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SBCF Seacoast Banking Corp. Of Florida

Cover Page

Cover Page9 Months Ended
Sep. 30, 2020shares
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2020
Document Transition Reportfalse
Entity File Number0-13660
Entity Registrant NameSeacoast Banking Corporation of Florida
Entity Incorporation, State or Country CodeFL
Entity Tax Identification Number59-2260678
Entity Address, Address Line One815 COLORADO AVENUE,
Entity Address, City or TownSTUART
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code34994
City Area Code(772)
Local Phone Number287-4000
Title of 12(b) SecurityCommon Stock
Trading SymbolSBCF
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding55,168,617
Amendment Flagfalse
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ3
Entity Central Index Key0000730708
Current Fiscal Year End Date--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Income Statement [Abstract]
Interest and fees on loans $ 60,487 $ 63,092 $ 188,771 $ 187,667
Interest and dividends on securities7,097 8,933 23,609 27,279
Interest on interest bearing deposits and other investments556 800 1,974 2,591
Total Interest Income68,140 72,825 214,354 217,537
Interest on deposits1,299 4,334 5,692 13,032
Interest on time certificates2,673 6,009 11,261 16,692
Interest on borrowed money665 1,534 3,449 5,955
Total Interest Expense4,637 11,877 20,402 35,679
Net Interest Income63,503 60,948 193,952 181,858
Provision for credit losses(845)2,251 36,279 6,199
Net Interest Income after Provision for Credit Losses64,348 58,697 157,673 175,659
Noninterest income
Other income16,942 14,790 45,387 41,678
Securities gains (losses), net4 (847)1,253 (1,322)
Total Noninterest Income (Note H)16,946 13,943 46,640 40,356
Total Noninterest Expenses (Note H)51,674 38,583 141,871 122,682
Income Before Income Taxes29,620 34,057 62,442 93,333
Provision for income taxes6,992 8,452 14,025 21,770
Net Income $ 22,628 $ 25,605 $ 48,417 $ 71,563
Share Data
Net income per share of common stock - diluted (in dollars per share) $ 0.42 $ 0.49 $ 0.91 $ 1.38
Net income per share of common stock - basic (in dollars per share) $ 0.42 $ 0.50 $ 0.91 $ 1.39
Average common shares outstanding - diluted (in shares)54,301 51,935 53,325 51,996
Average common shares outstanding - basic (in shares)53,978 51,473 52,926 51,426

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income $ 22,628 $ 25,605 $ 48,417 $ 71,563
Other comprehensive income:
Unrealized gains on securities available-for-sale2,301 5,555 19,986 29,864
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement0 0 0 (730)
Amortization of unrealized losses on securities transferred to held-to-maturity, net55 59 173 202
Reclassification adjustment for (gains) losses included in net income(4)895 (1,097)1,538
Provision for income taxes(423)(1,468)(4,304)(7,503)
Total other comprehensive income1,929 5,041 14,758 23,371
Comprehensive Income $ 24,557 $ 30,646 $ 63,175 $ 94,934

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Assets
Cash and due from banks $ 81,692 $ 89,843
Interest bearing deposits with other banks227,876 34,688
Total cash and cash equivalents309,568 124,531
Time deposits with other banks2,247 3,742
Debt securities:
Securities available-for-sale (at fair value)1,286,858 946,855
Securities held-to-maturity (fair value $216,000 at September 30, 2020 and $262,213 at December 31, 2019)207,376 261,369
Total debt securities1,494,234 1,208,224
Loans held for sale (at fair value)73,046 20,029
Loans5,858,029 5,198,404
Less: Allowance for credit losses(94,013)(35,154)
Loans, net of allowance for credit losses5,764,016 5,163,250
Bank premises and equipment, net76,393 66,615
Other real estate owned15,890 12,390
Goodwill221,176 205,286
Other intangible assets, net18,163 20,066
Bank owned life insurance130,887 126,181
Net deferred tax assets25,503 16,457
Other assets156,717 141,740
Total Assets8,287,840 7,108,511
Liabilities
Deposits6,914,843 5,584,753
Securities sold under agreements to repurchase, maturing within 30 days89,508 86,121
Federal Home Loan Bank (FHLB) borrowings35,000 315,000
Subordinated debt71,295 71,085
Other liabilities78,853 65,913
Total Liabilities7,189,499 6,122,872
Shareholders' Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 55,499,401 and outstanding 55,168,617 at September 30, 2020, and authorized 120,000,000, issued 51,760,617 and outstanding 51,513,733 shares at December 31, 20195,517 5,151
Other shareholders' equity1,092,824 980,488
Total Shareholders' Equity1,098,341 985,639
Total Liabilities and Shareholders' Equity $ 8,287,840 $ 7,108,511

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Held to maturity, fair value $ 216,000 $ 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)55,499,401 51,760,617
Common stock, shares outstanding (in shares)55,168,617 51,513,733

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash Flows from Operating Activities
Net income $ 48,417 $ 71,563
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation4,531 4,899
Amortization of premiums and discounts on securities, net2,890 1,876
Amortization of operating lease right-of-use assets3,274 3,068
Other amortization and accretion, net(4,402)(1,914)
Stock based compensation5,471 5,773
Origination of loans designated for sale(378,069)(234,130)
Sale of loans designated for sale335,882 227,711
Provision for credit losses36,279 6,199
Deferred income taxes(6,257)4,442
(Gains) losses on sale of securities(1,102)1,538
Gains on sale of loans(10,585)(6,683)
Gains on sale and write-downs of other real estate owned(278)(279)
Losses on disposition of fixed assets790 506
Bank owned life insurance death benefits0 (956)
Changes in operating assets and liabilities, net of effects from acquired companies:
Net increase in other assets(27,735)(1,585)
Net increase (decrease) in other liabilities9,174 (6,721)
Net cash provided by operating activities18,280 75,307
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale211,798 67,951
Maturities and repayments of debt securities held-to-maturity53,409 30,382
Proceeds from sale of debt securities available-for-sale96,733 122,906
Purchases of debt securities available-for-sale(626,731)(164,451)
Maturities of time deposits with other banks1,495 3,664
Net new loans and principal repayments(204,282)(48,600)
Purchases of loans held for investment0 (117,853)
Proceeds from sale of other real estate owned6,174 5,153
Additions to other real estate owned(2,004)0
Proceeds from sale of FHLB and Federal Reserve Bank Stock37,697 46,283
Purchase of FHLB and Federal Reserve Bank Stock(26,976)(36,093)
Net cash from bank acquisitions71,965 0
Proceeds from bank owned life insurance0 14,218
Additions to bank premises and equipment(1,373)(2,254)
Net cash used in investing activities(382,095)(78,694)
Cash Flows from Financing Activities
Net increase in deposits826,686 495,901
Net increase (decrease) in federal funds purchased and repurchase agreements3,387 (143,909)
Net decrease in FHLB borrowings with original maturities of three months or less(235,000)(267,000)
Repayments of FHLB borrowings with original maturities of more than three months(80,000)(63,000)
Proceeds from FHLB borrowings with original maturities of more than three months35,000 0
Stock based employee benefit plans(1,221)(2,296)
Dividends paid0 0
Net cash provided by financing activities548,852 19,696
Net increase in cash and cash equivalents185,037 16,309
Cash and cash equivalents at beginning of period124,531 115,951
Cash and cash equivalents at end of period309,568 132,260
Supplemental disclosure of cash flow information:
Cash paid during the period for interest19,834 35,255
Cash paid during the period for taxes21,712 13,500
Recognition of operating lease right-of-use assets1,887 29,430
Recognition of operating lease liabilities1,887 33,756
Supplemental disclosure of non-cash investing activities:
Transfer of debt securities from held-to-maturity to available-for-sale0 52,796
Transfers from loans to other real estate owned5,552 5,665
Transfers from bank premises to other real estate owned $ 1,289 $ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in ThousandsTotalCommon StockPaid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Cumulative Effect AdjustmentCumulative Effect AdjustmentRetained Earnings
Beginning balance (in shares) at Dec. 31, 201851,361
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 income94,934 71,563 23,371
Stock based compensation expense (in shares)30
Stock based compensation expense5,773 5,773
Common stock transactions related to stock based employee benefit plans (in shares)62
Common stock transactions related to stock based employee benefit plans(2,724) $ 9 (38)(2,695)
Common stock issued for stock options (in shares)29
Common stock issued for stock options428 $ 3 425
Increase (decrease) in shares during period (in shares)121
Increase (decrease) in stockholders' equity during period98,411 $ 12 6,160 71,563 (2,695)23,371
Ending balance (in shares) at Sep. 30, 201951,482
Ending balance at Sep. 30, 2019962,678 $ 5,148 784,661 168,637 (6,079)10,311
Beginning balance (in shares) at Jun. 30, 201951,461
Beginning balance at Jun. 30, 2019930,239 $ 5,146 782,928 143,032 (6,137)5,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income30,646 25,605 5,041
Stock based compensation expense (in shares)30
Stock based compensation expense1,745 1,745
Common stock transactions related to stock based employee benefit plans (in shares)(9)
Common stock transactions related to stock based employee benefit plans48 $ 2 (12)58
Increase (decrease) in shares during period (in shares)21
Increase (decrease) in stockholders' equity during period32,439 $ 2 1,733 25,605 58 5,041
Ending balance (in shares) at Sep. 30, 201951,482
Ending balance at Sep. 30, 2019962,678 $ 5,148 784,661 168,637 (6,079)10,311
Beginning balance (in shares) at Dec. 31, 201951,514
Beginning balance at Dec. 31, 2019985,639 $ 5,151 786,242 195,813 (6,032)4,465 $ (16,876) $ (16,876)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income63,175 48,417 14,758
Stock based compensation expense (in shares)39
Stock based compensation expense5,471 5,471
Common stock transactions related to stock based employee benefit plans (in shares)395
Common stock transactions related to stock based employee benefit plans(1,918) $ 44 (53)(1,909)
Common stock issued for stock options (in shares)58
Common stock issued for stock options698 $ 6 692
Issuance of common stock, pursuant to acquisition (in shares)3,163
Issuance of common stock, pursuant to acquisition62,152 $ 316 61,836
Increase (decrease) in shares during period (in shares)3,655
Increase (decrease) in stockholders' equity during period112,702 $ 366 67,946 31,541 (1,909)14,758
Ending balance (in shares) at Sep. 30, 202055,169
Ending balance at Sep. 30, 20201,098,341 $ 5,517 854,188 227,354 (7,941)19,223
Beginning balance (in shares) at Jun. 30, 202052,991
Beginning balance at Jun. 30, 20201,030,603 $ 5,299 811,321 204,726 (8,037)17,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income24,557 22,628 1,929
Stock based compensation expense (in shares)39
Stock based compensation expense1,948 1,948
Common stock transactions related to stock based employee benefit plans (in shares)18
Common stock transactions related to stock based employee benefit plans96 $ 6 (6)96
Common stock issued for stock options (in shares)1
Common stock issued for stock options16 16
Issuance of common stock, pursuant to acquisition (in shares)2,120
Issuance of common stock, pursuant to acquisition41,121 $ 212 40,909
Increase (decrease) in shares during period (in shares)2,178
Increase (decrease) in stockholders' equity during period67,738 $ 218 42,867 22,628 96 1,929
Ending balance (in shares) at Sep. 30, 202055,169
Ending balance at Sep. 30, 2020 $ 1,098,341 $ 5,517 $ 854,188 $ 227,354 $ (7,941) $ 19,223

Basis of Presentation

Basis of Presentation9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the nine months ended September 30, 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 the 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 the 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 on 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. In response to the COVID-19 pandemic beginning in early 2020, rules defined in the Coronavirus Aid, Relief and Economic Security ("CARES") Act and a joint statement issued by federal regulators in consultation with FASB provide financial institutions with the option not to apply troubled debt restructure ("TDR") accounting to eligible loan modifications provided to borrowers affected by the economic impact of the COVID-19 pandemic. See Note E - Loans for information on loan modifications offered by the Company under this guidance. Outside of this guidance, 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 determined 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 a 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 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 depreciation 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 to 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, with no material impact on its financial position, results of operations or cash flows.

Recently Issued Accounting Stan

Recently Issued Accounting Standards, Not Yet Adopted9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Recently Issued Accounting Standards, Not Yet AdoptedRecently Issued Accounting Standards, Not Yet AdoptedNone this period.

Earnings per Share

Earnings per Share9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per ShareEarnings 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 and nine months ended September 30, 2020, options to purchase 508,000 shares of the Company's common stock were anti-dilutive and, accordingly, were excluded in the computation of diluted earnings per share, compared to 492,000 shares for the three and nine months ended September 30, 2019. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except per share data) 2020 2019 2020 2019 Basic earnings per share Net income $ 22,628 $ 25,605 $ 48,417 $ 71,563 Average common shares outstanding 53,978 51,473 52,926 51,426 Net income per share $ 0.42 $ 0.50 $ 0.91 $ 1.39 Diluted earnings per share Net income $ 22,628 $ 25,605 $ 48,417 $ 71,563 Average common shares outstanding 53,978 51,473 52,926 51,426 Add: Dilutive effect of employee restricted stock and stock options 323 462 399 570 Average diluted shares outstanding 54,301 51,935 53,325 51,996 Net income per share $ 0.42 $ 0.49 $ 0.91 $ 1.38

Securities

Securities9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
SecuritiesSecurities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,518 $ 534 $ (1) $ 9,051 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 916,231 23,676 (646) 939,261 Private mortgage-backed securities and collateralized mortgage obligations 98,984 2,099 (298) 100,785 Collateralized loan obligations 203,834 157 (2,613) 201,378 Obligations of state and political subdivisions 34,312 2,168 (97) 36,383 Totals $ 1,261,879 $ 28,634 $ (3,655) $ 1,286,858 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 207,376 $ 8,642 $ (18) $ 216,000 Totals $ 207,376 $ 8,642 $ (18) $ 216,000 December 31, 2019 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair 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 September 30, 2020 were $4.4 million. During this period, the Company recorded nominal gross gains and no gross losses. For the three months ended September 30, 2019, proceeds from sales of securities were $49.6 million, which resulted in gross losses of $0.9 million on available-for-sale debt securities and an increase of $0.1 million in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities are included in "Securities gains (losses), net". Proceeds from sales of securities during the nine months ended September 30, 2020 and 2019 were $96.7 million and $122.9 million, respectively. Included in "Securities gains (losses), net" are gross gains of $2.4 million and gross losses of $1.3 million for the nine months ended September 30, 2020, and gross gains of $0.3 million and gross losses of $1.8 million for the nine months ended September 30, 2019. "Securities gains (losses), net" also includes an increase of $0.2 million for each of the nine months ended September 30, 2020 and 2019, in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities. At September 30, 2020, debt securities with a fair value of $335.9 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 September 30, 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 Fair Amortized Fair Due in less than one year $ — $ — $ 2,096 $ 2,107 Due after one year through five years — — 10,986 11,612 Due after five years through ten years — — 10,118 10,871 Due after ten years — — 19,630 20,844 — — 42,830 45,434 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 207,376 216,000 916,231 939,261 Private mortgage-backed securities and collateralized mortgage obligations — — 98,984 100,785 Collateralized loan obligations — — 203,834 201,378 Totals $ 207,376 $ 216,000 $ 1,261,879 $ 1,286,858 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 September 30, 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. September 30, 2020 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ — — $ 258 $ (1) $ 258 $ (1) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 248,463 (628) 351 (18) 248,814 (646) Private mortgage-backed securities and collateralized mortgage obligations 28,276 (298) — — 28,276 (298) Collateralized loan obligations 66,037 (699) 110,500 (1,914) 176,537 (2,613) Obligations of state and political subdivisions 6,782 (97) — — 6,782 (97) Totals $ 349,558 $ (1,722) $ 111,109 $ (1,933) $ 460,667 $ (3,655) December 31, 2019 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized 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 September 30, 2020, the Company had $2.6 million in unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations ("CLOs") having a fair value of $176.5 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 September 30, 2020, all positions held by the Company are in AAA and AA tranches, with average credit support of 36% and 26%, 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 September 30, 2020, no allowance for credit losses has been recorded. At September 30, 2020, the Company had $0.6 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $248.8 million. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide sufficient basis for the current expectation that there is no risk of loss if default were to occur. 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 September 30, 2020, no allowance for credit losses has been recorded. At September 30, 2020, the Company had $0.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $28.3 million. The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 23%. 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 September 30, 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. 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 in 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 September 30, 2020, no allowance for credit losses has been recorded. Included in other assets at September 30, 2020 is $34.0 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances that 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 $3.2 million and $0.5 million at September 30, 2020, respectively, and $3.8 million and $0.6 million at December 31, 2019, respectively, is also included in other assets.

