Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SEACOAST BANKING CORP OF FLORIDA | ||
Entity Central Index Key | 730,708 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 598,698,205 | ||
Trading Symbol | SBCF | ||
Entity Common Stock, Shares Outstanding | 40,734,382 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest on securities | |||
Taxable | $ 26,133 | $ 20,341 | $ 15,448 |
Nontaxable | 1,036 | 585 | 211 |
Interest and fees on loans | 119,217 | 94,469 | 63,586 |
Interest on federal funds sold and interest bearing deposits | 1,669 | 1,022 | 1,017 |
Total interest income | 148,055 | 116,417 | 80,262 |
INTEREST EXPENSE | |||
Interest on savings deposits | 2,593 | 2,085 | 864 |
Interest on time certificates | 2,074 | 1,228 | 1,538 |
Interest on federal funds purchased and other short term borrowings | 484 | 340 | 260 |
Interest on Federal Home Loan Bank borrowings | 1,256 | 1,643 | 1,640 |
Interest on subordinated debt | 2,060 | 1,634 | 1,053 |
Total interest expense | 8,467 | 6,930 | 5,355 |
NET INTEREST INCOME | 139,588 | 109,487 | 74,907 |
Provision (recapture) for loan losses | 2,411 | 2,644 | (3,486) |
NET INTEREST INCOME AFTER PROVISION (RECAPTURE) FOR LOAN LOSSES | 137,177 | 106,843 | 78,393 |
NONINTEREST INCOME (Note M) | |||
Bargain purchase gain | 0 | 416 | 0 |
Securities gains, net (includes net losses of $617, $325, and $110 in other comprehensive income reclassifications for 2016, 2015, and 2014 respectively) | 368 | 161 | 469 |
Other | 37,427 | 32,018 | 24,744 |
Total noninterest income | 37,795 | 32,595 | 25,213 |
NONINTEREST EXPENSE (Note M) | 130,881 | 103,770 | 93,366 |
INCOME BEFORE INCOME TAXES | 44,091 | 35,668 | 10,240 |
Income taxes | 14,889 | 13,527 | 4,544 |
NET INCOME | $ 29,202 | $ 22,141 | $ 5,696 |
Net income per share of common stock | |||
Diluted (in dollars per share) | $ 0.78 | $ 0.66 | $ 0.21 |
Basic (in dollars per share) | $ 0.79 | $ 0.66 | $ 0.21 |
Average common shares outstanding | |||
Diluted (in shares) | 37,508,046 | 33,744,171 | 27,716,895 |
Basic (in shares) | 36,872,007 | 33,495,827 | 27,538,955 |
CONSOLIDATED STATEMENTS OF INC3
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification adjustment for securities gains included in net income | $ 617 | $ 325 | $ 110 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
NET INCOME | $ 29,202 | $ 22,141 | $ 5,696 |
Other comprehensive income: | |||
Unrealized gains (losses) on securities available for sale (AFS) | (1,151) | (1,556) | 12,881 |
Unrealized losses on transfer of securities available for sale to held to maturity (HTM) | 0 | 0 | (3,137) |
Amortization of unrealized losses on securities transferred to HTM, net | (488) | (539) | (290) |
Reclassification adjustment for gains included in net income | (368) | (161) | (469) |
Provision for income taxes | 707 | 870 | (3,468) |
Total other comprehensive income (loss) | (1,300) | (1,386) | 5,517 |
COMPREHENSIVE INCOME | $ 27,902 | $ 20,755 | $ 11,213 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 82,520 | $ 81,216 | |
Interest bearing deposits with other banks | 27,124 | 54,851 | |
Total cash and cash equivalents | 109,644 | 136,067 | |
Securities available for sale (at fair value) | 950,503 | 790,766 | |
Securities held to maturity (fair value $369,881 in 2016 and $202,813 in 2015) | 372,498 | 203,525 | |
Total securities | 1,323,001 | 994,291 | |
Loans held for sale | 15,332 | 23,998 | |
Loans | [1] | 2,879,536 | 2,156,330 |
Less: Allowance for loan losses | (23,400) | (19,128) | |
Net loans | 2,856,136 | 2,137,202 | |
Bank premises and equipment, net | 58,684 | 54,579 | |
Other real estate owned | 9,949 | 7,039 | |
Goodwill | 64,649 | 25,211 | |
Other intangible assets, net | 14,572 | 8,594 | |
Bank owned life insurance | 84,580 | 43,579 | |
Net deferred tax assets | 60,818 | 60,274 | |
Other assets | 83,567 | 43,946 | |
TOTAL ASSETS | 4,680,932 | 3,534,780 | |
LIABILITIES | |||
Noninterest demand | 1,148,309 | 854,447 | |
Interest-bearing demand | 873,727 | 734,749 | |
Savings | 346,662 | 295,851 | |
Money market | 802,697 | 665,353 | |
Other time deposits | 159,887 | 153,318 | |
Brokered time certificates | 7,342 | 9,403 | |
Time certificates of $100,000 or more | 184,621 | 131,266 | |
Total deposits | 3,523,245 | 2,844,387 | |
Federal funds purchased and securities sold under agreement to repurchase, maturing within 30 days | 204,202 | 172,005 | |
Federal Home Loan Bank borrowings | 415,000 | 50,000 | |
Subordinated debt | 70,241 | 69,961 | |
Other liabilities | 32,847 | 44,974 | |
Total liabilities | 4,245,535 | 3,181,327 | |
Commitments and Contingencies (Notes K and P) | |||
SHAREHOLDERS' EQUITY | |||
Common stock, par value $0.10 per share authorized 60,000,000 shares, issued 38,090,568 and outstanding 38,021,835 shares in 2016 and authorized 60,000,000 shares, issued 34,356,892 and outstanding 34,351,409 shares in 2015 | 3,802 | 3,435 | |
Additional paid-in capital | 454,001 | 399,162 | |
Accumulated deficit | (13,657) | (42,858) | |
Less: Treasury stock (68,733 shares in 2016 and 5,484 shares in 2015), at cost | (1,236) | (73) | |
Total shareholders' equity before accumulated other comprehensive income, net | 442,910 | 359,666 | |
Accumulated other comprehensive loss, net | (7,513) | (6,213) | |
TOTAL SHAREHOLDERS' EQUITY | 435,397 | 353,453 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,680,932 | $ 3,534,780 | |
[1] | Net loan balances at December 31, 2016 and 2015 include deferred costs of $4.4 million and $7.7 million, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities held to maturity | $ 369,881 | $ 202,813 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 38,090,568 | 34,356,892 |
Common stock, shares outstanding | 38,021,835 | 34,351,409 |
Treasury Stock, Shares | 68,733 | 5,484 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
NET INCOME | $ 29,202 | $ 22,141 | $ 5,696 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 5,076 | 3,773 | 3,268 |
Amortization of premiums and discounts on securities, net | 7,559 | 3,920 | 2,353 |
Other amortization and accretion, net | (2,238) | (7,943) | (256) |
Stock based compensation | 4,154 | 2,859 | 1,299 |
Origination of loans designated for sale | (175,842) | (206,199) | (188,952) |
Sale of loans designated for sale | 184,508 | 194,279 | 190,706 |
Provision for loan losses | 2,411 | 2,644 | (3,486) |
Deferred income taxes | 14,206 | 12,888 | 4,222 |
Gain on sale of securities | (368) | (161) | (469) |
Gain on sale of loans | (668) | (702) | (419) |
Losses (gains) on sale and write-downs of other real estate owned | (509) | 239 | 310 |
Losses and write-downs on disposition of fixed assets | 2,442 | 183 | 4,493 |
Changes in operating assets and liabilities, net of effects from acquired companies: | |||
Net change in other assets | (14,107) | (4,526) | (315) |
Net increase (decrease) in other liabilities | 6,181 | (406) | 3,496 |
Net cash provided by operating activities | 66,007 | 22,989 | 21,946 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Maturities and repayments of securities available for sale | 127,879 | 118,493 | 92,499 |
Maturities and repayments of securities held to maturity | 48,705 | 28,629 | 16,138 |
Proceeds from sale of securities available for sale | 40,421 | 60,314 | 21,527 |
Purchases of securities available for sale | (297,719) | (159,616) | (280,137) |
Purchases of securities held to maturity | (218,654) | (24,366) | (65,340) |
Net new loans and principal payments | (390,354) | (217,346) | (154,772) |
Proceeds from the sale of other real estate owned | 7,952 | 5,758 | 4,066 |
Proceeds from sale of Federal Home Loan Bank and Federal Reserve Bank Stock | 9,350 | 7,427 | 2,423 |
Purchase of Federal Home Loan Bank and Federal Reserve Bank Stock | (28,857) | (7,510) | (6,425) |
Purchase of bank owned life insurance | (40,000) | 0 | (30,000) |
Net cash from bank acquisitions | 235,546 | 32,927 | 110,996 |
Additions to bank premises and equipment | (6,054) | (9,091) | (6,083) |
Net cash used in investing activities | (511,785) | (164,381) | (295,108) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 27,320 | 240,086 | 93,446 |
Net increase (decrease) in federal funds purchased and repurchase agreements | 32,196 | 16,707 | (16,148) |
Net increase (decrease) in FHLB borrowings, maturing in 30 days or less | 415,000 | (80,000) | 80,000 |
Early redemption of FHLB borrowings (see Note I) | (50,000) | 0 | 0 |
Issuance of common stock, net of related expense | 0 | 0 | 24,637 |
Stock based employee benefit plans | (1,161) | 127 | 142 |
Net cash provided by financing activities | 423,355 | 176,920 | 182,077 |
Net increase (decrease) in cash and cash equivalents | (26,423) | 35,528 | (91,085) |
Cash and cash equivalents at beginning of year | 136,067 | 100,539 | 191,624 |
Cash and cash equivalents at end of year | 109,644 | 136,067 | 100,539 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 7,855 | 6,636 | 3,521 |
Cash paid during the period for income taxes | 703 | 575 | 239 |
Supplemental disclosure of non cash investing activities: | |||
Transfers from loans to other real estate owned | 3,009 | 4,946 | 4,789 |
Transfers from bank premises to other real estate owned | $ 7,708 | $ 309 | $ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 198,604 | $ 2,364 | $ 277,290 | $ (70,695) | $ (11) | $ (10,344) |
Beginning Balance (in shares) at Dec. 31, 2013 | 23,638 | |||||
