPS - basic $ 0.41 $ 1.26 EPS - diluted 0.40 1.24 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. 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 period amounts have been reclassified to conform to the current period presentation. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 |
Adoption of New Accounting Pronouncements and Recent Issued Accounting Standards, Not Yet Adopted | Adoption of new accounting pronouncements: On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, “Leases”, and all the related amendments (collectively, Accounting Standards Codification “ASC” Topic 842) through a cumulative-effect adjustment. The new guidance requires a lessee to recognize at the transition date right-of-use assets ("ROUA") and lease liabilities for all operating leases. Upon adoption, the Company recognized ROUAs of $29 million and lease liabilities of $33 million . Operating lease liabilities are measured based on the present value of lease payments over the lease term. At the transition date, ROUA was determined by adjusting lease liabilities for the carrying balances of deferred rent under ASC Topic 840 Leases , cease-use liabilities under ASC Topic 420 Exit or Disposal Cost Obligations , and assets and liabilities recognized under ASC Topic 805 Business Combinations for acquired operating leases, which aggregated to $4 million . We determine if an arrangement is a lease at the inception of a lease. ROUAs represent our right to use the underlying asset and lease liabilities represent our obligation to make lease payments for the lease term. Operating lease ROUAs and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the appropriate term and information available at commencement date in determining the present value of lease payments. The lease term may include options to extend the lease when it is reasonably certain that we will exercise that option. ROUAs and operating lease liabilities are reported in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected certain practical expedients offered by the FASB for all classes of leased assets. As a result, the Company has not reassessed whether existing contracts are or contain leases, nor has the Company reassessed the classification of existing leases. The Company elected not to separate lease and non-lease components and instead accounts for them as a single lease component. The Company also elected to exclude short-term leases from the recognition of ROUAs and lease liabilities. Therefore, if the lease term is equal to or less than twelve months (including the renewal options that we are reasonably certain to exercise) and we are not reasonably certain to exercise any available purchase options in the lease, we do not apply the new lease accounting guidance for those leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of ROUAs. On January 1, 2019, we adopted ASU 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, we reclassified certain debt securities from held to maturity to available for sale. The following table summarizes the impact: January 1, 2019 (In thousands) Amortized Cost Net Unrealized Gain (Loss) Reflected in OCI Fair Value Private mortgage-backed securities and collateralized mortgage obligations $ 21,526 $ 147 $ 21,673 Collateralized loan obligations 32,000 (877 ) 31,123 Totals $ 53,526 $ (730 ) $ 52,796 The following provides a brief description of accounting standards that have been issued but are not yet adopted that could have a material effect on the Company's financial statements: ASU 2016-13, Financial Instruments –Credit Losses (Topic 326) Description In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (i.e. loan commitments, standby letters of credit, financial guarantees and other similar instruments). Date of Adoption This amendment is effective for SEC registrants that are not Smaller Reporting Companies, including the Company, for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Effect on the Consolidated Financial Statements The Company continues to validate and refine the credit loss estimation techniques and related processes that have been developed under the direction of the Company's transition oversight committee. Updates to business processes and the documentation of accounting policy decisions are ongoing. A validation of the CECL model has been completed by a third party and the the Company is currently conducting parallel runs of the CECL model process. The Company expects to recognize an increase in the allowance for credit losses upon adoption, which will be recorded as a one-time cumulative adjustment to retained earnings at the adoption date, January 1, 2020. The magnitude of the increase, however, has not yet been determined. The expected increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio. For loans currently classified as purchased unimpaired (“PUL”), the CECL standard requires a reserve for expected credit losses to be established regardless of the impact of a purchase discount on the amortized cost basis. The accounting for existing PUL purchase discounts and premiums is not affected by the standard, and these will continue to accrete into interest income over the remaining lives of the loans on a level yield basis. Existing purchased credit impaired (“PCI”) loans will be classified as purchased credit deteriorated (“PCD”) loans and a reserve for expected credit losses will be established. The impact at adoption will be influenced by the outcome of our continuing review of the model, assumptions, methodologies and judgments, and by the loan portfolio composition and by macroeconomic conditions and forecasts at the adoption date. Additionally, the CECL model could produce higher volatility in the quarterly provision for credit losses than our current reserve process. The Company does not expect adoption of the standard to materially impact its held to maturity debt security portfolio, which is comprised of securities guaranteed either explicitly or implicitly by government sponsored entities. While available for sale (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect a material impact to AFS securities upon adoption. ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Description In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss. Date of Adoption This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017. Effect on the Consolidated Financial Statements The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
Use of Estimates | Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. We have established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for loan losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, other than temporary impairment of securities, income taxes and realization of deferred tax assets and contingent liabilities. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reclassification of Debt Securities | Upon adoption, we reclassified certain debt securities from held to maturity to available for sale. The following table summarizes the impact: January 1, 2019 (In thousands) Amortized Cost Net Unrealized Gain (Loss) Reflected in OCI Fair Value Private mortgage-backed securities and collateralized mortgage obligations $ 21,526 $ 147 $ 21,673 Collateralized loan obligations 32,000 (877 ) 31,123 Totals $ 53,526 $ (730 ) $ 52,796 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except per share data) 2019 2018 2019 2018 Basic earnings per share Net income $ 25,605 $ 16,322 $ 71,563 $ 51,313 Average common shares outstanding 51,473 47,205 51,426 47,108 Net income per share $ 0.50 $ 0.35 $ 1.39 $ 1.09 Diluted earnings per share Net income $ 25,605 $ 16,322 $ 71,563 $ 51,313 Average common shares outstanding 51,473 47,205 51,426 47,108 Add: Dilutive effect of employee restricted stock and stock options 462 824 570 795 Average diluted shares outstanding 51,935 48,029 51,996 47,903 Net income per share $ 0.49 $ 0.34 $ 1.38 $ 1.07 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 10,206 $ 319 $ (1 ) $ 10,524 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 562,270 12,096 (520 ) 573,846 Private mortgage-backed securities and collateralized mortgage obligations 60,809 1,808 (17 ) 62,600 Collateralized loan obligations 241,387 1 (1,402 ) 239,986 Obligations of state and political subdivisions 32,506 1,349 — 33,855 Totals $ 907,178 $ 15,573 $ (1,940 ) $ 920,811 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 Totals $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,200 $ 106 $ (6 ) $ 7,300 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 567,753 300 (14,047 ) 554,006 Private mortgage-backed securities and collateralized mortgage obligations 55,569 560 (401 ) 55,728 Collateralized loan obligations 212,807 1 (3,442 ) 209,366 Obligations of state and political subdivisions 39,543 339 (451 ) 39,431 Totals $ 882,872 $ 1,306 $ (18,347 ) $ 865,831 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 304,423 $ — $ (7,324 ) $ 297,099 Private mortgage-backed securities and collateralized mortgage obligations 21,526 277 (130 ) 21,673 Collateralized loan obligations 32,000 — (877 ) 31,123 Totals $ 357,949 $ 277 $ (8,331 ) $ 349,895 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 10,206 $ 319 $ (1 ) $ 10,524 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 562,270 12,096 (520 ) 573,846 Private mortgage-backed securities and collateralized mortgage obligations 60,809 1,808 (17 ) 62,600 Collateralized loan obligations 241,387 1 (1,402 ) 239,986 Obligations of state and political subdivisions 32,506 1,349 — 33,855 Totals $ 907,178 $ 15,573 $ (1,940 ) $ 920,811 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 Totals $ 273,644 $ 3,930 $ (1,505 ) $ 276,069 December 31, 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities available for sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,200 $ 106 $ (6 ) $ 7,300 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 567,753 300 (14,047 ) 554,006 Private mortgage-backed securities and collateralized mortgage obligations 55,569 560 (401 ) 55,728 Collateralized loan obligations 212,807 1 (3,442 ) 209,366 Obligations of state and political subdivisions 39,543 339 (451 ) 39,431 Totals $ 882,872 $ 1,306 $ (18,347 ) $ 865,831 Debt securities held to maturity Mortgage-backed securities of U.S. government sponsored entities $ 304,423 $ — $ (7,324 ) $ 297,099 Private mortgage-backed securities and collateralized mortgage obligations 21,526 277 (130 ) 21,673 Collateralized loan obligations 32,000 — (877 ) 31,123 Totals $ 357,949 $ 277 $ (8,331 ) $ 349,895 |
Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately. Held to Maturity Available for Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ — $ — $ 10,047 $ 10,069 Due after one year through five years — — 134,560 134,537 Due after five years through ten years — — 131,057 130,712 Due after ten years — — 8,435 9,047 — — 284,099 284,365 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 273,644 276,069 562,270 573,846 Private mortgage-backed securities and collateralized mortgage obligations — — 60,809 62,600 Totals $ 273,644 $ 276,069 $ 907,178 $ 920,811 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at September 30, 2019 and December 31, 2018 , respectively. September 30, 2019 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 438 (1 ) $ — $ — $ 438 $ (1 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 83,139 (383 ) 115,545 (1,642 ) 198,684 (2,025 ) Private mortgage-backed securities and collateralized mortgage obligations 8,010 (17 ) — — 8,010 (17 ) Collateralized loan obligations 118,668 (568 ) 110,516 (834 ) 229,184 (1,402 ) Totals $ 210,255 $ (969 ) $ 226,061 $ (2,476 ) $ 436,316 $ (3,445 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. government agencies $ 99 $ (1 ) $ 642 $ (5 ) $ 741 $ (6 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 200,184 (2,235 ) 623,420 (19,136 ) 823,604 (21,371 ) Private mortgage-backed securities and collateralized mortgage obligations 20,071 (344 ) 12,739 (187 ) 32,810 (531 ) Collateralized loan obligations 238,894 (4,319 ) — — 238,894 (4,319 ) Obligations of state and political subdivisions 19,175 (241 ) 9,553 (210 ) 28,728 (451 ) Totals $ 478,423 $ (7,140 ) $ 646,354 $ (19,538 ) $ 1,124,777 $ (26,678 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | Information pertaining to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is as follows: September 30, 2019 (In thousands) Portfolio Loans PCI Loans PULs Total Construction and land development $ 272,915 $ 158 $ 53,251 $ 326,324 Commercial real estate 1,709,227 10,259 590,881 2,310,367 Residential real estate 1,184,579 2,364 223,003 1,409,946 Commercial and financial 635,153 600 86,533 722,286 Consumer 208,425 — 8,941 217,366 Totals 1 $ 4,010,299 $ 13,381 $ 962,609 $ 4,986,289 December 31, 2018 (In thousands) Portfolio Loans PCI Loans PULs Total Construction and land development $ 301,473 $ 151 $ 141,944 $ 443,568 Commercial real estate 1,437,989 10,828 683,249 2,132,066 Residential real estate 1,055,525 2,718 266,134 1,324,377 Commercial and financial 603,057 737 118,528 722,322 Consumer 190,207 — 12,674 202,881 Totals 1 $ 3,588,251 $ 14,434 $ 1,222,529 $ 4,825,214 1 Net loan balances as of September 30, 2019 and December 31, 2018 include deferred costs of $18.7 million and $16.9 million for each period, respectively. |
Schedule of Past Due Financing Receivables | The following tables present the contractual delinquency of the recorded investment by class of loans as of: September 30, 2019 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Financing Receivables Portfolio Loans Construction and land development $ 266,815 $ 1,747 $ — $ — $ 4,353 $ 272,915 Commercial real estate 1,702,928 1,271 599 — 4,429 1,709,227 Residential real estate 1,173,158 3,349 182 — 7,890 1,184,579 Commercial and financial 627,056 4,448 — — 3,649 635,153 Consumer 207,467 572 306 — 80 208,425 Total Portfolio Loans 3,977,424 11,387 1,087 — 20,401 4,010,299 Purchased Unimpaired Loans Construction and land development 49,682 — 2,995 — 574 53,251 Commercial real estate 587,865 872 848 — 1,296 590,881 Residential real estate 222,383 75 122 — 423 223,003 Commercial and financial 84,614 1,362 — — 557 86,533 Consumer 8,796 116 — — 29 8,941 Total PULs 953,340 2,425 3,965 — 2,879 962,609 Purchased Credit Impaired Loans Construction and land development 145 — — — 13 158 Commercial real estate 9,314 — — — 945 10,259 Residential real estate 573 — — — 1,791 2,364 Commercial and financial 585 — — — 15 600 Consumer — — — — — — Total PCI Loans 10,617 — — — 2,764 13,381 Total Loans $ 4,941,381 $ 13,812 $ 5,052 $ — $ 26,044 $ 4,986,289 December 31, 2018 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Financing Receivables Portfolio Loans Construction and land development $ 301,348 $ 97 $ — $ — $ 28 $ 301,473 Commercial real estate 1,427,413 3,852 97 141 6,486 1,437,989 Residential real estate 1,044,375 2,524 525 295 7,806 1,055,525 Commercial and financial 594,930 5,186 1,661 — 1,280 603,057 Consumer 189,061 637 326 — 183 190,207 Total Portfolio Loans 3,557,127 12,296 2,609 436 15,783 3,588,251 Purchased Unimpaired Loans Construction and land development 140,013 1,931 — — — 141,944 Commercial real estate 680,060 1,846 — — 1,343 683,249 Residential real estate 260,781 1,523 — 90 3,740 266,134 Commercial and financial 116,173 342 — — 2,013 118,528 Consumer 12,643 — 31 — — 12,674 Total PULs 1,209,670 5,642 31 90 7,096 1,222,529 Purchased Credit Impaired Loans Construction and land development 135 — — — 16 151 Commercial real estate 8,403 1,034 — — 1,391 10,828 Residential real estate 556 — — — 2,162 2,718 Commercial and financial 74 635 — — 28 737 Consumer — — — — — — Total PCI Loans 9,168 1,669 — — 3,597 14,434 Total Loans $ 4,775,965 $ 19,607 $ 2,640 $ 526 $ 26,476 $ 4,825,214 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk category of loans by class based on the most recent analysis performed as of: September 30, 2019 (In thousands) Pass Special Mention Substandard Doubtful Total Construction and land development $ 316,636 $ 4,559 $ 5,129 $ — $ 326,324 Commercial real estate 2,260,472 27,838 21,736 321 2,310,367 Residential real estate 1,386,760 3,978 19,208 — 1,409,946 Commercial and financial 703,565 10,436 7,135 1,150 722,286 Consumer 212,955 3,417 994 — 217,366 Totals $ 4,880,388 $ 50,228 $ 54,202 $ 1,471 $ 4,986,289 December 31, 2018 (In thousands) Pass Special Mention Substandard Doubtful Total Construction and land development $ 428,044 $ 10,429 $ 5,095 $ — $ 443,568 Commercial real estate 2,063,589 41,429 27,048 — 2,132,066 Residential real estate 1,296,634 3,654 24,089 — 1,324,377 Commercial and financial 707,663 8,387 6,247 25 722,322 Consumer 198,367 3,397 1,117 — 202,881 Totals $ 4,694,297 $ 67,296 $ 63,596 $ 25 $ 4,825,214 |
Summary of Changes in Accretable Yield on PCI Loans | The table below summarizes the changes in accretable yield on PCI loans for the periods ended: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Beginning balance $ 2,344 $ 3,189 $ 2,822 $ 3,699 Additions — — — — Deletions — — — (43 ) Accretion (287 ) (284 ) (1,336 ) (989 ) Reclassification from non-accretable difference 62 — 633 238 Ending balance $ 2,119 $ 2,905 $ 2,119 $ 2,905 |
