Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 0-13660 |
Entity Registrant Name | Seacoast Banking Corporation of Florida |
Entity Incorporation, State or Country Code | FL |
Entity Tax Identification Number | 59-2260678 |
Entity Address, Address Line One | 815 COLORADO AVENUE, |
Entity Address, City or Town | STUART |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 34994 |
City Area Code | (772) |
Local Phone Number | 287-4000 |
Title of 12(b) Security | Common Stock |
Trading Symbol | SBCF |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 55,436,036 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0000730708 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Interest and fees on loans | $ 60,348 | $ 64,844 | $ 122,646 | $ 128,284 |
Interest and dividends on securities | 6,706 | 7,694 | 13,152 | 16,512 |
Interest on interest bearing deposits and other investments | 709 | 684 | 1,295 | 1,418 |
Total Interest Income | 67,763 | 73,222 | 137,093 | 146,214 |
Interest on deposits | 980 | 1,203 | 2,045 | 4,393 |
Interest on time certificates | 524 | 3,820 | 1,711 | 8,588 |
Interest on borrowed money | 457 | 927 | 925 | 2,784 |
Total Interest Expense | 1,961 | 5,950 | 4,681 | 15,765 |
Net Interest Income | 65,802 | 67,272 | 132,412 | 130,449 |
Provision for credit losses | (4,855) | 7,611 | (10,570) | 37,124 |
Net Interest Income after Provision for Credit Losses | 70,657 | 59,661 | 142,982 | 93,325 |
Noninterest income | ||||
Other income | 15,377 | 13,776 | 33,162 | 28,445 |
Securities (losses) gains, net | (55) | 1,230 | (169) | 1,249 |
Total Noninterest Income (Note I – Noninterest Income and Expense) | 15,322 | 15,006 | 32,993 | 29,694 |
Total Noninterest Expenses (Note I – Noninterest Income and Expense) | 45,784 | 42,399 | 91,904 | 90,197 |
Income Before Income Taxes | 40,195 | 32,268 | 84,071 | 32,822 |
Provision for income taxes | 8,785 | 7,188 | 18,942 | 7,033 |
Net Income | $ 31,410 | $ 25,080 | $ 65,129 | $ 25,789 |
Share Data | ||||
Net income per share of common stock - diluted (in dollars per share) | $ 0.56 | $ 0.47 | $ 1.17 | $ 0.49 |
Net income per share of common stock - basic (in dollars per share) | $ 0.57 | $ 0.47 | $ 1.18 | $ 0.49 |
Average common shares outstanding - diluted (in shares) | 55,901 | 53,308 | 55,827 | 52,807 |
Average common shares outstanding - basic (in shares) | 55,421 | 52,985 | 55,347 | 52,394 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 31,410 | $ 25,080 | $ 65,129 | $ 25,789 |
Available-for-sale securities: | ||||
Unrealized gains (losses) on available-for-sale securities, net of tax expense of $0.2 million and tax benefit of $3.0 million for the three and six months ended June 30, 2021, respectively, and tax expense of $3.6 million for each of the three and six months ended June 30, 2020 | 296 | 14,004 | (10,555) | 14,134 |
Amortization of unrealized gains and losses on securities transferred to held-to-maturity, net of tax expense of $5 thousand and $11 thousand for the three and six months ended June 30, 2021, respectively, and tax expense of $12 thousand and $25 thousand for the three and six months ended June 30, 2020, respectively | 20 | 47 | 44 | 94 |
Reclassification adjustment for losses (gains) included in net income, net of tax benefit of $19 thousand for each of the three and six months ended June 30, 2021, and tax expense of $0.3 million for each of the three and six months ended June 30, 2020 | 91 | (1,516) | 91 | (1,399) |
Available-for-sale securities, net of tax | 407 | 12,535 | (10,420) | 12,829 |
Unrealized losses on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax benefit of $4 thousand and $51 thousand for the three and six months ended June 30, 2021, respectively | (11) | 0 | (149) | 0 |
Total other comprehensive income (loss) | 396 | 12,535 | (10,569) | 12,829 |
Comprehensive Income | $ 31,806 | $ 37,615 | $ 54,560 | $ 38,618 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (losses) gains on available-for-sale securities, tax expense (benefit) | $ 200 | $ 3,600 | $ (3,000) | $ 3,600 |
Amortization of unrealized losses on securities transferred to held-to-maturity, tax expense | 5 | 12 | 11 | 25 |
Reclassification adjustment for losses included in net income, tax (benefit) expense | (19) | $ 300 | (19) | $ 300 |
Unrealized losses on cash flow hedging derivatives, net of reclassifications, tax benefit | $ 4 | $ 51 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 97,468 | $ 86,630 |
Interest bearing deposits with other banks | 1,351,377 | 317,458 |
Total cash and cash equivalents | 1,448,845 | 404,088 |
Time deposits with other banks | 750 | 750 |
Debt securities: | ||
Securities available-for-sale (at fair value) | 1,322,776 | 1,398,157 |
Securities held-to-maturity (fair value $489.3 million at June 30, 2021 and $192.2 million at December 31, 2020) | 493,467 | 184,484 |
Total debt securities | 1,816,243 | 1,582,641 |
Loans held for sale (at fair value) | 42,793 | 68,890 |
Loans | 5,437,049 | 5,735,349 |
Less: Allowance for credit losses | (81,127) | (92,733) |
Loans, net of allowance for credit losses | 5,355,922 | 5,642,616 |
Bank premises and equipment, net | 69,392 | 75,117 |
Other real estate owned | 12,804 | 12,750 |
Goodwill | 221,176 | 221,176 |
Other intangible assets, net | 14,106 | 16,745 |
Bank owned life insurance | 158,506 | 131,776 |
Net deferred tax assets | 21,839 | 23,629 |
Other assets | 154,457 | 162,214 |
Total Assets | 9,316,833 | 8,342,392 |
Liabilities | ||
Deposits | 7,836,436 | 6,932,561 |
Securities sold under agreements to repurchase, maturing within 30 days | 119,973 | 119,609 |
Subordinated debt | 71,506 | 71,365 |
Other liabilities | 106,571 | 88,455 |
Total Liabilities | 8,134,486 | 7,211,990 |
Shareholders' Equity | ||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 55,830,068 and outstanding 55,436,036 at June 30, 2021, and authorized 120,000,000, issued 55,584,979 and outstanding 55,243,226 shares at December 31, 2020 | 5,544 | 5,524 |
Other shareholders' equity | 1,176,803 | 1,124,878 |
Total Shareholders' Equity | 1,182,347 | 1,130,402 |
Total Liabilities and Shareholders' Equity | $ 9,316,833 | $ 8,342,392 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 489,289 | $ 192,179 |
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) | 55,830,068 | 55,584,979 |
Common stock, shares outstanding (in shares) | 55,436,036 | 55,243,226 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 65,129 | $ 25,789 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,792 | 3,031 |
Amortization of premiums and discounts on securities, net | 4,012 | 1,746 |
Amortization of operating lease right-of-use assets | 2,127 | 2,363 |
Other amortization and accretion, net | (7,307) | (366) |
Stock based compensation | 4,262 | 3,524 |
Origination of loans designated for sale | (283,001) | (203,935) |
Sale of loans designated for sale | 318,479 | 174,450 |
Provision for credit losses | (10,570) | 37,124 |
Deferred income taxes | 4,833 | (3,328) |
Losses (gains) on sale of securities | 73 | (1,092) |
Gains on sale of loans | (9,411) | (5,303) |
Gains on sale and write-downs of other real estate owned | (380) | (485) |
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned | 316 | 220 |
Changes in operating assets and liabilities, net of effects from acquired companies: | ||
Net decrease (increase) in other assets | 1,086 | (22,451) |
Net (decrease) increase in other liabilities | (10,726) | 19,139 |
Net cash provided by operating activities | 81,714 | 30,426 |
Cash Flows from Investing Activities | ||
Maturities and repayments of debt securities available-for-sale | 288,171 | 134,488 |
Maturities and repayments of debt securities held-to-maturity | 73,697 | 33,969 |
Proceeds from sale of debt securities available-for-sale | 56,217 | 92,314 |
Purchases of debt securities available-for-sale | (468,430) | (239,160) |
Purchases of debt securities held-to-maturity | (172,004) | 0 |
Maturities of time deposits with other banks | 0 | 1,246 |
Net new loans and principal repayments | 346,173 | (431,182) |
Purchases of loans held for investment | (38,822) | 0 |
Proceeds from sale of other real estate owned | 4,954 | 4,503 |
Additions to other real estate owned | (1,310) | 0 |
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 2,704 | 33,448 |
Purchase of FHLB and Federal Reserve Bank Stock | (59) | (26,227) |
Net cash from bank acquisition | 0 | 33,883 |
Purchase of bank owned life insurance | (25,000) | 0 |
Additions to bank premises and equipment | (701) | (880) |
Net cash provided by (used in) investing activities | 65,590 | (363,598) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 903,875 | 908,288 |
Net increase in repurchase agreements | 364 | 6,004 |
Net decrease in FHLB borrowings with original maturities of three months or less | 0 | (315,000) |
Proceeds from FHLB borrowings with original maturities of more than three months | 0 | 135,000 |
Stock based employee benefit plans | 369 | (1,331) |
Dividends paid | (7,155) | 0 |
Net cash provided by financing activities | 897,453 | 732,961 |
Net increase in cash and cash equivalents | 1,044,757 | 399,789 |
Cash and cash equivalents at beginning of period | 404,088 | 124,531 |
Cash and cash equivalents at end of period | 1,448,845 | 524,320 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 6,462 | 15,756 |
Cash paid during the period for taxes | 17,700 | 3,492 |
Recognition of operating lease right-of-use assets | 35 | 52 |
Recognition of operating lease liabilities | 35 | 52 |
Supplemental disclosure of non-cash investing activities: | ||
Transfer of debt securities from available-for-sale to held-to-maturity | 210,805 | 0 |
Unsettled purchases of debt securities available-for-sale | 28,750 | 0 |
Transfers from loans to other real estate owned | 0 | 6,186 |
Transfers from bank premises to other real estate owned | $ 3,318 | $ 1,289 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Cumulative change in accounting principle upon adoption of new accounting pronouncement | Cumulative change in accounting principle upon adoption of new accounting pronouncementRetained Earnings |
Beginning balance (in shares) at Dec. 31, 2019 | 51,514 | |||||||
Beginning balance at Dec. 31, 2019 | $ 985,639 | $ 5,151 | $ 786,242 | $ 195,813 | $ (6,032) | $ 4,465 | $ (16,876) | $ (16,876) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 38,618 | 25,789 | 12,829 | |||||
Stock based compensation expense | 3,523 | 3,523 | ||||||
Common stock transactions related to stock based employee benefit plans (in shares) | 377 | |||||||
Common stock transactions related to stock based employee benefit plans | (2,014) | $ 38 | (47) | (2,005) | ||||
Common stock issued for stock options (in shares) | 57 | |||||||
Common stock issued for stock options | 682 | $ 6 | 676 | |||||
Issuance of common stock, pursuant to acquisition (in shares) | 1,043 | |||||||
Issuance of common stock, pursuant to acquisition | 21,031 | $ 104 | 20,927 | |||||
Increase (decrease) in shares during period (in shares) | 1,477 | |||||||
Increase (decrease) in stockholders' equity during period | 44,964 | $ 148 | 25,079 | 8,913 | (2,005) | 12,829 | ||
Ending balance (in shares) at Jun. 30, 2020 | 52,991 | |||||||
Ending balance at Jun. 30, 2020 | 1,030,603 | $ 5,299 | 811,321 | 204,726 | (8,037) | 17,294 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 52,709 | |||||||
Beginning balance at Mar. 31, 2020 | 991,787 | $ 5,271 | 809,533 | 179,646 | (7,422) | 4,759 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 37,615 | 25,080 | 12,535 | |||||
Stock based compensation expense | 1,523 | 1,523 | ||||||
Common stock transactions related to stock based employee benefit plans (in shares) | 262 | |||||||
Common stock transactions related to stock based employee benefit plans | (604) | $ 26 | (15) | (615) | ||||
Common stock issued for stock options (in shares) | 20 | |||||||
Common stock issued for stock options | 282 | $ 2 | 280 | |||||
Increase (decrease) in shares during period (in shares) | 282 | |||||||
Increase (decrease) in stockholders' equity during period | 38,816 | $ 28 | 1,788 | 25,080 | (615) | 12,535 | ||
Ending balance (in shares) at Jun. 30, 2020 | 52,991 | |||||||
Ending balance at Jun. 30, 2020 | 1,030,603 | $ 5,299 | 811,321 | 204,726 | (8,037) | 17,294 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 55,243 | |||||||
Beginning balance at Dec. 31, 2020 | 1,130,402 | $ 5,524 | 856,092 | 256,701 | (8,285) | 20,370 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 54,560 | 65,129 | (10,569) | |||||
Stock based compensation expense | 4,262 | 4,262 | ||||||
Common stock transactions related to stock based employee benefit plans (in shares) | 114 | |||||||
Common stock transactions related to stock based employee benefit plans | (1,901) | $ 12 | (18) | (1,895) | ||||
Common stock issued for stock options (in shares) | 79 | |||||||
Common stock issued for stock options | 2,270 | $ 8 | 2,262 | |||||
Dividends on common stock | (7,246) | (7,246) | ||||||
Increase (decrease) in shares during period (in shares) | 193 | |||||||
Increase (decrease) in stockholders' equity during period | 51,945 | $ 20 | 6,506 | 57,883 | (1,895) | (10,569) | ||
Ending balance (in shares) at Jun. 30, 2021 | 55,436 | |||||||
Ending balance at Jun. 30, 2021 | 1,182,347 | $ 5,544 | 862,598 | 314,584 | (10,180) | 9,801 | ||
Beginning balance (in shares) at Mar. 31, 2021 | 55,294 | |||||||
Beginning balance at Mar. 31, 2021 | 1,155,349 | $ 5,529 | 858,688 | 290,420 | (8,693) | 9,405 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income | 31,806 | 31,410 | 396 | |||||
Stock based compensation expense | 2,503 | 2,503 | ||||||
Common stock transactions related to stock based employee benefit plans (in shares) | 94 | |||||||
Common stock transactions related to stock based employee benefit plans | (1,495) | $ 10 | (18) | (1,487) | ||||
Common stock issued for stock options (in shares) | 48 | |||||||
Common stock issued for stock options | 1,430 | $ 5 | 1,425 | |||||
Dividends on common stock | (7,246) | (7,246) | ||||||
Increase (decrease) in shares during period (in shares) | 142 | |||||||
Increase (decrease) in stockholders' equity during period | 26,998 | $ 15 | 3,910 | 24,164 | (1,487) | 396 | ||
Ending balance (in shares) at Jun. 30, 2021 | 55,436 | |||||||
Ending balance at Jun. 30, 2021 | $ 1,182,347 | $ 5,544 | $ 862,598 | $ 314,584 | $ (10,180) | $ 9,801 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.13 | $ 0.13 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 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, 2020. Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Yet Adopted | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Yet AdoptedNone applicable this period. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. For the three and six months ended June 30, 2021, no options to purchase shares of the Company's common stock were anti-dilutive, compared to 508,000 and 489,000 shares that were excluded in the computation of diluted earnings per share for the three and six months ended June 30, 2020, respectively. Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Basic earnings per share Net income $ 31,410 $ 25,080 $ 65,129 $ 25,789 Average common shares outstanding 55,421 52,985 55,347 52,394 Net income per share $ 0.57 $ 0.47 $ 1.18 $ 0.49 Diluted earnings per share Net income $ 31,410 $ 25,080 $ 65,129 $ 25,789 Average common shares outstanding 55,421 52,985 55,347 52,394 Add: Dilutive effect of employee restricted stock and stock options 480 323 480 413 Average diluted shares outstanding 55,901 53,308 55,827 52,807 Net income per share $ 0.56 $ 0.47 $ 1.17 $ 0.49 Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at June 30, 2021 and December 31, 2020 are summarized as follows: June 30, 2021 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,412 $ 439 $ (2) $ 7,849 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 987,402 14,224 (5,906) 995,720 Private mortgage-backed securities and collateralized mortgage obligations 73,469 1,938 (218) 75,189 Collateralized loan obligations 209,835 22 (165) 209,692 Obligations of state and political subdivisions 32,288 2,038 — 34,326 Totals $ 1,310,406 $ 18,661 $ (6,291) $ 1,322,776 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 493,467 $ 5,697 $ (9,875) $ 489,289 Totals $ 493,467 $ 5,697 $ (9,875) $ 489,289 December 31, 2020 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,250 $ 528 $ (1) $ 8,777 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,038,437 23,457 (1,240) 1,060,654 Private mortgage-backed securities and collateralized mortgage obligations 89,284 2,131 (210) 91,205 Collateralized loan obligations 202,563 279 (647) 202,195 Obligations of state and political subdivisions 33,005 2,321 — 35,326 Totals $ 1,371,539 $ 28,716 $ (2,098) $ 1,398,157 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 184,484 $ 7,818 $ (123) $ 192,179 Totals $ 184,484 $ 7,818 $ (123) $ 192,179 Proceeds from sales of securities for the three and six months ended June 30, 2021 were $56.2 million, resulting in gross gains of $0.2 million and gross losses of $0.3 million. For the three months ended June 30, 2020, proceeds from sales of securities were $64.5 million, which resulted in gross gains of $2.3 million and gross losses of $1.1 million. For the six months ended June 30, 2020, proceeds from sales of securities were $92.3 million, which resulted in gross gains of $2.4 million and gross losses of $1.3 million. Also included in “Securities gains (losses), net” is an increase of $18 thousand and a decrease of $0.1 million for the three and six months ended June 30, 2021, respectively, and increases of $0.1 million and $0.2 million for the three and six months ended June 30, 2020, respectively, in the value of a CRA-qualified mutual fund. During the first quarter of 2021, the Company reclassified debt securities with an amortized cost of $210.8 million from available-for-sale to held-to-maturity, as it has the ability and intent to hold these securities to maturity. These securities had net unrealized gains of $0.8 million at the date of transfer, which will continue to be reported in accumulated other comprehensive income, and will be amortized over the remaining life of the securities as an adjustment of yield. The effect on interest income of the amortization of net unrealized gains is offset by the amortization of the premium on the securities transferred. At June 30, 2021, debt securities with a fair value of $388.1 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 June 30, 2021, 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 $ — $ — $ 400 $ 402 Due after one year through five years — — 12,316 13,175 Due after five years through ten years — — 8,505 8,923 Due after ten years — — 18,479 19,675 — — 39,700 42,175 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 493,467 489,289 987,402 995,720 Private mortgage-backed securities and collateralized mortgage obligations — — 73,469 75,189 Collateralized loan obligations — — 209,835 209,692 Totals $ 493,467 $ 489,289 $ 1,310,406 $ 1,322,776 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 the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. June 30, 2021 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 $ — $ — $ 251 $ (2) $ 251 $ (2) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 538,907 (5,866) 4,389 (40) 543,296 (5,906) Private mortgage-backed securities and collateralized mortgage obligations 14,979 (195) 1,738 (23) 16,717 (218) Collateralized loan obligations 82,191 (108) 9,450 (57) 91,641 (165) Totals $ 636,077 $ (6,169) $ 15,828 $ (122) $ 651,905 $ (6,291) December 31, 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 $ — $ — $ 256 $ (1) $ 256 $ (1) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 203,405 (1,218) 569 (22) 203,974 (1,240) Private mortgage-backed securities and collateralized mortgage obligations 23,997 (210) — — 23,997 (210) Collateralized loan obligations 104,697 (102) 72,513 (545) 177,210 (647) Totals $ 332,099 $ (1,530) $ 73,338 $ (568) $ 405,437 $ (2,098) At June 30, 2021, the Company had $5.9 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $543.3 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 June 30, 2021, no allowance for credit losses has been recorded. At June 30, 2021, the Company had $0.2 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $16.7 million. The collateral underlying these mortgage investments is primarily residential real estate. The securities have average credit support of 35%. 