Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 1,309,158,096 | ||
Entity Common Stock, Shares Outstanding | 51,523,499 | ||
Documents Incorporated by Reference | Certain portions of the registrant’s Proxy Statement for the 2020 Annual Meeting of Shareholders (the “ 2020 Proxy Statement”) are incorporated by reference into Part III, Items 10 through 14 of this report. Other than those portions of the 2020 Proxy Statement specifically incorporated by reference herein pursuant to Items 10 through 14, no other portions of the 2020 Proxy Statement shall be deemed so incorporated. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000730708 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest on securities | |||
Taxable | $ 35,354 | $ 37,860 | $ 34,442 |
Nontaxable | 555 | 884 | 913 |
Interest and fees on loans | 250,535 | 199,984 | 153,825 |
Interest on federal funds sold and other investments | 3,379 | 2,670 | 2,416 |
Total Interest Income | 289,823 | 241,398 | 191,596 |
Interest Expense | |||
Interest on savings deposits | 16,621 | 8,763 | 3,654 |
Interest on time certificates | 21,776 | 11,684 | 4,678 |
Interest on federal funds purchased and other short term borrowings | 1,431 | 1,804 | 781 |
Interest on Federal Home Loan Bank borrowings | 3,010 | 4,468 | 3,744 |
Interest on subordinated debt | 3,367 | 3,164 | 2,443 |
Total Interest Expense | 46,205 | 29,883 | 15,300 |
Net Interest Income | 243,618 | 211,515 | 176,296 |
Provision for loan losses | 10,999 | 11,730 | 5,648 |
Net Interest Income After Provision for Loan Losses | 232,619 | 199,785 | 170,648 |
Noninterest Income (Note M) | |||
Gain on sale of Visa stock | 0 | 0 | 15,153 |
Securities gains (losses), net (includes net gains of $6.2 million for 2019, net losses of $96 thousand for 2018 and net gains of $2.0 million for 2017 in other comprehensive income reclassifications) | 1,217 | (623) | 86 |
Other | 55,515 | 50,645 | 43,230 |
Total Noninterest Income | 56,732 | 50,022 | 58,469 |
Noninterest Expense (Note M) | 160,739 | 162,273 | 149,916 |
Income Before Income Taxes | 128,612 | 87,534 | 79,201 |
Income taxes | 29,873 | 20,259 | 36,336 |
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Net income per share of common stock | |||
Diluted (in dollars per share) | $ 1.90 | $ 1.38 | $ 0.99 |
Basic (in dollars per share) | $ 1.92 | $ 1.40 | $ 1.01 |
Average common shares outstanding | |||
Diluted (in shares) | 52,029 | 48,748 | 43,350 |
Basic (in shares) | 51,449 | 47,969 | 42,613 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Reclassification adjustment for securities gains (losses) | $ 6,200 | $ (96) | $ 2,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on securities available-for-sale | 24,892 | (13,266) | 5,976 |
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement | (730) | 0 | 0 |
Amortization of unrealized losses on securities transferred to held-to-maturity, net | 262 | 550 | 596 |
Reclassification adjustment for (gains) losses included in net income | (1,031) | 485 | (86) |
(Provision) benefit for income taxes | (5,868) | 3,272 | (2,483) |
Total Other Comprehensive Income (Loss) | 17,525 | (8,959) | 4,003 |
Comprehensive Income | $ 116,264 | $ 58,316 | $ 46,868 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 89,843 | $ 92,242 |
Interest bearing deposits with other banks | 34,688 | 23,709 |
Total Cash and Cash Equivalents | 124,531 | 115,951 |
Time deposits with other banks | 3,742 | 8,243 |
Securities available-for-sale (at fair value) | 946,855 | 865,831 |
Securities held-to-maturity (fair value $262,213 in 2019 and $349,895 in 2018) | 261,369 | 357,949 |
Total Debt Securities | 1,208,224 | 1,223,780 |
Loans held for sale | 20,029 | 11,873 |
Loans | 5,198,404 | 4,825,214 |
Less: Allowance for loan losses | (35,154) | (32,423) |
Loans, Net of Allowance for Loan Losses | 5,163,250 | 4,792,791 |
Bank premises and equipment, net | 66,615 | 71,024 |
Other real estate owned | 12,390 | 12,802 |
Goodwill | 205,286 | 204,753 |
Other intangible assets, net | 20,066 | 25,977 |
Bank owned life insurance | 126,181 | 123,394 |
Net deferred tax assets | 16,457 | 28,954 |
Other assets | 141,740 | 128,117 |
Total Assets | 7,108,511 | 6,747,659 |
Deposits | ||
Noninterest demand | 1,590,493 | 1,569,602 |
Interest-bearing demand | 1,181,732 | 1,014,032 |
Savings | 519,152 | 493,807 |
Money market | 1,108,363 | 1,173,950 |
Other time deposits | 504,837 | 513,312 |
Brokered time certificates | 472,857 | 220,594 |
Time certificates of more than $250,000 | 207,319 | 191,943 |
Total Deposits | 5,584,753 | 5,177,240 |
Securities sold under agreements to repurchase, maturing within 30 days | 86,121 | 214,323 |
Federal Home Loan Bank borrowings | 315,000 | 380,000 |
Subordinated debt | 71,085 | 70,804 |
Other liabilities | 65,913 | 41,025 |
Total Liabilities | 6,122,872 | 5,883,392 |
Commitments and Contingencies (Notes K and P) | ||
Shareholders' Equity | ||
Common stock, par value $0.10 per share authorized 120,000,000 shares, issued 51,760,617 and outstanding 51,513,733 shares in 2019 and authorized 120,000,000 shares, issued 51,514,734 and outstanding 51,361,079 shares in 2018 | 5,151 | 5,136 |
Additional paid-in capital | 786,242 | 778,501 |
Retained earnings | 195,813 | 97,074 |
Less: Treasury stock (246,884 shares in 2019 and 153,655 shares in 2018), at cost | (6,032) | (3,384) |
TOTAL Shareholders' Equity Before Accumulated Other Comprehensive loss, net | 981,174 | 877,327 |
Accumulated other comprehensive income (loss), net | 4,465 | (13,060) |
Total Shareholders' Equity | 985,639 | 864,267 |
Total Liabilities & Shareholders' Equity | $ 7,108,511 | $ 6,747,659 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Held for investment, fair value, total | $ 262,213 | $ 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) | 51,760,617 | 51,514,734 |
Common stock, shares outstanding (in shares) | 51,513,733 | 51,361,079 |
Treasury stock (in shares) | 246,884 | 153,655 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities | |||
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 6,421 | 6,353 | 5,614 |
Amortization of premiums and discounts on securities, net | 2,548 | 3,196 | 3,977 |
Amortization of operating lease right-of-use assets | 4,117 | ||
Other amortization and accretion, net | (2,005) | (1,158) | (697) |
Stock based compensation | 7,243 | 7,823 | 5,267 |
Origination of loans designated for sale | (329,177) | (303,928) | (213,027) |
Sale of loans designated for sale | 333,591 | 326,328 | 211,091 |
Provision for loan losses | 10,999 | 11,730 | 5,648 |
Deferred income taxes | 6,791 | 459 | 35,827 |
(Gains) losses on sale of securities | (1,031) | 485 | (86) |
Gain on sale of VISA Class B stock | 0 | 0 | (15,153) |
Gains on sale of loans | (9,794) | (8,961) | (7,038) |
Gains on sale and write-downs of other real estate owned | (432) | (107) | (711) |
Losses on disposition of fixed assets | 511 | 1,235 | 2,270 |
Bank owned life insurance death benefits | (956) | (280) | 0 |
Changes in operating assets and liabilities, net of effects from acquired companies: | |||
Net (increase) decrease in other assets | (5,614) | 10,331 | (5,506) |
Net (decrease) increase in other liabilities | (4,206) | 8,827 | (21,432) |
Net Cash Provided by Operating Activities | 117,745 | 129,608 | 48,909 |
Cash Flows From Investing Activities | |||
Maturities and repayments of debt securities available-for-sale | 101,674 | 141,223 | 211,173 |
Maturities and repayments of debt securities held-to-maturity | 42,495 | 58,315 | 86,460 |
Proceeds from sale of debt securities available-for-sale | 202,724 | 64,366 | 235,613 |
Purchases of debt securities available-for-sale | (309,461) | (104,650) | (371,926) |
Purchases of debt securities held-to-maturity | 0 | 0 | (131,439) |
Maturities of time deposits with other banks | 4,501 | 4,310 | 4,720 |
Net new loans and principal repayments | (109,614) | (365,816) | (328,868) |
Proceeds from the sale of portfolio loans | 0 | 0 | 106,815 |
Purchases of loans held for investment | (270,791) | (19,541) | (55,352) |
Proceeds from the sale of other real estate owned | 6,509 | 10,072 | 6,069 |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 74,120 | 44,731 | 48,295 |
Purchase of FHLB and Federal Reserve Bank Stock | (75,193) | (51,505) | (42,680) |
Purchase of Visa Class B stock | 0 | 0 | (6,180) |
Proceeds from sale of Visa Class B stock | 0 | 21,333 | 0 |
Redemption of bank owned life insurance | 14,218 | 4,232 | 3,609 |
Purchase of bank owned life insurance | 0 | 0 | (30,000) |
Net cash from bank acquisitions | 0 | 22,349 | 23,825 |
Additions to bank premises and equipment | (2,523) | (4,019) | (5,710) |
Net Cash Used in Investing Activities | (321,341) | (174,600) | (245,576) |
Cash Flows From Financing Activities | |||
Net increase (decrease) in deposits | 407,513 | (39,769) | 333,049 |
Net (decrease) increase in federal funds purchased and repurchase agreements | (128,202) | (1,771) | 11,892 |
Net (decrease) increase in FHLB borrowings with original maturities of three months or less | (67,000) | 32,000 | (204,000) |
Repayments of FHLB borrowings with original maturities of more than three months | (63,000) | 0 | 0 |
Proceeds from FHLB borrowings with original maturities of more than three months | 65,000 | 60,000 | 0 |
Stock based employee benefit plans | (2,135) | (55) | |
Stock based employee benefit plans | 979 | ||
Issuance of common stock, net of related expense | 0 | 0 | 55,641 |
Dividends paid | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 212,176 | 51,439 | 196,527 |
Net increase (decrease) in cash and cash equivalents | 8,580 | 6,447 | (140) |
Cash and cash equivalents at beginning of year | 115,951 | 109,504 | 109,644 |
Cash and Cash Equivalents at End of Year | 124,531 | 115,951 | 109,504 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 46,130 | 28,301 | 15,125 |
Cash paid during the period for taxes | 16,000 | 13,200 | 400 |
New operating lease right-of-use assets | 30,301 | ||
New operating lease liabilities | 34,627 | ||
Supplemental disclosure of non cash investing activities: | |||
Transfer of debt securities from held-to-maturity to available-for-sale | 52,796 | 0 | 0 |
Transfer from loans to other real estate owned | 5,665 | 5,549 | 1,774 |
Transfer from bank premises to other real estate owned | 0 | 9,168 | 1,212 |
Transfer from loans held for investment to loans held for sale | $ 801 | $ 0 | $ 5,664 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock | Accumulated Other Comprehensive Income (Loss), Net |
Beginning balance (in shares) at Dec. 31, 2016 | 38,022 | |||||
Beginning balance at Dec. 31, 2016 | $ 435,397 | $ 3,802 | $ 454,001 | $ (13,657) | $ (1,236) | $ (7,513) |
Comprehensive income | 46,868 | 42,865 | 4,003 | |||
Reclassification of disproportionate tax effects upon adoption of new accounting pronouncement | 0 | 706 | (706) | |||
Stock based compensation expense | 5,267 | 5,267 | ||||
Common stock issued for stock based employee benefit plans (in shares) | 61 | |||||
Common stock issued for stock based employee benefit plans | (1,138) | (15) | (1,123) | |||
Common stock issued for stock options (in shares) | 91 | |||||
Common stock issued for stock options | 1,082 | $ 16 | 1,066 | |||
Issuance of common stock, net of related expenses (in shares) | 2,703 | |||||
Issuance of common stock, net of related expenses | 55,641 | $ 270 | 55,371 | |||
Issuance of common stock, pursuant to acquisition (in shares) | 6,041 | |||||
Issuance of common stock, pursuant to acquisition | 146,547 | $ 605 | 145,942 | |||
Ending balance (in shares) at Dec. 31, 2017 | 46,918 | |||||
Ending balance at Dec. 31, 2017 | 689,664 | $ 4,693 | 661,632 | 29,914 | (2,359) | (4,216) |
Comprehensive income | 58,316 | 67,275 | (8,959) | |||
Stock based compensation expense (in shares) | 32 | |||||
Stock based compensation expense | 7,823 | 7,823 | ||||
Common stock issued for stock based employee benefit plans (in shares) | 43 | |||||
Common stock issued for stock based employee benefit plans | (1,031) | (6) | (1,025) | |||
Common stock issued for stock options (in shares) | 368 | |||||
Common stock issued for stock options | 2,009 | $ 43 | 1,966 | |||
Issuance of common stock, pursuant to acquisition (in shares) | 4,000 | |||||
Issuance of common stock, pursuant to acquisition | 107,486 | $ 400 | 107,086 | |||
Ending balance (in shares) at Dec. 31, 2018 | 51,361 | |||||
Ending balance at Dec. 31, 2018 | 864,267 | $ 5,136 | 778,501 | 97,074 | (3,384) | (13,060) |
Comprehensive income | 116,264 | 98,739 | 17,525 | |||
Stock based compensation expense (in shares) | 30 | |||||
Stock based compensation expense | 7,244 | 7,244 | ||||
Common stock issued for stock based employee benefit plans (in shares) | 94 | |||||
Common stock issued for stock based employee benefit plans | (2,668) | $ 12 | (32) | (2,648) | ||
Common stock issued for stock options (in shares) | 29 | |||||
Common stock issued for stock options | 428 | $ 3 | 425 | |||
Other | 104 | 104 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 51,514 | |||||
Ending balance at Dec. 31, 2019 | $ 985,639 | $ 5,151 | $ 786,242 | $ 195,813 | $ (6,032) | $ 4,465 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies General: Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) is a single segment financial holding company with one operating subsidiary bank, Seacoast National Bank (“Seacoast Bank”). The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 48 traditional branch offices and nine commercial banking centers operated by Seacoast Bank. Seacoast operates primarily in Florida, with concentrations in the state's fastest growing markets, each with unique characteristics and opportunities. Offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates: The preparation of consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has 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. Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks and interest-bearing bank balances. Cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value Time deposits with other banks: Time deposits with other banks consist of certificates of deposit with original maturities greater than three months and are carried at cost. Securities Purchased and Sold Agreements: Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. government and government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. Securities: Debt securities are classified at date of purchase as available-for-sale or held-to-maturity. Debt securities that may be sold as part of the Company's asset/liability management or in response to, or in anticipation of, changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders' equity net of tax or included in noninterest income as appropriate. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. Equity securities are stated at fair value with unrealized gains or losses included in noninterest income as securities gains or losses. 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. Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts on debt securities, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other than temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; recent events specific to the issuer or industry; external credit ratings and recent downgrades. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. Debt securities for which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. On January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, certain debt securities were reclassified 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 Seacoast Bank is a member of the Federal Home Loan Bank (“FHLB”) system. Members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Loans: The Company accounts for a loan depending on the strategy for the loan and on the credit impaired status of the loan upon acquisition. Loans are accounted for using the following categories: • Loans and leases held for sale • Loans and leases originated by the Company and held for investment • Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL), and held for investment • Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”) Loans that are held for sale are carried as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected, or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. 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 the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. Loans originated by Seacoast and held for investment are recognized at the principal amount outstanding, net of unearned income and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. As a part of business acquisitions, the Company acquires loans which are recorded at fair value on the acquisition date. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date. Any losses after acquisition are recognized through the allowance for loan losses. These loans fall into two groups: purchased unimpaired loans (“PUL”) and purchased credit-impaired loans (“PCI”). PULs demonstrate no evidence of significant credit deterioration and there is an expectation that all contractual payments will be made. The Company determines fair value by estimating the amount and timing of expected future cash flows and assigning a discount or premium to each loan. The difference between the expected cash flows and the amount paid is recorded as interest income over the remaining life of the loan. PCI loans demonstrate evidence of credit deterioration since origination and the risk that all contractual payments will not be made. The Company estimates fair value by estimating the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PULs are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. Under certain scenarios, the Company will grant modifications to a loan when a borrower is experiencing financial difficulties. Such modifications allow the Company to minimize the risk of loss on the loan and maximize future cash flows received from the borrower. Such modifications are referred to as troubled debt restructured (TDR) loans. TDRs are considered impaired and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. The Company reviews all loans for impairment on a periodic basis. A loan is considered to be impaired when, based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. When the ultimate collectability of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. When interest accruals are discontinued, unpaid interest is reversed against interest income. Consumer loans that become 120 days past due are generally charged off. When borrowers demonstrate over an extended period the ability to repay a loan in accordance with the contractual terms of a loan classified as nonaccrual, the loan is returned to accrual status. Interest income on nonaccrual loans is either recorded using the cash basis method of accounting or recognized after the principal has been reduced to zero, depending on the type of loan. Derivatives : The Company enters into derivative contracts with customers who request such services and into offsetting contracts with substantially matching terms with third parties to minimize the risks involved with these types of transactions. Loan Commitments and Letters of Credit: Loan commitments and letters of credit are an off-balance sheet item and represent commitments to make loans or lines of credit available to borrowers. The face amount of these commitments represents an exposure to loss, before considering customer collateral or ability to repay. Such commitments are recognized as loans when funded. Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. Fair Value Measurements: The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets are measured on a recurring basis, including available-for-sale securities and loans held for sale. These assets are carried at fair value on the Company’s balance sheets. Additionally, fair value is measured on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples include impaired loans, OREO, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. The Company applies the following fair value hierarchy: Level 1 – Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. Other Real Estate Owned: Other real estate owned (“OREO”) consists primarily of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. OREO may also include bank premises no longer utilized in the course of the Company's business (closed branches) that are initially recorded at the lower of carrying value or fair value, less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate the facility are expensed. Bank Premises and Equipment: Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings - 25 - 40 years, leasehold improvements 5 - 25 years, furniture and equipment - 3 - 12 years. Leasehold improvements typically amortize over the shorter of lease terms or estimated useful life. Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are written down to fair value with a corresponding impact to noninterest expense Leases: On January 1, 2019, the Company adopted FASB 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 . Arrangements are analyzed at inception to determine the existence of a lease. ROUAs represent the right to use the underlying asset and lease liabilities represent the 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 the Company's leases do not provide an implicit rate, the Company uses its 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 the option will be exercised. 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 and is classified as Occupancy or Furniture and Equipment expense based on the subject asset. 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. Intangible assets. The Company’s intangible assets consist of goodwill, core deposit intangibles (CDIs) and mortgage servicing rights. Goodwill results from business combinations and represents the difference between the purchase price and the fair value of net assets acquired. Goodwill may be adjusted for up to one year from the acquisition date in the event new information is obtained which, if known at the date of acquisitions would have impacted the fair value of the acquired assets and liabilities. Goodwill is considered to have an indefinite useful life and is not amortized, but rather tested for impairment annually in the fourth quarter, or more often if circumstances arise that may indicate risk of impairment. If impaired, goodwill is written down with a corresponding impact to noninterest expense. The Company recognizes CDIs that result from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over periods ranging from six to eight years on a straight line basis. The Company evaluates CDIs for impairment annually, or more often if circumstances arise that may indicate risk of impairment. If impaired, the CDI is written down with a corresponding impact to noninterest expense. Bank owned life insurance (BOLI): The Company, through its subsidiary bank, has purchased or acquired through bank acquisitions, life insurance policies on certain key executives. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Revenue Recognition: Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services provided and is recognized when the promised services (performance obligations) are transferred to a customer, requiring the application of the following five-steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Relevant activity includes: • Service Charges on Deposits: Seacoast Bank offers a variety of deposit-related services to its customers through several delivery channels including branch offices, ATMs, telephone, mobile, and internet banking. Transaction-based fees are recognized when services, each of which represents a performance obligation, are satisfied. Service fees may be assessed monthly, quarterly, or annually; however, the account agreements to which these fees relate can be canceled at any time by Seacoast and/or the customer. Therefore, the contract term is considered a single day (a day-to-day contract). • Trust Fees: The Company earns trust fees from fiduciary services provided to trust customers which include custody of assets, recordkeeping, collection and distribution of funds. Fees are earned over time and accrued monthly as the Company provides services, and are generally assessed based on the market value of the trust assets under management at a particular date or over a particular period. • Brokerage Commissions and Fees: The Company earns commissions and fees from investment brokerage services provided to its customers through an arrangement with a third-party service provider. Commissions received from the third-party service provider are recorded monthly and are based upon customer activity. Fees are earned over time and accrued monthly as services are provided. The Company acts as an agent in this arrangement and therefore presents the brokerage commissions and fees net of related costs. • Interchange Income: Fees earned on card transactions depend upon the volume of activity, as well as the fees permitted by the payment network. Such fees are recognized by the Company upon fulfilling its performance obligation to approve the card transaction. Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiary to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. Income Taxes : The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their related tax bases and are measured using the enacted tax rates and laws that are in effect. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in rates is recognized as income or expense in the period in which the change occurs. Earnings per Share: Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. Stock-Based Compensation: The stock option plans are accounted for under ASC Topic 718 - Compensation - Stock Compensation and the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with market assumptions. This amount is amortized on a straight-line basis over the vesting period, generally five years . For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years . Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. The Company accounts for forfeitures as they occur. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Adopted at December 31, 2019 | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards, Not Adopted at December 31, 2019 | Recently Issued Accounting Standards, Not Adopted at December 31, 2019 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 The Company will adopt this accounting standard effective January 1, 2020. Effect on the Consolidated Financial Statements The Company currently expects that the initial adjustment to the allowance for loan losses will be an increase of approximately $19 - $23 million, bringing the ratio of allowance to total loans from 0.68% to between 1.06% and 1.12%. The increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio, and to the new requirement to estimate losses over the full remaining expected life of the loans. For loans previously classified as purchased unimpaired (“PUL”), the standard requires that a reserve for expected credit losses be recorded through a cumulative effect adjustment in retained earnings, regardless of the impact of a purchase discount on the amortized cost basis. Existing purchase discounts and premiums on these loans are not affected by adoption of the standard, and these amounts 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 with a corresponding adjustment to the loans’ amortized cost basis. The remaining non-credit discounts on these loans will accrete into interest income on a level-yield basis over the remaining lives of the loans. The estimation process applies an economic forecast scenario which, as of January 1, 2020, projects a stable macroeconomic environment over the Company’s three year forecast period. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life of the loans within each segment. The Company estimates the impact on the tier one capital ratio upon adoption is a decrease of approximately 32 basis points. Federal banking regulatory agencies have provided banks with the ability to mitigate the impact on capital at adoption by allowing the impact to be phased in over a four year period; however, the Company expects to forgo the phased in approach and recognize the impact to capital at the time of adoption. The Company does not expect adoption of the standard to have a material impact to 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 debt (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS debt securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect adoption of the standard to have a material impact to AFS securities upon adoption. The disclosed estimates are subject to further refinement upon finalization of the Company’s review of the calculations, assumptions, methodologies and judgments. Internal controls over financial reporting relating to these new processes have been designed and implemented and are being evaluated. The Company is in the final stages of completing the formal governance and approval process. The ongoing impact to the Company’s results of operations in future periods will be influenced by the loan portfolio composition and by macroeconomic conditions and forecasts at each reporting date. Adoption of the standard is expected to result in higher volatility in the quarterly provision for credit losses when compared to the Company’s historical results under the incurred loss model. 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 consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