Schedule of Impaired Financing Receivables, Excluding PCI Loans and Valuation Allowances | As of September 30, 2019 and December 31, 2018 , the Company’s recorded investment in impaired loans, excluding PCI loans, the unpaid principal balance and related valuation allowance was as follows: September 30, 2019 (In thousands) Recorded Investment Unpaid Principal Balance Related Valuation Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 4,972 $ 5,169 $ — Commercial real estate 6,222 7,649 — Residential real estate 9,727 14,223 — Commercial and financial 3,407 4,406 — Consumer 118 131 — Impaired Loans with an Allowance Recorded: Construction and land development 98 114 16 Commercial real estate 4,223 4,223 247 Residential real estate 4,888 5,035 517 Commercial and financial 1,948 1,963 727 Consumer 229 245 57 Total Impaired Loans Construction and land development 5,070 5,283 16 Commercial real estate 10,445 11,872 247 Residential real estate 14,615 19,258 517 Commercial and financial 5,355 6,369 727 Consumer 347 376 57 Totals $ 35,832 $ 43,158 $ 1,564 December 31, 2018 (In thousands) Recorded Investment Unpaid Principal Balance Related Valuation Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 15 $ 229 $ — Commercial real estate 3,852 5,138 — Residential real estate 13,510 18,111 — Commercial and financial 1,191 1,414 — Consumer 280 291 — Impaired Loans with an Allowance Recorded: Construction and land development 196 211 22 Commercial real estate 9,786 12,967 369 Residential real estate 5,537 5,664 805 Commercial and financial 2,131 2,309 1,498 Consumer 202 211 34 Total Impaired Loans Construction and land development 211 440 22 Commercial real estate 13,638 18,105 369 Residential real estate 19,047 23,775 805 Commercial and financial 3,322 3,723 1,498 Consumer 482 502 34 Totals $ 36,700 $ 46,545 $ 2,728 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | Activity in the allowance for loan losses for the three and nine month periods ended September 30, 2019 and 2018 is summarized as follows: Three Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,243 $ (395 ) $ — $ 6 $ — $ 1,854 Commercial real estate 11,870 1,368 (232 ) 10 (19 ) 12,997 Residential real estate 7,508 87 (38 ) 52 (20 ) 7,589 Commercial and financial 8,912 769 (1,625 ) 295 — 8,351 Consumer 2,972 422 (697 ) 118 (1 ) 2,814 Totals $ 33,505 $ 2,251 $ (2,592 ) $ 481 $ (40 ) $ 33,605 Three Months Ended September 30, 2018 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,287 $ (221 ) $ — $ 3 $ — $ 2,069 Commercial real estate 9,126 4,191 (1 ) 18 (16 ) 13,318 Residential real estate 8,850 (1,279 ) (6 ) 99 (19 ) 7,645 Commercial and financial 7,102 1,739 (842 ) 163 — 8,162 Consumer 1,559 1,344 (296 ) 65 (1 ) 2,671 Totals $ 28,924 $ 5,774 $ (1,145 ) $ 348 $ (36 ) $ 33,865 Nine Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,233 $ (391 ) $ — $ 13 $ (1 ) $ 1,854 Commercial real estate 11,112 1,560 (248 ) 622 (49 ) 12,997 Residential real estate 7,775 (276 ) (102 ) 242 (50 ) 7,589 Commercial and financial 8,585 3,736 (4,450 ) 480 — 8,351 Consumer 2,718 1,570 (1,915 ) 443 (2 ) 2,814 Totals $ 32,423 $ 6,199 $ (6,715 ) $ 1,800 $ (102 ) $ 33,605 Nine Months Ended September 30, 2018 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 1,642 $ 414 $ — $ 13 $ — $ 2,069 Commercial real estate 9,285 3,826 (15 ) 268 (46 ) 13,318 Residential real estate 7,131 (78 ) (33 ) 733 (108 ) 7,645 Commercial and financial 7,297 3,639 (2,985 ) 211 — 8,162 Consumer 1,767 1,587 (931 ) 251 (3 ) 2,671 Totals $ 27,122 $ 9,388 $ (3,964 ) $ 1,476 $ (157 ) $ 33,865 |
Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | The Company’s loan portfolio, excluding PCI loans, and related allowance at September 30, 2019 and December 31, 2018 is shown in the following tables: September 30, 2019 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 5,070 $ 16 $ 321,096 $ 1,838 $ 326,166 $ 1,854 Commercial real estate 10,445 247 2,289,663 12,750 2,300,108 12,997 Residential real estate 14,615 517 1,392,967 7,072 1,407,582 7,589 Commercial and financial 5,355 727 716,331 7,624 721,686 8,351 Consumer 347 57 217,019 2,757 217,366 2,814 Totals $ 35,832 $ 1,564 $ 4,937,076 $ 32,041 $ 4,972,908 $ 33,605 December 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 211 $ 22 $ 443,206 $ 2,211 $ 443,417 $ 2,233 Commercial real estate 13,638 369 2,107,600 10,743 2,121,238 11,112 Residential real estate 19,047 805 1,302,612 6,970 1,321,659 7,775 Commercial and financial 3,322 1,498 718,263 7,087 721,585 8,585 Consumer 482 34 202,399 2,684 202,881 2,718 Totals $ 36,700 $ 2,728 $ 4,774,080 $ 29,695 $ 4,810,780 $ 32,423 The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 PCI Loans Individually Evaluated for Impairment (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 158 $ — $ 151 $ — Commercial real estate 10,259 — 10,828 — Residential real estate 2,364 — 2,718 — Commercial and financial 600 — 737 — Consumer — — — — Totals $ 13,381 $ — $ 14,434 $ — |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities sold under agreements to repurchase and securities pledged were as follows by collateral type and maturity as of: (In thousands) September 30, 2019 December 31, 2018 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 99,881 $ 246,829 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Lease Cost Information Related to Operating Leases | Lease cost for the three and nine months ended September 30, 2019 consists of: (In thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 1,385 $ 4,174 Variable lease cost 305 901 Short-term lease cost 154 574 Sublease income (179 ) (440 ) Total lease cost $ 1,665 $ 5,209 |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | The following table provides supplemental information related to leases as of and for the nine months ended September 30, 2019 : (In thousands, except for weighted average data) September 30, 2019 Operating lease right-of-use assets $ 26,355 Operating lease liabilities 30,381 Cash paid for amounts included in the measurement of operating lease liabilities 4,445 Right-of-use assets obtained in exchange for new operating lease obligations 353 Weighted average remaining lease term for operating leases 9 years Weighted average discount rate for operating leases 4.71 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of September 30, 2019 are as follows: Twelve Months Ended September 30, (In thousands) 2020 $ 5,765 2021 4,768 2022 4,493 2023 3,601 2024 3,542 Thereafter 15,360 Total undiscounted cash flows 37,529 Less: Net present value adjustment (7,148 ) Total $ 30,381 |
Noninterest Income and Expense
Noninterest Income and Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Schedule of Noninterest Income and Expense | Details of noninterest income and expenses for the three and nine months ended September 30, 2019 and 2018 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2019 2018 2019 2018 Noninterest income Service charges on deposit accounts $ 2,978 $ 2,833 $ 8,569 $ 8,179 Trust fees 1,183 1,083 3,347 3,143 Mortgage banking fees 2,127 1,135 4,976 3,873 Brokerage commissions and fees 449 444 1,426 1,264 Marine finance fees 152 194 715 1,213 Interchange income 3,206 3,119 10,012 9,137 BOLI income 928 1,078 2,770 3,200 SBA gains 569 473 1,896 1,955 Other income 3,198 1,980 7,967 5,542 14,790 12,339 41,678 37,506 Securities losses, net (847 ) (48 ) (1,322 ) (198 ) Total $ 13,943 $ 12,291 $ 40,356 $ 37,308 Noninterest expense Salaries and wages $ 18,640 $ 17,129 $ 56,566 $ 48,939 Employee benefits 2,973 3,205 10,374 9,320 Outsourced data processing costs 3,711 3,493 11,432 10,565 Telephone/data lines 603 624 2,307 1,879 Occupancy 3,368 3,214 10,916 9,647 Furniture and equipment 1,528 1,367 4,829 4,292 Marketing 933 1,139 3,276 3,735 Legal and professional fees 1,648 2,019 6,528 6,293 FDIC assessments 56 431 881 1,624 Amortization of intangibles 1,456 1,004 4,370 2,997 Foreclosed property expense and net (gain)/loss on sale 262 (136 ) 48 461 Other 3,405 3,910 11,155 13,057 Total $ 38,583 $ 37,399 $ 122,682 $ 112,809 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2019 and December 31, 2018 included: (In thousands) Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Available for sale debt securities 1 $ 920,811 $ 100 $ 920,711 $ — Loans held for sale 2 26,768 — 26,768 — Loans 3 4,606 — 1,737 2,869 Other real estate owned 4 13,593 — 241 13,352 Equity securities 5 6,422 6,422 — — December 31, 2018 Available for sale debt securities 1 $ 865,831 $ 100 $ 865,731 $ — Loans held for sale 2 11,873 — 11,873 — Loans 3 8,590 — 2,290 6,300 Other real estate owned 4 12,802 — 297 12,505 Equity securities 5 6,205 6,205 — — 1 See Note D for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of September 30, 2019 and December 31, 2018 is as follows: (In thousands) September 30, 2019 December 31, 2018 Aggregate fair value $ 26,768 $ 11,873 Contractual balance 25,803 11,562 Excess 965 311 |