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 June 30, 2021, no allowance for credit losses has been recorded. At June 30, 2021, the Company had $0.2 million in unrealized losses in uncapped 3-month LIBOR floating rate collateralized loan obligations ("CLOs") having a fair value of $91.6 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 June 30, 2021, these positions are in AAA and AA tranches, with average credit support of 34% and 23%, 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 June 30, 2021, 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. As a result, as of June 30, 2021, no allowance for credit losses has been recorded. Included in other assets at June 30, 2021 is $31.2 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 $6.4 million investment in a CRA-qualified mutual fund carried at fair value. Accrued interest receivable on AFS and HTM debt securities of $2.6 million and $0.8 million at June 30, 2021, respectively, and $3.2 million and $0.4 million at December 31, 2020, respectively, is also included in other assets. |
Loans
Loans | Jun. 30, 2021 |
Receivables [Abstract] | |
Loans | Loans Loans held for investment are categorized into the following segments: • Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential construction, multi-family property and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property. • Commercial real estate - owner-occupied: Loans are extended to commercial customers for the purpose of acquiring real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property. • Commercial real estate - non owner-occupied: Loans are extended to commercial customers for the purpose of acquiring commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from the successful operation of the property. • Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable 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, and extended by the Economic Aid 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: June 30, 2021 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 223,412 $ 10,408 $ 527 $ 234,347 Commercial real estate - owner-occupied 889,221 203,847 34,572 1,127,640 Commercial real estate - non owner-occupied 1,112,290 274,772 25,377 1,412,439 Residential real estate 1,087,313 131,131 8,092 1,226,536 Commercial and financial 811,580 75,245 13,381 900,206 Consumer 166,806 4,949 14 171,769 Paycheck Protection Program 350,531 13,581 — 364,112 Totals $ 4,641,153 $ 713,933 $ 81,963 $ 5,437,049 December 31, 2020 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 216,420 $ 26,250 $ 2,438 $ 245,108 Commercial real estate - owner occupied 854,769 247,090 39,451 1,141,310 Commercial real estate - non-owner occupied 1,043,459 323,273 29,122 1,395,854 Residential real estate 1,155,914 176,105 10,609 1,342,628 Commercial and financial 743,846 94,627 16,280 854,753 Consumer 181,797 6,660 278 188,735 Paycheck Protection Program 515,532 51,429 — 566,961 Totals $ 4,711,737 $ 925,434 $ 98,178 $ 5,735,349 The amortized cost basis of loans at June 30, 2021 included net deferred costs of $25.2 million on non-PPP portfolio loans and net deferred fees of $10.6 million on PPP loans. At December 31, 2020, the amortized cost basis included net deferred costs of $22.6 million on non-PPP portfolio loans and net deferred fees of $9.5 million on PPP loans. At June 30, 2021, the remaining fair value adjustments on acquired loans were $24.4 million, or 3.0%, of the outstanding acquired loan balances, compared to $30.2 million, or 2.9%, of the acquired loan balances at December 31, 2020. These amounts are accreted into interest income over the remaining lives of the related loans on a level yield basis. Accrued interest receivable is included within Other Assets and was $15.7 million and $25.8 million at June 30, 2021 and December 31, 2020, respectively. The following tables present the status of net loan balances as of June 30, 2021 and December 31, 2020. Loans on short-term payment deferral at the reporting date are reported as current. June 30, 2021 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 223,348 $ — $ — $ — $ 64 $ 223,412 Commercial real estate - owner-occupied 887,266 — — — 1,955 889,221 Commercial real estate - non owner-occupied 1,110,608 261 — — 1,421 1,112,290 Residential real estate 1,076,165 199 50 — 10,899 1,087,313 Commercial and financial 804,139 2,890 — — 4,551 811,580 Consumer 166,426 211 35 — 134 166,806 Paycheck Protection Program 350,531 — — — — 350,531 Total Portfolio Loans $ 4,618,483 $ 3,561 $ 85 $ — $ 19,024 $ 4,641,153 Acquired Non-PCD Loans Construction and land development $ 10,408 $ — $ — $ — $ — $ 10,408 Commercial real estate - owner-occupied 202,269 958 — — 620 203,847 Commercial real estate - non owner-occupied 272,945 — — — 1,827 274,772 Residential real estate 128,579 — 71 — 2,481 131,131 Commercial and financial 71,814 423 1,998 339 671 75,245 Consumer 4,949 — — — — 4,949 Paycheck Protection Program 13,581 — — — — 13,581 Total Acquired Non-PCD Loans $ 704,545 $ 1,381 $ 2,069 $ 339 $ 5,599 $ 713,933 PCD Loans Construction and land development $ 520 $ — $ — $ — $ 7 $ 527 Commercial real estate - owner-occupied 30,673 1,084 — — 2,815 34,572 Commercial real estate - non owner-occupied 21,508 — — — 3,869 25,377 Residential real estate 6,555 71 431 — 1,035 8,092 Commercial and financial 12,642 168 — — 571 13,381 Consumer 14 — — — — 14 Total PCD Loans $ 71,912 $ 1,323 $ 431 $ — $ 8,297 $ 81,963 Total Loans $ 5,394,940 $ 6,265 $ 2,585 $ 339 $ 32,920 $ 5,437,049 December 31, 2020 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 216,262 $ — $ — $ — $ 158 $ 216,420 Commercial real estate - owner occupied 851,222 1,076 — — 2,471 854,769 Commercial real estate - non-owner occupied 1,041,306 — — — 2,153 1,043,459 Residential real estate 1,142,893 3,002 1,427 61 8,531 1,155,914 Commercial and financial 737,362 135 1,967 — 4,382 743,846 Consumer 180,879 203 138 2 575 181,797 Paycheck Protection Program 515,532 — — — — 515,532 Total Portfolio Loans $ 4,685,456 $ 4,416 $ 3,532 $ 63 $ 18,270 $ 4,711,737 Acquired Non-PCD Loans Construction and land development $ 26,250 $ — $ — $ — $ — $ 26,250 Commercial real estate - owner occupied 244,486 — — — 2,604 247,090 Commercial real estate - non-owner occupied 322,264 — — — 1,009 323,273 Residential real estate 171,507 1,605 104 — 2,889 176,105 Commercial and financial 93,223 216 — — 1,188 94,627 Consumer 6,640 20 — — — 6,660 Paycheck Protection Program 51,429 — — — — 51,429 Total Acquired Non-PCD Loans $ 915,799 $ 1,841 $ 104 $ — $ 7,690 $ 925,434 PCD Loans Construction and land development $ 2,429 $ — $ — $ — $ 9 $ 2,438 Commercial real estate - owner occupied 36,345 — — — 3,106 39,451 Commercial real estate - non-owner occupied 24,200 — — — 4,922 29,122 Residential real estate 9,537 — — — 1,072 10,609 Commercial and financial 15,121 125 — — 1,034 16,280 Consumer 271 — — — 7 278 Total PCD Loans $ 87,903 $ 125 $ — $ — $ 10,150 $ 98,178 Total Loans $ 5,689,158 $ 6,382 $ 3,636 $ 63 $ 36,110 $ 5,735,349 All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby 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 $0.4 million and $0.3 million in interest income on nonaccrual loans during the three months ended June 30, 2021 and 2020, respectively. The Company recognized $0.6 million and $0.4 million in interest income on nonaccrual loans during the six months ended June 30, 2021 and 2020, respectively. The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: June 30, 2021 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 71 $ — $ 71 $ — Commercial real estate - owner-occupied 4,340 1,050 5,390 467 Commercial real estate - non owner-occupied 3,248 3,869 7,117 1,708 Residential real estate 13,710 705 14,415 349 Commercial and financial 3,733 2,060 5,793 1,266 Consumer 37 97 134 97 Totals $ 25,139 $ 7,781 $ 32,920 $ 3,887 December 31, 2020 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 148 $ 19 $ 167 $ 8 Commercial real estate - owner-occupied 7,893 288 8,181 287 Commercial real estate - non owner-occupied 5,666 2,418 8,084 1,640 Residential real estate 9,520 2,972 12,492 1,587 Commercial and financial 3,175 3,429 6,604 2,235 Consumer 222 360 582 75 Totals $ 26,624 $ 9,486 $ 36,110 $ 5,832 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) June 30, 2021 December 31, 2020 Construction and land development $ 71 $ 189 Commercial real estate - owner-occupied 6,662 11,992 Commercial real estate - non owner-occupied 6,480 7,285 Residential real estate 13,907 16,652 Commercial and financial 8,565 11,198 Consumer 89 586 Totals $ 35,774 $ 47,902 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 as of: June 30, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 37,114 $ 55,457 $ 41,969 $ 26,223 $ 6,326 $ 23,567 $ 40,656 $ 231,312 Special Mention — — 372 2,517 — — — 2,889 Substandard — — — — — 17 — 17 Substandard Impaired — — — — 37 92 — 129 Doubtful — — — — — — — — Total $ 37,114 $ 55,457 $ 42,341 $ 28,740 $ 6,363 $ 23,676 $ 40,656 $ 234,347 Commercial real estate - owner-occupied Risk Ratings: Pass $ 87,486 $ 145,245 $ 184,017 $ 141,827 $ 130,013 $ 393,389 $ 12,018 $ 1,093,995 Special Mention — 11,267 841 1,286 — 5,287 — 18,681 Substandard — — — — 3,805 4,356 — 8,161 Substandard Impaired — — 2,883 685 1,445 1,790 — 6,803 Doubtful — — — — — — — — Total $ 87,486 $ 156,512 $ 187,741 $ 143,798 $ 135,263 $ 404,822 $ 12,018 $ 1,127,640 Commercial real estate - non owner-occupied Risk Ratings: Pass $ 121,245 $ 159,336 $ 292,367 $ 183,456 $ 100,887 $ 484,963 $ 8,018 $ 1,350,272 Special Mention — — 953 9,399 16,522 9,931 — 36,805 Substandard — — — 9,718 — 8,528 — 18,246 Substandard Impaired — — 2,378 — — 4,738 — 7,116 Doubtful — — — — — — — — Total $ 121,245 $ 159,336 $ 295,698 $ 202,573 $ 117,409 $ 508,160 $ 8,018 $ 1,412,439 Residential real estate Risk Ratings: Pass $ 129,061 $ 107,121 $ 105,930 $ 149,520 $ 153,851 $ 241,216 $ 320,702 $ 1,207,401 Special Mention — — — 30 — 218 221 469 Substandard — — — — — 214 486 700 Substandard Impaired — 496 741 77 4,462 9,879 2,311 17,966 Doubtful — — — — — — — — Total $ 129,061 $ 107,617 $ 106,671 $ 149,627 $ 158,313 $ 251,527 $ 323,720 $ 1,226,536 June 30, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Commercial and financial Risk Ratings: Pass $ 148,832 $ 201,500 $ 120,225 $ 87,159 $ 48,385 $ 70,755 $ 194,503 $ 871,359 Special Mention — 5,795 864 891 270 33 1,130 8,983 Substandard — 411 — 2,480 1,369 3,512 26 7,798 Substandard Impaired — — 5,478 3,258 1,427 1,811 92 12,066 Doubtful — — — — — — — — Total $ 148,832 $ 207,706 $ 126,567 $ 93,788 $ 51,451 $ 76,111 $ 195,751 $ 900,206 Consumer Risk Ratings: Pass $ 23,549 $ 38,229 $ 33,441 $ 22,421 $ 13,837 $ 23,735 $ 13,959 $ 169,171 Special Mention — 58 46 15 62 30 1,330 1,541 Substandard — — — 35 14 — 655 704 Substandard Impaired — — 64 26 80 183 — 353 Doubtful — — — — — — — — Total $ 23,549 $ 38,287 $ 33,551 $ 22,497 $ 13,993 $ 23,948 $ 15,944 $ 171,769 Paycheck Protection Program Risk Ratings: Pass $ 246,107 $ 118,005 $ — $ — $ — $ — $ — $ 364,112 Total $ 246,107 $ 118,005 $ — $ — $ — $ — $ — $ 364,112 Consolidated Risk Ratings: Pass $ 793,394 $ 824,893 $ 777,949 $ 610,606 $ 453,299 $ 1,237,625 $ 589,856 $ 5,287,622 Special Mention — 17,120 3,076 14,138 16,854 15,499 2,681 69,368 Substandard — 411 — 12,233 5,188 16,627 1,167 35,626 Substandard Impaired — 496 11,544 4,046 7,451 18,493 2,403 44,433 Doubtful — — — — — — — — Total $ 793,394 $ 842,920 $ 792,569 $ 641,023 $ 482,792 $ 1,288,244 $ 596,107 $ 5,437,049 December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 62,107 $ 52,384 $ 46,067 $ 15,873 $ 7,335 $ 17,873 $ 35,324 $ 236,963 Special Mention 206 245 5,918 — — 1,449 — 7,818 Substandard — — — — — 51 — 51 Substandard Impaired — — — 37 — 239 — 276 Doubtful — — — — — — — — Total $ 62,313 $ 52,629 $ 51,985 $ 15,910 $ 7,335 $ 19,612 $ 35,324 $ 245,108 Commercial real estate - owner-occupied Risk Ratings: Pass $ 155,953 $ 198,559 $ 156,276 $ 138,341 $ 148,389 $ 287,772 $ 14,255 $ 1,099,545 Special Mention 5,773 1,858 3,305 — 4,471 4,050 2 19,459 Substandard — — — 4,709 1,955 5,508 — 12,172 Substandard Impaired — 3,151 747 1,362 — 4,874 — 10,134 Doubtful — — — — — — — — Total $ 161,726 $ 203,568 $ 160,328 $ 144,412 $ 154,815 $ 302,204 $ 14,257 $ 1,141,310 December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Commercial real estate - non owner-occupied Risk Ratings: Pass $ 159,299 $ 313,287 $ 201,112 $ 123,357 $ 175,623 $ 356,943 $ 8,596 $ 1,338,217 Special Mention — 431 9,487 7,580 10,240 114 — 27,852 Substandard — — 9,709 — 8,311 3,682 — 21,702 Substandard Impaired — 2,418 — — 125 5,540 — 8,083 Doubtful — — — — — — — — Total $ 159,299 $ 316,136 $ 220,308 $ 130,937 $ 194,299 $ 366,279 $ 8,596 $ 1,395,854 Residential real estate Risk Ratings: Pass $ 96,819 $ 144,329 $ 204,077 $ 205,046 $ 160,612 $ 159,742 $ 350,502 $ 1,321,127 Special Mention — — 33 720 — 966 479 2,198 Substandard 350 — — 896 — 1,452 100 2,798 Substandard Impaired 109 726 1,520 1,762 715 9,671 2,002 16,505 Doubtful — — — — — — — — Total $ 97,278 $ 145,055 $ 205,630 $ 208,424 $ 161,327 $ 171,831 $ 353,083 $ 1,342,628 Commercial and financial Risk Ratings: Pass $ 214,774 $ 146,511 $ 103,769 $ 60,782 $ 39,692 $ 53,758 $ 204,304 $ 823,590 Special Mention 71 946 965 5,612 67 635 209 8,505 Substandard 154 41 3,016 1,609 553 3,239 764 9,376 Substandard Impaired 317 4,595 3,199 2,292 2,074 704 81 13,262 Doubtful 1 — — — — — — 20 20 Total $ 215,316 $ 152,093 $ 110,949 $ 70,295 $ 42,386 $ 58,336 $ 205,378 $ 854,753 Consumer Risk Ratings: Pass $ 46,476 $ 43,143 $ 30,433 $ 18,937 $ 21,880 $ 9,488 $ 15,089 $ 185,446 Special Mention 58 27 14 41 42 21 1,854 2,057 Substandard — — — 42 4 151 228 425 Substandard Impaired 7 50 193 24 329 183 21 807 Doubtful — — — — — — — — Total $ 46,541 $ 43,220 $ 30,640 $ 19,044 $ 22,255 $ 9,843 $ 17,192 $ 188,735 Paycheck Protection Program Risk Ratings: Pass $ 566,961 $ — $ — $ — $ — $ — $ — $ 566,961 Total $ 566,961 $ — $ — $ — $ — $ — $ — $ 566,961 Consolidated Risk Ratings: Pass $ 1,302,389 $ 898,213 $ 741,734 $ 562,336 $ 553,531 $ 885,576 $ 628,070 $ 5,571,849 Special Mention 6,108 3,507 19,722 13,953 14,820 7,235 2,544 67,889 Substandard 504 41 12,725 7,256 10,823 14,083 1,092 46,524 Substandard Impaired 433 10,940 5,659 5,477 3,243 21,211 2,104 49,067 Doubtful 1 — — — — — — 20 20 Total $ 1,309,434 $ 912,701 $ 779,840 $ 589,022 $ 582,417 $ 928,105 $ 633,830 $ 5,735,349 1 Loans classified as doubtful are fully reserved at December 31, 2020. Loans Modified in Connection with COVID-19 Pandemic The CARES Act, which was signed into law on March 27, 2020, and amended by the Consolidated Appropriations Act on December 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) January 1, 2022 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 has provided financially impacted borrowers with loan accommodations, primarily consisting of payment deferrals of up to six months. At its peak on June 30, 2020, loans on deferral represented $1.1 billion, or 21%, of total non-PPP loans. In the second half of 2020, the large majority of these borrowers successfully resumed making contractual payments, and the level of loans with accommodations has decreased to $6.8 million, or 0.1%, of total non-PPP loans as of June 30, 2021. Types of outstanding accommodations at June 30, 2021 included a combination of one or more of the following: full payment deferral, partial payment deferral, reduction of interest rate, extension of the original maturity date, or re-amortization of the facility. The following table presents the balance of loans with active payment accommodations at the specified dates, excluding PPP loans: (In thousands) June 30, 2021 December 31, 2020 Construction and land