Comprehensive income | 11,213 | $ 0 | 0 | 5,696 | 0 | 5,517 |
Stock based compensation expense | 1,299 | 0 | 1,299 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 112 | $ 1 | 171 | 0 | (60) | 0 |
Common stock issued for stock based employee benefit plans (in shares) | 147 | |||||
Issuance of common stock, net of related expense | 24,637 | $ 233 | 24,404 | 0 | 0 | 0 |
Issuance of common stock, net of related expense (in shares) | 2,326 | |||||
Issuance of common stock, pursuant to acquisition | 76,787 | $ 702 | 76,085 | 0 | 0 | 0 |
Issuance of common stock, pursuant to acquisition (in shares) | 7,026 | |||||
Other | 0 | $ 0 | 0 | (1) | 0 | 0 |
Ending Balance at Dec. 31, 2014 | 312,651 | $ 3,300 | 379,249 | (65,000) | (71) | (4,827) |
Ending Balance (in shares) at Dec. 31, 2014 | 33,137 | |||||
Comprehensive income | 20,755 | $ 0 | 0 | 22,141 | 0 | (1,386) |
Stock based compensation expense | 2,859 | 0 | 2,859 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | 15 | $ 0 | 17 | 0 | (2) | 0 |
Common stock issued for stock based employee benefit plans (in shares) | 124 | |||||
Issuance of common stock, pursuant to acquisition | 17,172 | $ 109 | 17,063 | 0 | 0 | 0 |
Issuance of common stock, pursuant to acquisition (in shares) | 1,090 | |||||
Other | 1 | $ 26 | (26) | 1 | 0 | 0 |
Ending Balance at Dec. 31, 2015 | 353,453 | $ 3,435 | 399,162 | (42,858) | (73) | (6,213) |
Ending Balance (in shares) at Dec. 31, 2015 | 34,351 | |||||
Comprehensive income | 27,902 | $ 0 | 0 | 29,202 | 0 | (1,300) |
Stock based compensation expense | 4,154 | 0 | 4,154 | 0 | 0 | 0 |
Common stock issued for stock based employee benefit plans | (1,161) | $ 0 | 2 | 0 | (1,163) | 0 |
Common stock issued for stock based employee benefit plans (in shares) | 87 | |||||
Common stock issued for stock options | 134 | $ 1 | 133 | 0 | 0 | 0 |
Options, Exercised | 12 | |||||
Issuance of common stock, pursuant to acquisition | 50,913 | $ 329 | 50,584 | 0 | 0 | 0 |
Issuance of common stock, pursuant to acquisition (in shares) | 3,291 | |||||
Other | 2 | $ 37 | (34) | (1) | 0 | 0 |
Other (in shares) | 281 | |||||
Ending Balance at Dec. 31, 2016 | $ 435,397 | $ 3,802 | $ 454,001 | $ (13,657) | $ (1,236) | $ (7,513) |
Ending Balance (in shares) at Dec. 31, 2016 | 38,022 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies General: The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. . Cash and cash equivalents include cash and due from banks and interest-bearing bank balances. Cash and cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value. Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. Government and Government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. Securities are classified at date of purchase as trading, available for sale or held to maturity. Securities that may be sold as part of the Company's asset/liability management or in response to, or in anticipation of changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders' equity net of tax or included in noninterest income as appropriate. 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. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Loans: Loans are recognized at the principal amount outstanding, net of unearned income, purchased discounts and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. The Company accounts for loans in accordance with ASC topic 310 when a borrower is experiencing financial difficulties and the Company grants concessions that would not otherwise be considered. Troubled debt restructured loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310.20. A loan is considered to be impaired when based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans, except consumer loans, that become 90 120 As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination and others without specifically identified credit deficiency factors. These acquired loans were recorded at the acquisition date fair value, and after acquisition, any losses are recognized through the allowance for loan losses. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date. These loans fall into two groups: purchased credit-impaired (“PCI”) and purchased unimpaired loans (“PUL”). The Company estimates the amount and timing of expected cash flows for each PUL and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan. The PUL’s were evaluated to determine estimated fair values as of the acquisition date. Based on management’s estimate of fair value, each PUL was assigned a discount credit mark. For PCI loans the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PUL’s are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. Derivatives Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. Loans are classified as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected, or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. Fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. 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. The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets and liabilities are measured on a recurring basis. Examples of these include derivative instruments, available for sale and trading securities, loans held for sale, impaired loans, OREO, and long-term debt. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples of these non-recurring uses of fair value include certain loans held for sale accounted for on a lower of cost or fair value, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. The Company applied the following fair value hierarchy: Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 Assets and liabilities valued based on observable market data for similar instruments. Level 3 Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. Other real estate owned (“OREO”) consists primarily of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. OREO may include bank premises no longer utilized in the course of our business (closed branches) that are initially recorded at carrying value or fair value (whichever is lower), less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate the facility are expensed. Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings - 25 40 5 25 3 12 Mergers and acquisitions are accounted for using the acquisition method of accounting, which requires that acquired assets and liabilities are recorded at their fair values. This often involves estimates based on third party valuations or internal valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Goodwill can be adjusted for up to one year from the acquisition date as provisional amounts recognized at the acquisition date are updated when new information is obtained from facts and circumstances that existed as of the acquisition that, if known, would have affected amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. See Note S Business Combinations for related disclosures. The amortization of identified intangible assets is based upon the estimated economic benefits to be received, which is also subjective. Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over periods ranging from six to eight years on a straight line basis. The Company periodically evaluates whether events and circumstances have occurred that may affect the estimated useful lives or the recoverability of the remaining balance of the intangible assets. The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Revenue is recognized when the earnings process is complete and collectibility is assured. Brokerage fees and commissions are recognized on a trade date basis. Asset management fees, measured by assets at a particular date, are accrued as earned. Commission expenses are recorded when the related revenue is recognized. The Company has developed policies and procedures for assessing the adequacy of the allowance for loan losses and reserve for unfunded lending commitments that reflect the evaluation of credit risk after careful consideration of all available information. Where appropriate this assessment includes monitoring qualitative and quantitative trends including changes in levels of past due, criticized and nonperforming loans. In developing this assessment, the Company must necessarily rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may result in an increase or a decrease in the allowance for loan losses. The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. : The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their related tax bases and are measured using the enacted tax rates and laws that are in effect. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in rates is recognized as income or expense in the period in which the change occurs. See Note L, Income Taxes for related disclosures. Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. Stock-Based Compensation: |
Recently Issued Accounting Stan