Loans

Loans9 Months Ended
Sep. 30, 2020
Receivables [Abstract]
LoansLoans 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 rate mortgages, home equity mortgages, and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment 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: Loans are extended to commercial customers. The purpose of the loans can be 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. • Paycheck Protection Program ("PPP"): Loans originated under a temporary program established by the CARES Act. Under the terms of the program, balances may be forgiven if the borrower uses the funds in a manner consistent with the program guidelines, and repayment is guaranteed by the U.S. government. The following tables present net loan balances by segment as of: September 30, 2020 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 246,312 $ 30,720 $ 3,578 $ 280,610 Commercial real estate - owner-occupied 817,547 267,223 40,690 1,125,460 Commercial real estate - non owner-occupied 1,014,993 348,085 31,386 1,394,464 Residential real estate 1,182,558 201,221 9,617 1,393,396 Commercial and financial 711,358 105,327 16,398 833,083 Consumer 184,608 7,306 302 192,216 Paycheck Protection Program 584,577 54,223 — 638,800 Totals $ 4,741,953 $ 1,014,105 $ 101,971 $ 5,858,029 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 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 1 Commercial real estate includes owner-occupied balances of $1.0 billion for December 31, 2019. The amortized cost basis of loans at September 30, 2020 included net deferred costs of $21.8 million on non-PPP portfolio loans and net deferred fees of $13.1 million on PPP loans. At December 31, 2019, the amortized cost basis included net deferred costs of $19.9 million. 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. In the third quarter of 2020, the Company completed the acquisition of Fourth Street Banking Company and its wholly-owned subsidiary, Freedom Bank, adding PCD loans of $49.4 million and Non-PCD loans of $254.1 million. See additional discussion in Note L - Business Combinations. At September 30, 2020, the remaining fair value adjustments on acquired loans was $34.6 million, or 3.0% of the outstanding acquired loan balances. At December 31, 2019, the remaining fair value adjustments for acquired 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 $31.3 million and $14.9 million at September 30, 2020 and December 31, 2019, respectively. The balance at September 30, 2020 includes $15.4 million associated with loans on short-term payment deferral, against which the Company has established a valuation allowance of $0.4 million. The following tables present the status of net loan balances as of September 30, 2020 and December 31, 2019. Loans on short-term payment deferral at the reporting date are reflected as current. September 30, 2020 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 246,255 $ — $ 37 $ — $ 20 $ 246,312 Commercial real estate - owner-occupied 813,825 850 450 — 2,422 817,547 Commercial real estate - non owner-occupied 1,012,815 — — — 2,178 1,014,993 Residential real estate 1,169,466 2,388 250 — 10,454 1,182,558 Commercial and financial 704,308 995 148 10 5,897 711,358 Consumer 183,944 294 9 — 361 184,608 Paycheck Protection Program 584,577 — — — — 584,577 Total Portfolio Loans 4,715,190 4,527 894 10 21,332 4,741,953 Acquired Non-PCD Loans Construction and land development 30,146 — — — 574 30,720 Commercial real estate - owner-occupied 266,656 — — — 567 267,223 Commercial real estate - non owner-occupied 346,769 278 — — 1,038 348,085 Residential real estate 193,421 1,156 1,057 — 5,587 201,221 Commercial and financial 104,263 — 221 — 843 105,327 Consumer 7,306 — — — — 7,306 Paycheck Protection Program 54,223 — — — — 54,223 Total Acquired Non-PCD Loans 1,002,784 1,434 1,278 — 8,609 1,014,105 PCD Loans Construction and land development 3,568 — — — 10 3,578 Commercial real estate - owner-occupied 39,064 — 1,113 — 513 40,690 Commercial real estate - non owner-occupied 26,380 — — — 5,006 31,386 Residential real estate 8,495 — — — 1,122 9,617 Commercial and financial 15,774 327 — — 297 16,398 Consumer 261 33 — — 8 302 Total PCD Loans 93,542 360 1,113 — 6,956 101,971 Total Loans $ 5,811,516 $ 6,321 $ 3,285 $ 10 $ 36,897 $ 5,858,029 December 31, 2019 (In thousands) Current Accruing Accruing Accruing 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 $0.1 million in interest income on nonaccrual loans during each of the three months ended September 30, 2020 and 2019, respectively. The Company recognized $0.5 million and $1.2 million in interest income on nonaccrual loans during the nine months ended September 30, 2020 and 2019, respectively. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: September 30, 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 $ 585 $ 19 $ 604 $ 9 Commercial real estate - owner-occupied 2,669 833 3,502 672 Commercial real estate - non owner-occupied 4,821 3,401 8,222 1,829 Residential real estate 14,963 2,200 17,163 1,456 Commercial and financial 2,989 4,048 7,037 2,816 Consumer 29 340 369 55 Totals $ 26,056 $ 10,841 $ 36,897 $ 6,837 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 $ 4,913 $ 23 $ 4,936 $ 12 Commercial real estate 6,200 320 6,520 149 Residential real estate 8,700 780 9,480 564 Commercial and financial 3,449 2,460 5,909 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) September 30, 2020 December 31, 2019 Construction and land development $ 630 $ 4,926 Commercial real estate - owner-occupied 7,379 2,571 Commercial real estate - non owner-occupied 7,626 3,152 Residential real estate 22,352 11,550 Commercial and financial 11,563 4,338 Consumer 416 141 Totals $ 49,966 $ 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: Loans typically placed on nonaccrual and considered to be collateral dependent or 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: September 30, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 48,020 $ 78,737 $ 59,752 $ 17,830 $ 9,586 $ 18,206 $ 31,633 $ 263,764 Special Mention 398 503 1,378 12,311 — 1,478 — 16,068 Substandard — — — — — 55 — 55 Substandard Impaired — — — — 574 149 — 723 Doubtful — — — — — — — — Total 48,418 79,240 61,130 30,141 10,160 19,888 31,633 280,610 Commercial real estate - owner-occupied Risk Ratings: Pass 93,407 202,179 164,622 151,893 156,433 313,205 14,792 1,096,531 Special Mention 196 1,596 389 1,010 4,471 3,338 — 11,000 Substandard — — 204 4,742 1,970 5,531 — 12,447 Substandard Impaired — 337 878 1,056 — 2,890 — 5,161 Doubtful 1 — — — — 321 — — 321 Total 93,603 204,112 166,093 158,701 163,195 324,964 14,792 1,125,460 Commercial real estate - non owner-occupied Risk Ratings: Pass 98,658 322,048 200,813 131,590 186,063 372,215 5,317 1,316,704 Special Mention — 103 28,710 1,674 14,266 114 — 44,867 Substandard — — 9,694 — 8,319 5,072 1,350 24,435 Substandard Impaired — 2,418 — — 126 5,914 — 8,458 Doubtful — — — — — — — — Total 98,658 324,569 239,217 133,264 208,774 383,315 6,667 1,394,464 Residential real estate Risk Ratings: Pass 53,171 151,107 233,660 235,119 178,988 180,156 334,622 1,366,823 Special Mention — — 98 — — 562 391 1,051 Substandard — — — — — 1,677 1,443 3,120 Substandard Impaired 112 681 1,334 4,162 2,528 10,790 2,768 22,375 Doubtful 1 — — — — — 27 — 27 Total 53,283 151,788 235,092 239,281 181,516 193,212 339,224 1,393,396 Commercial and financial Risk Ratings: Pass 162,696 158,468 111,812 70,868 44,846 59,387 194,344 802,421 Special Mention — 234 14 5,732 81 1,773 304 8,138 Substandard 153 145 3,306 198 407 2,270 2,261 8,740 Substandard Impaired 319 4,440 2,742 1,667 2,340 1,079 1,197 13,784 Doubtful — — — — — — — — Total 163,168 163,287 117,874 78,465 47,674 64,509 198,106 833,083 September 30, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Consumer Risk Ratings: Pass 36,295 48,610 34,541 21,993 24,259 10,996 12,381 189,075 Special Mention — 70 30 72 65 7 1,856 2,100 Substandard — — — 27 22 38 339 426 Substandard Impaired 48 51 10 — 316 190 — 615 Doubtful — — — — — — — — Total 36,343 48,731 34,581 22,092 24,662 11,231 14,576 192,216 Paycheck Protection Program Risk Ratings: Pass 638,800 — — — — — — 638,800 Total 638,800 — — — — — — 638,800 Consolidated Risk Ratings: Pass 1,131,047 961,149 805,200 629,293 600,175 954,165 593,089 5,674,118 Special Mention 594 2,506 30,619 20,799 18,883 7,272 2,551 83,224 Substandard 153 145 13,204 4,967 10,718 14,643 5,393 49,223 Substandard Impaired 479 7,927 4,964 6,885 5,884 21,012 3,965 51,116 Doubtful 1 — — — — 321 27 — 348 Total $ 1,132,273 $ 971,727 $ 853,987 $ 661,944 $ 635,981 $ 997,119 $ 604,998 $ 5,858,029 1 Loans classified as doubtful are fully reserved as of September 30, 2020. The following table presents the risk rating of loans as of: December 31, 2019 (In thousands) Pass Special 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. Loans Modified in Connection with COVID-19 Pandemic The CARES Act, which was signed into law on March 27, 2020, encourages financial institutions to practice prudent efforts to work with borrowers financially impacted by the COVID-19 pandemic by providing an option to exclude from TDR consideration certain loan modifications that might otherwise be categorized as TDRs under ASC 310-40. This option is available for modifications that are deemed to be COVID-related, where the borrower was not more than 30 days past due on December 31, 2019, and the modification is executed 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. Federal banking regulators issued similar guidance that also allows lenders to conclude that short-term modifications for borrowers affected by the pandemic should not be considered TDRs if the borrower was current at the time of modification. Seacoast began offering short-term payment deferrals of up to six months to eligible borrowers in March 2020 and, at September 30, 2020, had $702.7 million of loans on payment deferral, none of which have been classified as TDRs. The following table presents loans on payment deferral, excluding PPP loans, as of September 30, 2020: (In thousands) Loans Outstanding % on Payment Deferral Construction and land development $ 9,359 3% Commercial real estate - owner-occupied 204,710 18 Commercial real estate - non owner-occupied 344,573 25 Residential real estate 75,885 5 Commercial and financial 61,308 7 Consumer 6,815 4 Totals $ 702,650 13% The following table presents loans that were modified in a troubled debt restructuring during the three and nine months ended: Three Months Ended September 30, 2020 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment 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 — — — 2 519 519 Commercial and financial — — — 1 1,120 1,120 Consumer 1 41 41 — — — Totals 1 $ 41 $ 41 3 $ 1,639 $ 1,639 Nine Months Ended September 30, 2020 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — $ — $ — — $ — $ — Commercial real estate - owner-occupied — — — 2 2,166 2,166 Commercial real estate - non owner-occupied — — — — — — Residential real estate 1 45 45 2 519 519 Commercial and financial 4 437 437 2 1,299 1,299 Consumer 3 88 88 1 19 19 Totals 8 $ 570 $ 570 7 $ 4,003 $ 4,003 The TDRs described above resulted in a specific allowance for credit losses of $0.2 million as of September 30, 2020, and no specific allowance for credit losses as of September 30, 2019. During the nine months ended September 30, 2020, there were four defaults totaling $1.4 million on loans that had been modified in TDRs within the preceding twelve months. During the nine months ended September 30, 2019, there were three defaults totaling $2.1 million of loans to a single borrower 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, is charged off or has been transferred to other real estate owned. For loans measured based on the present value of expected future cash flows, $19,000 and $40,000 for the three months ended September 30, 2020, and 2019, respectively, and $65,000 and $102,000 for the nine months ended September 30, 2020, and 2019, respectively, 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 Losses9 Months Ended
Sep. 30, 2020
Receivables [Abstract]
Allowance for Credit LossesAllowance for Credit Losses Activity in the allowance for credit losses is summarized as follows: Three Months Ended September 30, 2020 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses 1 Charge- Recoveries TDR Ending Construction and land development $ 7,161 $ 39 $ 475 $ — $ 26 $ — $ 7,701 Commercial real estate - owner-occupied 5,562 954 689 — 26 (12) 7,219 Commercial real estate - non owner-occupied 38,992 2,096 (7,050) (25) 5 — 34,018 Residential real estate 20,453 27 (3,196) (19) 65 (5) 17,325 Commercial and financial 15,514 2,632 8,081 (1,776) 203 — 24,654 Consumer 3,568 15 (244) (355) 114 (2) 3,096 Paycheck Protection Program — — — — — — — Totals $ 91,250 $ 5,763 $ (1,245) $ (2,175) $ 439 $ (19) $ 94,013 1 In addition to a reversal of provision for credit losses on loans of $1.2 million in the third quarter of 2020, the Company also recorded a $0.4 million provision to establish a valuation allowance on accrued interest receivable. Three Months Ended September 30, 2019 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 2,243 $ (395) $ — $ 6 $ — $ 1,854 Commercial real estate 11,870 1,368 (232) 10 (19) 12,997 Residential real estate 7,508 87 (38) 52 (20) 7,589 Commercial and financial 8,912 769 (1,625) 295 — 8,351 Consumer 2,972 422 (697) 118 (1) 2,814 Totals $ 33,505 $ 2,251 $ (2,592) $ 481 $ (40) $ 33,605 Nine Months Ended September 30, 2020 (In thousands) Beginning Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses 1 Charge- Recoveries TDR Ending Construction and land development $ 1,842 $ 1,479 $ 87 $ 4,202 $ — $ 92 $ (1) $ 7,701 Commercial real estate - owner-occupied 5,361 80 1,161 655 (45) 44 (37) 7,219 Commercial real estate - non owner-occupied 7,863 9,341 2,236 14,578 (37) 37 — 34,018 Residential real estate 7,667 5,787 124 3,638 (150) 283 (24) 17,325 Commercial and financial 9,716 3,677 2,643 12,144 (4,642) 1,116 — 24,654 Consumer 2,705 862 28 662 (1,442) 284 (3) 3,096 Paycheck Protection Program — — — — — — — — Totals $ 35,154 $ 21,226 $ 6,279 $ 35,879 $ (6,316) $ 1,856 $ (65) $ 94,013 1 In addition to a reversal of provision for credit losses on loans of $1.2 million in the third quarter of 2020, the Company also recorded a $0.4 million provision to establish a valuation allowance on accrued interest receivable. Nine Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 2,233 $ (391) $ — $ 13 $ (1) $ 1,854 Commercial real estate 11,112 1,560 (248) 622 (49) 12,997 Residential real estate 7,775 (276) (102) 242 (50) 7,589 Commercial and financial 8,585 3,736 (4,450) 480 — 8,351 Consumer 2,718 1,570 (1,915) 443 (2) 2,814 Totals $ 32,423 $ 6,199 $ (6,715) $ 1,800 $ (102) $ 33,605 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 the 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 current and forecasted environmental conditions, such as changes in unemployment rates, property values, occupancy rates, and other macroeconomic metrics. As of September 30, 2020, the Company utilized Moody’s most recent “U.S. Macroeconomic Outlook Baseline” scenario and considered the significant uncertainty associated with the assumptions in the Baseline scenario, including, the potential resurgence of virus infections in Florida and other states, and the resulting potential decline in consumer spending and financial implications for businesses. The Company also considered the amount and availability of fiscal stimulus, including programs offered under the CARES Act and other potential future government programs and actions. Outcomes in any or all of these factors could differ from the Baseline scenario, and the Company incorporated qualitative considerations 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 and Land Development segment, the increase in reserves during the quarter was affected by both the outlook for commercial real estate valuations, and qualitative adjustments relating to the 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, the increase in reserves reflects both the impact of higher loan balances and an improved outlook for unemployment, partially offset by lower forecasted commercial real estate valuations. Risk characteristics include but are not limited to, collateral type, loan seasoning, and lien position. In the Commercial Real Estate - Non Owner-Occupied segment, the decrease in reserves reflects lower estimated unemployment and an improved outlook for corporate profits over the forecast period. 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. The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. The decrease in reserves reflects an improved outlook for unemployment, and continued strength in the Florida housing market. Risk characteristics considered for this segment include, but are not limited to, collateral type, lien position, loan to value ratios, and loan seasoning. In the Commercial and 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. The increase in reserves reflects an increased proportion of working capital lines compared to loans secured by business assets. Industry, collateral type, estimated collateral values and loan seasoning are among the relevant factors in assessing expected losses. 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. A decrease in the reserve is attributed to lower loan balances and an improved outlook for unemployment. Balances outstanding under the Paycheck Protection Program are guaranteed by the U.S. government and have not been assigned a reserve. The allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at September 30, 2020 and December 31, 2019 is shown in the following tables: September 30, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 723 $ 13 $ 279,887 $ 7,688 $ 280,610 $ 7,701 Commercial real estate - owner-occupied 5,590 788 1,119,870 6,431 1,125,460 7,219 Commercial real estate - non owner-occupied 12,902 1,863 1,381,562 32,155 1,394,464 34,018 Residential real estate 22,966 2,019 1,370,430 15,306 1,393,396 17,325 Commercial and financial 13,824 3,488 819,259 21,166 833,083 24,654 Consumer 615 116 191,601 2,980 192,216 3,096 Paycheck Protection Program — — 638,800 — 638,800 — Totals $ 56,620 $ 8,287 $ 5,801,409 $ 85,726 $ 5,858,029 $ 94,013 December 31, 2019 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and 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 Repurchase9 Months Ended
Sep. 30, 2020
Brokers and Dealers [Abstract]
Securities Sold Under Agreements to RepurchaseSecurities 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) September 30, 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 $ 99,887 $ 94,354