Cash, Dividend and Loan Restric
Cash, Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2019 | |
Cash, Dividend and Loan Restrictions [Abstract] | |
Cash, Dividend and Loan Restrictions | Cash, Dividend and Loan Restrictions In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows: Seacoast Bank may be required to maintain reserve balances with the Federal Reserve Bank. The reserve requirement at December 31, 2019 was $38.7 million . There was no reserve requirement at December 31, 2018 . The average amount of the reserve requirement in 2019 was $7.9 million compared to $0.9 million in 2018 . Under Federal Reserve regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At December 31, 2019 , the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $83.1 million , if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the periods ending December 31, 2019 and 2018 . |
Securities
Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and December 31, 2018 are summarized as follows: December 31, 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 $ 9,914 $ 204 $ (4 ) $ 10,114 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 604,934 5,784 (1,511 ) 609,207 Private mortgage-backed securities and collateralized mortgage obligations 56,005 1,561 (5 ) 57,561 Collateralized loan obligations 239,364 7 (1,153 ) 238,218 Obligations of state and political subdivisions 30,548 1,208 (1 ) 31,755 Totals $ 940,765 $ 8,764 $ (2,674 ) $ 946,855 Debt Securities Held-to-Maturity Mortgage-backed securities of U.S. government sponsored entities $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 Totals $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 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 debt securities during 2019 were $202.7 million , with gross gains of $2.9 million and gross losses of $1.8 million . Proceeds from sales of debt securities during 2018 were $64.4 million with gross gains of $0.2 million and gross losses of $0.7 million . Proceeds from sales of debt securities during 2017 were $235.6 million with gross gains of $1.6 million and gross losses of $1.5 million . Included in "Securities gains (losses) net" is an increase of $0.2 million and a decrease of $0.1 million , respectively, in the value of an investment in shares of a mutual fund that invests in CRA-qualified debt securities in 2019 and 2018 . At December 31, 2019 , debt securities with a fair value of $133.4 million were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Debt securities with a fair value of $94.4 million were pledged as collateral for repurchase agreements. The amortized cost and fair value of securities at December 31, 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 $ — $ — $ 3,472 $ 3,523 Due after one year through five years — — 8,582 8,698 Due after five years through ten years — — 10,488 10,979 Due after ten years — — 17,920 18,669 — — 40,462 41,869 Mortgage-backed securities of U.S. government sponsored entities 261,369 262,213 604,934 609,207 Private mortgage-backed securities and collateralized mortgage obligations — — 56,005 57,561 Collateralized loan obligations — — 239,364 238,218 Totals $ 261,369 $ 262,213 $ 940,765 $ 946,855 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 December 31, 2019 and December 31, 2018 , respectively. December 31, 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 $ 758 $ (4 ) $ — $ — $ 758 $ (4 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 220,057 (1,461 ) 104,184 (1,923 ) 324,241 (3,384 ) Private mortgage-backed securities and collateralized mortgage obligations 2,978 (5 ) — — 2,978 (5 ) Collateralized loan obligations 88,680 (570 ) 110,767 (583 ) 199,447 (1,153 ) Obligations of state and political subdivisions 515 (1 ) — — 515 (1 ) Total temporarily impaired securities $ 312,988 $ (2,041 ) $ 214,951 $ (2,506 ) $ 527,939 $ (4,547 ) 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 ) Total temporarily impaired securities $ 478,423 $ (7,140 ) $ 646,354 $ (19,538 ) $ 1,124,777 $ (26,678 ) At December 31, 2019 , the Company had $3.4 million of unrealized losses on mortgage backed securities and collateralized mortgage obligations of government sponsored entities having a fair value of $324.2 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 entities. 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 December 31, 2019 , the Company had unrealized losses of $1.2 million on collateralized loan obligations with a fair value of $199.4 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 December 31, 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 December 31, 2019 . Included in other assets at December 31, 2019 is $44.3 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 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 | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans | Loans The Company accounts for a loan depending on the strategy for the loan and on the credit impaired status of the loan upon acquisition. Loans are accounted for using the following categories: • Loans and leases held for sale • Loans and leases originated by the Company and held for investment • Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL”), and held for investment • Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”) Refer to Note A for further discussion on how the categories above are defined. Loans are also categorized based on the customer and use type of the credit extended. The following outlines the categories used: • Construction and Land Development Loans: The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from proceeds of the sale, refinancing, or permanent financing of the property. • Commercial Real Estate Loans: Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on rental income from the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. • Residential Real Estate Loans: The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations. • Commercial and Financial Loans: Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are based primarily on the historical and projected cash flow of the borrower and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types. • Consumer Loans: The Company originates consumer loans including installment loans and revolving lines, loans for automobiles, boats, and other personal, family and household purposes. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower are considered during the underwriting process. The following table outlines net loans balances by category as of: December 31, 2019 (In thousands) Portfolio Loans PCI Loans PULs Total Loans Construction and land development $ 281,335 $ 160 $ 43,618 $ 325,113 Commercial real estate 1,834,811 10,217 533,943 2,378,971 Residential real estate 1,304,305 1,710 201,848 1,507,863 Commercial and financial 697,301 579 80,372 778,252 Consumer 200,166 — 8,039 208,205 Total Loans 1 $ 4,317,918 $ 12,666 $ 867,820 $ 5,198,404 December 31, 2018 (In thousands) Portfolio Loans PCI Loans PULs Total Loans 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 Total Loans 1 $ 3,588,251 $ 14,434 $ 1,222,529 $ 4,825,214 1 Loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively. Loan accrual status is a primary qualitative credit factor monitored by the Company’s Credit Risk Management when determining the allowance for loan and lease losses. As a loan remains delinquent, the likelihood increases that a borrower is either unable or unwilling to repay. Loans are moved to nonaccrual status when they become 90 days past due, have been evaluated for impairment and have been deemed impaired. The following table presents the balances outstanding status by class of loans as of: December 31, 2019 Accruing 30-59 Days Accruing 60-89 Days Accruing Greater Than Total Financing (In thousands) Current Past Due Past Due 90 Days Nonaccrual Receivables Portfolio Loans Construction and land development $ 276,984 $ — $ — $ — $ 4,351 $ 281,335 Commercial real estate 1,828,629 1,606 220 — 4,356 1,834,811 Residential real estate 1,294,778 1,564 18 — 7,945 1,304,305 Commercial and financial 690,412 2,553 — 108 4,228 697,301 Consumer 199,424 317 315 — 110 200,166 Total Portfolio Loans 4,290,227 6,040 553 108 20,990 4,317,918 PULs Construction and land development 43,044 — — — 574 43,618 Commercial real estate 531,325 942 431 — 1,245 533,943 Residential real estate 201,159 277 — — 412 201,848 Commercial and financial 78,705 — — — 1,667 80,372 Consumer 8,039 — — — — 8,039 Total PULs 862,272 1,219 431 — 3,898 867,820 PCI Loans Construction and land development 148 — — — 12 160 Commercial real estate 9,298 — — — 919 10,217 Residential real estate 587 — — — 1,123 1,710 Commercial and financial 566 — — — 13 579 Consumer — — — — — — Total PCI Loans 10,599 — — — 2,067 12,666 Total Loans $ 5,163,098 $ 7,259 $ 984 $ 108 $ 26,955 $ 5,198,404 December 31, 2018 Accruing 30-59 Days Accruing 60-89 Days Accruing Greater Than Total Financing (In thousands) Current Past Due Past Due 90 Days Nonaccrual 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 PULs 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 PCI 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 reduction in interest income associated with loans on nonaccrual status was approximately $0.4 million , $1.0 million , and $0.7 million , for the years ended December 31, 2019 , 2018 , and 2017 , respectively. 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 problems 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 weaknesses present make 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 of loans based on the most recent analysis performed as of: December 31, 2019 (In thousands) Pass Special Mention Substandard Doubtful Total Net Loans Construction and land development $ 317,765 $ 2,235 $ 5,113 $ — $ 325,113 Commercial real estate 2,331,725 26,827 20,098 321 2,378,971 Residential real estate 1,482,278 7,364 18,221 — 1,507,863 Commercial and financial 755,957 11,925 9,496 874 778,252 Consumer 203,966 3,209 1,030 — 208,205 Total Net Loans $ 5,091,691 $ 51,560 $ 53,958 $ 1,195 $ 5,198,404 December 31, 2018 (In thousands) Pass Special Mention Substandard Doubtful Total Net Loans 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 Total Net Loans $ 4,694,297 $ 67,296 $ 63,596 $ 25 $ 4,825,214 Loans to directors and executive officers totaled $1.7 million and $0.9 million at December 31, 2019 and 2018 , respectively. No new loans were originated to directors or officers in 2019. Concentrations of Credit The Company's lending activity occurs primarily in Florida, with concentrations in the state's fastest growing markets including the Fort Lauderdale, Boca Raton, Palm Beach, Daytona, Orlando and Tampa markets. 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 nonaccretable difference. The table below summarizes the changes in accretable yield on PCI loans for the years ended: December 31, (In thousands) 2019 2018 2017 Beginning balance $ 2,924 $ 3,699 $ 3,807 Additions — — 763 Deletions — (43 ) (11 ) Accretion (1,778 ) (1,291 ) (1,647 ) Reclassifications from non-accretable difference 703 559 787 Ending Balance $ 1,849 $ 2,924 $ 3,699 See Note S for information related to loans purchased in transactions accounted for as business combinations during the periods presented. 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 twelve months ended December 31, 2019 , there were nine loans totaling $4.7 million modified in a TDR. There were four defaults totaling $3.2 million of loans modified in TDRs within the twelve months preceding December 31, 2019 . During the twelve months ended December 31, 2018 , there were four loans totaling $0.2 million modified in a TDR and there were no payment defaults on loans that had been modified to a TDR within the previous twelve months. During the twelve months ended December 31, 2017 , there was one loan totaling $0.1 million modified in a TDR and there were no payment defaults on loans that had been modified to a TDR within the previous twelve months. 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 December 31, 2019 and 2018 , the Company’s recorded investment in impaired loans, excluding PCI loans, and related valuation allowance was as follows: December 31, 2019 Recorded Unpaid Principal Related Valuation (In thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 4,995 $ 5,186 $ — Commercial real estate 6,070 7,590 — Residential real estate 9,470 14,182 — Commercial and financial 3,485 4,475 — Consumer 111 125 — Impaired Loans with an Allowance Recorded: Construction and land development 62 78 14 Commercial real estate 4,196 4,196 220 Residential real estate 4,914 4,914 834 Commercial and financial 2,567 3,115 1,731 Consumer 226 239 59 Total Impaired Loans Construction and land development 5,057 5,264 14 Commercial real estate 10,266 11,786 220 Residential real estate 14,384 19,096 834 Commercial and financial 6,052 7,590 1,731 Consumer 337 364 59 Total Impaired Loans $ 36,096 $ 44,100 $ 2,858 December 31, 2018 Recorded Unpaid Principal Related Valuation (In thousands) Investment Balance 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 Total Impaired Loans $ 36,700 $ 46,545 $ 2,728 Impaired loans also include TDRs where concessions have been granted to borrowers who have experienced financial difficulty. At December 31, 2019 and 2018 , accruing TDRs totaled $11.1 million and $13.3 million , respectively. Average impaired loans for the years ended December 31, 2019 , 2018 , and 2017 were $35.6 million , $35.3 million , and $30.9 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 years ended December 31, 2019 , 2018 and 2017 , the Company recorded $2.0 million , $2.0 million , and $1.5 million , respectively, in interest income on impaired loans. For impaired loans whose impairment is measured based on the present value of expected future cash flows, a total of $0.1 million , $0.2 million and $0.3 million , respectively, for 2019 , 2018 , and 2017 was included in interest income and represents the change in present value attributable to the passage of time. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loans losses for the three years ended December 31, 2019 , 2018 and 2017 is summarized as follows: (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance December 31, 2019 Construction and land development $ 2,233 $ (421 ) $ — $ 31 $ (1 ) $ 1,842 Commercial real estate 11,112 1,677 (248 ) 744 (61 ) 13,224 Residential real estate 7,775 (231 ) (152 ) 338 (63 ) 7,667 Commercial and financial 8,585 7,969 (7,550 ) 712 — 9,716 Consumer 2,718 2,005 (2,609 ) 595 (4 ) 2,705 Total $ 32,423 $ 10,999 $ (10,559 ) $ 2,420 $ (129 ) $ 35,154 December 31, 2018 Construction and land development $ 1,642 $ 564 $ — $ 27 $ — $ 2,233 Commercial real estate 9,285 4,736 (3,139 ) 292 (62 ) 11,112 Residential real estate 7,131 29 (80 ) 816 (121 ) 7,775 Commercial and financial 7,297 4,359 (3,396 ) 325 — 8,585 Consumer 1,767 2,042 (1,411 ) 329 (9 ) 2,718 Total $ 27,122 $ 11,730 $ (8,026 ) $ 1,789 $ (192 ) $ 32,423 December 31, 2017 Construction and land development $ 1,219 $ (471 ) $ — $ 896 $ (2 ) $ 1,642 Commercial real estate 9,273 (264 ) (407 ) 747 (64 ) 9,285 Residential real estate 7,483 125 (569 ) 336 (244 ) 7,131 Commercial and financial 3,636 5,304 (1,869 ) 226 — 7,297 Consumer 1,789 954 (1,257 ) 290 (9 ) 1,767 Total $ 23,400 $ 5,648 $ (4,102 ) $ 2,495 $ (319 ) $ 27,122 As discussed in Note A, "Significant Accounting Policies," 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 December 31, 2019 and 2018 is shown in the following tables. December 31, 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 and land development $ 5,057 $ 14 $ 319,896 $ 1,828 $ 324,953 $ 1,842 Commercial real estate 10,267 220 2,358,487 13,004 2,368,754 13,224 Residential real estate 14,383 834 1,491,770 6,833 1,506,153 7,667 Commercial and financial 6,052 1,731 771,621 7,985 777,673 9,716 Consumer 337 59 207,868 2,646 208,205 2,705 Total $ 36,096 $ 2,858 $ 5,149,642 $ 32,296 $ 5,185,738 $ 35,154 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 and 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 Total $ 36,700 $ 2,728 $ 4,774,080 $ 29,695 $ 4,810,780 $ 32,423 Loans collectively evaluated for impairment reported at December 31, 2019 included acquired loans that are not PCI loans. At December 31, 2019 , the remaining fair value adjustments for loans acquired was $33.3 million , or 3.84% of the outstanding aggregate PUL balances. At December 31, 2018 , the remaining fair value adjustments for loans acquired was $47.0 million , or 3.86% of the outstanding aggregate PUL balances. These amounts, which represent the remaining fair value discount of each PUL, are accreted into interest income over the remaining lives of the related loans on a level yield basis. Provisions for loan losses of $0.7 million and net charge-offs of $0.7 million were recorded for these loans during 2019 . Recapture of $0.2 million and net recoveries of $0.1 million were recorded during 2018 and 2017 , respectively. The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 PCI Loans Individually Evaluated for Impairment PCI Loans Individually Evaluated for Impairment (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction and land development $ 160 $ — $ 151 $ — Commercial real estate 10,217 — 10,828 — Residential real estate 1,710 — 2,718 — Commercial and financial 579 — 737 — Consumer — — — — Total $ 12,666 $ — $ 14,434 $ — |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment as of: (In thousands) Cost Accumulated Depreciation & Amortization Net Carrying Value December 31, 2019 Premises (including land of $18,546) $ 83,020 $ (26,180 ) $ 56,840 Furniture and equipment 37,364 (27,589 ) 9,775 Total $ 120,384 $ (53,769 ) $ 66,615 December 31, 2018 Premises (including land of $18,546) $ 85,027 $ (26,107 ) $ 58,920 Furniture and equipment 36,892 (24,788 ) 12,104 Total $ 121,919 $ (50,895 ) $ 71,024 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets The following table presents changes in the carrying amount of goodwill: For the Year Ended December 31, (In thousands) 2019 2018 2017 Beginning of year $ 204,753 $ 147,578 $ 64,649 Changes from business combinations 533 57,175 82,929 Total $ 205,286 $ 204,753 $ 147,578 The Company performs an analysis for goodwill impairment on an annual basis. Based on the analysis performed in the fourth quarter, the Company has concluded goodwill was not impaired as of December 31, 2019 and 2018 . Acquired intangible assets consist of core deposit intangibles ("CDI"), which are intangible assets arising from the purchase of deposits separately or from bank acquisitions. The change in balance for CDI is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Beginning of year $ 24,807 $ 18,937 $ 14,572 Acquired CDI, including measurement period adjustments (676 ) 10,170 7,726 Amortization expense (5,826 ) (4,300 ) (3,361 ) End of year $ 18,305 $ 24,807 $ 18,937 (In months) Remaining average amortization period for CDI 47 58 63 The gross carrying amount and accumulated amortization of the Company's CDI subject to amortization as of: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Deposit base $ 36,015 $ (17,710 ) $ 36,691 $ (11,884 ) The annual amortization expense for the Company's CDI determined using the straight line method for each of the five years subsequent to December 31, 2019 is $5.7 million , $4.5 million , $4.0 million , $3.3 million and $0.6 million , respectively. Mortgage servicing rights ("MSRs") retained from the sale of Small Business Administration ("SBA") guarantees totaled $1.8 million and $1.1 million at December 31, 2019 and 2018 , respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings A significant portion of the Company's short-term borrowings were comprised of securities sold under agreements to repurchase with overnight maturities : For the Year Ended December 31, (In thousands) 2019 2018 2017 Maximum amount outstanding at any month end $ 193,388 $ 341,213 $ 216,094 Weighted average interest rate at end of year 1.17 % 1.14 % 0.71 % Average amount outstanding $ 106,142 $ 200,839 $ 171,686 Weighted average interest rate during the year 1.35 % 0.90 % 0.46 % Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. Company securities pledged were as follows by collateral type and maturity as of: December 31, (In thousands) 2019 2018 2017 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 94,354 $ 246,829 $ 248,654 At December 31, 2019 , Seacoast Bank had secured lines of credit of $2.1 billion , of which $315 million was outstanding from the Federal Home Loan Bank ("FHLB"). During 2019 , the average interest rate on short-term borrowings was 2.28% and the weighted average interest rate on balances outstanding at December 31, 2019 was 1.72% . The following table summarizes the Company's junior subordinated debentures and related trust preferred and common equity securities as of December 31, 2019 : (In thousands) Description Issuance Date Acquisition Date 1 Maturity Date Junior Subordinated Debt Trust Preferred Securities Common Equity Securities Contractual Interest Rate Interest Rate at December 31, 2019 SBCF Capital Trust I 3/31/2005 n/a 3/31/2035 $ 20,619 $ 20,000 $ 619 3 month LIBOR +175bps 3.69% SBCF Statutory Trust II 12/16/2005 n/a 12/16/2035 20,619 20,000 619 3 month LIBOR +133bps 3.22% SBCF Statutory Trust III 6/29/2007 n/a 6/15/2037 12,372 12,000 372 3 month LIBOR +135bps 3.24% BANKshares, Inc. Statutory Trust I 12/19/2002 10/1/2014 12/26/2032 5,155 5,000 155 3 month LIBOR +325bps 5.20% BANKshares, Inc. Statutory Trust II 3/17/2004 10/1/2014 3/17/2034 4,124 4,000 124 3 month LIBOR +279bps 4.69% BANKshares, Inc. Capital Trust I 12/15/2005 10/1/2014 12/15/2035 5,155 5,000 155 3 month LIBOR +139bps 3.30% Grand Bank Capital Trust I 10/29/2004 7/17/2015 10/29/2034 7,217 7,000 217 3 month LIBOR +198bps 3.94% $ 75,261 $ 73,000 $ 2,261 1 Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity. Interest on the trust preferred securities is calculated on the basis of 3-month LIBOR plus spread and is re-set quarterly. The trust preferred securities may be redeemed without penalty, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly in March, June, September, and December of each year. The proceeds of the offering of trust preferred securities and common equity securities were used by SBCF Capital Trust I and SBCF Statutory Trust II to purchase the $41.2 million junior subordinated deferrable interest notes issued by the Company, and by SBCF Statutory Trust III to purchase the $12.4 million junior subordinated deferrable interest notes issued by the Company, all of which have terms substantially similar to the trust preferred securities. The Company has the right to defer payments of interest on the notes at any time or from time to time at the Company's election. Interest can be deferred for a period not longer than five years. If the Company elects to defer interest, it may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2019 , 2018 and 2017 , all interest payments on trust preferred securities were current. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts' obligations under the trust preferred securities. |
Employee Benefits and Stock Com
Employee Benefits and Stock Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefits and Stock Compensation | Employee Benefits and Stock Compensation The Company’s defined contribution plan covers substantially all employees after one year of service and includes a matching benefit for employees who can elect to defer a portion of their compensation. In addition, amounts of compensation contributed by employees are matched on a percentage basis under the plan. The Company's contributions to this plan charged to operations were $2.4 million in 2019 , $2.1 million in 2018 , and $1.9 million in 2017 . The Company, through its Compensation and Governance Committee of the board of directors (the “Compensation Committee”), offers equity compensation to employees and non-employee directors of Seacoast and Seacoast Bank in the form of various share-based awards, including stock options, restricted stock awards (“RSAs”), or restricted stock units (“RSUs”). The awards may vest over time, have certain performance based criteria, or both. Stock options are granted with an exercise price at least equal to the market price of the Company’s stock at the date of grant. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. Compensation cost is amortized on a straight-line basis over the vesting period. Vesting is determined by the Compensation Committee at the time of grant, generally over five years . The options have a maximum term of ten years . The fair value of RSAs and RSUs are estimated based on the price of the Company’s common stock on the date of grant. Compensation cost is measured straight-line for RSAs and ratably for RSUs over the vesting period of the awards and reversed for awards which are forfeited due to unfulfilled service or performance criteria. To the extent the Company has treasury shares available, stock options exercised or stock grants awarded may be issued from treasury shares. If treasury shares are insufficient, the Company can issue new shares. Vesting of share-based awards is immediately accelerated on death or disability of the recipient. The Compensation Committee may, at its discretion, accelerate vesting upon retirement (including a voluntary termination of employment at age 55) for those employees with five or more years of service with the Company, or upon the event of a change-in-control. Awards are currently granted under the Seacoast 2013 Incentive Plan (“2013 Plan”), which shareholders approved on May 23, 2013 and has been twice amended to increase the number of authorized shares for issuance thereunder to 4,250,000 . The 2013 Plan expires on May 26, 2025. Approximately 1,057,000 shares remain available for issuance as of December 31, 2019 . The impact of share-based compensation on the Company’s financial results is presented below: For the Year Ended December 31, (In thousands) 2019 2018 2017 Share-based compensation expense $ 7,244 $ 7,823 5,267 Income tax benefit (1,723 ) (1,911 ) (1,966 ) The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2019 is presented below: (In thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock awards $ 3,577 1.6 Restricted stock units 3,921 1.7 Stock options 697 0.9 Total $ 8,195 1.6 Restricted Stock Awards RSAs are granted to various employees and vest over time, generally three years . Compensation cost of RSAs is based on the market value of the Company’s common stock at the date of grant and is recognized over the required service period on a straight-line basis. The Company’s accounting policy is to recognize forfeitures as they occur. A summary of the status of the Company’s non-vested RSAs as of December 31, 2019 , and changes during the year then ended, is presented below: Restricted Award Shares Weighted-Average Grant-Date Fair Value Non-vested at January 1, 2019 295,130 $ 24.09 Granted 157,861 26.86 Forfeited/Canceled (63,666 ) 25.83 Vested (175,374 ) 23.54 Non-vested at December 31, 2019 213,951 26.07 Information regarding restricted stock awards during each of the following years is presented below: Year Ended December 31, 2019 2018 2017 Shares granted 157,861 242,613 114,331 Weighted-average grant date fair value $ 26.86 $ 26.48 $ 24.08 Fair value of awards vested 1 $ 4,128 $ 2,515 $ 1,407 1 Based on grant date fair value, in thousands Restricted Stock Units RSUs granted in 2019 allow the grantee to earn 0% - 225% while RSUs granted in 2018 and 2017 allow the grantee to earn 0% - 200% of the target award all based on the Company's adjusted earnings per share growth or its adjusted return on average tangible equity, each measured over a three year period beginning with the year of grant. Certain RSUs granted in 2016 allow the grantee to earn 0% - 200% of the target award as determined by both the Company's adjusted net income and its adjusted return on tangible equity. The 2016 awards measure performance through December 31, 2019. A summary of the status of the Company’s non-vested RSUs as of December 31, 2019 , and changes during the year then ended, is presented below: Restricted Award Shares Weighted-Average Grant-Date Fair Value Non-vested at January 1, 2019 503,111 $ 19.69 Granted 75,002 30.02 Forfeited/Canceled (8,242 ) 20.29 Vested (187,941 ) 15.24 Non-vested at December 31, 2019 381,930 23.89 Information regarding restricted stock units during each of the following years: For the Year Ended December 31, 2019 2018 2017 Shares granted 75,002 173,193 164,268 Weighted-average grant date fair value $ 30.02 $ 24.02 $ 23.94 Fair value of awards vested 1 $ 2,864 $ 1,095 $ 937 1 Based on grant date fair value Stock Options The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions: For the Year Ended December 31, 2019 2018 2017 Risk-free interest rates 2.53 % 2.56 % 1.85 % Expected dividend yield — % — % — % Expected volatility 34.5 % 26.6 % 25.4 % Expected lives (years) 5.0 5.0 5.0 A summary of the Company’s stock options as of December 31, 2019 , and changes during the year then ended, are presented below: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000s) Outstanding at January 1, 2019 933,495 $ 22.00 Granted 3,438 28.42 Exercised (28,824 ) 14.86 Forfeited (4,330 ) 29.17 Outstanding at December 31, 2019 903,779 22.22 6.14 $ 7,669 Exercisable at December 31, 2019 633,561 19.82 5.65 6,848 Information related to stock options during each of the following years: For the Year Ended December 31, 2019 2018 2017 Options granted 3,438 219,118 297,576 Weighted-average grant date fair value $ 28.42 $ 5.65 $ 4.66 Intrinsic value of stock options exercised 277 3,045 1,143 The following table summarizes information related to stock options as of December 31, 2019 : Range of Exercise Prices Options Outstanding Remaining Contractual Life (Years) Options Exercisable Weighted Average Exercise Price $10.54 to $14.82 368,611 4.2 334,016 $ 12.42 $15.99 to $28.69 326,909 7.1 229,824 27.16 $31.15 to $31.15 208,259 8.2 69,721 31.15 Total 903,779 6.1 633,561 $ 19.82 Employee Stock Purchase Plan Under the Employee Stock Purchase Plan (“ESPP”), as amended, was approved by shareholders on April 25, 1989, and additional shares were authorized for issuance by shareholders on June 18, 2009 and May 2, 2013. Under the ESPP, the Company is authorized to issue up to 300,000 common shares of the Company’s common stock to eligible employees of the Company. These shares may be purchased by employees at a price equal to 95% of the fair market value of the shares on the purchase date. Purchases under the ESPP are made monthly. Employee contributions to the ESPP are made through payroll deductions. 