Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 0-13660 |
Entity Registrant Name | Seacoast Banking Corporation of Florida |
Entity Incorporation, State or Country Code | FL |
Entity Tax Identification Number | 59-2260678 |
Entity Address, Address Line One | 815 COLORADO AVENUE, |
Entity Address, City or Town | STUART |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34994 |
City Area Code | (772) |
Local Phone Number | 287-4000 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SBCF |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 52,708,726 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000730708 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Interest and fees on loans | $ 63,440 | $ 62,287 |
Interest and dividends on securities | 8,818 | 9,270 |
Interest on interest bearing deposits and other investments | 734 | 918 |
Total Interest Income | 72,992 | 72,475 |
Interest on deposits | 3,190 | 3,873 |
Interest on time certificates | 4,768 | 4,959 |
Interest on borrowed money | 1,857 | 2,869 |
Total Interest Expense | 9,815 | 11,701 |
Net Interest Income | 63,177 | 60,774 |
Provision for credit losses | 29,513 | 1,397 |
Net Interest Income after Provision for Credit Losses | 33,664 | 59,377 |
Noninterest income | ||
Other income | 14,669 | 12,845 |
Securities gains (losses), net | 19 | (9) |
Total Noninterest Income (Note H) | 14,688 | 12,836 |
Total Noninterest Expenses (Note H) | 47,798 | 43,099 |
Income Before Income Taxes | 554 | 29,114 |
(Benefit) provision for income taxes | (155) | 6,409 |
Net Income | $ 709 | $ 22,705 |
Share Data | ||
Net income per share of common stock - diluted (in dollars per share) | $ 0.01 | $ 0.44 |
Net income per share of common stock - basic (in dollars per share) | $ 0.01 | $ 0.44 |
Average common shares outstanding - diluted (in shares) | 52,284 | 52,039 |
Average common shares outstanding - basic (in shares) | 51,803 | 51,359 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 709 | $ 22,705 |
Other comprehensive income: | ||
Unrealized gains on securities available-for-sale | 104 | 12,676 |
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement | 0 | (730) |
Amortization of unrealized losses on securities transferred to held-to-maturity, net | 59 | 71 |
Reclassification adjustment for losses included in net income | 95 | 87 |
Benefit (provision) for income taxes | 36 | (3,261) |
Total other comprehensive income | 294 | 8,843 |
Comprehensive Income | $ 1,003 | $ 31,548 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 82,111 | $ 89,843 |
Interest bearing deposits with other banks | 232,763 | 34,688 |
Total cash and cash equivalents | 314,874 | 124,531 |
Time deposits with other banks | 3,742 | 3,742 |
Debt securities: | ||
Securities available-for-sale (at fair value) | 910,311 | 946,855 |
Securities held-to-maturity (fair value $261,218 at March 31, 2020 and $262,213 at December 31, 2019) | 252,373 | 261,369 |
Total debt securities | 1,162,684 | 1,208,224 |
Loans held for sale (at fair value) | 29,281 | 20,029 |
Loans | 5,317,208 | 5,198,404 |
Less: Allowance for credit losses | (85,411) | (35,154) |
Loans, net of allowance for credit losses | 5,231,797 | 5,163,250 |
Bank premises and equipment, net | 71,540 | 66,615 |
Other real estate owned | 14,640 | 12,390 |
Goodwill | 212,085 | 205,286 |
Other intangible assets, net | 19,461 | 20,066 |
Bank owned life insurance | 127,067 | 126,181 |
Net deferred tax assets | 19,766 | 16,457 |
Other assets | 145,957 | 141,740 |
Total Assets | 7,352,894 | 7,108,511 |
Liabilities | ||
Deposits | 5,887,499 | 5,584,753 |
Securities sold under agreements to repurchase, maturing within 30 days | 64,723 | 86,121 |
Federal Home Loan Bank (FHLB) borrowings | 265,000 | 315,000 |
Subordinated debt | 71,155 | 71,085 |
Other liabilities | 72,730 | 65,913 |
Total Liabilities | 6,361,107 | 6,122,872 |
Shareholders' Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 53,010,413 and outstanding 52,708,726 at March 31, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 2019 | 5,271 | 5,151 |
Other shareholders' equity | 986,516 | 980,488 |
Total Shareholders' Equity | 991,787 | 985,639 |
Total Liabilities and Shareholders' Equity | $ 7,352,894 | $ 7,108,511 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 261,218 | $ 262,213 |
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) | 53,010,413 | 51,760,617 |
Common stock, shares outstanding (in shares) | 52,708,726 | 51,513,733 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 709 | $ 22,705 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,511 | 1,669 |
Amortization of premiums and discounts on securities, net | 989 | 625 |
Amortization of operating lease right-of-use assets | 1,274 | 1,025 |
Other amortization and accretion, net | (1,531) | (810) |
Stock based compensation | 2,000 | 2,129 |
Origination of loans designated for sale | (73,223) | (54,034) |
Sale of loans designated for sale | 66,126 | 54,813 |
Provision for credit losses | 29,513 | 1,397 |
Deferred income taxes | 2,207 | 1,216 |
Losses on sale of securities | 95 | 87 |
Gains on sale of loans | (2,138) | (1,819) |
Gains on sale and write-downs of other real estate owned | (415) | (187) |
Losses on disposition of fixed assets | 219 | 208 |
Changes in operating assets and liabilities, net of effects from acquired companies: | ||
Net (increase) decrease in other assets | (6,245) | 1,653 |
Net increase (decrease) in other liabilities | 3,595 | (10,594) |
Net cash provided by operating activities | 24,686 | 20,083 |
Cash Flows from Investing Activities | ||
Maturities and repayments of debt securities available-for-sale | 82,715 | 18,261 |
Maturities and repayments of debt securities held-to-maturity | 8,894 | 8,830 |
Proceeds from sale of debt securities available-for-sale | 27,765 | 35,048 |
Purchases of debt securities available-for-sale | (74,213) | 0 |
Maturities of time deposits with other banks | 0 | 69 |
Net new loans and principal repayments | 25,154 | (3,141) |
Proceeds from sale of other real estate owned | 3,736 | 1,572 |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 27,923 | 22,057 |
Purchase of FHLB and Federal Reserve Bank Stock | (26,227) | (9,749) |
Net cash from bank acquisition | 33,883 | 0 |
Proceeds from bank owned life insurance | 0 | 12,378 |
Additions to bank premises and equipment | (570) | (849) |
Net cash provided by investing activities | 109,060 | 84,476 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 129,005 | 428,338 |
Net decrease in federal funds purchased and repurchase agreements | (21,398) | (66,318) |
Net decrease in FHLB borrowings with original maturities of three months or less | (170,000) | (314,000) |
Repayments of FHLB borrowings with original maturities of more than three months | 0 | (63,000) |
Proceeds from FHLB borrowings with original maturities of more than three months | 120,000 | 0 |
Stock based employee benefit plans | (1,010) | (1,519) |
Dividends paid | 0 | 0 |
Net cash provided by (used in) financing activities | 56,597 | (16,499) |
Net increase in cash and cash equivalents | 190,343 | 88,060 |
Cash and cash equivalents at beginning of period | 124,531 | 115,951 |
Cash and cash equivalents at end of period | 314,874 | 204,011 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 10,259 | 11,422 |
Cash paid during the period for taxes | 0 | 0 |
New operating lease right-of-use assets | 33 | 29,077 |
New operating lease liabilities | 33 | 33,403 |
Supplemental disclosure of non cash investing activities: | ||
Transfer of debt securities from held-to-maturity to available-for-sale | 0 | 52,796 |
Transfers from loans to other real estate owned | $ 5,571 | $ 430 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2018 | 51,361 | |||||
Beginning balance at Dec. 31, 2018 | $ 864,267 | $ 5,136 | $ 778,501 | $ 97,074 | $ (3,384) | $ (13,060) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 31,548 | 22,705 | 8,843 | |||
Stock based compensation expense | 2,129 | 2,129 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 49 | |||||
Common stock transactions related to stock based employee benefit plans | (1,584) | $ 5 | (14) | (1,575) | ||
Common stock issued for stock options (in shares) | 4 | |||||
Common stock issued for stock options | 64 | 64 | ||||
Increase (decrease) in shares during period (in shares) | 53 | |||||
Increase (decrease) in stockholders' equity during period | 32,157 | $ 5 | 2,179 | 22,705 | (1,575) | 8,843 |
Ending balance (in shares) at Mar. 31, 2019 | 51,414 | |||||
Ending balance at Mar. 31, 2019 | 896,424 | $ 5,141 | 780,680 | 119,779 | (4,959) | (4,217) |
Beginning balance (in shares) at Dec. 31, 2019 | 51,514 | |||||
Beginning balance at Dec. 31, 2019 | 985,639 | $ 5,151 | 786,242 | 195,813 | (6,032) | 4,465 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 1,003 | 709 | 294 | |||
Stock based compensation expense | 2,000 | 2,000 | ||||
Common stock transactions related to stock based employee benefit plans (in shares) | 115 | |||||
Common stock transactions related to stock based employee benefit plans | (1,410) | $ 12 | (32) | (1,390) | ||
Common stock issued for stock options (in shares) | 37 | |||||
Common stock issued for stock options | 400 | $ 4 | 396 | |||
Issuance of common stock, pursuant to acquisition (in shares) | 1,043 | |||||
Issuance of common stock, pursuant to acquisition | 21,031 | $ 104 | 20,927 | |||
Increase (decrease) in shares during period (in shares) | 1,195 | |||||
Increase (decrease) in stockholders' equity during period | 6,148 | $ 120 | 23,291 | (16,167) | (1,390) | 294 |
Ending balance (in shares) at Mar. 31, 2020 | 52,709 | |||||
Ending balance at Mar. 31, 2020 | $ 991,787 | $ 5,271 | $ 809,533 | $ 179,646 | $ (7,422) | $ 4,759 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. 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 credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, income taxes and realization of deferred tax assets and contingent liabilities. Adoption of new accounting pronouncements: On January 1, 2020, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 326 Financial Instruments - Credit Losses ("ASC Topic 326") which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity ("HTM") debt securities. It also applies to off-balance sheet credit exposure such as loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, ASC Topic 326 changed the accounting for impairment of available-for-sale ("AFS") debt securities. The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting period beginning after January 1, 2020 are presented under ASC Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table reflects the cumulative effect of adoption: (in thousands) December 31, 2019 CECL adoption impact January 1, 2020 Loans $ 5,198,404 $ (706 ) $ 5,197,698 Allowance for credit losses 35,154 21,226 56,380 Reserve for unfunded commitments 140 1,837 1,977 Deferred tax assets 16,457 (5,481 ) 10,976 Retained earnings 195,813 (16,876 ) 178,937 ASC Topic 326 introduced new definitions and criteria for categorizing purchased loans. Loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination are classified as purchased credit deteriorated ("PCD"). Acquired loans which do not meet the definition of PCD are classified by the Company as acquired non-PCD. At the date of adoption, the Company reclassified all loans previously classified as purchased credit impaired ("PCI") to PCD, and increased the allowance by $0.7 million with a corresponding adjustment to these loans' amortized cost basis. The remaining noncredit discount on loans previously classified as PCI was $0.9 million , which will be accreted into interest income over the remaining life of the loans. Under CECL, the Company estimates the allowance using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit losses provide the basis for estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics. For loans analyzed on a collective basis, the Company has developed an allowance model based on an analysis of probability of default ("PD") and loss given default ("LGD") to determine an expected loss by loan segment. PDs and LGDs are developed by analyzing the average historical loss migration of loans to default. The Company excludes accrued interest on loans from its determination of allowance. The allowance estimation process also applies an economic forecast scenario over a three year forecast period. The forecast may utilize one scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modification unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring ("TDR") will be executed with an individual borrower, or the extension or renewal options are explicitly stated in the contract and are not unconditionally under the control of the Company. 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. Adjustments may be made to baseline reserves based on an assessment of internal and external influences on credit quality not fully reflected in the quantitative components of the allowance model. These influences may include elements such as changes in concentration, macroeconomic conditions, recent observable asset quality trends, staff turnover, regional market conditions, employment levels and loan growth. Based upon management's assessments of these factors, the Company may apply qualitative adjustments to the allowance. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. Loans evaluated individually are collateral dependent and primarily secured by real estate. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulty, is considered to be a TDR. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit losses is determining by discounting the expected future cash flows at the original interest rate of the loan. The Company estimates a reserve for unfunded commitments, which is reported separately from the allowance for credit losses within other liabilities. The reserve is based upon the same quantitative and qualitative factors applied to the collectively evaluated loan portfolio. All HTM debt securities are issued by government sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all the Company's HTM debt securities as of the date of adoption is AA+. There is no history of the government withholding or limiting support to these agencies, nor is there any indication of change to that historical support. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is zero risk of loss if default were to occur. As a result, the Company recorded no allowance for HTM debt securities with a fair value less than amortized cost basis at the date of adoption. ASC Topic 326 amended the existing other-than-temporary-impairment guidance for AFS securities, requiring credit losses to be recorded as an allowance rather than through a permanent write-down. When evaluating AFS debt securities under ASC Topic 326, the Company has evaluated whether the decline in fair value is attributed to credit losses or other factors using both quantitative and qualitative analyses, including cash flow analysis, review of credit ratings, remaining payment terms, prepayment speeds and analysis of macro-economic conditions. At the date of adoption, collateralized loan obligations had unrealized losses of $1.2 million . The collateral for these securities is first lien senior secured corporate debt, and the Company holds senior tranches rated A or higher. Based on this analysis, the Company believes that the unrealized loss position for AFS debt securities at the time of adoption was the result of both broad investment type spreads and the current rate environment. Each investment is expected to recover its price depreciations over its holding period as it moves to maturity and the Company has the intent and ability to hold these securities to maturity if necessary. As a result of this evaluation, the Company concluded that no allowance was appropriate. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Yet Adopted | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For the three months ended March 31, 2020 , options to purchase 489,000 shares were antidilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 487,000 shares for the three months ended March 31, 2019 . Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Basic earnings per share Net income $ 709 $ 22,705 Average common shares outstanding 51,803 51,359 Net income per share $ 0.01 $ 0.44 Diluted earnings per share Net income $ 709 $ 22,705 Average common shares outstanding 51,803 51,359 Add: Dilutive effect of employee restricted stock and stock options 481 680 Average diluted shares outstanding 52,284 52,039 Net income per share $ 0.01 $ 0.44 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 are summarized as follows: March 31, 2020 (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 $ 9,296 $ 287 $ — $ 9,583 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 608,711 26,760 (252 ) 635,219 Private mortgage-backed securities and collateralized mortgage obligations 52,868 111 (2,410 ) 50,569 Collateralized loan obligations 205,238 — (19,509 ) 185,729 Obligations of state and political subdivisions 27,909 1,306 (4 ) 29,211 Totals $ 904,022 $ 28,464 $ (22,175 ) $ 910,311 Debt securities held-to-maturity Mortgage-backed securities of U.S. government sponsored entities $ 252,373 $ 9,447 $ (602 ) $ 261,218 Totals $ 252,373 $ 9,447 $ (602 ) $ 261,218 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 Proceeds from sales of securities during the three months ended March 31, 2020 and 2019 were $27.8 million and $35.0 million , respectively. Included in "Securities gains (losses), net" for the three months ended March 31, 2020 are gross gains of $0.1 million and gross losses of $0.2 million , and gross gains of $0.2 million and gross losses of $0.3 million for the three months ended March 31, 2019 . Also included in “Securities gains (losses), net” is an increase of $0.1 million for each of the three months ended March 31, 2020 and 2019 in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities. At March 31, 2020 , debt securities with a fair value of $319.2 million were pledged primarily as collateral for public deposits and secured borrowings. The amortized cost and fair value of debt securities held-to-maturity and available-for-sale at March 31, 2020 , 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 $ — $ — $ 2,068 $ 2,091 Due after one year through five years — — 8,374 8,585 Due after five years through ten years — — 9,040 9,546 Due after ten years — — 17,723 18,572 — — 37,205 38,794 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 252,373 261,218 608,711 635,219 Private mortgage-backed securities and collateralized mortgage obligations — — 52,868 50,569 Collateralized loan obligations — — 205,238 185,729 Totals $ 252,373 $ 261,218 $ 904,022 $ 910,311 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, or using observable market data. The tables below indicate, at March 31, 2020 , the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded, and at December 31, 2019 , the fair value of available-for-sale and held-to-maturity debt securities with unrealized losses for which no allowance has been recorded. March 31, 2020 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 37,338 (239 ) 363 (13 ) 37,701 (252 ) Private mortgage-backed securities and collateralized mortgage obligations 37,775 (2,410 ) — — 37,775 (2,410 ) Collateralized loan obligations 70,314 (6,465 ) 115,415 (13,044 ) 185,729 (19,509 ) Obligations of state and political subdivisions 1,239 (4 ) — — 1,239 (4 ) Totals $ 146,666 $ (9,118 ) $ 115,778 $ (13,057 ) $ 262,444 $ (22,175 ) 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 ) Totals $ 312,988 $ (2,041 ) $ 214,951 $ (2,506 ) $ 527,939 $ (4,547 ) At March 31, 2020 , the Company had $19.5 million in unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations ("CLOs") having a fair value of $185.7 million . CLOs are special purpose vehicles and those in which the Company has invested acquire nearly all first lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of March 31, 2020 , the Company held 29 total positions of which 23 positions with a fair value of $164.6 million , or 88% , are in AAA/AA tranches, and six positions with a fair value of $21.1 million , or 12% , are in A rated tranches, with average credit support of 31% and 18% , respectively. The Company evaluates the securities for potential credit losses by modeling expected loan level defaults, recoveries, and prepayments for each CLO security. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2020 , no allowance for credit losses has been recorded. At March 31, 2020 , the Company had $2.4 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $37.8 million . The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 16% and low loan to value ratios. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2020 , no allowance for credit losses has been recorded. All HTM debt securities are issued by government sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all HTM debt securities is AA+. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. Despite the emergence of significant market changes and increasing degrees of uncertainty in the U.S. economy late in the first quarter of 2020, there has to date been no specific impact on the agencies or changes in the nature or quality of the guarantee they provide. As a result, as of March 31, 2020 , no allowance for credit losses has been recorded. Included in other assets at March 31, 2020 is $42.8 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 $6.5 million investment in a CRA-qualified mutual fund carried at fair value. Accrued interest receivable on AFS and HTM debt securities of $3.4 million and $0.6 million at March 31, 2020 , respectively, and $3.8 million and $0.6 million at December 31, 2019 , respectively, is also included in other assets. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | Loans Loans held for investment are categorized into the following segments: • Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property. • Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property. • Commercial real estate - non owner occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property. • Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable mortgages, home equity mortgage and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Source of repayments may be from the occupant of the residential property or from cash flows on rental income from the successful operation of the property. • Commercial and financial: Loan are extended to commercial customers. The purpose of the loans can range from working capital, physical asset expansion, asset acquisition or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower's business. Commercial loans are based primarily on the historical and projected cash flow of the borrower's business and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. • Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized. The following tables present net loan balances by segment as of: March 31, 2020 (In thousands) Portfolio Loans Acquired Non PCD Loans PCD Loans Total Construction and land development $ 257,481 $ 34,934 $ 2,990 $ 295,405 Commercial real estate - owner occupied 824,836 230,517 27,540 1,082,893 Commercial real estate - non owner occupied 1,058,841 310,417 11,838 1,381,096 Residential real estate 1,315,664 233,169 10,921 1,559,754 Commercial and financial 721,380 73,134 1,524 796,038 Consumer 195,176 6,478 368 202,022 Totals $ 4,373,378 $ 888,649 $ 55,181 $ 5,317,208 December 31, 2019 (In thousands) Portfolio Loans PULs PCI Loans Total Construction and land development $ 281,335 $ 43,618 $ 160 $ 325,113 Commercial real estate 1,834,811 533,943 10,217 2,378,971 Residential real estate 1,304,305 201,848 1,710 1,507,863 Commercial and financial 697,301 80,372 579 778,252 Consumer 200,166 8,039 — 208,205 Totals $ 4,317,918 $ 867,820 $ 12,666 $ 5,198,404 In the first quarter of 2020, the Company completed the acquisition of First Bank of the Palm Beaches, adding PCD loans of $43.0 million and Non PCD loans of $103.8 million . See additional discussion in Note L - Business Combinations. The amortized cost basis of portfolio loans as of March 31, 2020 and December 31, 2019 includes net deferred costs of $20.9 million and $19.9 million , respectively. At March 31, 2020 , the remaining fair value adjustments on acquired loans was $32.9 million, or 3.4% of the outstanding acquired loan balances, which consisted of $1.0 million on PCD loans and $31.9 million on acquired non-PCD loans. At December 31, 2019 , the remaining fair value adjustments for PUL loans was $34.9 million, or 3.8% of the acquired loan balances. These amounts are accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $15.2 million and $14.9 million at March 31, 2020 and December 31, 2019 , respectively. The following tables present the status of net loan balances as of: March 31, 2020 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Portfolio Loans Construction and land development $ 257,459 $ — $ — $ — $ 22 $ 257,481 Commercial real estate - owner occupied 818,726 2,842 — 618 2,650 824,836 Commercial real estate - non owner occupied 1,056,202 542 — — 2,097 1,058,841 Residential real estate 1,305,898 2,405 998 — 6,363 1,315,664 Commercial and financial 709,028 5,098 1,065 — 6,189 721,380 Consumer 193,141 647 810 1 577 195,176 Total Portfolio Loans 4,340,454 11,534 2,873 619 17,898 4,373,378 Acquired Non PCD Loans Construction and land development 34,360 — — — 574 34,934 Commercial real estate - owner occupied 228,776 1,456 71 — 214 230,517 Commercial real estate - non owner occupied 306,959 2,334 — — 1,124 310,417 Residential real estate 228,213 3,676 — — 1,280 233,169 Commercial and financial 70,460 489 46 — 2,139 73,134 Consumer 6,454 24 — — — 6,478 Total Acquired Non PCD Loans 875,222 7,979 117 — 5,331 888,649 PCD Loans Construction and land development 2,980 — — — 10 2,990 Commercial real estate - owner occupied 26,462 1,078 — — — 27,540 Commercial real estate - non owner occupied 10,784 — — — 1,054 11,838 Residential real estate 9,720 — — — 1,201 10,921 Commercial and financial 709 727 — — 88 1,524 Consumer 278 90 — — — 368 Total PCD Loans 50,933 1,895 — — 2,353 55,181 Total Loans $ 5,266,609 $ 21,408 $ 2,990 $ 619 $ 25,582 $ 5,317,208 December 31, 2019 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total 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 Purchased Unimpaired Loans 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 Purchased Credit Impaired 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 All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company recognized $0.3 million in interest income on nonaccrual loans during each of the three months ended March 31, 2020 and 2019. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 31, 2020 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 584 $ 22 $ 606 $ 11 Commercial real estate - owner occupied 1,169 1,695 2,864 251 Commercial real estate - non owner occupied 3,221 1,054 4,275 251 Residential real estate 7,890 954 8,844 928 Commercial and financial 3,571 4,845 8,416 2,624 Consumer 36 541 577 238 Totals $ 16,471 $ 9,111 $ 25,582 $ 4,303 December 31, 2019 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 4,914 $ 23 $ 4,937 $ 12 Commercial real estate 6,200 320 6,520 149 Residential real estate 8,700 780 9,480 564 Commercial and financial 3,449 2,459 5,908 1,622 Consumer 39 71 110 37 Totals $ 23,301 $ 3,654 $ 26,955 $ 2,384 Collateral Dependent Loans Loans are considered collateral dependent when the repayment, based on the Company's assessment as of the reporting date, is expected to be provided substantially through the operation or sale of the underlying collateral and there are no other available and reliable sources of repayment. The following table presents collateral dependent loans as of: (In thousands) March 31, 2020 December 31, 2019 Construction and land development $ 606 $ 4,926 Commercial real estate - owner occupied 4,507 2,571 Commercial real estate - non owner occupied 4,274 3,152 Residential real estate 8,932 11,550 Commercial and financial 4,844 4,338 Consumer 581 141 Totals $ 23,744 $ 26,678 Loans by Risk Rating The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system: • Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated. • Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management's close attention are deemed to be Special Mention. • Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. • Substandard Impaired: Substandard loans, typically placed on nonaccrual and considered to be collateral dependent. Also includes accruing TDRs. • Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off. The following tables present the risk rating of loans by year of origination: March 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 12,458 $ 94,108 $ 87,137 $ 37,337 $ 10,678 $ 18,562 $ 29,733 $ 290,013 Special Mention 280 691 1,470 — — 2,191 — 4,632 Substandard — — — — — 32 — 32 Substandard Impaired — — — — 574 154 — 728 Doubtful — — — — — — — — Total 12,738 94,799 88,607 37,337 11,252 20,939 29,733 295,405 Commercial real estate - owner occupied Risk Ratings: Pass 42,888 189,419 162,584 145,468 161,131 339,852 17,011 1,058,353 Special Mention 202 1,633 371 — 4,471 5,147 — 11,824 Substandard — — — 3,805 1,070 3,335 — 8,210 Substandard Impaired — — — 1,451 — 2,735 — 4,186 Doubtful 1 — — — — 320 — — 320 Total 43,090 191,052 162,955 150,724 166,992 351,069 17,011 1,082,893 Commercial real estate - non owner occupied Risk Ratings: Pass 48,094 328,437 229,350 131,409 202,980 390,699 5,493 1,336,462 Special Mention — 108 5,478 5,288 15,483 6,529 — 32,886 Substandard — — — — — 5,345 1,350 6,695 Substandard Impaired — — — — 126 4,927 — 5,053 Doubtful — — — — — — — — Total 48,094 328,545 234,828 136,697 218,589 407,500 6,843 1,381,096 Residential real estate Risk Ratings: Pass 33,704 164,901 281,466 307,018 209,956 223,116 313,101 1,533,262 Special Mention — 25 1,414 — 1,025 570 805 3,839 Substandard — — — 3,763 — 2,235 1,945 7,943 Substandard Impaired — 707 — — — 11,990 2,013 14,710 Doubtful — — — — — — — — Total 33,704 165,633 282,880 310,781 210,981 237,911 317,864 1,559,754 Commercial and financial Risk Ratings: Pass 48,507 158,373 120,271 97,771 49,293 56,869 244,912 775,996 Special Mention — 1,005 263 530 363 2,505 889 5,555 Substandard — 310 106 513 675 1,922 2,351 5,877 Substandard Impaired — — 1,224 2,076 1,080 1,167 932 6,479 Doubtful 1 — 518 974 293 337 — 9 2,131 Total 48,507 160,206 122,838 101,183 51,748 62,463 249,093 796,038 March 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Consumer Risk Ratings: Pass 12,759 60,062 42,780 28,500 28,195 14,071 10,375 196,742 Special Mention — 78 307 122 121 97 2,622 3,347 Substandard — 36 61 131 613 51 262 1,154 Substandard Impaired — 18 — 8 44 709 — 779 Doubtful — — — — — — — — Total 12,759 60,194 43,148 28,761 28,973 14,928 13,259 202,022 Consolidated Risk Ratings: Pass 198,410 995,300 923,588 747,503 662,233 1,043,169 620,625 5,190,828 Special Mention 482 3,540 9,303 5,940 21,463 17,039 4,316 62,083 Substandard — 346 167 8,212 2,358 12,920 5,908 29,911 Substandard Impaired — 725 1,224 3,535 1,824 21,682 2,945 31,935 Doubtful 1 — 518 974 293 657 — 9 2,451 Total $ 198,892 $ 1,000,429 $ 935,256 $ 765,483 $ 688,535 $ 1,094,810 $ 633,803 $ 5,317,208 1 Loans classified as doubtful are fully reserved as of March 31, 2020. The following table presents the risk rating of loans as of: December 31, 2019 (In thousands) Pass Special Mention Substandard Doubtful 1 Total 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 Totals $ 5,091,691 $ 51,560 $ 53,958 $ 1,195 $ 5,198,404 1 Loans classified as doubtful are fully reserved as of December 31, 2019. Troubled Debt Restructured Loans The Company’s 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 restructuring agreements. In March 2020, regulatory agencies issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID–19. The agencies confirmed with the staff of the FASB that short–term modifications made on a good faith basis in response to the COVID–19 pandemic to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short–term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant and were made between March 1, 2020 and the earlier of (i) December 31, 2020 or (ii) 60 days after the end of the COVID–19 national emergency. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In March 2020, the Company processed short-term payment deferrals on loans totaling approximately $512 million to borrowers who were current on payments prior to deferral. None of these payment deferrals have have been classified as TDRs. See additional information in Note M - Subsequent Events. The following table presents loans that were modified during the three months ended: March 31, 2020 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non owner occupied — — — Residential real estate 1 45 45 Commercial and financial 4 437 437 Consumer — — — Totals 5 $ 482 $ 482 March 31, 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — — — Commercial real estate - owner occupied 1 180 180 Commercial real estate - non owner occupied — — — Residential real estate — — — Commercial and financial 1 1,815 1,815 Consumer — — — Totals 2 1,995 1,995 The TDRs described above resulted in a specific allowance for credit losses of $0.1 million as of March 31, 2020 and no specific allowance for credit losses as of March 31, 2019 . During the three months ended March 31, 2020 , there were three defaults totaling $1.4 million of loans that had been modified in TDRs within the preceding twelve months. During the three months ended March 31, 2019 , there were no payment defaults on loans that had been modified to a TDR within the preceding 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. For loans measured based on the present value of expected future cash flows, $24,000 and $35,000 , respectively, for the three months ended March 31, 2020 and 2019 , was included in interest income and represents the change in present value attributable to the passage of time. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2020 (In thousands) Beginning Balance Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 1,842 $ 1,479 $ 48 $ 1,248 $ — $ 29 $ — $ 4,646 Commercial real estate - owner occupied 5,361 80 207 (264 ) (44 ) — (13 ) 5,327 Commercial real estate - non owner occupied 7,863 9,341 140 18,283 (12 ) 28 — 35,643 Residential real estate 7,667 5,787 97 6,260 (18 ) 116 (10 ) 19,899 Commercial and financial 9,716 3,677 11 2,746 (1,100 ) 420 — 15,470 Consumer 2,705 862 13 1,240 (473 ) 80 (1 ) 4,426 Totals $ 35,154 $ 21,226 $ 516 $ 29,513 $ (1,647 ) $ 673 $ (24 ) $ 85,411 Three Months Ended March 31, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,233 $ 83 $ — $ 4 $ — $ 2,320 Commercial real estate 11,112 625 (16 ) 47 (15 ) 11,753 Residential real estate 7,775 (414 ) (36 ) 139 (19 ) 7,445 Commercial and financial 8,585 853 (944 ) 79 — 8,573 Consumer 2,718 250 (483 ) 247 (1 ) 2,731 Totals $ 32,423 $ 1,397 $ (1,479 ) $ 516 $ (35 ) $ 32,822 Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts to project losses over a three-year forecast period. Forecast data is sourced primarily from Moody’s Analytics, a firm widely recognized for its research, analysis, and economic forecasts. For portfolio segments with a weighted average life longer than three years, the Company reverts to longer term historical loss experience to estimate losses over the remaining life of the loans within each segment. Historical credit losses provide the basis for estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics. At March 31, 2020 , the Company utilized Moody’s “U.S. Macroeconomic Outlook Baseline” scenario which predicted a sudden sharp recession in the near term, driven primarily by the COVID-19 pandemic, including a deep drop in U.S. gross domestic product in the second quarter of 2020, followed by a return to growth in the second half of 2020. The Company considered the significant uncertainty of factors assumed in the Baseline scenario, including the timing, number and severity of virus infections, the duration of stay-at-home orders and other limitations on businesses, and the amount and availability of fiscal stimulus, including programs offered under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The Company considered the potential that outcomes in any or all of these factors could differ from the Baseline scenario, and qualitative considerations were incorporated reflecting the risk of uncertain, and possibly further deteriorating, economic conditions, and for additional dimensions of risk not captured in the quantitative model. In the Construction & Land Development segment, the increase in loss estimate during the quarter was affected by both the increase in Baseline scenario forecast from the prior period and qualitative adjustments relating to uncertainty of economic conditions. In this segment, the primary source of repayment is typically from proceeds of the sale, refinancing, or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses. In the Commercial Real Estate - Owner Occupied segment, risk characteristics include, but are not limited to, collateral type, loan seasoning, and lien position. The introduction of government sponsored programs, including the CARES Act, and the Company's expectation that borrowers in this segment will benefit from these programs, offset the otherwise detrimental effect of the negative economic outlook. In the Commercial Real Estate - Non Owner Occupied segment, repayment is often dependent upon rental income from the successful operation of the underlying property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, loan seasoning, and lien position are among the risk characteristics analyzed for this segment. Modeled results as of March 31, 2020 reflected higher estimated probabilities of default and loss given default, in addition to qualitative adjustments for uncertainty of macroeconomic factors. The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. Risk characteristics considered for this segment include, but are not limited to, collateral type, lien position loan to value ratios, and loan seasoning .The impact of the forecast on home equity lines of credit increased the estimated expected losses in this segment, while closed-end single family mortgages were less impacted due to anticipated government stimulus efforts and high borrower FICO scores. In the Commercial & Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. Industry, collateral type, estimated collateral values and loan seasoning are among the relevant factors in assessing expected losses and were affected by a negative economic outlook, in addition to qualitative factors added to consider significant economic uncertainty. Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score. Increases in the forecast for expected unemployment rates increased the reserve in this portfolio, as did qualitative considerations of overall uncertainty as to the depth and duration of the economic downturn. The allowance for credit losses is composed of specific allowances for individually evaluated and general allowances grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2020 and December 31, 2019 is shown in the following tables: March 31, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 729 $ 13 $ 294,676 $ 4,633 $ 295,405 $ 4,646 Commercial real estate - owner occupied 4,590 252 1,078,303 5,075 1,082,893 5,327 Commercial real estate - non owner occupied 8,916 316 1,372,180 35,327 1,381,096 35,643 Residential real estate 14,661 1,163 1,545,093 18,736 1,559,754 19,899 Commercial and financial 8,618 2,701 787,420 12,769 796,038 15,470 Consumer 754 247 201,268 4,179 202,022 4,426 Totals $ 38,268 $ 4,692 $ 5,278,940 $ 80,719 $ 5,317,208 $ 85,411 December 31, 2019 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 5,217 $ 14 $ 319,896 $ 1,828 $ 325,113 $ 1,842 Commercial real estate 20,484 220 2,358,487 13,004 2,378,971 13,224 Residential real estate 16,093 834 1,491,770 6,833 1,507,863 7,667 Commercial and financial 6,631 1,731 771,621 7,985 778,252 9,716 Consumer 337 59 207,868 2,646 208,205 2,705 Totals $ 48,762 $ 2,858 $ 5,149,642 $ 32,296 $ 5,198,404 $ 35,154 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralized borrowings. Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2020 December 31, 2019 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 88,402 $ 94,354 |
Noninterest Income and Expense
Noninterest Income and Expense | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Noninterest Income and Expense | Noninterest Income and Expense Details of noninterest income and expenses for the three months ended March 31, 2020 and 2019 are as follows: Three Months Ended March 31, (In thousands) 2020 2019 Noninterest income Service charges on deposit accounts $ 2,825 $ 2,697 Interchange income 3,246 3,401 Wealth management income 1,867 1,453 Mortgage banking fees 2,208 1,115 Marine finance fees 146 362 SBA gains 139 636 BOLI income 886 915 Other income 3,352 2,266 14,669 12,845 Securities gains (losses), net 19 (9 ) Total $ 14,688 $ 12,836 Noninterest expense Salaries and wages $ 23,698 $ 18,506 Employee benefits 4,255 4,206 Outsourced data processing costs 4,633 3,845 Telephone/data lines 714 811 Occupancy 3,353 3,807 Furniture and equipment 1,623 1,757 Marketing 1,278 1,132 Legal and professional fees 3,363 2,847 FDIC assessments — 488 Amortization of intangibles 1,456 1,458 Foreclosed property expense and net gain on sale (315 ) (40 ) Other 3,740 4,282 Total $ 47,798 $ 43,099 |
Equity Capital
Equity Capital | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity Capital | Equity Capital The Company is well capitalized and at March 31, 2020 , the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 included: (In thousands) Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020 Available for sale debt securities 1 $ 910,311 $ 102 $ 910,209 $ — Loans held for sale 2 29,281 — 29,281 — Loans 3 9,105 — 1,596 7,509 Other real estate owned 4 14,640 — 1,321 13,319 Equity securities 5 6,506 6,506 — — 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 — — 1 See Note D for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. Available for sale debt securities : U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. The fair value of collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans held for sale : Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of March 31, 2020 and December 31, 2019 . The aggregate fair value and contractual balance of loans held for sale as of March 31, 2020 and December 31, 2019 is as follows: (In thousands) March 31, 2020 December 31, 2019 Aggregate fair value $ 29,281 $ 20,029 Contractual balance 28,591 19,445 Excess 690 584 Loans : Level 2 loans consist of impaired real estate loans which are collateral dependent. Fair value is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluations are based on the comparative sales approach. Level 3 loans consist of commercial and commercial real estate impaired loans. For these loans evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At March 31, 2020 , the capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.5% . Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered level 3 in the fair value hierarchy. Impaired loans measured at fair value total $9.1 million with a specific reserve of $4.7 million at March 31, 2020 , compared to $5.1 million with a specific reserve of $2.9 million at December 31, 2019 . For loans classified as level 3, changes included loan additions of $4.3 million offset by paydowns and chargeoffs of $0.5 million for the three months ended March 31, 2020 . Other real estate owned : When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as level 3. For OREO classified as level 3 during the three months ended March 31, 2020 , changes included additions of foreclosed loans of $4.5 million , offset by sales of $3.3 million . Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarter-end valuation process. There were no such transfers for loans and OREO classified as level 3 during the three months ended March 31, 2020 and 2019 . The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2020 and December 31, 2019 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020 Financial Assets Debt securities held-to-maturity 1 $ 252,373 $ — $ 261,218 $ — Time deposits with other banks 3,742 — — 3,763 Loans, net 5,222,692 — — 5,277,017 Financial Liabilities Deposit liabilities 5,887,499 — — 5,892,960 Federal Home Loan Bank (FHLB) borrowings 265,000 — — 264,813 Subordinated debt 71,155 — 64,080 — 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 Deposit liabilities 5,584,753 — — 5,584,621 Federal Home Loan Bank (FHLB) borrowings 315,000 — — 314,995 Subordinated debt 71,085 — 64,017 — 1 See Note D for further detail of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, and securities sold under agreements to repurchase, maturing within 30 days. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at March 31, 2020 and December 31, 2019 : Held to maturity debt securities : These debt securities are reported at fair value utilizing level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC 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. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Acquisition of First Bank of the Palm Beaches On March 13, 2020 , the Company completed its acquisition of First Bank of the Palm Beaches (“FBPB”). FBPB was merged with and into Seacoast Bank. FBPB operated two branches in the Palm Beach market. As a result of this acquisition, the Company expects to enhance its presence in the Palm Beach market, expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results. The Company acquired 100% of the outstanding common stock of FBPB. Under the terms of the definitive agreement, each share of FBPB common stock was converted into the right to receive 0.2000 shares of Seacoast common stock. (In thousands, except per share data) March 13, 2020 Number of FBPB common shares outstanding 5,213 Per share exchange ratio 0.2000 Number of shares of common stock issued 1,043 Multiplied by common stock price per share on March 13, 2020 $ 20.17 Value of common stock issued 21,031 Cash paid for FBPB vested stock options 866 Total purchase price $ 21,897 The acquisition of FBPB was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $6.8 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 fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. (In thousands) Initially Measured March 13, 2020 Assets: Cash $ 34,749 Investment securities 447 Loans 146,839 Bank premises and equipment 6,086 Core deposit intangibles 819 Goodwill 6,799 Other assets 1,285 Total assets $ 197,024 Liabilities: Deposits $ 173,741 Other liabilities 1,386 Total liabilities $ 175,127 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. March 13, 2020 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,493 $ 9,012 Commercial real estate - owner occupied 46,221 45,171 Commercial real estate - non owner occupied 36,268 35,153 Residential real estate 47,569 47,031 Commercial and financial 9,659 9,388 Consumer 1,132 1,084 Total acquired loans $ 150,342 $ 146,839 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) March 13, 2020 Book balance of loans at acquisition $ 43,682 Allowance for credit losses at acquisition (516 ) Non-credit related discount (128 ) Total PCD loans acquired $ 43,038 The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. Pro-Forma Information Pro-forma data for the three months ended March 31, 2020 presents information as if the acquisition of FBPB occurred at the beginning of 2019, as follows: Three Months Ended (In thousands, except per share amounts) 2020 2019 Net interest income $ 64,614 $ 62,538 Net income 1,172 22,299 EPS - basic $ 0.02 $ 0.43 EPS - diluted 0.02 0.42 Proposed Acquisition of Fourth Street Banking Company On January 23, 2020, the Company announced that it had entered into an agreement and plan of merger with Fourth Street Banking Company ("Fourth Street") and its wholly-owned subsidiary, Freedom Bank. Pursuant to the terms of the merger agreement, Fourth Street, headquartered in St. Petersburg, FL, will be merged with and into Seacoast and Freedom Bank will be merged with and into Seacoast Bank. Freedom Bank operates two branches in the Tampa-St. Petersburg metropolitan statistical area with $308 million in deposits and $264 million |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events During the first quarter of 2020, the global economy began experiencing a downturn related to the impacts of the COVID-19 global pandemic. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law. The CARES Act includes provisions for the Paycheck Protection Program (“PPP”) offered through the U.S. Small Business Administration (“SBA”). Loans originated under this program include principal and interest which may be forgiven provided the borrower uses the funds in a manner consistent with PPP guidelines. These loans have a contractual maturity of two years , a contractual rate of interest of 1% , and have an automatic six month payment deferral. In the month of April, 2020, Seacoast processed over 3,700 loans for its customers totaling over $530 million with an average loan size of $143,000 . The SBA has outlined a fee structure based on loan size, whereby institutions will be paid 5% for loans of not more than $350,000, 3% for loans of more than $350,000 and less than $2 million, and 1% for loans of at least $2 million. These fees, net of the loan-specific costs, will be deferred and recognized as an adjustment to yield over the expected life of the loans. There is significant uncertainty about how borrowers will seek and qualify for forgiveness. As a result, the expected life of these loans and the impact on loan yields to future periods cannot currently be determined with certainty, and estimates will be periodically updated as more information becomes available. Seacoast has also provided borrowers affected by the pandemic with short-term loan payment deferrals. In March 2020, regulatory agencies issued an interagency statement on loan modifications, confirming that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not to be considered troubled debt restructurings. Through April 30, 2020, Seacoast has processed approximately 2,500 loan deferrals totaling $1.0 billion . None of these payment deferrals have been classified as TDRs. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 |
Use of Estimates | Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. 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 credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, income taxes and realization of deferred tax assets and contingent liabilities. |
Adoption of New Accounting Pronouncements and Recently Issued Accounting Standards, Not Yet Adopted | Adoption of new accounting pronouncements: On January 1, 2020, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 326 Financial Instruments - Credit Losses ("ASC Topic 326") which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity ("HTM") debt securities. It also applies to off-balance sheet credit exposure such as loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, ASC Topic 326 changed the accounting for impairment of available-for-sale ("AFS") debt securities. The Company adopted ASC Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting period beginning after January 1, 2020 are presented under ASC Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table reflects the cumulative effect of adoption: (in thousands) December 31, 2019 CECL adoption impact January 1, 2020 Loans $ 5,198,404 $ (706 ) $ 5,197,698 Allowance for credit losses 35,154 21,226 56,380 Reserve for unfunded commitments 140 1,837 1,977 Deferred tax assets 16,457 (5,481 ) 10,976 Retained earnings 195,813 (16,876 ) 178,937 ASC Topic 326 introduced new definitions and criteria for categorizing purchased loans. Loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination are classified as purchased credit deteriorated ("PCD"). Acquired loans which do not meet the definition of PCD are classified by the Company as acquired non-PCD. At the date of adoption, the Company reclassified all loans previously classified as purchased credit impaired ("PCI") to PCD, and increased the allowance by $0.7 million with a corresponding adjustment to these loans' amortized cost basis. The remaining noncredit discount on loans previously classified as PCI was $0.9 million , which will be accreted into interest income over the remaining life of the loans. Under CECL, the Company estimates the allowance using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit losses provide the basis for estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, loan to value ratios, borrower credit characteristics, loan seasoning or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics. For loans analyzed on a collective basis, the Company has developed an allowance model based on an analysis of probability of default ("PD") and loss given default ("LGD") to determine an expected loss by loan segment. PDs and LGDs are developed by analyzing the average historical loss migration of loans to default. The Company excludes accrued interest on loans from its determination of allowance. The allowance estimation process also applies an economic forecast scenario over a three year forecast period. The forecast may utilize one scenario or a composite of scenarios based on management's judgment and expectations around the current and future macroeconomic outlook. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modification unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring ("TDR") will be executed with an individual borrower, or the extension or renewal options are explicitly stated in the contract and are not unconditionally under the control of the Company. 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. Adjustments may be made to baseline reserves based on an assessment of internal and external influences on credit quality not fully reflected in the quantitative components of the allowance model. These influences may include elements such as changes in concentration, macroeconomic conditions, recent observable asset quality trends, staff turnover, regional market conditions, employment levels and loan growth. Based upon management's assessments of these factors, the Company may apply qualitative adjustments to the allowance. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. Loans evaluated individually are collateral dependent and primarily secured by real estate. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulty, is considered to be a TDR. The allowance for credit losses on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit losses is determining by discounting the expected future cash flows at the original interest rate of the loan. The Company estimates a reserve for unfunded commitments, which is reported separately from the allowance for credit losses within other liabilities. The reserve is based upon the same quantitative and qualitative factors applied to the collectively evaluated loan portfolio. All HTM debt securities are issued by government sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. In addition, the credit rating on all the Company's HTM debt securities as of the date of adoption is AA+. There is no history of the government withholding or limiting support to these agencies, nor is there any indication of change to that historical support. While the potential for default on these securities may be something greater than zero, the long history with no credit losses, the implied government guarantee of principal and interest payments and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is zero risk of loss if default were to occur. As a result, the Company recorded no allowance for HTM debt securities with a fair value less than amortized cost basis at the date of adoption. ASC Topic 326 amended the existing other-than-temporary-impairment guidance for AFS securities, requiring credit losses to be recorded as an allowance rather than through a permanent write-down. When evaluating AFS debt securities under ASC Topic 326, the Company has evaluated whether the decline in fair value is attributed to credit losses or other factors using both quantitative and qualitative analyses, including cash flow analysis, review of credit ratings, remaining payment terms, prepayment speeds and analysis of macro-economic conditions. At the date of adoption, collateralized loan obligations had unrealized losses of $1.2 million . The collateral for these securities is first lien senior secured corporate debt, and the Company holds senior tranches rated A or higher. Based on this analysis, the Company believes that the unrealized loss position for AFS debt securities at the time of adoption was the result of both broad investment type spreads and the current rate environment. Each investment is expected to recover its price depreciations over its holding period as it moves to maturity and the Company has the intent and ability to hold these securities to maturity if necessary. As a result of this evaluation, the Company concluded that no allowance was appropriate. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The guidance provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., London Inter-bank Offered Rate ("LIBOR")) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, loans, debt, leases, derivatives and hedge accounting elections and other contractual arrangements. The Company applied the guidance prospectively beginning April 1, 2020, and expects no material impact on its financial position, results of operations or cash flows. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cumulative Effect Adjustment | The following table reflects the cumulative effect of adoption: (in thousands) December 31, 2019 CECL adoption impact January 1, 2020 Loans $ 5,198,404 $ (706 ) $ 5,197,698 Allowance for credit losses 35,154 21,226 56,380 Reserve for unfunded commitments 140 1,837 1,977 Deferred tax assets 16,457 (5,481 ) 10,976 Retained earnings 195,813 (16,876 ) 178,937 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (Dollars in thousands, except per share data) 2020 2019 Basic earnings per share Net income $ 709 $ 22,705 Average common shares outstanding 51,803 51,359 Net income per share $ 0.01 $ 0.44 Diluted earnings per share Net income $ 709 $ 22,705 Average common shares outstanding 51,803 51,359 Add: Dilutive effect of employee restricted stock and stock options 481 680 Average diluted shares outstanding 52,284 52,039 Net income per share $ 0.01 $ 0.44 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 are summarized as follows: March 31, 2020 (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 $ 9,296 $ 287 $ — $ 9,583 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 608,711 26,760 (252 ) 635,219 Private mortgage-backed securities and collateralized mortgage obligations 52,868 111 (2,410 ) 50,569 Collateralized loan obligations 205,238 — (19,509 ) 185,729 Obligations of state and political subdivisions 27,909 1,306 (4 ) 29,211 Totals $ 904,022 $ 28,464 $ (22,175 ) $ 910,311 Debt securities held-to-maturity Mortgage-backed securities of U.S. government sponsored entities $ 252,373 $ 9,447 $ (602 ) $ 261,218 Totals $ 252,373 $ 9,447 $ (602 ) $ 261,218 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 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at March 31, 2020 and December 31, 2019 are summarized as follows: March 31, 2020 (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 $ 9,296 $ 287 $ — $ 9,583 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 608,711 26,760 (252 ) 635,219 Private mortgage-backed securities and collateralized mortgage obligations 52,868 111 (2,410 ) 50,569 Collateralized loan obligations 205,238 — (19,509 ) 185,729 Obligations of state and political subdivisions 27,909 1,306 (4 ) 29,211 Totals $ 904,022 $ 28,464 $ (22,175 ) $ 910,311 Debt securities held-to-maturity Mortgage-backed securities of U.S. government sponsored entities $ 252,373 $ 9,447 $ (602 ) $ 261,218 Totals $ 252,373 $ 9,447 $ (602 ) $ 261,218 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 |
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 $ — $ — $ 2,068 $ 2,091 Due after one year through five years — — 8,374 8,585 Due after five years through ten years — — 9,040 9,546 Due after ten years — — 17,723 18,572 — — 37,205 38,794 Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 252,373 261,218 608,711 635,219 Private mortgage-backed securities and collateralized mortgage obligations — — 52,868 50,569 Collateralized loan obligations — — 205,238 185,729 Totals $ 252,373 $ 261,218 $ 904,022 $ 910,311 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate, at March 31, 2020 , the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded, and at December 31, 2019 , the fair value of available-for-sale and held-to-maturity debt securities with unrealized losses for which no allowance has been recorded. March 31, 2020 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities 37,338 (239 ) 363 (13 ) 37,701 (252 ) Private mortgage-backed securities and collateralized mortgage obligations 37,775 (2,410 ) — — 37,775 (2,410 ) Collateralized loan obligations 70,314 (6,465 ) 115,415 (13,044 ) 185,729 (19,509 ) Obligations of state and political subdivisions 1,239 (4 ) — — 1,239 (4 ) Totals $ 146,666 $ (9,118 ) $ 115,778 $ (13,057 ) $ 262,444 $ (22,175 ) 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 ) Totals $ 312,988 $ (2,041 ) $ 214,951 $ (2,506 ) $ 527,939 $ (4,547 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment as of: March 31, 2020 (In thousands) Portfolio Loans Acquired Non PCD Loans PCD Loans Total Construction and land development $ 257,481 $ 34,934 $ 2,990 $ 295,405 Commercial real estate - owner occupied 824,836 230,517 27,540 1,082,893 Commercial real estate - non owner occupied 1,058,841 310,417 11,838 1,381,096 Residential real estate 1,315,664 233,169 10,921 1,559,754 Commercial and financial 721,380 73,134 1,524 796,038 Consumer 195,176 6,478 368 202,022 Totals $ 4,373,378 $ 888,649 $ 55,181 $ 5,317,208 December 31, 2019 (In thousands) Portfolio Loans PULs PCI Loans Total Construction and land development $ 281,335 $ 43,618 $ 160 $ 325,113 Commercial real estate 1,834,811 533,943 10,217 2,378,971 Residential real estate 1,304,305 201,848 1,710 1,507,863 Commercial and financial 697,301 80,372 579 778,252 Consumer 200,166 8,039 — 208,205 Totals $ 4,317,918 $ 867,820 $ 12,666 $ 5,198,404 |
Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of: March 31, 2020 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total Portfolio Loans Construction and land development $ 257,459 $ — $ — $ — $ 22 $ 257,481 Commercial real estate - owner occupied 818,726 2,842 — 618 2,650 824,836 Commercial real estate - non owner occupied 1,056,202 542 — — 2,097 1,058,841 Residential real estate 1,305,898 2,405 998 — 6,363 1,315,664 Commercial and financial 709,028 5,098 1,065 — 6,189 721,380 Consumer 193,141 647 810 1 577 195,176 Total Portfolio Loans 4,340,454 11,534 2,873 619 17,898 4,373,378 Acquired Non PCD Loans Construction and land development 34,360 — — — 574 34,934 Commercial real estate - owner occupied 228,776 1,456 71 — 214 230,517 Commercial real estate - non owner occupied 306,959 2,334 — — 1,124 310,417 Residential real estate 228,213 3,676 — — 1,280 233,169 Commercial and financial 70,460 489 46 — 2,139 73,134 Consumer 6,454 24 — — — 6,478 Total Acquired Non PCD Loans 875,222 7,979 117 — 5,331 888,649 PCD Loans Construction and land development 2,980 — — — 10 2,990 Commercial real estate - owner occupied 26,462 1,078 — — — 27,540 Commercial real estate - non owner occupied 10,784 — — — 1,054 11,838 Residential real estate 9,720 — — — 1,201 10,921 Commercial and financial 709 727 — — 88 1,524 Consumer 278 90 — — — 368 Total PCD Loans 50,933 1,895 — — 2,353 55,181 Total Loans $ 5,266,609 $ 21,408 $ 2,990 $ 619 $ 25,582 $ 5,317,208 December 31, 2019 (In thousands) Current Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing Greater Than 90 Days Nonaccrual Total 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 Purchased Unimpaired Loans 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 Purchased Credit Impaired 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 |