Noninterest Income and Expense

Noninterest Income and Expense9 Months Ended
Sep. 30, 2020
Brokers and Dealers [Abstract]
Noninterest Income and ExpenseNoninterest Income and Expense Details of noninterest income and expenses for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Noninterest income Service charges on deposit accounts $ 2,242 $ 2,978 $ 7,006 $ 8,569 Interchange income 3,682 3,206 10,115 10,012 Wealth management income 1,972 1,632 5,558 4,773 Mortgage banking fees 5,283 2,127 11,050 4,976 Marine finance fees 242 152 545 715 SBA gains 252 569 572 1,896 BOLI income 899 928 2,672 2,770 Other income 2,370 3,198 7,869 7,967 16,942 14,790 45,387 41,678 Securities gains (losses), net 4 (847) 1,253 (1,322) Total $ 16,946 $ 13,943 $ 46,640 $ 40,356 Noninterest expense Salaries and wages $ 23,125 $ 18,640 $ 67,049 $ 56,566 Employee benefits 3,995 2,973 11,629 10,374 Outsourced data processing costs 6,128 3,711 14,820 11,432 Telephone/data lines 705 603 2,210 2,307 Occupancy 3,858 3,368 10,596 10,916 Furniture and equipment 1,576 1,528 4,557 4,829 Marketing 1,513 933 3,788 3,276 Legal and professional fees 3,018 1,648 8,658 6,528 FDIC assessments 474 56 740 881 Amortization of intangibles 1,497 1,456 4,436 4,370 Foreclosed property expense and net loss on sale 512 262 442 48 Provision for credit losses on unfunded commitments 756 — 980 — Other 4,517 3,405 11,966 11,155 Total $ 51,674 $ 38,583 $ 141,871 $ 122,682

Equity Capital

Equity Capital9 Months Ended
Sep. 30, 2020
Equity [Abstract]
Equity CapitalEquity CapitalThe Company is well capitalized and at September 30, 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 Liabilities9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent LiabilitiesContingent LiabilitiesThe 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 Value9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair ValueFair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2020 and December 31, 2019 included: (In thousands) Fair Value Quoted Prices Significant Significant September 30, 2020 Available for sale debt securities 1 $ 1,286,858 $ 101 $ 1,286,757 $ — Loans held for sale 2 73,046 — 73,046 — Loans 3 11,235 — 1,261 9,974 Other real estate owned 4 15,890 — 875 15,015 Equity securities 5 6,548 6,548 — — 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 non accrual as of September 30, 2020 and December 31, 2019. The aggregate fair value and contractual balance of loans held for sale as of September 30, 2020 and December 31, 2019 is as follows: (In thousands) September 30, 2020 December 31, 2019 Aggregate fair value $ 73,046 $ 20,029 Contractual balance 71,102 19,445 Excess 1,944 584 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 September 30, 2020, the capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.3%. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered Level 3 in the fair value hierarchy. Impaired loans measured at fair value totaled $11.2 million with a specific reserve of $8.3 million at September 30, 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 $10.4 million offset by paydowns and charge-offs of $4.2 million for the nine months ended September 30, 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 nine months ended September 30, 2020, changes included additions of one multifamily construction property for $6.5 million offset by sales of $3.9 million. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarter-end valuation process. There were no such transfers for loans and OREO classified as Level 3 during the nine months ended September 30, 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 September 30, 2020 and December 31, 2019 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2020 Financial Assets Debt securities held-to-maturity 1 $ 207,376 $ — $ 216,000 $ — Time deposits with other banks 2,247 — — 2,274 Loans, net 5,752,781 — — 5,882,185 Financial Liabilities Deposit liabilities 6,914,843 — — 6,920,231 Federal Home Loan Bank (FHLB) borrowings 35,000 — — 34,897 Subordinated debt 71,295 — 64,206 — 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 September 30, 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 Combinations9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]
Business CombinationsBusiness 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 share 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 $6.9 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 Measurement Period Adjustments As Adjusted March 13, 2020 Assets: Cash $ 34,749 $ — $ 34,749 Investment securities 447 — 447 Loans 146,839 (62) 146,777 Bank premises and equipment 6,086 — 6,086 Core deposit intangibles 819 — 819 Goodwill 6,799 62 6,861 Other assets 1,285 20 1,305 Total assets $ 197,024 $ 20 $ 197,044 Liabilities: Deposits $ 173,741 $ — $ 173,741 Other liabilities 1,386 20 1,406 Total liabilities $ 175,127 $ 20 $ 175,147 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 35,079 Residential real estate 47,569 47,043 Commercial and financial 9,659 9,388 Consumer 1,132 1,084 Total acquired loans $ 150,342 $ 146,777 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. Acquisition of Fourth Street Banking Company On August 21, 2020, the Company completed its acquisition of Fourth Street Banking Company (“Fourth Street”). Simultaneously, upon completion of the merger of Fourth Street and the Company, Fourth Street's wholly owned subsidiary bank, Freedom Bank, was merged with and into Seacoast Bank. Prior to the acquisition, Freedom Bank operated two branches in St. Petersburg, Florida. As a result of this acquisition, the Company expects to enhance its presence in St. Petersburg, 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 Fourth Street. Under the terms of the definitive agreement, each share of Fourth Street common stock was converted into the right to receive 0.1275 share of Seacoast common stock. (In thousands, except per share data) August 21, 2020 Number of Fourth Street common shares outstanding 11,220 Shares issued upon conversion of convertible debt 5,405 Per share exchange ratio 0.1275 Number of shares of common stock issued 2,120 Multiplied by common stock price per share on August 21, 2020 $ 19.40 Value of common stock issued 41,121 Cash paid for Fourth Street vested stock options 596 Total purchase price $ 41,717 The acquisition of Fourth Street was accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations . The Company recognized goodwill of $9.0 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 Assets: Cash $ 38,082 Investment securities 3,498 Loans 303,434 Bank premises and equipment 9,480 Core deposit intangibles 1,310 Goodwill 9,030 Other assets 7,088 Total assets $ 371,922 Liabilities: Deposits $ 329,662 Other liabilities 543 Total liabilities $ 330,205 The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. August 21, 2020 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,197 $ 8,851 Commercial real estate - owner-occupied 77,936 75,215 Commercial real estate - non owner-occupied 76,014 71,171 Residential real estate 23,548 23,227 Commercial and financial 72,745 68,096 Consumer 2,748 2,694 PPP loans 55,005 54,180 Total acquired loans $ 317,193 $ 303,434 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) August 21, 2020 Book balance of loans at acquisition $ 59,455 Allowance for credit losses at acquisition (5,763) Non-credit related discount (4,319) Total PCD loans acquired $ 49,373 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 and nine months ended September 30, 2020 presents information as if the acquisition of FBPB and Fourth Street occurred at the beginning of 2019, as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (In thousands, except per share amounts) 2020 2019 2020 2019 Net interest income 1 $ 65,825 $ 67,090 $ 205,641 $ 198,748 Net income 28,238 27,557 58,824 73,238 EPS - basic $ 0.51 $ 0.50 $ 1.08 $ 1.34 EPS - diluted 0.51 0.50 1.07 1.33 1 The provision for credit losses of $1.8 million recorded under CECL at the time of the FBPB acquisition and the $4.6 million recorded under CECL at the time of the Freedom Bank acquisition have been excluded from the pro forma information above, which presents information as if the acquisition had occurred on January 1, 2019, prior to the Company's adoption of CECL.

Basis of Presentation (Policies

Basis of Presentation (Policies)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Basis of PresentationBasis 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.
Use of EstimatesUse 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 AdoptedAdoption 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 the 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 the 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 on 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. In response to the COVID-19 pandemic beginning in early 2020, rules defined in the Coronavirus Aid, Relief and Economic Security ("CARES") Act and a joint statement issued by federal regulators in consultation with FASB provide financial institutions with the option not to apply troubled debt restructure ("TDR") accounting to eligible loan modifications provided to borrowers affected by the economic impact of the COVID-19 pandemic. See Note E - Loans for information on loan modifications offered by the Company under this guidance. Outside of this guidance, 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 determined 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 a 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 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 depreciation 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 to 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, with no material impact on its financial position, results of operations or cash flows.
Fair Value MeasurementHeld 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Cumulative Effect AdjustmentThe 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)9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThree Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except per share data) 2020 2019 2020 2019 Basic earnings per share Net income $ 22,628 $ 25,605 $ 48,417 $ 71,563 Average common shares outstanding 53,978 51,473 52,926 51,426 Net income per share $ 0.42 $ 0.50 $ 0.91 $ 1.39 Diluted earnings per share Net income $ 22,628 $ 25,605 $ 48,417 $ 71,563 Average common shares outstanding 53,978 51,473 52,926 51,426 Add: Dilutive effect of employee restricted stock and stock options 323 462 399 570 Average diluted shares outstanding 54,301 51,935 53,325 51,996 Net income per share $ 0.42 $ 0.49 $ 0.91 $ 1.38

Securities (Tables)