2019 2018 2017 ESPP shares purchased 16,320 15,225 12,434 Weighted-average employee purchase price $ 25.39 $ 26.85 $ 22.67 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2019 consists of: (In thousands) For the Year Ended December 31, 2019 Operating lease cost $ 5,570 Variable lease cost 1,211 Short-term lease cost 715 Sublease income (618 ) Total lease cost $ 6,878 The following table provides supplemental information related to leases as of and for the year ended December 31, 2019 : (In thousands, except for weighted average data) December 31, 2019 Operating lease right-of-use assets $ 26,165 Operating lease liabilities 30,098 Cash paid for amounts included in the measurement of operating lease liabilities 5,936 Right-of-use assets obtained in exchange for new operating lease obligations 1,224 Weighted average remaining lease term for operating leases 8.5 years Weighted average discount rate for operating leases 4.70 % 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 December 31, 2019 are as follows: For the Year Ended December 31, 2019 (In thousands) 2020 $ 5,626 2021 4,965 2022 4,436 2023 3,725 2024 3,734 Thereafter 14,498 Total undiscounted cash flows 36,984 Less: Net present value adjustment (6,886 ) Total $ 30,098 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ 20,954 $ 9,078 $ 667 State 1,932 — 2 Deferred Federal 2,808 7,018 32,791 State 4,179 4,163 2,876 $ 29,873 $ 20,259 $ 36,336 The difference between the total expected tax expense (computed by applying the U.S. Federal tax rate of 21% to pretax income in 2019 and 2018 and 35% in 2017 ) and the reported income tax provision relating to income before income taxes is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Tax rate applied to income before income taxes $ 27,008 $ 18,381 $ 27,720 Increase (decrease) resulting from the effects of: Tax law change — — 8,552 Nondeductible acquisition costs 125 207 657 Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance (1,282 ) (667 ) (1,445 ) State income taxes (1,283 ) (874 ) (1,007 ) Tax credit investments (72 ) (33 ) (165 ) Stock compensation (698 ) (918 ) (1,027 ) Other (36 ) — 173 Federal tax provision 23,762 16,096 33,458 State tax provision 6,111 4,163 2,878 Total income tax provision $ 29,873 $ 20,259 $ 36,336 The net deferred tax assets (liabilities) are comprised of the following as of: December 31, (In thousands) 2019 2018 Allowance for loan losses $ 8,949 $ 8,592 Premises and equipment — 1,670 Other real estate owned 8 207 Accrued stock compensation 2,406 2,547 Federal tax loss carryforward 3,601 4,699 State tax loss carryforward 1,110 2,912 Alternative minimum tax credit carryforward 530 — Lease liabilities 7,381 — Net unrealized securities losses — 4,658 Deferred compensation 2,458 2,287 Accrued interest and fee income 3,106 7,674 Other 378 1,627 Gross deferred tax assets 29,927 36,873 Less: Valuation allowance — — Deferred tax assets net of valuation allowance 29,927 36,873 Core deposit base intangible (4,005 ) (5,706 ) Net unrealized securities gains (1,210 ) — Premises and equipment (114 ) — Right of use assets (6,416 ) — Other (1,725 ) (2,213 ) Gross deferred tax liabilities (13,470 ) (7,919 ) Net deferred tax assets $ 16,457 $ 28,954 Included in the table above is the effect of temporary differences associated with the Company's investments in debt securities accounted for under ASC Topic 320, for which no deferred tax expense or benefit was recognized. These items are recorded as Accumulated Other Comprehensive Income in the shareholders' equity section of the consolidated balance sheet. In 2019 , unrealized gains of $5.7 million resulted in a deferred tax liability of $1.2 million . In 2018 , unrealized losses of $17.7 million resulted in a deferred tax asset of $4.7 million . At December 31, 2019 , the Company's net deferred tax assets ("DTAs") of $16.5 million consists of approximately $12.9 million of net U.S. federal DTAs and $3.5 million of net state DTAs. Management assesses the necessity of a valuation allowance recorded against DTAs at each reporting period. The determination of whether a valuation allowance for net DTAs is appropriate is subject to considerable judgment and requires an evaluation of all positive and negative evidence. Based on an assessment of all of the evidence, including favorable trending in asset quality and certainty regarding the amount of future taxable income that the Company forecasts, management concluded that it was more likely than not that its net DTAs will be realized based upon future taxable income. Management's confidence in the realization of projected future taxable income is based upon analysis of the Company's risk profile and its trending financial performance, including credit quality. The Company believes it can confidently and reasonably predict future results of operations that result in taxable income at sufficient levels over the future period of time that the Company has available to realize its net DTA. A valuation allowance could be required in future periods based on the assessment of positive and negative evidence. Management's conclusion at December 31, 2019 that it is more likely than not that the net DTAs of $16.5 million will be realized is based upon estimates of future taxable income that are supported by internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data, all of which management believes to be reasonable although inherently subject to judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, a valuation allowance may need to be recorded for some or all of the Company's DTAs. The establishment of a DTA valuation allowance could have a material adverse effect on the Company's financial condition and results of operations. Management expects to realize the $16.5 million in net DTAs well in advance of the statutory carryforward period. At December 31, 2019 , approximately $3.6 million of DTAs relate to federal net operating losses which will expire in annual installments beginning in 2029 through 2032. Additionally, $1.1 million of the DTAs relate to state net operating losses which will expire in annual installments beginning in 2029 through 2034. Remaining DTAs are not related to net operating losses or credits and therefore, have no expiration date. The Company recognizes interest and penalties, as appropriate, as part of the provisioning for income taxes. No interest or penalties were accrued at December 31, 2019 . In accordance with ASC Topic 718, Compensation – Stock Compensation, the Company recognized $0.8 million , $1.1 million and $1.1 million in 2019 , 2018 and 2017 , respectively, of discrete tax benefits related to share-based compensation. In accordance with ASC Topic 323, Investments-Equity Method and Joint Ventures, amortization of the Company's low-income housing credit investment of $0.9 million , $1.0 million and $0.7 million has been reflected as income tax expense for the years ended December 31, 2019 , 2018 and 2017 , respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2019 were $0.8 million , $0.9 million , and $0.2 million , respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2018 were $0.8 million , $1.0 million and $0.2 million , respectively. The amount of affordable housing tax credits, amortization and tax benefits recorded as income tax expense for the year ended December 31, 2017 were $0.6 million , $0.7 million and $0.3 million , respectively. The carrying value of the investment in affordable housing credits is $7.4 million and $8.3 million at December 31, 2019 and 2018 , respectively, of which $0.5 million and $3.2 million , respectively, is unfunded. The Company has no unrecognized income tax benefits or provisions due to uncertain income tax positions. The following are the major tax jurisdictions in which the Company operates and the earliest tax year, exclusive of the impact of the net operating loss carryforwards, subject to examination: Jurisdiction Tax Year United States of America 2016 Florida 2016 Enactment of the Tax Cuts and Jobs Act of 2017 ( the "Tax Reform Act") required the Company to revalue its existing net DTA based on the future federal corporate tax rate of 21%. The DTA revaluation resulted in a one-time charge to income tax expense in 2017 in the amount of $8.6 million . Upon the filing of the Company's 2017 income tax return, a $0.2 million tax benefit was recorded in 2018 to true-up the initial estimate. No further adjustments related to the Tax Reform Act are expected. In September 2019, the State of Florida announced a reduction in the corporate income tax rate from 5.5% to 4.458% for the years 2019, 2020 and 2021. This change resulted in additional income tax expense of $1.1 million upon the write down in the third quarter of 2019 of deferred tax assets affected by the change, offset by a $0.4 million benefit upon adjusting the year-to-date provision to the new statutory tax rate. |
Noninterest Income and Expenses
Noninterest Income and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Noninterest Income and Expenses | Noninterest Income and Expenses Details of noninterest income and expense are as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Noninterest Income Service charges on deposit accounts $ 11,529 $ 11,198 $ 10,049 Trust fees 4,443 4,183 3,705 Mortgage banking fees 6,490 4,682 6,449 Brokerage commissions and fees 1,909 1,732 1,352 Marine finance fees 1,054 1,398 910 Interchange income 13,399 12,335 10,583 BOLI income 3,674 4,291 3,426 SBA gains 2,472 2,474 579 Other 10,545 8,352 6,177 55,515 50,645 43,230 Gain on sale of Visa stock — — 15,153 Securities gains (losses), net 1,217 (623 ) 86 Total Noninterest Income $ 56,732 $ 50,022 $ 58,469 Noninterest Expenses Salaries and wages 73,829 71,111 65,692 Employee benefits 13,697 12,945 11,732 Outsourced data processing costs 15,077 16,374 14,116 Telephone and data lines 2,958 2,481 2,291 Occupancy 14,284 13,394 13,290 Furniture and equipment 6,245 6,744 6,067 Marketing 4,161 5,085 4,784 Legal and professional fees 8,553 9,961 11,022 FDIC assessments 881 2,195 2,326 Amortization of intangibles 5,826 4,300 3,361 Foreclosed property expense and net loss (gain) on sale 51 461 (300 ) Other 15,177 17,222 15,535 Total Noninterest Expenses $ 160,739 $ 162,273 $ 149,916 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Required Regulatory Capital The Company is subject to various regulatory capital requirements administered by the Federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by the regulators, which could have a direct material impact on the financial statements. These requirements involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated pursuant to regulatory guidance. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, Tier 1 capital and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital to average assets (as defined). At December 31, 2019 and 2018 , the Company and Seacoast Bank, its wholly-owned banking subsidiary, were both considered "well capitalized" based on the applicable U.S. regulatory capital ratio requirements as reflected in the table below: Minimum to meet "Well Capitalized" Requirements Minimum for Capital Adequacy Purpose 1 (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Seacoast Banking Corporation of Florida (Consolidated) At December 31, 2019: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 860,934 15.71 % n/a n/a $ 438,506 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 825,640 15.06 n/a n/a 328,880 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 754,555 13.77 n/a n/a 246,660 ≥ 4.50 Leverage Ratio (to adjusted average assets) 825,640 12.20 n/a n/a 270,788 ≥ 4.00 At December 31, 2018: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 744,687 14.43 % n/a n/a $ 412,754 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 712,144 13.80 n/a n/a 309,566 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 641,340 12.43 n/a n/a 232,174 ≥ 4.50 Leverage Ratio (to adjusted average assets) 712,144 11.16 n/a n/a 255,167 ≥ 4.00 Seacoast National Bank (A Wholly Owned Bank Subsidiary) At December 31, 2019: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 804,058 14.68 % $ 547,440 ≥ 10.00 % $ 437,952 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 768,764 14.04 437,952 ≥ 8.00 328,464 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 768,764 14.04 355,836 ≥ 6.50 246,348 ≥ 4.50 Leverage Ratio (to adjusted average assets) 768,764 11.38 337,787 ≥ 5.00 270,230 ≥ 4.00 At December 31, 2018: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 701,093 13.60 % $ 515,607 ≥ 10.00 % $ 412,486 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 668,550 12.97 412,486 ≥ 8.00 309,364 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 668,550 12.97 335,145 ≥ 6.50 232,023 ≥ 4.50 Leverage Ratio (to adjusted average assets) 668,550 10.49 318,795 ≥ 5.00 255,036 ≥ 4.00 1 Excludes the Basel III capital conservation buffer of 2.5% for 2019 and 1.875% for 2018, which if not exceeded may constrain dividends, equity repurchases and compensation. n/a - not applicable The Company has reserved 300,000 common shares for issuance in connection with an employee stock purchase plan and 1,000,000 common shares for issuance in connection with an employee profit sharing plan. Holders of common stock are entitled to one vote per share on all matters presented to shareholders as provided in the Company’s Articles of Incorporation. The Company implemented a dividend reinvestment plan during 2007, issuing no shares from treasury stock under this plan during 2019 or 2018 . |
Seacoast Banking Corporation of
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information | Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information Balance Sheets December 31, (In thousands) 2019 2018 Assets Cash $ 70 $ 197 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 52,979 40,130 Investment in subsidiaries 1,005,756 897,683 Other assets 1,515 777 $ 1,060,320 $ 938,787 Liabilities and Shareholders' Equity Subordinated debt $ 71,085 $ 70,804 Other liabilities 3,700 3,716 Shareholders' equity 985,535 864,267 $ 1,060,320 $ 938,787 Statements of Income (Loss) Year Ended December 31, (In thousands) 2019 2018 2017 Income Interest/other $ 679 $ 484 $ 2,104 Dividends from subsidiary Bank — — — Gain on sale of Visa Class B stock — — 15,153 679 484 17,257 Interest expense 3,368 3,165 2,499 Other expenses 651 879 649 (Loss) income before income taxes and equity in undistributed income of subsidiaries (3,340 ) (3,560 ) 14,109 Income tax (benefit) provision (702 ) (747 ) 4,938 (Loss) Income before equity in undistributed income of subsidiaries (2,638 ) (2,813 ) 9,171 Equity in undistributed income of subsidiaries 101,377 70,088 33,694 Net income $ 98,739 $ 67,275 $ 42,865 Statements of Cash Flows Year Ended December 31, (In thousands) 2019 2018 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities: Net Income $ 98,739 $ 67,275 $ 42,865 Equity in undistributed income of subsidiaries (101,377 ) (70,088 ) (33,694 ) Gain on sale of Visa Class B stock — — (15,153 ) Net (increase) decrease in other assets (738 ) (10,045 ) 1,415 Net increase (decrease) in other liabilities 265 (3,431 ) 4,005 Net cash provided by (used in) operating activities (3,111 ) (16,289 ) (562 ) Cash flows from investing activities Net cash paid for bank acquisition — (6,558 ) (27,862 ) Investment in unconsolidated subsidiary (10 ) — — Purchase of Visa Class B stock — — (6,180 ) Proceeds from sale of Visa Class B stock — 21,333 — Dividends from bank subsidiary 18,082 — — (Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net (12,849 ) (421 ) (20,475 ) Net cash provided by (used in) investment activities 5,223 14,354 (54,517 ) Cash flows from financing activities Issuance of common stock, net of related expense — — 55,641 Stock based employment benefit plans (2,239 ) 978 (56 ) Net cash provided by financing activities (2,239 ) 978 55,585 Net change in cash (127 ) (957 ) 506 Cash at beginning of year 197 1,154 648 Cash at end of year $ 70 $ 197 $ 1,154 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 3,186 $ 2,936 $ 2,205 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | Contingent Liabilities and Commitments with Off-Balance Sheet Risk 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, or operating results or cash flows. The Company's subsidiary bank is party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and limited partner equity commitments. The subsidiary bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The subsidiary bank uses the same credit policies in making commitments and standby letters of credit as they do for on balance sheet instruments. Unfunded commitments for the Company as of: December 31, (In thousands) 2019 2018 Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,018,020 $ 982,739 Standby letters of credit and financial guarantees written: Secured 13,073 17,736 Unsecured 663 847 Unfunded limited partner equity commitment 6,011 7,252 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, equipment, and commercial and residential real estate. Of the $1.0 billion in commitments to extend credit outstanding at December 31, 2019 , $399.7 million is secured by 1-4 family residential properties for individuals with approximately $39.4 million at fixed interest rates ranging from 3.24% to 6.50% . Standby letters of credit are conditional commitments issued by the subsidiary bank to guarantee the performance of a customer to a third party. These instruments have fixed termination dates and most end without being drawn; therefore, they do not represent a significant liquidity risk. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary bank holds collateral supporting these commitments for which collateral is deemed necessary. Collateral held for secured standby letters of credit at December 31, 2019 and 2018 totaled $13.2 million and $19.1 million , respectively. Unfunded limited partner equity commitments at December 31, 2019 totaled $6.0 million that the Company has committed to small business investment companies under the SBIC Act to be used to provide capital to small businesses and entities that provide low income housing tax credits. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and December 31, 2018 included: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (In thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2019 Available-for-sale debt securities 1 $ 946,855 $ 100 $ 946,755 $ — Loans held for sale 2 20,029 — 20,029 — Loans 3 5,123 — 1,419 3,704 Other real estate owned 4 12,390 — 241 12,149 Equity securities 5 6,392 6,392 — — At 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. 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 the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on contractual terms of the loan in accordance with Company policy on loans held for investment. None of the loans are 90 days or more past due or on nonaccrual as of December 31, 2019 and 2018 . The aggregate fair value and contractual balance of loans held for sale as of December 31, 2019 and 2018 is as follows: December 31, (In thousands) 2019 2018 Aggregate fair value $ 20,029 $ 11,873 Contractual balance 19,445 11,562 Excess 584 311 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 evaluation 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 December 31, 2019 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.4% . 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 totaled $5.1 million with a specific reserve of $2.9 million at December 31, 2019 , compared to $8.6 million with a specific reserve of $2.7 million at December 31, 2018 . For loans classified as level 3, the changes included loans migrating to OREO of $4.7 million and paydowns and chargeoffs of $1.9 million , offset by additions of $4.0 million during the twelve months ended December 31, 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 level 2. 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 twelve months ended December 31, 2019 , changes included addition of foreclosed loans of $5.5 million , offset by reductions primarily consisting of sales of $5.5 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 valuation process. There were no such transfers during the twelve months ended December 31, 2019 and 2018 . The carrying amount and fair value of the Company's other significant financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of December 31, 2019 and December 31, 2018 is as follows: Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (In thousands) Amount Level 1 Level 2 Level 3 At December 31, 2019 Financial Assets Debt securities held-to-maturity 1 $ 261,369 $ — $ 262,213 $ — Time deposits with other banks 3,742 — — 3,744 Loans, net 5,158,127 — — 5,139,491 Financial Liabilities Deposits 5,584,753 — — 5,584,621 Federal Home Loan Bank (FHLB) borrowings 315,000 — — 314,995 Subordinated debt 71,085 — 64,017 — At 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 Deposits 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 recurring fair value basis 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, FHLB borrowings and securities sold under agreement to repurchase. 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 December 31, 2019 and December 31, 2018 : 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 : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, mortgage, etc. Each loan category is further segmented into fixed and adjustable rate interest terms and by 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 Topic 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 year. In 2019 , 2018 , and 2017 , options to purchase 491,000 , 483,000 , and 274,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. For the Year Ended December 31 (In thousands, except per share data) 2019 2018 2017 Basic earnings per share Net Income $ 98,739 $ 67,275 $ 42,865 Total weighted average common stock outstanding 51,449 47,969 42,613 Net income per share $ 1.92 $ 1.40 $ 1.01 Diluted earnings per share Net Income $ 98,739 $ 67,275 $ 42,865 Total weighted average common stock outstanding 51,449 47,969 42,613 Add: Dilutive effect of employee restricted stock and stock options (See Note J) 580 779 737 Total weighted average diluted stock outstanding 52,029 48,748 43,350 Net income per share $ 1.90 $ 1.38 $ 0.99 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisition of GulfShore Bancshares, Inc. On April 7, 2017, the Company completed its acquisition of GulfShore Bancshares, Inc. (" GulfShore "), the parent company of GulfShore Bank. Simultaneously, upon completion of the merger, GulfShore ’s wholly owned subsidiary bank, GulfShore Bank, was merged with and into Seacoast Bank. GulfShore , headquartered in Tampa, Florida, operated 3 branches in Tampa and St. Petersburg. This acquisition added $357.6 million in total assets, $250.9 million in loans and $285.4 million in deposits to Seacoast. As a result of this acquisition the Company enhanced its presence in the Tampa, Florida market, expanded its customer base and leveraged operating cost through economies of scale, and positively affected 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 GulfShore . Under the terms of the definitive agreement, GulfShore shareholders received, for each share of GulfShore common stock, the combination of $1.47 in cash and 0.4807 shares of Seacoast common stock (based on Seacoast’s closing price of $23.94 per share on April 7, 2017). (In thousands, except per share data) April 7, 2017 Shares exchanged for cash $ 8,034 Number of GulfShore Bancshares, Inc. common shares outstanding 5,464 Per share exchange ratio 0.4807 Number of shares of common stock issued 2,627 Multiplied by common stock price per share on April 7, 2017 $ 23.94 Value of common stock issued 62,883 Total purchase price $ 70,917 The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $37.1 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. (In thousands) April 7, 2017 Assets: Cash $ 38,267 Time deposits with other banks 17,273 Investment securities 316 Loans, net 250,876 Fixed assets 1,307 Other real estate owned 13 Core deposit intangibles 3,927 Goodwill 37,098 Other assets 8,572 Total assets $ 357,649 Liabilities: Deposits $ 285,350 Other liabilities 1,382 Total liabilities $ 286,732 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. April 7, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 101,281 $ 99,598 Commercial real estate 106,729 103,905 Construction/development/land 13,175 11,653 Commercial loans 32,137 32,247 Consumer and other loans 3,554 3,473 Purchased credit-impaired — — Total acquired loans $ 256,876 $ 250,876 No loans acquired were specifically identified with credit deficiency factor(s), pursuant to ASC Topic 310-30. 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.” 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. Acquisition of NorthStar Banking Corporation On October 20, 2017, the Company completed its acquisition of NorthStar Banking Corporation (“ NorthStar ”). Simultaneously, upon completion of the merger of NorthStar with and into the Company, NorthStar ’s wholly owned subsidiary bank, NorthStar Bank, was merged with and into Seacoast Bank. NorthStar , headquartered in Tampa, Florida, operated three branches in Tampa, of which all have been retained as Seacoast locations. This acquisition added $216.3 million in total assets, $136.8 million in loans and $182.4 million in deposits to Seacoast. As a result of this acquisition the Company enhanced its presence in the Tampa, Florida market, expanded its customer base and leveraged operating cost through economies of scale, and positively affected 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 NorthStar . Under the terms of the definitive agreement, NorthStar shareholders received, for each share of NorthStar common stock, the combination of $2.40 in cash and 0.5605 shares of Seacoast common stock (based on Seacoast’s closing price of $24.92 per share on October 20, 2017). (In thousands, except per share data) October 20, 2017 Shares exchanged for cash $ 4,701 Number of NorthStar Banking Corporation common shares outstanding 1,958 Per share exchange ratio 0.5605 Number of shares of common stock issued 1,098 Multiplied by common stock price per share on October 20, 2017 $ 24.92 Value of common stock issued 27,353 Cash paid for NorthStar Banking Corporation vested stock options 801 Total purchase price $ 32,855 The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $12.3 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 20, 2017 Measurement Period Adjustments As Adjusted October 20, 2017 Assets: Cash $ 5,485 $ — $ 5,485 Investment securities 56,123 — 56,123 Loans, net 136,832 — 136,832 Fixed assets 2,637 — 2,637 Core deposit intangibles 1,275 — 1,275 Goodwill 12,404 (99 ) 12,305 Other assets 1,522 99 1,621 Total assets $ 216,278 $ — $ 216,278 Liabilities: Deposits $ 182,443 $ — $ 182,443 Other liabilities 980 — 980 Total liabilities $ 183,423 $ — $ 183,423 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 20, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 15,111 $ 15,096 Commercial real estate 73,139 69,554 Construction/development/land 11,706 10,390 Commercial loans 31,200 30,854 Consumer and other loans 6,761 6,645 Purchased credit-impaired 5,527 4,293 Total acquired loans $ 143,444 $ 136,832 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). 