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2019 and December 31, 2018 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2019 Financial Assets Debt securities held to maturity 1 $ 273,644 $ — $ 276,069 $ — Time deposits with other banks 4,579 — — 4,473 Loans, net 4,948,078 — — 4,961,833 Financial Liabilities Deposit liabilities 5,673,141 — — 5,672,972 Federal Home Loan Bank (FHLB) borrowings 50,000 — — 49,996 Subordinated debt 71,014 — 61,160 — December 31, 2018 Financial Assets Debt securities held to maturity 1 $ 357,949 $ — $ 349,895 $ — Time deposits with other banks 8,243 — — 8,132 Loans, net 4,784,201 — — 4,835,248 Financial Liabilities Deposit liabilities 5,177,240 — — 5,172,098 Federal Home Loan Bank (FHLB) borrowings 380,000 — — 380,027 Subordinated debt 70,804 — 61,224 — 1 See Note D for further detail of individual investment categories. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Calculation | (In thousands, except per share data) October 19, 2018 Shares exchanged for cash $ 5,462 Per share exchange ratio 0.7324 Number of shares of common stock issued 4,000 Multiplied by common stock price per share on October 19, 2018 $ 26.87 Value of common stock issued 107,486 Cash paid for First Green vested stock options 6,558 Total purchase price $ 114,044 |
Schedule of Business Acquisitions | The adjustments reflected in the table below are the result of information obtained subsequent to the initial measurement. (In thousands) Initially Measured October 19, 2018 Measurement Period Adjustments As Adjusted October 19, 2018 Assets: Cash $ 29,434 $ — $ 29,434 Investment securities 32,145 — 32,145 Loans, net 631,497 — 631,497 Fixed assets 16,828 — 16,828 Other real estate owned 410 — 410 Core deposit intangibles 10,170 (678 ) 9,492 Goodwill 56,198 532 56,730 Other assets 40,669 181 40,850 Totals $ 817,351 $ 35 $ 817,386 Liabilities: Deposits $ 624,289 $ — $ 624,289 Other liabilities 79,018 35 79,053 Totals $ 703,307 $ 35 $ 703,342 |
Schedule of Fair Value of Acquired Loans and Unpaid Principal Balance | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. October 19, 2018 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 101,674 $ 101,119 Commercial real estate 437,767 406,613 Construction/development/land 61,195 58,385 Commercial loans 56,288 54,973 Consumer and other loans 9,156 8,942 Purchased Credit Impaired 2,136 1,465 Total acquired loans $ 668,216 $ 631,497 |
Schedule of Contractually Required Principal and Interest Payments Adjusted for Estimated Prepayments | The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of October 19, 2018 for PCI loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (In thousands) October 19, 2018 Contractually required principal and interest $ 2,136 Non-accretable difference (671 ) Cash flows expected to be collected 1,465 Accretable yield — Total purchased credit-impaired loans acquired $ 1,465 |
Schedule of Pro-Forma Data | Pro-forma data for the three and nine months ended September 30, 2018 presents information as if the acquisition of First Green occurred at the beginning of 2018 , as follows: (In thousands, except per share amounts) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Net interest income $ 59,670 $ 174,416 Net income 21,070 64,440 EPS - basic $ 0.41 $ 1.26 EPS - diluted 0.40 1.24 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 26,355 | |
Operating lease liabilities | $ 30,381 | |
Accounting Standards Update 2016-02 | ||
Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 29,000 | |
Operating lease liabilities | 33,000 | |
Right-of-use assets recognized from acquired operating leases | 4,000 | |
Liabilities recognized from acquired operating leases | $ 4,000 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Reclassification of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 907,178 | $ 882,872 | |
Securities available for sale (at fair value) | 920,811 | 865,831 | |
Private mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 60,809 | 55,569 | |
Securities available for sale (at fair value) | 62,600 | 55,728 | |
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 241,387 | 212,807 | |
Securities available for sale (at fair value) | $ 239,986 | $ 209,366 | |
Accounting Standards Update 2017-12 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 53,526 | ||
Net Unrealized Gain (Loss) Reflected in OCI | (730) | ||
Securities available for sale (at fair value) | 52,796 | ||
Accounting Standards Update 2017-12 | Private mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 21,526 | ||
Net Unrealized Gain (Loss) Reflected in OCI | 147 | ||
Securities available for sale (at fair value) | 21,673 | ||
Accounting Standards Update 2017-12 | Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 32,000 | ||
Net Unrealized Gain (Loss) Reflected in OCI | (877) | ||
Securities available for sale (at fair value) | $ 31,123 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 492,000 | 481,000 | 492,000 | 412,000 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic earnings per share | ||||
Net income | $ 25,605 | $ 16,322 | $ 71,563 | $ 51,313 |
Average common shares outstanding (in shares) | 51,473 | 47,205 | 51,426 | 47,108 |
Net income per share (in dollars per share) | $ 0.50 | $ 0.35 | $ 1.39 | $ 1.09 |
Diluted earnings per share | ||||
Average common shares outstanding (in shares) | 51,473 | 47,205 | 51,426 | 47,108 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 462 | 824 | 570 | 795 |
Average diluted shares outstanding (in shares) | 51,935 | 48,029 | 51,996 | 47,903 |
Net income per share (in dollars per share) | $ 0.49 | $ 0.34 | $ 1.38 | $ 1.07 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt securities available for sale | ||
Available for sale, amortized cost, total | $ 907,178 | $ 882,872 |
Available for sale, gross unrealized gains | 15,573 | 1,306 |
Available for sale, gross unrealized losses | (1,940) | (18,347) |
Available for sale, fair value | 920,811 | 865,831 |
Debt securities held to maturity | ||
Held to maturity, amortized cost, total | 273,644 | 357,949 |
Held to maturity, gross unrealized gains | 3,930 | 277 |
Held to maturity, gross unrealized losses | (1,505) | (8,331) |
Held to maturity, fair value | 276,069 | 349,895 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt securities available for sale | ||
Available for sale, amortized cost, total | 10,206 | 7,200 |
Available for sale, gross unrealized gains | 319 | 106 |
Available for sale, gross unrealized losses | (1) | (6) |
Available for sale, fair value | 10,524 | 7,300 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Debt securities available for sale | ||
Available for sale, amortized cost, total | 562,270 | 567,753 |
Available for sale, gross unrealized gains | 12,096 | 300 |
Available for sale, gross unrealized losses | (520) | (14,047) |
Available for sale, fair value | 573,846 | 554,006 |
Debt securities held to maturity | ||
Held to maturity, amortized cost, total | 273,644 | 304,423 |
Held to maturity, gross unrealized gains | 3,930 | 0 |
Held to maturity, gross unrealized losses | (1,505) | (7,324) |
Held to maturity, fair value | 276,069 | 297,099 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt securities available for sale | ||
Available for sale, amortized cost, total | 60,809 | 55,569 |
Available for sale, gross unrealized gains | 1,808 | 560 |
Available for sale, gross unrealized losses | (17) | (401) |
Available for sale, fair value | 62,600 | 55,728 |
Debt securities held to maturity | ||
Held to maturity, amortized cost, total | 21,526 | |
Held to maturity, gross unrealized gains | 277 | |
Held to maturity, gross unrealized losses | (130) | |
Held to maturity, fair value | 0 | 21,673 |
Collateralized loan obligations | ||
Debt securities available for sale | ||
Available for sale, amortized cost, total | 241,387 | 212,807 |
Available for sale, gross unrealized gains | 1 | 1 |
Available for sale, gross unrealized losses | (1,402) | (3,442) |
Available for sale, fair value | 239,986 | 209,366 |
Debt securities held to maturity | ||
Held to maturity, amortized cost, total | 32,000 | |
Held to maturity, gross unrealized gains | 0 | |
Held to maturity, gross unrealized losses | (877) | |
Held to maturity, fair value | 31,123 | |
Obligations of state and political subdivisions | ||
Debt securities available for sale | ||
Available for sale, amortized cost, total | 32,506 | 39,543 |
Available for sale, gross unrealized gains | 1,349 | 339 |
Available for sale, gross unrealized losses | 0 | (451) |
Available for sale, fair value | $ 33,855 | $ 39,431 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from sale of debt securities available for sale | $ 49,600 | $ 122,906 | $ 0 | |||
Gross losses from sale of securities | 900 | 1,800 | ||||
Gross gains from sale of securities | 300 | |||||
Gain (loss) on investment in shares of mutual funds | (847) | $ (48) | (1,322) | (198) | ||
Held to maturity, amortized cost | 907,178 | 907,178 | $ 882,872 | |||
Unrealized losses from securities transferred from available for sale to held to maturity | 3,100 | |||||