Recently Issued Accounting Standards, Not Adopted at December 31, 2016 | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards, Not Adopted at December 31, 2016 | Note B Recently Issued Accounting Standards, Not Adopted at December 31, 2016 The following provides a brief description of accounting standards that have been issued but are not yet adopted that could have a material effect on the Company's financial statements: In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update “ASU” 2017-04, eliminating Step 2 from the goodwill impairment test. Under the amendments to the guidance, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized, however, should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for annual periods or any interim goodwill impairment tests beginning after December 15, 2019 using a prospective transition method. Early adoption is permitted. Adoption of this standard is being evaluated as to its effect on the Company’s operating results or financial condition. In August and November 2016, The FASB issued final guidance via ASU 2016-15 and ASU 2016-18, which address classification of certain cash receipts and cash payments, including changes in restricted cash, in the statement of cash flows. The guidance may change how an entity classifies certain cash receipts and cash payments on its statement of cash flows, the purpose being to reduce diversity in practice. The Company is evaluating the impact of ASU 2016-15 and 2016-18, which will generally be applied retrospectively for fiscal years beginning after December 15, 2017. In June 2016, the FASB issued ASU 2016-13 for “Measurement of Credit Losses on Financial Instruments” to replace the incurred loss impairment methodology with a current expected credit loss methodology for financial instruments measured at amortized cost and other commitments to extend credit. Expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of voluntary prepayments and considering available information about the collectability of cash flows, including information about past events, current conditions, and supportable forecasts. The resultant allowance for credit losses reflects the portion of the amortized cost basis that the entity does not expect to collect. Additional quantitative and qualitative disclosures are required upon adoption. The Company is assessing current loan loss estimation models and processes to determine the need for changes as part of its evaluation of the impact of this new accounting guidance. Adoption is required January 1, 2020, with early adoption permitted January 1, 2019. In March 2016, under ASU 2016-04, “Liabilities Extinguishments of Liabilities, Breakage for Certain Prepaid Stored-Value Products” the FASB intends for entities to recognize liabilities for the sale of prepaid stored value products redeemable for goods, services, or cash. This guidance aligns recognition of breakage for these liabilities in a way consistent with how gift card breakage will be recognized. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. Effective date for implementation is for annual periods after December 15, 2018. In February 2016, the FASB amended existing guidance related to the recognition of lease assets and lease liabilities on the balance sheet and disclosures on key information about leasing arrangements, under ASU 2016-02. It will be necessary for all parties to classify leases to determine how to recognize lease-related revenue and expense. The amendment requires lessees to put most leases on their balance sheet and record expenses to the income statement. Changes in the guidance eliminate real estate centric provisions for sale-leaseback transactions, including initial direct costs and lease execution costs for all entities. For lessors, the new FASB standard modifies classification criteria and accounting for sales type and direct financing leases. The Company is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. The amended accounting is applicable to periods after December 15, 2018 and interim periods within that year. In January 2016, the FASB issued ASU 2016-01 for “Recognition and Measurement of Financial Assets and Liabilities.” The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The update requires: a) equity investments (except those accounted for under the equity method of accounting) to be measured at fair value and recognized in net income, b) simplifies impairment assessments of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, and if impaired requires measurement of the investment at fair value, c) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value d) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, e) requires an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, f) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements, g) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The ASU is effective for fiscal years beginning after December 15, 2017, and must be adopted on a modified retrospective basis, including interim periods within those fiscal years. The adoption of ASU 2016-01 is being evaluated for its impact on the Company’s operating results and financial condition. In May 2014, the FASB issued ASU 2014-09, “Revenue Recognition Revenue from Contracts with Customers.” The ASU is a converged standard between the FASB and the IASB that provides a single comprehensive revenue recognition model for all contracts with customers across transactions and industries. The primary objective of the ASU is revenue recognition that represents the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue associated with loans and securities is not in the scope of the new guidance, and the Company’s evaluation and implementation effort for contracts within the scope of the standard is ongoing. The Company plans to adopt the new guidance on January 1, 2018. |
Cash, Dividend and Loan Restric
Cash, Dividend and Loan Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Cash, Dividend and Loan Restrictions [Abstract] | |
Cash, Dividend and Loan Restrictions | Note C Cash, Dividend and Loan Restrictions In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows: Seacoast Bank may be required to maintain average reserve balances with the Federal Reserve Bank; however no reserve balances were necessary for 2016 and 2015. Under Federal Reserve regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At December 31, 2016, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $ 52.0 The approval of the Office of the Comptroller of the Currency (“OCC”) is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank's profits, as defined, for that year combined with its retained net profits for the preceding two calendar years. Under this restriction Seacoast National can distribute dividends of approximately $ 61.0 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note D Securities December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 12,073 $ 255 $ 0 $ 12,328 Mortgage-backed securities of U.S. Government Sponsored Entities 287,726 585 (4,823) 283,488 Collateralized mortgage obligations of U.S. Government Sponsored Entities 238,805 314 (5,065) 234,054 Commercial mortgage backed securities of U.S. Government Sponsored Entities 22,351 222 (28) 22,545 Private mortgage backed securities 32,780 0 (791) 31,989 Private collateralized mortgage obligations 67,542 563 (816) 67,289 Collateralized loan obligations 124,716 838 (665) 124,889 Obligations of state and political subdivisions 63,161 622 (895) 62,888 Corporate and other debt securities 74,121 257 (517) 73,861 Private commercial mortgage backed securities 37,534 111 (473) 37,172 $ 960,809 $ 3,767 $ (14,073) $ 950,503 SECURITIES HELD TO MATURITY Mortgage-backed securities of U.S. Government Sponsored Entities $ 159,941 $ 704 $ (1,243) $ 159,402 Collateralized mortgage obligations of U.S. Government Sponsored Entities 147,208 386 (2,630) 144,964 Commercial mortgage backed securities of U.S. Government Sponsored Entities 17,375 233 (74) 17,534 Collateralized loan obligations 41,547 430 (314) 41,663 Private mortgage backed securities 6,427 0 (109) 6,318 $ 372,498 $ 1,753 $ (4,370) $ 369,881 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage-backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Private commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD TO MATURITY Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private mortgage backed securities 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 Proceeds from sales of securities during 2016 were $ 40.4 454,000 86,000 60.3 633,000 472,000 21.5 456,000 In 2014, approximately $ 158.8 3.1 1.8 Securities at December 31, 2016 with a fair value of $ 193.8 204.2 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in less than one year $ 0 $ 0 $ 8,848 $ 9,044 Due after one year through five years 0 0 83,308 83,154 Due after five years through ten years 41,547 41,663 139,611 140,167 Due after ten years 0 0 31,415 30,709 41,547 41,663 263,182 263,074 Mortgage-backed securities of U.S. Government Sponsored Entities 159,941 159,402 287,726 283,488 Collateralized mortgage obligations of U.S. Government Sponsored Entities 147,208 144,964 238,805 234,054 Commercial mortgage backed securities of U.S. Government Sponsored Entities 17,375 17,534 22,351 22,545 Private mortgage-backed securities 0 0 32,780 31,989 Private collateralized mortgage obligations 6,427 6,318 67,542 67,289 Other debt securities 0 0 10,889 10,892 Private commercial mortgage backed securities 0 0 37,534 37,172 $ 372,498 $ 369,881 $ 960,809 $ 950,503 The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. December 31, 2016 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 327,759 $ (5,991) $ 5,387 $ (75) $ 333,146 $ (6,066) Collateralized mortgage obligations of U.S. Government Sponsored Entities 234,175 (5,599) 58,912 (2,096) 293,087 (7,695) Commercial mortgage backed securities of U.S. Government Sponsored Entities 7,934 (102) 0 0 7,934 (102) Private mortgage backed securities 0 0 36,848 (900) 36,848 (900) Private collateralized mortgage obligations 1,460 0 38,417 (816) 39,877 (816) Collateralized loan obligations 8,152 (41) 51,694 (938) 59,846 (979) Obligations of state and political subdivisions 39,321 (895) 0 0 39,321 (895) Corporate and other debt securities 33,008 (517) 0 0 33,008 (517) Private commercial mortgage backed securities 12,667 (306) 7,139 (167) 19,806 (473) Total temporarily impaired securities $ 664,476 $ (13,451) $ 198,397 $ (4,992) $ 862,873 $ (18,443) December 31, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage-backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Private commercial mortgage-backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) The two tables above include securities held to maturity that were transferred from available for sale into held to maturity in 2014. Those securities had unrealized losses of $ 3.1 22.8 38.9 0.4 0.4 At December 31, 2016, approximately $ 1.7 76.7 At December 31, 2016, the Company also had $ 13.9 634.2 At December 31, 2016, the Company also had $ 1.0 59.9 At December 31, 2016, remaining securities categories has unrealized losses of $ 1.8 92.1 As of December 31, 2016 the company does not intend to sell nor is it anticipated that it would be required to sell any of its investment securities that have losses. Therefore, management does not consider any investment to be other-than-temporarily impaired at December 31, 2016. Included in other assets is $ 35.9 35.9 The company also holds 11,330 1.6483 18,675 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | Note E Loans 2016 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 137,480 $ 114 $ 22,522 $ 160,116 Commercial real estate 1,041,915 11,257 304,420 1,357,592 Residential real estate 784,290 684 51,813 836,787 Commercial and financial 308,731 941 60,917 370,589 Consumer 152,927 0 1,018 153,945 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 2,425,850 $ 12,996 $ 440,690 $ 2,879,536 2015 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commercial and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 (1) Net loan balances at December 31, 2016 and 2015 include deferred costs of $ 4.4 7.7 Purchased Loans PCI loans are accounted for pursuant to ASC Topic 310-30. The excess of cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan in situations where there is a reasonable expectation about the timing and amount of cash flows expected to be collected. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. We have applied ASC Topic 310-20 accounting treatment to PULs. December 31, 2016 December 31, 2015 PCI PULs Total PCI PULs Total (In thousands) (In thousands) Construction and land development $ 114 $ 22,522 $ 22,636 $ 114 $ 11,045 $ 11,159 Commercial real estate 11,257 304,420 315,677 9,990 222,513 232,503 Residential real estate 684 51,813 52,497 922 44,732 45,654 Commercial and financial 941 60,917 61,858 1,083 39,420 40,503 Consumer 0 1,018 1,018 0 2,639 2,639 Carrying value of acquired loans $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,349 $ 332,458 Carrying value, net of allowance of $0 for 2016 and $137 for 2015 $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,212 $ 332,321 The table below summarizes the changes in accretable yield for PCI loans during the twelve months ended December 31, 2016, and December 31, 2015. See Note S for information related to PCI loans acquired during the period. Reclassifications from Activity during the twelve month period ending December 31, 2016 12/31/2015 Additions Deletions Accretion nonaccretable difference 12/31/2016 (In thousands) Accretable yield $ 2,610 $ 2,052 $ (15) $ (1,734) $ 894 $ 3,807 Carrying value $ 12,109 $ 12,996 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 12,109 $ 12,996 Reclassifications from Activity during the twelve month period ending December 31, 2015 12/31/2014 Additions Deletions Accretion nonaccretable difference 12/31/2015 (In thousands) Accretable yield $ 1,192 $ 702 $ (357) $ (601) $ 1,674 $ 2,610 Carrying value of acquired loans $ 7,814 $ 12,109 Allowance for loan losses (64) 0 Carrying value less allowance for loan losses $ 7,750 $ 12,109 Reclassifications from Activity during the three month period ending December 31, 2014 9/30/2014 Additions Deletions Accretion nonaccretable difference 12/31/2014 (In thousands) Accretable yield $ 0 $ 1,256 $ (50) $ (96) $ 82 $ 1,192 Carrying value of acquired loans $ 0 $ 7,814 Allowance for loan losses 0 (64) Carrying value less allowance for loan losses $ 0 $ 7,750 Loans to directors and executive officers totaled $ 2.1 4.0 1.2 3.1 At December 31, 2016 and 2015 loans pledged as collateral for borrowings totaled $ 415 50 Loans are made to individuals, as well as commercial and tax-exempt entities. Specific loan terms vary as to interest rate, repayment, and collateral requirements based on the type of loan requested and the credit worthiness of the prospective borrower. Concentrations of Credit The Company’s lending activity primarily occurs within the State of Florida, including Orlando in Central Florida and Southeast coastal counties from Brevard County in the north to Palm Beach County in the south, as well as the counties surrounding Lake Okeechobee in the center of the state. The Company’s loan portfolio consists of approximately 60 40 The Company’s extension of credit is governed by the Credit Risk Policy which was established to control the quality of the Company’s loans. These policies and procedures are reviewed and approved by the Board of Directors on a regular basis. Construction and Land Development Loans The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from rental income associated with that property (that is, loans for which 50 percent or more of the source of repayment comes from third party, non-affiliated rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. Commercial Real Estate Loans The Company’s goal is to create and maintain a high quality portfolio of commercial real estate loans with customers who meet the quality and relationship profitability objectives of the Company. Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type. Residential Real Estate Loans The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations. Commercial and Financial Loans Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are made based primarily on the historical and projected cash flow of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types. Consumer Loans The Company originates consumer loans including installment loans, loans for automobiles, boats, and other personal, family and household purposes. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower is considered during the underwriting process. The following tables present the contractual aging of the recorded investment in past due loans by class of loans as of December 31, 2016 and 2015: Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2016 Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 438 $ 137,042 $ 137,480 Commercial real estate 78 171 0 1,784 1,039,882 1,041,915 Residential real estate 1,570 261 0 8,582 773,877 784,290 Commerical and financial 30 0 0 49 308,652 308,731 Consumer 29 59 0 170 152,669 152,927 Other 0 0 0 0 507 507 Total Loans $ 1,707 $ 491 $ 0 $ 11,023 $ 2,412,629 $ 2,425,850 Purchased Loans Construction and land development $ 0 $ 0 $ 0 $ 32 $ 22,490 $ 22,522 Commercial real estate 345 485 0 1,272 302,318 304,420 Residential real estate 153 0 0 1,262 50,398 51,813 Commerical and financial 39 328 0 197 60,353 60,917 Consumer 37 0 0 0 981 1,018 Other 0 0 0 0 0 0 Total Loans $ 574 $ 813 $ 0 $ 2,763 $ 436,540 $ 440,690 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 0 0 0 4,285 6,972 11,257 Residential real estate 0 185 0 0 499 684 Commerical and financial 0 0 0 0 941 941 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total Loans $ 0 $ 185 $ 0 $ 4,285 $ 8,526 $ 12,996 Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2015 Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 665 $ 0 $ 0 $ 269 $ 96,695 $ 97,629 Commercial real estate 810 0 0 2,301 773,764 776,875 Residential real estate 141 0 0 9,941 668,049 678,131 Commerical and financial 59 0 0 0 187,954 188,013 Consumer 430 0 0 247 82,040 82,717 Other 0 0 0 0 507 507 Total Loans $ 2,105 $ 0 $ 0 $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Loans Construction and land development $ 0 $ 0 $ 0 $ 40 $ 11,004 $ 11,044 Commercial real estate 179 0 0 2,294 220,040 222,513 Residential real estate 66 0 0 0 44,666 44,732 Commerical and financial 39 0 0 130 39,252 39,421 Consumer 39 0 0 0 2,600 2,639 Other 0 0 0 0 0 0 Total Loans $ 323 $ 0 $ 0 $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 132 0 0 1,816 8,042 9,990 Residential real estate 0 0 0 348 574 922 Commerical and financial 0 0 0 0 1,083 1,083 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total Loans $ 132 $ 0 $ 0 $ 2,164 $ 9,813 $ 12,109 Nonaccrual loans and loans past due ninety days or more were $18.1 million and $17.4 million at December 31, 2016 and 2015, respectively. The reduction in interest income associated with loans on nonaccrual status was approximately $ 0.7 0.6 1.9 The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Special Mention,” “Substandard,” and “Doubtful” and these loans are monitored on an ongoing basis. Substandard loans include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Substandard may require a specific allowance. Loans classified as Doubtful, have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are generally charged off. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention. Risk ratings are updated any time the situation warrants. Loans not meeting the criteria above are considered to be pass-rated loans and risk grades are recalculated at least annually by the loan relationship manager. Construction & Land Commercial Residential Commercial & Consumer December 31, 2016 Development Real Estate Real Estate Financial Loans Total Pass $ 148,563 $ 1,319,696 $ 811,576 $ 364,241 $ 153,730 $ 2,797,806 Special mention 5,037 17,184 1,780 3,949 67 28,017 Substandard 5,497 7,438 2,709 2,153 134 17,931 Doubtful 0 0 0 0 0 0 Nonaccrual 470 7,341 9,844 246 170 18,071 Pass - Troubled debt restructures 44 4,988 358 0 44 5,434 Troubled debt restructures 505 945 10,520 0 307 12,277 Total $ 160,116 $ 1,357,592 $ 836,787 $ 370,589 $ 154,452 $ 2,879,536 Construction & Land Commercial Residential Commercial & Consumer December 31, 2015 Development Real Estate Real Estate Financial Loans Total Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass - Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 Total $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 |