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 20, 2017 for purchased credit-impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (In thousands) October 20, 2017 Contractually required principal and interest $ 5,596 Non-accretable difference (689 ) Cash flows expected to be collected 4,907 Accretable yield (614 ) Total purchased credit-impaired loans acquired $ 4,293 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. Acquisition of Palm Beach Community Bank On November 3, 2017, the Company completed its acquisition of Palm Beach Community Bank (“ PBCB ”). PBCB was merged with and into Seacoast Bank. This acquisition added $357.0 million in total assets, $270.3 million in loans and $268.6 million in deposits to Seacoast. PBCB , headquartered in West Palm Beach, Florida, operated four branches in West Palm Beach. As a result of this acquisition the Company enhanced its presence in the Palm Beach, Florida market, expanded its customer base and leveraged operating cost through economies of scale, and positively affected 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 PBCB . Under the terms of the definitive agreement, PBCB shareholders received, for each share of PBCB common stock, the combination of $6.26 in cash and 0.9240 shares of Seacoast common stock (based on Seacoast’s closing price of $24.31 per share on November 3, 2017). (In thousands, except per share data) November 3, 2017 Shares exchanged for cash $ 15,694 Number of Palm Beach Community Bank common shares outstanding 2,507 Per share exchange ratio 0.9240 Number of shares of common stock issued 2,316 Multiplied by common stock price per share on November 3, 2017 $ 24.31 Value of common stock issued 56,312 Total purchase price $ 72,006 The acquisition was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $34.5 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 November 3, 2017 Measurement Period Adjustments As Adjusted November 3, 2017 Assets: Cash $ 9,301 $ — $ 9,301 Investment securities 22,098 — 22,098 Loans, net 272,090 (1,772 ) 270,318 Fixed assets 7,641 — 7,641 Core deposit intangibles 2,523 — 2,523 Goodwill 33,428 1,076 34,504 Other assets 9,909 696 10,605 Total assets $ 356,990 $ — $ 356,990 Liabilities: Deposits $ 268,633 $ — $ 268,633 Other liabilities 16,351 — 16,351 Total liabilities $ 284,984 $ — $ 284,984 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. November 3, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 30,153 $ 30,990 Commercial real estate 134,705 132,089 Construction/development/land 69,686 67,425 Commercial loans 36,076 35,876 Consumer and other loans 179 172 Purchased credit-impaired 4,768 3,766 Total acquired loans $ 275,567 $ 270,318 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). 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 November 3, 2017 for purchased credit-impaired loans. Contractually required principal and interest payments have been adjusted for estimated prepayments. (In thousands) November 3, 2017 Contractually required principal and interest $ 4,768 Non-accretable difference (1,002 ) Cash flows expected to be collected 3,766 Accretable yield — Total purchased credit-impaired loans acquired $ 3,766 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. 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 enhanced its presence in the Orlando, Daytona and Fort Lauderdale, Florida markets, expanded its customer base and leverage operating cost through economies of scale, and positively affected 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 Number of First Green common shares outstanding 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 (676 ) 9,494 Goodwill 56,198 533 56,731 Other assets 40,669 178 40,847 Total assets $ 817,351 $ 35 $ 817,386 Liabilities: Deposits $ 624,289 $ — $ 624,289 Other liabilities 79,018 35 79,053 Total liabilities $ 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 factor(s). 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 purchased credit-impaired 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. Acquisition Costs Acquisition costs included in the Company’s income statement for the years ended December 31, 2019 , 2018 and 2017 are $1.0 million , $9.7 million , and $12.9 million , respectively. Pro-Forma Information Pro-forma data as of 2018 and 2017 present information as if the acquisitions of GulfShore, NorthStar, PBCB, and First Green occurred at the beginning of 2017 : Twelve Months Ended December 31, (In thousands, except per share data) 2018 2017 Net interest income $ 238,498 $ 223,508 Net income available to common shareholders 82,307 62,188 EPS - basic $ 1.61 $ 1.24 EPS - diluted $ 1.58 $ 1.22 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
General | General: Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) is a single segment financial holding company with one operating subsidiary bank, Seacoast National Bank (“Seacoast Bank”). The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 48 traditional branch offices and nine commercial banking centers operated by Seacoast Bank. Seacoast operates primarily in Florida, with concentrations in the state's fastest growing markets, each with unique characteristics and opportunities. Offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates: The preparation of consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks and interest-bearing bank balances. Cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value |
Time Deposits with Other Banks | Time deposits with other banks: Time deposits with other banks consist of certificates of deposit with original maturities greater than three months and are carried at cost. |
Securities Purchased and Sold Agreements | Securities Purchased and Sold Agreements: Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. government and government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. |
Securities | Securities: Debt securities are classified at date of purchase as available-for-sale or held-to-maturity. Debt securities that may be sold as part of the Company's asset/liability management or in response to, or in anticipation of, changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders' equity net of tax or included in noninterest income as appropriate. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. Equity securities are stated at fair value with unrealized gains or losses included in noninterest income as securities gains or losses. 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. Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts on debt securities, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other than temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; recent events specific to the issuer or industry; external credit ratings and recent downgrades. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. Debt securities for which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. On January 1, 2019, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, certain debt securities were reclassified 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 Seacoast Bank is a member of the Federal Home Loan Bank (“FHLB”) system. Members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans | Loans: The Company accounts for a loan depending on the strategy for the loan and on the credit impaired status of the loan upon acquisition. Loans are accounted for using the following categories: • Loans and leases held for sale • Loans and leases originated by the Company and held for investment • Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL), and held for investment • Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”) Loans that are held for sale are carried as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected, or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. 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 the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered held for investment. Loans originated by Seacoast and held for investment are recognized at the principal amount outstanding, net of unearned income and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. As a part of business acquisitions, the Company acquires loans which are recorded at fair value on the acquisition date. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date. Any losses after acquisition are recognized through the allowance for loan losses. These loans fall into two groups: purchased unimpaired loans (“PUL”) and purchased credit-impaired loans (“PCI”). PULs demonstrate no evidence of significant credit deterioration and there is an expectation that all contractual payments will be made. The Company determines fair value by estimating the amount and timing of expected future cash flows and assigning a discount or premium to each loan. The difference between the expected cash flows and the amount paid is recorded as interest income over the remaining life of the loan. PCI loans demonstrate evidence of credit deterioration since origination and the risk that all contractual payments will not be made. The Company estimates fair value by estimating the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PULs are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. Under certain scenarios, the Company will grant modifications to a loan when a borrower is experiencing financial difficulties. Such modifications allow the Company to minimize the risk of loss on the loan and maximize future cash flows received from the borrower. Such modifications are referred to as troubled debt restructured (TDR) loans. TDRs are considered impaired and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. The Company reviews all loans for impairment on a periodic basis. A loan is considered to be impaired when, based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. When the ultimate collectability of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans, except consumer loans, that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. When interest accruals are discontinued, unpaid interest is reversed against interest income. Consumer loans that become 120 days past due are generally charged off. When borrowers demonstrate over an extended period the ability to repay a loan in accordance with the contractual terms of a loan classified as nonaccrual, the loan is returned to accrual status. Interest income on nonaccrual loans is either recorded using the cash basis method of accounting or recognized after the principal has been reduced to zero, depending on the type of loan. The Company accounts for a loan depending on the strategy for the loan and on the credit impaired status of the loan upon acquisition. Loans are accounted for using the following categories: • Loans and leases held for sale • Loans and leases originated by the Company and held for investment • Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL”), and held for investment • Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”) Refer to Note A for further discussion on how the categories above are defined. Loans are also categorized based on the customer and use type of the credit extended. The following outlines the categories used: • Construction and Land Development Loans: The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from proceeds of the sale, refinancing, or permanent financing of the property. • Commercial Real Estate Loans: Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on rental income from the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. • Residential Real Estate Loans: The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations. • Commercial and Financial Loans: Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are based primarily on the historical and projected cash flow of the borrower and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types. • Consumer Loans: The Company originates consumer loans including installment loans and revolving lines, loans for automobiles, boats, and other personal, family and household purposes. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower are considered during the underwriting process. |
Derivatives | Derivatives : The Company enters into derivative contracts with customers who request such services and into offsetting contracts with substantially matching terms with third parties to minimize the risks involved with these types of transactions. |
Loan Commitments and Letters of Credit | Loan Commitments and Letters of Credit: Loan commitments and letters of credit are an off-balance sheet item and represent commitments to make loans or lines of credit available to borrowers. The face amount of these commitments represents an exposure to loss, before considering customer collateral or ability to repay. Such commitments are recognized as loans when funded. Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. |
Fair Value Measurements | Fair Value Measurements: The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets are measured on a recurring basis, including available-for-sale securities and loans held for sale. These assets are carried at fair value on the Company’s balance sheets. Additionally, fair value is measured on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples include impaired loans, OREO, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. The Company applies the following fair value hierarchy: Level 1 – Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 – Assets and liabilities valued based on observable market data for similar instruments. Level 3 – Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”) consists primarily of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. OREO may also include bank premises no longer utilized in the course of the Company's business (closed branches) that are initially recorded at the lower of carrying value or fair value, less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate the facility are expensed. |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings - 25 - 40 years, leasehold improvements 5 - 25 years, furniture and equipment - 3 - 12 years. Leasehold improvements typically amortize over the shorter of lease terms or estimated useful life. Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are written down to fair value with a corresponding impact to noninterest expense |
Leases | Leases: On January 1, 2019, the Company adopted FASB 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 . Arrangements are analyzed at inception to determine the existence of a lease. ROUAs represent the right to use the underlying asset and lease liabilities represent the 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 the Company's leases do not provide an implicit rate, the Company uses its 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 the option will be exercised. 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 and is classified as Occupancy or Furniture and Equipment expense based on the subject asset. |
Intangible Assets | Intangible assets. The Company’s intangible assets consist of goodwill, core deposit intangibles (CDIs) and mortgage servicing rights. Goodwill results from business combinations and represents the difference between the purchase price and the fair value of net assets acquired. Goodwill may be adjusted for up to one year from the acquisition date in the event new information is obtained which, if known at the date of acquisitions would have impacted the fair value of the acquired assets and liabilities. Goodwill is considered to have an indefinite useful life and is not amortized, but rather tested for impairment annually in the fourth quarter, or more often if circumstances arise that may indicate risk of impairment. If impaired, goodwill is written down with a corresponding impact to noninterest expense. The Company recognizes CDIs that result from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over periods ranging from six to eight years on a straight line basis. The Company evaluates CDIs for impairment annually, or more often if circumstances arise that may indicate risk of impairment. If impaired, the CDI is written down with a corresponding impact to noninterest expense. |
Bank Owned Life Insurance (BOLI) | Bank owned life insurance (BOLI): The Company, through its subsidiary bank, has purchased or acquired through bank acquisitions, life insurance policies on certain key executives. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Revenue Recognition | Revenue Recognition: Revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services provided and is recognized when the promised services (performance obligations) are transferred to a customer, requiring the application of the following five-steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Relevant activity includes: • Service Charges on Deposits: Seacoast Bank offers a variety of deposit-related services to its customers through several delivery channels including branch offices, ATMs, telephone, mobile, and internet banking. Transaction-based fees are recognized when services, each of which represents a performance obligation, are satisfied. Service fees may be assessed monthly, quarterly, or annually; however, the account agreements to which these fees relate can be canceled at any time by Seacoast and/or the customer. Therefore, the contract term is considered a single day (a day-to-day contract). • Trust Fees: The Company earns trust fees from fiduciary services provided to trust customers which include custody of assets, recordkeeping, collection and distribution of funds. Fees are earned over time and accrued monthly as the Company provides services, and are generally assessed based on the market value of the trust assets under management at a particular date or over a particular period. • Brokerage Commissions and Fees: The Company earns commissions and fees from investment brokerage services provided to its customers through an arrangement with a third-party service provider. Commissions received from the third-party service provider are recorded monthly and are based upon customer activity. Fees are earned over time and accrued monthly as services are provided. The Company acts as an agent in this arrangement and therefore presents the brokerage commissions and fees net of related costs. • Interchange Income: Fees earned on card transactions depend upon the volume of activity, as well as the fees permitted by the payment network. Such fees are recognized by the Company upon fulfilling its performance obligation to approve the card transaction. |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiary to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. |
Income Taxes | Income Taxes |
Earnings per Share | Earnings per Share: Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. |
Stock-Based Compensation | Stock-Based Compensation: The stock option plans are accounted for under ASC Topic 718 - Compensation - Stock Compensation and the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with market assumptions. This amount is amortized on a straight-line basis over the vesting period, generally five years . For restricted stock awards, which generally vest based on continued service with the Company, the deferred compensation is measured as the fair value of the shares on the date of grant, and the deferred compensation is amortized as salaries and employee benefits in accordance with the applicable vesting schedule, generally straight-line over five years . Some shares vest based upon the Company achieving certain performance goals and salary amortization expense is based on an estimate of the most likely results on a straight line basis. The Company accounts for forfeitures as they occur. |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Adopted at December 31, 2019 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 The Company will adopt this accounting standard effective January 1, 2020. Effect on the Consolidated Financial Statements The Company currently expects that the initial adjustment to the allowance for loan losses will be an increase of approximately $19 - $23 million, bringing the ratio of allowance to total loans from 0.68% to between 1.06% and 1.12%. The increase is primarily attributed to the impact of the new guidance on the Company’s acquired loan portfolio, and to the new requirement to estimate losses over the full remaining expected life of the loans. For loans previously classified as purchased unimpaired (“PUL”), the standard requires that a reserve for expected credit losses be recorded through a cumulative effect adjustment in retained earnings, regardless of the impact of a purchase discount on the amortized cost basis. Existing purchase discounts and premiums on these loans are not affected by adoption of the standard, and these amounts 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 with a corresponding adjustment to the loans’ amortized cost basis. The remaining non-credit discounts on these loans will accrete into interest income on a level-yield basis over the remaining lives of the loans. The estimation process applies an economic forecast scenario which, as of January 1, 2020, projects a stable macroeconomic environment over the Company’s three year forecast period. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life of the loans within each segment. The Company estimates the impact on the tier one capital ratio upon adoption is a decrease of approximately 32 basis points. Federal banking regulatory agencies have provided banks with the ability to mitigate the impact on capital at adoption by allowing the impact to be phased in over a four year period; however, the Company expects to forgo the phased in approach and recognize the impact to capital at the time of adoption. The Company does not expect adoption of the standard to have a material impact to 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 debt (“AFS”) securities are not subject to the CECL allowance requirement, the new guidance requires the Company to record an allowance for AFS debt securities in an unrealized loss position if a portion of the unrealized loss is credit related. The Company does not expect adoption of the standard to have a material impact to AFS securities upon adoption. The disclosed estimates are subject to further refinement upon finalization of the Company’s review of the calculations, assumptions, methodologies and judgments. Internal controls over financial reporting relating to these new processes have been designed and implemented and are being evaluated. The Company is in the final stages of completing the formal governance and approval process. The ongoing impact to the Company’s results of operations in future periods will be influenced by the loan portfolio composition and by macroeconomic conditions and forecasts at each reporting date. Adoption of the standard is expected to result in higher volatility in the quarterly provision for credit losses when compared to the Company’s historical results under the incurred loss model. 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 consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reclassification of Debt Securities | 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 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and December 31, 2018 are summarized as follows: December 31, 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 $ 9,914 $ 204 $ (4 ) $ 10,114 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 604,934 5,784 (1,511 ) 609,207 Private mortgage-backed securities and collateralized mortgage obligations 56,005 1,561 (5 ) 57,561 Collateralized loan obligations 239,364 7 (1,153 ) 238,218 Obligations of state and political subdivisions 30,548 1,208 (1 ) 31,755 Totals $ 940,765 $ 8,764 $ (2,674 ) $ 946,855 Debt Securities Held-to-Maturity Mortgage-backed securities of U.S. government sponsored entities $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 Totals $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 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 Securities Held to Maturity | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at December 31, 2019 and December 31, 2018 are summarized as follows: December 31, 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 $ 9,914 $ 204 $ (4 ) $ 10,114 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 604,934 5,784 (1,511 ) 609,207 Private mortgage-backed securities and collateralized mortgage obligations 56,005 1,561 (5 ) 57,561 Collateralized loan obligations 239,364 7 (1,153 ) 238,218 Obligations of state and political subdivisions 30,548 1,208 (1 ) 31,755 Totals $ 940,765 $ 8,764 $ (2,674 ) $ 946,855 Debt Securities Held-to-Maturity Mortgage-backed securities of U.S. government sponsored entities $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 Totals $ 261,369 $ 2,717 $ (1,873 ) $ 262,213 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 Held-to-Maturity Available-for-Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ — $ — $ 3,472 $ 3,523 Due after one year through five years — — 8,582 8,698 Due after five years through ten years — — 10,488 10,979 Due after ten years — — 17,920 18,669 — — 40,462 41,869 Mortgage-backed securities of U.S. government sponsored entities 261,369 262,213 604,934 609,207 Private mortgage-backed securities and collateralized mortgage obligations — — 56,005 57,561 Collateralized loan obligations — — 239,364 238,218 Totals $ 261,369 $ 262,213 $ 940,765 $ 946,855 |
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 $ — $ — $ 3,472 $ 3,523 Due after one year through five years — — 8,582 8,698 Due after five years through ten years — — 10,488 10,979 Due after ten years — — 17,920 18,669 — — 40,462 41,869 Mortgage-backed securities of U.S. government sponsored entities 261,369 262,213 604,934 609,207 Private mortgage-backed securities and collateralized mortgage obligations — — 56,005 57,561 Collateralized loan obligations — — 239,364 238,218 Totals $ 261,369 $ 262,213 $ 940,765 $ 946,855 |
Schedule of Unrealized Loss and Fair Value on Investments | 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 December 31, 2019 and December 31, 2018 , respectively. December 31, 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 $ 758 $ (4 ) $ — $ — $ 758 $ (4 ) Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 220,057 (1,461 ) 104,184 (1,923 ) 324,241 (3,384 ) Private mortgage-backed securities and collateralized mortgage obligations 2,978 (5 ) — — 2,978 (5 ) Collateralized loan obligations 88,680 (570 ) 110,767 (583 ) 199,447 (1,153 ) Obligations of state and political subdivisions 515 (1 ) — — 515 (1 ) Total temporarily impaired securities $ 312,988 $ (2,041 ) $ 214,951 $ (2,506 ) $ 527,939 $ (4,547 ) 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 ) Total temporarily impaired securities $ 478,423 $ (7,140 ) $ 646,354 $ (19,538 ) $ 1,124,777 $ (26,678 ) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following table outlines net loans balances by category as of: December 31, 2019 (In thousands) Portfolio Loans PCI Loans PULs Total Loans Construction and land development $ 281,335 $ 160 $ 43,618 $ 325,113 Commercial real estate 1,834,811 10,217 533,943 2,378,971 Residential real estate 1,304,305 1,710 201,848 1,507,863 Commercial and financial 697,301 579 80,372 778,252 Consumer 200,166 — 8,039 208,205 Total Loans 1 $ 4,317,918 $ 12,666 $ 867,820 $ 5,198,404 December 31, 2018 (In thousands) Portfolio Loans PCI Loans PULs Total Loans 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 Total Loans 1 $ 3,588,251 $ 14,434 $ 1,222,529 $ 4,825,214 1 Loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively. |