development $ — $ 1,032 Commercial real estate - owner-occupied 1,612 14,248 Commercial real estate - non owner-occupied 2,257 32,549 Residential real estate 1,702 12,839 Commercial and financial 811 11,915 Consumer 399 1,479 Totals $ 6,781 $ 74,062 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. The following table presents loans that were modified in a troubled debt restructuring during the three and six months ended: Three Months Ended June 30, 2021 2020 (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 — $ — $ — 1 $ 12 $ 12 Commercial real estate - owner-occupied — — — — — — Commercial real estate - non owner-occupied — — — — — — Residential real estate 2 52 52 — — — Commercial and financial 1 142 142 — — — Consumer — — — 2 47 47 Totals 3 $ 194 $ 194 3 $ 59 $ 59 Six Months Ended June 30, 2021 2020 (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 — $ — $ — 1 $ 12 $ 12 Commercial real estate - owner-occupied — — — — — — Commercial real estate - non owner-occupied — — — — — — Residential real estate 3 79 79 1 45 45 Commercial and financial 1 142 142 4 437 437 Consumer — — — 2 47 47 Totals 4 $ 221 $ 221 8 $ 541 $ 541 The TDRs described above resulted in a specific allowance for credit losses of $0.2 million as of June 30, 2021 and $0.4 million as of June 30, 2020. During the six months ended June 30, 2021, there were two defaults totaling $0.1 million of loans that had been modified in TDRs within the preceding twelve months. During the six months ended June 30, 2020, there were three defaults totaling $1.4 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, $6,000 and $21,000 for the three months ended June 30, 2021, and 2020, respectively, and $11,000 and $46,000 for the six months ended June 30, 2021, and 2020, 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 Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses Activity in the allowance for credit losses is summarized as follows: Three Months Ended June 30, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,428 $ (469) $ — $ 96 $ (2) $ 4,053 Commercial real estate - owner-occupied 9,792 (1,116) — — — 8,676 Commercial real estate - non owner-occupied 36,229 (1,423) — 1 — 34,807 Residential real estate 14,353 (2,407) (21) 621 (3) 12,543 Commercial and financial 18,916 399 (1,564) 265 — 18,016 Consumer 2,925 161 (199) 146 (1) 3,032 Paycheck Protection Program — — — — — — Totals $ 86,643 $ (4,855) $ (1,784) $ 1,129 $ (6) $ 81,127 Three Months Ended June 30, 2020 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,646 $ 2,478 $ — $ 37 $ — $ 7,161 Commercial real estate - owner occupied 5,327 229 — 18 (12) 5,562 Commercial real estate - non-owner occupied 35,643 3,345 — 4 — 38,992 Residential real estate 19,899 574 (113) 101 (8) 20,453 Commercial and financial 15,470 1,319 (1,768) 493 — 15,514 Consumer 4,426 (334) (614) 91 (1) 3,568 Paycheck Protection Program — — — — — — Totals $ 85,411 $ 7,611 $ (2,495) $ 744 $ (21) $ 91,250 Six Months Ended June 30, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,920 $ (979) $ — $ 114 $ (2) $ 4,053 Commercial real estate - owner-occupied 9,868 (1,192) — — — 8,676 Commercial real estate - non owner-occupied 38,266 (3,461) — 2 — 34,807 Residential real estate 17,500 (5,779) (21) 850 (7) 12,543 Commercial and financial 18,690 1,174 (2,320) 472 — 18,016 Consumer 3,489 (333) (384) 262 (2) 3,032 Paycheck Protection Program — — — — — — Totals $ 92,733 $ (10,570) $ (2,725) $ 1,700 $ (11) $ 81,127 Six Months Ended June 30, 2020 (In thousands) Beginning Balance Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 1,842 $ 1,479 $ 48 $ 3,727 $ — $ 66 $ (1) $ 7,161 Commercial real estate - owner occupied 5,361 80 207 (34) (45) 18 (25) 5,562 Commercial real estate - non-owner occupied 7,863 9,341 140 21,628 (12) 32 — 38,992 Residential real estate 7,667 5,787 97 6,834 (131) 218 (19) 20,453 Commercial and financial 9,716 3,677 11 4,063 (2,866) 913 — 15,514 Consumer 2,705 862 13 906 (1,087) 170 (1) 3,568 Paycheck Protection Program — — — — — — — — Totals $ 35,154 $ 21,226 $ 516 $ 37,124 $ (4,141) $ 1,417 $ (46) $ 91,250 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 June 30, 2021, the Company utilized Moody’s most recent “U.S. Macroeconomic Outlook Baseline” scenario and considered the uncertainty associated with the assumptions in the Baseline scenario, including the potential for increasing COVID-19 infections, including from variants, and the resulting potential erosion in consumer confidence, and the risk that government stimulus programs are less effective than expected. 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 economic conditions, and for additional dimensions of risk not captured in the quantitative model. In the Construction and Land Development segment, the decrease in reserves during the quarter reflects improved economic variables relating to residential real estate. 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 decrease in reserves is primarily the result of improved economic variables relating to unemployment. 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 loan balances and improved economic forecast variables including lower unemployment. 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 lower loan balances and improved economic forecast variables including lower unemployment. 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 decrease in reserves is primarily attributed to improvement in economic forecast variables including unemployment, partially offset by higher loan balances. 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. Nominal changes in the reserve during the quarter reflect changes in underlying economic variables. 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 June 30, 2021 and December 31, 2020 is shown in the following tables: June 30, 2021 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 129 $ 3 $ 234,218 $ 4,050 $ 234,347 $ 4,053 Commercial real estate - owner occupied 7,209 503 1,120,431 8,173 1,127,640 8,676 Commercial real estate - non owner-occupied 7,217 1,708 1,405,222 33,099 1,412,439 34,807 Residential real estate 18,651 504 1,207,885 12,039 1,226,536 12,543 Commercial and financial 12,632 2,142 887,574 15,874 900,206 18,016 Consumer 352 122 171,417 2,910 171,769 3,032 Paycheck Protection Program — — 364,112 — 364,112 — Totals $ 46,190 $ 4,982 $ 5,390,859 $ 76,145 $ 5,437,049 $ 81,127 December 31, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 276 $ 13 $ 244,832 $ 4,907 $ 245,108 $ 4,920 Commercial real estate - owner occupied 10,243 402 1,131,067 9,466 1,141,310 9,868 Commercial real estate - non owner-occupied 8,083 1,640 1,387,771 36,626 1,395,854 38,266 Residential real estate 16,506 2,064 1,326,122 15,436 1,342,628 17,500 Commercial and financial 13,281 3,498 841,472 15,192 854,753 18,690 Consumer 807 91 187,928 3,398 188,735 3,489 Paycheck Protection Program — — 566,961 — 566,961 — Totals $ 49,196 $ 7,708 $ 5,686,153 $ 85,025 $ 5,735,349 $ 92,733 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Back-to-Back Swaps The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps qualify as freestanding financial derivatives with the fair values reported in other assets and other liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income. No net gains or losses have been recognized to date on these instruments. As of June 30, 2021, the interest rate swaps had an aggregate notional value of $182.1 million, with a fair value of $9.5 million recorded in other assets and other liabilities. As of December 31, 2020, the interest rate swaps had an aggregate notional value of $182.4 million, with a fair value of $13.3 million recorded in other assets and other liabilities. The weighted average maturity was 7.2 years at June 30, 2021 and 7.5 years at December 31, 2020. Interest Rate Floors Designated as Cash Flow Hedges The Company has entered into interest rate floor contracts to mitigate exposure to the variability of future cash flows due to changes in interest rates on certain segments of its variable-rate loans. During 2020, the Company entered into two interest rate floor contracts, each with a notional amount of $150.0 million, maturing in October 2023 and November 2023. The Company considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates and has designated them as cash flow hedges. Therefore, changes in the fair value of these derivative instruments are recognized in other comprehensive income. Amortization of the premium paid on cash flow hedges is recognized in earnings over the term of the hedge in the same caption as the hedged item. For the three and six months ended June 30, 2021, the Company recognized a loss through other comprehensive income of $0.1 million and $0.3 million, respectively, and reclassified $57 thousand and $100 thousand, respectively, out of accumulated other comprehensive income and into interest income. As of June 30, 2021 and December 31, 2020, the interest rate floors had a fair value of $0.7 million and $1.0 million, respectively, recorded in other assets in the consolidated balance sheet. Over the next twelve months the Company expects to reclassify $0.3 million from accumulated other comprehensive income into interest income related to these agreements. (In thousands) Notional Amount Fair Value Balance Sheet Category At June 30, 2021 Back-to-back swaps $ 182,058 $ 9,497 Other Assets and Other Liabilities Interest rate floors 300,000 705 Other Assets At December 31, 2020 Back-to-back swaps $ 182,379 $ 13,339 Other Assets and Other Liabilities Interest rate floors 300,000 1,004 Other Assets |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralized borrowings. Company securities pledged were as follows by collateral type and maturity as of: (In thousands) June 30, 2021 December 31, 2020 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 136,619 $ 137,268 |
Noninterest Income and Expense
Noninterest Income and Expense | 6 Months Ended |
Jun. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Noninterest Income and Expense | Noninterest Income and Expense Details of noninterest income and expenses for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Noninterest income Service charges on deposit accounts $ 2,338 $ 1,939 $ 4,676 $ 4,764 Interchange income 4,145 3,187 7,965 6,433 Wealth management income 2,387 1,719 4,710 3,586 Mortgage banking fees 2,977 3,559 7,202 5,767 Marine finance fees 177 157 366 303 SBA gains 232 181 519 320 BOLI income 872 887 1,731 1,773 Other income 2,249 2,147 5,993 5,499 15,377 13,776 33,162 28,445 Securities (losses) gains, net (55) 1,230 (169) 1,249 Total $ 15,322 $ 15,006 $ 32,993 $ 29,694 Noninterest expense Salaries and wages $ 22,966 $ 20,226 $ 44,359 $ 43,924 Employee benefits 3,953 3,379 8,933 7,634 Outsourced data processing costs 4,676 4,059 9,144 8,692 Telephone/data lines 838 791 1,623 1,505 Occupancy 3,310 3,385 7,099 6,738 Furniture and equipment 1,166 1,358 2,420 2,981 Marketing 1,002 997 2,170 2,275 Legal and professional fees 2,182 2,277 4,764 5,640 FDIC assessments 515 266 1,041 266 Amortization of intangibles 1,212 1,483 2,423 2,939 Foreclosed property expense and net (gain) loss on sale (90) 245 (155) (70) Provision for credit losses on unfunded commitments — 178 — 224 Other 4,054 3,755 8,083 7,449 Total $ 45,784 $ 42,399 $ 91,904 $ 90,197 |
Equity Capital
Equity Capital | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity Capital | Equity CapitalThe Company is well capitalized and at June 30, 2021, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the common equity Tier 1 (CET1) capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent 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 Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 included: (In thousands) Fair Value Quoted Prices Significant Significant At June 30, 2021 Financial Assets Available-for-sale debt securities 1 $ 1,322,776 $ 199 $ 1,322,577 $ — Derivative financial instruments 2 10,202 — 10,202 — Loans held for sale 2 42,793 — 42,793 — Loans 3 10,212 — 1,073 9,139 Other real estate owned 4 12,804 — 390 12,414 Equity securities 5 6,434 6,434 — — Financial Liabilities Derivative financial instruments 2 $ 9,497 $ — $ 9,497 $ — At December 31, 2020 Financial Assets Available-for-sale debt securities 1 $ 1,398,157 $ 101 $ 1,398,056 $ — Derivative financial instruments 2 14,343 — 14,343 — Loans held for sale 2 68,890 — 68,890 — Loans 3 8,806 — 1,900 6,906 Other real estate owned 4 12,750 — 72 12,678 Equity securities 5 6,530 6,530 — — Financial Liabilities Derivative financial instruments 2 $ 13,339 $ — $ 13,339 $ — 1 See “Note D – Securities” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “ Note E – Loans .” N onrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values 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 : Level 1 securities consist of U.S. Treasury securities. 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. Derivative financial instruments : The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Other derivatives consist of interest rate floors designated as cash flow hedges. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate floors designated as cash flow hedges are classified within Level 2. 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. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of the loans were 90 days or more past due or on nonaccrual as of June 30, 2021 and December 31, 2020. The aggregate fair value and contractual balance of loans held for sale as of June 30, 2021 and December 31, 2020 is as follows: (In thousands) June 30, 2021 December 31, 2020 Aggregate fair value $ 42,793 $ 68,890 Contractual balance 41,629 66,415 Excess 1,164 2,475 Loans : Loans carried at fair value consist of collateral-dependent real estate loans. Fair value is based on recent real estate appraisals less estimated costs of sale. These 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 June 30, 2021 capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.2%. 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 loans is considered level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $14.3 million with a specific reserve of $4.1 million at June 30, 2021, compared to $16.5 million with a specific reserve of $7.7 million at December 31, 2020. For loans classified as Level 3, changes included loan additions of $3.7 million offset by $1.5 million in paydowns and charge-offs for the six months ended June 30, 2021. 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 at June 30, 2021, changes during the six months ended included additions of $1.3 million offset by sales and writedowns of $1.6 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 quarterly valuation process. There were no such transfers during the six months ended June 30, 2021 and 2020. 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 June 30, 2021 and December 31, 2020 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2021 Financial Assets Debt securities held-to-maturity 1 $ 493,467 $ — $ 489,289 $ — Time deposits with other banks 750 — 759 — Loans, net 5,345,710 — — 5,367,748 Financial Liabilities Deposit liabilities 7,836,436 — — 7,838,507 Subordinated debt 71,506 — 58,342 — December 31, 2020 Financial Assets Debt securities held-to-maturity 1 $ 184,484 $ — $ 192,179 $ — Time deposits with other banks 750 — 762 — Loans, net 5,633,810 — — 5,686,019 Financial Liabilities Deposit liabilities 6,932,561 — — 6,936,097 Subordinated debt 71,365 — 58,227 — 1 See “Note D – Securities” 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, FHLB borrowings 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 June 30, 2021 and December 31, 2020: Held-to-maturity debt securities : These debt securities are reported at fair value utilizing level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available. The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models. Loans : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820. Deposit liabilities : The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Proposed Acquisition of Legacy Bank of Florida On March 23, 2021, the Company announced that it had entered into an agreement and plan of merger with Legacy Bank of Florida (“Legacy”). Pursuant to the terms of the merger agreement, Legacy, headquartered in Boca Raton, FL, will be merged with and into Seacoast Bank. Legacy operates five branches in Broward and Palm Beach counties in Florida’s largest metropolitan statistical area with $476.0 million in loans and $485.6 million in deposits as of June 30, 2021. All regulatory and shareholder approvals have been received and the acquisition is expected to close in August 2021. 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. 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 adjustment reflected in the table below are the result of information obtained subsequent to the initial measurement. (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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates: The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value measurements and contingent liabilities. |
Recently Issued Accounting Standards, Not Yet Adopted | Recently Issued Accounting Standards, Not Yet AdoptedNone applicable this period. |