Unamortized balance of securities transferred from available for sale to held to maturity | 400 | 400 | ||||
Unrealized losses on mortgage backed securities of government sponsored entities | 3,445 | 3,445 | 26,678 | |||
Fair value of securities in unrealized loss position | 436,316 | 436,316 | 1,124,777 | |||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | $ 33,000 | $ 33,000 | ||||
Visa | Common Class B | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Shares of Visa stock held (in shares) | 11,330 | 11,330 | ||||
Visa | Common Class A | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Conversion rate of Class A stock for each share of Class B stock (in dollars per share) | $ 1.6228 | $ 1.6228 | ||||
Shares issued (in shares) | 18,386 | |||||
Accounting Standards Update 2017-12 | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Held to maturity, amortized cost | $ 53,526 | |||||
Unrealized losses recorded in other comprehensive income | 700 | |||||
CRA - Qualified Mutual Fund | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Gain (loss) on investment in shares of mutual funds | $ 100 | $ (100) | $ 200 | $ (200) | ||
Investment in mutual fund carried at fair value | 6,400 | 6,400 | ||||
Public and Trust Deposits | Carrying Value | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fair value of debt securities pledged as collateral | 86,100 | 86,100 | ||||
Repurchase Agreement | Carrying Value | Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fair value of debt securities pledged as collateral | 99,881 | 99,881 | 246,829 | |||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Held to maturity, amortized cost | 562,270 | 562,270 | 567,753 | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 2,025 | 2,025 | 21,371 | |||
Fair value of securities in unrealized loss position | 198,684 | 198,684 | 823,604 | |||
Collateralized loan obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Held to maturity, amortized cost | 241,387 | 241,387 | 212,807 | |||
Unrealized losses on mortgage backed securities of government sponsored entities | 1,402 | 1,402 | 4,319 | |||
Fair value of securities in unrealized loss position | $ 229,184 | $ 229,184 | $ 238,894 | |||
Collateralized loan obligations | Accounting Standards Update 2017-12 | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Held to maturity, amortized cost | $ 32,000 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Held to maturity, amortized cost, total | $ 273,644 | $ 357,949 |
Fair Value | ||
Held to maturity, fair value, total | 276,069 | 349,895 |
Amortized Cost | ||
Available for sale, amortized cost, total | 907,178 | 882,872 |
Fair Value | ||
Available for sale, fair value, total | 920,811 | 865,831 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 273,644 | |
Fair Value | ||
Held to maturity, fair value, total | 276,069 | 297,099 |
Amortized Cost | ||
Available for sale, amortized cost, total | 562,270 | 567,753 |
Fair Value | ||
Available for sale, fair value, total | 573,846 | 554,006 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | 21,673 |
Amortized Cost | ||
Available for sale, amortized cost, total | 60,809 | 55,569 |
Fair Value | ||
Available for sale, fair value, total | 62,600 | $ 55,728 |
Collateralized loan obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, due in less than one year | 0 | |
Held to maturity, amortized cost, due after one year through five years | 0 | |
Held to maturity, amortized cost, due after five years through ten years | 0 | |
Held to maturity, amortized cost, due after ten years | 0 | |
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, due in less than one year | 0 | |
Held to maturity, fair value, due after one year through five years | 0 | |
Held to maturity, fair value, due after five years through ten years | 0 | |
Held to maturity, fair value, due after ten years | 0 | |
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, due in less than one year | 10,047 | |
Available for sale, amortized cost, due after one year through five years | 134,560 | |
Available for sale, amortized cost, due after five years through ten years | 131,057 | |
Available for sale, amortized cost, due after ten years | 8,435 | |
Available for sale, amortized cost, total | 284,099 | |
Fair Value | ||
Available for sale, fair value, due in less than one year | 10,069 | |
Available for sale, fair value, due after one year through five years | 134,537 | |
Available for sale, fair value, due after five years through ten years | 130,712 | |
Available for sale, fair value, due after ten years | 9,047 | |
Available for sale, fair value, total | $ 284,365 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Less Than 12 Months | $ 210,255 | $ 478,423 |
12 Months or Longer | 226,061 | 646,354 |
Total | 436,316 | 1,124,777 |
Unrealized Losses | ||
Less Than 12 Months | (969) | (7,140) |
12 Months or Longer | (2,476) | (19,538) |
Total | (3,445) | (26,678) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | 438 | 99 |
12 Months or Longer | 0 | 642 |
Total | 438 | 741 |
Unrealized Losses | ||
Less Than 12 Months | (1) | (1) |
12 Months or Longer | 0 | (5) |
Total | (1) | (6) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 83,139 | 200,184 |
12 Months or Longer | 115,545 | 623,420 |
Total | 198,684 | 823,604 |
Unrealized Losses | ||
Less Than 12 Months | (383) | (2,235) |
12 Months or Longer | (1,642) | (19,136) |
Total | (2,025) | (21,371) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 8,010 | 20,071 |
12 Months or Longer | 0 | 12,739 |
Total | 8,010 | 32,810 |
Unrealized Losses | ||
Less Than 12 Months | (17) | (344) |
12 Months or Longer | 0 | (187) |
Total | (17) | (531) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 118,668 | 238,894 |
12 Months or Longer | 110,516 | 0 |
Total | 229,184 | 238,894 |
Unrealized Losses | ||
Less Than 12 Months | (568) | (4,319) |
12 Months or Longer | (834) | 0 |
Total | $ (1,402) | (4,319) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less Than 12 Months | 19,175 | |
12 Months or Longer | 9,553 | |
Total | 28,728 | |
Unrealized Losses | ||
Less Than 12 Months | (241) | |
12 Months or Longer | (210) | |
Total | $ (451) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 4,986,289 | $ 4,825,214 |
Deferred costs | 18,700 | 16,900 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 326,324 | 443,568 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,310,367 | 2,132,066 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,409,946 | 1,324,377 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 722,286 | 722,322 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 217,366 | 202,881 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 4,010,299 | 3,588,251 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 272,915 | 301,473 |
Portfolio Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,709,227 | 1,437,989 |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,184,579 | 1,055,525 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 635,153 | 603,057 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 208,425 | 190,207 |
PCI Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 13,381 | 14,434 |
PCI Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 158 | 151 |
PCI Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 10,259 | 10,828 |
PCI Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,364 | 2,718 |
PCI Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 600 | 737 |
PCI Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
PULs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 962,609 | 1,222,529 |
PULs | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 53,251 | 141,944 |
PULs | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 590,881 | 683,249 |
PULs | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 223,003 | 266,134 |
PULs | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 86,533 | 118,528 |
PULs | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 8,941 | $ 12,674 |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 4,941,381 | $ 4,775,965 |
Nonaccrual | 26,044 | 26,476 |
Total Financing Receivables | 4,986,289 | 4,825,214 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 13,812 | 19,607 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 5,052 | 2,640 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 526 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 326,324 | 443,568 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 2,310,367 | 2,132,066 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 1,409,946 | 1,324,377 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 722,286 | 722,322 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Financing Receivables | 217,366 | 202,881 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,977,424 | 3,557,127 |