Schedule of Past Due Financing Receivables | The following table presents the balances outstanding status by class of loans as of: December 31, 2019 Accruing 30-59 Days Accruing 60-89 Days Accruing Greater Than Total Financing (In thousands) Current Past Due Past Due 90 Days Nonaccrual Receivables Portfolio Loans Construction and land development $ 276,984 $ — $ — $ — $ 4,351 $ 281,335 Commercial real estate 1,828,629 1,606 220 — 4,356 1,834,811 Residential real estate 1,294,778 1,564 18 — 7,945 1,304,305 Commercial and financial 690,412 2,553 — 108 4,228 697,301 Consumer 199,424 317 315 — 110 200,166 Total Portfolio Loans 4,290,227 6,040 553 108 20,990 4,317,918 PULs Construction and land development 43,044 — — — 574 43,618 Commercial real estate 531,325 942 431 — 1,245 533,943 Residential real estate 201,159 277 — — 412 201,848 Commercial and financial 78,705 — — — 1,667 80,372 Consumer 8,039 — — — — 8,039 Total PULs 862,272 1,219 431 — 3,898 867,820 PCI Loans Construction and land development 148 — — — 12 160 Commercial real estate 9,298 — — — 919 10,217 Residential real estate 587 — — — 1,123 1,710 Commercial and financial 566 — — — 13 579 Consumer — — — — — — Total PCI Loans 10,599 — — — 2,067 12,666 Total Loans $ 5,163,098 $ 7,259 $ 984 $ 108 $ 26,955 $ 5,198,404 December 31, 2018 Accruing 30-59 Days Accruing 60-89 Days Accruing Greater Than Total Financing (In thousands) Current Past Due Past Due 90 Days Nonaccrual 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 PULs 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 PCI 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 of loans based on the most recent analysis performed as of: December 31, 2019 (In thousands) Pass Special Mention Substandard Doubtful Total Net Loans Construction and land development $ 317,765 $ 2,235 $ 5,113 $ — $ 325,113 Commercial real estate 2,331,725 26,827 20,098 321 2,378,971 Residential real estate 1,482,278 7,364 18,221 — 1,507,863 Commercial and financial 755,957 11,925 9,496 874 778,252 Consumer 203,966 3,209 1,030 — 208,205 Total Net Loans $ 5,091,691 $ 51,560 $ 53,958 $ 1,195 $ 5,198,404 December 31, 2018 (In thousands) Pass Special Mention Substandard Doubtful Total Net Loans 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 Total Net Loans $ 4,694,297 $ 67,296 $ 63,596 $ 25 $ 4,825,214 |
Schedule of Changes in Accretable Yield on PCI Loans | The table below summarizes the changes in accretable yield on PCI loans for the years ended: December 31, (In thousands) 2019 2018 2017 Beginning balance $ 2,924 $ 3,699 $ 3,807 Additions — — 763 Deletions — (43 ) (11 ) Accretion (1,778 ) (1,291 ) (1,647 ) Reclassifications from non-accretable difference 703 559 787 Ending Balance $ 1,849 $ 2,924 $ 3,699 |
Schedule of Impaired Financing Receivables, Excluding PCI Loans and Valuation Allowance | of December 31, 2019 and 2018 , the Company’s recorded investment in impaired loans, excluding PCI loans, and related valuation allowance was as follows: December 31, 2019 Recorded Unpaid Principal Related Valuation (In thousands) Investment Balance Allowance Impaired Loans with No Related Allowance Recorded: Construction and land development $ 4,995 $ 5,186 $ — Commercial real estate 6,070 7,590 — Residential real estate 9,470 14,182 — Commercial and financial 3,485 4,475 — Consumer 111 125 — Impaired Loans with an Allowance Recorded: Construction and land development 62 78 14 Commercial real estate 4,196 4,196 220 Residential real estate 4,914 4,914 834 Commercial and financial 2,567 3,115 1,731 Consumer 226 239 59 Total Impaired Loans Construction and land development 5,057 5,264 14 Commercial real estate 10,266 11,786 220 Residential real estate 14,384 19,096 834 Commercial and financial 6,052 7,590 1,731 Consumer 337 364 59 Total Impaired Loans $ 36,096 $ 44,100 $ 2,858 December 31, 2018 Recorded Unpaid Principal Related Valuation (In thousands) Investment Balance 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 Total Impaired Loans $ 36,700 $ 46,545 $ 2,728 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loans losses for the three years ended December 31, 2019 , 2018 and 2017 is summarized as follows: (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance December 31, 2019 Construction and land development $ 2,233 $ (421 ) $ — $ 31 $ (1 ) $ 1,842 Commercial real estate 11,112 1,677 (248 ) 744 (61 ) 13,224 Residential real estate 7,775 (231 ) (152 ) 338 (63 ) 7,667 Commercial and financial 8,585 7,969 (7,550 ) 712 — 9,716 Consumer 2,718 2,005 (2,609 ) 595 (4 ) 2,705 Total $ 32,423 $ 10,999 $ (10,559 ) $ 2,420 $ (129 ) $ 35,154 December 31, 2018 Construction and land development $ 1,642 $ 564 $ — $ 27 $ — $ 2,233 Commercial real estate 9,285 4,736 (3,139 ) 292 (62 ) 11,112 Residential real estate 7,131 29 (80 ) 816 (121 ) 7,775 Commercial and financial 7,297 4,359 (3,396 ) 325 — 8,585 Consumer 1,767 2,042 (1,411 ) 329 (9 ) 2,718 Total $ 27,122 $ 11,730 $ (8,026 ) $ 1,789 $ (192 ) $ 32,423 December 31, 2017 Construction and land development $ 1,219 $ (471 ) $ — $ 896 $ (2 ) $ 1,642 Commercial real estate 9,273 (264 ) (407 ) 747 (64 ) 9,285 Residential real estate 7,483 125 (569 ) 336 (244 ) 7,131 Commercial and financial 3,636 5,304 (1,869 ) 226 — 7,297 Consumer 1,789 954 (1,257 ) 290 (9 ) 1,767 Total $ 23,400 $ 5,648 $ (4,102 ) $ 2,495 $ (319 ) $ 27,122 |
Loan Portfolio and Related Allowance | The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 PCI Loans Individually Evaluated for Impairment PCI Loans Individually Evaluated for Impairment (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction and land development $ 160 $ — $ 151 $ — Commercial real estate 10,217 — 10,828 — Residential real estate 1,710 — 2,718 — Commercial and financial 579 — 737 — Consumer — — — — Total $ 12,666 $ — $ 14,434 $ — December 31, 2019 and 2018 is shown in the following tables. December 31, 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 and land development $ 5,057 $ 14 $ 319,896 $ 1,828 $ 324,953 $ 1,842 Commercial real estate 10,267 220 2,358,487 13,004 2,368,754 13,224 Residential real estate 14,383 834 1,491,770 6,833 1,506,153 7,667 Commercial and financial 6,052 1,731 771,621 7,985 777,673 9,716 Consumer 337 59 207,868 2,646 208,205 2,705 Total $ 36,096 $ 2,858 $ 5,149,642 $ 32,296 $ 5,185,738 $ 35,154 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 and 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 Total $ 36,700 $ 2,728 $ 4,774,080 $ 29,695 $ 4,810,780 $ 32,423 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | Bank premises and equipment as of: (In thousands) Cost Accumulated Depreciation & Amortization Net Carrying Value December 31, 2019 Premises (including land of $18,546) $ 83,020 $ (26,180 ) $ 56,840 Furniture and equipment 37,364 (27,589 ) 9,775 Total $ 120,384 $ (53,769 ) $ 66,615 December 31, 2018 Premises (including land of $18,546) $ 85,027 $ (26,107 ) $ 58,920 Furniture and equipment 36,892 (24,788 ) 12,104 Total $ 121,919 $ (50,895 ) $ 71,024 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents changes in the carrying amount of goodwill: For the Year Ended December 31, (In thousands) 2019 2018 2017 Beginning of year $ 204,753 $ 147,578 $ 64,649 Changes from business combinations 533 57,175 82,929 Total $ 205,286 $ 204,753 $ 147,578 |
Acquired intangible assets consist of core deposit intangibles | The change in balance for CDI is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Beginning of year $ 24,807 $ 18,937 $ 14,572 Acquired CDI, including measurement period adjustments (676 ) 10,170 7,726 Amortization expense (5,826 ) (4,300 ) (3,361 ) End of year $ 18,305 $ 24,807 $ 18,937 (In months) Remaining average amortization period for CDI 47 58 63 |
Gross Carrying Amount and Accumulated Amortization of Intangible Asset | The gross carrying amount and accumulated amortization of the Company's CDI subject to amortization as of: December 31, 2019 December 31, 2018 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Deposit base $ 36,015 $ (17,710 ) $ 36,691 $ (11,884 ) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | A significant portion of the Company's short-term borrowings were comprised of securities sold under agreements to repurchase with overnight maturities : For the Year Ended December 31, (In thousands) 2019 2018 2017 Maximum amount outstanding at any month end $ 193,388 $ 341,213 $ 216,094 Weighted average interest rate at end of year 1.17 % 1.14 % 0.71 % Average amount outstanding $ 106,142 $ 200,839 $ 171,686 Weighted average interest rate during the year 1.35 % 0.90 % 0.46 % |
Schedule of Collateral Type and Maturity | Company securities pledged were as follows by collateral type and maturity as of: December 31, (In thousands) 2019 2018 2017 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 94,354 $ 246,829 $ 248,654 |
Schedule of Junior Subordinated Debentures and Related Trust Preferred and Common Equity Securities | The following table summarizes the Company's junior subordinated debentures and related trust preferred and common equity securities as of December 31, 2019 : (In thousands) Description Issuance Date Acquisition Date 1 Maturity Date Junior Subordinated Debt Trust Preferred Securities Common Equity Securities Contractual Interest Rate Interest Rate at December 31, 2019 SBCF Capital Trust I 3/31/2005 n/a 3/31/2035 $ 20,619 $ 20,000 $ 619 3 month LIBOR +175bps 3.69% SBCF Statutory Trust II 12/16/2005 n/a 12/16/2035 20,619 20,000 619 3 month LIBOR +133bps 3.22% SBCF Statutory Trust III 6/29/2007 n/a 6/15/2037 12,372 12,000 372 3 month LIBOR +135bps 3.24% BANKshares, Inc. Statutory Trust I 12/19/2002 10/1/2014 12/26/2032 5,155 5,000 155 3 month LIBOR +325bps 5.20% BANKshares, Inc. Statutory Trust II 3/17/2004 10/1/2014 3/17/2034 4,124 4,000 124 3 month LIBOR +279bps 4.69% BANKshares, Inc. Capital Trust I 12/15/2005 10/1/2014 12/15/2035 5,155 5,000 155 3 month LIBOR +139bps 3.30% Grand Bank Capital Trust I 10/29/2004 7/17/2015 10/29/2034 7,217 7,000 217 3 month LIBOR +198bps 3.94% $ 75,261 $ 73,000 $ 2,261 1 Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity. |
Employee Benefits and Stock C_2
Employee Benefits and Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation | The impact of share-based compensation on the Company’s financial results is presented below: For the Year Ended December 31, (In thousands) 2019 2018 2017 Share-based compensation expense $ 7,244 $ 7,823 5,267 Income tax benefit (1,723 ) (1,911 ) (1,966 ) |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2019 is presented below: (In thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Restricted stock awards $ 3,577 1.6 Restricted stock units 3,921 1.7 Stock options 697 0.9 Total $ 8,195 1.6 |
Schedule of Nonvested Share Activity | A summary of the status of the Company’s non-vested RSAs as of December 31, 2019 , and changes during the year then ended, is presented below: Restricted Award Shares Weighted-Average Grant-Date Fair Value Non-vested at January 1, 2019 295,130 $ 24.09 Granted 157,861 26.86 Forfeited/Canceled (63,666 ) 25.83 Vested (175,374 ) 23.54 Non-vested at December 31, 2019 213,951 26.07 A summary of the status of the Company’s non-vested RSUs as of December 31, 2019 , and changes during the year then ended, is presented below: Restricted Award Shares Weighted-Average Grant-Date Fair Value Non-vested at January 1, 2019 503,111 $ 19.69 Granted 75,002 30.02 Forfeited/Canceled (8,242 ) 20.29 Vested (187,941 ) 15.24 Non-vested at December 31, 2019 381,930 23.89 |
Schedule of Restricted Stock and Restricted Stock Units Activity | Information regarding restricted stock awards during each of the following years is presented below: Year Ended December 31, 2019 2018 2017 Shares granted 157,861 242,613 114,331 Weighted-average grant date fair value $ 26.86 $ 26.48 $ 24.08 Fair value of awards vested 1 $ 4,128 $ 2,515 $ 1,407 1 Based on grant date fair value, in thousands For the Year Ended December 31, 2019 2018 2017 Shares granted 75,002 173,193 164,268 Weighted-average grant date fair value $ 30.02 $ 24.02 $ 23.94 Fair value of awards vested 1 $ 2,864 $ 1,095 $ 937 1 Based on grant date fair value |
Schedule of Stock Option Valuation Assumptions | The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions: For the Year Ended December 31, 2019 2018 2017 Risk-free interest rates 2.53 % 2.56 % 1.85 % Expected dividend yield — % — % — % Expected volatility 34.5 % 26.6 % 25.4 % Expected lives (years) 5.0 5.0 5.0 |
Schedule of Stock Options Roll Forward | A summary of the Company’s stock options as of December 31, 2019 , and changes during the year then ended, are presented below: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (000s) Outstanding at January 1, 2019 933,495 $ 22.00 Granted 3,438 28.42 Exercised (28,824 ) 14.86 Forfeited (4,330 ) 29.17 Outstanding at December 31, 2019 903,779 22.22 6.14 $ 7,669 Exercisable at December 31, 2019 633,561 19.82 5.65 6,848 |
Schedule of Stock Option Activity | nformation related to stock options during each of the following years: For the Year Ended December 31, 2019 2018 2017 Options granted 3,438 219,118 297,576 Weighted-average grant date fair value $ 28.42 $ 5.65 $ 4.66 Intrinsic value of stock options exercised 277 3,045 1,143 |
Schedule of Options Outstanding and Remaining Contractual Life of Stock Options | The following table summarizes information related to stock options as of December 31, 2019 : Range of Exercise Prices Options Outstanding Remaining Contractual Life (Years) Options Exercisable Weighted Average Exercise Price $10.54 to $14.82 368,611 4.2 334,016 $ 12.42 $15.99 to $28.69 326,909 7.1 229,824 27.16 $31.15 to $31.15 208,259 8.2 69,721 31.15 Total 903,779 6.1 633,561 $ 19.82 |
Schedule of Employee Stock Purchase Plan Activity | Employee contributions to the ESPP are made through payroll deductions. 2019 2018 2017 ESPP shares purchased 16,320 15,225 12,434 Weighted-average employee purchase price $ 25.39 $ 26.85 $ 22.67 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Lease Cost Information Related to Operating Leases | Lease cost for the year ended December 31, 2019 consists of: (In thousands) For the Year Ended December 31, 2019 Operating lease cost $ 5,570 Variable lease cost 1,211 Short-term lease cost 715 Sublease income (618 ) Total lease cost $ 6,878 |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | The following table provides supplemental information related to leases as of and for the year ended December 31, 2019 : (In thousands, except for weighted average data) December 31, 2019 Operating lease right-of-use assets $ 26,165 Operating lease liabilities 30,098 Cash paid for amounts included in the measurement of operating lease liabilities 5,936 Right-of-use assets obtained in exchange for new operating lease obligations 1,224 Weighted average remaining lease term for operating leases 8.5 years Weighted average discount rate for operating leases 4.70 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 are as follows: For the Year Ended December 31, 2019 (In thousands) 2020 $ 5,626 2021 4,965 2022 4,436 2023 3,725 2024 3,734 Thereafter 14,498 Total undiscounted cash flows 36,984 Less: Net present value adjustment (6,886 ) Total $ 30,098 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Current Federal $ 20,954 $ 9,078 $ 667 State 1,932 — 2 Deferred Federal 2,808 7,018 32,791 State 4,179 4,163 2,876 $ 29,873 $ 20,259 $ 36,336 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the total expected tax expense (computed by applying the U.S. Federal tax rate of 21% to pretax income in 2019 and 2018 and 35% in 2017 ) and the reported income tax provision relating to income before income taxes is as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Tax rate applied to income before income taxes $ 27,008 $ 18,381 $ 27,720 Increase (decrease) resulting from the effects of: Tax law change — — 8,552 Nondeductible acquisition costs 125 207 657 Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance (1,282 ) (667 ) (1,445 ) State income taxes (1,283 ) (874 ) (1,007 ) Tax credit investments (72 ) (33 ) (165 ) Stock compensation (698 ) (918 ) (1,027 ) Other (36 ) — 173 Federal tax provision 23,762 16,096 33,458 State tax provision 6,111 4,163 2,878 Total income tax provision $ 29,873 $ 20,259 $ 36,336 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets (liabilities) are comprised of the following as of: December 31, (In thousands) 2019 2018 Allowance for loan losses $ 8,949 $ 8,592 Premises and equipment — 1,670 Other real estate owned 8 207 Accrued stock compensation 2,406 2,547 Federal tax loss carryforward 3,601 4,699 State tax loss carryforward 1,110 2,912 Alternative minimum tax credit carryforward 530 — Lease liabilities 7,381 — Net unrealized securities losses — 4,658 Deferred compensation 2,458 2,287 Accrued interest and fee income 3,106 7,674 Other 378 1,627 Gross deferred tax assets 29,927 36,873 Less: Valuation allowance — — Deferred tax assets net of valuation allowance 29,927 36,873 Core deposit base intangible (4,005 ) (5,706 ) Net unrealized securities gains (1,210 ) — Premises and equipment (114 ) — Right of use assets (6,416 ) — Other (1,725 ) (2,213 ) Gross deferred tax liabilities (13,470 ) (7,919 ) Net deferred tax assets $ 16,457 $ 28,954 |
Summary of Income Tax Examinations | The following are the major tax jurisdictions in which the Company operates and the earliest tax year, exclusive of the impact of the net operating loss carryforwards, subject to examination: Jurisdiction Tax Year United States of America 2016 Florida 2016 |
Noninterest Income and Expens_2
Noninterest Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Summary of Noninterest Income and Expense | Details of noninterest income and expense are as follows: For the Year Ended December 31, (In thousands) 2019 2018 2017 Noninterest Income Service charges on deposit accounts $ 11,529 $ 11,198 $ 10,049 Trust fees 4,443 4,183 3,705 Mortgage banking fees 6,490 4,682 6,449 Brokerage commissions and fees 1,909 1,732 1,352 Marine finance fees 1,054 1,398 910 Interchange income 13,399 12,335 10,583 BOLI income 3,674 4,291 3,426 SBA gains 2,472 2,474 579 Other 10,545 8,352 6,177 55,515 50,645 43,230 Gain on sale of Visa stock — — 15,153 Securities gains (losses), net 1,217 (623 ) 86 Total Noninterest Income $ 56,732 $ 50,022 $ 58,469 Noninterest Expenses Salaries and wages 73,829 71,111 65,692 Employee benefits 13,697 12,945 11,732 Outsourced data processing costs 15,077 16,374 14,116 Telephone and data lines 2,958 2,481 2,291 Occupancy 14,284 13,394 13,290 Furniture and equipment 6,245 6,744 6,067 Marketing 4,161 5,085 4,784 Legal and professional fees 8,553 9,961 11,022 FDIC assessments 881 2,195 2,326 Amortization of intangibles 5,826 4,300 3,361 Foreclosed property expense and net loss (gain) on sale 51 461 (300 ) Other 15,177 17,222 15,535 Total Noninterest Expenses $ 160,739 $ 162,273 $ 149,916 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Required Regulatory Capital | At December 31, 2019 and 2018 , the Company and Seacoast Bank, its wholly-owned banking subsidiary, were both considered "well capitalized" based on the applicable U.S. regulatory capital ratio requirements as reflected in the table below: Minimum to meet "Well Capitalized" Requirements Minimum for Capital Adequacy Purpose 1 (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Seacoast Banking Corporation of Florida (Consolidated) At December 31, 2019: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 860,934 15.71 % n/a n/a $ 438,506 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 825,640 15.06 n/a n/a 328,880 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 754,555 13.77 n/a n/a 246,660 ≥ 4.50 Leverage Ratio (to adjusted average assets) 825,640 12.20 n/a n/a 270,788 ≥ 4.00 At December 31, 2018: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 744,687 14.43 % n/a n/a $ 412,754 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 712,144 13.80 n/a n/a 309,566 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 641,340 12.43 n/a n/a 232,174 ≥ 4.50 Leverage Ratio (to adjusted average assets) 712,144 11.16 n/a n/a 255,167 ≥ 4.00 Seacoast National Bank (A Wholly Owned Bank Subsidiary) At December 31, 2019: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 804,058 14.68 % $ 547,440 ≥ 10.00 % $ 437,952 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 768,764 14.04 437,952 ≥ 8.00 328,464 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 768,764 14.04 355,836 ≥ 6.50 246,348 ≥ 4.50 Leverage Ratio (to adjusted average assets) 768,764 11.38 337,787 ≥ 5.00 270,230 ≥ 4.00 At December 31, 2018: Total Risk-Based Capital Ratio (to risk-weighted assets) $ 701,093 13.60 % $ 515,607 ≥ 10.00 % $ 412,486 ≥ 8.00 % Tier 1 Capital Ratio (to risk-weighted assets) 668,550 12.97 412,486 ≥ 8.00 309,364 ≥ 6.00 Common Equity Tier 1 Capital Ratio (to risk-weighted assets) 668,550 12.97 335,145 ≥ 6.50 232,023 ≥ 4.50 Leverage Ratio (to adjusted average assets) 668,550 10.49 318,795 ≥ 5.00 255,036 ≥ 4.00 1 Excludes the Basel III capital conservation buffer of 2.5% for 2019 and 1.875% for 2018, which if not exceeded may constrain dividends, equity repurchases and compensation. n/a - not applicable |
Seacoast Banking Corporation _2
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Summary of Balance Sheet | Balance Sheets December 31, (In thousands) 2019 2018 Assets Cash $ 70 $ 197 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 52,979 40,130 Investment in subsidiaries 1,005,756 897,683 Other assets 1,515 777 $ 1,060,320 $ 938,787 Liabilities and Shareholders' Equity Subordinated debt $ 71,085 $ 70,804 Other liabilities 3,700 3,716 Shareholders' equity 985,535 864,267 $ 1,060,320 $ 938,787 |
Summary of Statements of Income (Loss) | Statements of Income (Loss) Year Ended December 31, (In thousands) 2019 2018 2017 Income Interest/other $ 679 $ 484 $ 2,104 Dividends from subsidiary Bank — — — Gain on sale of Visa Class B stock — — 15,153 679 484 17,257 Interest expense 3,368 3,165 2,499 Other expenses 651 879 649 (Loss) income before income taxes and equity in undistributed income of subsidiaries (3,340 ) (3,560 ) 14,109 Income tax (benefit) provision (702 ) (747 ) 4,938 (Loss) Income before equity in undistributed income of subsidiaries (2,638 ) (2,813 ) 9,171 Equity in undistributed income of subsidiaries 101,377 70,088 33,694 Net income $ 98,739 $ 67,275 $ 42,865 |
Summary of Statement of Cash Flows | Statements of Cash Flows Year Ended December 31, (In thousands) 2019 2018 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities: Net Income $ 98,739 $ 67,275 $ 42,865 Equity in undistributed income of subsidiaries (101,377 ) (70,088 ) (33,694 ) Gain on sale of Visa Class B stock — — (15,153 ) Net (increase) decrease in other assets (738 ) (10,045 ) 1,415 Net increase (decrease) in other liabilities 265 (3,431 ) 4,005 Net cash provided by (used in) operating activities (3,111 ) (16,289 ) (562 ) Cash flows from investing activities Net cash paid for bank acquisition — (6,558 ) (27,862 ) Investment in unconsolidated subsidiary (10 ) — — Purchase of Visa Class B stock — — (6,180 ) Proceeds from sale of Visa Class B stock — 21,333 — Dividends from bank subsidiary 18,082 — — (Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net (12,849 ) (421 ) (20,475 ) Net cash provided by (used in) investment activities 5,223 14,354 (54,517 ) Cash flows from financing activities Issuance of common stock, net of related expense — — 55,641 Stock based employment benefit plans (2,239 ) 978 (56 ) Net cash provided by financing activities (2,239 ) 978 55,585 Net change in cash (127 ) (957 ) 506 Cash at beginning of year 197 1,154 648 Cash at end of year $ 70 $ 197 $ 1,154 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 3,186 $ 2,936 $ 2,205 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Unfunded commitments for the Company as of: December 31, (In thousands) 2019 2018 Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,018,020 $ 982,739 Standby letters of credit and financial guarantees written: Secured 13,073 17,736 Unsecured 663 847 Unfunded limited partner equity commitment 6,011 7,252 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, 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 December 31, 2019 and December 31, 2018 included: Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (In thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2019 Available-for-sale debt securities 1 $ 946,855 $ 100 $ 946,755 $ — Loans held for sale 2 20,029 — 20,029 — Loans 3 5,123 — 1,419 3,704 Other real estate owned 4 12,390 — 241 12,149 Equity securities 5 6,392 6,392 — — At 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 Contractual Balance and Gains or Losses | The aggregate fair value and contractual balance of loans held for sale as of December 31, 2019 and 2018 is as follows: December 31, (In thousands) 2019 2018 Aggregate fair value $ 20,029 $ 11,873 Contractual balance 19,445 11,562 Excess 584 311 |
Fair Value Measurements, Recurring and Nonrecurring | The carrying amount and fair value of the Company's other significant financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of December 31, 2019 and December 31, 2018 is as follows: Carrying Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs (In thousands) Amount Level 1 Level 2 Level 3 At December 31, 2019 Financial Assets Debt securities held-to-maturity 1 $ 261,369 $ — $ 262,213 $ — Time deposits with other banks 3,742 — — 3,744 Loans, net 5,158,127 — — 5,139,491 Financial Liabilities Deposits 5,584,753 — — 5,584,621 Federal Home Loan Bank (FHLB) borrowings 315,000 — — 314,995 Subordinated debt 71,085 — 64,017 — At 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 Deposits 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 recurring fair value basis of individual investment categories. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In 2019 , 2018 , and 2017 , options to purchase 491,000 , 483,000 , and 274,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share. For the Year Ended December 31 (In thousands, except per share data) 2019 2018 2017 Basic earnings per share Net Income $ 98,739 $ 67,275 $ 42,865 Total weighted average common stock outstanding 51,449 47,969 42,613 Net income per share $ 1.92 $ 1.40 $ 1.01 Diluted earnings per share Net Income $ 98,739 $ 67,275 $ 42,865 Total weighted average common stock outstanding 51,449 47,969 42,613 Add: Dilutive effect of employee restricted stock and stock options (See Note J) 580 779 737 Total weighted average diluted stock outstanding 52,029 48,748 43,350 Net income per share $ 1.90 $ 1.38 $ 0.99 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Calculation | The Company acquired 100% of the outstanding common stock of NorthStar . Under the terms of the definitive agreement, NorthStar shareholders received, for each share of NorthStar common stock, the combination of $2.40 in cash and 0.5605 shares of Seacoast common stock (based on Seacoast’s closing price of $24.92 per share on October 20, 2017). (In thousands, except per share data) October 20, 2017 Shares exchanged for cash $ 4,701 Number of NorthStar Banking Corporation common shares outstanding 1,958 Per share exchange ratio 0.5605 Number of shares of common stock issued 1,098 Multiplied by common stock price per share on October 20, 2017 $ 24.92 Value of common stock issued 27,353 Cash paid for NorthStar Banking Corporation vested stock options 801 Total purchase price $ 32,855 The Company acquired 100% of the outstanding common stock of PBCB . Under the terms of the definitive agreement, PBCB shareholders received, for each share of PBCB common stock, the combination of $6.26 in cash and 0.9240 shares of Seacoast common stock (based on Seacoast’s closing price of $24.31 per share on November 3, 2017). (In thousands, except per share data) November 3, 2017 Shares exchanged for cash $ 15,694 Number of Palm Beach Community Bank common shares outstanding 2,507 Per share exchange ratio 0.9240 Number of shares of common stock issued 2,316 Multiplied by common stock price per share on November 3, 2017 $ 24.31 Value of common stock issued 56,312 Total purchase price $ 72,006 0.7324 shares of Seacoast common stock. (In thousands, except per share data) October 19, 2018 Number of First Green common shares outstanding 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 Company acquired 100% of the outstanding common stock of GulfShore . Under the terms of the definitive agreement, GulfShore shareholders received, for each share of GulfShore common stock, the combination of $1.47 in cash and 0.4807 shares of Seacoast common stock (based on Seacoast’s closing price of $23.94 per share on April 7, 2017). (In thousands, except per share data) April 7, 2017 Shares exchanged for cash $ 8,034 Number of GulfShore Bancshares, Inc. common shares outstanding 5,464 Per share exchange ratio 0.4807 Number of shares of common stock issued 2,627 Multiplied by common stock price per share on April 7, 2017 $ 23.94 Value of common stock issued 62,883 Total purchase price $ 70,917 |