Securities (Tables)9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost and Fair Value of Securities Available for SaleThe amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,518 $ 534 $ (1) $ 9,051 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 916,231 23,676 (646) 939,261 Private mortgage-backed securities and collateralized mortgage obligations 98,984 2,099 (298) 100,785 Collateralized loan obligations 203,834 157 (2,613) 201,378 Obligations of state and political subdivisions 34,312 2,168 (97) 36,383 Totals $ 1,261,879 $ 28,634 $ (3,655) $ 1,286,858 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 207,376 $ 8,642 $ (18) $ 216,000 Totals $ 207,376 $ 8,642 $ (18) $ 216,000 December 31, 2019 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair 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 SecuritiesThe amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,518 $ 534 $ (1) $ 9,051 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 916,231 23,676 (646) 939,261 Private mortgage-backed securities and collateralized mortgage obligations 98,984 2,099 (298) 100,785 Collateralized loan obligations 203,834 157 (2,613) 201,378 Obligations of state and political subdivisions 34,312 2,168 (97) 36,383 Totals $ 1,261,879 $ 28,634 $ (3,655) $ 1,286,858 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 207,376 $ 8,642 $ (18) $ 216,000 Totals $ 207,376 $ 8,642 $ (18) $ 216,000 December 31, 2019 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair 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 MaturitySecurities not due at a single maturity date are shown separately. Held to Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 2,096 $ 2,107 Due after one year through five years — — 10,986 11,612 Due after five years through ten years — — 10,118 10,871 Due after ten years — — 19,630 20,844 — — 42,830 45,434 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 207,376 216,000 916,231 939,261 Private mortgage-backed securities and collateralized mortgage obligations — — 98,984 100,785 Collateralized loan obligations — — 203,834 201,378 Totals $ 207,376 $ 216,000 $ 1,261,879 $ 1,286,858
Schedule of Debt Securities in Unrealized Loss PositionThe tables below indicate, at September 30, 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. September 30, 2020 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury securities and obligations of U.S. government agencies $ — — $ 258 $ (1) $ 258 $ (1) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 248,463 (628) 351 (18) 248,814 (646) Private mortgage-backed securities and collateralized mortgage obligations 28,276 (298) — — 28,276 (298) Collateralized loan obligations 66,037 (699) 110,500 (1,914) 176,537 (2,613) Obligations of state and political subdivisions 6,782 (97) — — 6,782 (97) Totals $ 349,558 $ (1,722) $ 111,109 $ (1,933) $ 460,667 $ (3,655) December 31, 2019 Less Than 12 Months 12 Months or Longer Total (In thousands) Fair Unrealized Fair Unrealized Fair Unrealized 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)9 Months Ended
Sep. 30, 2020
Receivables [Abstract]
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired LoansThe following tables present net loan balances by segment as of: September 30, 2020 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 246,312 $ 30,720 $ 3,578 $ 280,610 Commercial real estate - owner-occupied 817,547 267,223 40,690 1,125,460 Commercial real estate - non owner-occupied 1,014,993 348,085 31,386 1,394,464 Residential real estate 1,182,558 201,221 9,617 1,393,396 Commercial and financial 711,358 105,327 16,398 833,083 Consumer 184,608 7,306 302 192,216 Paycheck Protection Program 584,577 54,223 — 638,800 Totals $ 4,741,953 $ 1,014,105 $ 101,971 $ 5,858,029 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 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 1 Commercial real estate includes owner-occupied balances of $1.0 billion for December 31, 2019.
Schedule of Past Due Financing ReceivablesThe following tables present the status of net loan balances as of September 30, 2020 and December 31, 2019. Loans on short-term payment deferral at the reporting date are reflected as current. September 30, 2020 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 246,255 $ — $ 37 $ — $ 20 $ 246,312 Commercial real estate - owner-occupied 813,825 850 450 — 2,422 817,547 Commercial real estate - non owner-occupied 1,012,815 — — — 2,178 1,014,993 Residential real estate 1,169,466 2,388 250 — 10,454 1,182,558 Commercial and financial 704,308 995 148 10 5,897 711,358 Consumer 183,944 294 9 — 361 184,608 Paycheck Protection Program 584,577 — — — — 584,577 Total Portfolio Loans 4,715,190 4,527 894 10 21,332 4,741,953 Acquired Non-PCD Loans Construction and land development 30,146 — — — 574 30,720 Commercial real estate - owner-occupied 266,656 — — — 567 267,223 Commercial real estate - non owner-occupied 346,769 278 — — 1,038 348,085 Residential real estate 193,421 1,156 1,057 — 5,587 201,221 Commercial and financial 104,263 — 221 — 843 105,327 Consumer 7,306 — — — — 7,306 Paycheck Protection Program 54,223 — — — — 54,223 Total Acquired Non-PCD Loans 1,002,784 1,434 1,278 — 8,609 1,014,105 PCD Loans Construction and land development 3,568 — — — 10 3,578 Commercial real estate - owner-occupied 39,064 — 1,113 — 513 40,690 Commercial real estate - non owner-occupied 26,380 — — — 5,006 31,386 Residential real estate 8,495 — — — 1,122 9,617 Commercial and financial 15,774 327 — — 297 16,398 Consumer 261 33 — — 8 302 Total PCD Loans 93,542 360 1,113 — 6,956 101,971 Total Loans $ 5,811,516 $ 6,321 $ 3,285 $ 10 $ 36,897 $ 5,858,029 December 31, 2019 (In thousands) Current Accruing Accruing Accruing 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 CategoryThe following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: September 30, 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 $ 585 $ 19 $ 604 $ 9 Commercial real estate - owner-occupied 2,669 833 3,502 672 Commercial real estate - non owner-occupied 4,821 3,401 8,222 1,829 Residential real estate 14,963 2,200 17,163 1,456 Commercial and financial 2,989 4,048 7,037 2,816 Consumer 29 340 369 55 Totals $ 26,056 $ 10,841 $ 36,897 $ 6,837 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 $ 4,913 $ 23 $ 4,936 $ 12 Commercial real estate 6,200 320 6,520 149 Residential real estate 8,700 780 9,480 564 Commercial and financial 3,449 2,460 5,909 1,622 Consumer 39 71 110 37 Totals $ 23,301 $ 3,654 $ 26,955 $ 2,384
Schedule of Collateral Dependent LoansThe following table presents collateral dependent loans as of: (In thousands) September 30, 2020 December 31, 2019 Construction and land development $ 630 $ 4,926 Commercial real estate - owner-occupied 7,379 2,571 Commercial real estate - non owner-occupied 7,626 3,152 Residential real estate 22,352 11,550 Commercial and financial 11,563 4,338 Consumer 416 141 Totals $ 49,966 $ 26,678
Schedule of Risk Categories of Loans by Class of LoansThe following tables present the risk rating of loans by year of origination: September 30, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 48,020 $ 78,737 $ 59,752 $ 17,830 $ 9,586 $ 18,206 $ 31,633 $ 263,764 Special Mention 398 503 1,378 12,311 — 1,478 — 16,068 Substandard — — — — — 55 — 55 Substandard Impaired — — — — 574 149 — 723 Doubtful — — — — — — — — Total 48,418 79,240 61,130 30,141 10,160 19,888 31,633 280,610 Commercial real estate - owner-occupied Risk Ratings: Pass 93,407 202,179 164,622 151,893 156,433 313,205 14,792 1,096,531 Special Mention 196 1,596 389 1,010 4,471 3,338 — 11,000 Substandard — — 204 4,742 1,970 5,531 — 12,447 Substandard Impaired — 337 878 1,056 — 2,890 — 5,161 Doubtful 1 — — — — 321 — — 321 Total 93,603 204,112 166,093 158,701 163,195 324,964 14,792 1,125,460 Commercial real estate - non owner-occupied Risk Ratings: Pass 98,658 322,048 200,813 131,590 186,063 372,215 5,317 1,316,704 Special Mention — 103 28,710 1,674 14,266 114 — 44,867 Substandard — — 9,694 — 8,319 5,072 1,350 24,435 Substandard Impaired — 2,418 — — 126 5,914 — 8,458 Doubtful — — — — — — — — Total 98,658 324,569 239,217 133,264 208,774 383,315 6,667 1,394,464 Residential real estate Risk Ratings: Pass 53,171 151,107 233,660 235,119 178,988 180,156 334,622 1,366,823 Special Mention — — 98 — — 562 391 1,051 Substandard — — — — — 1,677 1,443 3,120 Substandard Impaired 112 681 1,334 4,162 2,528 10,790 2,768 22,375 Doubtful 1 — — — — — 27 — 27 Total 53,283 151,788 235,092 239,281 181,516 193,212 339,224 1,393,396 Commercial and financial Risk Ratings: Pass 162,696 158,468 111,812 70,868 44,846 59,387 194,344 802,421 Special Mention — 234 14 5,732 81 1,773 304 8,138 Substandard 153 145 3,306 198 407 2,270 2,261 8,740 Substandard Impaired 319 4,440 2,742 1,667 2,340 1,079 1,197 13,784 Doubtful — — — — — — — — Total 163,168 163,287 117,874 78,465 47,674 64,509 198,106 833,083 September 30, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Consumer Risk Ratings: Pass 36,295 48,610 34,541 21,993 24,259 10,996 12,381 189,075 Special Mention — 70 30 72 65 7 1,856 2,100 Substandard — — — 27 22 38 339 426 Substandard Impaired 48 51 10 — 316 190 — 615 Doubtful — — — — — — — — Total 36,343 48,731 34,581 22,092 24,662 11,231 14,576 192,216 Paycheck Protection Program Risk Ratings: Pass 638,800 — — — — — — 638,800 Total 638,800 — — — — — — 638,800 Consolidated Risk Ratings: Pass 1,131,047 961,149 805,200 629,293 600,175 954,165 593,089 5,674,118 Special Mention 594 2,506 30,619 20,799 18,883 7,272 2,551 83,224 Substandard 153 145 13,204 4,967 10,718 14,643 5,393 49,223 Substandard Impaired 479 7,927 4,964 6,885 5,884 21,012 3,965 51,116 Doubtful 1 — — — — 321 27 — 348 Total $ 1,132,273 $ 971,727 $ 853,987 $ 661,944 $ 635,981 $ 997,119 $ 604,998 $ 5,858,029 1 Loans classified as doubtful are fully reserved as of September 30, 2020. The following table presents the risk rating of loans as of: December 31, 2019 (In thousands) Pass Special 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 Loans ModifiedThe following table presents loans on payment deferral, excluding PPP loans, as of September 30, 2020: (In thousands) Loans Outstanding % on Payment Deferral Construction and land development $ 9,359 3% Commercial real estate - owner-occupied 204,710 18 Commercial real estate - non owner-occupied 344,573 25 Residential real estate 75,885 5 Commercial and financial 61,308 7 Consumer 6,815 4 Totals $ 702,650 13%
Schedule of Troubled Debt RestructuringThe following table presents loans that were modified in a troubled debt restructuring during the three and nine months ended: Three Months Ended September 30, 2020 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment 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 — — — 2 519 519 Commercial and financial — — — 1 1,120 1,120 Consumer 1 41 41 — — — Totals 1 $ 41 $ 41 3 $ 1,639 $ 1,639 Nine Months Ended September 30, 2020 2019 (In thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Construction and land development — $ — $ — — $ — $ — Commercial real estate - owner-occupied — — — 2 2,166 2,166 Commercial real estate - non owner-occupied — — — — — — Residential real estate 1 45 45 2 519 519 Commercial and financial 4 437 437 2 1,299 1,299 Consumer 3 88 88 1 19 19 Totals 8 $ 570 $ 570 7 $ 4,003 $ 4,003

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)9 Months Ended
Sep. 30, 2020
Receivables [Abstract]
Schedule of Allowance for Loan LossesActivity in the allowance for credit losses is summarized as follows: Three Months Ended September 30, 2020 (In thousands) Beginning Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses 1 Charge- Recoveries TDR Ending Construction and land development $ 7,161 $ 39 $ 475 $ — $ 26 $ — $ 7,701 Commercial real estate - owner-occupied 5,562 954 689 — 26 (12) 7,219 Commercial real estate - non owner-occupied 38,992 2,096 (7,050) (25) 5 — 34,018 Residential real estate 20,453 27 (3,196) (19) 65 (5) 17,325 Commercial and financial 15,514 2,632 8,081 (1,776) 203 — 24,654 Consumer 3,568 15 (244) (355) 114 (2) 3,096 Paycheck Protection Program — — — — — — — Totals $ 91,250 $ 5,763 $ (1,245) $ (2,175) $ 439 $ (19) $ 94,013 1 In addition to a reversal of provision for credit losses on loans of $1.2 million in the third quarter of 2020, the Company also recorded a $0.4 million provision to establish a valuation allowance on accrued interest receivable. Three Months Ended September 30, 2019 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 2,243 $ (395) $ — $ 6 $ — $ 1,854 Commercial real estate 11,870 1,368 (232) 10 (19) 12,997 Residential real estate 7,508 87 (38) 52 (20) 7,589 Commercial and financial 8,912 769 (1,625) 295 — 8,351 Consumer 2,972 422 (697) 118 (1) 2,814 Totals $ 33,505 $ 2,251 $ (2,592) $ 481 $ (40) $ 33,605 Nine Months Ended September 30, 2020 (In thousands) Beginning Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses 1 Charge- Recoveries TDR Ending Construction and land development $ 1,842 $ 1,479 $ 87 $ 4,202 $ — $ 92 $ (1) $ 7,701 Commercial real estate - owner-occupied 5,361 80 1,161 655 (45) 44 (37) 7,219 Commercial real estate - non owner-occupied 7,863 9,341 2,236 14,578 (37) 37 — 34,018 Residential real estate 7,667 5,787 124 3,638 (150) 283 (24) 17,325 Commercial and financial 9,716 3,677 2,643 12,144 (4,642) 1,116 — 24,654 Consumer 2,705 862 28 662 (1,442) 284 (3) 3,096 Paycheck Protection Program — — — — — — — — Totals $ 35,154 $ 21,226 $ 6,279 $ 35,879 $ (6,316) $ 1,856 $ (65) $ 94,013 1 In addition to a reversal of provision for credit losses on loans of $1.2 million in the third quarter of 2020, the Company also recorded a $0.4 million provision to establish a valuation allowance on accrued interest receivable. Nine Months Ended September 30, 2019 (In thousands) Beginning Balance Provision for Loan Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 2,233 $ (391) $ — $ 13 $ (1) $ 1,854 Commercial real estate 11,112 1,560 (248) 622 (49) 12,997 Residential real estate 7,775 (276) (102) 242 (50) 7,589 Commercial and financial 8,585 3,736 (4,450) 480 — 8,351 Consumer 2,718 1,570 (1,915) 443 (2) 2,814 Totals $ 32,423 $ 6,199 $ (6,715) $ 1,800 $ (102) $ 33,605
Schedule of Loan Portfolio, Excluding PCI Loans and Related AllowanceThe allowance for credit losses is composed of specific allowances for loans individually evaluated and general allowances for loans grouped into loan pools based on similar characteristics, which are collectively evaluated. The Company’s loan portfolio and related allowance at September 30, 2020 and December 31, 2019 is shown in the following tables: September 30, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 723 $ 13 $ 279,887 $ 7,688 $ 280,610 $ 7,701 Commercial real estate - owner-occupied 5,590 788 1,119,870 6,431 1,125,460 7,219 Commercial real estate - non owner-occupied 12,902 1,863 1,381,562 32,155 1,394,464 34,018 Residential real estate 22,966 2,019 1,370,430 15,306 1,393,396 17,325 Commercial and financial 13,824 3,488 819,259 21,166 833,083 24,654 Consumer 615 116 191,601 2,980 192,216 3,096 Paycheck Protection Program — — 638,800 — 638,800 — Totals $ 56,620 $ 8,287 $ 5,801,409 $ 85,726 $ 5,858,029 $ 94,013 December 31, 2019 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and 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)9 Months Ended
Sep. 30, 2020
Brokers and Dealers [Abstract]
Schedule of Securities Sold Under Agreements to Repurchase and Securities PledgedCompany securities pledged were as follows by collateral type and maturity as of: (In thousands) September 30, 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 $ 99,887 $ 94,354