Nonaccrual | 20,401 | 15,783 |
Total Financing Receivables | 4,010,299 | 3,588,251 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 11,387 | 12,296 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,087 | 2,609 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 436 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 266,815 | 301,348 |
Nonaccrual | 4,353 | 28 |
Total Financing Receivables | 272,915 | 301,473 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,747 | 97 |
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,702,928 | 1,427,413 |
Nonaccrual | 4,429 | 6,486 |
Total Financing Receivables | 1,709,227 | 1,437,989 |
Portfolio Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,271 | 3,852 |
Portfolio Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 599 | 97 |
Portfolio Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 141 |
Portfolio Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,173,158 | 1,044,375 |
Nonaccrual | 7,890 | 7,806 |
Total Financing Receivables | 1,184,579 | 1,055,525 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 3,349 | 2,524 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 182 | 525 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 295 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 627,056 | 594,930 |
Nonaccrual | 3,649 | 1,280 |
Total Financing Receivables | 635,153 | 603,057 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 4,448 | 5,186 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 1,661 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 207,467 | 189,061 |
Nonaccrual | 80 | 183 |
Total Financing Receivables | 208,425 | 190,207 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 572 | 637 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 306 | 326 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Unimpaired Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 953,340 | 1,209,670 |
Nonaccrual | 2,879 | 7,096 |
Total Financing Receivables | 962,609 | 1,222,529 |
Purchased Unimpaired Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,425 | 5,642 |
Purchased Unimpaired Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 3,965 | 31 |
Purchased Unimpaired Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 90 |
Purchased Unimpaired Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 49,682 | 140,013 |
Nonaccrual | 574 | 0 |
Total Financing Receivables | 53,251 | 141,944 |
Purchased Unimpaired Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 1,931 |
Purchased Unimpaired Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,995 | 0 |
Purchased Unimpaired Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Unimpaired Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 587,865 | 680,060 |
Nonaccrual | 1,296 | 1,343 |
Total Financing Receivables | 590,881 | 683,249 |
Purchased Unimpaired Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 872 | 1,846 |
Purchased Unimpaired Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 848 | 0 |
Purchased Unimpaired Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Unimpaired Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 222,383 | 260,781 |
Nonaccrual | 423 | 3,740 |
Total Financing Receivables | 223,003 | 266,134 |
Purchased Unimpaired Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 75 | 1,523 |
Purchased Unimpaired Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 122 | 0 |
Purchased Unimpaired Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 90 |
Purchased Unimpaired Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 84,614 | 116,173 |
Nonaccrual | 557 | 2,013 |
Total Financing Receivables | 86,533 | 118,528 |
Purchased Unimpaired Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,362 | 342 |
Purchased Unimpaired Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Unimpaired Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Unimpaired Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 8,796 | 12,643 |
Nonaccrual | 29 | 0 |
Total Financing Receivables | 8,941 | 12,674 |
Purchased Unimpaired Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 116 | 0 |
Purchased Unimpaired Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 31 |
Purchased Unimpaired Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 10,617 | 9,168 |
Nonaccrual | 2,764 | 3,597 |
Total Financing Receivables | 13,381 | 14,434 |
Purchased Credit Impaired Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 1,669 |
Purchased Credit Impaired Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 145 | 135 |
Nonaccrual | 13 | 16 |
Total Financing Receivables | 158 | 151 |
Purchased Credit Impaired Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 9,314 | 8,403 |
Nonaccrual | 945 | 1,391 |
Total Financing Receivables | 10,259 | 10,828 |
Purchased Credit Impaired Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 1,034 |
Purchased Credit Impaired Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 573 | 556 |
Nonaccrual | 1,791 | 2,162 |
Total Financing Receivables | 2,364 | 2,718 |
Purchased Credit Impaired Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 585 | 74 |
Nonaccrual | 15 | 28 |
Total Financing Receivables | 600 | 737 |
Purchased Credit Impaired Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 635 |
Purchased Credit Impaired Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Financing Receivables | 0 | 0 |
Purchased Credit Impaired Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Purchased Credit Impaired Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | $ 0 | $ 0 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 4,986,289 | $ 4,825,214 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,880,388 | 4,694,297 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 50,228 | 67,296 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 54,202 | 63,596 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,471 | 25 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 326,324 | 443,568 |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 316,636 | 428,044 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,559 | 10,429 |
Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,129 | 5,095 |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,310,367 | 2,132,066 |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,260,472 | 2,063,589 |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,838 | 41,429 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 21,736 | 27,048 |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 321 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,409,946 | 1,324,377 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,386,760 | 1,296,634 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,978 | 3,654 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 19,208 | 24,089 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 722,286 | 722,322 |
Commercial and financial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 703,565 | 707,663 |
Commercial and financial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 10,436 | 8,387 |
Commercial and financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,135 | 6,247 |
Commercial and financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,150 | 25 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 217,366 | 202,881 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 212,955 | 198,367 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,417 | 3,397 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 994 | 1,117 |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans - Changes in Accretable Y
Loans - Changes in Accretable Yield on PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 2,344 | $ 3,189 | $ 2,822 | $ 3,699 |
Additions | 0 | 0 | 0 | 0 |
Deletions | 0 | 0 | 0 | (43) |
Accretion | (287) | (284) | (1,336) | (989) |
Reclassification from non-accretable difference | 62 | 0 | 633 | 238 |
Ending balance | $ 2,119 | $ 2,905 | $ 2,119 | $ 2,905 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($)contract | Sep. 30, 2018USD ($)contract | Sep. 30, 2019USD ($)contract | Sep. 30, 2018USD ($)contract | Sep. 30, 2019USD ($)contract | Sep. 30, 2018USD ($)contract | Dec. 31, 2018USD ($) | |
Receivables [Abstract] | |||||||
Number of loans under trouble debt restructuring | contract | 3 | 1 | 7 | 1 | 3 | 1 | |
Value of loans under trouble debt restructuring | $ 1,600 | $ 100 | $ 4,000 | $ 100 | $ 2,100 | $ 100 | |
Troubled debt restructuring outstanding amount | 12,400 | 12,400 | $ 12,400 | $ 13,300 | |||
Average impaired loans | 35,100 | 38,100 | 35,500 | 34,500 | |||
Interest income recorded on impaired loans | 700 | 500 | 1,500 | 1,400 | |||
Interest income related to impaired loans with impairment measured on present value of expected future cash flows | $ 40 | $ 36 | $ 102,000 | $ 157,000 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables, Excluding PCI Loans and Valuation Allowances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Recorded Investment | ||