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 20, 2017 Measurement Period Adjustments As Adjusted October 20, 2017 Assets: Cash $ 5,485 $ — $ 5,485 Investment securities 56,123 — 56,123 Loans, net 136,832 — 136,832 Fixed assets 2,637 — 2,637 Core deposit intangibles 1,275 — 1,275 Goodwill 12,404 (99 ) 12,305 Other assets 1,522 99 1,621 Total assets $ 216,278 $ — $ 216,278 Liabilities: Deposits $ 182,443 $ — $ 182,443 Other liabilities 980 — 980 Total liabilities $ 183,423 $ — $ 183,423 (In thousands) April 7, 2017 Assets: Cash $ 38,267 Time deposits with other banks 17,273 Investment securities 316 Loans, net 250,876 Fixed assets 1,307 Other real estate owned 13 Core deposit intangibles 3,927 Goodwill 37,098 Other assets 8,572 Total assets $ 357,649 Liabilities: Deposits $ 285,350 Other liabilities 1,382 Total liabilities $ 286,732 (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 (676 ) 9,494 Goodwill 56,198 533 56,731 Other assets 40,669 178 40,847 Total assets $ 817,351 $ 35 $ 817,386 Liabilities: Deposits $ 624,289 $ — $ 624,289 Other liabilities 79,018 35 79,053 Total liabilities $ 703,307 $ 35 $ 703,342 (In thousands) Initially Measured November 3, 2017 Measurement Period Adjustments As Adjusted November 3, 2017 Assets: Cash $ 9,301 $ — $ 9,301 Investment securities 22,098 — 22,098 Loans, net 272,090 (1,772 ) 270,318 Fixed assets 7,641 — 7,641 Core deposit intangibles 2,523 — 2,523 Goodwill 33,428 1,076 34,504 Other assets 9,909 696 10,605 Total assets $ 356,990 $ — $ 356,990 Liabilities: Deposits $ 268,633 $ — $ 268,633 Other liabilities 16,351 — 16,351 Total liabilities $ 284,984 $ — $ 284,984 |
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. April 7, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 101,281 $ 99,598 Commercial real estate 106,729 103,905 Construction/development/land 13,175 11,653 Commercial loans 32,137 32,247 Consumer and other loans 3,554 3,473 Purchased credit-impaired — — Total acquired loans $ 256,876 $ 250,876 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 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. November 3, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 30,153 $ 30,990 Commercial real estate 134,705 132,089 Construction/development/land 69,686 67,425 Commercial loans 36,076 35,876 Consumer and other loans 179 172 Purchased credit-impaired 4,768 3,766 Total acquired loans $ 275,567 $ 270,318 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 20, 2017 (In thousands) Book Balance Fair Value Loans: Single family residential real estate $ 15,111 $ 15,096 Commercial real estate 73,139 69,554 Construction/development/land 11,706 10,390 Commercial loans 31,200 30,854 Consumer and other loans 6,761 6,645 Purchased credit-impaired 5,527 4,293 Total acquired loans $ 143,444 $ 136,832 |
Schedule of Contractually Required Principal and Interest Payments Adjusted for Estimated Prepayments | 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 (In thousands) October 20, 2017 Contractually required principal and interest $ 5,596 Non-accretable difference (689 ) Cash flows expected to be collected 4,907 Accretable yield (614 ) Total purchased credit-impaired loans acquired $ 4,293 (In thousands) November 3, 2017 Contractually required principal and interest $ 4,768 Non-accretable difference (1,002 ) Cash flows expected to be collected 3,766 Accretable yield — Total purchased credit-impaired loans acquired $ 3,766 |
Summary of Pro-Forma Data including Acquisition of Gulfshore, NSBC and PBCB | Pro-forma data as of 2018 and 2017 present information as if the acquisitions of GulfShore, NorthStar, PBCB, and First Green occurred at the beginning of 2017 : Twelve Months Ended December 31, (In thousands, except per share data) 2018 2017 Net interest income $ 238,498 $ 223,508 Net income available to common shareholders 82,307 62,188 EPS - basic $ 1.61 $ 1.24 EPS - diluted $ 1.58 $ 1.22 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)operating_segmentcommercial_banking_centerstraditional_bank_offices | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||
Number of operating segments | operating_segment | 1 | |
Number of traditional bank offices | traditional_bank_offices | 48 | |
Number of commercial banking centers | commercial_banking_centers | 9 | |
Modified loan terms | 6 months | |
Number of days past due | 90 days | |
Number of days past due, consumer loans | 120 days | |
Operating lease right-of-use assets | $ 26,165 | |
Operating lease liabilities | $ 30,098 | |
Stock Option | ||
Accounting Policies [Line Items] | ||
Vesting period | 5 years | |
Minimum | Core Deposits | ||
Accounting Policies [Line Items] | ||
Intangible assets, useful life | 6 years | |
Maximum | Core Deposits | ||
Accounting Policies [Line Items] | ||
Intangible assets, useful life | 8 years | |
Building | Minimum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 25 years | |
Building | Maximum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 40 years | |
Leasehold Improvements | Minimum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 5 years | |
Leasehold Improvements | Maximum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 25 years | |
Furniture and Equipment | Minimum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 3 years | |
Furniture and Equipment | Maximum | ||
Accounting Policies [Line Items] | ||
Bank premises and equipment, useful life | 12 years | |
Accounting Standards Update 2016-02 | ||
Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 29,000 | |
Operating lease liabilities | 33,000 | |
Operating lease right-of-use assets acquired | $ 4,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Reclassification of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | $ 940,765 | $ 882,872 | |
Securities available-for-sale (at fair value) | 946,855 | 865,831 | |
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 | ||
Private mortgage-backed securities and collateralized mortgage obligations | Accounting Standards Update 2017-12 | |||
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 | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized cost | 239,364 | 212,807 | |
Securities available-for-sale (at fair value) | $ 238,218 | $ 209,366 | |
Collateralized loan obligations | Accounting Standards Update 2017-12 | |||
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 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards, Not Adopted at December 31, 2019 (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in allowance for loan losses | $ 35,154 | $ 32,423 | $ 27,122 | $ 23,400 | |
Ratio percentage of allowance to total loans | 0.68% | ||||
Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Decrease in tier one capital ratio | 0.32% | ||||
Minimum | Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in allowance for loan losses | $ 19,000 | ||||
Ratio percentage of allowance to total loans | 1.06% | ||||
Maximum | Forecast | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in allowance for loan losses | $ 23,000 | ||||
Ratio percentage of allowance to total loans | 1.12% |
Cash, Dividend and Loan Restr_2
Cash, Dividend and Loan Restrictions - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash, Dividend and Loan Restrictions [Abstract] | ||
Average amount of reserve balances | $ 7,900,000 | $ 900,000 |
Average balance reserve requirement | 38,700,000 | 0 |
Maximum amount of loans available for transfer | 83,100,000 | |
Loans outstanding made to affiliates | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities Available-for-Sale | ||
Available for sale, amortized cost, total | $ 940,765 | $ 882,872 |
Available for sale, gross unrealized gains | 8,764 | 1,306 |
Available for sale, gross unrealized losses | (2,674) | (18,347) |
Available for sale, fair value | 946,855 | 865,831 |
Debt Securities Held-to-Maturity | ||
Held to maturity, amortized cost | 261,369 | 357,949 |
Held to maturity, gross unrealized gains | 2,717 | 277 |
Held to maturity, gross unreazlied losses | (1,873) | (8,331) |
Held to maturity, fair value | 262,213 | 349,895 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt Securities Available-for-Sale | ||
Available for sale, amortized cost, total | 9,914 | 7,200 |
Available for sale, gross unrealized gains | 204 | 106 |
Available for sale, gross unrealized losses | (4) | (6) |
Available for sale, fair value | 10,114 | 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 | 604,934 | 567,753 |
Available for sale, gross unrealized gains | 5,784 | 300 |
Available for sale, gross unrealized losses | (1,511) | (14,047) |
Available for sale, fair value | 609,207 | 554,006 |
Debt Securities Held-to-Maturity | ||
Held to maturity, amortized cost | 261,369 | 304,423 |
Held to maturity, gross unrealized gains | 2,717 | 0 |
Held to maturity, gross unreazlied losses | (1,873) | (7,324) |
Held to maturity, fair value | 262,213 | 297,099 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt Securities Available-for-Sale | ||
Available for sale, amortized cost, total | 56,005 | 55,569 |
Available for sale, gross unrealized gains | 1,561 | 560 |
Available for sale, gross unrealized losses | (5) | (401) |
Available for sale, fair value | 57,561 | 55,728 |
Debt Securities Held-to-Maturity | ||
Held to maturity, amortized cost | 21,526 | |
Held to maturity, gross unrealized gains | 277 | |
Held to maturity, gross unreazlied losses | (130) | |
Held to maturity, fair value | 0 | 21,673 |
Collateralized loan obligations | ||
Debt Securities Available-for-Sale | ||
Available for sale, amortized cost, total | 239,364 | 212,807 |
Available for sale, gross unrealized gains | 7 | 1 |
Available for sale, gross unrealized losses | (1,153) | (3,442) |
Available for sale, fair value | 238,218 | 209,366 |
Debt Securities Held-to-Maturity | ||
Held to maturity, amortized cost | 32,000 | |
Held to maturity, gross unrealized gains | 0 | |
Held to maturity, gross unreazlied losses | (877) | |
Held to maturity, fair value | 0 | 31,123 |
Obligations of state and political subdivisions | ||
Debt Securities Available-for-Sale | ||
Available for sale, amortized cost, total | 30,548 | 39,543 |
Available for sale, gross unrealized gains | 1,208 | 339 |
Available for sale, gross unrealized losses | (1) | (451) |
Available for sale, fair value | $ 31,755 | $ 39,431 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sale of debt securities available-for-sale | $ 202,724 | $ 64,366 | $ 235,613 |
Gross gains from sale of securities | 2,900 | 200 | 1,600 |
Gross losses from sale of securities | 1,800 | 700 | $ 1,500 |
Unrealized losses | (4,547) | (26,678) | |
Fair value of mortgage backed securities of government sponsored entities | 527,939 | $ 1,124,777 | |
Other assets of Federal Home Loan Bank and Federal Reserve Bank | 44,300 | ||
Other assets | $ 6,400 | ||
Shares held (in shares) | 51,513,733 | 51,361,079 | |
Common Class B | Visa | |||
Debt Securities, Available-for-sale [Line Items] | |||
Shares held (in shares) | 11,330 | ||
Common Class A | Visa | |||
Debt Securities, Available-for-sale [Line Items] | |||
Conversion rate of Class A stock for each share of Class B stock (in shares) | $ 1.6228 | ||
Shares of class A Visa stock issued (in shares) | 18,386 | ||
CRA - Qualified Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Gross gains from sale of securities | $ 200 | ||
Gross losses from sale of securities | $ 100 | ||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses | (3,384) | (21,371) | |
Fair value of mortgage backed securities of government sponsored entities | 324,241 | 823,604 | |
Private mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses | (5) | (531) | |
Fair value of mortgage backed securities of government sponsored entities | 2,978 | 32,810 | |
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Unrealized losses | (1,153) | (4,319) | |
Fair value of mortgage backed securities of government sponsored entities | 199,447 | $ 238,894 | |
Carrying Value | United States Treasury Deposits and Other Public and Trust Deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of securities pledged as collateral | 133,400 | ||
Carrying Value | Repurchase Agreement | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of securities pledged as collateral | $ 94,400 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held to maturity, amortized cost, total | $ 261,369 | $ 357,949 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, fair value, total | 262,213 | 349,895 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available for sale, amortized cost, total | 940,765 | 882,872 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available for sale, fair value, total | 946,855 | 865,831 |
Other debt obligations | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
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 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
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 | |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available for sale, amortized cost, due in less than one year | 3,472 | |
Available for sale, amortized cost, due after one year through five years | 8,582 | |
Available for sale, amortized cost, due after five years through ten years | 10,488 | |
Available for sale, amortized cost, due after ten years | 17,920 | |
Available for sale, amortized cost, total | 40,462 | |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available for sale, fair value, due in less than one year | 3,523 | |
Available for sale, fair value, due after one year through five years | 8,698 | |
Available for sale, fair value, due after five years through ten years | 10,979 | |
Available for sale, fair value, due after ten years | 18,669 | |
Available for sale, fair value, total | 41,869 | |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held to maturity, amortized cost, total | 261,369 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, fair value, total | 262,213 | 297,099 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available for sale, amortized cost, total | 604,934 | 567,753 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available for sale, fair value, total | 609,207 | 554,006 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held to maturity, amortized cost, total | 0 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, fair value, total | 0 | 21,673 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available for sale, amortized cost, total | 56,005 | 55,569 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available for sale, fair value, total | 57,561 | 55,728 |
Collateralized loan obligations | ||
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Held to maturity, amortized cost, total | 0 | |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held to maturity, fair value, total | 0 | 31,123 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Available for sale, amortized cost, total | 239,364 | 212,807 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Available for sale, fair value, total | $ 238,218 | $ 209,366 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
Less than 12 months | $ 312,988 | $ 478,423 |
12 months or longer | 214,951 | 646,354 |
Total | 527,939 | 1,124,777 |
Unrealized Losses | ||
Less than 12 months | (2,041) | (7,140) |
12 months or longer | (2,506) | (19,538) |
Total | (4,547) | (26,678) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less than 12 months | 758 | 99 |
12 months or longer | 0 | 642 |
Total | 758 | 741 |
Unrealized Losses | ||
Less than 12 months | (4) | (1) |
12 months or longer | 0 | (5) |
Total | (4) | (6) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Fair Value | ||
Less than 12 months | 220,057 | 200,184 |
12 months or longer | 104,184 | 623,420 |
Total | 324,241 | 823,604 |
Unrealized Losses | ||
Less than 12 months | (1,461) | (2,235) |
12 months or longer | (1,923) | (19,136) |
Total | (3,384) | (21,371) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less than 12 months | 2,978 | 20,071 |
12 months or longer | 0 | 12,739 |
Total | 2,978 | 32,810 |
Unrealized Losses | ||
Less than 12 months | (5) | (344) |
12 months or longer | 0 | (187) |
Total | (5) | (531) |
Collateralized loan obligations | ||
Fair Value | ||
Less than 12 months | 88,680 | 238,894 |
12 months or longer | 110,767 | 0 |
Total | 199,447 | 238,894 |
Unrealized Losses | ||
Less than 12 months | (570) | (4,319) |
12 months or longer | (583) | 0 |
Total | (1,153) | (4,319) |
Obligations of state and political subdivisions | ||
Fair Value | ||
Less than 12 months | 515 | 19,175 |
12 months or longer | 0 | 9,553 |
Total | 515 | 28,728 |
Unrealized Losses | ||
Less than 12 months | (1) | (241) |
12 months or longer | 0 | (210) |
Total | $ (1) | $ (451) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 5,198,404 | $ 4,825,214 |
Deferred costs | 19,900 | 16,900 |
Real Estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 325,113 | 443,568 |
Real Estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,378,971 | 2,132,066 |
Real Estate | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,507,863 | 1,324,377 |
Commercial and financial | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 778,252 | 722,322 |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 208,205 | 202,881 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,317,918 | 3,588,251 |
Portfolio Loans | Real Estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 281,335 | 301,473 |
Portfolio Loans | Real Estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,834,811 | 1,437,989 |
Portfolio Loans | Real Estate | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,304,305 | 1,055,525 |
Portfolio Loans | Commercial and financial | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 697,301 | 603,057 |
Portfolio Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 200,166 | 190,207 |
PCI Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 12,666 | 14,434 |
PCI Loans | Real Estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 160 | 151 |
PCI Loans | Real Estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 10,217 | 10,828 |
PCI Loans | Real Estate | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,710 | 2,718 |
PCI Loans | Commercial and financial | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 579 | 737 |
PCI Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 0 | 0 |
PULs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 867,820 | 1,222,529 |
PULs | Real Estate | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 43,618 | 141,944 |
PULs | Real Estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 533,943 | 683,249 |
PULs | Real Estate | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 201,848 | 266,134 |
PULs | Commercial and financial | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 80,372 | 118,528 |
PULs | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 8,039 | $ 12,674 |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 5,163,098 | $ 4,775,965 |
Nonaccrual | 26,955 | 26,476 |
Total financing receivables | 5,198,404 | 4,825,214 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 7,259 | 19,607 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 984 | 2,640 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 108 | 526 |
Real Estate | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total financing receivables | 325,113 | 443,568 |
Real Estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total financing receivables | 2,378,971 | 2,132,066 |
Real Estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total financing receivables | 1,507,863 | 1,324,377 |
Commercial and financial | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Total financing receivables | 778,252 | 722,322 |
Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total financing receivables | 208,205 | 202,881 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,290,227 | 3,557,127 |
Nonaccrual | 20,990 | 15,783 |
Total financing receivables | 4,317,918 | 3,588,251 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 6,040 | 12,296 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 553 | 2,609 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 108 | 436 |
Portfolio Loans | Real Estate | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 276,984 | 301,348 |
Nonaccrual | 4,351 | 28 |
Total financing receivables | 281,335 | 301,473 |
Portfolio Loans | Real Estate | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 97 |
Portfolio Loans | Real Estate | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
Portfolio Loans | Real Estate | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
Portfolio Loans | Real Estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,828,629 | 1,427,413 |
Nonaccrual | 4,356 | 6,486 |
Total financing receivables | 1,834,811 | 1,437,989 |
Portfolio Loans | Real Estate | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 1,606 | 3,852 |
Portfolio Loans | Real Estate | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 220 | 97 |
Portfolio Loans | Real Estate | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 141 |
Portfolio Loans | Real Estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,294,778 | 1,044,375 |
Nonaccrual | 7,945 | 7,806 |
Total financing receivables | 1,304,305 | 1,055,525 |
Portfolio Loans | Real Estate | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 1,564 | 2,524 |
Portfolio Loans | Real Estate | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 18 | 525 |
Portfolio Loans | Real Estate | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 295 |
Portfolio Loans | Commercial and financial | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 690,412 | 594,930 |
Nonaccrual | 4,228 | 1,280 |
Total financing receivables | 697,301 | 603,057 |
Portfolio Loans | Commercial and financial | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 2,553 | 5,186 |
Portfolio Loans | Commercial and financial | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 1,661 |
Portfolio Loans | Commercial and financial | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 108 | 0 |
Portfolio Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 199,424 | 189,061 |
Nonaccrual | 110 | 183 |
Total financing receivables | 200,166 | 190,207 |
Portfolio Loans | Consumer | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 317 | 637 |
Portfolio Loans | Consumer | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 315 | 326 |
Portfolio Loans | Consumer | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 862,272 | 1,209,670 |
Nonaccrual | 3,898 | 7,096 |
Total financing receivables | 867,820 | 1,222,529 |
PULs | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 1,219 | 5,642 |
PULs | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 431 | 31 |
PULs | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 90 |
PULs | Real Estate | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 43,044 | 140,013 |
Nonaccrual | 574 | 0 |
Total financing receivables | 43,618 | 141,944 |
PULs | Real Estate | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 1,931 |
PULs | Real Estate | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Real Estate | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Real Estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 531,325 | 680,060 |
Nonaccrual | 1,245 | 1,343 |
Total financing receivables | 533,943 | 683,249 |
PULs | Real Estate | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 942 | 1,846 |
PULs | Real Estate | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 431 | 0 |
PULs | Real Estate | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Real Estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 201,159 | 260,781 |
Nonaccrual | 412 | 3,740 |
Total financing receivables | 201,848 | 266,134 |
PULs | Real Estate | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 277 | 1,523 |
PULs | Real Estate | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Real Estate | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 90 |
PULs | Commercial and financial | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 78,705 | 116,173 |
Nonaccrual | 1,667 | 2,013 |
Total financing receivables | 80,372 | 118,528 |
PULs | Commercial and financial | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 342 |
PULs | Commercial and financial | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Commercial and financial | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 8,039 | 12,643 |
Nonaccrual | 0 | 0 |
Total financing receivables | 8,039 | 12,674 |
PULs | Consumer | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PULs | Consumer | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 31 |
PULs | Consumer | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 10,599 | 9,168 |
Nonaccrual | 2,067 | 3,597 |
Total financing receivables | 12,666 | 14,434 |
PCI Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 1,669 |
PCI Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 148 | 135 |
Nonaccrual | 12 | 16 |
Total financing receivables | 160 | 151 |
PCI Loans | Real Estate | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 9,298 | 8,403 |
Nonaccrual | 919 | 1,391 |
Total financing receivables | 10,217 | 10,828 |
PCI Loans | Real Estate | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 1,034 |
PCI Loans | Real Estate | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 587 | 556 |
Nonaccrual | 1,123 | 2,162 |
Total financing receivables | 1,710 | 2,718 |
PCI Loans | Real Estate | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Real Estate | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Commercial and financial | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 566 | 74 |
Nonaccrual | 13 | 28 |
Total financing receivables | 579 | 737 |
PCI Loans | Commercial and financial | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 635 |
PCI Loans | Commercial and financial | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Commercial and financial | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 0 | 0 |
Nonaccrual | 0 | 0 |
Total financing receivables | 0 | 0 |
PCI Loans | Consumer | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Consumer | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | 0 | 0 |
PCI Loans | Consumer | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivables past due | $ 0 | $ 0 |
Loans - Additional Information
Loans - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)paymentcontract | Dec. 31, 2018USD ($)paymentcontract | Dec. 31, 2017USD ($)paymentcontract | |
Receivables [Abstract] | |||
Reduction in interest income | $ 400,000 | $ 1,000,000 | $ 700,000 |
Loans to directors and executive officers | 1,700,000 | $ 900,000 | |
New loans offered | $ 0 | ||
Number of loans modified in troubled debt restructurings | contract | 9 | 4 | 1 |
Value of loans modified in troubled debt restructurings | $ 4,700,000 | $ 200,000 | $ 100,000 |
Payments for loans in default, number of payments | payment | 4 | 0 | 0 |
Payments for loans in default | $ 3,200,000 | ||
Accruals for trouble debt restructurings | 11,100,000 | $ 13,300,000 | |
Average amount for loans impaired | 35,600,000 | 35,300,000 | $ 30,900,000 |
Interest income on impaired loans | 2,000,000 | 2,000,000 | 1,500,000 |
Interest income related to impaired loans with impairment measured on present value of expected future cash flows | $ 100,000 | $ 200,000 | $ 300,000 |
Loans - Risk Category, Class of
Loans - Risk Category, Class of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | $ 5,198,404 | $ 4,825,214 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 5,091,691 | 4,694,297 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 51,560 | 67,296 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 53,958 | 63,596 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 1,195 | 25 |
Real Estate | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 325,113 | 443,568 |
Real Estate | Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 317,765 | 428,044 |
Real Estate | Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 2,235 | 10,429 |
Real Estate | Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 5,113 | 5,095 |
Real Estate | Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 0 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 2,378,971 | 2,132,066 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 2,331,725 | 2,063,589 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 26,827 | 41,429 |
Real Estate | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 20,098 | 27,048 |
Real Estate | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 321 | 0 |
Real Estate | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 1,507,863 | 1,324,377 |
Real Estate | Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 1,482,278 | 1,296,634 |
Real Estate | Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 7,364 | 3,654 |