Impaired Loans and Allowance fo
Impaired Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Impaired Loans and Allowance for Loan Losses | Note F Impaired Loans and Allowance for Loan Losses During the twelve months ended December 31, 2016, the total of newly identified TDRs was $ 2.0 1.2 The Company's TDR concessions granted generally do not include forgiveness of principal balances. Loan modifications are not reported in calendar years after modification if the loans were modified at an interest rate equal to yields of new loan originations with comparable risk and loans are performing based on the terms of the restructuring agreements. When a loan is modified as a TDR, there is not a direct, material impact on the loans within the consolidated balance sheet, as principal balances are generally not forgiven. Most loans prior to modification were classified as an impaired loan and the allowance for loan losses is determined in accordance with Company policy. Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance Contracts Investment Investment Recorded Recorded (In thousands) 2016: Construction and land development 1 $ 20 $ 18 $ 0 $ 2 Residential real estate 4 1,169 1,019 0 150 5 $ 1,189 $ 1,037 $ 0 $ 152 2015: Construction and land development 2 $ 220 $ 218 $ 0 $ 2 Residential real estate 1 27 26 0 1 Commercial real estate 3 1,881 1,787 0 94 Consumer 1 48 45 0 3 7 $ 2,176 $ 2,076 $ 0 $ 100 During the years 2016, 2015 and 2014, there were no payment defaults on loans that had been modified to a TDR within the previous twelve months. The Company considers a loan to have defaulted when it becomes 90 Impaired Loans for the Year Ended December 31, 2016 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 226 $ 321 $ 0 $ 193 $ 17 Commercial real estate 3,267 4,813 0 1,784 215 Residential real estate 9,706 14,136 0 9,370 579 Commercial and financial 199 206 0 15 9 Consumer 0 0 0 168 0 With an allowance recorded: Construction and land development 51 51 0 605 2 Commercial real estate 6,937 6,949 395 6,699 309 Residential real estate 12,332 12,681 2,059 12,015 455 Commercial and financial 0 0 0 0 0 Consumer 0 0 0 338 0 Total: Construction and land development 277 372 0 798 19 Commercial real estate 10,204 11,762 395 8,483 524 Residential real estate 22,038 26,817 2,059 21,385 1,034 Commercial and financial 199 206 0 15 9 Consumer 0 0 0 506 0 $ 32,718 $ 39,157 $ 2,454 $ 31,187 $ 1,586 Impaired Loans for the Year Ended December 31, 2015 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 107 $ 255 $ 0 $ 1,252 $ 6 Commercial real estate 2,363 3,911 0 2,880 16 Residential real estate 9,256 13,707 0 10,259 168 Commercial and financial 17 17 0 84 1 Consumer 264 349 0 141 3 With an allowance recorded: Construction and land development 835 870 84 987 29 Commercial real estate 7,087 7,087 429 7,280 302 Residential real estate 12,447 12,803 1,964 15,136 337 Commercial and financial 0 0 0 0 0 Consumer 351 351 40 495 18 Total: Construction and land development 942 1,125 84 2,239 35 Commercial real estate 9,450 10,998 429 10,160 318 Residential real estate 21,703 26,510 1,964 25,395 505 Commercial and financial 17 17 0 84 1 Consumer 615 700 40 636 21 $ 32,727 $ 39,350 $ 2,517 $ 38,514 $ 880 Impaired loans also include loans that have been modified in troubled debt restructurings where concessions to borrowers who experienced financial difficulties have been granted. At December 31, 2016 and 2015, accruing TDRs totaled $ 17.7 20.0 The average recorded investment in impaired loans for the years ended December 31, 2016, 2015 and 2014 was $ 31.2 38.5 49.6 Interest payments received on impaired loans are recorded as interest income unless collection of the remaining recorded investment is doubtful at which time payments received are recorded as reductions to principal. For the years ended December 31, 2016, 2015 and 2014, the Company recorded $ 1,586,000 880,000 1,345,000 For impaired loans whose impairment is measured based on the present value of expected future cash flows a total of $ 235,000 318,000 456,000 The nonaccrual loans and accruing loans past due 90 days or more (excluding purchased loans) were $ 11,024,000 0 12,758,000 0 18,563,000 17,000 The purchased nonaccrual loans and accruing loans past due 90 2,867 0 4,628 0 2,577 196 Provision Net (Charge- Beginning for Loan Charge- Offs) Ending Balance Losses Offs Recoveries Recoveries Balance (In thousands) December 31 , 2016 Construction and land development $ 1,151 $ (158) $ 0 $ 226 $ 226 $ 1,219 Commercial real estate 6,756 2,512 (301) 306 5 9,273 Residential real estate 8,057 (1,145) (215) 786 571 7,483 Commercial and financial 2,042 400 (615) 1,809 1,194 3,636 Consumer 1,122 802 (244) 109 (135) 1,789 $ 19,128 $ 2,411 $ (1,375) $ 3,236 $ 1,861 $ 23,400 December 31 , 2015 Construction and land development $ 722 $ 1,296 $ (1,271) $ 404 $ (867) $ 1,151 Commercial real estate 4,528 2,010 (482) 700 218 6,756 Residential real estate 9,784 (2,208) (779) 1,260 481 8,057 Commercial and financial 1,179 1,058 (726) 531 (195) 2,042 Consumer 794 552 (341) 117 (224) 1,122 $ 17,007 $ 2,708 $ (3,599) $ 3,012 $ (587) $ 19,128 December 31, 2014 Construction and land development $ 808 $ 139 $ (640) $ 415 $ (225) $ 722 Commercial real estate 6,160 (2,917) (398) 1,683 1,285 4,528 Residential real estate 11,659 (1,651) (1,126) 902 (224) 9,784 Commercial and financial 710 697 (398) 170 (228) 1,179 Consumer 731 182 (193) 74 (119) 794 $ 20,068 $ (3,550) $ (2,755) $ 3,244 $ 489 $ 17,007 As discussed in Note A, "Significant Accounting Policies," the allowance for loan losses is composed of specific allowances for certain impaired loans and general allowances grouped into loan pools based on similar characteristics. Individually Evaluated for Collectively Evaluated for Impairment Impairment Total Recorded Associated Recorded Associated Recorded Associated December 31, 2016 Investment Allowance Investment Allowance Investment Allowance (In thousands) Construction and land development $ 277 $ 0 $ 159,839 $ 1,219 $ 160,116 $ 1,219 Commercial real estate 10,204 395 1,335,832 8,878 1,346,036 9,273 Residential real estate 22,038 2,059 814,250 5,424 836,288 7,483 Commercial and financial 199 0 369,449 3,636 369,648 3,636 Consumer 0 0 154,452 1,789 154,452 1,789 $ 32,718 $ 2,454 $ 2,833,822 $ 20,946 $ 2,866,540 $ 23,400 Individually Evaluated for Collectively Evaluated for Impairment Impairment Total Recorded Associated Recorded Associated Recorded Associated December 31, 2015 Investment Allowance Investment Allowance Investment Allowance (In thousands) Construction and land development $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 Loans collectively evaluated for impairment reported at December 31, 2016 included loans acquired from Floridian on March 11, 2016, BMO on June 3, 2016, Grand on July 17, 2015 and BANKshares on October 1, 2014 that are not PCI loans. At December 31, 2016, the remaining fair value adjustments for loans acquired was approximately $ 13.7 3.11 14.2 4.43 These amounts, which represents the remaining fair value discount of each PUL, are accreted into interest income over the remaining lives of the related loans on a level yield basis. Provisioning for loan losses of $ 1.3 1.2 December 31, 2016 December 31, 2015 PCI Loans Individually PCI Loans Individually Evaluated for Impairment Evaluated for Impairment Recorded Associated Recorded Associated Investment Allowance Investment Allowance Construction and land development $ 114 $ 0 $ 114 $ 0 Commercial real estate 11,257 0 9,990 0 Residential real estate 684 0 922 0 Commercial and financial 941 0 1,083 0 Consumer 0 0 0 0 $ 12,996 $ 0 $ 12,109 $ 0 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Note G Bank Premises and Equipment Accumulated Net Depreciation & Carrying Cost Amortization Value (In thousands) December 31, 2016 Premises (including land of $14,773) $ 71,562 $ (22,969) $ 48,593 Furniture and equipment 30,281 (20,190) 10,091 $ 101,843 $ (43,159) $ 58,684 December 31, 2015 Premises (including land