Total Impaired Loans | $ 35,832 | $ 36,700 |
Unpaid Principal Balance | ||
Total Impaired Loans | 43,158 | 46,545 |
Related Valuation Allowance | 1,564 | 2,728 |
Construction and land development | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 4,972 | 15 |
Impaired Loans with an Allowance Recorded | 98 | 196 |
Total Impaired Loans | 5,070 | 211 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 5,169 | 229 |
Impaired Loans with an Allowance Recorded | 114 | 211 |
Total Impaired Loans | 5,283 | 440 |
Related Valuation Allowance | 16 | 22 |
Commercial real estate | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 6,222 | 3,852 |
Impaired Loans with an Allowance Recorded | 4,223 | 9,786 |
Total Impaired Loans | 10,445 | 13,638 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 7,649 | 5,138 |
Impaired Loans with an Allowance Recorded | 4,223 | 12,967 |
Total Impaired Loans | 11,872 | 18,105 |
Related Valuation Allowance | 247 | 369 |
Residential real estate | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 9,727 | 13,510 |
Impaired Loans with an Allowance Recorded | 4,888 | 5,537 |
Total Impaired Loans | 14,615 | 19,047 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 14,223 | 18,111 |
Impaired Loans with an Allowance Recorded | 5,035 | 5,664 |
Total Impaired Loans | 19,258 | 23,775 |
Related Valuation Allowance | 517 | 805 |
Commercial and financial | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 3,407 | 1,191 |
Impaired Loans with an Allowance Recorded | 1,948 | 2,131 |
Total Impaired Loans | 5,355 | 3,322 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 4,406 | 1,414 |
Impaired Loans with an Allowance Recorded | 1,963 | 2,309 |
Total Impaired Loans | 6,369 | 3,723 |
Related Valuation Allowance | 727 | 1,498 |
Consumer | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 118 | 280 |
Impaired Loans with an Allowance Recorded | 229 | 202 |
Total Impaired Loans | 347 | 482 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 131 | 291 |
Impaired Loans with an Allowance Recorded | 245 | 211 |
Total Impaired Loans | 376 | 502 |
Related Valuation Allowance | $ 57 | $ 34 |
Allowance for Loan Losses - Act
Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 33,505 | $ 28,924 | $ 32,423 | $ 27,122 |
Provision for Loan Losses | 2,251 | 5,774 | 6,199 | 9,388 |
Charge- Offs | (2,592) | (1,145) | (6,715) | (3,964) |
Recoveries | 481 | 348 | 1,800 | 1,476 |
TDR Allowance Adjustments | (40) | (36) | (102) | (157) |
Ending Balance | 33,605 | 33,865 | 33,605 | 33,865 |
Construction & land development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 2,243 | 2,287 | 2,233 | 1,642 |
Provision for Loan Losses | (395) | (221) | (391) | 414 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 6 | 3 | 13 | 13 |
TDR Allowance Adjustments | 0 | 0 | (1) | 0 |
Ending Balance | 1,854 | 2,069 | 1,854 | 2,069 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 11,870 | 9,126 | 11,112 | 9,285 |
Provision for Loan Losses | 1,368 | 4,191 | 1,560 | 3,826 |
Charge- Offs | (232) | (1) | (248) | (15) |
Recoveries | 10 | 18 | 622 | 268 |
TDR Allowance Adjustments | (19) | (16) | (49) | (46) |
Ending Balance | 12,997 | 13,318 | 12,997 | 13,318 |
Residential real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 7,508 | 8,850 | 7,775 | 7,131 |
Provision for Loan Losses | 87 | (1,279) | (276) | (78) |
Charge- Offs | (38) | (6) | (102) | (33) |
Recoveries | 52 | 99 | 242 | 733 |
TDR Allowance Adjustments | (20) | (19) | (50) | (108) |
Ending Balance | 7,589 | 7,645 | 7,589 | 7,645 |
Commercial and financial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 8,912 | 7,102 | 8,585 | 7,297 |
Provision for Loan Losses | 769 | 1,739 | 3,736 | 3,639 |
Charge- Offs | (1,625) | (842) | (4,450) | (2,985) |
Recoveries | 295 | 163 | 480 | 211 |
TDR Allowance Adjustments | 0 | 0 | 0 | 0 |
Ending Balance | 8,351 | 8,162 | 8,351 | 8,162 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 2,972 | 1,559 | 2,718 | 1,767 |
Provision for Loan Losses | 422 | 1,344 | 1,570 | 1,587 |
Charge- Offs | (697) | (296) | (1,915) | (931) |
Recoveries | 118 | 65 | 443 | 251 |
TDR Allowance Adjustments | (1) | (1) | (2) | (3) |
Ending Balance | $ 2,814 | $ 2,671 | $ 2,814 | $ 2,671 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Recorded Investment | ||
Individually Evaluated for Impairment | $ 35,832 | $ 36,700 |
Collectively Evaluated for Impairment | 4,937,076 | 4,774,080 |
Total | 4,972,908 | 4,810,780 |
Associated Allowance | ||
Individually Evaluated for Impairment | 1,564 | 2,728 |
Collectively Evaluated for Impairment | 32,041 | 29,695 |
Total | 33,605 | 32,423 |
PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 13,381 | 14,434 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Construction & land development | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 5,070 | 211 |
Collectively Evaluated for Impairment | 321,096 | 443,206 |
Total | 326,166 | 443,417 |
Associated Allowance | ||
Individually Evaluated for Impairment | 16 | 22 |
Collectively Evaluated for Impairment | 1,838 | 2,211 |
Total | 1,854 | 2,233 |
Construction & land development | PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 158 | 151 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 10,445 | 13,638 |
Collectively Evaluated for Impairment | 2,289,663 | 2,107,600 |
Total | 2,300,108 | 2,121,238 |
Associated Allowance | ||
Individually Evaluated for Impairment | 247 | 369 |
Collectively Evaluated for Impairment | 12,750 | 10,743 |
Total | 12,997 | 11,112 |
Commercial real estate | PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 10,259 | 10,828 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Residential real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 14,615 | 19,047 |
Collectively Evaluated for Impairment | 1,392,967 | 1,302,612 |
Total | 1,407,582 | 1,321,659 |
Associated Allowance | ||
Individually Evaluated for Impairment | 517 | 805 |
Collectively Evaluated for Impairment | 7,072 | 6,970 |
Total | 7,589 | 7,775 |
Residential real estate | PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 2,364 | 2,718 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial and financial | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 5,355 | 3,322 |
Collectively Evaluated for Impairment | 716,331 | 718,263 |
Total | 721,686 | 721,585 |
Associated Allowance | ||
Individually Evaluated for Impairment | 727 | 1,498 |
Collectively Evaluated for Impairment | 7,624 | 7,087 |
Total | 8,351 | 8,585 |
Commercial and financial | PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 600 | 737 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Consumer | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 347 | 482 |
Collectively Evaluated for Impairment | 217,019 | 202,399 |
Total | 217,366 | 202,881 |
Associated Allowance | ||
Individually Evaluated for Impairment | 57 | 34 |
Collectively Evaluated for Impairment | 2,757 | 2,684 |
Total | 2,814 | 2,718 |
Consumer | PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 0 | 0 |
Associated Allowance | ||
Individually Evaluated for Impairment | $ 0 | $ 0 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) - Loans - Bank Shares, Inc - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Remaining fair value adjustment for loans acquired | $ 36.3 | $ 47 |
Percentage of fair value adjustment for loans acquired | 3.80% | 3.90% |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Value | Repurchase Agreement | Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 99,881 | $ 246,829 |
Lease Commitments - Lease Cost
Lease Commitments - Lease Cost Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,385 | $ 4,174 |
Variable lease cost | 305 | 901 |
Short-term lease cost | 154 | 574 |
Sublease income | (179) | (440) |
Total lease cost | $ 1,665 | $ 5,209 |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Balance Sheet and Cash Flow Information Related to Operating Leases (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 26,355 |
Operating lease liabilities | 30,381 |
Cash paid for amounts included in the measurement of operating lease liabilities | 4,445 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 353 |
Weighted average remaining lease term for operating leases | 9 years |
Weighted average discount rate for operating leases | 4.71% |
Lease Commitments - Maturities
Lease Commitments - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 5,765 |
2021 | 4,768 |
2022 | 4,493 |
2023 | 3,601 |
2024 | 3,542 |
Thereafter | 15,360 |
Total undiscounted cash flows | 37,529 |
Less: Net present value adjustment | (7,148) |
Total | $ 30,381 |
Noninterest Income and Expens_2