Schedule of Nonaccrual Loans by Loan Category | The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: March 31, 2020 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 584 $ 22 $ 606 $ 11 Commercial real estate - owner occupied 1,169 1,695 2,864 251 Commercial real estate - non owner occupied 3,221 1,054 4,275 251 Residential real estate 7,890 954 8,844 928 Commercial and financial 3,571 4,845 8,416 2,624 Consumer 36 541 577 238 Totals $ 16,471 $ 9,111 $ 25,582 $ 4,303 December 31, 2019 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 4,914 $ 23 $ 4,937 $ 12 Commercial real estate 6,200 320 6,520 149 Residential real estate 8,700 780 9,480 564 Commercial and financial 3,449 2,459 5,908 1,622 Consumer 39 71 110 37 Totals $ 23,301 $ 3,654 $ 26,955 $ 2,384 |
Schedule of Collateral Dependent Loans | The following table presents collateral dependent loans as of: (In thousands) March 31, 2020 December 31, 2019 Construction and land development $ 606 $ 4,926 Commercial real estate - owner occupied 4,507 2,571 Commercial real estate - non owner occupied 4,274 3,152 Residential real estate 8,932 11,550 Commercial and financial 4,844 4,338 Consumer 581 141 Totals $ 23,744 $ 26,678 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans by year of origination: March 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 12,458 $ 94,108 $ 87,137 $ 37,337 $ 10,678 $ 18,562 $ 29,733 $ 290,013 Special Mention 280 691 1,470 — — 2,191 — 4,632 Substandard — — — — — 32 — 32 Substandard Impaired — — — — 574 154 — 728 Doubtful — — — — — — — — Total 12,738 94,799 88,607 37,337 11,252 20,939 29,733 295,405 Commercial real estate - owner occupied Risk Ratings: Pass 42,888 189,419 162,584 145,468 161,131 339,852 17,011 1,058,353 Special Mention 202 1,633 371 — 4,471 5,147 — 11,824 Substandard — — — 3,805 1,070 3,335 — 8,210 Substandard Impaired — — — 1,451 — 2,735 — 4,186 Doubtful 1 — — — — 320 — — 320 Total 43,090 191,052 162,955 150,724 166,992 351,069 17,011 1,082,893 Commercial real estate - non owner occupied Risk Ratings: Pass 48,094 328,437 229,350 131,409 202,980 390,699 5,493 1,336,462 Special Mention — 108 5,478 5,288 15,483 6,529 — 32,886 Substandard — — — — — 5,345 1,350 6,695 Substandard Impaired — — — — 126 4,927 — 5,053 Doubtful — — — — — — — — Total 48,094 328,545 234,828 136,697 218,589 407,500 6,843 1,381,096 Residential real estate Risk Ratings: Pass 33,704 164,901 281,466 307,018 209,956 223,116 313,101 1,533,262 Special Mention — 25 1,414 — 1,025 570 805 3,839 Substandard — — — 3,763 — 2,235 1,945 7,943 Substandard Impaired — 707 — — — 11,990 2,013 14,710 Doubtful — — — — — — — — Total 33,704 165,633 282,880 310,781 210,981 237,911 317,864 1,559,754 Commercial and financial Risk Ratings: Pass 48,507 158,373 120,271 97,771 49,293 56,869 244,912 775,996 Special Mention — 1,005 263 530 363 2,505 889 5,555 Substandard — 310 106 513 675 1,922 2,351 5,877 Substandard Impaired — — 1,224 2,076 1,080 1,167 932 6,479 Doubtful 1 — 518 974 293 337 — 9 2,131 Total 48,507 160,206 122,838 101,183 51,748 62,463 249,093 796,038 March 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Consumer Risk Ratings: Pass 12,759 60,062 42,780 28,500 28,195 14,071 10,375 196,742 Special Mention — 78 307 122 121 97 2,622 3,347 Substandard — 36 61 131 613 51 262 1,154 Substandard Impaired — 18 — 8 44 709 — 779 Doubtful — — — — — — — — Total 12,759 60,194 43,148 28,761 28,973 14,928 13,259 202,022 Consolidated Risk Ratings: Pass 198,410 995,300 923,588 747,503 662,233 1,043,169 620,625 5,190,828 Special Mention 482 3,540 9,303 5,940 21,463 17,039 4,316 62,083 Substandard — 346 167 8,212 2,358 12,920 5,908 29,911 Substandard Impaired — 725 1,224 3,535 1,824 21,682 2,945 31,935 Doubtful 1 — 518 974 293 657 — 9 2,451 Total $ 198,892 $ 1,000,429 $ 935,256 $ 765,483 $ 688,535 $ 1,094,810 $ 633,803 $ 5,317,208 1 Loans classified as doubtful are fully reserved as of March 31, 2020. The following table presents the risk rating of loans as of: December 31, 2019 (In thousands) Pass Special Mention Substandard Doubtful 1 Total 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 Totals $ 5,091,691 $ 51,560 $ 53,958 $ 1,195 $ 5,198,404 1 Loans classified as doubtful are fully reserved as of December 31, 2019. |
Schedule of Troubled Debt Restructuring | The following table presents loans that were modified during the three months ended: March 31, 2020 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non owner occupied — — — Residential real estate 1 45 45 Commercial and financial 4 437 437 Consumer — — — Totals 5 $ 482 $ 482 March 31, 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — — — Commercial real estate - owner occupied 1 180 180 Commercial real estate - non owner occupied — — — Residential real estate — — — Commercial and financial 1 1,815 1,815 Consumer — — — Totals 2 1,995 1,995 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | Activity in the allowance for credit losses is summarized as follows: Three Months Ended March 31, 2020 (In thousands) Beginning Balance Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 1,842 $ 1,479 $ 48 $ 1,248 $ — $ 29 $ — $ 4,646 Commercial real estate - owner occupied 5,361 80 207 (264 ) (44 ) — (13 ) 5,327 Commercial real estate - non owner occupied 7,863 9,341 140 18,283 (12 ) 28 — 35,643 Residential real estate 7,667 5,787 97 6,260 (18 ) 116 (10 ) 19,899 Commercial and financial 9,716 3,677 11 2,746 (1,100 ) 420 — 15,470 Consumer 2,705 862 13 1,240 (473 ) 80 (1 ) 4,426 Totals $ 35,154 $ 21,226 $ 516 $ 29,513 $ (1,647 ) $ 673 $ (24 ) $ 85,411 Three Months Ended March 31, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction & land development $ 2,233 $ 83 $ — $ 4 $ — $ 2,320 Commercial real estate 11,112 625 (16 ) 47 (15 ) 11,753 Residential real estate 7,775 (414 ) (36 ) 139 (19 ) 7,445 Commercial and financial 8,585 853 (944 ) 79 — 8,573 Consumer 2,718 250 (483 ) 247 (1 ) 2,731 Totals $ 32,423 $ 1,397 $ (1,479 ) $ 516 $ (35 ) $ 32,822 |
Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | The allowance for credit losses is composed of specific allowances for individually evaluated and general allowances grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at March 31, 2020 and December 31, 2019 is shown in the following tables: March 31, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 729 $ 13 $ 294,676 $ 4,633 $ 295,405 $ 4,646 Commercial real estate - owner occupied 4,590 252 1,078,303 5,075 1,082,893 5,327 Commercial real estate - non owner occupied 8,916 316 1,372,180 35,327 1,381,096 35,643 Residential real estate 14,661 1,163 1,545,093 18,736 1,559,754 19,899 Commercial and financial 8,618 2,701 787,420 12,769 796,038 15,470 Consumer 754 247 201,268 4,179 202,022 4,426 Totals $ 38,268 $ 4,692 $ 5,278,940 $ 80,719 $ 5,317,208 $ 85,411 December 31, 2019 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Investment Associated Allowance Recorded Investment Associated Allowance Recorded Investment Associated Allowance Construction & land development $ 5,217 $ 14 $ 319,896 $ 1,828 $ 325,113 $ 1,842 Commercial real estate 20,484 220 2,358,487 13,004 2,378,971 13,224 Residential real estate 16,093 834 1,491,770 6,833 1,507,863 7,667 Commercial and financial 6,631 1,731 771,621 7,985 778,252 9,716 Consumer 337 59 207,868 2,646 208,205 2,705 Totals $ 48,762 $ 2,858 $ 5,149,642 $ 32,296 $ 5,198,404 $ 35,154 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities pledged were as follows by collateral type and maturity as of: (In thousands) March 31, 2020 December 31, 2019 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 88,402 $ 94,354 |
Noninterest Income and Expense
Noninterest Income and Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Schedule of Noninterest Income and Expense | Details of noninterest income and expenses for the three months ended March 31, 2020 and 2019 are as follows: Three Months Ended March 31, (In thousands) 2020 2019 Noninterest income Service charges on deposit accounts $ 2,825 $ 2,697 Interchange income 3,246 3,401 Wealth management income 1,867 1,453 Mortgage banking fees 2,208 1,115 Marine finance fees 146 362 SBA gains 139 636 BOLI income 886 915 Other income 3,352 2,266 14,669 12,845 Securities gains (losses), net 19 (9 ) Total $ 14,688 $ 12,836 Noninterest expense Salaries and wages $ 23,698 $ 18,506 Employee benefits 4,255 4,206 Outsourced data processing costs 4,633 3,845 Telephone/data lines 714 811 Occupancy 3,353 3,807 Furniture and equipment 1,623 1,757 Marketing 1,278 1,132 Legal and professional fees 3,363 2,847 FDIC assessments — 488 Amortization of intangibles 1,456 1,458 Foreclosed property expense and net gain on sale (315 ) (40 ) Other 3,740 4,282 Total $ 47,798 $ 43,099 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2020 and December 31, 2019 included: (In thousands) Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020 Available for sale debt securities 1 $ 910,311 $ 102 $ 910,209 $ — Loans held for sale 2 29,281 — 29,281 — Loans 3 9,105 — 1,596 7,509 Other real estate owned 4 14,640 — 1,321 13,319 Equity securities 5 6,506 6,506 — — 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 — — 1 See Note D for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of March 31, 2020 and December 31, 2019 is as follows: (In thousands) March 31, 2020 December 31, 2019 Aggregate fair value $ 29,281 $ 20,029 Contractual balance 28,591 19,445 Excess 690 584 |
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2020 and December 31, 2019 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2020 Financial Assets Debt securities held-to-maturity 1 $ 252,373 $ — $ 261,218 $ — Time deposits with other banks 3,742 — — 3,763 Loans, net 5,222,692 — — 5,277,017 Financial Liabilities Deposit liabilities 5,887,499 — — 5,892,960 Federal Home Loan Bank (FHLB) borrowings 265,000 — — 264,813 Subordinated debt 71,155 — 64,080 — 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 Deposit liabilities 5,584,753 — — 5,584,621 Federal Home Loan Bank (FHLB) borrowings 315,000 — — 314,995 Subordinated debt 71,085 — 64,017 — 1 See Note D for further detail of individual investment categories. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Calculation | (In thousands, except per share data) March 13, 2020 Number of FBPB common shares outstanding 5,213 Per share exchange ratio 0.2000 Number of shares of common stock issued 1,043 Multiplied by common stock price per share on March 13, 2020 $ 20.17 Value of common stock issued 21,031 Cash paid for FBPB vested stock options 866 Total purchase price $ 21,897 |
Schedule of Business Acquisitions | The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. (In thousands) Initially Measured March 13, 2020 Assets: Cash $ 34,749 Investment securities 447 Loans 146,839 Bank premises and equipment 6,086 Core deposit intangibles 819 Goodwill 6,799 Other assets 1,285 Total assets $ 197,024 Liabilities: Deposits $ 173,741 Other liabilities 1,386 Total liabilities $ 175,127 |
Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses | The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. March 13, 2020 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,493 $ 9,012 Commercial real estate - owner occupied 46,221 45,171 Commercial real estate - non owner occupied 36,268 35,153 Residential real estate 47,569 47,031 Commercial and financial 9,659 9,388 Consumer 1,132 1,084 Total acquired loans $ 150,342 $ 146,839 The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination: (In thousands) March 13, 2020 Book balance of loans at acquisition $ 43,682 Allowance for credit losses at acquisition (516 ) Non-credit related discount (128 ) Total PCD loans acquired $ 43,038 |
Schedule of Pro-Forma Data | Pro-forma data for the three months ended March 31, 2020 presents information as if the acquisition of FBPB occurred at the beginning of 2019, as follows: Three Months Ended (In thousands, except per share amounts) 2020 2019 Net interest income $ 64,614 $ 62,538 Net income 1,172 22,299 EPS - basic $ 0.02 $ 0.43 EPS - diluted 0.02 0.42 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase to amortized cost basis of PCD loans to reflect increase in adjustment to allowance for credit losses | $ 516,000 | ||
Held-to-maturity securities, allowance for credit loss | 0 | ||
Unrealized losses | 22,175,000 | $ 4,547,000 | |
Cumulative Effect Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase to amortized cost basis of PCD loans to reflect increase in adjustment to allowance for credit losses | $ 700,000 | ||
Noncredit discount on PCD loans to be accredited into interest income over remaining life of loans | 900,000 | ||
Collateralized loan obligations | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unrealized losses | $ 1,200,000 | $ 19,509,000 | $ 1,153,000 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Cumulative Effect Adjustments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | $ 5,317,208 | $ 5,198,404 | |||
Allowance for credit losses | 85,411 | 35,154 | $ 32,822 | $ 32,423 | |
Reserve for unfunded commitments | 140 | ||||
Deferred tax assets | $ 19,766 | 16,457 | |||
Retained earnings | $ 195,813 | ||||
Cumulative Effect Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | $ (706) | ||||
Allowance for credit losses | 21,226 | ||||
Reserve for unfunded commitments | 1,837 | ||||
Deferred tax assets | (5,481) | ||||
Retained earnings | (16,876) | ||||
Cumulative Effect Adjusted Balance | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Loans | 5,197,698 | ||||
Allowance for credit losses | 56,380 | ||||
Reserve for unfunded commitments | 1,977 | ||||
Deferred tax assets | 10,976 | ||||
Retained earnings | $ 178,937 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 489 | 487 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic earnings per share | ||
Net income | $ 709 | $ 22,705 |
Average common shares outstanding (in shares) | 51,803 | 51,359 |
Net income per share (in dollars per share) | $ 0.01 | $ 0.44 |
Diluted earnings per share | ||
Average common shares outstanding (in shares) | 51,803 | 51,359 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 481 | 680 |
Average diluted shares outstanding (in shares) | 52,284 | 52,039 |
Net income per share (in dollars per share) | $ 0.01 | $ 0.44 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | $ 904,022 | $ 940,765 |
Available for sale, gross unrealized gains | 28,464 | 8,764 |
Available for sale, gross unrealized losses | (22,175) | (2,674) |
Available for sale, fair value | 910,311 | 946,855 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 252,373 | 261,369 |
Held to maturity, gross unrealized gains | 9,447 | 2,717 |
Held to maturity, gross unrealized losses | (602) | (1,873) |
Held to maturity, fair value | 261,218 | 262,213 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 9,296 | 9,914 |
Available for sale, gross unrealized gains | 287 | 204 |
Available for sale, gross unrealized losses | 0 | (4) |
Available for sale, fair value | 9,583 | 10,114 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 608,711 | 604,934 |
Available for sale, gross unrealized gains | 26,760 | 5,784 |
Available for sale, gross unrealized losses | (252) | (1,511) |
Available for sale, fair value | 635,219 | 609,207 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 252,373 | 261,369 |
Held to maturity, gross unrealized gains | 9,447 | 2,717 |
Held to maturity, gross unrealized losses | (602) | (1,873) |
Held to maturity, fair value | 261,218 | 262,213 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 52,868 | 56,005 |