Real Estate | Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 18,221 | 24,089 |
Real Estate | Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 0 | 0 |
Commercial and financial | Commercial and financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 778,252 | 722,322 |
Commercial and financial | Commercial and financial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 755,957 | 707,663 |
Commercial and financial | Commercial and financial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 11,925 | 8,387 |
Commercial and financial | Commercial and financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 9,496 | 6,247 |
Commercial and financial | Commercial and financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 874 | 25 |
Consumer | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 208,205 | 202,881 |
Consumer | Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 203,966 | 198,367 |
Consumer | Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 3,209 | 3,397 |
Consumer | Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | 1,030 | 1,117 |
Consumer | Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Net Loans | $ 0 | $ 0 |
Loans - Changes in Accretable Y
Loans - Changes in Accretable Yield on PCI Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning balance | $ 2,924 | $ 3,699 | $ 3,807 |
Additions | 0 | 0 | 763 |
Deletions | 0 | (43) | (11) |
Accretion | (1,778) | (1,291) | (1,647) |
Reclassifications from non-accretable difference | 703 | 559 | 787 |
Ending Balance | $ 1,849 | $ 2,924 | $ 3,699 |
Loans - Impaired Financing Rece
Loans - Impaired Financing Receivables, Excluding PCI Loans and Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Recorded Investment | ||
Total Impaired Loans | $ 36,096 | $ 36,700 |
Unpaid Principal Balance | ||
Total Impaired Loans | 44,100 | 46,545 |
Related Valuation Allowance | 2,858 | 2,728 |
Real Estate | Construction and land development | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 4,995 | 15 |
Impaired Loans with an Allowance Recorded | 62 | 196 |
Total Impaired Loans | 5,057 | 211 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 5,186 | 229 |
Impaired Loans with an Allowance Recorded | 78 | 211 |
Total Impaired Loans | 5,264 | 440 |
Related Valuation Allowance | 14 | 22 |
Real Estate | Commercial real estate | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 6,070 | 3,852 |
Impaired Loans with an Allowance Recorded | 4,196 | 9,786 |
Total Impaired Loans | 10,266 | 13,638 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 7,590 | 5,138 |
Impaired Loans with an Allowance Recorded | 4,196 | 12,967 |
Total Impaired Loans | 11,786 | 18,105 |
Related Valuation Allowance | 220 | 369 |
Real Estate | Residential real estate | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 9,470 | 13,510 |
Impaired Loans with an Allowance Recorded | 4,914 | 5,537 |
Total Impaired Loans | 14,384 | 19,047 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 14,182 | 18,111 |
Impaired Loans with an Allowance Recorded | 4,914 | 5,664 |
Total Impaired Loans | 19,096 | 23,775 |
Related Valuation Allowance | 834 | 805 |
Commercial and financial | Commercial and financial | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 3,485 | 1,191 |
Impaired Loans with an Allowance Recorded | 2,567 | 2,131 |
Total Impaired Loans | 6,052 | 3,322 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 4,475 | 1,414 |
Impaired Loans with an Allowance Recorded | 3,115 | 2,309 |
Total Impaired Loans | 7,590 | 3,723 |
Related Valuation Allowance | 1,731 | 1,498 |
Consumer | Consumer | ||
Recorded Investment | ||
Impaired Loans with No Related Allowance Recorded | 111 | 280 |
Impaired Loans with an Allowance Recorded | 226 | 202 |
Total Impaired Loans | 337 | 482 |
Unpaid Principal Balance | ||
Impaired Loans with No Related Allowance Recorded | 125 | 291 |
Impaired Loans with an Allowance Recorded | 239 | 211 |
Total Impaired Loans | 364 | 502 |
Related Valuation Allowance | $ 59 | $ 34 |
Allowance for Loan Losses - Act
Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 32,423 | $ 27,122 | $ 23,400 |
Provision for loan losses | 10,999 | 11,730 | 5,648 |
Charge- Offs | (10,559) | (8,026) | (4,102) |
Recoveries | 2,420 | 1,789 | 2,495 |
TDR Allowance Adjustments | (129) | (192) | (319) |
Ending Balance | 35,154 | 32,423 | 27,122 |
Real Estate | Construction and land development | |||
Allowance for Loan Losses: | |||
Beginning Balance | 2,233 | 1,642 | 1,219 |
Provision for loan losses | (421) | 564 | (471) |
Charge- Offs | 0 | 0 | 0 |
Recoveries | 31 | 27 | 896 |
TDR Allowance Adjustments | (1) | 0 | (2) |
Ending Balance | 1,842 | 2,233 | 1,642 |
Real Estate | Commercial real estate | |||
Allowance for Loan Losses: | |||
Beginning Balance | 11,112 | 9,285 | 9,273 |
Provision for loan losses | 1,677 | 4,736 | (264) |
Charge- Offs | (248) | (3,139) | (407) |
Recoveries | 744 | 292 | 747 |
TDR Allowance Adjustments | (61) | (62) | (64) |
Ending Balance | 13,224 | 11,112 | 9,285 |
Real Estate | Residential real estate | |||
Allowance for Loan Losses: | |||
Beginning Balance | 7,775 | 7,131 | 7,483 |
Provision for loan losses | (231) | 29 | 125 |
Charge- Offs | (152) | (80) | (569) |
Recoveries | 338 | 816 | 336 |
TDR Allowance Adjustments | (63) | (121) | (244) |
Ending Balance | 7,667 | 7,775 | 7,131 |
Commercial and financial | Commercial and financial | |||
Allowance for Loan Losses: | |||
Beginning Balance | 8,585 | 7,297 | 3,636 |
Provision for loan losses | 7,969 | 4,359 | 5,304 |
Charge- Offs | (7,550) | (3,396) | (1,869) |
Recoveries | 712 | 325 | 226 |
TDR Allowance Adjustments | 0 | 0 | 0 |
Ending Balance | 9,716 | 8,585 | 7,297 |
Consumer | Consumer | |||
Allowance for Loan Losses: | |||
Beginning Balance | 2,718 | 1,767 | 1,789 |
Provision for loan losses | 2,005 | 2,042 | 954 |
Charge- Offs | (2,609) | (1,411) | (1,257) |
Recoveries | 595 | 329 | 290 |
TDR Allowance Adjustments | (4) | (9) | (9) |
Ending Balance | $ 2,705 | $ 2,718 | $ 1,767 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loan Portfolio and Related Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Recorded Investment | ||
Individually Evaluated for Impairment | $ 36,096 | $ 36,700 |
Collectively Evaluated for Impairment | 32,296 | 29,695 |
Total | 5,185,738 | 4,810,780 |
Associated Allowance | ||
Individually Evaluated for Impairment | 2,858 | 2,728 |
Collectively Evaluated for Impairment | 5,149,642 | 4,774,080 |
Total | 35,154 | 32,423 |
Real Estate | Construction and land development | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 5,057 | 211 |
Collectively Evaluated for Impairment | 1,828 | 2,211 |
Total | 324,953 | 443,417 |
Associated Allowance | ||
Individually Evaluated for Impairment | 14 | 22 |
Collectively Evaluated for Impairment | 319,896 | 443,206 |
Total | 1,842 | 2,233 |
Real Estate | Commercial real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 10,267 | 13,638 |
Collectively Evaluated for Impairment | 13,004 | 10,743 |
Total | 2,368,754 | 2,121,238 |
Associated Allowance | ||
Individually Evaluated for Impairment | 220 | 369 |
Collectively Evaluated for Impairment | 2,358,487 | 2,107,600 |
Total | 13,224 | 11,112 |
Real Estate | Residential real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 14,383 | 19,047 |
Collectively Evaluated for Impairment | 6,833 | 6,970 |
Total | 1,506,153 | 1,321,659 |
Associated Allowance | ||
Individually Evaluated for Impairment | 834 | 805 |
Collectively Evaluated for Impairment | 1,491,770 | 1,302,612 |
Total | 7,667 | 7,775 |
Commercial and financial | Commercial and financial | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 6,052 | 3,322 |
Collectively Evaluated for Impairment | 7,985 | 7,087 |
Total | 777,673 | 721,585 |
Associated Allowance | ||
Individually Evaluated for Impairment | 1,731 | 1,498 |
Collectively Evaluated for Impairment | 771,621 | 718,263 |
Total | 9,716 | 8,585 |
Consumer | Consumer | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 337 | 482 |
Collectively Evaluated for Impairment | 2,646 | 2,684 |
Total | 208,205 | 202,881 |
Associated Allowance | ||
Individually Evaluated for Impairment | 59 | 34 |
Collectively Evaluated for Impairment | 207,868 | 202,399 |
Total | 2,705 | 2,718 |
PCI Loans | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 12,666 | 14,434 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
PCI Loans | Real Estate | Construction and land development | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 160 | 151 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
PCI Loans | Real Estate | Commercial real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 10,217 | 10,828 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
PCI Loans | Real Estate | Residential real estate | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 1,710 | 2,718 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
PCI Loans | Commercial and financial | Commercial and financial | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 579 | 737 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
PCI Loans | Consumer | Consumer | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 0 | 0 |
Associated Allowance | ||
Individually Evaluated for Impairment | $ 0 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Recapture of loan losses | $ 10,999 | $ 11,730 | $ 5,648 |
Recoveries | 2,420 | 1,789 | $ 2,495 |
PULs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Recapture of loan losses | 700 | 200 | |
Recoveries | 700 | 100 | |
Loans | The Bank Shares Inc | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Remaining fair value adjustment for loans acquired | $ 33,300 | $ 47,000 | |
Percentage of fair value adjustment for loans acquired | 3.84% | 3.86% |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 120,384 | $ 121,919 |
Accumulated Depreciation & Amortization | (53,769) | (50,895) |
Net Carrying Value | 66,615 | 71,024 |
Land | 18,546 | 18,269 |
Premises | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 83,020 | 85,027 |
Accumulated Depreciation & Amortization | (26,180) | (26,107) |
Net Carrying Value | 56,840 | 58,920 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 37,364 | 36,892 |
Accumulated Depreciation & Amortization | (27,589) | (24,788) |
Net Carrying Value | $ 9,775 | $ 12,104 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Changes In Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Beginning of year | $ 204,753 | $ 147,578 | $ 64,649 |
Changes from business combinations | 533 | 57,175 | 82,929 |
Total | $ 205,286 | $ 204,753 | $ 147,578 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning of year | $ 24,807 | $ 18,937 | $ 14,572 |
Acquired CDI, including measurement period adjustments | (676) | 10,170 | 7,726 |
Amortization expense | (5,826) | (4,300) | (3,361) |
End of year | $ 18,305 | $ 24,807 | $ 18,937 |
Remaining average amortization period for CDI | 47 months | 58 months | 63 months |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets - Acquired Intangible Assets Consist of Core Deposit Intangibles (Details) - Deposit Base - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,015 | $ 36,691 |
Accumulated Amortization | $ (17,710) | $ (11,884) |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 amortization expense | $ 5.7 | |
2021 amortization expense | 4.5 | |
2022 amortization expense | 4 | |
2023 amortization expense | 3.3 | |
2024 amortization expense | 0.6 | |
Mortgage service rights retained from sale of SBA | $ 1.8 | $ 1.1 |
Borrowings - Federal Funds Purc
Borrowings - Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Maximum amount outstanding at any month end | $ 193,388 | $ 341,213 | $ 216,094 |
Weighted average interest rate at end of year | 1.17% | 1.14% | 0.71% |
Average amount outstanding | $ 106,142 | $ 200,839 | $ 171,686 |
Weighted average interest rate during the year | 1.35% | 0.90% | 0.46% |
Borrowings - Schedule of Collat
Borrowings - Schedule of Collateral Type and Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | |||
Short-term Debt [Line Items] | |||
Fair value of pledged securities - overnight and continuous: | $ 94,354 | $ 246,829 | $ 248,654 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Secured lines of credit | $ 2,100 |
Secured Lines of Credit | |
Debt Instrument [Line Items] | |
Advances from Federal Home Loan Banks | $ 315 |
Weighted average interest rate on Federal Home Loan Bank advances during the year | 2.28% |
Weighted average interest rate on Federal Home Loan Bank advances at end of year | 1.72% |
Trust I & II | |
Debt Instrument [Line Items] | |
Junior subordinated deferrable interest notes issued | $ 41.2 |
SBCF Statutory Trust III | |
Debt Instrument [Line Items] | |
Junior subordinated deferrable interest notes issued | $ 12.4 |
Borrowings - Schedule of Junior
Borrowings - Schedule of Junior Subordinated Debentures and Related Trust Preferred and Common Equity Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 75,261 |
Trust preferred securities | 73,000 |
Common equity securities | 2,261 |
Unamortized debt discount | 5,600 |
SBCF Capital Trust I | |
Debt Instrument [Line Items] | |
Junior subordinated debt | 20,619 |
Trust preferred securities | 20,000 |
Common equity securities | $ 619 |
Interest rate on junior subordinated loans | 3.69% |
SBCF Capital Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 17.50% |
SBCF Statutory Trust II | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 20,619 |
Trust preferred securities | 20,000 |
Common equity securities | $ 619 |
Interest rate on junior subordinated loans | 3.22% |
SBCF Statutory Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 13.30% |
SBCF Statutory Trust III | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 12,372 |
Trust preferred securities | 12,000 |
Common equity securities | $ 372 |
Interest rate on junior subordinated loans | 3.24% |
SBCF Statutory Trust III | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 13.50% |
BANKshares, Inc. Statutory Trust I | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 5,155 |
Trust preferred securities | 5,000 |
Common equity securities | $ 155 |
Interest rate on junior subordinated loans | 5.20% |
BANKshares, Inc. Statutory Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 32.50% |
BANKshares, Inc. Statutory Trust II | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 4,124 |
Trust preferred securities | 4,000 |
Common equity securities | $ 124 |
Interest rate on junior subordinated loans | 4.69% |
BANKshares, Inc. Statutory Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 27.90% |
BANKshares, Inc. Capital Trust I | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 5,155 |
Trust preferred securities | 5,000 |
Common equity securities | $ 155 |
Interest rate on junior subordinated loans | 3.30% |
BANKshares, Inc. Capital Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 13.90% |
Grand Bank Capital Trust I | |
Debt Instrument [Line Items] | |
Junior subordinated debt | $ 7,217 |
Trust preferred securities | 7,000 |
Common equity securities | $ 217 |
Interest rate on junior subordinated loans | 3.94% |
Grand Bank Capital Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 19.80% |
Employee Benefits and Stock C_3
Employee Benefits and Stock Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 23, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Defined contribution plan charges to operations | $ 2.4 | $ 2.1 | $ 1.9 | ||
Number of shares authorized for issuance (in shares) | 4,250,000 | ||||
Number of shares authorized for repurchase (in shares) | 300,000 | ||||
Percent of fair market value that employees may purchase shares | 95.00% | ||||
2013 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining shares authorized for issuance (in shares) | 1,057,000 | ||||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Maximum term | 10 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target award percentage | 0.00% | 0.00% | 0.00% | 0.00% | |
Restricted Stock Units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target award percentage | 225.00% | 200.00% | 200.00% | 200.00% |
Employee Benefits and Stock C_4
Employee Benefits and Stock Compensation - Impact of Shared-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 7,244 | $ 7,823 | $ 5,267 |
Income tax benefit | $ (1,723) | $ (1,911) | $ (1,966) |
Employee Benefits and Stock C_5
Employee Benefits and Stock Compensation - Summary of Unrecognized Compensation Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 8,195 |
Weighted-Average Period Remaining (Years) | 1 year 7 months 6 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 3,577 |
Weighted-Average Period Remaining (Years) | 1 year 7 months 6 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 3,921 |
Weighted-Average Period Remaining (Years) | 1 year 8 months 12 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 697 |
Weighted-Average Period Remaining (Years) | 10 months 24 days |
Employee Benefits and Stock C_6
Employee Benefits and Stock Compensation - Summary of Status of Restricted Stock and Restricted Stock Units (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock | |
Restricted Award Shares | |
Non-vested beginning balance (in shares) | shares | 295,130 |
Granted (in shares) | shares | 157,861 |
Forfeited/Cancelled (in shares) | shares | (63,666) |
Vested (in shares) | shares | (175,374) |
Non-vested ending balance (in shares) | shares | 213,951 |
Weighted-Average Grant-Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 24.09 |
Granted (in dollars per share) | $ / shares | 26.86 |
Forfeited/Cancelled (in dollars per share) | $ / shares | 25.83 |
Vested (in dollars per share) | $ / shares | 23.54 |
Non-vested at ending of period (in dollars per share) | $ / shares | $ 26.07 |
Restricted Stock Units | |
Restricted Award Shares | |
Non-vested beginning balance (in shares) | shares | 503,111 |
Granted (in shares) | shares | 75,002 |
Forfeited/Cancelled (in shares) | shares | (8,242) |
Vested (in shares) | shares | (187,941) |
Non-vested ending balance (in shares) | shares | 381,930 |
Weighted-Average Grant-Date Fair Value | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 19.69 |
Granted (in dollars per share) | $ / shares | 30.02 |
Forfeited/Cancelled (in dollars per share) | $ / shares | 20.29 |
Vested (in dollars per share) | $ / shares | 15.24 |
Non-vested at ending of period (in dollars per share) | $ / shares | $ 23.89 |
Employee Benefits and Stock C_7
Employee Benefits and Stock Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 157,861 | 242,613 | 114,331 |
Weighted-average grant date fair value (in dollars per share) | $ 26.86 | $ 26.48 | $ 24.08 |
Fair value of awards vested | $ 4,128 | $ 2,515 | $ 1,407 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 75,002 | 173,193 | 164,268 |
Weighted-average grant date fair value (in dollars per share) | $ 30.02 | $ 24.02 | $ 23.94 |
Fair value of awards vested | $ 2,864 | $ 1,095 | $ 937 |
Employee Benefits and Stock C_8
Employee Benefits and Stock Compensation - Summary of the Fair Value of Each Option Grant on the Date of Grant (Details) - Stock Option | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rates | 2.53% | 2.56% | 1.85% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 34.50% | 26.60% | 25.40% |
Expected lives (years) | 5 years | 5 years | 5 years |
Employee Benefits and Stock C_9
Employee Benefits and Stock Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - Stock options $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Options | |
Options, outstanding at beginning of period (in shares) | shares | 933,495 |
Options granted (in shares) | shares | 3,438 |
Options, exercised (in shares) | shares | (28,824) |
Options, forfeited (in shares) | shares | (4,330) |
Options, outstanding at end of period (in shares) | shares | 903,779 |
Options, exercisable at end of period (in shares) | shares | 633,561 |
Weighted-Average Exercise Price | |
Weighted-average exercise price at beginning of period (in dollars per share) | $ / shares | $ 22 |
Weighted-average exercise price, granted (in dollars per share) | $ / shares | 28.42 |
Weighted-average exercise price, exercised (in dollars per share) | $ / shares | 14.86 |
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares | 29.17 |
Weighted-average exercise price at end of period (in dollars per share) | $ / shares | 22.22 |
Weighted-average exercise price, exercisable at end of period (in dollars per share) | $ / shares | $ 19.82 |
Weighted- Average Remaining Contractual Term and Aggregate Intrinsic Value | |
Weighted-average remaining contractual term, outstanding | 6 years 1 month 20 days |
Weighted-average remaining contractual term, exercisable | 5 years 7 months 24 days |
Aggregate intrinsic value, outstanding | $ | $ 7,669 |
Aggregate intrinsic value, exercisable | $ | $ 6,848 |
Employee Benefits and Stock _10
Employee Benefits and Stock Compensation - Summary of Stock Options (Details) - Stock Option - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 3,438 | 219,118 | 297,576 |
Weighted-average grant date fair value (in dollars per share) | $ 28.42 | $ 5.65 | $ 4.66 |
Intrinsic value of stock options exercised | $ 277 | $ 3,045 | $ 1,143 |
Employee Benefits and Stock _11
Employee Benefits and Stock Compensation - Summary of Information Related to Stock Options (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | shares | 903,779 |
Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Options exercisable (in shares) | shares | 633,561 |
Weighted average exercise price (in dollars per share) | $ 19.82 |
$10.54 to $14.82 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | shares | 368,611 |
Remaining Contractual Life (Years) | 4 years 2 months 12 days |
Options exercisable (in shares) | shares | 334,016 |
Weighted average exercise price (in dollars per share) | $ 12.42 |
Range of exercise prices, lower limit (in dollars per share) | 10.54 |
Range of exercise prices,upper limit (in dollars per share) | $ 14.82 |
$15.99 to $28.69 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | shares | 326,909 |
Remaining Contractual Life (Years) | 7 years 1 month 6 days |
Options exercisable (in shares) | shares | 229,824 |
Weighted average exercise price (in dollars per share) | $ 27.16 |
Range of exercise prices, lower limit (in dollars per share) | 15.99 |
Range of exercise prices,upper limit (in dollars per share) | $ 28.69 |
$31.15 to $31.15 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | shares | 208,259 |
Remaining Contractual Life (Years) | 8 years 2 months 12 days |
Options exercisable (in shares) | shares | 69,721 |
Weighted average exercise price (in dollars per share) | $ 31.15 |
Range of exercise prices, lower limit (in dollars per share) | 31.15 |
Range of exercise prices,upper limit (in dollars per share) | $ 31.15 |
Employee Benefits and Stock _12
Employee Benefits and Stock Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 16,320 | 15,225 | 12,434 |
Weighted-average employee purchase price (in dollars per share) | $ 25.39 | $ 26.85 | $ 22.67 |
Lease Commitments - Lease Cost
Lease Commitments - Lease Cost Information Related to Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 5,570 |
Variable lease cost | 1,211 |
Short-term lease cost | 715 |
Sublease income | (618) |
Total lease cost | $ 6,878 |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Balance Sheet and Cash Flow Information Related to Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 26,165 |
Operating lease liabilities | 30,098 |
Cash paid for amounts included in the measurement of operating lease liabilities | 5,936 |
Right-of-use assets obtained in exchange for new operating lease obligations | $ 1,224 |
Weighted average remaining lease term for operating leases | 8 years 6 months |
Weighted average discount rate for operating leases | 4.70% |
Lease Commitments - Maturities
Lease Commitments - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 5,626 |
2021 | 4,965 |
2022 | 4,436 |
2023 | 3,725 |
2024 | 3,734 |
Thereafter | 14,498 |
Total undiscounted cash flows | 36,984 |
Less: Net present value adjustment | (6,886) |
Total | $ 30,098 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 20,954 | $ 9,078 | $ 667 |
State | 1,932 | 0 | 2 |
Deferred | |||
Federal | 2,808 | 7,018 | 32,791 |
State | 4,179 | 4,163 | 2,876 |
Total income tax provision | $ 29,873 | $ 20,259 | $ 36,336 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Tax Benefit with Pretax Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax rate applied to income before income taxes | $ 27,008 | $ 18,381 | $ 27,720 |
Increase (decrease) resulting from the effects of: | |||
Tax law change | 0 | 0 | 8,552 |
Nondeductible acquisition costs | 125 | 207 | 657 |
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance | (1,282) | (667) | (1,445) |
State income taxes | (1,283) | (874) | (1,007) |
Tax credit investments | (72) | (33) | (165) |
Stock compensation | (698) | (918) | (1,027) |
Other | (36) | 0 | 173 |
Federal tax provision | 23,762 | 16,096 | 33,458 |
State tax provision | 6,111 | 4,163 | 2,878 |
Total income tax provision | $ 29,873 | $ 20,259 | $ 36,336 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Gross [Abstract] | ||
Allowance for loan losses | $ 8,949 | $ 8,592 |
Premises and equipment | 0 | 1,670 |
Other real estate owned | 8 | 207 |
Accrued stock compensation | 2,406 | 2,547 |
Federal tax loss carryforward | 3,601 | 4,699 |
State tax loss carryforward | 1,110 | 2,912 |
Alternative minimum tax credit carryforward | 530 | 0 |
Lease liabilities | 7,381 | 0 |
Net unrealized securities losses | 0 | 4,658 |
Deferred compensation | 2,458 | 2,287 |
Accrued interest and fee income | 3,106 | 7,674 |
Other | 378 | 1,627 |
Gross deferred tax assets | 29,927 | 36,873 |
Less: Valuation allowance | 0 | 0 |
Deferred tax assets net of valuation allowance | 29,927 | 36,873 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Core deposit base intangible | (4,005) | (5,706) |
Net unrealized securities gains | (1,210) | 0 |
Premises and equipment | (114) | 0 |
Right of use assets | (6,416) | 0 |
Other | (1,725) | (2,213) |
Gross deferred tax liabilities | (13,470) | (7,919) |
Net deferred tax assets | $ 16,457 | $ 28,954 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 22, 2017 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | |||||
Unrealized gains resulting in a deferred tax liability | $ 5,700,000 | ||||
Deferred tax liability from unrealized gains on certain investments in debt securities | 1,210,000 | $ 0 | |||
Unrealized losses resulting in a deferred tax asset | 17,700,000 | ||||
Deferred tax assets from unrealized losses on certain investments in debt securities | 0 | 4,658,000 | |||
Net deferred tax assets | 16,457,000 | 28,954,000 | |||
Deferred income tax assets | 16,457,000 | 28,954,000 | |||
Accrual for income tax interest or penalties | 0 | ||||
Income tax benefit related to share-based compensation | (29,873,000) | (20,259,000) | $ (36,336,000) | ||
Amortization reflected as income expense related to affordable housing project investments | 900,000 | 1,000,000 | 700,000 | ||
Affordable housing project tax credits | 800,000 | 800,000 | 600,000 | ||
Affordable housing project tax benefits | 200,000 | 200,000 | 300,000 | ||
Carrying value of affordable housing tax credits | 7,400,000 | 8,300,000 | |||
Affordable housing tax credits, unfunded amounts | 500,000 | 3,200,000 | |||
Unrecognized income tax benefits | 0 | ||||
One-time charge to income tax expense as a result of the tax cuts and jobs act of 2017 | $ 8,600,000 | ||||
Adjustment to true-up tax benefit related to tax cuts and jobs act of 2017 | 200,000 | ||||
Tax rate applied to income before income taxes | 27,008,000 | 18,381,000 | 27,720,000 | ||
U.S. Federal | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | 12,900,000 | ||||
Deferred income tax assets | 3,600,000 | ||||
State | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | 3,500,000 | ||||
Deferred income tax assets | 1,100,000 | ||||
Tax rate applied to income before income taxes | $ 1,100,000 | (400,000) | |||
Accounting Standards Update 2016-09 | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income tax benefit related to share-based compensation | $ 800,000 | $ 1,100,000 | $ 1,100,000 |
Noninterest Income and Expens_3
Noninterest Income and Expenses - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest Income | |||
Brokerage commissions and fees | $ 1,909 | $ 1,732 | $ 1,352 |
Marine finance fees | 1,054 | 1,398 | 910 |
Interchange income | 13,399 | 12,335 | 10,583 |
BOLI income | 3,674 | 4,291 | 3,426 |
SBA gains | 2,472 | 2,474 | 579 |
Other | 10,545 | 8,352 | 6,177 |
Noninterest Income | 55,515 | 50,645 | 43,230 |
Gain on sale of Visa stock | 0 | 0 | 15,153 |
Securities gains (losses), net | 1,217 | (623) | 86 |
Total Noninterest Income | 56,732 | 50,022 | 58,469 |