Fair Value Measurement | 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. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Basic earnings per share Net income $ 31,410 $ 25,080 $ 65,129 $ 25,789 Average common shares outstanding 55,421 52,985 55,347 52,394 Net income per share $ 0.57 $ 0.47 $ 1.18 $ 0.49 Diluted earnings per share Net income $ 31,410 $ 25,080 $ 65,129 $ 25,789 Average common shares outstanding 55,421 52,985 55,347 52,394 Add: Dilutive effect of employee restricted stock and stock options 480 323 480 413 Average diluted shares outstanding 55,901 53,308 55,827 52,807 Net income per share $ 0.56 $ 0.47 $ 1.17 $ 0.49 Net income has not been allocated to unvested restricted stock awards that are participating securities because the amounts that would be allocated are not material to net income per share of common stock. Unvested restricted stock awards that are participating securities represent less than one percent of all of the outstanding shares of common stock for each of the periods presented. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at June 30, 2021 and December 31, 2020 are summarized as follows: June 30, 2021 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,412 $ 439 $ (2) $ 7,849 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 987,402 14,224 (5,906) 995,720 Private mortgage-backed securities and collateralized mortgage obligations 73,469 1,938 (218) 75,189 Collateralized loan obligations 209,835 22 (165) 209,692 Obligations of state and political subdivisions 32,288 2,038 — 34,326 Totals $ 1,310,406 $ 18,661 $ (6,291) $ 1,322,776 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 493,467 $ 5,697 $ (9,875) $ 489,289 Totals $ 493,467 $ 5,697 $ (9,875) $ 489,289 December 31, 2020 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,250 $ 528 $ (1) $ 8,777 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,038,437 23,457 (1,240) 1,060,654 Private mortgage-backed securities and collateralized mortgage obligations 89,284 2,131 (210) 91,205 Collateralized loan obligations 202,563 279 (647) 202,195 Obligations of state and political subdivisions 33,005 2,321 — 35,326 Totals $ 1,371,539 $ 28,716 $ (2,098) $ 1,398,157 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 184,484 $ 7,818 $ (123) $ 192,179 Totals $ 184,484 $ 7,818 $ (123) $ 192,179 |
Summary of Amortized Cost and Fair Value of Held-to-Maturity Securities | The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity at June 30, 2021 and December 31, 2020 are summarized as follows: June 30, 2021 (In thousands) Amortized Gross Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 7,412 $ 439 $ (2) $ 7,849 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 987,402 14,224 (5,906) 995,720 Private mortgage-backed securities and collateralized mortgage obligations 73,469 1,938 (218) 75,189 Collateralized loan obligations 209,835 22 (165) 209,692 Obligations of state and political subdivisions 32,288 2,038 — 34,326 Totals $ 1,310,406 $ 18,661 $ (6,291) $ 1,322,776 Debt securities held-to-maturity Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities $ 493,467 $ 5,697 $ (9,875) $ 489,289 Totals $ 493,467 $ 5,697 $ (9,875) $ 489,289 December 31, 2020 (In thousands) Amortized Gross Unrealized Gross Unrealized Fair Debt securities available-for-sale U.S. Treasury securities and obligations of U.S. government agencies $ 8,250 $ 528 $ (1) $ 8,777 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 1,038,437 23,457 (1,240) 1,060,654 Private mortgage-backed securities and collateralized mortgage obligations 89,284 2,131 (210) 91,205 Collateralized loan obligations 202,563 279 (647) 202,195 Obligations of state and political subdivisions 33,005 2,321 — 35,326 Totals $ 1,371,539 $ 28,716 $ (2,098) $ 1,398,157 Debt securities held-to-maturity Mortgage-backed securities of U.S. government-sponsored entities $ 184,484 $ 7,818 $ (123) $ 192,179 Totals $ 184,484 $ 7,818 $ (123) $ 192,179 |
Summary of Investments Classified by Contractual Maturity | Securities not due at a single maturity date are shown separately. Held-to-Maturity Available-for-Sale (In thousands) Amortized Fair Amortized Fair Due in less than one year $ — $ — $ 400 $ 402 Due after one year through five years — — 12,316 13,175 Due after five years through ten years — — 8,505 8,923 Due after ten years — — 18,479 19,675 — — 39,700 42,175 Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 493,467 489,289 987,402 995,720 Private mortgage-backed securities and collateralized mortgage obligations — — 73,469 75,189 Collateralized loan obligations — — 209,835 209,692 Totals $ 493,467 $ 489,289 $ 1,310,406 $ 1,322,776 |
Schedule of Debt Securities in Unrealized Loss Position | The tables below indicate the fair value of available-for-sale debt securities with unrealized losses for which no allowance for credit losses has been recorded. June 30, 2021 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 $ — $ — $ 251 $ (2) $ 251 $ (2) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 538,907 (5,866) 4,389 (40) 543,296 (5,906) Private mortgage-backed securities and collateralized mortgage obligations 14,979 (195) 1,738 (23) 16,717 (218) Collateralized loan obligations 82,191 (108) 9,450 (57) 91,641 (165) Totals $ 636,077 $ (6,169) $ 15,828 $ (122) $ 651,905 $ (6,291) December 31, 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 $ — $ — $ 256 $ (1) $ 256 $ (1) Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities 203,405 (1,218) 569 (22) 203,974 (1,240) Private mortgage-backed securities and collateralized mortgage obligations 23,997 (210) — — 23,997 (210) Collateralized loan obligations 104,697 (102) 72,513 (545) 177,210 (647) Totals $ 332,099 $ (1,530) $ 73,338 $ (568) $ 405,437 $ (2,098) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans | The following tables present net loan balances by segment as of: June 30, 2021 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 223,412 $ 10,408 $ 527 $ 234,347 Commercial real estate - owner-occupied 889,221 203,847 34,572 1,127,640 Commercial real estate - non owner-occupied 1,112,290 274,772 25,377 1,412,439 Residential real estate 1,087,313 131,131 8,092 1,226,536 Commercial and financial 811,580 75,245 13,381 900,206 Consumer 166,806 4,949 14 171,769 Paycheck Protection Program 350,531 13,581 — 364,112 Totals $ 4,641,153 $ 713,933 $ 81,963 $ 5,437,049 December 31, 2020 (In thousands) Portfolio Loans Acquired Non-PCD Loans PCD Loans Total Construction and land development $ 216,420 $ 26,250 $ 2,438 $ 245,108 Commercial real estate - owner occupied 854,769 247,090 39,451 1,141,310 Commercial real estate - non-owner occupied 1,043,459 323,273 29,122 1,395,854 Residential real estate 1,155,914 176,105 10,609 1,342,628 Commercial and financial 743,846 94,627 16,280 854,753 Consumer 181,797 6,660 278 188,735 Paycheck Protection Program 515,532 51,429 — 566,961 Totals $ 4,711,737 $ 925,434 $ 98,178 $ 5,735,349 |
Schedule of Past Due Financing Receivables | The following tables present the status of net loan balances as of June 30, 2021 and December 31, 2020. Loans on short-term payment deferral at the reporting date are reported as current. June 30, 2021 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 223,348 $ — $ — $ — $ 64 $ 223,412 Commercial real estate - owner-occupied 887,266 — — — 1,955 889,221 Commercial real estate - non owner-occupied 1,110,608 261 — — 1,421 1,112,290 Residential real estate 1,076,165 199 50 — 10,899 1,087,313 Commercial and financial 804,139 2,890 — — 4,551 811,580 Consumer 166,426 211 35 — 134 166,806 Paycheck Protection Program 350,531 — — — — 350,531 Total Portfolio Loans $ 4,618,483 $ 3,561 $ 85 $ — $ 19,024 $ 4,641,153 Acquired Non-PCD Loans Construction and land development $ 10,408 $ — $ — $ — $ — $ 10,408 Commercial real estate - owner-occupied 202,269 958 — — 620 203,847 Commercial real estate - non owner-occupied 272,945 — — — 1,827 274,772 Residential real estate 128,579 — 71 — 2,481 131,131 Commercial and financial 71,814 423 1,998 339 671 75,245 Consumer 4,949 — — — — 4,949 Paycheck Protection Program 13,581 — — — — 13,581 Total Acquired Non-PCD Loans $ 704,545 $ 1,381 $ 2,069 $ 339 $ 5,599 $ 713,933 PCD Loans Construction and land development $ 520 $ — $ — $ — $ 7 $ 527 Commercial real estate - owner-occupied 30,673 1,084 — — 2,815 34,572 Commercial real estate - non owner-occupied 21,508 — — — 3,869 25,377 Residential real estate 6,555 71 431 — 1,035 8,092 Commercial and financial 12,642 168 — — 571 13,381 Consumer 14 — — — — 14 Total PCD Loans $ 71,912 $ 1,323 $ 431 $ — $ 8,297 $ 81,963 Total Loans $ 5,394,940 $ 6,265 $ 2,585 $ 339 $ 32,920 $ 5,437,049 December 31, 2020 (In thousands) Current Accruing Accruing Accruing Nonaccrual Total Portfolio Loans Construction and land development $ 216,262 $ — $ — $ — $ 158 $ 216,420 Commercial real estate - owner occupied 851,222 1,076 — — 2,471 854,769 Commercial real estate - non-owner occupied 1,041,306 — — — 2,153 1,043,459 Residential real estate 1,142,893 3,002 1,427 61 8,531 1,155,914 Commercial and financial 737,362 135 1,967 — 4,382 743,846 Consumer 180,879 203 138 2 575 181,797 Paycheck Protection Program 515,532 — — — — 515,532 Total Portfolio Loans $ 4,685,456 $ 4,416 $ 3,532 $ 63 $ 18,270 $ 4,711,737 Acquired Non-PCD Loans Construction and land development $ 26,250 $ — $ — $ — $ — $ 26,250 Commercial real estate - owner occupied 244,486 — — — 2,604 247,090 Commercial real estate - non-owner occupied 322,264 — — — 1,009 323,273 Residential real estate 171,507 1,605 104 — 2,889 176,105 Commercial and financial 93,223 216 — — 1,188 94,627 Consumer 6,640 20 — — — 6,660 Paycheck Protection Program 51,429 — — — — 51,429 Total Acquired Non-PCD Loans $ 915,799 $ 1,841 $ 104 $ — $ 7,690 $ 925,434 PCD Loans Construction and land development $ 2,429 $ — $ — $ — $ 9 $ 2,438 Commercial real estate - owner occupied 36,345 — — — 3,106 39,451 Commercial real estate - non-owner occupied 24,200 — — — 4,922 29,122 Residential real estate 9,537 — — — 1,072 10,609 Commercial and financial 15,121 125 — — 1,034 16,280 Consumer 271 — — — 7 278 Total PCD Loans $ 87,903 $ 125 $ — $ — $ 10,150 $ 98,178 Total Loans $ 5,689,158 $ 6,382 $ 3,636 $ 63 $ 36,110 $ 5,735,349 |
Schedule of Nonaccrual Loans by Loan Category | The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of: June 30, 2021 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 71 $ — $ 71 $ — Commercial real estate - owner-occupied 4,340 1,050 5,390 467 Commercial real estate - non owner-occupied 3,248 3,869 7,117 1,708 Residential real estate 13,710 705 14,415 349 Commercial and financial 3,733 2,060 5,793 1,266 Consumer 37 97 134 97 Totals $ 25,139 $ 7,781 $ 32,920 $ 3,887 December 31, 2020 (In thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With an Allowance Total Nonaccrual Loans Allowance for Credit Losses Construction and land development $ 148 $ 19 $ 167 $ 8 Commercial real estate - owner-occupied 7,893 288 8,181 287 Commercial real estate - non owner-occupied 5,666 2,418 8,084 1,640 Residential real estate 9,520 2,972 12,492 1,587 Commercial and financial 3,175 3,429 6,604 2,235 Consumer 222 360 582 75 Totals $ 26,624 $ 9,486 $ 36,110 $ 5,832 |
Schedule of Collateral Dependent Loans | The following table presents collateral-dependent loans as of: (In thousands) June 30, 2021 December 31, 2020 Construction and land development $ 71 $ 189 Commercial real estate - owner-occupied 6,662 11,992 Commercial real estate - non owner-occupied 6,480 7,285 Residential real estate 13,907 16,652 Commercial and financial 8,565 11,198 Consumer 89 586 Totals $ 35,774 $ 47,902 |
Schedule of Risk Categories of Loans by Class of Loans | The following tables present the risk rating of loans by year of origination as of: June 30, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 37,114 $ 55,457 $ 41,969 $ 26,223 $ 6,326 $ 23,567 $ 40,656 $ 231,312 Special Mention — — 372 2,517 — — — 2,889 Substandard — — — — — 17 — 17 Substandard Impaired — — — — 37 92 — 129 Doubtful — — — — — — — — Total $ 37,114 $ 55,457 $ 42,341 $ 28,740 $ 6,363 $ 23,676 $ 40,656 $ 234,347 Commercial real estate - owner-occupied Risk Ratings: Pass $ 87,486 $ 145,245 $ 184,017 $ 141,827 $ 130,013 $ 393,389 $ 12,018 $ 1,093,995 Special Mention — 11,267 841 1,286 — 5,287 — 18,681 Substandard — — — — 3,805 4,356 — 8,161 Substandard Impaired — — 2,883 685 1,445 1,790 — 6,803 Doubtful — — — — — — — — Total $ 87,486 $ 156,512 $ 187,741 $ 143,798 $ 135,263 $ 404,822 $ 12,018 $ 1,127,640 Commercial real estate - non owner-occupied Risk Ratings: Pass $ 121,245 $ 159,336 $ 292,367 $ 183,456 $ 100,887 $ 484,963 $ 8,018 $ 1,350,272 Special Mention — — 953 9,399 16,522 9,931 — 36,805 Substandard — — — 9,718 — 8,528 — 18,246 Substandard Impaired — — 2,378 — — 4,738 — 7,116 Doubtful — — — — — — — — Total $ 121,245 $ 159,336 $ 295,698 $ 202,573 $ 117,409 $ 508,160 $ 8,018 $ 1,412,439 Residential real estate Risk Ratings: Pass $ 129,061 $ 107,121 $ 105,930 $ 149,520 $ 153,851 $ 241,216 $ 320,702 $ 1,207,401 Special Mention — — — 30 — 218 221 469 Substandard — — — — — 214 486 700 Substandard Impaired — 496 741 77 4,462 9,879 2,311 17,966 Doubtful — — — — — — — — Total $ 129,061 $ 107,617 $ 106,671 $ 149,627 $ 158,313 $ 251,527 $ 323,720 $ 1,226,536 June 30, 2021 (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Total Commercial and financial Risk Ratings: Pass $ 148,832 $ 201,500 $ 120,225 $ 87,159 $ 48,385 $ 70,755 $ 194,503 $ 871,359 Special Mention — 5,795 864 891 270 33 1,130 8,983 Substandard — 411 — 2,480 1,369 3,512 26 7,798 Substandard Impaired — — 5,478 3,258 1,427 1,811 92 12,066 Doubtful — — — — — — — — Total $ 148,832 $ 207,706 $ 126,567 $ 93,788 $ 51,451 $ 76,111 $ 195,751 $ 900,206 Consumer Risk Ratings: Pass $ 23,549 $ 38,229 $ 33,441 $ 22,421 $ 13,837 $ 23,735 $ 13,959 $ 169,171 Special Mention — 58 46 15 62 30 1,330 1,541 Substandard — — — 35 14 — 655 704 Substandard Impaired — — 64 26 80 183 — 353 Doubtful — — — — — — — — Total $ 23,549 $ 38,287 $ 33,551 $ 22,497 $ 13,993 $ 23,948 $ 15,944 $ 171,769 Paycheck Protection Program Risk Ratings: Pass $ 246,107 $ 118,005 $ — $ — $ — $ — $ — $ 364,112 Total $ 246,107 $ 118,005 $ — $ — $ — $ — $ — $ 364,112 Consolidated Risk Ratings: Pass $ 793,394 $ 824,893 $ 777,949 $ 610,606 $ 453,299 $ 1,237,625 $ 589,856 $ 5,287,622 Special Mention — 17,120 3,076 14,138 16,854 15,499 2,681 69,368 Substandard — 411 — 12,233 5,188 16,627 1,167 35,626 Substandard Impaired — 496 11,544 4,046 7,451 18,493 2,403 44,433 Doubtful — — — — — — — — Total $ 793,394 $ 842,920 $ 792,569 $ 641,023 $ 482,792 $ 1,288,244 $ 596,107 $ 5,437,049 December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Construction and Land Development Risk Ratings: Pass $ 62,107 $ 52,384 $ 46,067 $ 15,873 $ 7,335 $ 17,873 $ 35,324 $ 236,963 Special Mention 206 245 5,918 — — 1,449 — 7,818 Substandard — — — — — 51 — 51 Substandard Impaired — — — 37 — 239 — 276 Doubtful — — — — — — — — Total $ 62,313 $ 52,629 $ 51,985 $ 15,910 $ 7,335 $ 19,612 $ 35,324 $ 245,108 Commercial real estate - owner-occupied Risk Ratings: Pass $ 155,953 $ 198,559 $ 156,276 $ 138,341 $ 148,389 $ 287,772 $ 14,255 $ 1,099,545 Special Mention 5,773 1,858 3,305 — 4,471 4,050 2 19,459 Substandard — — — 4,709 1,955 5,508 — 12,172 Substandard Impaired — 3,151 747 1,362 — 4,874 — 10,134 Doubtful — — — — — — — — Total $ 161,726 $ 203,568 $ 160,328 $ 144,412 $ 154,815 $ 302,204 $ 14,257 $ 1,141,310 December 31, 2020 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Total Commercial real estate - non owner-occupied Risk Ratings: Pass $ 159,299 $ 313,287 $ 201,112 $ 123,357 $ 175,623 $ 356,943 $ 8,596 $ 1,338,217 Special Mention — 431 9,487 7,580 10,240 114 — 27,852 Substandard — — 9,709 — 8,311 3,682 — 21,702 Substandard Impaired — 2,418 — — 125 5,540 — 8,083 Doubtful — — — — — — — — Total $ 159,299 $ 316,136 $ 220,308 $ 130,937 $ 194,299 $ 366,279 $ 8,596 $ 1,395,854 Residential real estate Risk Ratings: Pass $ 96,819 $ 144,329 $ 204,077 $ 205,046 $ 160,612 $ 159,742 $ 350,502 $ 1,321,127 Special Mention — — 33 720 — 966 479 2,198 Substandard 350 — — 896 — 1,452 100 2,798 Substandard Impaired 109 726 1,520 1,762 715 9,671 2,002 16,505 Doubtful — — — — — — — — Total $ 97,278 $ 145,055 $ 205,630 $ 208,424 $ 161,327 $ 171,831 $ 353,083 $ 1,342,628 Commercial and financial Risk Ratings: Pass $ 214,774 $ 146,511 $ 103,769 $ 60,782 $ 39,692 $ 53,758 $ 204,304 $ 823,590 Special Mention 71 946 965 5,612 67 635 209 8,505 Substandard 154 41 3,016 1,609 553 3,239 764 9,376 Substandard Impaired 317 4,595 3,199 2,292 2,074 704 81 13,262 Doubtful 1 — — — — — — 20 20 Total $ 215,316 $ 152,093 $ 110,949 $ 70,295 $ 42,386 $ 58,336 $ 205,378 $ 854,753 Consumer Risk Ratings: Pass $ 46,476 $ 43,143 $ 30,433 $ 18,937 $ 21,880 $ 9,488 $ 15,089 $ 185,446 Special Mention 58 27 14 41 42 21 1,854 2,057 Substandard — — — 42 4 151 228 425 Substandard Impaired 7 50 193 24 329 183 21 807 Doubtful — — — — — — — — Total $ 46,541 $ 43,220 $ 30,640 $ 19,044 $ 22,255 $ 9,843 $ 17,192 $ 188,735 Paycheck Protection Program Risk Ratings: Pass $ 566,961 $ — $ — $ — $ — $ — $ — $ 566,961 Total $ 566,961 $ — $ — $ — $ — $ — $ — $ 566,961 Consolidated Risk Ratings: Pass $ 1,302,389 $ 898,213 $ 741,734 $ 562,336 $ 553,531 $ 885,576 $ 628,070 $ 5,571,849 Special Mention 6,108 3,507 19,722 13,953 14,820 7,235 2,544 67,889 Substandard 504 41 12,725 7,256 10,823 14,083 1,092 46,524 Substandard Impaired 433 10,940 5,659 5,477 3,243 21,211 2,104 49,067 Doubtful 1 — — — — — — 20 20 Total $ 1,309,434 $ 912,701 $ 779,840 $ 589,022 $ 582,417 $ 928,105 $ 633,830 $ 5,735,349 1 Loans classified as doubtful are fully reserved at December 31, 2020. |
Schedule of Loans Modified | The following table presents the balance of loans with active payment accommodations at the specified dates, excluding PPP loans: (In thousands) June 30, 2021 December 31, 2020 Construction and land development $ — $ 1,032 Commercial real estate - owner-occupied 1,612 14,248 Commercial real estate - non owner-occupied 2,257 32,549 Residential real estate 1,702 12,839 Commercial and financial 811 11,915 Consumer 399 1,479 Totals $ 6,781 $ 74,062 |