Available for sale, gross unrealized gains | 111 | 1,561 |
Available for sale, gross unrealized losses | (2,410) | (5) |
Available for sale, fair value | 50,569 | 57,561 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Collateralized loan obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 205,238 | 239,364 |
Available for sale, gross unrealized gains | 0 | 7 |
Available for sale, gross unrealized losses | (19,509) | (1,153) |
Available for sale, fair value | 185,729 | 238,218 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Obligations of state and political subdivisions | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 27,909 | 30,548 |
Available for sale, gross unrealized gains | 1,306 | 1,208 |
Available for sale, gross unrealized losses | (4) | (1) |
Available for sale, fair value | $ 29,211 | $ 31,755 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2020USD ($)position$ / sharesshares | Mar. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sale of debt securities available-for-sale | $ 27,765,000 | $ 35,048,000 | ||
Gross gains from sale of securities | 100,000 | 200,000 | ||
Gross losses from sale of securities | 200,000 | 300,000 | ||
Gain (loss) on investment in shares of mutual funds | 19,000 | (9,000) | ||
Unrealized losses on mortgage backed securities of government sponsored entities | 22,175,000 | $ 4,547,000 | ||
Fair value of securities in unrealized loss position | 262,444,000 | 527,939,000 | ||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 42,800,000 | |||
Accrued interest receivable on AFS debt securities | 3,400,000 | 3,800,000 | ||
Accrued interest receivable on HTM debt securities | 600,000 | 600,000 | ||
Held-to-maturity securities, allowance for credit loss | $ 0 | |||
Visa | Common Class B | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Shares of Visa stock held (in shares) | shares | 11,330 | |||
Visa | Common Class A | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Conversion rate of Class A stock for each share of Class B stock (in dollars per share) | $ / shares | $ 1.6228 | |||
Shares issued (in shares) | shares | 18,386 | |||
CRA - Qualified Mutual Fund | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gain (loss) on investment in shares of mutual funds | $ 100,000 | $ 100,000 | ||
Investment in mutual fund carried at fair value | 6,500,000 | |||
Public Deposits and Secured Borrowings | Carrying Value | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of debt securities pledged as collateral | 319,200,000 | |||
Private mortgage-backed securities and collateralized mortgage obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unrealized losses on mortgage backed securities of government sponsored entities | 2,410,000 | 5,000 | ||
Fair value of securities in unrealized loss position | 37,775,000 | 2,978,000 | ||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unrealized losses on mortgage backed securities of government sponsored entities | 252,000 | 3,384,000 | ||
Fair value of securities in unrealized loss position | 37,701,000 | 324,241,000 | ||
Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unrealized losses on mortgage backed securities of government sponsored entities | 19,509,000 | $ 1,200,000 | 1,153,000 | |
Fair value of securities in unrealized loss position | $ 185,729,000 | $ 199,447,000 | ||
Number of positions held | position | 29 | |||
Allowance for credit losses on AFS debt securities | $ 0 | |||
Standard & Poor's, AAA/AA Rating | Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of securities in unrealized loss position | $ 164,600,000 | |||
Number of positions held | position | 23 | |||
Number of positions held, percentage of total | 88.00% | |||
Average credit support percentage | 31.00% | |||
Standard & Poor's, A Rating | Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Fair value of securities in unrealized loss position | $ 21,100,000 | |||
Number of positions held | position | 6 | |||
Number of positions held, percentage of total | 12.00% | |||
Average credit support percentage | 18.00% |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Held to maturity, amortized cost, total | $ 252,373 | $ 261,369 |
Fair Value | ||
Held to maturity, fair value, total | 261,218 | 262,213 |
Amortized Cost | ||
Available for sale, amortized cost, total | 904,022 | 940,765 |
Fair Value | ||
Available for sale, fair value, total | 910,311 | 946,855 |
Other Debt Obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, due in less than one year | 0 | |
Held to maturity, amortized cost, due after one year through five years | 0 | |
Held to maturity, amortized cost, due after five years through ten years | 0 | |
Held to maturity, amortized cost, due after ten years | 0 | |
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, due in less than one year | 0 | |
Held to maturity, fair value, due after one year through five years | 0 | |
Held to maturity, fair value, due after five years through ten years | 0 | |
Held to maturity, fair value, due after ten years | 0 | |
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, due in less than one year | 2,068 | |
Available for sale, amortized cost, due after one year through five years | 8,374 | |
Available for sale, amortized cost, due after five years through ten years | 9,040 | |
Available for sale, amortized cost, due after ten years | 17,723 | |
Available for sale, amortized cost, total | 37,205 | |
Fair Value | ||
Available for sale, fair value, due in less than one year | 2,091 | |
Available for sale, fair value, due after one year through five years | 8,585 | |
Available for sale, fair value, due after five years through ten years | 9,546 | |
Available for sale, fair value, due after ten years | 18,572 | |
Available for sale, fair value, total | 38,794 | |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 252,373 | |
Fair Value | ||
Held to maturity, fair value, total | 261,218 | 262,213 |
Amortized Cost | ||
Available for sale, amortized cost, total | 608,711 | 604,934 |
Fair Value | ||
Available for sale, fair value, total | 635,219 | 609,207 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 52,868 | 56,005 |
Fair Value | ||
Available for sale, fair value, total | 50,569 | 57,561 |
Collateralized loan obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 205,238 | 239,364 |
Fair Value | ||
Available for sale, fair value, total | $ 185,729 | $ 238,218 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Fair Value | |||
Less Than 12 Months | $ 146,666 | $ 312,988 | |
12 Months or Longer | 115,778 | 214,951 | |
Total | 262,444 | 527,939 | |
Unrealized Losses | |||
Less Than 12 Months | (9,118) | (2,041) | |
12 Months or Longer | (13,057) | (2,506) | |
Total | (22,175) | (4,547) | |
U.S. Treasury securities and obligations of U.S. government agencies | |||
Fair Value | |||
Less Than 12 Months | 758 | ||
12 Months or Longer | 0 | ||
Total | 758 | ||
Unrealized Losses | |||
Less Than 12 Months | (4) | ||
12 Months or Longer | 0 | ||
Total | (4) | ||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | |||
Fair Value | |||
Less Than 12 Months | 37,338 | 220,057 | |
12 Months or Longer | 363 | 104,184 | |
Total | 37,701 | 324,241 | |
Unrealized Losses | |||
Less Than 12 Months | (239) | (1,461) | |
12 Months or Longer | (13) | (1,923) | |
Total | (252) | (3,384) | |
Private mortgage-backed securities and collateralized mortgage obligations | |||
Fair Value | |||
Less Than 12 Months | 37,775 | 2,978 | |
12 Months or Longer | 0 | 0 | |
Total | 37,775 | 2,978 | |
Unrealized Losses | |||
Less Than 12 Months | (2,410) | (5) | |
12 Months or Longer | 0 | 0 | |
Total | (2,410) | (5) | |
Collateralized loan obligations | |||
Fair Value | |||
Less Than 12 Months | 70,314 | 88,680 | |
12 Months or Longer | 115,415 | 110,767 | |
Total | 185,729 | 199,447 | |
Unrealized Losses | |||
Less Than 12 Months | (6,465) | (570) | |
12 Months or Longer | (13,044) | (583) | |
Total | (19,509) | $ (1,200) | (1,153) |
Obligations of state and political subdivisions | |||
Fair Value | |||
Less Than 12 Months | 1,239 | 515 | |
12 Months or Longer | 0 | 0 | |
Total | 1,239 | 515 | |
Unrealized Losses | |||
Less Than 12 Months | (4) | (1) | |
12 Months or Longer | 0 | 0 | |
Total | $ (4) | $ (1) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,317,208 | $ 5,198,404 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 295,405 | 325,113 |
Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,082,893 | |
Commercial real estate - non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,381,096 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,378,971 | |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,559,754 | 1,507,863 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 796,038 | 778,252 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 202,022 | 208,205 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,373,378 | 4,317,918 |
Portfolio Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 257,481 | 281,335 |
Portfolio Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 824,836 | |
Portfolio Loans | Commercial real estate - non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,058,841 | |
Portfolio Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,834,811 | |
Portfolio Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,315,664 | 1,304,305 |
Portfolio Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 721,380 | 697,301 |
Portfolio Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 195,176 | 200,166 |
PULs | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 867,820 | |
PULs | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,618 | |
PULs | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 533,943 | |
PULs | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 201,848 | |
PULs | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 80,372 | |
PULs | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,039 | |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 12,666 | |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 160 | |
PCD Loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,217 | |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,710 | |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 579 | |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 0 | |
Acquired Non PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 888,649 | |
Acquired Non PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 34,934 | |
Acquired Non PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 230,517 | |
Acquired Non PCD Loans | Commercial real estate - non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 310,417 | |
Acquired Non PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 233,169 | |
Acquired Non PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 73,134 | |
Acquired Non PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,478 | |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 55,181 | |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,990 | |
PCD Loans | Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 27,540 | |
PCD Loans | Commercial real estate - non owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,838 | |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,921 | |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,524 | |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 368 |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 5,266,609 | $ 5,163,098 |
Nonaccrual | 25,582 | 26,955 |
Loans | 5,317,208 | 5,198,404 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 21,408 | 7,259 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,990 | 984 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 619 | 108 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 606 | 4,937 |
Loans | 295,405 | 325,113 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,520 | |
Loans | 2,378,971 | |
Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,864 | |
Loans | 1,082,893 | |
Commercial real estate - non owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 4,275 | |
Loans | 1,381,096 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,844 | 9,480 |
Loans | 1,559,754 | 1,507,863 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,416 | 5,908 |
Loans | 796,038 | 778,252 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 577 | 110 |
Loans | 202,022 | 208,205 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 4,340,454 | 4,290,227 |
Nonaccrual | 17,898 | 20,990 |
Loans | 4,373,378 | 4,317,918 |
Portfolio Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 11,534 | 6,040 |
Portfolio Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,873 | 553 |
Portfolio Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 619 | 108 |
Portfolio Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 257,459 | 276,984 |
Nonaccrual | 22 | 4,351 |
Loans | 257,481 | 281,335 |
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,828,629 | |
Nonaccrual | 4,356 | |
Loans | 1,834,811 | |
Portfolio Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,606 | |
Portfolio Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 220 | |
Portfolio Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Portfolio Loans | Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 818,726 | |
Nonaccrual | 2,650 | |
Loans | 824,836 | |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,842 | |
Portfolio Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Portfolio Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 618 | |
Portfolio Loans | Commercial real estate - non owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,056,202 | |
Nonaccrual | 2,097 | |
Loans | 1,058,841 | |
Portfolio Loans | Commercial real estate - non owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 542 | |
Portfolio Loans | Commercial real estate - non owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Portfolio Loans | Commercial real estate - non owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Portfolio Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,305,898 | 1,294,778 |
Nonaccrual | 6,363 | 7,945 |
Loans | 1,315,664 | 1,304,305 |
Portfolio Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,405 | 1,564 |
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 998 | 18 |
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Portfolio Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 709,028 | 690,412 |
Nonaccrual | 6,189 | 4,228 |
Loans | 721,380 | 697,301 |
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 5,098 | 2,553 |
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,065 | 0 |
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 108 |
Portfolio Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 193,141 | 199,424 |
Nonaccrual | 577 | 110 |
Loans | 195,176 | 200,166 |
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 647 | 317 |
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 810 | 315 |
Portfolio Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1 | 0 |
Acquired Non PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 862,272 | |
Nonaccrual | 3,898 | |
Loans | 867,820 | |
Acquired Non PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,219 | |
Acquired Non PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 431 | |
Acquired Non PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 43,044 | |
Nonaccrual | 574 | |
Loans | 43,618 | |
Acquired Non PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 531,325 | |
Nonaccrual | 1,245 | |
Loans | 533,943 | |
Acquired Non PCD Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 942 | |
Acquired Non PCD Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 431 | |
Acquired Non PCD Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 201,159 | |
Nonaccrual | 412 | |
Loans | 201,848 | |
Acquired Non PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 277 | |
Acquired Non PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 78,705 | |
Nonaccrual | 1,667 | |
Loans | 80,372 | |