Noninterest Income and Expense

Noninterest Income and Expense (Tables)9 Months Ended
Sep. 30, 2020
Brokers and Dealers [Abstract]
Schedule of Noninterest Income and ExpenseDetails of noninterest income and expenses for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2020 2019 2020 2019 Noninterest income Service charges on deposit accounts $ 2,242 $ 2,978 $ 7,006 $ 8,569 Interchange income 3,682 3,206 10,115 10,012 Wealth management income 1,972 1,632 5,558 4,773 Mortgage banking fees 5,283 2,127 11,050 4,976 Marine finance fees 242 152 545 715 SBA gains 252 569 572 1,896 BOLI income 899 928 2,672 2,770 Other income 2,370 3,198 7,869 7,967 16,942 14,790 45,387 41,678 Securities gains (losses), net 4 (847) 1,253 (1,322) Total $ 16,946 $ 13,943 $ 46,640 $ 40,356 Noninterest expense Salaries and wages $ 23,125 $ 18,640 $ 67,049 $ 56,566 Employee benefits 3,995 2,973 11,629 10,374 Outsourced data processing costs 6,128 3,711 14,820 11,432 Telephone/data lines 705 603 2,210 2,307 Occupancy 3,858 3,368 10,596 10,916 Furniture and equipment 1,576 1,528 4,557 4,829 Marketing 1,513 933 3,788 3,276 Legal and professional fees 3,018 1,648 8,658 6,528 FDIC assessments 474 56 740 881 Amortization of intangibles 1,497 1,456 4,436 4,370 Foreclosed property expense and net loss on sale 512 262 442 48 Provision for credit losses on unfunded commitments 756 — 980 — Other 4,517 3,405 11,966 11,155 Total $ 51,674 $ 38,583 $ 141,871 $ 122,682

Fair Value (Tables)

Fair Value (Tables)9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring BasisUnder ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2020 and December 31, 2019 included: (In thousands) Fair Value Quoted Prices Significant Significant September 30, 2020 Available for sale debt securities 1 $ 1,286,858 $ 101 $ 1,286,757 $ — Loans held for sale 2 73,046 — 73,046 — Loans 3 11,235 — 1,261 9,974 Other real estate owned 4 15,890 — 875 15,015 Equity securities 5 6,548 6,548 — — 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 SaleThe aggregate fair value and contractual balance of loans held for sale as of September 30, 2020 and December 31, 2019 is as follows: (In thousands) September 30, 2020 December 31, 2019 Aggregate fair value $ 73,046 $ 20,029 Contractual balance 71,102 19,445 Excess 1,944 584
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring BasisThe carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of September 30, 2020 and December 31, 2019 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2020 Financial Assets Debt securities held-to-maturity 1 $ 207,376 $ — $ 216,000 $ — Time deposits with other banks 2,247 — — 2,274 Loans, net 5,752,781 — — 5,882,185 Financial Liabilities Deposit liabilities 6,914,843 — — 6,920,231 Federal Home Loan Bank (FHLB) borrowings 35,000 — — 34,897 Subordinated debt 71,295 — 64,206 — 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)9 Months Ended
Sep. 30, 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 (In thousands, except per share data) August 21, 2020 Number of Fourth Street common shares outstanding 11,220 Shares issued upon conversion of convertible debt 5,405 Per share exchange ratio 0.1275 Number of shares of common stock issued 2,120 Multiplied by common stock price per share on August 21, 2020 $ 19.40 Value of common stock issued 41,121 Cash paid for Fourth Street vested stock options 596 Total purchase price $ 41,717
Schedule of Business AcquisitionsThe 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 Measurement Period Adjustments As Adjusted March 13, 2020 Assets: Cash $ 34,749 $ — $ 34,749 Investment securities 447 — 447 Loans 146,839 (62) 146,777 Bank premises and equipment 6,086 — 6,086 Core deposit intangibles 819 — 819 Goodwill 6,799 62 6,861 Other assets 1,285 20 1,305 Total assets $ 197,024 $ 20 $ 197,044 Liabilities: Deposits $ 173,741 $ — $ 173,741 Other liabilities 1,386 20 1,406 Total liabilities $ 175,127 $ 20 $ 175,147 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 Assets: Cash $ 38,082 Investment securities 3,498 Loans 303,434 Bank premises and equipment 9,480 Core deposit intangibles 1,310 Goodwill 9,030 Other assets 7,088 Total assets $ 371,922 Liabilities: Deposits $ 329,662 Other liabilities 543 Total liabilities $ 330,205
Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit LossesThe 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 35,079 Residential real estate 47,569 47,043 Commercial and financial 9,659 9,388 Consumer 1,132 1,084 Total acquired loans $ 150,342 $ 146,777 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 table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. August 21, 2020 (In thousands) Book Balance Fair Value Loans: Construction and land development $ 9,197 $ 8,851 Commercial real estate - owner-occupied 77,936 75,215 Commercial real estate - non owner-occupied 76,014 71,171 Residential real estate 23,548 23,227 Commercial and financial 72,745 68,096 Consumer 2,748 2,694 PPP loans 55,005 54,180 Total acquired loans $ 317,193 $ 303,434 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) August 21, 2020 Book balance of loans at acquisition $ 59,455 Allowance for credit losses at acquisition (5,763) Non-credit related discount (4,319) Total PCD loans acquired $ 49,373
Schedule of Pro-Forma DataPro-forma data for the three and nine months ended September 30, 2020 presents information as if the acquisition of FBPB and Fourth Street occurred at the beginning of 2019, as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (In thousands, except per share amounts) 2020 2019 2020 2019 Net interest income 1 $ 65,825 $ 67,090 $ 205,641 $ 198,748 Net income 28,238 27,557 58,824 73,238 EPS - basic $ 0.51 $ 0.50 $ 1.08 $ 1.34 EPS - diluted 0.51 0.50 1.07 1.33 1 The provision for credit losses of $1.8 million recorded under CECL at the time of the FBPB acquisition and the $4.6 million recorded under CECL at the time of the Freedom Bank acquisition have been excluded from the pro forma information above, which presents information as if the acquisition had occurred on January 1, 2019, prior to the Company's adoption of CECL.

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($)Jan. 01, 2020Sep. 30, 2020Sep. 30, 2020Dec. 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 $ 5,763,000 $ 6,279,000
Held-to-maturity securities, allowance for credit loss0 0
Unrealized losses3,655,000 3,655,000 $ 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 loans900,000
Collateralized loan obligations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unrealized losses $ 1,200,000 $ 2,613,000 $ 2,613,000 $ 1,153,000

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Cumulative Effect Adjustments (Details) - USD ($) $ in ThousandsSep. 30, 2020Jun. 30, 2020Jan. 01, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans $ 5,858,029 $ 5,198,404
Allowance for credit losses94,013 $ 91,250 35,154 $ 33,605 $ 33,505 $ 32,423
Reserve for unfunded commitments140
Deferred tax assets $ 25,503 16,457
Retained earnings195,813
Cumulative Effect Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans $ (706)
Allowance for credit losses21,226 $ 21,226
Reserve for unfunded commitments1,837
Deferred tax assets(5,481)
Retained earnings(16,876)
Cumulative Effect Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Loans5,197,698
Allowance for credit losses56,380
Reserve for unfunded commitments1,977
Deferred tax assets10,976
Retained earnings $ 178,937

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)508 492 508 492

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 Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Basic earnings per share
Net income $ 22,628 $ 25,605 $ 48,417 $ 71,563
Average common shares outstanding (in shares)53,978 51,473 52,926 51,426
Net income per share (in dollars per share) $ 0.42 $ 0.50 $ 0.91 $ 1.39
Diluted earnings per share
Average common shares outstanding (in shares)53,978 51,473 52,926 51,426
Add: Dilutive effect of employee restricted stock and stock options (in shares)323 462 399 570
Average diluted shares outstanding (in shares)54,301 51,935 53,325 51,996
Net income per share (in dollars per share) $ 0.42 $ 0.49 $ 0.91 $ 1.38

Securities - Amortized Cost and

Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Debt securities available-for-sale
Available for sale, amortized cost, total $ 1,261,879 $ 940,765
Available for sale, gross unrealized gains28,634 8,764
Available for sale, gross unrealized losses(3,655)(2,674)
Available for sale, fair value1,286,858 946,855
Debt securities held-to-maturity
Held to maturity, amortized cost, total207,376 261,369
Held to maturity, gross unrealized gains8,642 2,717
Held to maturity, gross unrealized losses(18)(1,873)
Held to maturity, fair value216,000 262,213
U.S. Treasury securities and obligations of U.S. government agencies
Debt securities available-for-sale
Available for sale, amortized cost, total8,518 9,914
Available for sale, gross unrealized gains534 204
Available for sale, gross unrealized losses(1)(4)
Available for sale, fair value9,051 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, total916,231 604,934
Available for sale, gross unrealized gains23,676 5,784
Available for sale, gross unrealized losses(646)(1,511)
Available for sale, fair value939,261 609,207
Debt securities held-to-maturity
Held to maturity, amortized cost, total207,376 261,369
Held to maturity, gross unrealized gains8,642 2,717
Held to maturity, gross unrealized losses(18)(1,873)
Held to maturity, fair value216,000 262,213
Private mortgage-backed securities and collateralized mortgage obligations
Debt securities available-for-sale
Available for sale, amortized cost, total98,984 56,005
Available for sale, gross unrealized gains2,099 1,561
Available for sale, gross unrealized losses(298)(5)
Available for sale, fair value100,785 57,561
Debt securities held-to-maturity
Held to maturity, fair value0
Collateralized loan obligations
Debt securities available-for-sale
Available for sale, amortized cost, total203,834 239,364
Available for sale, gross unrealized gains157 7
Available for sale, gross unrealized losses(2,613)(1,153)
Available for sale, fair value201,378 238,218
Debt securities held-to-maturity
Held to maturity, fair value0
Obligations of state and political subdivisions
Debt securities available-for-sale
Available for sale, amortized cost, total34,312 30,548
Available for sale, gross unrealized gains2,168 1,208
Available for sale, gross unrealized losses(97)(1)
Available for sale, fair value $ 36,383 $ 31,755

Securities - Narrative (Details

Securities - Narrative (Details) - USD ($)3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019Jan. 01, 2020Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of debt securities available-for-sale $ 4,400,000 $ 49,600,000 $ 96,733,000 $ 122,906,000
Gross gains from sale of securities0 2,400,000 300,000
Gross losses from sale of securities0 900,000 1,300,000 1,800,000
Gain (loss) on investment in shares of mutual funds4,000 (847,000)1,253,000 (1,322,000)
Unrealized losses on mortgage backed securities of government sponsored entities3,655,000 3,655,000 $ 4,547,000
Fair value of securities in unrealized loss position460,667,000 460,667,000 527,939,000
Held-to-maturity securities, allowance for credit loss0 0
Federal Home Loan Bank and Federal Reserve stock recorded in other assets34,000,000 34,000,000
Accrued interest receivable on AFS debt securities3,200,000 3,200,000 3,800,000
Accrued interest receivable on HTM debt securities $ 500,000 $ 500,000 600,000
Visa | Common Class B
Debt Securities, Available-for-sale [Line Items]
Shares of Visa stock held (in shares)11,330 11,330
Visa | Common Class A
Debt Securities, Available-for-sale [Line Items]
Conversion rate of Class A stock for each share of Class B stock (in dollars per share) $ 1.6228 $ 1.6228
Shares issued (in shares)18,386
CRA - Qualified Mutual Fund
Debt Securities, Available-for-sale [Line Items]
Gain (loss) on investment in shares of mutual funds $ 100,000 $ 200,000 $ 200,000
Investment in mutual fund carried at fair value $ 6,500,000 6,500,000
Public Deposits and Secured Borrowings | Carrying Value
Debt Securities, Available-for-sale [Line Items]
Fair value of debt securities pledged as collateral335,900,000 335,900,000
Private mortgage-backed securities and collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Unrealized losses on mortgage backed securities of government sponsored entities298,000 298,000 5,000
Fair value of securities in unrealized loss position28,276,000 28,276,000 2,978,000
Allowance for credit losses on AFS debt securities $ 0 $ 0
Average credit support percentage23.00%23.00%
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 $ 646,000 $ 646,000 3,384,000
Fair value of securities in unrealized loss position248,814,000 248,814,000 324,241,000
Allowance for credit losses on AFS debt securities0 0
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Unrealized losses on mortgage backed securities of government sponsored entities2,613,000 2,613,000 $ 1,200,000 1,153,000
Fair value of securities in unrealized loss position176,537,000 176,537,000 $ 199,447,000
Allowance for credit losses on AFS debt securities $ 0 $ 0
Standard & Poor's, AAA Rating | Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Number of positions held, percentage of total36.00%36.00%
Standard & Poor's, AA Rating | Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Number of positions held, percentage of total26.00%26.00%

Securities - Amortized Cost a_2

Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Amortized Cost
Held to maturity, amortized cost, total $ 207,376 $ 261,369
Fair Value
Held to maturity, fair value, total216,000 262,213
Amortized Cost
Available for sale, amortized cost, total1,261,879 940,765
Fair Value
Available for sale, fair value, total1,286,858 946,855
Other Debt Obligations
Amortized Cost
Held to maturity, amortized cost, due in less than one year0
Held to maturity, amortized cost, due after one year through five years0
Held to maturity, amortized cost, due after five years through ten years0
Held to maturity, amortized cost, due after ten years0
Held to maturity, amortized cost, total0
Fair Value
Held to maturity, fair value, due in less than one year0
Held to maturity, fair value, due after one year through five years0
Held to maturity, fair value, due after five years through ten years0
Held to maturity, fair value, due after ten years0
Held to maturity, fair value, total0
Amortized Cost
Available for sale, amortized cost, due in less than one year2,096
Available for sale, amortized cost, due after one year through five years10,986
Available for sale, amortized cost, due after five years through ten years10,118
Available for sale, amortized cost, due after ten years19,630
Available for sale, amortized cost, total42,830
Fair Value
Available for sale, fair value, due in less than one year2,107
Available for sale, fair value, due after one year through five years11,612
Available for sale, fair value, due after five years through ten years10,871
Available for sale, fair value, due after ten years20,844
Available for sale, fair value, total45,434
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities
Amortized Cost
Held to maturity, amortized cost, total207,376
Fair Value
Held to maturity, fair value, total216,000 262,213
Amortized Cost
Available for sale, amortized cost, total916,231 604,934
Fair Value
Available for sale, fair value, total939,261 609,207
Private mortgage-backed securities and collateralized mortgage obligations
Amortized Cost
Held to maturity, amortized cost, total0
Fair Value
Held to maturity, fair value, total0
Amortized Cost
Available for sale, amortized cost, total98,984 56,005
Fair Value
Available for sale, fair value, total100,785 57,561
Collateralized loan obligations
Amortized Cost
Held to maturity, amortized cost, total0
Fair Value
Held to maturity, fair value, total0
Amortized Cost
Available for sale, amortized cost, total203,834 239,364
Fair Value
Available for sale, fair value, total $ 201,378 $ 238,218