Noninterest Income and Expense - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noninterest income | ||||
Brokerage commissions and fees | $ 449 | $ 444 | $ 1,426 | $ 1,264 |
Marine finance fees | 152 | 194 | 715 | 1,213 |
Interchange income | 3,206 | 3,119 | 10,012 | 9,137 |
BOLI income | 928 | 1,078 | 2,770 | 3,200 |
SBA gains | 569 | 473 | 1,896 | 1,955 |
Other income | 3,198 | 1,980 | 7,967 | 5,542 |
Noninterest income, gross | 14,790 | 12,339 | 41,678 | 37,506 |
Securities losses, net | (847) | (48) | (1,322) | (198) |
Total | 13,943 | 12,291 | 40,356 | 37,308 |
Noninterest expense | ||||
Salaries and wages | 18,640 | 17,129 | 56,566 | 48,939 |
Employee benefits | 2,973 | 3,205 | 10,374 | 9,320 |
Outsourced data processing costs | 3,711 | 3,493 | 11,432 | 10,565 |
Telephone/data lines | 603 | 624 | 2,307 | 1,879 |
Occupancy | 3,368 | 3,214 | 10,916 | 9,647 |
Furniture and equipment | 1,528 | 1,367 | 4,829 | 4,292 |
Marketing | 933 | 1,139 | 3,276 | 3,735 |
Legal and professional fees | 1,648 | 2,019 | 6,528 | 6,293 |
FDIC assessments | 56 | 431 | 881 | 1,624 |
Amortization of intangibles | 1,456 | 1,004 | 4,370 | 2,997 |
Foreclosed property expense and net (gain)/loss on sale | 262 | (136) | 48 | 461 |
Other | 3,405 | 3,910 | 11,155 | 13,057 |
Total | 38,583 | 37,399 | 122,682 | 112,809 |
Service charges on deposit accounts | ||||
Noninterest income | ||||
Revenue from contracts with customers | 2,978 | 2,833 | 8,569 | 8,179 |
Trust fees | ||||
Noninterest income | ||||
Revenue from contracts with customers | 1,183 | 1,083 | 3,347 | 3,143 |
Mortgage banking fees | ||||
Noninterest income | ||||
Revenue from contracts with customers | $ 2,127 | $ 1,135 | $ 4,976 | $ 3,873 |
Equity Capital - Narrative (Det
Equity Capital - Narrative (Details) | Sep. 30, 2019 |
Equity [Abstract] | |
Regulatory threshold for well-capitalized institutions | 6.50% |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | $ 920,811 | $ 865,831 |
Value of loans held for sale | 26,768 | 11,873 |
Other real estate owned | 13,593 | 12,802 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 920,811 | 865,831 |
Value of loans held for sale | 26,768 | 11,873 |
Equity securities | 6,422 | 6,205 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 100 | 100 |
Value of loans held for sale | 0 | 0 |
Equity securities | 6,422 | 6,205 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 920,711 | 865,731 |
Value of loans held for sale | 26,768 | 11,873 |
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 0 | 0 |
Value of loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 4,606 | 8,590 |
Other real estate owned | 13,593 | 12,802 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,737 | 2,290 |
Other real estate owned | 241 | 297 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 2,869 | 6,300 |
Other real estate owned | $ 13,352 | $ 12,505 |
Fair Value - Aggregate Fair Val
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 26,768 | $ 11,873 |
Excess | 965 | 311 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 25,803 | $ 11,562 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Average capitalization rate | 7.60% | |||||
Specific reserve for impaired loans | $ 33,605 | $ 33,505 | $ 32,423 | $ 33,865 | $ 28,924 | $ 27,122 |
Additions to level 3 from foreclosed loans | 4,600 | |||||
Paydowns and chargeoffs | 1,500 | |||||
Additions | 2,700 | |||||
Other Real Estate Owned | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of impaired loans | 4,600 | 8,600 | ||||
Specific reserve for impaired loans | 1,600 | $ 2,700 | ||||
Additions to level 3 from foreclosed loans | 5,500 | |||||
Reductions related to sale of loans | 4,300 | |||||
Writedowns | $ 400 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Debt securities held to maturity | $ 273,644 | $ 357,949 |
Time deposits with other banks | 4,579 | 8,243 |
Loans, net | 4,952,684 | 4,792,791 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held to maturity | 276,069 | 349,895 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 61,160 | 61,224 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 4,473 | 8,132 |
Loans, net | 4,961,833 | 4,835,248 |
Financial Liabilities | ||
Deposit liabilities | 5,672,972 | 5,172,098 |
Federal Home Loan Bank (FHLB) borrowings | 49,996 | 380,027 |
Subordinated debt | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held to maturity | 273,644 | 357,949 |
Time deposits with other banks | 4,579 | 8,243 |
Loans, net | 4,948,078 | 4,784,201 |
Financial Liabilities | ||
Deposit liabilities | 5,673,141 | 5,177,240 |
Federal Home Loan Bank (FHLB) borrowings | 50,000 | 380,000 |
Subordinated debt | $ 71,014 | $ 70,804 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Millions | Oct. 19, 2018USD ($)branch |
Business Acquisition [Line Items] | |
Number of branches operated | branch | 7 |
First Green Bancorp, Inc. | |
Business Acquisition [Line Items] | |
Percentage of common stock acquired | 100.00% |
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7324 |
Goodwill recognized from acquisition, nondeductible | $ | $ 56.7 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) - First Green Bancorp, Inc. $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 19, 2018USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Shares exchanged for cash | $ 5,462 |
Per share exchange ratio (in shares) | 0.7324 |
Number of shares of common stock issued (in shares) | shares | 4,000 |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 26.87 |
Value of common stock issued | $ 107,486 |
Cash paid for First Green vested stock options | 6,558 |
Total purchase price | $ 114,044 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 19, 2018 |
Assets: | |||
Goodwill | $ 205,286 | $ 204,753 | |
First Green Bancorp, Inc. | Measurement Period Adjustments | |||
Assets: | |||
Cash | $ 0 | ||
Investment securities | 0 | ||
Loans, net | 0 | ||
Fixed assets | 0 | ||
Other real estate owned | 0 | ||
Core deposit intangibles | (678) | ||
Goodwill | 532 | ||
Other assets | 181 | ||
Totals | 35 | ||
Liabilities: | |||
Deposits | 0 | ||
Other liabilities | 35 | ||
Totals | 35 | ||
Initially Measured October 19, 2018 | First Green Bancorp, Inc. | |||
Assets: | |||
Cash | 29,434 | ||
Investment securities | 32,145 | ||
Loans, net | 631,497 | ||
Fixed assets | 16,828 | ||
Other real estate owned | 410 | ||
Core deposit intangibles | 10,170 | ||
Goodwill | 56,198 | ||
Other assets | 40,669 | ||
Totals | 817,351 | ||
Liabilities: | |||
Deposits | 624,289 | ||
Other liabilities | 79,018 | ||
Totals | 703,307 | ||
As Adjusted October 19, 2018 | First Green Bancorp, Inc. | |||
Assets: | |||
Cash | 29,434 | ||
Investment securities | 32,145 | ||
Loans, net | 631,497 | ||
Fixed assets | 16,828 | ||
Other real estate owned | 410 | ||
Core deposit intangibles | 9,492 | ||
Goodwill | 56,730 | ||
Other assets | 40,850 | ||
Totals | 817,386 | ||
Liabilities: | |||
Deposits | 624,289 | ||
Other liabilities | 79,053 | ||
Totals | $ 703,342 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - First Green Bancorp, Inc. $ in Thousands | Oct. 19, 2018USD ($) |
Business Acquisition [Line Items] | |
Book Balance | $ 668,216 |
Fair Value | 631,497 |
Commercial real estate | |
Business Acquisition [Line Items] | |
Book Balance | 437,767 |
Fair Value | 406,613 |
Commercial loans | |
Business Acquisition [Line Items] | |
Book Balance | 56,288 |
Fair Value | 54,973 |
Single family residential real estate | |
Business Acquisition [Line Items] | |
Book Balance | 101,674 |
Fair Value | 101,119 |
Construction/development/land | |
Business Acquisition [Line Items] | |
Book Balance | 61,195 |
Fair Value | 58,385 |
Consumer and other loans | |
Business Acquisition [Line Items] | |
Book Balance | 9,156 |
Fair Value | 8,942 |
Purchased Credit Impaired | |
Business Acquisition [Line Items] | |
Book Balance | 2,136 |
Fair Value | $ 1,465 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - First Green Bancorp, Inc. $ in Thousands | Oct. 19, 2018USD ($) |
Business Acquisition [Line Items] | |
Total purchased credit-impaired loans acquired | $ 631,497 |
Purchased Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | 2,136 |
Non-accretable difference | (671) |
Cash flows expected to be collected | 1,465 |
Accretable yield | 0 |
Total purchased credit-impaired loans acquired | $ 1,465 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Business Combinations [Abstract] | ||
Net interest income | $ 59,670 | $ 174,416 |
Net income | $ 21,070 | $ 64,440 |
EPS - basic (in dollars per share) | $ 0.41 | $ 1.26 |
EPS - diluted (in dollars per share) | $ 0.40 | $ 1.24 |
Uncategorized Items - sbcf20190
Label | Element | Value |
Accounting Standards Update 2016-01 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (115,000) |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 115,000 |