Acquired Non PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 8,039 | |
Nonaccrual | 0 | |
Loans | 8,039 | |
Acquired Non PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 10,599 | |
Nonaccrual | 2,067 | |
Loans | 12,666 | |
PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 148 | |
Nonaccrual | 12 | |
Loans | 160 | |
PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 9,298 | |
Nonaccrual | 919 | |
Loans | 10,217 | |
PCD Loans | Commercial real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 587 | |
Nonaccrual | 1,123 | |
Loans | 1,710 | |
PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 566 | |
Nonaccrual | 13 | |
Loans | 579 | |
PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 0 | |
Nonaccrual | 0 | |
Loans | 0 | |
PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | $ 0 | |
Acquired Non PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 875,222 | |
Nonaccrual | 5,331 | |
Loans | 888,649 | |
Acquired Non PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 7,979 | |
Acquired Non PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 117 | |
Acquired Non PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 34,360 | |
Nonaccrual | 574 | |
Loans | 34,934 | |
Acquired Non PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 228,776 | |
Nonaccrual | 214 | |
Loans | 230,517 | |
Acquired Non PCD Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,456 | |
Acquired Non PCD Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 71 | |
Acquired Non PCD Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial real estate - non owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 306,959 | |
Nonaccrual | 1,124 | |
Loans | 310,417 | |
Acquired Non PCD Loans | Commercial real estate - non owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2,334 | |
Acquired Non PCD Loans | Commercial real estate - non owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial real estate - non owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 228,213 | |
Nonaccrual | 1,280 | |
Loans | 233,169 | |
Acquired Non PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 3,676 | |
Acquired Non PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 70,460 | |
Nonaccrual | 2,139 | |
Loans | 73,134 | |
Acquired Non PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 489 | |
Acquired Non PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 46 | |
Acquired Non PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 6,454 | |
Nonaccrual | 0 | |
Loans | 6,478 | |
Acquired Non PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 24 | |
Acquired Non PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
Acquired Non PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 50,933 | |
Nonaccrual | 2,353 | |
Loans | 55,181 | |
PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,895 | |
PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,980 | |
Nonaccrual | 10 | |
Loans | 2,990 | |
PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 26,462 | |
Nonaccrual | 0 | |
Loans | 27,540 | |
PCD Loans | Commercial real estate - owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,078 | |
PCD Loans | Commercial real estate - owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate - owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate - non owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 10,784 | |
Nonaccrual | 1,054 | |
Loans | 11,838 | |
PCD Loans | Commercial real estate - non owner occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate - non owner occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial real estate - non owner occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 9,720 | |
Nonaccrual | 1,201 | |
Loans | 10,921 | |
PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 709 | |
Nonaccrual | 88 | |
Loans | 1,524 | |
PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 727 | |
PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 278 | |
Nonaccrual | 0 | |
Loans | 368 | |
PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 90 | |
PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | |
PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | $ 0 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | $ 16,471 | $ 23,301 |
Nonaccrual loans with allowance for credit losses | 9,111 | 3,654 |
Nonaccrual loans with no related allowance for credit losses, total loans | 25,582 | 26,955 |
Nonaccrual loans, allowance for credit losses | 4,303 | 2,384 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 584 | 4,914 |
Nonaccrual loans with allowance for credit losses | 22 | 23 |
Nonaccrual loans with no related allowance for credit losses, total loans | 606 | 4,937 |
Nonaccrual loans, allowance for credit losses | 11 | 12 |
Commercial real estate - owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 1,169 | |
Nonaccrual loans with allowance for credit losses | 1,695 | |
Nonaccrual loans with no related allowance for credit losses, total loans | 2,864 | |
Nonaccrual loans, allowance for credit losses | 251 | |
Commercial real estate - non owner occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 3,221 | |
Nonaccrual loans with allowance for credit losses | 1,054 | |
Nonaccrual loans with no related allowance for credit losses, total loans | 4,275 | |
Nonaccrual loans, allowance for credit losses | 251 | |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 6,200 | |
Nonaccrual loans with allowance for credit losses | 320 | |
Nonaccrual loans with no related allowance for credit losses, total loans | 6,520 | |
Nonaccrual loans, allowance for credit losses | 149 | |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 7,890 | 8,700 |
Nonaccrual loans with allowance for credit losses | 954 | 780 |
Nonaccrual loans with no related allowance for credit losses, total loans | 8,844 | 9,480 |
Nonaccrual loans, allowance for credit losses | 928 | 564 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 3,571 | 3,449 |
Nonaccrual loans with allowance for credit losses | 4,845 | 2,459 |
Nonaccrual loans with no related allowance for credit losses, total loans | 8,416 | 5,908 |
Nonaccrual loans, allowance for credit losses | 2,624 | 1,622 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual loans with no related allowance for credit losses | 36 | 39 |
Nonaccrual loans with allowance for credit losses | 541 | 71 |
Nonaccrual loans with no related allowance for credit losses, total loans | 577 | 110 |
Nonaccrual loans, allowance for credit losses | $ 238 | $ 37 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 198,892 | |
2019 | 1,000,429 | |
2018 | 935,256 | |
2017 | 765,483 | |
2016 | 688,535 | |
Prior | 1,094,810 | |
Revolving | 633,803 | |
Total | 5,317,208 | $ 5,198,404 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 198,410 | |
2019 | 995,300 | |
2018 | 923,588 | |
2017 | 747,503 | |
2016 | 662,233 | |
Prior | 1,043,169 | |
Revolving | 620,625 | |
Total | 5,190,828 | 5,091,691 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 482 | |
2019 | 3,540 | |
2018 | 9,303 | |
2017 | 5,940 | |
2016 | 21,463 | |
Prior | 17,039 | |
Revolving | 4,316 | |
Total | 62,083 | 51,560 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 346 | |
2018 | 167 | |
2017 | 8,212 | |
2016 | 2,358 | |
Prior | 12,920 | |
Revolving | 5,908 | |
Total | 29,911 | 53,958 |
Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 725 | |
2018 | 1,224 | |
2017 | 3,535 | |
2016 | 1,824 | |
Prior | 21,682 | |
Revolving | 2,945 | |
Total | 31,935 | |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 518 | |
2018 | 974 | |
2017 | 293 | |
2016 | 657 | |
Prior | 0 | |
Revolving | 9 | |
Total | 2,451 | 1,195 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 12,738 | |
2019 | 94,799 | |
2018 | 88,607 | |
2017 | 37,337 | |
2016 | 11,252 | |
Prior | 20,939 | |
Revolving | 29,733 | |
Total | 295,405 | 325,113 |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 12,458 | |
2019 | 94,108 | |
2018 | 87,137 | |
2017 | 37,337 | |
2016 | 10,678 | |
Prior | 18,562 | |
Revolving | 29,733 | |
Total | 290,013 | 317,765 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 280 | |
2019 | 691 | |
2018 | 1,470 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,191 | |
Revolving | 0 | |
Total | 4,632 | 2,235 |
Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 32 | |
Revolving | 0 | |
Total | 32 | 5,113 |
Construction and land development | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 574 | |
Prior | 154 | |
Revolving | 0 | |
Total | 728 | |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 43,090 | |
2019 | 191,052 | |
2018 | 162,955 | |
2017 | 150,724 | |
2016 | 166,992 | |
Prior | 351,069 | |
Revolving | 17,011 | |
Total | 1,082,893 | |
Commercial real estate - owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 42,888 | |
2019 | 189,419 | |
2018 | 162,584 | |
2017 | 145,468 | |
2016 | 161,131 | |
Prior | 339,852 | |
Revolving | 17,011 | |
Total | 1,058,353 | |
Commercial real estate - owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 202 | |
2019 | 1,633 | |
2018 | 371 | |
2017 | 0 | |
2016 | 4,471 | |
Prior | 5,147 | |
Revolving | 0 | |
Total | 11,824 | |
Commercial real estate - owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 3,805 | |
2016 | 1,070 | |
Prior | 3,335 | |
Revolving | 0 | |
Total | 8,210 | |
Commercial real estate - owner occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,451 | |
2016 | 0 | |
Prior | 2,735 | |
Revolving | 0 | |
Total | 4,186 | |
Commercial real estate - owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 320 | |
Prior | 0 | |
Revolving | 0 | |
Total | 320 | |
Commercial real estate - non owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48,094 | |
2019 | 328,545 | |
2018 | 234,828 | |
2017 | 136,697 | |
2016 | 218,589 | |
Prior | 407,500 | |
Revolving | 6,843 | |
Total | 1,381,096 | |
Commercial real estate - non owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48,094 | |
2019 | 328,437 | |
2018 | 229,350 | |
2017 | 131,409 | |
2016 | 202,980 | |
Prior | 390,699 | |
Revolving | 5,493 | |
Total | 1,336,462 | |
Commercial real estate - non owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 108 | |
2018 | 5,478 | |
2017 | 5,288 | |
2016 | 15,483 | |
Prior | 6,529 | |
Revolving | 0 | |
Total | 32,886 | |
Commercial real estate - non owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 5,345 | |
Revolving | 1,350 | |
Total | 6,695 | |
Commercial real estate - non owner occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 126 | |
Prior | 4,927 | |
Revolving | 0 | |
Total | 5,053 | |
Commercial real estate - non owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,378,971 | |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,331,725 | |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 26,827 | |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 20,098 | |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 321 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33,704 | |
2019 | 165,633 | |
2018 | 282,880 | |
2017 | 310,781 | |
2016 | 210,981 | |
Prior | 237,911 | |
Revolving | 317,864 | |
Total | 1,559,754 | 1,507,863 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33,704 | |
2019 | 164,901 | |
2018 | 281,466 | |
2017 | 307,018 | |
2016 | 209,956 | |
Prior | 223,116 | |
Revolving | 313,101 | |
Total | 1,533,262 | 1,482,278 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 25 | |
2018 | 1,414 | |
2017 | 0 | |
2016 | 1,025 | |
Prior | 570 | |
Revolving | 805 | |
Total | 3,839 | 7,364 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 3,763 | |
2016 | 0 | |
Prior | 2,235 | |
Revolving | 1,945 | |
Total | 7,943 | 18,221 |
Residential real estate | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 707 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 11,990 | |
Revolving | 2,013 | |
Total | 14,710 | |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48,507 | |
2019 | 160,206 | |
2018 | 122,838 | |
2017 | 101,183 | |
2016 | 51,748 | |
Prior | 62,463 | |
Revolving | 249,093 | |
Total | 796,038 | 778,252 |
Commercial and financial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48,507 | |
2019 | 158,373 | |
2018 | 120,271 | |
2017 | 97,771 | |
2016 | 49,293 | |
Prior | 56,869 | |
Revolving | 244,912 | |
Total | 775,996 | 755,957 |
Commercial and financial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,005 | |
2018 | 263 | |
2017 | 530 | |
2016 | 363 | |
Prior | 2,505 | |
Revolving | 889 | |
Total | 5,555 | 11,925 |
Commercial and financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 310 | |
2018 | 106 | |
2017 | 513 | |
2016 | 675 | |
Prior | 1,922 | |
Revolving | 2,351 | |
Total | 5,877 | 9,496 |
Commercial and financial | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 1,224 | |
2017 | 2,076 | |
2016 | 1,080 | |
Prior | 1,167 | |
Revolving | 932 | |
Total | 6,479 | |
Commercial and financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 518 | |
2018 | 974 | |
2017 | 293 | |
2016 | 337 | |
Prior | 0 | |
Revolving | 9 | |
Total | 2,131 | 874 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 12,759 | |
2019 | 60,194 | |
2018 | 43,148 | |
2017 | 28,761 | |
2016 | 28,973 | |
Prior | 14,928 | |
Revolving | 13,259 | |
Total | 202,022 | 208,205 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 12,759 | |
2019 | 60,062 | |
2018 | 42,780 | |
2017 | 28,500 | |
2016 | 28,195 | |
Prior | 14,071 | |
Revolving | 10,375 | |
Total | 196,742 | 203,966 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 78 | |
2018 | 307 | |
2017 | 122 | |
2016 | 121 | |
Prior | 97 | |
Revolving | 2,622 | |
Total | 3,347 | 3,209 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 36 | |
2018 | 61 | |
2017 | 131 | |
2016 | 613 | |
Prior | 51 | |
Revolving | 262 | |
Total | 1,154 | 1,030 |
Consumer | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 18 | |
2018 | 0 | |
2017 | 8 | |
2016 | 44 | |
Prior | 709 | |
Revolving | 0 | |
Total | 779 | |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | $ 0 | $ 0 |
Loans - Narrative (Details)
Loans - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | Mar. 31, 2020USD ($)contract | Dec. 31, 2019USD ($) | Mar. 13, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Deferred costs | $ 20,900,000 | $ 20,900,000 | $ 19,900,000 | ||
Accrued interest receivable | 15,200,000 | 15,200,000 | 14,900,000 | ||
Interest income from securities with no related allowance | 300,000 | $ 300,000 | |||
Allowance for credit loss on TDRs | $ 100,000 | $ 0 | $ 100,000 | ||
Number of loans under trouble debt restructuring | contract | 5 | 2 | 3 | ||
Value of loans under trouble debt restructuring | $ 482,000 | $ 1,995,000 | $ 1,400,000 | ||
Interest income related to impaired loans with impairment measured on present value of expected future cash flows | 24,000 | $ 35,000 | |||
First Bank of the Palm Beaches | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans acquired in acquisition | $ 146,839,000 | ||||
Loans | Bank Shares, Inc | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Remaining fair value adjustment for loans acquired | $ 32,900,000 | $ 34,900,000 | |||
Percentage of fair value adjustment for loans acquired | 3.40% | 3.40% | 3.80% | ||
PCD Loans | First Bank of the Palm Beaches | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans acquired in acquisition | $ 43,000,000 | $ 43,000,000 | $ 43,038,000 | ||
PCD Loans | Loans | Bank Shares, Inc | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Remaining fair value adjustment for loans acquired | 1,000,000 | ||||
Non-PCD Loans | First Bank of the Palm Beaches | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans acquired in acquisition | 103,800,000 | 103,800,000 | |||
Non-PCD Loans | Loans | Bank Shares, Inc | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Remaining fair value adjustment for loans acquired | 31,900,000 | ||||
CARES Act, Purchase Protection Plan | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Value of loans deferred, not classified as TDRs | $ 512,000,000 | $ 512,000,000 |
Loans - Schedule of Collateral
Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 23,744 | $ 26,678 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 606 | 4,926 |
Commercial real estate - owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 4,507 | 2,571 |
Commercial real estate - non owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 4,274 | 3,152 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 8,932 | 11,550 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 4,844 | 4,338 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 581 | $ 141 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | Mar. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 5 | 2 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 482 | $ 1,995 | |
Post- Modification Outstanding Recorded Investment | $ 482 | $ 1,995 | $ 1,400 |
Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial real estate - owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 180 | |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 180 | |
Commercial real estate - non owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 45 | $ 0 | |
Post- Modification Outstanding Recorded Investment | $ 45 | $ 0 | |
Commercial and financial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 4 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 437 | $ 1,815 | |
Post- Modification Outstanding Recorded Investment | $ 437 | $ 1,815 | |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | $ 35,154 | $ 35,154 | $ 32,423 |
Initial Allowance on PCD Loans Acquired During the Period | 516 | ||
Provision for Credit Losses | 29,513 | 1,397 | |
Charge- Offs | (1,647) | (1,479) | |
Recoveries | 673 | 516 | |
TDR Allowance Adjustments | (24) | (35) | |
Ending Balance | 85,411 | 32,822 | |
Construction & land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 1,842 | 1,842 | 2,233 |
Initial Allowance on PCD Loans Acquired During the Period | 48 | ||
Provision for Credit Losses | 1,248 | 83 | |
Charge- Offs | 0 | 0 | |
Recoveries | 29 | 4 | |
TDR Allowance Adjustments | 0 | 0 | |
Ending Balance | 4,646 | 2,320 | |
Commercial real estate - owner occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 5,361 | 5,361 | |
Initial Allowance on PCD Loans Acquired During the Period | 207 | ||
Provision for Credit Losses | (264) | ||
Charge- Offs | (44) | ||
Recoveries | 0 | ||
TDR Allowance Adjustments | (13) | ||
Ending Balance | 5,327 | ||
Commercial real estate - non owner occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 7,863 | 7,863 | |
Initial Allowance on PCD Loans Acquired During the Period | 140 | ||
Provision for Credit Losses | 18,283 | ||
Charge- Offs | (12) | ||
Recoveries | 28 | ||
TDR Allowance Adjustments | 0 | ||
Ending Balance | 35,643 | ||
Commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 13,224 | 13,224 | 11,112 |
Provision for Credit Losses | 625 | ||
Charge- Offs | (16) | ||
Recoveries | 47 | ||
TDR Allowance Adjustments | (15) | ||
Ending Balance | 11,753 | ||
Residential real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 7,667 | 7,667 | 7,775 |
Initial Allowance on PCD Loans Acquired During the Period | 97 | ||
Provision for Credit Losses | 6,260 | (414) | |
Charge- Offs | (18) | (36) | |
Recoveries | 116 | 139 | |
TDR Allowance Adjustments | (10) | (19) | |
Ending Balance | 19,899 | 7,445 | |
Commercial and financial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 9,716 | 9,716 | 8,585 |
Initial Allowance on PCD Loans Acquired During the Period | 11 | ||
Provision for Credit Losses | 2,746 | 853 | |
Charge- Offs | (1,100) | (944) | |
Recoveries | 420 | 79 | |
TDR Allowance Adjustments | 0 | 0 | |
Ending Balance | 15,470 | 8,573 | |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 2,705 | 2,705 | 2,718 |
Initial Allowance on PCD Loans Acquired During the Period | 13 | ||
Provision for Credit Losses | 1,240 | 250 | |
Charge- Offs | (473) | (483) | |
Recoveries | 80 | 247 | |
TDR Allowance Adjustments | (1) | (1) | |
Ending Balance | $ 4,426 | $ 2,731 | |
Cumulative Effect Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Initial Allowance on PCD Loans Acquired During the Period | 700 | ||
Ending Balance | 21,226 | ||
Cumulative Effect Adjustment | Construction & land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | 1,479 | ||
Cumulative Effect Adjustment | Commercial real estate - owner occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | 80 | ||
Cumulative Effect Adjustment | Commercial real estate - non owner occupied | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | 9,341 | ||
Cumulative Effect Adjustment | Residential real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | 5,787 | ||
Cumulative Effect Adjustment | Commercial and financial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | 3,677 | ||
Cumulative Effect Adjustment | Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Ending Balance | $ 862 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Recorded Investment | ||||
Individually Evaluated | $ 38,268 | $ 48,762 | ||
Collectively Evaluated | 5,278,940 | 5,149,642 | ||
Total | 5,317,208 | 5,198,404 | ||
Associated Allowance | ||||
Individually Evaluated | 4,692 | 2,858 | ||
Collectively Evaluated | 80,719 | 32,296 | ||
Total | 85,411 | 35,154 | $ 32,822 | $ 32,423 |
Construction & land development | ||||
Recorded Investment | ||||
Individually Evaluated | 729 | 5,217 | ||
Collectively Evaluated | 294,676 | 319,896 | ||
Total | 295,405 | 325,113 | ||
Associated Allowance | ||||
Individually Evaluated | 13 | 14 | ||
Collectively Evaluated | 4,633 | 1,828 | ||
Total | 4,646 | 1,842 | 2,320 | 2,233 |
Commercial real estate - owner occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 4,590 | |||
Collectively Evaluated | 1,078,303 | |||
Total | 1,082,893 | |||
Associated Allowance | ||||
Individually Evaluated | 252 | |||
Collectively Evaluated | 5,075 | |||
Total | 5,327 | 5,361 | ||
Commercial real estate - non owner occupied | ||||
Recorded Investment | ||||
Individually Evaluated | 8,916 | |||
Collectively Evaluated | 1,372,180 | |||
Total | 1,381,096 | |||
Associated Allowance | ||||
Individually Evaluated | 316 | |||
Collectively Evaluated | 35,327 | |||
Total | 35,643 | 7,863 | ||
Commercial real estate | ||||
Recorded Investment | ||||
Individually Evaluated | 20,484 | |||
Collectively Evaluated | 2,358,487 | |||
Total | 2,378,971 | |||
Associated Allowance | ||||
Individually Evaluated | 220 | |||
Collectively Evaluated | 13,004 | |||
Total | 13,224 | 11,753 | 11,112 | |
Residential real estate | ||||
Recorded Investment | ||||
Individually Evaluated | 14,661 | 16,093 | ||
Collectively Evaluated | 1,545,093 | 1,491,770 | ||
Total | 1,559,754 | 1,507,863 | ||
Associated Allowance | ||||
Individually Evaluated | 1,163 | 834 | ||
Collectively Evaluated | 18,736 | 6,833 | ||
Total | 19,899 | 7,667 | 7,445 | 7,775 |
Commercial and financial | ||||
Recorded Investment | ||||
Individually Evaluated | 8,618 | 6,631 | ||
Collectively Evaluated | 787,420 | 771,621 | ||
Total | 796,038 | 778,252 | ||
Associated Allowance | ||||
Individually Evaluated | 2,701 | 1,731 | ||
Collectively Evaluated | 12,769 | 7,985 | ||
Total | 15,470 | 9,716 | 8,573 | 8,585 |
Consumer | ||||
Recorded Investment | ||||
Individually Evaluated | 754 | 337 | ||
Collectively Evaluated | 201,268 | 207,868 | ||
Total | 202,022 | 208,205 | ||
Associated Allowance | ||||
Individually Evaluated | 247 | 59 | ||
Collectively Evaluated | 4,179 | 2,646 | ||
Total | $ 4,426 | $ 2,705 | $ 2,731 | $ 2,718 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Value | Repurchase Agreement | Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities | ||
Fair value of pledged securities - overnight and continuous: | ||
Fair value of debt securities pledged as collateral | $ 88,402 | $ 94,354 |
Noninterest Income and Expens_2
Noninterest Income and Expense - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Noninterest income | ||
Interchange income | $ 3,246 | $ 3,401 |
Marine finance fees | 146 | 362 |
SBA gains | 139 | 636 |
BOLI income | 886 | 915 |
Other income | 3,352 | 2,266 |
Noninterest income, gross | 14,669 | 12,845 |
Securities gains (losses), net | 19 | (9) |
Total | 14,688 | 12,836 |
Noninterest expense | ||
Salaries and wages | 23,698 | 18,506 |
Employee benefits | 4,255 | 4,206 |
Outsourced data processing costs | 4,633 | 3,845 |
Telephone/data lines | 714 | 811 |
Occupancy | 3,353 | 3,807 |
Furniture and equipment | 1,623 | 1,757 |
Marketing | 1,278 | 1,132 |
Legal and professional fees | 3,363 | 2,847 |
FDIC assessments | 0 | 488 |
Amortization of intangibles | 1,456 | 1,458 |
Foreclosed property expense and net gain on sale | (315) | (40) |
Other | 3,740 | 4,282 |
Total | 47,798 | 43,099 |
Service charges on deposit accounts | ||
Noninterest income | ||
Revenue from contracts with customers | 2,825 | 2,697 |
Wealth management income | ||
Noninterest income | ||
Revenue from contracts with customers | 1,867 | 1,453 |
Mortgage banking fees | ||
Noninterest income | ||
Revenue from contracts with customers | $ 2,208 | $ 1,115 |
Equity Capital - Narrative (Det
Equity Capital - Narrative (Details) | Mar. 31, 2020 |
Equity [Abstract] | |
Regulatory threshold for well-capitalized institutions | 6.50% |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | $ 910,311 | $ 946,855 |
Value of loans held for sale | 29,281 | 20,029 |
Other real estate owned | 14,640 | 12,390 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 910,311 | 946,855 |
Value of loans held for sale | 29,281 | 20,029 |
Equity securities | 6,506 | 6,392 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 102 | 100 |
Value of loans held for sale | 0 | 0 |
Equity securities | 6,506 | 6,392 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 910,209 | 946,755 |
Value of loans held for sale | 29,281 | 20,029 |
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, fair value | 0 | 0 |
Value of loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 9,105 | 5,123 |
Other real estate owned | 14,640 | 12,390 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 1,596 | 1,419 |
Other real estate owned | 1,321 | 241 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 7,509 | 3,704 |
Other real estate owned | $ 13,319 | $ 12,149 |
Fair Value - Aggregate Fair Val
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 29,281 | $ 20,029 |
Excess | 690 | 584 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 28,591 | $ 19,445 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Average capitalization rate | 7.50% | |||
Fair value of impaired loans | $ 9,100 | $ 5,100 | ||
Specific reserve on repaired loans | 4,700 | 2,900 | ||
Allowance for credit losses | 85,411 | $ 35,154 | $ 32,822 | $ 32,423 |
Additions | 4,300 | |||
Paydowns and chargeoffs | 500 | |||
Other Real Estate Owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Additions to level 3 from foreclosed loans | 4,500 | |||
Reductions related to sale of loans | $ 3,300 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Debt securities held to maturity | $ 252,373 | $ 261,369 |
Time deposits with other banks | 3,742 | 3,742 |
Loans, net | 5,231,797 | 5,163,250 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held to maturity | 261,218 | 262,213 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Federal Home Loan Bank (FHLB) borrowings | 0 | 0 |
Subordinated debt | 64,080 | 64,017 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 3,763 | 3,744 |
Loans, net | 5,277,017 | 5,139,491 |
Financial Liabilities | ||
Deposit liabilities | 5,892,960 | 5,584,621 |
Federal Home Loan Bank (FHLB) borrowings | 264,813 | 314,995 |
Subordinated debt | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held to maturity | 252,373 | 261,369 |
Time deposits with other banks | 3,742 | 3,742 |
Loans, net | 5,222,692 | 5,158,127 |
Financial Liabilities | ||
Deposit liabilities | 5,887,499 | 5,584,753 |
Federal Home Loan Bank (FHLB) borrowings | 265,000 | 315,000 |
Subordinated debt | $ 71,155 | $ 71,085 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Millions | Mar. 13, 2020USD ($)branch | Dec. 31, 2019USD ($) |
First Bank of the Palm Beaches | ||
Business Acquisition [Line Items] | ||
Number of branches operated | branch | 2 | |
Percentage of common stock acquired | 100.00% | |
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.2000 | |
Goodwill recognized from acquisition, nondeductible | $ 6.8 | |
Fourth Street Banking Company | ||
Business Acquisition [Line Items] | ||
Deposits of acquiree | $ 308 | |
Loans of acquiree | $ 264 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) - First Bank of the Palm Beaches $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 13, 2020USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Number of FBPB common shares outstanding (in shares) | shares | 5,213 |
Per share exchange ratio (in shares) | 0.2000 |
Number of shares of common stock issued (in shares) | shares | 1,043 |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 20.17 |
Value of common stock issued | $ 21,031 |
Cash paid for FBPB vested stock options | 866 |
Total purchase price | $ 21,897 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 13, 2020 | Dec. 31, 2019 |
Assets: | |||
Goodwill | $ 212,085 | $ 205,286 | |
First Bank of the Palm Beaches | |||
Assets: | |||
Cash | $ 34,749 | ||
Investment securities | 447 | ||
Loans | 146,839 | ||
Bank premises and equipment | 6,086 | ||
Core deposit intangibles | 819 | ||
Goodwill | 6,799 | ||
Other assets | 1,285 | ||
Total assets | 197,024 | ||
Liabilities: | |||
Deposits | 173,741 | ||
Other liabilities | 1,386 | ||
Total liabilities | $ 175,127 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - First Bank of the Palm Beaches $ in Thousands | Mar. 13, 2020USD ($) |
Business Acquisition [Line Items] | |
Book Balance | $ 150,342 |
Fair Value | 146,839 |
Construction and land development | |
Business Acquisition [Line Items] | |
Book Balance | 9,493 |
Fair Value | 9,012 |
Commercial real estate - owner occupied | |
Business Acquisition [Line Items] | |
Book Balance | 46,221 |
Fair Value | 45,171 |
Commercial real estate - non owner occupied | |
Business Acquisition [Line Items] | |
Book Balance | 36,268 |
Fair Value | 35,153 |
Residential real estate | |
Business Acquisition [Line Items] | |
Book Balance | 47,569 |
Fair Value | 47,031 |
Commercial and financial | |
Business Acquisition [Line Items] | |
Book Balance | 9,659 |
Fair Value | 9,388 |
Consumer | |
Business Acquisition [Line Items] | |
Book Balance | 1,132 |
Fair Value | $ 1,084 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - First Bank of the Palm Beaches - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 13, 2020 |
Business Acquisition [Line Items] | ||
Total PCD loans acquired | $ 146,839 | |
PCD Loans | ||
Business Acquisition [Line Items] | ||
Book balance of loans at acquisition | 43,682 | |
Allowance for credit losses at acquisition | (516) | |
Non-credit related discount | (128) | |
Total PCD loans acquired | $ 43,000 | $ 43,038 |
Business Combinations - Pro-For
Business Combinations - Pro-Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Combinations [Abstract] | ||
Net interest income | $ 64,614 | $ 62,538 |
Net income | $ 1,172 | $ 22,299 |
EPS - basic (in dollars per share) | $ 0.02 | $ 0.43 |
EPS - diluted (in dollars per share) | $ 0.02 | $ 0.42 |
Subsequent Events (Details)
Subsequent Events (Details) - CARES Act, Purchase Protection Plan $ in Thousands | Apr. 30, 2020USD ($)loan | Apr. 30, 2020USD ($)loan | Mar. 31, 2020USD ($) |
Subsequent Event [Line Items] | |||
Value of loans deferred, not classified as TDRs | $ 512,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of loans processed | loan | 3,700 | ||
Value of loans processed | $ 530,000 | $ 530,000 | |
Average loan size | $ 143 | 143 | |
Number of loans restructured | loan | 2,500 | ||
Value of loans deferred, not classified as TDRs | $ 1,000,000 | $ 1,000,000 |
Uncategorized Items - sbcf20200
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (16,876,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (16,876,000) |