of $14,839) $ 66,965 $ (21,298) $ 45,667 Furniture and equipment 26,546 (17,634) 8,912 $ 93,511 $ (38,932) $ 54,579 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note H Goodwill and Acquired Intangible Assets Goodwill totaled $ 64.6 25.2 31.6 7.8 416,000 2016 2015 2014 (In thousands) Beginning of year $ 8,594 $ 7,454 $ 718 Acquired CDI 8,464 2,564 7,769 Amortization expense (2,486) (1,424) (1,033) End of year $ 14,572 $ 8,594 $ 7,454 (In months) Remaining Average Amoritzation Period 64 67 71 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Deposit base $ 18,796 $ (4,224) $ 19,827 $ (11,233) The annual amortization expense for the Company's CDI determined using the straight line method in each of the three years subsequent to December 31, 2016 is $ 2,876,000 2,771,000 1,567,000 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Note I Borrowings overnight to seven days 2016 2015 2014 (In thousands) Maximum amount outstanding at any month end $ 236,099 $ 192,786 $ 218,399 Weighted average interest rate at end of year 0.31 % 0.28 % 0.18 % Average amount outstanding $ 187,560 $ 168,188 $ 152,129 Weighted average interest rate during the year 0.26 % 0.20 % 0.17 % Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. Overnight and Continuous Maturity Fair-Value of Pledge Securities 2016 2015 2014 (In thousands) Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities $ 204,202 $ 172,005 $ 153,640 Seacoast Bank had secured lines of credit of $ 1.0 415,000 0.62 0.63 1.8 50.0 25.0 September 15, 2007 November 27, 2007 3.64 2.70 The Company issued $ 20.6 41.2 20.0 12.4 12.0 2.75 2.31 2.29 619,000 619,000 372,000 41.2 12.4 As part of the October 1, 2014 BANKshares acquisition the Company assumed three junior subordinated debentures. Correspondingly, at December 31, 2015 and 2014, the Company had $5.2 million and $4.1 million of Floating Rate Junior Subordinated Deferrable Interest Debentures outstanding which are due December 26, 2032 and March 17, 2034, and callable by the Company, at its option. The rates on these trust preferred securities are the Business Combinations As part of the July 17, 2015 Grand Bank acquisition the Company assumed Business Combinations The Company has the right to defer payments of interest on the notes at any time or from time to notes, in the event that under certain circumstances there is an event of default under the notes or the Company has elected to defer interest on the notes, the Company may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2016, 2015 and 2014, all interest payments on trust preferred securities were current. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts' obligations under the trust preferred securities. |
Employee Benefits and Stock Com
Employee Benefits and Stock Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits and Stock Compensation | Note J Employee Benefits and Stock Compensation The Company’s profit sharing and retirement plan covers substantially all employees after one year of service and includes a matching benefit feature for employees electing to defer the elective portion of their profit sharing compensation. In addition, amounts of compensation contributed by employees are matched on a percentage basis under the plan. The profit sharing and retirement contributions charged to operations were $ 1.7 1.5 1.2 The Company, through its Compensation and Governance Committee of the Board of Directors (the “Compensation Committee”), offers equity compensation to employees and non-employee directors of Seacoast and Seacoast Bank in the form of share-based awards. Stock options, restricted stock awards (“RSAs”), and restricted stock units (“RSUs”) vest over time, upon the satisfaction of established performance criteria, or both. Option awards are granted with an exercise price at least equal to the market price of the Company’s stock at the date of grant. Option and other share-based awards vest at such times as are determined by the Compensation Committee at the time of grant. The options have a maximum term of ten years. The fair value of RSAs and RSUs are estimated based on the price of the Company’s common stock on the date of grant. Compensation cost is measured ratably over the vesting period of the awards and reversed for awards which are forfeited due to unfulfilled service or performance criteria. To the extent the Company has treasury shares available, stock options exercised or stock grants awarded may be issued from treasury shares or, if treasury shares are insufficient, the Company can issue new shares. Vesting of share-based awards is immediately accelerated on death or disability. Upon the event of a change-in-control, awards are either immediately accelerated, or can be at the discretion of the Compensation Committee. The Compensation Committee may also accelerate vesting upon retirement (including a voluntary termination of employment at age 55) for those employees with five or more years of service with the Company. Awards are currently granted under the Seacoast 2013 Incentive Plan (“2013 Plan”), which shareholders approved on May 23, 2013 and amended on May 26, 2015 to increase the number of authorized shares for issuance thereunder. The 2013 Plan expires on May 26, 2025. The 2013 Plan replaced the 2000 Incentive Plan and the 2008 Incentive Plan (the “Prior Plans”). Upon adoption of the 2013 Plan, no further awards were granted under the Prior Plans, which remain in effect only so long as awards granted thereunder remain outstanding. Under the terms of the 2013 Plan, approximately 1.2 (In thousands) Year Ended December 31, 2016 2015 2014 Share-based compensation expense $ 4,154 $ 2,859 1,299 Income tax benefit (1,602) (963) (501) (In thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining Restricted stock $ 4,341 2.2 Stock options 796 3.2 Total $ 5,137 2.4 Restricted Stock Certain RSUs granted in 2016 allow the grantee to earn 0 175 (In thousands, except share and per share data) Year Ended December 31, 2016 2015 2014 Shares granted 300,787 250,934 27,692 Weighted-average grant date fair value $ 14.90 $ 13.42 $ 10.19 Fair value of awards vested (1) $ 2,827 $ 836 $ 1,455 (1) Based on grant date fair value A summary of the status of the Company’s non-vested restricted stock as of December 31, 2016, and changes during the year then ended, is presented below: (In thousands, except share and per share data) Shares Weighted-Average Grant-Date Fair Non-vested at January 1, 2016 543,177 $ 11.25 Granted 300,787 14.90 Forfeited/Cancelled (10,631) 14.94 Vested (303,689) 9.31 Non-vested at December 31, 2016 529,644 $ 14.37 Stock Options Year Ended December 31, 2016 2015 2014 Risk-free interest rates 1.63 % 1.65 % 2.70 % Expected dividend yield 0 % 0 % 0 % Expected volatility 21.9 % 15.5 % 17.0 % Expected lives (years) 5.0 5.0 5.0 Options Weighted-Average Exercise Price Weighted-Average Remaining Aggregate Intrinsic Value (000s) Outstanding at January 1, 2016 556,647 $ 18.02 Granted 243,391 14.94 Exercised (12,400) 10.82 Forfeited (8,860) 133.60 Outstanding at December 31, 2016 778,778 $ 15.86 6.88 $ 7,369 Exercisable at December 31, 2016 432,660 $ 17.73 6.73 $ 4,412 (In thousands, except share and per share data) Year Ended December 31, 2016 2015 2014 Options granted 243,391 63,650 413,000 Weighted-average grant date fair value $ 3.41 $ 2.21 $ 2.26 Intrinsic value of stock options exercised $ 80 0 0 Range of Exercise Prices Options Outstanding Remaining Contractual Life (Years) Shares Exercisable Weighted Average Exercise Price $10.54 to $10.78 390,000 7.2 312,239 $ 10.66 $10.97 to $15.99 360,241 7.0 91,884 13.88 $110.80 to $111.10 28,537 0.3 28,537 111.09 Total 778,778 6.9 432,660 $ 17.73 Employee Stock Purchase Plan 300,000 95 Year Ended December 31, 2016 2015 2014 ESPP shares purchased 10,483 9,083 13,294 Weighted-average employee purchase price $ 16.02 $ 13.99 $ 10.63 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Lease Commitments | Note K Lease Commitments (In thousands) 2017 $ 5,325 2018 4,213 2019 4,026 2020 3,362 2021 2,213 Thereafter 12,429 $ 31,568 Rent expense charged to operations was $ 5,293,000 4,133,000 4,066,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Year Ended December 31 2016 2015 2014 (In thousands) Current Federal $ 653 $ 578 $ 310 State 30 61 12 Deferred Federal 12,163 10,818 3,440 State 2,043 2,070 782 $ 14,889 $ 13,527 $ 4,544 35 Year Ended December 31 2016 2015 2014 (In thousands) Tax rate applied to income (loss) before income taxes $ 15,431 $ 12,484 $ 3,583 Increase (decrease) resulting from the effects of: Nondeductible acquisition costs 217 441 554 Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance (1,215) (761) (293) State income taxes (726) (746) (278) Nontaxable bargain purchase gain 0 (146) 0 Tax credit investments (55) 0 0 Stock compensation (731) 127 92 Other (105) (3) 92 Federal tax provision 12,816 11,396 3,750 State tax provision 2,073 2,131 794 Total income tax provision $ 14,889 $ 13,527 $ 4,544 December 31 2016 2015 (In thousands) Allowance for loan losses $ 9,477 $ 7,759 Premises and equipment 2,334 898 Other real estate owned 841 1,737 Accrued stock compensation 1,561 1,235 Federal tax loss carryforward 28,089 33,507 State tax loss carryforward 6,123 6,593 Alternative minimum tax carryforward 4,261 3,355 Net unrealized securities losses 4,616 3,906 Deferred compensation 3,279 1,829 