Securities - Schedule of Unreal

Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in ThousandsSep. 30, 2020Jan. 01, 2020Dec. 31, 2019
Fair Value
Less Than 12 Months $ 349,558 $ 312,988
12 Months or Longer111,109 214,951
Total460,667 527,939
Unrealized Losses
Less Than 12 Months(1,722)(2,041)
12 Months or Longer(1,933)(2,506)
Total(3,655)(4,547)
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value
Less Than 12 Months0 758
12 Months or Longer258 0
Total258 758
Unrealized Losses
Less Than 12 Months0 (4)
12 Months or Longer(1)0
Total(1)(4)
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities
Fair Value
Less Than 12 Months248,463 220,057
12 Months or Longer351 104,184
Total248,814 324,241
Unrealized Losses
Less Than 12 Months(628)(1,461)
12 Months or Longer(18)(1,923)
Total(646)(3,384)
Private mortgage-backed securities and collateralized mortgage obligations
Fair Value
Less Than 12 Months28,276 2,978
12 Months or Longer0 0
Total28,276 2,978
Unrealized Losses
Less Than 12 Months(298)(5)
12 Months or Longer0 0
Total(298)(5)
Collateralized loan obligations
Fair Value
Less Than 12 Months66,037 88,680
12 Months or Longer110,500 110,767
Total176,537 199,447
Unrealized Losses
Less Than 12 Months(699)(570)
12 Months or Longer(1,914)(583)
Total(2,613) $ (1,200)(1,153)
Obligations of state and political subdivisions
Fair Value
Less Than 12 Months6,782 515
12 Months or Longer0 0
Total6,782 515
Unrealized Losses
Less Than 12 Months(97)(1)
12 Months or Longer0 0
Total $ (97) $ (1)

Loans - Schedule of Portfolio L

Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans $ 5,858,029 $ 5,198,404
Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans280,610 325,113
Commercial real estate - owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,125,460 1,000,000
Commercial real estate - non owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,394,464
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans2,378,971
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,393,396 1,507,863
Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans833,083 778,252
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans192,216 208,205
Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans638,800
Portfolio Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans4,741,953 4,317,918
Portfolio Loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans246,312 281,335
Portfolio Loans | Commercial real estate - owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans817,547
Portfolio Loans | Commercial real estate - non owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,014,993
Portfolio Loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,834,811
Portfolio Loans | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,182,558 1,304,305
Portfolio Loans | Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans711,358 697,301
Portfolio Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans184,608 200,166
Portfolio Loans | Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans584,577
PULs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans867,820
PULs | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans43,618
PULs | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans533,943
PULs | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans201,848
PULs | Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans80,372
PULs | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans8,039
PCD Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans12,666
PCD Loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans160
PCD Loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans10,217
PCD Loans | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans1,710
PCD Loans | Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans579
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]
Loans1,014,105
Acquired Non-PCD Loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans30,720
Acquired Non-PCD Loans | Commercial real estate - owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans267,223
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans348,085
Acquired Non-PCD Loans | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans201,221
Acquired Non-PCD Loans | Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans105,327
Acquired Non-PCD Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans7,306
Acquired Non-PCD Loans | Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans54,223
PCD Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans101,971
PCD Loans | Construction and land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans3,578
PCD Loans | Commercial real estate - owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans40,690
PCD Loans | Commercial real estate - non owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans31,386
PCD Loans | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans9,617
PCD Loans | Commercial and financial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans16,398
PCD Loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans302
PCD Loans | Paycheck Protection Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans $ 0

Loans - Narrative (Details)

Loans - Narrative (Details)3 Months Ended9 Months Ended12 Months Ended
Sep. 30, 2020USD ($)Sep. 30, 2019USD ($)Sep. 30, 2020USD ($)contractSep. 30, 2019USD ($)contractDec. 31, 2019USD ($)Aug. 21, 2020USD ($)Mar. 31, 2020USD ($)Mar. 13, 2020USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Net deferred costs $ 19,900,000
Accrued interest receivable $ 31,300,000 $ 31,300,000 14,900,000
Loans in short-term payment deferral15,400,000 15,400,000
Valuation allowance for loans in short-term payment deferral400,000 400,000
Interest income from securities with no related allowance100,000 $ 100,000 500,000 $ 1,200,000
Allowance for credit loss on TDRs200,000 0 $ 200,000 $ 0
Number of loans under trouble debt restructuring | contract4 3
Financing Receivable, Troubled Debt Restructuring, Subsequent Default $ 1,400,000 $ 2,100,000
Interest income related to impaired loans with impairment measured on present value of expected future cash flows19,000 $ 40,000 65,000 $ 102,000
Portfolio Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Net deferred costs21,800,000 21,800,000
Portfolio Loans | Paycheck Protection Program
Financing Receivable, Troubled Debt Restructuring [Line Items]
Net deferred fees $ 13,100,000 13,100,000
First Bank of the Palm Beaches
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 146,777,000
Fourth Street Banking Company
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 303,434,000
Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Remaining fair value adjustment for loans acquired $ 34,600,000 $ 34,900,000
Percentage of fair value adjustment for loans acquired3.00%3.00%3.80%
PCD Loans | First Bank of the Palm Beaches
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 43,000,000 $ 43,038,000
PCD Loans | Fourth Street Banking Company
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 49,400,000 $ 49,400,000 $ 49,373,000
Non-PCD Loans | First Bank of the Palm Beaches
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 103,800,000
Non-PCD Loans | Fourth Street Banking Company
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans acquired in acquisition $ 254,100,000 $ 254,100,000

Loans - Past Due Financing Rece

Loans - Past Due Financing Receivables (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Current $ 5,811,516 $ 5,163,098
Nonaccrual36,897 26,955
Loans5,858,029 5,198,404
Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due6,321 7,259
Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due3,285 984
Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due10 108
Construction and land development
Financing Receivable, Past Due [Line Items]
Nonaccrual604 4,936
Loans280,610 325,113
Commercial real estate
Financing Receivable, Past Due [Line Items]
Nonaccrual6,520
Loans2,378,971
Commercial real estate - owner-occupied
Financing Receivable, Past Due [Line Items]
Nonaccrual3,502
Loans1,125,460 1,000,000
Commercial real estate - non owner-occupied
Financing Receivable, Past Due [Line Items]
Nonaccrual8,222
Loans1,394,464
Residential real estate
Financing Receivable, Past Due [Line Items]
Nonaccrual17,163 9,480
Loans1,393,396 1,507,863
Commercial and financial
Financing Receivable, Past Due [Line Items]
Nonaccrual7,037 5,909
Loans833,083 778,252
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual369 110
Loans192,216 208,205
Paycheck Protection Program
Financing Receivable, Past Due [Line Items]
Loans638,800
Portfolio Loans
Financing Receivable, Past Due [Line Items]
Current4,715,190 4,290,227
Nonaccrual21,332 20,990
Loans4,741,953 4,317,918
Portfolio Loans | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due4,527 6,040
Portfolio Loans | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due894 553
Portfolio Loans | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due10 108
Portfolio Loans | Construction and land development
Financing Receivable, Past Due [Line Items]
Current246,255 276,984
Nonaccrual20 4,351
Loans246,312 281,335
Portfolio Loans | Construction and land development | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0 0
Portfolio Loans | Construction and land development | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due37 0
Portfolio Loans | Construction and land development | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0 0
Portfolio Loans | Commercial real estate
Financing Receivable, Past Due [Line Items]
Current1,828,629
Nonaccrual4,356
Loans1,834,811
Portfolio Loans | Commercial real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,606
Portfolio Loans | Commercial real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due220
Portfolio Loans | Commercial real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Portfolio Loans | Commercial real estate - owner-occupied
Financing Receivable, Past Due [Line Items]
Current813,825
Nonaccrual2,422
Loans817,547
Portfolio Loans | Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due850
Portfolio Loans | Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due450
Portfolio Loans | Commercial real estate - owner-occupied | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Portfolio Loans | Commercial real estate - non owner-occupied
Financing Receivable, Past Due [Line Items]
Current1,012,815
Nonaccrual2,178
Loans1,014,993
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 due0
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 due0
Portfolio Loans | Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Portfolio Loans | Residential real estate
Financing Receivable, Past Due [Line Items]
Current1,169,466 1,294,778
Nonaccrual10,454 7,945
Loans1,182,558 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 due2,388 1,564
Portfolio Loans | Residential real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due250 18
Portfolio Loans | Residential real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0 0
Portfolio Loans | Commercial and financial
Financing Receivable, Past Due [Line Items]
Current704,308 690,412
Nonaccrual5,897 4,228
Loans711,358 697,301
Portfolio Loans | Commercial and financial | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due995 2,553
Portfolio Loans | Commercial and financial | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due148 0
Portfolio Loans | Commercial and financial | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due10 108
Portfolio Loans | Consumer
Financing Receivable, Past Due [Line Items]
Current183,944 199,424
Nonaccrual361 110
Loans184,608 200,166
Portfolio Loans | Consumer | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due294 317
Portfolio Loans | Consumer | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due9 315
Portfolio Loans | Consumer | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0 0
Portfolio Loans | Paycheck Protection Program
Financing Receivable, Past Due [Line Items]
Current584,577
Nonaccrual0
Loans584,577
Portfolio Loans | Paycheck Protection Program | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Portfolio Loans | Paycheck Protection Program | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Portfolio Loans | Paycheck Protection Program | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans
Financing Receivable, Past Due [Line Items]
Current862,272
Nonaccrual3,898
Loans867,820
Acquired Non-PCD Loans | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,219
Acquired Non-PCD Loans | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due431
Acquired Non-PCD Loans | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Construction and land development
Financing Receivable, Past Due [Line Items]
Current43,044
Nonaccrual574
Loans43,618
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 due0
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 due0
Acquired Non-PCD Loans | Construction and land development | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial real estate
Financing Receivable, Past Due [Line Items]
Current531,325
Nonaccrual1,245
Loans533,943
Acquired Non-PCD Loans | Commercial real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due942
Acquired Non-PCD Loans | Commercial real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due431
Acquired Non-PCD Loans | Commercial real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Residential real estate
Financing Receivable, Past Due [Line Items]
Current201,159
Nonaccrual412
Loans201,848
Acquired Non-PCD Loans | Residential real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due277
Acquired Non-PCD Loans | Residential real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Residential real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial and financial
Financing Receivable, Past Due [Line Items]
Current78,705
Nonaccrual1,667
Loans80,372
Acquired Non-PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial and financial | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer
Financing Receivable, Past Due [Line Items]
Current8,039
Nonaccrual0
Loans8,039
Acquired Non-PCD Loans | Consumer | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans
Financing Receivable, Past Due [Line Items]
Current10,599
Nonaccrual2,067
Loans12,666
PCD Loans | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development
Financing Receivable, Past Due [Line Items]
Current148
Nonaccrual12
Loans160
PCD Loans | Construction and land development | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate
Financing Receivable, Past Due [Line Items]
Current9,298
Nonaccrual919
Loans10,217
PCD Loans | Commercial real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate
Financing Receivable, Past Due [Line Items]
Current587
Nonaccrual1,123
Loans1,710
PCD Loans | Residential real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial and financial
Financing Receivable, Past Due [Line Items]
Current566
Nonaccrual13
Loans579
PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial and financial | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Consumer
Financing Receivable, Past Due [Line Items]
Current0
Nonaccrual0
Loans0
PCD Loans | Consumer | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Consumer | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
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]
Current1,002,784
Nonaccrual8,609
Loans1,014,105
Acquired Non-PCD Loans | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,434
Acquired Non-PCD Loans | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,278
Acquired Non-PCD Loans | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Construction and land development
Financing Receivable, Past Due [Line Items]
Current30,146
Nonaccrual574
Loans30,720
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 due0
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 due0
Acquired Non-PCD Loans | Construction and land development | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial real estate - owner-occupied
Financing Receivable, Past Due [Line Items]
Current266,656
Nonaccrual567
Loans267,223
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 due0
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 due0
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 due0
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied
Financing Receivable, Past Due [Line Items]
Current346,769
Nonaccrual1,038
Loans348,085
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 due278
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 due0
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 due0
Acquired Non-PCD Loans | Residential real estate
Financing Receivable, Past Due [Line Items]
Current193,421
Nonaccrual5,587
Loans201,221
Acquired Non-PCD Loans | Residential real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,156
Acquired Non-PCD Loans | Residential real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,057
Acquired Non-PCD Loans | Residential real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial and financial
Financing Receivable, Past Due [Line Items]
Current104,263
Nonaccrual843
Loans105,327
Acquired Non-PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due221
Acquired Non-PCD Loans | Commercial and financial | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer
Financing Receivable, Past Due [Line Items]
Current7,306
Nonaccrual0
Loans7,306
Acquired Non-PCD Loans | Consumer | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Consumer | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Paycheck Protection Program
Financing Receivable, Past Due [Line Items]
Current54,223
Nonaccrual0
Loans54,223
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans
Financing Receivable, Past Due [Line Items]
Current93,542
Nonaccrual6,956
Loans101,971
PCD Loans | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due360
PCD Loans | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,113
PCD Loans | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development
Financing Receivable, Past Due [Line Items]
Current3,568
Nonaccrual10
Loans3,578
PCD Loans | Construction and land development | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Construction and land development | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate - owner-occupied
Financing Receivable, Past Due [Line Items]
Current39,064
Nonaccrual513
Loans40,690
PCD Loans | Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due1,113
PCD Loans | Commercial real estate - owner-occupied | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial real estate - non owner-occupied
Financing Receivable, Past Due [Line Items]
Current26,380
Nonaccrual5,006
Loans31,386
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 due0
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 due0
PCD Loans | Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate
Financing Receivable, Past Due [Line Items]
Current8,495
Nonaccrual1,122
Loans9,617
PCD Loans | Residential real estate | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Residential real estate | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial and financial
Financing Receivable, Past Due [Line Items]
Current15,774
Nonaccrual297
Loans16,398
PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due327
PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Commercial and financial | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Consumer
Financing Receivable, Past Due [Line Items]
Current261
Nonaccrual8
Loans302
PCD Loans | Consumer | Accruing 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due33
PCD Loans | Consumer | Accruing 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Consumer | Accruing Greater Than 90 Days
Financing Receivable, Past Due [Line Items]
Financing receivable, recorded investment, past due0
PCD Loans | Paycheck Protection Program
Financing Receivable, Past Due [Line Items]
Loans $ 0