Schedule of Troubled Debt Restructuring | The following table presents loans that were modified in a troubled debt restructuring during the three and six months ended: Three Months Ended June 30, 2021 2020 (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 — $ — $ — 1 $ 12 $ 12 Commercial real estate - owner-occupied — — — — — — Commercial real estate - non owner-occupied — — — — — — Residential real estate 2 52 52 — — — Commercial and financial 1 142 142 — — — Consumer — — — 2 47 47 Totals 3 $ 194 $ 194 3 $ 59 $ 59 Six Months Ended June 30, 2021 2020 (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 — $ — $ — 1 $ 12 $ 12 Commercial real estate - owner-occupied — — — — — — Commercial real estate - non owner-occupied — — — — — — Residential real estate 3 79 79 1 45 45 Commercial and financial 1 142 142 4 437 437 Consumer — — — 2 47 47 Totals 4 $ 221 $ 221 8 $ 541 $ 541 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | Activity in the allowance for credit losses is summarized as follows: Three Months Ended June 30, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,428 $ (469) $ — $ 96 $ (2) $ 4,053 Commercial real estate - owner-occupied 9,792 (1,116) — — — 8,676 Commercial real estate - non owner-occupied 36,229 (1,423) — 1 — 34,807 Residential real estate 14,353 (2,407) (21) 621 (3) 12,543 Commercial and financial 18,916 399 (1,564) 265 — 18,016 Consumer 2,925 161 (199) 146 (1) 3,032 Paycheck Protection Program — — — — — — Totals $ 86,643 $ (4,855) $ (1,784) $ 1,129 $ (6) $ 81,127 Three Months Ended June 30, 2020 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,646 $ 2,478 $ — $ 37 $ — $ 7,161 Commercial real estate - owner occupied 5,327 229 — 18 (12) 5,562 Commercial real estate - non-owner occupied 35,643 3,345 — 4 — 38,992 Residential real estate 19,899 574 (113) 101 (8) 20,453 Commercial and financial 15,470 1,319 (1,768) 493 — 15,514 Consumer 4,426 (334) (614) 91 (1) 3,568 Paycheck Protection Program — — — — — — Totals $ 85,411 $ 7,611 $ (2,495) $ 744 $ (21) $ 91,250 Six Months Ended June 30, 2021 (In thousands) Beginning Provision Charge- Recoveries TDR Ending Construction and land development $ 4,920 $ (979) $ — $ 114 $ (2) $ 4,053 Commercial real estate - owner-occupied 9,868 (1,192) — — — 8,676 Commercial real estate - non owner-occupied 38,266 (3,461) — 2 — 34,807 Residential real estate 17,500 (5,779) (21) 850 (7) 12,543 Commercial and financial 18,690 1,174 (2,320) 472 — 18,016 Consumer 3,489 (333) (384) 262 (2) 3,032 Paycheck Protection Program — — — — — — Totals $ 92,733 $ (10,570) $ (2,725) $ 1,700 $ (11) $ 81,127 Six Months Ended June 30, 2020 (In thousands) Beginning Balance Impact of Adoption of ASC 326 Initial Allowance on PCD Loans Acquired During the Period Provision for Credit Losses Charge- Offs Recoveries TDR Allowance Adjustments Ending Balance Construction and land development $ 1,842 $ 1,479 $ 48 $ 3,727 $ — $ 66 $ (1) $ 7,161 Commercial real estate - owner occupied 5,361 80 207 (34) (45) 18 (25) 5,562 Commercial real estate - non-owner occupied 7,863 9,341 140 21,628 (12) 32 — 38,992 Residential real estate 7,667 5,787 97 6,834 (131) 218 (19) 20,453 Commercial and financial 9,716 3,677 11 4,063 (2,866) 913 — 15,514 Consumer 2,705 862 13 906 (1,087) 170 (1) 3,568 Paycheck Protection Program — — — — — — — — Totals $ 35,154 $ 21,226 $ 516 $ 37,124 $ (4,141) $ 1,417 $ (46) $ 91,250 |
Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance | 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 June 30, 2021 and December 31, 2020 is shown in the following tables: June 30, 2021 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 129 $ 3 $ 234,218 $ 4,050 $ 234,347 $ 4,053 Commercial real estate - owner occupied 7,209 503 1,120,431 8,173 1,127,640 8,676 Commercial real estate - non owner-occupied 7,217 1,708 1,405,222 33,099 1,412,439 34,807 Residential real estate 18,651 504 1,207,885 12,039 1,226,536 12,543 Commercial and financial 12,632 2,142 887,574 15,874 900,206 18,016 Consumer 352 122 171,417 2,910 171,769 3,032 Paycheck Protection Program — — 364,112 — 364,112 — Totals $ 46,190 $ 4,982 $ 5,390,859 $ 76,145 $ 5,437,049 $ 81,127 December 31, 2020 Individually Evaluated Collectively Evaluated Total (In thousands) Recorded Associated Recorded Associated Recorded Associated Construction and land development $ 276 $ 13 $ 244,832 $ 4,907 $ 245,108 $ 4,920 Commercial real estate - owner occupied 10,243 402 1,131,067 9,466 1,141,310 9,868 Commercial real estate - non owner-occupied 8,083 1,640 1,387,771 36,626 1,395,854 38,266 Residential real estate 16,506 2,064 1,326,122 15,436 1,342,628 17,500 Commercial and financial 13,281 3,498 841,472 15,192 854,753 18,690 Consumer 807 91 187,928 3,398 188,735 3,489 Paycheck Protection Program — — 566,961 — 566,961 — Totals $ 49,196 $ 7,708 $ 5,686,153 $ 85,025 $ 5,735,349 $ 92,733 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (In thousands) Notional Amount Fair Value Balance Sheet Category At June 30, 2021 Back-to-back swaps $ 182,058 $ 9,497 Other Assets and Other Liabilities Interest rate floors 300,000 705 Other Assets At December 31, 2020 Back-to-back swaps $ 182,379 $ 13,339 Other Assets and Other Liabilities Interest rate floors 300,000 1,004 Other Assets |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged | Company securities pledged were as follows by collateral type and maturity as of: (In thousands) June 30, 2021 December 31, 2020 Fair value of pledged securities - overnight and continuous: Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities $ 136,619 $ 137,268 |
Noninterest Income and Expense
Noninterest Income and Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Brokers and Dealers [Abstract] | |
Schedule of Noninterest Income and Expense | Details of noninterest income and expenses for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Noninterest income Service charges on deposit accounts $ 2,338 $ 1,939 $ 4,676 $ 4,764 Interchange income 4,145 3,187 7,965 6,433 Wealth management income 2,387 1,719 4,710 3,586 Mortgage banking fees 2,977 3,559 7,202 5,767 Marine finance fees 177 157 366 303 SBA gains 232 181 519 320 BOLI income 872 887 1,731 1,773 Other income 2,249 2,147 5,993 5,499 15,377 13,776 33,162 28,445 Securities (losses) gains, net (55) 1,230 (169) 1,249 Total $ 15,322 $ 15,006 $ 32,993 $ 29,694 Noninterest expense Salaries and wages $ 22,966 $ 20,226 $ 44,359 $ 43,924 Employee benefits 3,953 3,379 8,933 7,634 Outsourced data processing costs 4,676 4,059 9,144 8,692 Telephone/data lines 838 791 1,623 1,505 Occupancy 3,310 3,385 7,099 6,738 Furniture and equipment 1,166 1,358 2,420 2,981 Marketing 1,002 997 2,170 2,275 Legal and professional fees 2,182 2,277 4,764 5,640 FDIC assessments 515 266 1,041 266 Amortization of intangibles 1,212 1,483 2,423 2,939 Foreclosed property expense and net (gain) loss on sale (90) 245 (155) (70) Provision for credit losses on unfunded commitments — 178 — 224 Other 4,054 3,755 8,083 7,449 Total $ 45,784 $ 42,399 $ 91,904 $ 90,197 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring and Nonrecurring Basis | Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at June 30, 2021 and December 31, 2020 included: (In thousands) Fair Value Quoted Prices Significant Significant At June 30, 2021 Financial Assets Available-for-sale debt securities 1 $ 1,322,776 $ 199 $ 1,322,577 $ — Derivative financial instruments 2 10,202 — 10,202 — Loans held for sale 2 42,793 — 42,793 — Loans 3 10,212 — 1,073 9,139 Other real estate owned 4 12,804 — 390 12,414 Equity securities 5 6,434 6,434 — — Financial Liabilities Derivative financial instruments 2 $ 9,497 $ — $ 9,497 $ — At December 31, 2020 Financial Assets Available-for-sale debt securities 1 $ 1,398,157 $ 101 $ 1,398,056 $ — Derivative financial instruments 2 14,343 — 14,343 — Loans held for sale 2 68,890 — 68,890 — Loans 3 8,806 — 1,900 6,906 Other real estate owned 4 12,750 — 72 12,678 Equity securities 5 6,530 6,530 — — Financial Liabilities Derivative financial instruments 2 $ 13,339 $ — $ 13,339 $ — 1 See “Note D – Securities” for further detail of fair value of individual investment categories. 2 Recurring fair value basis determined using observable market data. 3 S e e “ Note E – Loans .” N onrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs that are based on current appraised values of the collateral in accordance with ASC Topic 310. 4 Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360. 5 An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations. |
Schedule of Aggregate Fair Value and Contractual Balance of Loans for Sale | The aggregate fair value and contractual balance of loans held for sale as of June 30, 2021 and December 31, 2020 is as follows: (In thousands) June 30, 2021 December 31, 2020 Aggregate fair value $ 42,793 $ 68,890 Contractual balance 41,629 66,415 Excess 1,164 2,475 |
Schedule of Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis | The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of June 30, 2021 and December 31, 2020 is as follows: (In thousands) Carrying Amount Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2021 Financial Assets Debt securities held-to-maturity 1 $ 493,467 $ — $ 489,289 $ — Time deposits with other banks 750 — 759 — Loans, net 5,345,710 — — 5,367,748 Financial Liabilities Deposit liabilities 7,836,436 — — 7,838,507 Subordinated debt 71,506 — 58,342 — December 31, 2020 Financial Assets Debt securities held-to-maturity 1 $ 184,484 $ — $ 192,179 $ — Time deposits with other banks 750 — 762 — Loans, net 5,633,810 — — 5,686,019 Financial Liabilities Deposit liabilities 6,932,561 — — 6,936,097 Subordinated debt 71,365 — 58,227 — 1 See “Note D – Securities” for further detail of individual investment categories. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Calculation | 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 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 |
Schedule of Business Acquisitions | The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values becomes known. (In thousands) Initially Measured 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 (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 |
Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses | The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date. 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 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 |
Schedule Purchase Credit Deteriorated Loans Acquired | 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 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from diluted earnings per share calculation (in shares) | 0 | 508 | 0 | 489 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic earnings per share | ||||
Net income | $ 31,410 | $ 25,080 | $ 65,129 | $ 25,789 |
Average common shares outstanding (in shares) | 55,421 | 52,985 | 55,347 | 52,394 |
Net income per share (in dollars per share) | $ 0.57 | $ 0.47 | $ 1.18 | $ 0.49 |
Diluted earnings per share | ||||
Average common shares outstanding (in shares) | 55,421 | 52,985 | 55,347 | 52,394 |
Add: Dilutive effect of employee restricted stock and stock options (in shares) | 480 | 323 | 480 | 413 |
Average diluted shares outstanding (in shares) | 55,901 | 53,308 | 55,827 | 52,807 |
Net income per share (in dollars per share) | $ 0.56 | $ 0.47 | $ 1.17 | $ 0.49 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | $ 1,310,406 | $ 1,371,539 |
Available for sale, gross unrealized gains | 18,661 | 28,716 |
Available for sale, gross unrealized losses | (6,291) | (2,098) |
Available for sale, fair value | 1,322,776 | 1,398,157 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 493,467 | 184,484 |
Held to maturity, gross unrealized gains | 5,697 | 7,818 |
Held to maturity, gross unrealized losses | (9,875) | (123) |
Held to maturity, fair value | 489,289 | 192,179 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 7,412 | 8,250 |
Available for sale, gross unrealized gains | 439 | 528 |
Available for sale, gross unrealized losses | (2) | (1) |
Available for sale, fair value | 7,849 | 8,777 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 987,402 | 1,038,437 |
Available for sale, gross unrealized gains | 14,224 | 23,457 |
Available for sale, gross unrealized losses | (5,906) | (1,240) |
Available for sale, fair value | 995,720 | 1,060,654 |
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 184,484 | |
Held to maturity, gross unrealized gains | 7,818 | |
Held to maturity, gross unrealized losses | (123) | |
Held to maturity, fair value | 489,289 | 192,179 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 73,469 | 89,284 |
Available for sale, gross unrealized gains | 1,938 | 2,131 |
Available for sale, gross unrealized losses | (218) | (210) |
Available for sale, fair value | 75,189 | 91,205 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Collateralized loan obligations | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 209,835 | 202,563 |
Available for sale, gross unrealized gains | 22 | 279 |
Available for sale, gross unrealized losses | (165) | (647) |
Available for sale, fair value | 209,692 | 202,195 |
Debt securities held-to-maturity | ||
Held to maturity, fair value | 0 | |
Obligations of state and political subdivisions | ||
Debt securities available-for-sale | ||
Available for sale, amortized cost, total | 32,288 | 33,005 |
Available for sale, gross unrealized gains | 2,038 | 2,321 |
Available for sale, gross unrealized losses | 0 | 0 |
Available for sale, fair value | 34,326 | $ 35,326 |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Debt securities held-to-maturity | ||
Held to maturity, amortized cost, total | 493,467 | |
Held to maturity, gross unrealized gains | 5,697 | |
Held to maturity, gross unrealized losses | (9,875) | |
Held to maturity, fair value | $ 489,289 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from sale of debt securities available-for-sale | $ 56,200 | $ 64,500 | $ 56,217 | $ 92,314 | ||
Gross gains from sale of securities | 200 | 2,300 | 200 | 2,400 | ||
Gross losses from sale of securities | 300 | 1,100 | 300 | 1,300 | ||
Gain (loss) on investment in shares of mutual funds | (55) | 1,230 | (169) | 1,249 | ||
Securities transferred from available for sale to held to maturity | $ 210,800 | |||||
Securities transferred from available for sale to held to maturity, unrealized gains | $ 800 | |||||
Unrealized losses on mortgage backed securities of government sponsored entities | 6,291 | 6,291 | $ 2,098 | |||
Fair value of securities in unrealized loss position | 651,905 | 651,905 | 405,437 | |||
Held-to-maturity securities, allowance for credit loss | 0 | 0 | ||||
Federal Home Loan Bank and Federal Reserve stock recorded in other assets | 31,200 | 31,200 | ||||
Accrued interest receivable on AFS debt securities | 2,600 | 2,600 | 3,200 | |||
Accrued interest receivable on HTM debt securities | $ 800 | $ 800 | 400 | |||
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 | $ 18 | $ 100 | $ (100) | $ 200 | ||
Investment in mutual fund carried at fair value | 6,400 | 6,400 | ||||
Public Deposits and Secured Borrowings | Carrying Value | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fair value of debt securities pledged as collateral | 388,100 | 388,100 | ||||
Private mortgage-backed securities and collateralized mortgage obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Unrealized losses on mortgage backed securities of government sponsored entities | 218 | 218 | 210 | |||
Fair value of securities in unrealized loss position | 16,717 | 16,717 | 23,997 | |||
Allowance for credit losses on AFS debt securities | $ 0 | $ 0 | ||||
Average credit support percentage | 35.00% | 35.00% | ||||
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 | $ 5,906 | $ 5,906 | 1,240 | |||
Fair value of securities in unrealized loss position | 543,296 | 543,296 | 203,974 | |||
Allowance for credit losses on AFS debt securities | 0 | 0 | ||||
Collateralized loan obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Unrealized losses on mortgage backed securities of government sponsored entities | 165 | 165 | 647 | |||
Fair value of securities in unrealized loss position | 91,641 | 91,641 | $ 177,210 | |||
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 total | 34.00% | 34.00% | ||||
Standard & Poor's, AA Rating | Collateralized loan obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of positions held, percentage of total | 23.00% | 23.00% |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Held to maturity, amortized cost, total | $ 493,467 | $ 184,484 |
Fair Value | ||
Held to maturity, fair value, total | 489,289 | 192,179 |
Amortized Cost | ||
Available for sale, amortized cost, total | 1,310,406 | 1,371,539 |
Fair Value | ||
Available for sale, fair value, total | 1,322,776 | 1,398,157 |
Other Debt Obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, due in less than one year | 0 | |
Held to maturity, amortized cost, due after one year through five years | 0 | |
Held to maturity, amortized cost, due after five years through ten years | 0 | |
Held to maturity, amortized cost, due after ten years | 0 | |
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, due in less than one year | 0 | |
Held to maturity, fair value, due after one year through five years | 0 | |
Held to maturity, fair value, due after five years through ten years | 0 | |
Held to maturity, fair value, due after ten years | 0 | |
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, due in less than one year | 400 | |
Available for sale, amortized cost, due after one year through five years | 12,316 | |
Available for sale, amortized cost, due after five years through ten years | 8,505 | |
Available for sale, amortized cost, due after ten years | 18,479 | |
Available for sale, amortized cost, total | 39,700 | |
Fair Value | ||
Available for sale, fair value, due in less than one year | 402 | |
Available for sale, fair value, due after one year through five years | 13,175 | |
Available for sale, fair value, due after five years through ten years | 8,923 | |
Available for sale, fair value, due after ten years | 19,675 | |
Available for sale, fair value, total | 42,175 | |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 493,467 | |
Fair Value | ||
Held to maturity, fair value, total | 489,289 | 192,179 |
Amortized Cost | ||
Available for sale, amortized cost, total | 987,402 | 1,038,437 |
Fair Value | ||
Available for sale, fair value, total | 995,720 | 1,060,654 |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 73,469 | 89,284 |
Fair Value | ||
Available for sale, fair value, total | 75,189 | 91,205 |
Collateralized loan obligations | ||
Amortized Cost | ||
Held to maturity, amortized cost, total | 0 | |
Fair Value | ||
Held to maturity, fair value, total | 0 | |
Amortized Cost | ||
Available for sale, amortized cost, total | 209,835 | 202,563 |
Fair Value | ||
Available for sale, fair value, total | $ 209,692 | $ 202,195 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less Than 12 Months | $ 636,077 | $ 332,099 |