Noninterest Expenses | |||
Salaries and wages | 73,829 | 71,111 | 65,692 |
Employee benefits | 13,697 | 12,945 | 11,732 |
Outsourced data processing costs | 15,077 | 16,374 | 14,116 |
Telephone and data lines | 2,958 | 2,481 | 2,291 |
Occupancy | 14,284 | 13,394 | 13,290 |
Furniture and equipment | 6,245 | 6,744 | 6,067 |
Marketing | 4,161 | 5,085 | 4,784 |
Legal and professional fees | 8,553 | 9,961 | 11,022 |
FDIC assessments | 881 | 2,195 | 2,326 |
Amortization of intangibles | 5,826 | 4,300 | 3,361 |
Foreclosed property expense and net loss (gain) on sale | 51 | 461 | (300) |
Other | 15,177 | 17,222 | 15,535 |
Total Noninterest Expenses | 160,739 | 162,273 | 149,916 |
Service charges on deposit accounts | |||
Noninterest Income | |||
Revenues | 11,529 | 11,198 | 10,049 |
Trust fees | |||
Noninterest Income | |||
Revenues | 4,443 | 4,183 | 3,705 |
Mortgage banking fees | |||
Noninterest Income | |||
Revenues | $ 6,490 | $ 4,682 | $ 6,449 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Required Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Parent Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Risk-Based Capital Ratio (to risk-weighted assets), Amount | $ 860,934 | $ 744,687 |
Tier 1 Capital (to risk-weighted assets), Amount | 825,640 | 712,144 |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | 754,555 | 641,340 |
Leverage (to adjusted average assets), Amount | $ 825,640 | $ 712,144 |
Total Risk-Based Capital Ratio (to risk-weighted assets), Ratio | 15.71% | 14.43% |
Tier 1 Capital (to risk-weighted assets), Ratio | 15.06% | 13.80% |
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 13.77% | 12.43% |
Leverage (to adjusted average assets), Ratio | 12.20% | 11.16% |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 438,506 | $ 412,754 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 328,880 | 309,566 |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | 246,660 | 232,174 |
Leverage (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 270,788 | $ 255,167 |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | 4.50% | 4.50% |
Leverage (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Seacoast National Bank (A Wholly Owned Bank Subsidiary) | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Risk-Based Capital Ratio (to risk-weighted assets), Amount | $ 804,058 | $ 701,093 |
Tier 1 Capital (to risk-weighted assets), Amount | 768,764 | 668,550 |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | 768,764 | 668,550 |
Leverage (to adjusted average assets), Amount | $ 768,764 | $ 668,550 |
Total Risk-Based Capital Ratio (to risk-weighted assets), Ratio | 14.68% | 13.60% |
Tier 1 Capital (to risk-weighted assets), Ratio | 14.04% | 12.97% |
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 14.04% | 12.97% |
Leverage (to adjusted average assets), Ratio | 11.38% | 10.49% |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | $ 437,952 | $ 412,486 |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | 328,464 | 309,364 |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | 246,348 | 232,023 |
Leverage (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 270,230 | $ 255,036 |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | 4.50% | 4.50% |
Leverage (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 547,440 | $ 515,607 |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 437,952 | 412,486 |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 355,836 | 335,145 |
Leverage (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 337,787 | $ 318,795 |
Total Risk-Based Capital Ratio (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Leverage (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer rate | 2.50% | 1.875% |
Shares issued from treasury stock (in shares) | 0 | 0 |
Stock Purchase Plan | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Reserved common shares for issuance (in shares) | 300,000 | |
Profit Sharing Plan | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Reserved common shares for issuance (in shares) | 1,000,000 |
Seacoast Banking Corporation _3
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information - Summary of Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Other assets | $ 6,400 | |||
Total Assets | 7,108,511 | $ 6,747,659 | ||
Liabilities and Shareholders' Equity | ||||
Subordinated debt | 71,085 | 70,804 | ||
Shareholders' equity | 985,639 | 864,267 | $ 689,664 | $ 435,397 |
Total Liabilities & Shareholders' Equity | 7,108,511 | 6,747,659 | ||
Parent Company | ||||
Assets | ||||
Cash | 70 | 197 | ||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 52,979 | 40,130 | ||
Investment in subsidiaries | 1,005,756 | 897,683 | ||
Other assets | 1,515 | 777 | ||
Total Assets | 1,060,320 | 938,787 | ||
Liabilities and Shareholders' Equity | ||||
Subordinated debt | 71,085 | 70,804 | ||
Other liabilities | 3,700 | 3,716 | ||
Shareholders' equity | 985,535 | 864,267 | ||
Total Liabilities & Shareholders' Equity | $ 1,060,320 | $ 938,787 |
Seacoast Banking Corporation _4
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information - Summary of Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income | |||
Gain on sale of Visa stock | $ 0 | $ 0 | $ 15,153 |
Total Interest Income | 289,823 | 241,398 | 191,596 |
Interest expense | 46,205 | 29,883 | 15,300 |
Other expenses | 15,177 | 17,222 | 15,535 |
Income tax (benefit) provision | 29,873 | 20,259 | 36,336 |
Net Income | 98,739 | 67,275 | 42,865 |
Parent Company | |||
Income | |||
Interest/other | 679 | 484 | 2,104 |
Dividends from subsidiary Bank | 0 | 0 | 0 |
Gain on sale of Visa stock | 0 | 0 | 15,153 |
Total Interest Income | 679 | 484 | 17,257 |
Interest expense | 3,368 | 3,165 | 2,499 |
Other expenses | 651 | 879 | 649 |
(Loss) income before income taxes and equity in undistributed income of subsidiaries | (3,340) | (3,560) | 14,109 |
Income tax (benefit) provision | (702) | (747) | 4,938 |
(Loss) Income before equity in undistributed income of subsidiaries | (2,638) | (2,813) | 9,171 |
Equity in undistributed income of subsidiaries | 101,377 | 70,088 | 33,694 |
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Seacoast Banking Corporation _5
Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information - Summary of Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Gain on sale of Visa Class B stock | 0 | 0 | (15,153) |
Net (increase) decrease in other assets | (5,614) | 10,331 | (5,506) |
Net increase (decrease) in other liabilities | (4,206) | 8,827 | (21,432) |
Net Cash Provided by Operating Activities | 117,745 | 129,608 | 48,909 |
Cash Flows From Investing Activities | |||
Purchase of Visa Class B stock | 0 | 0 | (6,180) |
Net Cash Used in Investing Activities | (321,341) | (174,600) | (245,576) |
Cash Flows From Financing Activities | |||
Issuance of common stock, net of related expense | 0 | 0 | 55,641 |
Net Cash Provided by Financing Activities | 212,176 | 51,439 | 196,527 |
Net increase (decrease) in cash and cash equivalents | 8,580 | 6,447 | (140) |
Cash and cash equivalents at beginning of year | 115,951 | 109,504 | 109,644 |
Cash and Cash Equivalents at End of Year | 124,531 | 115,951 | 109,504 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 46,130 | 28,301 | 15,125 |
Parent Company | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net Income | 98,739 | 67,275 | 42,865 |
Equity in undistributed income of subsidiaries | (101,377) | (70,088) | (33,694) |
Gain on sale of Visa Class B stock | 0 | 0 | (15,153) |
Net (increase) decrease in other assets | (738) | (10,045) | 1,415 |
Net increase (decrease) in other liabilities | 265 | (3,431) | 4,005 |
Net Cash Provided by Operating Activities | (3,111) | (16,289) | (562) |
Cash Flows From Investing Activities | |||
Net cash paid for bank acquisition | 0 | (6,558) | (27,862) |
Investment in unconsolidated subsidiary | (10) | 0 | 0 |
Purchase of Visa Class B stock | 0 | 0 | (6,180) |
Proceeds from sale of Visa Class B stock | 0 | 21,333 | 0 |
Dividends from bank subsidiary | 18,082 | 0 | 0 |
(Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net | (12,849) | (421) | (20,475) |
Net Cash Used in Investing Activities | 5,223 | 14,354 | (54,517) |
Cash Flows From Financing Activities | |||
Issuance of common stock, net of related expense | 0 | 0 | 55,641 |
Stock based employment benefit plans | (2,239) | 978 | (56) |
Net Cash Provided by Financing Activities | (2,239) | 978 | 55,585 |
Net increase (decrease) in cash and cash equivalents | (127) | (957) | 506 |
Cash and cash equivalents at beginning of year | 197 | 1,154 | 648 |
Cash and Cash Equivalents at End of Year | 70 | 197 | 1,154 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | $ 3,186 | $ 2,936 | $ 2,205 |
Contingent Liabilities and Co_3
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract or Notional Amount | ||
Commitments to extend credit | $ 1,018,020 | $ 982,739 |
Unfunded limited partner equity commitment | 6,011 | 7,252 |
Secured | ||
Contract or Notional Amount | ||
Standby letters of credit and financial guarantees written | 13,073 | 17,736 |
Unsecured | ||
Contract or Notional Amount | ||
Standby letters of credit and financial guarantees written | $ 663 | $ 847 |
Contingent Liabilities and Co_4
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit amount | $ 1,018,020 | $ 982,739 |
Unfunded limited partner equity commitment | $ 6,011 | 7,252 |
Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 3.24% | |
Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 6.50% | |
Fixed Interest Rate Credit Risk | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | $ 39,400 | |
Secured Credit Risk | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Secured amount of commitment to extend credit | 399,700 | |
Secured | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Collateral held for secured standby letters of credit | $ 13,200 | $ 19,100 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements for Items Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (at fair value) | $ 946,855 | $ 865,831 |
Loans held for sale | 20,029 | 11,873 |
Other real estate owned | 12,390 | 12,802 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (at fair value) | 946,855 | 865,831 |
Loans held for sale | 20,029 | 11,873 |
Equity securities | 6,392 | 6,205 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (at fair value) | 100 | 100 |
Loans held for sale | 0 | 0 |
Equity securities | 6,392 | 6,205 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (at fair value) | 946,755 | 865,731 |
Loans held for sale | 20,029 | 11,873 |
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale (at fair value) | 0 | 0 |
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 | 5,123 | 8,590 |
Other real estate owned | 12,390 | 12,802 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets | ||
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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,419 | 2,290 |
Other real estate owned | 241 | 297 |
Fair Value, Measurements, Nonrecurring | Significant Other Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 3,704 | 6,300 |
Other real estate owned | $ 12,149 | $ 12,505 |
Fair Value - Fair Value of Cont
Fair Value - Fair Value of Contractual Balance and Gains or Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Aggregate fair value | $ 20,029 | $ 11,873 |
Contractual balance | 19,445 | 11,562 |
Excess | $ 584 | $ 311 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Average capitalization rate | 7.40% | |||
Specific reserve for impaired loans | $ 35,154 | $ 32,423 | $ 27,122 | $ 23,400 |
Other real estate owned and other reductions classified as level 3 transfers in | 4,700 | |||
Paydowns, chargeoffs and writedowns of level 3 | 1,900 | |||
Additions to level 3 | 4,000 | |||
Other Real Estate Owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of impaired loans | 5,100 | 8,600 | ||
Specific reserve for impaired loans | 2,900 | $ 2,700 | ||
Paydowns, chargeoffs and writedowns of level 3 | 400 | |||
Additions to level 3 | 5,500 | |||
Sales of level 3 investments | $ 5,500 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Assets | ||
Debt securities held to maturity | $ 261,369 | $ 357,949 |
Loans, net | 5,163,250 | 4,792,791 |
Quoted Prices in Active Markets for Identical Assets | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Significant Other Observable Inputs | ||
Financial Assets | ||
Debt securities held to maturity | 262,213 | 349,895 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 64,017 | 61,224 |
Significant Other Unobservable Inputs | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 3,744 | 8,132 |
Loans, net | 5,139,491 | 4,835,248 |
Financial Liabilities | ||
Deposits | 5,584,621 | 5,172,098 |
Federal Home Loan Bank (FHLB) borrowings | 314,995 | 380,027 |
Subordinated debt | 0 | 0 |
Carrying Amount | ||
Financial Assets | ||
Debt securities held to maturity | 261,369 | 357,949 |
Time deposits with other banks | 3,742 | 8,243 |
Loans, net | 5,158,127 | 4,784,201 |
Financial Liabilities | ||
Deposits | 5,584,753 | 5,177,240 |
Federal Home Loan Bank (FHLB) borrowings | 315,000 | 380,000 |
Subordinated debt | $ 71,085 | $ 70,804 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Shares excluded from computation of diluted EPS (in shares) | 491 | 483 | 274 |
Basic earnings per share | |||
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Total weighted average common stock outstanding (in shares) | 51,449 | 47,969 | 42,613 |
Net income per share (in dollars per share) | $ 1.92 | $ 1.40 | $ 1.01 |
Diluted earnings per share | |||
Net Income | $ 98,739 | $ 67,275 | $ 42,865 |
Total weighted average common stock outstanding (in shares) | 51,449 | 47,969 | 42,613 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 580 | 779 | 737 |
Total weighted average diluted stock outstanding (in shares) | 52,029 | 48,748 | 43,350 |
Net income per share (in dollars per share) | $ 1.90 | $ 1.38 | $ 0.99 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 19, 2018USD ($)branch$ / shares | Nov. 03, 2017USD ($)branch$ / shares | Oct. 20, 2017USD ($)branch$ / shares | Apr. 07, 2017USD ($)branch$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill, nondeductible for tax purposes | $ 205,286 | $ 204,753 | $ 147,578 | $ 64,649 | ||||
Acquisition costs | $ 1,000 | $ 9,700 | $ 12,900 | |||||
Gulf Shore Banc shares Inc | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches acquired | branch | 3 | |||||||
Total assets acquired | $ 357,649 | |||||||
Loans, net | 250,876 | |||||||
Deposits acquired | $ 285,350 | |||||||
Percentage of common stock acquired | 100.00% | |||||||
Cash portion, cash per share for common stock converted (in dollars per share) | $ / shares | $ 1.47 | |||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.4807 | |||||||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 23.94 | |||||||
Goodwill, nondeductible for tax purposes | $ 37,098 | |||||||
NorthStar Bank | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches acquired | branch | 3 | |||||||
Percentage of common stock acquired | 100.00% | |||||||
Cash portion, cash per share for common stock converted (in dollars per share) | $ / shares | $ 2.40 | |||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.5605 | |||||||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 24.92 | |||||||
Palm Beach Community Bank | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches acquired | branch | 4 | |||||||
Percentage of common stock acquired | 100.00% | |||||||
Cash portion, cash per share for common stock converted (in dollars per share) | $ / shares | $ 6.26 | |||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.9240 | |||||||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 24.31 | |||||||
First Green Bancorp, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches acquired | branch | 7 | |||||||
Percentage of common stock acquired | 100.00% | |||||||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7324 | |||||||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 26.87 | |||||||
Goodwill, nondeductible for tax purposes | $ 56,700 | |||||||
As Adjusted | NorthStar Bank | ||||||||
Business Acquisition [Line Items] | ||||||||
Total assets acquired | $ 216,278 | |||||||
Loans, net | 136,832 | |||||||
Deposits acquired | 182,443 | |||||||
Goodwill, nondeductible for tax purposes | $ 12,305 | |||||||
As Adjusted | Palm Beach Community Bank | ||||||||
Business Acquisition [Line Items] | ||||||||
Total assets acquired | $ 356,990 | |||||||
Loans, net | 270,318 | |||||||
Deposits acquired | 268,633 | |||||||
Goodwill, nondeductible for tax purposes | $ 34,504 | |||||||
As Adjusted | First Green Bancorp, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Total assets acquired | 817,386 | |||||||
Loans, net | 631,497 | |||||||
Deposits acquired | 624,289 | |||||||
Goodwill, nondeductible for tax purposes | $ 56,731 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) $ / shares in Units, $ in Thousands | Oct. 19, 2018USD ($)$ / sharesshares | Nov. 03, 2017USD ($)$ / sharesshares | Oct. 20, 2017USD ($)$ / sharesshares | Apr. 07, 2017USD ($)$ / sharesshares |
Gulf Shore Banc shares Inc | ||||
Business Acquisition [Line Items] | ||||
Value of shares exchanged for cash | $ 8,034 | |||
Number of shares outstanding (in shares) | shares | 5,464,000 | |||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.4807 | |||
Number of shares of common stock issued (in shares) | shares | 2,627,000 | |||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 23.94 | |||
Value of common stock issued | $ 62,883 | |||
Total purchase price | $ 70,917 | |||
NorthStar Bank | ||||
Business Acquisition [Line Items] | ||||
Value of shares exchanged for cash | $ 4,701 | |||
Number of shares outstanding (in shares) | shares | 1,958,000 | |||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.5605 | |||
Number of shares of common stock issued (in shares) | shares | 1,098,000 | |||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 24.92 | |||
Value of common stock issued | $ 27,353 | |||
Cash paid for vested Corporation stock options | 801 | |||
Total purchase price | $ 32,855 | |||
Palm Beach Community Bank | ||||
Business Acquisition [Line Items] | ||||
Value of shares exchanged for cash | $ 15,694 | |||
Number of shares outstanding (in shares) | shares | 2,507,000 | |||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.9240 | |||
Number of shares of common stock issued (in shares) | shares | 2,316,000 | |||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 24.31 | |||
Value of common stock issued | $ 56,312 | |||
Total purchase price | $ 72,006 | |||
First Green Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Number of shares outstanding (in shares) | shares | 5,462,000 | |||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.7324 | |||
Number of shares of common stock issued (in shares) | shares | 4,000,000 | |||
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 26.87 | |||
Value of common stock issued | $ 107,486 | |||
Cash paid for vested Corporation 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 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 19, 2018 | Dec. 31, 2017 | Nov. 03, 2017 | Oct. 20, 2017 | Apr. 07, 2017 | Dec. 31, 2016 |
Assets: | ||||||||
Goodwill | $ 205,286 | $ 204,753 | $ 147,578 | $ 64,649 | ||||
Gulf Shore Banc shares Inc | ||||||||
Assets: | ||||||||
Cash | $ 38,267 | |||||||
Time deposits with other banks | 17,273 | |||||||
Investment securities | 316 | |||||||
Loans, net | 250,876 | |||||||
Fixed assets | 1,307 | |||||||
Other real estate owned | 13 | |||||||
Core deposit intangibles | 3,927 | |||||||
Goodwill | 37,098 | |||||||
Other assets | 8,572 | |||||||
Total assets | 357,649 | |||||||
Liabilities: | ||||||||
Deposits | 285,350 | |||||||
Other liabilities | 1,382 | |||||||
Total liabilities | $ 286,732 | |||||||
NorthStar Bank | Measurement Period Adjustments | ||||||||
Assets: | ||||||||
Cash | $ 0 | |||||||
Investment securities | 0 | |||||||
Loans, net | 0 | |||||||
Fixed assets | 0 | |||||||
Core deposit intangibles | 0 | |||||||
Goodwill | (99) | |||||||
Other assets | 99 | |||||||
Total assets | 0 | |||||||
Liabilities: | ||||||||
Deposits | 0 | |||||||
Other liabilities | 0 | |||||||
Total liabilities | 0 | |||||||
Palm Beach Community Bank | Measurement Period Adjustments | ||||||||
Assets: | ||||||||
Cash | $ 0 | |||||||
Investment securities | 0 | |||||||
Loans, net | (1,772) | |||||||
Fixed assets | 0 | |||||||
Core deposit intangibles | 0 | |||||||
Goodwill | 1,076 | |||||||
Other assets | 696 | |||||||
Total assets | 0 | |||||||
Liabilities: | ||||||||
Deposits | 0 | |||||||
Other liabilities | 0 | |||||||
Total liabilities | 0 | |||||||
First Green Bancorp, Inc. | ||||||||
Assets: | ||||||||
Goodwill | $ 56,700 | |||||||
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 | (676) | |||||||
Goodwill | 533 | |||||||
Other assets | 178 | |||||||
Total assets | 35 | |||||||
Liabilities: | ||||||||
Deposits | 0 | |||||||
Other liabilities | 35 | |||||||
Total liabilities | 35 | |||||||
As Adjusted | NorthStar Bank | ||||||||
Assets: | ||||||||
Cash | 5,485 | |||||||
Investment securities | 56,123 | |||||||
Loans, net | 136,832 | |||||||
Fixed assets | 2,637 | |||||||
Core deposit intangibles | 1,275 | |||||||
Goodwill | 12,305 | |||||||
Other assets | 1,621 | |||||||
Total assets | 216,278 | |||||||
Liabilities: | ||||||||
Deposits | 182,443 | |||||||
Other liabilities | 980 | |||||||
Total liabilities | 183,423 | |||||||
As Adjusted | Palm Beach Community Bank | ||||||||
Assets: | ||||||||
Cash | 9,301 | |||||||
Investment securities | 22,098 | |||||||
Loans, net | 270,318 | |||||||
Fixed assets | 7,641 | |||||||
Core deposit intangibles | 2,523 | |||||||
Goodwill | 34,504 | |||||||
Other assets | 10,605 | |||||||
Total assets | 356,990 | |||||||
Liabilities: | ||||||||
Deposits | 268,633 | |||||||
Other liabilities | 16,351 | |||||||
Total liabilities | 284,984 | |||||||
As Adjusted | 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 | 9,494 | |||||||
Goodwill | 56,731 | |||||||
Other assets | 40,847 | |||||||
Total assets | 817,386 | |||||||
Liabilities: | ||||||||
Deposits | 624,289 | |||||||
Other liabilities | 79,053 | |||||||
Total liabilities | 703,342 | |||||||
Initially Reported | NorthStar Bank | ||||||||
Assets: | ||||||||
Cash | 5,485 | |||||||
Investment securities | 56,123 | |||||||
Loans, net | 136,832 | |||||||
Fixed assets | 2,637 | |||||||
Core deposit intangibles | 1,275 | |||||||
Goodwill | 12,404 | |||||||
Other assets | 1,522 | |||||||
Total assets | 216,278 | |||||||
Liabilities: | ||||||||
Deposits | 182,443 | |||||||
Other liabilities | 980 | |||||||
Total liabilities | $ 183,423 | |||||||
Initially Reported | Palm Beach Community Bank | ||||||||
Assets: | ||||||||
Cash | 9,301 | |||||||
Investment securities | 22,098 | |||||||
Loans, net | 272,090 | |||||||
Fixed assets | 7,641 | |||||||
Core deposit intangibles | 2,523 | |||||||
Goodwill | 33,428 | |||||||
Other assets | 9,909 | |||||||
Total assets | 356,990 | |||||||
Liabilities: | ||||||||
Deposits | 268,633 | |||||||
Other liabilities | 16,351 | |||||||
Total liabilities | $ 284,984 | |||||||
Initially Reported | 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 | |||||||
Total assets | 817,351 | |||||||
Liabilities: | ||||||||
Deposits | 624,289 | |||||||
Other liabilities | 79,018 | |||||||
Total liabilities | $ 703,307 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in Thousands | Oct. 19, 2018 | Nov. 03, 2017 | Oct. 20, 2017 | Apr. 07, 2017 |
Gulf Shore Banc shares Inc | ||||
Business Acquisition [Line Items] | ||||
Book Balance | $ 256,876 | |||
Fair Value | 250,876 | |||
Gulf Shore Banc shares Inc | Commercial real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 106,729 | |||
Fair Value | 103,905 | |||
Gulf Shore Banc shares Inc | Commercial loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 32,137 | |||
Fair Value | 32,247 | |||
Gulf Shore Banc shares Inc | Single family residential real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 101,281 | |||
Fair Value | 99,598 | |||
Gulf Shore Banc shares Inc | Construction/development/land | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 13,175 | |||
Fair Value | 11,653 | |||
Gulf Shore Banc shares Inc | Consumer and other loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 3,554 | |||
Fair Value | 3,473 | |||
Gulf Shore Banc shares Inc | PCI Loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 0 | |||
Fair Value | $ 0 | |||
NorthStar Bank | ||||
Business Acquisition [Line Items] | ||||
Book Balance | $ 143,444 | |||
Fair Value | 136,832 | |||
NorthStar Bank | Commercial real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 73,139 | |||
Fair Value | 69,554 | |||
NorthStar Bank | Commercial loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 31,200 | |||
Fair Value | 30,854 | |||
NorthStar Bank | Single family residential real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 15,111 | |||
Fair Value | 15,096 | |||
NorthStar Bank | Construction/development/land | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 11,706 | |||
Fair Value | 10,390 | |||
NorthStar Bank | Consumer and other loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 6,761 | |||
Fair Value | 6,645 | |||
NorthStar Bank | PCI Loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 5,527 | |||
Fair Value | $ 4,293 | |||
Palm Beach Community Bank | ||||
Business Acquisition [Line Items] | ||||
Book Balance | $ 275,567 | |||
Fair Value | 270,318 | |||
Palm Beach Community Bank | Commercial real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 134,705 | |||
Fair Value | 132,089 | |||
Palm Beach Community Bank | Commercial loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 36,076 | |||
Fair Value | 35,876 | |||
Palm Beach Community Bank | Single family residential real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 30,153 | |||
Fair Value | 30,990 | |||
Palm Beach Community Bank | Construction/development/land | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 69,686 | |||
Fair Value | 67,425 | |||
Palm Beach Community Bank | Consumer and other loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 179 | |||
Fair Value | 172 | |||
Palm Beach Community Bank | PCI Loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 4,768 | |||
Fair Value | $ 3,766 | |||
First Green Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Book Balance | $ 668,216 | |||
Fair Value | 631,497 | |||
First Green Bancorp, Inc. | Commercial real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 437,767 | |||
Fair Value | 406,613 | |||
First Green Bancorp, Inc. | Commercial loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 56,288 | |||
Fair Value | 54,973 | |||
First Green Bancorp, Inc. | Single family residential real estate | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 101,674 | |||
Fair Value | 101,119 | |||
First Green Bancorp, Inc. | Construction/development/land | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 61,195 | |||
Fair Value | 58,385 | |||
First Green Bancorp, Inc. | Consumer and other loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 9,156 | |||
Fair Value | 8,942 | |||
First Green Bancorp, Inc. | PCI Loans | ||||
Business Acquisition [Line Items] | ||||
Book Balance | 2,136 | |||
Fair Value | $ 1,465 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Oct. 19, 2018 | Nov. 03, 2017 | Oct. 20, 2017 |
NorthStar Bank | |||
Business Acquisition [Line Items] | |||
Total purchased credit-impaired loan acquired | $ 136,832 | ||
NorthStar Bank | PCI Loans | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 5,596 | ||
Non-accretable difference | (689) | ||
Cash flows expected to be collected | 4,907 | ||
Accretable yield | (614) | ||
Total purchased credit-impaired loan acquired | $ 4,293 | ||
Palm Beach Community Bank | |||
Business Acquisition [Line Items] | |||
Total purchased credit-impaired loan acquired | $ 270,318 | ||
Palm Beach Community Bank | PCI Loans | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest | 4,768 | ||
Non-accretable difference | (1,002) | ||
Cash flows expected to be collected | 3,766 | ||
Accretable yield | 0 | ||
Total purchased credit-impaired loan acquired | $ 3,766 | ||
First Green Bancorp, Inc. | |||
Business Acquisition [Line Items] | |||
Total purchased credit-impaired loan acquired | $ 631,497 | ||
First Green Bancorp, Inc. | PCI 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 loan acquired | $ 1,465 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Net interest income | $ 238,498 | $ 223,508 |
Net income available to common shareholders | $ 82,307 | $ 62,188 |
EPS - basic (in dollars per share) | $ 1.61 | $ 1.24 |
EPS - diluted (in dollars per share) | $ 1.58 | $ 1.22 |
Uncategorized Items - sbcf20191
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 |