Loans - Schedule of Nonaccrual

Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses $ 26,056 $ 23,301
Nonaccrual loans with allowance for credit losses10,841 3,654
Nonaccrual loans with no related allowance for credit losses, total loans36,897 26,955
Nonaccrual loans, allowance for credit losses6,837 2,384
Construction and land development
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses585 4,913
Nonaccrual loans with allowance for credit losses19 23
Nonaccrual loans with no related allowance for credit losses, total loans604 4,936
Nonaccrual loans, allowance for credit losses9 12
Commercial real estate - owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses2,669
Nonaccrual loans with allowance for credit losses833
Nonaccrual loans with no related allowance for credit losses, total loans3,502
Nonaccrual loans, allowance for credit losses672
Commercial real estate - non owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses4,821
Nonaccrual loans with allowance for credit losses3,401
Nonaccrual loans with no related allowance for credit losses, total loans8,222
Nonaccrual loans, allowance for credit losses1,829
Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses6,200
Nonaccrual loans with allowance for credit losses320
Nonaccrual loans with no related allowance for credit losses, total loans6,520
Nonaccrual loans, allowance for credit losses149
Residential real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses14,963 8,700
Nonaccrual loans with allowance for credit losses2,200 780
Nonaccrual loans with no related allowance for credit losses, total loans17,163 9,480
Nonaccrual loans, allowance for credit losses1,456 564
Commercial and financial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses2,989 3,449
Nonaccrual loans with allowance for credit losses4,048 2,460
Nonaccrual loans with no related allowance for credit losses, total loans7,037 5,909
Nonaccrual loans, allowance for credit losses2,816 1,622
Consumer
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans with no related allowance for credit losses29 39
Nonaccrual loans with allowance for credit losses340 71
Nonaccrual loans with no related allowance for credit losses, total loans369 110
Nonaccrual loans, allowance for credit losses $ 55 $ 37

Loans - Schedule of Collateral

Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans $ 49,966 $ 26,678
Construction and land development
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans630 4,926
Commercial real estate - owner-occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans7,379 2,571
Commercial real estate - non owner-occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans7,626 3,152
Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans22,352 11,550
Commercial and financial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans11,563 4,338
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total collateral dependent loans $ 416 $ 141

Loans - Risk Categories of Loan

Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020 $ 1,132,273
2019971,727
2018853,987
2017661,944
2016635,981
Prior997,119
Revolving604,998
Total5,858,029 $ 5,198,404
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
20201,131,047
2019961,149
2018805,200
2017629,293
2016600,175
Prior954,165
Revolving593,089
Total5,674,118 5,091,691
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020594
20192,506
201830,619
201720,799
201618,883
Prior7,272
Revolving2,551
Total83,224 51,560
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020153
2019145
201813,204
20174,967
201610,718
Prior14,643
Revolving5,393
Total49,223 53,958
Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
2020479
20197,927
20184,964
20176,885
20165,884
Prior21,012
Revolving3,965
Total51,116
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
2016321
Prior27
Revolving0
Total348 1,195
Construction and land development
Financing Receivable, Credit Quality Indicator [Line Items]
202048,418
201979,240
201861,130
201730,141
201610,160
Prior19,888
Revolving31,633
Total280,610 325,113
Construction and land development | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
202048,020
201978,737
201859,752
201717,830
20169,586
Prior18,206
Revolving31,633
Total263,764 317,765
Construction and land development | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020398
2019503
20181,378
201712,311
20160
Prior1,478
Revolving0
Total16,068 2,235
Construction and land development | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior55
Revolving0
Total55 5,113
Construction and land development | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
2016574
Prior149
Revolving0
Total723
Construction and land development | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior0
Revolving0
Total0 0
Commercial real estate - owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
202093,603
2019204,112
2018166,093
2017158,701
2016163,195
Prior324,964
Revolving14,792
Total1,125,460 1,000,000
Commercial real estate - owner-occupied | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
202093,407
2019202,179
2018164,622
2017151,893
2016156,433
Prior313,205
Revolving14,792
Total1,096,531
Commercial real estate - owner-occupied | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2020196
20191,596
2018389
20171,010
20164,471
Prior3,338
Revolving0
Total11,000
Commercial real estate - owner-occupied | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
2018204
20174,742
20161,970
Prior5,531
Revolving0
Total12,447
Commercial real estate - owner-occupied | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
20200
2019337
2018878
20171,056
20160
Prior2,890
Revolving0
Total5,161
Commercial real estate - owner-occupied | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
2016321
Prior0
Revolving0
Total321
Commercial real estate - non owner-occupied
Financing Receivable, Credit Quality Indicator [Line Items]
202098,658
2019324,569
2018239,217
2017133,264
2016208,774
Prior383,315
Revolving6,667
Total1,394,464
Commercial real estate - non owner-occupied | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
202098,658
2019322,048
2018200,813
2017131,590
2016186,063
Prior372,215
Revolving5,317
Total1,316,704
Commercial real estate - non owner-occupied | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
20200
2019103
201828,710
20171,674
201614,266
Prior114
Revolving0
Total44,867
Commercial real estate - non owner-occupied | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20189,694
20170
20168,319
Prior5,072
Revolving1,350
Total24,435
Commercial real estate - non owner-occupied | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20192,418
20180
20170
2016126
Prior5,914
Revolving0
Total8,458
Commercial real estate - non owner-occupied | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior0
Revolving0
Total0
Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total2,378,971
Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Total2,331,725
Commercial real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Total26,827
Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total20,098
Commercial real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total321
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
202053,283
2019151,788
2018235,092
2017239,281
2016181,516
Prior193,212
Revolving339,224
Total1,393,396 1,507,863
Residential real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
202053,171
2019151,107
2018233,660
2017235,119
2016178,988
Prior180,156
Revolving334,622
Total1,366,823 1,482,278
Residential real estate | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
201898
20170
20160
Prior562
Revolving391
Total1,051 7,364
Residential real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior1,677
Revolving1,443
Total3,120 18,221
Residential real estate | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
2020112
2019681
20181,334
20174,162
20162,528
Prior10,790
Revolving2,768
Total22,375
Residential real estate | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior27
Revolving0
Total27 0
Commercial and financial
Financing Receivable, Credit Quality Indicator [Line Items]
2020163,168
2019163,287
2018117,874
201778,465
201647,674
Prior64,509
Revolving198,106
Total833,083 778,252
Commercial and financial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020162,696
2019158,468
2018111,812
201770,868
201644,846
Prior59,387
Revolving194,344
Total802,421 755,957
Commercial and financial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
20200
2019234
201814
20175,732
201681
Prior1,773
Revolving304
Total8,138 11,925
Commercial and financial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2020153
2019145
20183,306
2017198
2016407
Prior2,270
Revolving2,261
Total8,740 9,496
Commercial and financial | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
2020319
20194,440
20182,742
20171,667
20162,340
Prior1,079
Revolving1,197
Total13,784
Commercial and financial | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior0
Revolving0
Total0 874
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
202036,343
201948,731
201834,581
201722,092
201624,662
Prior11,231
Revolving14,576
Total192,216 208,205
Consumer | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
202036,295
201948,610
201834,541
201721,993
201624,259
Prior10,996
Revolving12,381
Total189,075 203,966
Consumer | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
20200
201970
201830
201772
201665
Prior7
Revolving1,856
Total2,100 3,209
Consumer | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
201727
201622
Prior38
Revolving339
Total426 1,030
Consumer | Substandard Impaired
Financing Receivable, Credit Quality Indicator [Line Items]
202048
201951
201810
20170
2016316
Prior190
Revolving0
Total615
Consumer | Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20200
20190
20180
20170
20160
Prior0
Revolving0
Total0 $ 0
Paycheck Protection Program
Financing Receivable, Credit Quality Indicator [Line Items]
2020638,800
20190
20180
20170
20160
Prior0
Revolving0
Total638,800
Paycheck Protection Program | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2020638,800
20190
20180
20170
20160
Prior0
Revolving0
Total $ 638,800

Loans - Schedule of Loans in De

Loans - Schedule of Loans in Deferral (Details) $ in ThousandsSep. 30, 2020USD ($)
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 702,650
Percentage on payment deferral13.00%
Construction and land development
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 9,359
Percentage on payment deferral3.00%
Commercial real estate - owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 204,710
Percentage on payment deferral18.00%
Commercial real estate - non owner-occupied
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 344,573
Percentage on payment deferral25.00%
Residential real estate
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 75,885
Percentage on payment deferral5.00%
Commercial and financial
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 61,308
Percentage on payment deferral7.00%
Consumer
Financing Receivable, Nonaccrual [Line Items]
Value of loans deferred, not classified as TDRs $ 6,815
Percentage on payment deferral4.00%

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructuring (Details) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020USD ($)contractSep. 30, 2019USD ($)contractSep. 30, 2020USD ($)contractSep. 30, 2019USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract1 3 8 7
Pre- Modification Outstanding Recorded Investment $ 41 $ 1,639 $ 570 $ 4,003
Post- Modification Outstanding Recorded Investment $ 41 $ 1,639 $ 570 $ 4,003
Construction and land development
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract0 0 0 0
Pre- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 0
Post- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 0
Commercial real estate - owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract0 0 0 2
Pre- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 2,166
Post- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 2,166
Commercial real estate - non owner-occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract0 0 0 0
Pre- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 0
Post- Modification Outstanding Recorded Investment $ 0 $ 0 $ 0 $ 0
Residential real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract0 2 1 2
Pre- Modification Outstanding Recorded Investment $ 0 $ 519 $ 45 $ 519
Post- Modification Outstanding Recorded Investment $ 0 $ 519 $ 45 $ 519
Commercial and financial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract0 1 4 2
Pre- Modification Outstanding Recorded Investment $ 0 $ 1,120 $ 437 $ 1,299
Post- Modification Outstanding Recorded Investment $ 0 $ 1,120 $ 437 $ 1,299
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract1 0 3 1
Pre- Modification Outstanding Recorded Investment $ 41 $ 0 $ 88 $ 19
Post- Modification Outstanding Recorded Investment $ 41 $ 0 $ 88 $ 19

Allowance for Credit Losses - A

Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in ThousandsJan. 01, 2020Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance $ 35,154 $ 91,250 $ 33,505 $ 35,154 $ 32,423
Initial Allowance on PCD Loans Acquired During the Period5,763 6,279
Provision for credit losses(1,245)2,251 35,879 6,199
Charge- Offs(2,175)(2,592)(6,316)(6,715)
Recoveries439 481 1,856 1,800
TDR Allowance Adjustments(19)(40)(65)(102)
Ending Balance94,013 33,605 $ 94,013 33,605
Provision for credit losses on accrued interest receivable400
Accounting Standards Update [Extensible List]us-gaap:AccountingStandardsUpdate201613Member
Construction and land development
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance1,842 7,161 2,243 $ 1,842 2,233
Initial Allowance on PCD Loans Acquired During the Period39 87
Provision for credit losses475 (395)4,202 (391)
Charge- Offs0 0 0 0
Recoveries26 6 92 13
TDR Allowance Adjustments0 0 (1)(1)
Ending Balance7,701 1,854 7,701 1,854
Commercial real estate - owner-occupied
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance5,361 5,562 5,361
Initial Allowance on PCD Loans Acquired During the Period954 1,161
Provision for credit losses689 655
Charge- Offs0 (45)
Recoveries26 44
TDR Allowance Adjustments(12)(37)
Ending Balance7,219 7,219
Commercial real estate - non owner-occupied
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance7,863 38,992 7,863
Initial Allowance on PCD Loans Acquired During the Period2,096 2,236
Provision for credit losses(7,050)14,578
Charge- Offs(25)(37)
Recoveries5 37
TDR Allowance Adjustments0 0
Ending Balance34,018 34,018
Commercial real estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance13,224 11,870 13,224 11,112
Provision for credit losses1,368 1,560
Charge- Offs(232)(248)
Recoveries10 622
TDR Allowance Adjustments(19)(49)
Ending Balance12,997 12,997
Residential real estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance7,667 20,453 7,508 7,667 7,775
Initial Allowance on PCD Loans Acquired During the Period27 124
Provision for credit losses(3,196)87 3,638 (276)
Charge- Offs(19)(38)(150)(102)
Recoveries65 52 283 242
TDR Allowance Adjustments(5)(20)(24)(50)
Ending Balance17,325 7,589 17,325 7,589
Commercial and financial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance9,716 15,514 8,912 9,716 8,585
Initial Allowance on PCD Loans Acquired During the Period2,632 2,643
Provision for credit losses8,081 769 12,144 3,736
Charge- Offs(1,776)(1,625)(4,642)(4,450)
Recoveries203 295 1,116 480
TDR Allowance Adjustments0 0 0 0
Ending Balance24,654 8,351 24,654 8,351
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance2,705 3,568 2,972 2,705 2,718
Initial Allowance on PCD Loans Acquired During the Period15 28
Provision for credit losses(244)422 662 1,570
Charge- Offs(355)(697)(1,442)(1,915)
Recoveries114 118 284 443
TDR Allowance Adjustments(2)(1)(3)(2)
Ending Balance3,096 $ 2,814 3,096 $ 2,814
Paycheck Protection Program
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance0 0 0
Initial Allowance on PCD Loans Acquired During the Period0 0
Provision for credit losses0 0
Charge- Offs0 0
Recoveries0 0
TDR Allowance Adjustments0 0
Ending Balance $ 0 0
Cumulative Effect Adjustment
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance21,226 21,226
Initial Allowance on PCD Loans Acquired During the Period700
Ending Balance21,226
Cumulative Effect Adjustment | Construction and land development
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance1,479 1,479
Cumulative Effect Adjustment | Commercial real estate - owner-occupied
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance80 80
Cumulative Effect Adjustment | Commercial real estate - non owner-occupied
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance9,341 9,341
Cumulative Effect Adjustment | Residential real estate
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance5,787 5,787
Cumulative Effect Adjustment | Commercial and financial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance3,677 3,677
Cumulative Effect Adjustment | Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance862 862
Cumulative Effect Adjustment | Paycheck Protection Program
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance $ 0 $ 0