12 Months or Longer | 15,828 | 73,338 |
Total | 651,905 | 405,437 |
Unrealized Losses | ||
Less Than 12 Months | (6,169) | (1,530) |
12 Months or Longer | (122) | (568) |
Total | (6,291) | (2,098) |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 251 | 256 |
Total | 251 | 256 |
Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (2) | (1) |
Total | (2) | (1) |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities | ||
Fair Value | ||
Less Than 12 Months | 538,907 | 203,405 |
12 Months or Longer | 4,389 | 569 |
Total | 543,296 | 203,974 |
Unrealized Losses | ||
Less Than 12 Months | (5,866) | (1,218) |
12 Months or Longer | (40) | (22) |
Total | (5,906) | (1,240) |
Private mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 14,979 | 23,997 |
12 Months or Longer | 1,738 | 0 |
Total | 16,717 | 23,997 |
Unrealized Losses | ||
Less Than 12 Months | (195) | (210) |
12 Months or Longer | (23) | 0 |
Total | (218) | (210) |
Collateralized loan obligations | ||
Fair Value | ||
Less Than 12 Months | 82,191 | 104,697 |
12 Months or Longer | 9,450 | 72,513 |
Total | 91,641 | 177,210 |
Unrealized Losses | ||
Less Than 12 Months | (108) | (102) |
12 Months or Longer | (57) | (545) |
Total | $ (165) | $ (647) |
Loans - Schedule of Portfolio L
Loans - Schedule of Portfolio Loans, Purchased Credit Impaired Loans and Purchased Unimpaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,437,049 | $ 5,735,349 |
Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,641,153 | 4,711,737 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 234,347 | 245,108 |
Construction and land development | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 223,412 | 216,420 |
Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,127,640 | 1,141,310 |
Commercial real estate - owner-occupied | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 889,221 | 854,769 |
Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,412,439 | 1,395,854 |
Commercial real estate - non owner-occupied | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,112,290 | 1,043,459 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,226,536 | 1,342,628 |
Residential real estate | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,087,313 | 1,155,914 |
Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 900,206 | 854,753 |
Commercial and financial | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 811,580 | 743,846 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 171,769 | 188,735 |
Consumer | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 166,806 | 181,797 |
Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 364,112 | 566,961 |
Paycheck Protection Program | Portfolio Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 350,531 | 515,532 |
Acquired Non-PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 713,933 | 925,434 |
Acquired Non-PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,408 | 26,250 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 203,847 | 247,090 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 274,772 | 323,273 |
Acquired Non-PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 131,131 | 176,105 |
Acquired Non-PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 75,245 | 94,627 |
Acquired Non-PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,949 | 6,660 |
Acquired Non-PCD Loans | Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,581 | 51,429 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 81,963 | 98,178 |
PCD Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 527 | 2,438 |
PCD Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 34,572 | 39,451 |
PCD Loans | Commercial real estate - non owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 25,377 | 29,122 |
PCD Loans | Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,092 | 10,609 |
PCD Loans | Commercial and financial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,381 | 16,280 |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14 | 278 |
PCD Loans | Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Net deferred costs | $ 25,200 | $ 25,200 | $ 22,600 | ||
Accrued interest receivable | 15,700 | 15,700 | 25,800 | ||
Interest income from securities with no related allowance | 400 | $ 300 | 600 | $ 400 | |
Value of loans deferred, not classified as TDRs | $ 6,781 | $ 6,781 | 74,062 | ||
Percentage on payment deferral | 0.10% | 0.10% | |||
Allowance for credit loss on TDRs | $ 200 | 400 | $ 200 | $ 400 | |
Number of loans under trouble debt restructuring | contract | 2 | 3 | |||
Amount of loans in default | $ 100 | $ 1,400 | |||
Interest income related to impaired loans with impairment measured on present value of expected future cash flows | 6 | 21 | 11 | 46 | |
Maximum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Value of loans deferred, not classified as TDRs | $ 1,100,000 | $ 1,100,000 | |||
Percentage on payment deferral | 21.00% | 21.00% | |||
Paycheck Protection Program | Portfolio Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Net deferred fees | $ 10,600 | 10,600 | 9,500 | ||
Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Remaining fair value adjustment for loans acquired | $ 24,400 | $ 30,200 | |||
Percentage of fair value adjustment for loans acquired | 3.00% | 3.00% | 2.90% |
Loans - Past Due Financing Rece
Loans - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 5,437,049 | $ 5,735,349 |
Nonaccrual | 32,920 | 36,110 |
Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,641,153 | 4,711,737 |
Nonaccrual | 19,024 | 18,270 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,394,940 | 5,689,158 |
Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,618,483 | 4,685,456 |
Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,265 | 6,382 |
Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,561 | 4,416 |
Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,585 | 3,636 |
Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 85 | 3,532 |
Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 339 | 63 |
Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 63 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 234,347 | 245,108 |
Nonaccrual | 71 | 167 |
Construction and land development | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 223,412 | 216,420 |
Nonaccrual | 64 | 158 |
Construction and land development | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 223,348 | 216,262 |
Construction and land development | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Construction and land development | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,127,640 | 1,141,310 |
Nonaccrual | 5,390 | 8,181 |
Commercial real estate - owner-occupied | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 889,221 | 854,769 |
Nonaccrual | 1,955 | 2,471 |
Commercial real estate - owner-occupied | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 887,266 | 851,222 |
Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 1,076 |
Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,412,439 | 1,395,854 |
Nonaccrual | 7,117 | 8,084 |
Commercial real estate - non owner-occupied | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,112,290 | 1,043,459 |
Nonaccrual | 1,421 | 2,153 |
Commercial real estate - non owner-occupied | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,110,608 | 1,041,306 |
Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 261 | 0 |
Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,226,536 | 1,342,628 |
Nonaccrual | 14,415 | 12,492 |
Residential real estate | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,087,313 | 1,155,914 |
Nonaccrual | 10,899 | 8,531 |
Residential real estate | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,076,165 | 1,142,893 |
Residential real estate | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 199 | 3,002 |
Residential real estate | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 50 | 1,427 |
Residential real estate | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 61 |
Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 900,206 | 854,753 |
Nonaccrual | 5,793 | 6,604 |
Commercial and financial | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 811,580 | 743,846 |
Nonaccrual | 4,551 | 4,382 |
Commercial and financial | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 804,139 | 737,362 |
Commercial and financial | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,890 | 135 |
Commercial and financial | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 1,967 |
Commercial and financial | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 171,769 | 188,735 |
Nonaccrual | 134 | 582 |
Consumer | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 166,806 | 181,797 |
Nonaccrual | 134 | 575 |
Consumer | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 166,426 | 180,879 |
Consumer | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 211 | 203 |
Consumer | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 35 | 138 |
Consumer | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 2 |
Paycheck Protection Program | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 364,112 | 566,961 |
Paycheck Protection Program | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 350,531 | 515,532 |
Nonaccrual | 0 | 0 |
Paycheck Protection Program | Current | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 350,531 | 515,532 |
Paycheck Protection Program | Accruing 30-59 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | Accruing 60-89 Days Past Due | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Paycheck Protection Program | Accruing Greater Than 90 Days | Portfolio Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 713,933 | 925,434 |
Nonaccrual | 5,599 | 7,690 |
Acquired Non-PCD Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 704,545 | 915,799 |
Acquired Non-PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,381 | 1,841 |
Acquired Non-PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,069 | 104 |
Acquired Non-PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 339 | 0 |
Acquired Non-PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,408 | 26,250 |
Nonaccrual | 0 | 0 |
Acquired Non-PCD Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 10,408 | 26,250 |
Acquired Non-PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 203,847 | 247,090 |
Nonaccrual | 620 | 2,604 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 202,269 | 244,486 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 958 | 0 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 274,772 | 323,273 |
Nonaccrual | 1,827 | 1,009 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 272,945 | 322,264 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 131,131 | 176,105 |
Nonaccrual | 2,481 | 2,889 |
Acquired Non-PCD Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 128,579 | 171,507 |
Acquired Non-PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 1,605 |
Acquired Non-PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 71 | 104 |
Acquired Non-PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 75,245 | 94,627 |
Nonaccrual | 671 | 1,188 |
Acquired Non-PCD Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 71,814 | 93,223 |
Acquired Non-PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 423 | 216 |
Acquired Non-PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,998 | 0 |
Acquired Non-PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 339 | 0 |
Acquired Non-PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,949 | 6,660 |
Nonaccrual | 0 | 0 |
Acquired Non-PCD Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,949 | 6,640 |
Acquired Non-PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 20 |
Acquired Non-PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Paycheck Protection Program | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,581 | 51,429 |
Nonaccrual | 0 | 0 |
Acquired Non-PCD Loans | Paycheck Protection Program | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,581 | 51,429 |
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Acquired Non-PCD Loans | Paycheck Protection Program | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 81,963 | 98,178 |
Nonaccrual | 8,297 | 10,150 |
PCD Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 71,912 | 87,903 |
PCD Loans | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,323 | 125 |
PCD Loans | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 431 | 0 |
PCD Loans | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 527 | 2,438 |
Nonaccrual | 7 | 9 |
PCD Loans | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 520 | 2,429 |
PCD Loans | Construction and land development | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Construction and land development | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Construction and land development | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 34,572 | 39,451 |
Nonaccrual | 2,815 | 3,106 |
PCD Loans | Commercial real estate - owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 30,673 | 36,345 |
PCD Loans | Commercial real estate - owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,084 | 0 |
PCD Loans | Commercial real estate - owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial real estate - owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 25,377 | 29,122 |
Nonaccrual | 3,869 | 4,922 |
PCD Loans | Commercial real estate - non owner-occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 21,508 | 24,200 |
PCD Loans | Commercial real estate - non owner-occupied | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial real estate - non owner-occupied | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial real estate - non owner-occupied | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,092 | 10,609 |
Nonaccrual | 1,035 | 1,072 |
PCD Loans | Residential real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,555 | 9,537 |
PCD Loans | Residential real estate | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 71 | 0 |
PCD Loans | Residential real estate | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 431 | 0 |
PCD Loans | Residential real estate | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial and financial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 13,381 | 16,280 |
Nonaccrual | 571 | 1,034 |
PCD Loans | Commercial and financial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,642 | 15,121 |
PCD Loans | Commercial and financial | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 168 | 125 |
PCD Loans | Commercial and financial | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Commercial and financial | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14 | 278 |
Nonaccrual | 0 | 7 |
PCD Loans | Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14 | 271 |
PCD Loans | Consumer | Accruing 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Consumer | Accruing 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Consumer | Accruing Greater Than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
PCD Loans | Paycheck Protection Program | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Loans by Loan Category (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 25,139 | $ 26,624 |
Nonaccrual Loans With an Allowance | 7,781 | 9,486 |
Total Nonaccrual Loans | 32,920 | 36,110 |
Allowance for Credit Losses | 3,887 | 5,832 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 71 | 148 |
Nonaccrual Loans With an Allowance | 0 | 19 |
Total Nonaccrual Loans | 71 | 167 |
Allowance for Credit Losses | 0 | 8 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 4,340 | 7,893 |
Nonaccrual Loans With an Allowance | 1,050 | 288 |
Total Nonaccrual Loans | 5,390 | 8,181 |
Allowance for Credit Losses | 467 | 287 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 3,248 | 5,666 |
Nonaccrual Loans With an Allowance | 3,869 | 2,418 |
Total Nonaccrual Loans | 7,117 | 8,084 |
Allowance for Credit Losses | 1,708 | 1,640 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 13,710 | 9,520 |
Nonaccrual Loans With an Allowance | 705 | 2,972 |
Total Nonaccrual Loans | 14,415 | 12,492 |
Allowance for Credit Losses | 349 | 1,587 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 3,733 | 3,175 |
Nonaccrual Loans With an Allowance | 2,060 | 3,429 |
Total Nonaccrual Loans | 5,793 | 6,604 |
Allowance for Credit Losses | 1,266 | 2,235 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 37 | 222 |
Nonaccrual Loans With an Allowance | 97 | 360 |
Total Nonaccrual Loans | 134 | 582 |
Allowance for Credit Losses | $ 97 | $ 75 |
Loans - Schedule of Collateral
Loans - Schedule of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 35,774 | $ 47,902 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 71 | 189 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 6,662 | 11,992 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 6,480 | 7,285 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 13,907 | 16,652 |
Commercial and financial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | 8,565 | 11,198 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total collateral dependent loans | $ 89 | $ 586 |
Loans - Risk Categories of Loan
Loans - Risk Categories of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | $ 793,394 | $ 1,309,434 |
One year prior to current fiscal year | 842,920 | 912,701 |
Two years prior to current fiscal year | 792,569 | 779,840 |
Three years prior to current fiscal year | 641,023 | 589,022 |
Four years prior to current fiscal year | 482,792 | 582,417 |
Prior | 1,288,244 | 928,105 |
Revolving | 596,107 | 633,830 |
Total | 5,437,049 | 5,735,349 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 793,394 | 1,302,389 |
One year prior to current fiscal year | 824,893 | 898,213 |
Two years prior to current fiscal year | 777,949 | 741,734 |
Three years prior to current fiscal year | 610,606 | 562,336 |
Four years prior to current fiscal year | 453,299 | 553,531 |
Prior | 1,237,625 | 885,576 |
Revolving | 589,856 | 628,070 |
Total | 5,287,622 | 5,571,849 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 6,108 |
One year prior to current fiscal year | 17,120 | 3,507 |
Two years prior to current fiscal year | 3,076 | 19,722 |
Three years prior to current fiscal year | 14,138 | 13,953 |
Four years prior to current fiscal year | 16,854 | 14,820 |
Prior | 15,499 | 7,235 |
Revolving | 2,681 | 2,544 |
Total | 69,368 | 67,889 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 504 |
One year prior to current fiscal year | 411 | 41 |
Two years prior to current fiscal year | 0 | 12,725 |
Three years prior to current fiscal year | 12,233 | 7,256 |
Four years prior to current fiscal year | 5,188 | 10,823 |
Prior | 16,627 | 14,083 |
Revolving | 1,167 | 1,092 |
Total | 35,626 | 46,524 |
Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 433 |
One year prior to current fiscal year | 496 | 10,940 |
Two years prior to current fiscal year | 11,544 | 5,659 |
Three years prior to current fiscal year | 4,046 | 5,477 |
Four years prior to current fiscal year | 7,451 | 3,243 |
Prior | 18,493 | 21,211 |
Revolving | 2,403 | 2,104 |
Total | 44,433 | 49,067 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 20 |
Total | 0 | 20 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 37,114 | 62,313 |
One year prior to current fiscal year | 55,457 | 52,629 |
Two years prior to current fiscal year | 42,341 | 51,985 |
Three years prior to current fiscal year | 28,740 | 15,910 |
Four years prior to current fiscal year | 6,363 | 7,335 |
Prior | 23,676 | 19,612 |
Revolving | 40,656 | 35,324 |
Total | 234,347 | 245,108 |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 37,114 | 62,107 |
One year prior to current fiscal year | 55,457 | 52,384 |
Two years prior to current fiscal year | 41,969 | 46,067 |
Three years prior to current fiscal year | 26,223 | 15,873 |
Four years prior to current fiscal year | 6,326 | 7,335 |
Prior | 23,567 | 17,873 |
Revolving | 40,656 | 35,324 |
Total | 231,312 | 236,963 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 206 |
One year prior to current fiscal year | 0 | 245 |
Two years prior to current fiscal year | 372 | 5,918 |
Three years prior to current fiscal year | 2,517 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 1,449 |
Revolving | 0 | 0 |
Total | 2,889 | 7,818 |
Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 17 | 51 |
Revolving | 0 | 0 |
Total | 17 | 51 |
Construction and land development | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 37 |
Four years prior to current fiscal year | 37 | 0 |
Prior | 92 | 239 |
Revolving | 0 | 0 |
Total | 129 | 276 |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 87,486 | 161,726 |
One year prior to current fiscal year | 156,512 | 203,568 |
Two years prior to current fiscal year | 187,741 | 160,328 |
Three years prior to current fiscal year | 143,798 | 144,412 |
Four years prior to current fiscal year | 135,263 | 154,815 |
Prior | 404,822 | 302,204 |
Revolving | 12,018 | 14,257 |
Total | 1,127,640 | 1,141,310 |
Commercial real estate - owner-occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 87,486 | 155,953 |
One year prior to current fiscal year | 145,245 | 198,559 |
Two years prior to current fiscal year | 184,017 | 156,276 |
Three years prior to current fiscal year | 141,827 | 138,341 |
Four years prior to current fiscal year | 130,013 | 148,389 |
Prior | 393,389 | 287,772 |
Revolving | 12,018 | 14,255 |
Total | 1,093,995 | 1,099,545 |
Commercial real estate - owner-occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 5,773 |
One year prior to current fiscal year | 11,267 | 1,858 |
Two years prior to current fiscal year | 841 | 3,305 |
Three years prior to current fiscal year | 1,286 | 0 |
Four years prior to current fiscal year | 0 | 4,471 |
Prior | 5,287 | 4,050 |
Revolving | 0 | 2 |
Total | 18,681 | 19,459 |
Commercial real estate - owner-occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 4,709 |
Four years prior to current fiscal year | 3,805 | 1,955 |
Prior | 4,356 | 5,508 |
Revolving | 0 | 0 |
Total | 8,161 | 12,172 |
Commercial real estate - owner-occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 3,151 |
Two years prior to current fiscal year | 2,883 | 747 |
Three years prior to current fiscal year | 685 | 1,362 |
Four years prior to current fiscal year | 1,445 | 0 |
Prior | 1,790 | 4,874 |
Revolving | 0 | 0 |
Total | 6,803 | 10,134 |
Commercial real estate - owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 121,245 | 159,299 |
One year prior to current fiscal year | 159,336 | 316,136 |
Two years prior to current fiscal year | 295,698 | 220,308 |
Three years prior to current fiscal year | 202,573 | 130,937 |
Four years prior to current fiscal year | 117,409 | 194,299 |
Prior | 508,160 | 366,279 |
Revolving | 8,018 | 8,596 |
Total | 1,412,439 | 1,395,854 |
Commercial real estate - non owner-occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 121,245 | 159,299 |
One year prior to current fiscal year | 159,336 | 313,287 |
Two years prior to current fiscal year | 292,367 | 201,112 |
Three years prior to current fiscal year | 183,456 | 123,357 |
Four years prior to current fiscal year | 100,887 | 175,623 |
Prior | 484,963 | 356,943 |
Revolving | 8,018 | 8,596 |
Total | 1,350,272 | 1,338,217 |
Commercial real estate - non owner-occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 431 |
Two years prior to current fiscal year | 953 | 9,487 |
Three years prior to current fiscal year | 9,399 | 7,580 |
Four years prior to current fiscal year | 16,522 | 10,240 |
Prior | 9,931 | 114 |
Revolving | 0 | 0 |
Total | 36,805 | 27,852 |
Commercial real estate - non owner-occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 9,709 |
Three years prior to current fiscal year | 9,718 | 0 |
Four years prior to current fiscal year | 0 | 8,311 |
Prior | 8,528 | 3,682 |
Revolving | 0 | 0 |
Total | 18,246 | 21,702 |
Commercial real estate - non owner-occupied | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 2,418 |
Two years prior to current fiscal year | 2,378 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 125 |
Prior | 4,738 | 5,540 |
Revolving | 0 | 0 |
Total | 7,116 | 8,083 |
Commercial real estate - non owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 129,061 | 97,278 |
One year prior to current fiscal year | 107,617 | 145,055 |
Two years prior to current fiscal year | 106,671 | 205,630 |
Three years prior to current fiscal year | 149,627 | 208,424 |
Four years prior to current fiscal year | 158,313 | 161,327 |
Prior | 251,527 | 171,831 |
Revolving | 323,720 | 353,083 |
Total | 1,226,536 | 1,342,628 |
Residential real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 129,061 | 96,819 |
One year prior to current fiscal year | 107,121 | 144,329 |
Two years prior to current fiscal year | 105,930 | 204,077 |
Three years prior to current fiscal year | 149,520 | 205,046 |
Four years prior to current fiscal year | 153,851 | 160,612 |
Prior | 241,216 | 159,742 |
Revolving | 320,702 | 350,502 |
Total | 1,207,401 | 1,321,127 |
Residential real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 33 |
Three years prior to current fiscal year | 30 | 720 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 218 | 966 |
Revolving | 221 | 479 |
Total | 469 | 2,198 |
Residential real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 350 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 896 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 214 | 1,452 |
Revolving | 486 | 100 |
Total | 700 | 2,798 |
Residential real estate | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 109 |
One year prior to current fiscal year | 496 | 726 |
Two years prior to current fiscal year | 741 | 1,520 |
Three years prior to current fiscal year | 77 | 1,762 |
Four years prior to current fiscal year | 4,462 | 715 |
Prior | 9,879 | 9,671 |
Revolving | 2,311 | 2,002 |
Total | 17,966 | 16,505 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Commercial and financial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 148,832 | 215,316 |
One year prior to current fiscal year | 207,706 | 152,093 |
Two years prior to current fiscal year | 126,567 | 110,949 |
Three years prior to current fiscal year | 93,788 | 70,295 |
Four years prior to current fiscal year | 51,451 | 42,386 |
Prior | 76,111 | 58,336 |
Revolving | 195,751 | 205,378 |
Total | 900,206 | 854,753 |
Commercial and financial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 148,832 | 214,774 |
One year prior to current fiscal year | 201,500 | 146,511 |
Two years prior to current fiscal year | 120,225 | 103,769 |
Three years prior to current fiscal year | 87,159 | 60,782 |
Four years prior to current fiscal year | 48,385 | 39,692 |
Prior | 70,755 | 53,758 |
Revolving | 194,503 | 204,304 |
Total | 871,359 | 823,590 |
Commercial and financial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 71 |
One year prior to current fiscal year | 5,795 | 946 |
Two years prior to current fiscal year | 864 | 965 |
Three years prior to current fiscal year | 891 | 5,612 |
Four years prior to current fiscal year | 270 | 67 |
Prior | 33 | 635 |
Revolving | 1,130 | 209 |
Total | 8,983 | 8,505 |
Commercial and financial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 154 |
One year prior to current fiscal year | 411 | 41 |
Two years prior to current fiscal year | 0 | 3,016 |
Three years prior to current fiscal year | 2,480 | 1,609 |
Four years prior to current fiscal year | 1,369 | 553 |
Prior | 3,512 | 3,239 |
Revolving | 26 | 764 |
Total | 7,798 | 9,376 |
Commercial and financial | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 317 |
One year prior to current fiscal year | 0 | 4,595 |
Two years prior to current fiscal year | 5,478 | 3,199 |
Three years prior to current fiscal year | 3,258 | 2,292 |
Four years prior to current fiscal year | 1,427 | 2,074 |
Prior | 1,811 | 704 |
Revolving | 92 | 81 |
Total | 12,066 | 13,262 |
Commercial and financial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 20 |
Total | 0 | 20 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 23,549 | 46,541 |
One year prior to current fiscal year | 38,287 | 43,220 |
Two years prior to current fiscal year | 33,551 | 30,640 |
Three years prior to current fiscal year | 22,497 | 19,044 |
Four years prior to current fiscal year | 13,993 | 22,255 |
Prior | 23,948 | 9,843 |
Revolving | 15,944 | 17,192 |
Total | 171,769 | 188,735 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 23,549 | 46,476 |
One year prior to current fiscal year | 38,229 | 43,143 |
Two years prior to current fiscal year | 33,441 | 30,433 |
Three years prior to current fiscal year | 22,421 | 18,937 |
Four years prior to current fiscal year | 13,837 | 21,880 |
Prior | 23,735 | 9,488 |
Revolving | 13,959 | 15,089 |
Total | 169,171 | 185,446 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 58 |
One year prior to current fiscal year | 58 | 27 |
Two years prior to current fiscal year | 46 | 14 |
Three years prior to current fiscal year | 15 | 41 |
Four years prior to current fiscal year | 62 | 42 |
Prior | 30 | 21 |
Revolving | 1,330 | 1,854 |
Total | 1,541 | 2,057 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 35 | 42 |
Four years prior to current fiscal year | 14 | 4 |
Prior | 0 | 151 |
Revolving | 655 | 228 |
Total | 704 | 425 |
Consumer | Substandard Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 7 |
One year prior to current fiscal year | 0 | 50 |
Two years prior to current fiscal year | 64 | 193 |
Three years prior to current fiscal year | 26 | 24 |
Four years prior to current fiscal year | 80 | 329 |
Prior | 183 | 183 |
Revolving | 0 | 21 |
Total | 353 | 807 |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 0 | 0 |
Paycheck Protection Program | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 246,107 | 566,961 |
One year prior to current fiscal year | 118,005 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | 364,112 | 566,961 |
Paycheck Protection Program | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 246,107 | 566,961 |
One year prior to current fiscal year | 118,005 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total | $ 364,112 | $ 566,961 |
Loans - Schedule of Loans in De
Loans - Schedule of Loans in Deferral (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | $ 6,781 | $ 74,062 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | 0 | 1,032 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | 1,612 | 14,248 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | 2,257 | 32,549 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | 1,702 | 12,839 |
Commercial and financial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | 811 | 11,915 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Value of loans deferred, not classified as TDRs | $ 399 | $ 1,479 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 3 | 3 | 4 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 194 | $ 59 | $ 221 | $ 541 |
Post-Modification Outstanding Recorded Investment | $ 194 | $ 59 | $ 221 | $ 541 |
Construction and land development | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 12 | $ 0 | $ 12 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 12 | $ 0 | $ 12 |
Commercial real estate - owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial real estate - non owner-occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 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 | contract | 2 | 0 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 52 | $ 0 | $ 79 | $ 45 |
Post-Modification Outstanding Recorded Investment | $ 52 | $ 0 | $ 79 | $ 45 |
Commercial and financial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 142 | $ 0 | $ 142 | $ 437 |
Post-Modification Outstanding Recorded Investment | $ 142 | $ 0 | $ 142 | $ 437 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 2 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 47 | $ 0 | $ 47 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 47 | $ 0 | $ 47 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 86,643 | $ 85,411 | $ 92,733 | $ 35,154 |
Initial Allowance on PCD Loans Acquired During the Period | 516 | |||
Provision for Credit Losses | (4,855) | 7,611 | (10,570) | 37,124 |
Charge- Offs | (1,784) | (2,495) | (2,725) | (4,141) |
Recoveries | 1,129 | 744 | 1,700 | 1,417 |
TDR Allowance Adjustments | (6) | (21) | (11) | (46) |
Ending Balance | 81,127 | 91,250 | 81,127 | 91,250 |
Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 4,428 | 4,646 | 4,920 | 1,842 |
Initial Allowance on PCD Loans Acquired During the Period | 48 | |||
Provision for Credit Losses | (469) | 2,478 | (979) | 3,727 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 96 | 37 | 114 | 66 |
TDR Allowance Adjustments | (2) | 0 | (2) | (1) |
Ending Balance | 4,053 | 7,161 | 4,053 | 7,161 |
Commercial real estate - owner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 9,792 | 5,327 | 9,868 | 5,361 |
Initial Allowance on PCD Loans Acquired During the Period | 207 | |||
Provision for Credit Losses | (1,116) | 229 | (1,192) | (34) |
Charge- Offs | 0 | 0 | 0 | (45) |
Recoveries | 0 | 18 | 0 | 18 |
TDR Allowance Adjustments | 0 | (12) | 0 | (25) |
Ending Balance | 8,676 | 5,562 | 8,676 | 5,562 |
Commercial real estate - non owner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 36,229 | 35,643 | 38,266 | 7,863 |
Initial Allowance on PCD Loans Acquired During the Period | 140 | |||
Provision for Credit Losses | (1,423) | 3,345 | (3,461) | 21,628 |
Charge- Offs | 0 | 0 | 0 | (12) |
Recoveries | 1 | 4 | 2 | 32 |
TDR Allowance Adjustments | 0 | 0 | 0 | 0 |
Ending Balance | 34,807 | 38,992 | 34,807 | 38,992 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 14,353 | 19,899 | 17,500 | 7,667 |
Initial Allowance on PCD Loans Acquired During the Period | 97 | |||
Provision for Credit Losses | (2,407) | 574 | (5,779) | 6,834 |
Charge- Offs | (21) | (113) | (21) | (131) |
Recoveries | 621 | 101 | 850 | 218 |
TDR Allowance Adjustments | (3) | (8) | (7) | (19) |
Ending Balance | 12,543 | 20,453 | 12,543 | 20,453 |
Commercial and financial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 18,916 | 15,470 | 18,690 | 9,716 |
Initial Allowance on PCD Loans Acquired During the Period | 11 | |||
Provision for Credit Losses | 399 | 1,319 | 1,174 | 4,063 |
Charge- Offs | (1,564) | (1,768) | (2,320) | (2,866) |
Recoveries | 265 | 493 | 472 | 913 |
TDR Allowance Adjustments | 0 | 0 | 0 | 0 |
Ending Balance | 18,016 | 15,514 | 18,016 | 15,514 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 2,925 | 4,426 | 3,489 | 2,705 |
Initial Allowance on PCD Loans Acquired During the Period | 13 | |||
Provision for Credit Losses | 161 | (334) | (333) | 906 |
Charge- Offs | (199) | (614) | (384) | (1,087) |
Recoveries | 146 | 91 | 262 | 170 |
TDR Allowance Adjustments | (1) | (1) | (2) | (1) |
Ending Balance | 3,032 | 3,568 | 3,032 | 3,568 |
Paycheck Protection Program | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 0 | 0 |
Initial Allowance on PCD Loans Acquired During the Period | 0 | |||
Provision for Credit Losses | 0 | 0 | 0 | 0 |
Charge- Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
TDR Allowance Adjustments | 0 | 0 | 0 | 0 |
Ending Balance | $ 0 | $ 0 | $ 0 | 0 |
Impact of Adoption of ASC 326 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 21,226 | |||
Impact of Adoption of ASC 326 | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 1,479 | |||
Impact of Adoption of ASC 326 | Commercial real estate - owner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 80 | |||
Impact of Adoption of ASC 326 | Commercial real estate - non owner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 9,341 | |||
Impact of Adoption of ASC 326 | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 5,787 | |||
Impact of Adoption of ASC 326 | Commercial and financial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 3,677 | |||
Impact of Adoption of ASC 326 | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | 862 | |||