Allowance for Credit Losses - S

Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in ThousandsSep. 30, 2020Jun. 30, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Dec. 31, 2018
Recorded Investment
Individually Evaluated $ 56,620 $ 48,762
Collectively Evaluated5,801,409 5,149,642
Total5,858,029 5,198,404
Associated Allowance
Individually Evaluated8,287 2,858
Collectively Evaluated85,726 32,296
Total94,013 $ 91,250 35,154 $ 33,605 $ 33,505 $ 32,423
Construction and land development
Recorded Investment
Individually Evaluated723 5,217
Collectively Evaluated279,887 319,896
Total280,610 325,113
Associated Allowance
Individually Evaluated13 14
Collectively Evaluated7,688 1,828
Total7,701 7,161 1,842 1,854 2,243 2,233
Commercial real estate - owner-occupied
Recorded Investment
Individually Evaluated5,590
Collectively Evaluated1,119,870
Total1,125,460 1,000,000
Associated Allowance
Individually Evaluated788
Collectively Evaluated6,431
Total7,219 5,562 5,361
Commercial real estate - non owner-occupied
Recorded Investment
Individually Evaluated12,902
Collectively Evaluated1,381,562
Total1,394,464
Associated Allowance
Individually Evaluated1,863
Collectively Evaluated32,155
Total34,018 38,992 7,863
Commercial real estate
Recorded Investment
Individually Evaluated20,484
Collectively Evaluated2,358,487
Total2,378,971
Associated Allowance
Individually Evaluated220
Collectively Evaluated13,004
Total13,224 12,997 11,870 11,112
Residential real estate
Recorded Investment
Individually Evaluated22,966 16,093
Collectively Evaluated1,370,430 1,491,770
Total1,393,396 1,507,863
Associated Allowance
Individually Evaluated2,019 834
Collectively Evaluated15,306 6,833
Total17,325 20,453 7,667 7,589 7,508 7,775
Commercial and financial
Recorded Investment
Individually Evaluated13,824 6,631
Collectively Evaluated819,259 771,621
Total833,083 778,252
Associated Allowance
Individually Evaluated3,488 1,731
Collectively Evaluated21,166 7,985
Total24,654 15,514 9,716 8,351 8,912 8,585
Consumer
Recorded Investment
Individually Evaluated615 337
Collectively Evaluated191,601 207,868
Total192,216 208,205
Associated Allowance
Individually Evaluated116 59
Collectively Evaluated2,980 2,646
Total3,096 3,568 2,705 $ 2,814 $ 2,972 $ 2,718
Paycheck Protection Program
Recorded Investment
Individually Evaluated0
Collectively Evaluated638,800
Total638,800
Associated Allowance
Individually Evaluated0
Collectively Evaluated0
Total $ 0 $ 0 $ 0

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 ThousandsSep. 30, 2020Dec. 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 $ 99,887 $ 94,354

Noninterest Income and Expens_2

Noninterest Income and Expense - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Noninterest Income [Abstract]
Interchange income $ 3,682 $ 3,206 $ 10,115 $ 10,012
Marine finance fees242 152 545 715
SBA gains252 569 572 1,896
BOLI income899 928 2,672 2,770
Other income2,370 3,198 7,869 7,967
Noninterest income, gross16,942 14,790 45,387 41,678
Securities gains (losses), net4 (847)1,253 (1,322)
Total Noninterest Income (Note H)16,946 13,943 46,640 40,356
Noninterest expense
Salaries and wages23,125 18,640 67,049 56,566
Employee benefits3,995 2,973 11,629 10,374
Outsourced data processing costs6,128 3,711 14,820 11,432
Telephone/data lines705 603 2,210 2,307
Occupancy3,858 3,368 10,596 10,916
Furniture and equipment1,576 1,528 4,557 4,829
Marketing1,513 933 3,788 3,276
Legal and professional fees3,018 1,648 8,658 6,528
FDIC assessments474 56 740 881
Amortization of intangibles1,497 1,456 4,436 4,370
Foreclosed property expense and net loss on sale512 262 442 48
Provision for credit losses on unfunded commitments756 0 980 0
Other4,517 3,405 11,966 11,155
Total51,674 38,583 141,871 122,682
Service charges on deposit accounts
Noninterest Income [Abstract]
Revenue from contracts with customers2,242 2,978 7,006 8,569
Wealth management income
Noninterest Income [Abstract]
Revenue from contracts with customers1,972 1,632 5,558 4,773
Mortgage banking fees
Noninterest Income [Abstract]
Revenue from contracts with customers $ 5,283 $ 2,127 $ 11,050 $ 4,976

Equity Capital - Narrative (Det

Equity Capital - Narrative (Details)Sep. 30, 2020
Equity [Abstract]
Regulatory threshold for well-capitalized institutions0.065

Fair Value - Fair Value of Asse

Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fair value $ 1,286,858 $ 946,855
Value of loans held for sale73,046 20,029
Other real estate owned15,890 12,390
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, fair value1,286,858 946,855
Value of loans held for sale73,046 20,029
Equity securities6,548 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 value101 100
Value of loans held for sale0 0
Equity securities6,548 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 value1,286,757 946,755
Value of loans held for sale73,046 20,029
Equity securities0 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 value0 0
Value of loans held for sale0 0
Equity securities0 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans11,235 5,123
Other real estate owned15,890 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]
Loans0 0
Other real estate owned0 0
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans1,261 1,419
Other real estate owned875 241
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans9,974 3,704
Other real estate owned $ 15,015 $ 12,149

Fair Value - Aggregate Fair Val

Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of loans held for sale $ 73,046 $ 20,029
Excess1,944 584
Contractual Balance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value of loans held for sale $ 71,102 $ 19,445

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Average capitalization rate7.30%
Fair value of impaired loans $ 11.2 $ 5.1
Specific reserve on repaired loans8.3 $ 2.9
Additions10.4
Paydowns and chargeoffs4.2
Other Real Estate Owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additions to level 3 from foreclosed loans6.5
Reductions related to sale of loans $ 3.9

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 ThousandsSep. 30, 2020Dec. 31, 2019
Financial Assets
Debt securities held to maturity $ 207,376 $ 261,369
Time deposits with other banks2,247 3,742
Loans, net5,764,016 5,163,250
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Debt securities held to maturity0 0
Time deposits with other banks0 0
Loans, net0 0
Financial Liabilities
Deposit liabilities0 0
Federal Home Loan Bank (FHLB) borrowings0 0
Subordinated debt0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Financial Assets
Debt securities held to maturity216,000 262,213
Time deposits with other banks0 0
Loans, net0 0
Financial Liabilities
Deposit liabilities0 0
Federal Home Loan Bank (FHLB) borrowings0 0
Subordinated debt64,206 64,017
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Financial Assets
Debt securities held to maturity0 0
Time deposits with other banks2,274 3,744
Loans, net5,882,185 5,139,491
Financial Liabilities
Deposit liabilities6,920,231 5,584,621
Federal Home Loan Bank (FHLB) borrowings34,897 314,995
Subordinated debt0 0
Carrying Value | Fair Value, Measurements, Recurring
Financial Assets
Debt securities held to maturity207,376 261,369
Time deposits with other banks2,247 3,742
Loans, net5,752,781 5,158,127
Financial Liabilities
Deposit liabilities6,914,843 5,584,753
Federal Home Loan Bank (FHLB) borrowings35,000 315,000
Subordinated debt $ 71,295 $ 71,085

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in MillionsAug. 21, 2020USD ($)Mar. 13, 2020USD ($)branch
First Bank of the Palm Beaches
Business Acquisition [Line Items]
Number of branches operated | branch2
Percentage of common stock acquired100.00%
Common stock portion, number of Seacoast stock for each share of stock converted (in shares)0.2000
Goodwill recognized from acquisition, nondeductible $ 6.9
Fourth Street Banking Company
Business Acquisition [Line Items]
Percentage of common stock acquired100.00%
Common stock portion, number of Seacoast stock for each share of stock converted (in shares)0.1275
Goodwill recognized from acquisition, nondeductible $ 9

Business Combinations - Purchas

Business Combinations - Purchase Price (Details) $ / shares in Units, shares in Thousands, $ in ThousandsAug. 21, 2020USD ($)$ / sharessharesMar. 13, 2020USD ($)$ / sharesshares
First Bank of the Palm Beaches
Business Acquisition [Line Items]
Number of FBPB common shares outstanding (in shares) | shares5,213
Per share exchange ratio (in shares)0.2000
Number of shares of common stock issued (in shares) | shares1,043
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 options866
Total purchase price $ 21,897
Fourth Street Banking Company
Business Acquisition [Line Items]
Number of FBPB common shares outstanding (in shares) | shares11,220
Shares issued (in shares) | shares5,405
Per share exchange ratio (in shares)0.1275
Number of shares of common stock issued (in shares) | shares2,120
Multiplied by common stock price per share (in dollars per share) | $ / shares $ 19.40
Value of common stock issued $ 41,121
Cash paid for FBPB vested stock options596
Total purchase price $ 41,717

Business Combinations - Fair Va

Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in ThousandsSep. 30, 2020Aug. 21, 2020Mar. 13, 2020Dec. 31, 2019
Assets:
Goodwill $ 221,176 $ 205,286
First Bank of the Palm Beaches
Assets:
Cash $ 34,749
Investment securities447
Loans146,777
Bank premises and equipment6,086
Core deposit intangibles819
Goodwill6,861
Other assets1,305
Total assets197,044
Liabilities:
Deposits173,741
Other liabilities1,406
Total liabilities175,147
First Bank of the Palm Beaches | Initially Measured
Assets:
Cash34,749
Investment securities447
Loans146,839
Bank premises and equipment6,086
Core deposit intangibles819
Goodwill6,799
Other assets1,285
Total assets197,024
Liabilities:
Deposits173,741
Other liabilities1,386
Total liabilities175,127
First Bank of the Palm Beaches | Measurement Period Adjustments
Assets:
Cash0
Investment securities0
Loans(62)
Bank premises and equipment0
Core deposit intangibles0
Goodwill62
Other assets20
Total assets20
Liabilities:
Deposits0
Other liabilities20
Total liabilities $ 20
Fourth Street Banking Company | Initially Measured
Assets:
Cash $ 38,082
Investment securities3,498
Loans303,434
Bank premises and equipment9,480
Core deposit intangibles1,310
Goodwill9,030
Other assets7,088
Total assets371,922
Liabilities:
Deposits329,662
Other liabilities543
Total liabilities $ 330,205

Business Combinations - Fair _2

Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in ThousandsAug. 21, 2020Mar. 13, 2020
First Bank of the Palm Beaches
Business Acquisition [Line Items]
Book Balance $ 150,342
Fair Value146,777
First Bank of the Palm Beaches | Construction and land development
Business Acquisition [Line Items]
Book Balance9,493
Fair Value9,012
First Bank of the Palm Beaches | Commercial real estate - owner-occupied
Business Acquisition [Line Items]
Book Balance46,221
Fair Value45,171
First Bank of the Palm Beaches | Commercial real estate - non owner-occupied
Business Acquisition [Line Items]
Book Balance36,268
Fair Value35,079
First Bank of the Palm Beaches | Residential real estate
Business Acquisition [Line Items]
Book Balance47,569
Fair Value47,043
First Bank of the Palm Beaches | Commercial and financial
Business Acquisition [Line Items]
Book Balance9,659
Fair Value9,388
First Bank of the Palm Beaches | Consumer
Business Acquisition [Line Items]
Book Balance1,132
Fair Value $ 1,084
Fourth Street Banking Company
Business Acquisition [Line Items]
Book Balance $ 317,193
Fair Value303,434
Fourth Street Banking Company | Construction and land development
Business Acquisition [Line Items]
Book Balance9,197
Fair Value8,851
Fourth Street Banking Company | Commercial real estate - owner-occupied
Business Acquisition [Line Items]
Book Balance77,936
Fair Value75,215
Fourth Street Banking Company | Commercial real estate - non owner-occupied
Business Acquisition [Line Items]
Book Balance76,014
Fair Value71,171
Fourth Street Banking Company | Residential real estate
Business Acquisition [Line Items]
Book Balance23,548
Fair Value23,227
Fourth Street Banking Company | Commercial and financial
Business Acquisition [Line Items]
Book Balance72,745
Fair Value68,096
Fourth Street Banking Company | Consumer
Business Acquisition [Line Items]
Book Balance2,748
Fair Value2,694
Fourth Street Banking Company | PPP loans
Business Acquisition [Line Items]
Book Balance55,005
Fair Value $ 54,180

Business Combinations - Purch_2

Business Combinations - Purchased Credit Impaired Loans (Details) - USD ($) $ in ThousandsSep. 30, 2020Aug. 21, 2020Mar. 31, 2020Mar. 13, 2020
First Bank of the Palm Beaches
Business Acquisition [Line Items]
Total PCD loans acquired $ 146,777
Fourth Street Banking Company
Business Acquisition [Line Items]
Total PCD loans acquired $ 303,434
PCD Loans | First Bank of the Palm Beaches
Business Acquisition [Line Items]
Book balance of loans at acquisition43,682
Allowance for credit losses at acquisition(516)
Non-credit related discount(128)
Total PCD loans acquired $ 43,000 $ 43,038
PCD Loans | Fourth Street Banking Company
Business Acquisition [Line Items]
Book balance of loans at acquisition59,455
Allowance for credit losses at acquisition(5,763)
Non-credit related discount(4,319)
Total PCD loans acquired $ 49,400 $ 49,373

Business Combinations - Pro-For

Business Combinations - Pro-Forma Information (Details) - USD ($) $ / shares in Units, $ in ThousandsAug. 21, 2020Mar. 13, 2020Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Business Acquisition, Pro Forma Information [Abstract]
Net interest income $ 65,825 $ 67,090 $ 205,641 $ 198,748
Net income $ 28,238 $ 27,557 $ 58,824 $ 73,238
EPS - basic (in dollars per share) $ 0.51 $ 0.50 $ 1.08 $ 1.34
EPS - diluted (in dollars per share) $ 0.51 $ 0.50 $ 1.07 $ 1.33
First Bank of the Palm Beaches
Business Acquisition, Pro Forma Information [Abstract]
Provision for credit losses excluded from pro-forma information $ 1,800
Fourth Street Banking Company
Business Acquisition, Pro Forma Information [Abstract]
Provision for credit losses excluded from pro-forma information $ 4,600