Impact of Adoption of ASC 326 | Paycheck Protection Program | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning Balance | $ 0 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Loan Portfolio, Excluding PCI Loans and Related Allowance (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Recorded Investment | ||||||
Individually Evaluated | $ 46,190 | $ 49,196 | ||||
Collectively Evaluated | 5,390,859 | 5,686,153 | ||||
Total | 5,437,049 | 5,735,349 | ||||
Associated Allowance | ||||||
Individually Evaluated | 4,982 | 7,708 | ||||
Collectively Evaluated | 76,145 | 85,025 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 81,127 | $ 86,643 | 92,733 | $ 91,250 | $ 85,411 | $ 35,154 |
Construction and land development | ||||||
Recorded Investment | ||||||
Individually Evaluated | 129 | 276 | ||||
Collectively Evaluated | 234,218 | 244,832 | ||||
Total | 234,347 | 245,108 | ||||
Associated Allowance | ||||||
Individually Evaluated | 3 | 13 | ||||
Collectively Evaluated | 4,050 | 4,907 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 4,053 | 4,428 | 4,920 | 7,161 | 4,646 | 1,842 |
Commercial real estate - owner-occupied | ||||||
Recorded Investment | ||||||
Individually Evaluated | 7,209 | 10,243 | ||||
Collectively Evaluated | 1,120,431 | 1,131,067 | ||||
Total | 1,127,640 | 1,141,310 | ||||
Associated Allowance | ||||||
Individually Evaluated | 503 | 402 | ||||
Collectively Evaluated | 8,173 | 9,466 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 8,676 | 9,792 | 9,868 | 5,562 | 5,327 | 5,361 |
Commercial real estate - non owner-occupied | ||||||
Recorded Investment | ||||||
Individually Evaluated | 7,217 | 8,083 | ||||
Collectively Evaluated | 1,405,222 | 1,387,771 | ||||
Total | 1,412,439 | 1,395,854 | ||||
Associated Allowance | ||||||
Individually Evaluated | 1,708 | 1,640 | ||||
Collectively Evaluated | 33,099 | 36,626 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 34,807 | 36,229 | 38,266 | 38,992 | 35,643 | 7,863 |
Residential real estate | ||||||
Recorded Investment | ||||||
Individually Evaluated | 18,651 | 16,506 | ||||
Collectively Evaluated | 1,207,885 | 1,326,122 | ||||
Total | 1,226,536 | 1,342,628 | ||||
Associated Allowance | ||||||
Individually Evaluated | 504 | 2,064 | ||||
Collectively Evaluated | 12,039 | 15,436 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 12,543 | 14,353 | 17,500 | 20,453 | 19,899 | 7,667 |
Commercial and financial | ||||||
Recorded Investment | ||||||
Individually Evaluated | 12,632 | 13,281 | ||||
Collectively Evaluated | 887,574 | 841,472 | ||||
Total | 900,206 | 854,753 | ||||
Associated Allowance | ||||||
Individually Evaluated | 2,142 | 3,498 | ||||
Collectively Evaluated | 15,874 | 15,192 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 18,016 | 18,916 | 18,690 | 15,514 | 15,470 | 9,716 |
Consumer | ||||||
Recorded Investment | ||||||
Individually Evaluated | 352 | 807 | ||||
Collectively Evaluated | 171,417 | 187,928 | ||||
Total | 171,769 | 188,735 | ||||
Associated Allowance | ||||||
Individually Evaluated | 122 | 91 | ||||
Collectively Evaluated | 2,910 | 3,398 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | 3,032 | 2,925 | 3,489 | 3,568 | 4,426 | 2,705 |
Paycheck Protection Program | ||||||
Recorded Investment | ||||||
Individually Evaluated | 0 | 0 | ||||
Collectively Evaluated | 364,112 | 566,961 | ||||
Total | 364,112 | 566,961 | ||||
Associated Allowance | ||||||
Individually Evaluated | 0 | 0 | ||||
Collectively Evaluated | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)contract | Jun. 30, 2021USD ($)contract | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Loss recognized in OCI | $ 100 | $ 300 | |
Reclassification from AOCI into income | 57 | 100 | |
Back-to-back swaps | |||
Derivative [Line Items] | |||
Notional amount | 182,058 | $ 182,058 | $ 182,379 |
Weighted average maturity (in years) | 7 years 2 months 12 days | 7 years 6 months | |
Back-to-back swaps | Other Assets and Other Liabilities | |||
Derivative [Line Items] | |||
Fair value of derivatives assets and liabilities | 9,497 | $ 9,497 | $ 13,339 |
Interest rate floors | |||
Derivative [Line Items] | |||
Notional amount | $ 300,000 | $ 300,000 | 300,000 |
Number of derivative contracts | contract | 2 | 2 | |
Amount expected to be reclassified from accumulated other comprehensive income into interest income | $ 300 | ||
Interest rate floors | Other Assets | |||
Derivative [Line Items] | |||
Fair value of derivatives assets and liabilities | $ 705 | 705 | 1,004 |
Fair value of derivative assets | 700 | 700 | $ 1,000 |
Interest Rate Floor, October 2023 Maturity | |||
Derivative [Line Items] | |||
Notional amount | 150,000 | 150,000 | |
Interest Rate Floor, November 2023 Maturity | |||
Derivative [Line Items] | |||
Notional amount | $ 150,000 | $ 150,000 |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Back-to-back swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 182,058 | $ 182,379 |
Back-to-back swaps | Other Assets and Other Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives assets and liabilities | 9,497 | 13,339 |
Interest rate floors | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | 300,000 | 300,000 |
Interest rate floors | Other Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives assets and liabilities | $ 705 | $ 1,004 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold Under Agreements to Repurchase and Securities Pledged (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
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 | $ 136,619 | $ 137,268 |
Noninterest Income and Expens_2
Noninterest Income and Expense - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noninterest Income [Abstract] | ||||
Interchange income | $ 4,145 | $ 3,187 | $ 7,965 | $ 6,433 |
Marine finance fees | 177 | 157 | 366 | 303 |
SBA gains | 232 | 181 | 519 | 320 |
BOLI income | 872 | 887 | 1,731 | 1,773 |
Other income | 2,249 | 2,147 | 5,993 | 5,499 |
Noninterest income, gross | 15,377 | 13,776 | 33,162 | 28,445 |
Securities (losses) gains, net | (55) | 1,230 | (169) | 1,249 |
Total Noninterest Income (Note I – Noninterest Income and Expense) | 15,322 | 15,006 | 32,993 | 29,694 |
Noninterest expense | ||||
Salaries and wages | 22,966 | 20,226 | 44,359 | 43,924 |
Employee benefits | 3,953 | 3,379 | 8,933 | 7,634 |
Outsourced data processing costs | 4,676 | 4,059 | 9,144 | 8,692 |
Telephone/data lines | 838 | 791 | 1,623 | 1,505 |
Occupancy | 3,310 | 3,385 | 7,099 | 6,738 |
Furniture and equipment | 1,166 | 1,358 | 2,420 | 2,981 |
Marketing | 1,002 | 997 | 2,170 | 2,275 |
Legal and professional fees | 2,182 | 2,277 | 4,764 | 5,640 |
FDIC assessments | 515 | 266 | 1,041 | 266 |
Amortization of intangibles | 1,212 | 1,483 | 2,423 | 2,939 |
Foreclosed property expense and net (gain) loss on sale | (90) | 245 | (155) | (70) |
Provision for credit losses on unfunded commitments | 0 | 178 | 0 | 224 |
Other | 4,054 | 3,755 | 8,083 | 7,449 |
Total | 45,784 | 42,399 | 91,904 | 90,197 |
Service charges on deposit accounts | ||||
Noninterest Income [Abstract] | ||||
Revenue from contracts with customers | 2,338 | 1,939 | 4,676 | 4,764 |
Wealth management income | ||||
Noninterest Income [Abstract] | ||||
Revenue from contracts with customers | 2,387 | 1,719 | 4,710 | 3,586 |
Mortgage banking fees | ||||
Noninterest Income [Abstract] | ||||
Revenue from contracts with customers | $ 2,977 | $ 3,559 | $ 7,202 | $ 5,767 |
Equity Capital - Narrative (Det
Equity Capital - Narrative (Details) | Jun. 30, 2021 |
Equity [Abstract] | |
Regulatory threshold for well-capitalized institutions | 0.065 |
Fair Value - Fair Value of Asse
Fair Value - Fair Value of Assets Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Available for sale, fair value | $ 1,322,776 | $ 1,398,157 |
Loans held for sale | 42,793 | 68,890 |
Other real estate owned | 12,804 | 12,750 |
Collateral-Dependent Real Estate | ||
Financial Assets | ||
Loans | 14,300 | 16,500 |
Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Available for sale, fair value | 1,322,776 | 1,398,157 |
Derivative financial instruments | 10,202 | 14,343 |
Loans held for sale | 42,793 | 68,890 |
Equity securities | 6,434 | 6,530 |
Financial Liabilities | ||
Derivative financial instruments | 9,497 | 13,339 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Available for sale, fair value | 199 | 101 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 6,434 | 6,530 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Available for sale, fair value | 1,322,577 | 1,398,056 |
Derivative financial instruments | 10,202 | 14,343 |
Loans held for sale | 42,793 | 68,890 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 9,497 | 13,339 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Available for sale, fair value | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Loans held for sale | 0 | 0 |
Equity securities | 0 | 0 |
Financial Liabilities | ||
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Financial Assets | ||
Loans | 10,212 | 8,806 |
Other real estate owned | 12,804 | 12,750 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Loans | 1,073 | 1,900 |
Other real estate owned | 390 | 72 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Loans | 9,139 | 6,906 |
Other real estate owned | $ 12,414 | $ 12,678 |
Fair Value - Aggregate Fair Val
Fair Value - Aggregate Fair Value and Contractual Balance of Loans for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 42,793 | $ 68,890 |
Excess | 1,164 | 2,475 |
Contractual Balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Value of loans held for sale | $ 41,629 | $ 66,415 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average capitalization rate | 7.20% | |
Additions | $ 3.7 | |
Paydowns and chargeoffs | 1.5 | |
Collateral-Dependent Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of impaired loans | 14.3 | $ 16.5 |
Specific reserve on collateral dependent loans | 4.1 | $ 7.7 |
Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Paydowns and chargeoffs | 1.6 | |
Reductions related to sale of loans | $ 1.3 |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Other Significant Financial Instruments Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Debt securities held to maturity | $ 493,467 | $ 184,484 |
Time deposits with other banks | 750 | 750 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Subordinated debt | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Debt securities held to maturity | 489,289 | 192,179 |
Time deposits with other banks | 759 | 762 |
Loans, net | 0 | 0 |
Financial Liabilities | ||
Deposit liabilities | 0 | 0 |
Subordinated debt | 58,342 | 58,227 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Debt securities held to maturity | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Loans, net | 5,367,748 | 5,686,019 |
Financial Liabilities | ||
Deposit liabilities | 7,838,507 | 6,936,097 |
Subordinated debt | 0 | 0 |
Carrying Value | Fair Value, Measurements, Recurring | ||
Financial Assets | ||
Debt securities held to maturity | 493,467 | 184,484 |
Time deposits with other banks | 750 | 750 |
Loans, net | 5,345,710 | 5,633,810 |
Financial Liabilities | ||
Deposit liabilities | 7,836,436 | 6,932,561 |
Subordinated debt | $ 71,506 | $ 71,365 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | Jun. 30, 2021USD ($)branch | Aug. 21, 2020USD ($)branch | Mar. 13, 2020USD ($)branch |
Legacy Bank of Florida | |||
Business Acquisition [Line Items] | |||
Number of branches operated | branch | 5 | ||
Loans to be acquired in acquisition | $ 476,000 | ||
Deposits to be acquired in acquisition | $ 485,600 | ||
Fourth Street Banking Company | |||
Business Acquisition [Line Items] | |||
Number of branches operated | branch | 2 | ||
Loans to be acquired in acquisition | $ 303,434 | ||
Deposits to be acquired in acquisition | $ 329,662 | ||
Percentage of common stock acquired | 100.00% | ||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.1275 | ||
Goodwill recognized from acquisition, nondeductible | $ 9,000 | ||
First Bank of the Palm Beaches | |||
Business Acquisition [Line Items] | |||
Number of branches operated | branch | 2 | ||
Loans to be acquired in acquisition | $ 146,777 | ||
Deposits to be acquired in acquisition | $ 173,741 | ||
Percentage of common stock acquired | 100.00% | ||
Common stock portion, number of Seacoast stock for each share of stock converted (in shares) | 0.2000 | ||
Goodwill recognized from acquisition, nondeductible | $ 6,900 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Aug. 21, 2020USD ($)$ / sharesshares | Mar. 13, 2020USD ($)$ / sharesshares |
Fourth Street Banking Company | ||
Business Acquisition [Line Items] | ||
Number of common shares outstanding (in shares) | shares | 11,220 | |
Shares issued upon conversion of convertible debt (in shares) | shares | 5,405 | |
Per share exchange ratio (in shares) | 0.1275 | |
Number of shares of common stock issued (in shares) | shares | 2,120 | |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 19.40 | |
Value of common stock issued | $ 41,121 | |
Cash paid for vested stock options | 596 | |
Total purchase price | $ 41,717 | |
First Bank of the Palm Beaches | ||
Business Acquisition [Line Items] | ||
Number of common shares outstanding (in shares) | shares | 5,213 | |
Per share exchange ratio (in shares) | 0.2000 | |
Number of shares of common stock issued (in shares) | shares | 1,043 | |
Multiplied by common stock price per share (in dollars per share) | $ / shares | $ 20.17 | |
Value of common stock issued | $ 21,031 | |
Cash paid for vested stock options | 866 | |
Total purchase price | $ 21,897 |
Business Combinations - Fair Va
Business Combinations - Fair Value of the Assets Purchased, Including Goodwill and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 21, 2020 | Mar. 13, 2020 |
Assets: | ||||
Goodwill | $ 221,176 | $ 221,176 | ||
Fourth Street Banking Company | ||||
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 | |||
First Bank of the Palm Beaches | ||||
Assets: | ||||
Cash | $ 34,749 | |||
Investment securities | 447 | |||
Loans | 146,777 | |||
Bank premises and equipment | 6,086 | |||
Core deposit intangibles | 819 | |||
Goodwill | 6,861 | |||
Other assets | 1,305 | |||
Total assets | 197,044 | |||
Liabilities: | ||||
Deposits | 173,741 | |||
Other liabilities | 1,406 | |||
Total liabilities | 175,147 | |||
First Bank of the Palm Beaches | Initially Measured | ||||
Assets: | ||||
Cash | 34,749 | |||
Investment securities | 447 | |||
Loans | 146,839 | |||
Bank premises and equipment | 6,086 | |||
Core deposit intangibles | 819 | |||
Goodwill | 6,799 | |||
Other assets | 1,285 | |||
Total assets | 197,024 | |||
Liabilities: | ||||
Deposits | 173,741 | |||
Other liabilities | 1,386 | |||
Total liabilities | 175,127 | |||
First Bank of the Palm Beaches | Measurement Period Adjustments | ||||
Assets: | ||||
Cash | 0 | |||
Investment securities | 0 | |||
Loans | (62) | |||
Bank premises and equipment | 0 | |||
Core deposit intangibles | 0 | |||
Goodwill | 62 | |||
Other assets | 20 | |||
Total assets | 20 | |||
Liabilities: | ||||
Deposits | 0 | |||
Other liabilities | 20 | |||
Total liabilities | $ 20 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Acquired Loans (Details) - USD ($) $ in Thousands | Aug. 21, 2020 | Mar. 13, 2020 |
Fourth Street Banking Company | ||
Business Acquisition [Line Items] | ||
Book Balance | $ 317,193 | |
Fair Value | 303,434 | |
Fourth Street Banking Company | Construction and land development | ||
Business Acquisition [Line Items] | ||
Book Balance | 9,197 | |
Fair Value | 8,851 | |
Fourth Street Banking Company | Commercial real estate - owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 77,936 | |
Fair Value | 75,215 | |
Fourth Street Banking Company | Commercial real estate - non owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 76,014 | |
Fair Value | 71,171 | |
Fourth Street Banking Company | Residential real estate | ||
Business Acquisition [Line Items] | ||
Book Balance | 23,548 | |
Fair Value | 23,227 | |
Fourth Street Banking Company | Commercial and financial | ||
Business Acquisition [Line Items] | ||
Book Balance | 72,745 | |
Fair Value | 68,096 | |
Fourth Street Banking Company | Consumer | ||
Business Acquisition [Line Items] | ||
Book Balance | 2,748 | |
Fair Value | 2,694 | |
Fourth Street Banking Company | PPP loans | ||
Business Acquisition [Line Items] | ||
Book Balance | 55,005 | |
Fair Value | $ 54,180 | |
First Bank of the Palm Beaches | ||
Business Acquisition [Line Items] | ||
Book Balance | $ 150,342 | |
Fair Value | 146,777 | |
First Bank of the Palm Beaches | Construction and land development | ||
Business Acquisition [Line Items] | ||
Book Balance | 9,493 | |
Fair Value | 9,012 | |
First Bank of the Palm Beaches | Commercial real estate - owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 46,221 | |
Fair Value | 45,171 | |
First Bank of the Palm Beaches | Commercial real estate - non owner-occupied | ||
Business Acquisition [Line Items] | ||
Book Balance | 36,268 | |
Fair Value | 35,079 | |
First Bank of the Palm Beaches | Residential real estate | ||
Business Acquisition [Line Items] | ||
Book Balance | 47,569 | |
Fair Value | 47,043 | |
First Bank of the Palm Beaches | Commercial and financial | ||
Business Acquisition [Line Items] | ||
Book Balance | 9,659 | |
Fair Value | 9,388 | |
First Bank of the Palm Beaches | Consumer | ||
Business Acquisition [Line Items] | ||
Book Balance | 1,132 | |
Fair Value | $ 1,084 |
Business Combinations - Purch_2
Business Combinations - Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Aug. 21, 2020 | Mar. 13, 2020 |
Fourth Street Banking Company | ||
Business Acquisition [Line Items] | ||
Total PCD loans acquired | $ 303,434 | |
First Bank of the Palm Beaches | ||
Business Acquisition [Line Items] | ||
Total PCD loans acquired | $ 146,777 | |
PCD Loans | Fourth Street Banking Company | ||
Business Acquisition [Line Items] | ||
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 | |
PCD Loans | First Bank of the Palm Beaches | ||
Business Acquisition [Line Items] | ||
Book balance of loans at acquisition | 43,682 | |
Allowance for credit losses at acquisition | (516) | |
Non-credit related discount | (128) | |
Total PCD loans acquired | $ 43,038 |