Accrued interest and fee income 3,267 2,404 Other 3,748 3,185 Gross deferred tax assets 67,596 66,408 Less: Valuation allowance 0 0 Deferred tax assets net of valuation allowance 67,596 66,408 Deposit base intangible (3,953) (3,452) Other (2,825) (2,682) Gross deferred tax liabilities (6,778) (6,134) Net deferred tax assets $ 60,818 $ 60,274 Included in the table above is the effect of certain temporary differences for which no deferred tax expense or benefit was recognized. The effect of these items is instead recorded as Accumulated Other Comprehensive Income in the shareholders' equity section of the consolidated balance sheet. In 2016, such items consisted primarily of $ 12.1 10.1 At December 31, 2016, the Company's deferred tax assets ("DTAs") of $ 60.8 48.0 12.8 As a result of the acquisition of Floridian Financial Group, Inc. (Floridian), the Company recorded a net DTA of $ 13.3 15.6 209,000 14.9 Management assesses the necessity of a valuation allowance recorded against DTAs at each reporting period. The determination of whether a valuation allowance for net DTAs is appropriate is subject to considerable judgment and requires an evaluation of all positive and negative evidence. Based on an assessment of all of the evidence, including favorable trending in asset quality and certainty regarding the amount of future taxable income that the Company forecasts, management concluded that it was more likely than not that its net DTAs will be realized based upon future taxable income. Management’s confidence in the realization of projected future taxable income is based upon analysis of the Company’s risk profile and its trending financial performance, including credit quality. The Company believes it can confidently and reasonably predict future results of operations that result in taxable income at sufficient levels over the future period of time that the Company has available to realize its net DTA. Management expects to realize the $60.8 million in net DTAs well in advance of the statutory carryforward period. At December 31, 2016, approximately $ 28.1 2029 2032 6.6 2028 2034 4.3 A valuation allowance could be required in future periods based on the assessment of positive and negative evidence. Management’s conclusion at December 31, 2016 that it is more likely than not that the net DTAs of $60.8 million will be realized is based upon estimates of future taxable income that are supported by internal projections which consider historical performance, various internal estimates and assumptions, as well as certain external data, all of which management believes to be reasonable although inherently subject to judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, a valuation allowance may need to be recorded for some or all of the Company’s DTAs. The establishment of a DTA valuation allowance could have a material adverse effect on the Company’s financial condition and results of operations. The Company recognizes interest and penalties, as appropriate, as part of the provisioning for income taxes. No interest or penalties were accrued at December 31, 2016. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, Compensation Stock Compensation 0.4 0.4 As a result of the adoption of ASU No. 2014-01, “ Investments-Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects 39,000 32,000 39,000 67,000 10.0 8.3 The Company has no unrecognized income tax benefits or provisions due to uncertain income tax positions. The Internal Revenue Service (IRS) examined the federal income tax returns for the years 2006 through 2009. The IRS did not propose any adjustments related to this examination. Jurisdiction Tax Year United States of America 2013 Florida 2013 |
Noninterest Income and Expenses
Noninterest Income and Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Noninterest Income and Expenses [Abstract] | |
Non Interest Income | Note M Noninterest Income and Expenses Year Ended December 31 2016 2015 2014 (In thousands) Noninterest income Service charges on deposit accounts $ 9,669 $ 8,563 $ 6,952 Trust fees 3,433 3,132 2,986 Mortgage banking fees 5,864 4,252 3,057 Brokerage commissions and fees 2,044 2,132 1,614 Marine finance fees 673 1,152 1,320 Interchange income 9,227 7,684 5,972 Other deposit based EFT fees 477 397 343 BOLI Income 2,213 1,426 252 Gain on participated loan 0 725 0 Other 3,827 2,555 2,248 37,427 32,018 24,744 Securities gains, net 368 161 469 Bargain purchase gain, net 0 416 0 TOTAL $ 37,795 $ 32,595 $ 25,213 Noninterest expense Salaries and wages $ 54,096 $ 41,075 $ 35,132 Employee benefits 9,903 9,564 8,773 Outsourced data processing costs 13,516 10,150 8,781 Telephone / data lines 2,108 1,797 1,331 Occupancy 13,122 8,744 7,930 Furniture and equipment 4,720 3,434 2,535 Marketing 3,633 4,428 3,576 Legal and professional fees 9,596 8,022 6,871 FDIC assessments 2,365 2,212 1,660 Amortization of intangibles 2,486 1,424 1,033 Asset dispositions expense 553 472 488 Branch closures and new branding 0 0 4,958 Net (gain)/loss on other real estate owned and repossessed assets (509) 239 310 Early redemption cost for Federal Home Loan Bank advances 1,777 0 0 Other 13,515 12,209 9,988 TOTAL $ 130,881 $ 103,770 $ 93,366 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Note N Shareholders' Equity The Company has reserved 300,000 1,000,000 202,897 32,120 Holders of common stock are entitled to one vote per share on all matters presented to shareholders as provided in the Company’s Articles of Incorporation. The Company implemented a dividend reinvestment plan during 2007, issuing no shares from treasury stock during 2016 and 2015. Minimum To Be Well Capitalized Under Prompt Minimum for Capital Adequacy Corrective Action Purpose (1) Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) SEACOAST BANKING CORP (CONSOLIDATED) At December 31, 2016: Total Capital Ratio (to risk-weighted assets) $ 432,058 13.25 % $ 260,790 ≥ 8.00 % n/a n/a Tier 1 Capital Ratio (to risk-weighted assets) 408,596 12.53 195,592 ≥ 6.00 % n/a n/a Common Equity Tier 1 Capital (to risk-weighted assets) 351,769 10.79 146,694 ≥ 4.50 % n/a n/a Tier 1 Leverage Ratio (to adjusted average assets) 408,596 9.15 178,656 4.0 n/a n/a At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 383,039 16.01 % $ 191,413 ≥ 8.00 % n/a n/a Tier 1 Capital Ratio (to risk-weighted assets) 363,873 15.21 143,560 ≥ 6.00 % n/a n/a Common Equity Tier 1 Capital (to risk-weighted assets) 317,004 13.25 107,670 ≥ 4.50 % n/a n/a Tier 1 Leverage Ratio (to adjusted average assets) 363,873 10.70 136,009 ≥ 4.00 % n/a n/a SEACOAST BANK (A WHOLLY OWNED BANK SUBSIDIARY) At December 31, 2016: Total Capital Ratio (to risk-weighted assets) $ 415,147 12.75 % $ 260,491 ≥ 8.00 % $ 325,987 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 391,685 12.03 195,368 ≥ 6.00 % 260,790 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 391,685 12.03 146,526 ≥ 4.50 % 211,892 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 391,685 8.78 178,501 4.0 223,320 ≥ 5.00 % At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 337,259 14.11 % $ 191,240 ≥ 8.00 % $ 239,050 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 318,093 13.31 143,430 ≥ 6.00 % 191,240 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 318,093 13.31 107,572 ≥ 4.50 % 155,382 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 318,093 9.36 135,929 ≥ 4.00 % 169,911 ≥ 5.00 % (1) Excludes new capital conservation buffer of 0.625 n/a - not applicable The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Under new Basel III standards adopted January 1, 2015, deferred tax assets (DTAs) were substantially restricted in regulatory capital calculations, the Common Equity Tier 1 Capital calculation was created, and new minimum adequacy and well capitalized thresholds were established. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, Tier 1 capital and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital to average assets (as defined). Management believes, as of December 31, 2016, that the Company meets all capital adequacy requirements to which it is subject. At December 31, 2016, the capital conservation buffer requisite the Company is subject to was 0.625%. On February 21, 2017, the Company closed on its offering of 8,912,500 2,702,500 6,210,000 56.8 |
(Parent Company Only) Financial
(Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Information | Note O Seacoast Banking Corporation of Florida (Parent Company Only) Financial Information December 31 2016 2015 (In thousands) ASSETS Cash $ 648 $ 364 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 12,676 43,323 Investment in subsidiaries 494,809 383,516 Other assets 1,211 10 $ 509,344 $ 427,213 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt $ 70,241 $ 69,961 Other liabilities 3,706 3,799 Shareholders' equity 435,397 353,453 $ 509,344 $ 427,213 Year Ended December 31 2016 2015 2014 (In thousands) Income Interest/other $ 352 $ 115 $ 43 Dividends from subsidiary Bank 0 0 0 352 115 43 Interest expense 2,115 1,671 1,053 Other expenses 462 317 1,000 Loss before income tax benefit and equity in undistributed income of subsidiaries (2,225) (1,873) (2,010) Income tax benefit (801) (661) (704) Income (loss) before equity in undistributed income of subsidiaries (1,424) (1,212) (1,306) Equity in undistributed income of subsidiaries 30,626 23,353 7,002 Net income $ 29,202 $ 22,141 $ 5,696 Year Ended December 31 2016 2015 2014 (In thousands) Cash flows from operating activities Net Income $ 29,202 $ 22,141 $ 5,696 Equity in undistributed (income) loss of subsidiaries (30,626) (23,353) (7,002) Net (increase) decrease in other assets (12) 10 0 Net increase (decrease) in other liabilities 12 (48) (76) Net cash used in operating activities (1,424) (1,250) (1,382) Cash flows from investing activities Net cash paid for bank acquisition (28,905) 0 0 Investment in unconsolidated subsidiary (200) 0 0 Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net 30,647 (5,487) (37,044) Net cash provided by (used in) investment activities 1,542 (5,487) (37,044) Cash flows from financing activities Issuance of common stock, net of related expense 0 0 24,637 Subordinated debt increase 0 6,494 13,208 Stock based employment plans 166 127 142 Net cash provided by financing activities 166 6,621 37,987 Net change in cash 284 (116) (439) Cash at beginning of year 364 480 919 Cash at end of year $ 648 $ 364 $ 480 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 1,824 $ 1,487 $ 1,058 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments with Off-Balance Sheet Risk | Note P Contingent Liabilities and Commitments with Off-Balance Sheet Risk The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, or operating results or cash flows. The Company's subsidiary bank is party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and limited partner equity commitments. The subsidiary bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The subsidiary bank uses the same credit policies in making commitments and standby letters of credit as they do for on balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, equipment, and commercial and residential real estate. Of the $ 532,082,000 273,658,000 87,292,000 2.875 5.250 Standby letters of credit are conditional commitments issued by the subsidiary bank to guarantee the performance of a customer to a third party. These instruments have fixed termination dates and most end without being drawn; therefore, they do not represent a significant liquidity risk. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary bank holds collateral supporting these commitments for which collateral is deemed necessary. The extent of collateral held for secured standby letters of credit at December 31, 2016 and 2015 amounted to $ 46,647,000 5,259,000 10,148,000 Unfunded commitments for the Company at December 31, 2016 and 2015 are as follows: December 31 2016 2015 (In thousands) Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 532,082 $ 343,245 Standby letters of credit and financial guarantees written: Secured 10,776 9,593 Unsecured 554 93 Unfunded limited partner equity commitment 10,148 2,911 Year End December 31, (In thousands) 2016 $ 7,707 2017 2,569 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note Q Fair Value In certain circumstances, fair value enables the Company to more accurately align its financial performance with the market value of actively traded or hedged assets and liabilities. Fair values enable a company to mitigate the non-economic earnings volatility caused from financial assets and financial liabilities being carried at different bases of accounting, as well as to more accurately portray the active and dynamic management of a company’s balance sheet. ASC 820 provides additional guidance for estimating fair value when the volume and level of activity for an asset or liability has significantly decreased. Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Fair Value Identical Assets Inputs Inputs (Dollars in thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2016 Available for sale securities (1) $ 950,503 $ 100 $ 950,403 $ 0 Loans held for sale (2) 15,332 0 15,332 0 Loans (3) 4,120 0 3,170 950 Other real estate owned (4) 9,949 0 0 9,949 At December 31, 2015 Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 (1) See Note D for further detail of fair value of individual investment categories. (2) Recurring fair value basis determined using observable market data. (3) See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. (4) Fair value is measured on a nonrecurring basis in accordance with ASC 360. The fair value of impaired loans which are not troubled debt restructurings is based on recent real estate appraisals less estimated costs of sale. For residential real estate impaired loans, appraised values or internal evaluation are based on the comparative sales approach. These impaired loans are considered level 2 in the fair value hierarchy. For commercial and commercial real estate impaired loans, evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. A significant unobservable input in the income approach is the estimated capitalization rate for a given piece of collateral. At December 31, 2016 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.8 4.1 0.4 7.5 2.9 Fair value of available for sale securities are determined using valuation techniques for individual investments as described in Note A. When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of OREO is classified as level 2. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company's monthly and/or quarter valuation process. During the twelve months ended December 31, 2016, there were no transfers between level 1 and level 2 assets carried at fair value. For loans classified as level 3 the transfers in totaled $ 0.3 twelve months ended December 31, 2016. Transfers out consisted of charge offs of $ 0.1 0.7 Charge-offs recognized upon loan foreclosures are generally offset by general or specific allocations of the allowance for loan losses and generally do not, and did not during the reported periods, significantly impact the Company's provision for loan losses. For OREO classified as level 3 during the twelve months ended December 31, 2016, transfers in consisted of foreclosed loans totaling $ 2.5 7.3 6.4 at fair value on a recurring basis in the balance sheet as of December 31, 2016 and December 31, 2015 is as follows: Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (Dollars in thousands) Amount Level 1 Level 2 Level 3 At December 31, 2016 Financial Assets Securities held to maturity (1) $ 372,498 $ 0 $ 369,881 $ 0 Loans, net 2,852,016 0 0 2,840,993 Financial Liabilities Deposits 3,523,245 0 0 3,523,322 Subordinated debt 70,241 0 54,908 0 At December 31, 2015 Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposits 2,844,387 0 0 2,843,800 FHLB borrowings 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 (1) See Note D for further detail of recurring fair value basis of individual investment categories. The short maturity of Seacoast’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, interest bearing deposits with other banks, federal funds purchased, FHLB borrowings and securities sold under agreement 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 December 31, 2016 and December 31, 2015: Securities The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have a complicated structure. The Company’s entire portfolio consists of traditional investments, the majority of which are U.S. Treasury obligations, federal agency bullet, mortgage pass-through securities, or general obligation or revenue based municipal bonds. Pricing for such instruments is fairly generic and is easily obtained. The fair value of the collateralized loan obligations is determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by brokers and the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models Loans Loans held for sale December 31, December 31, (Dollars in thousands) 2016 2015 Aggregate fair value $ 15,332 $ 23,998 Contractual balance 14,904 23,384 Gains (losses) 428 614 Deposit Liabilities |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note R Earnings Per Share Basic earnings per common share were computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the year. 131,000 456,000 293,000 Year Ended December 31 Net Income Per Share (Loss) Shares Amount (Dollars in thousands, except per share data) 2016 Basic Earnings Per Share Income available to common shareholders $ 29,202 36,872,007 $ 0.79 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 636,039 Income available to common shareholders plus assumed conversions $ 29,202 37,508,046 $ 0.78 2015 Basic Earnings Per Share Income available to common shareholders $ 22,141 33,495,827 $ 0.66 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 248,344 Income available to common shareholders plus assumed conversions $ 22,141 33,744,171 $ 0.66 2014 Basic Earnings Per Share Income available to common shareholders $ 5,696 27,538,955 $ 0.21 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 177,940 Income available to common shareholders plus assumed conversions $ 5,696 27,716,895 $ 0.21 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Note S - Business Combinations Acquisition of Grand Bankshares, Inc. On July 17, 2015, the Company completed its previously announced acquisition of Grand Bankshares, Inc. (“Grand”) as set forth in the Agreement and Plan of Merger (“Agreement”) whereby Grand merged with and into the Company. Pursuant to and simultaneously with the merger of Grand with and into the Company, Grand’s wholly owned subsidiary bank, Grand Bank & Trust of Florida (“GB”), merged with and into the Company’s subsidiary bank, Seacoast Bank. The acquisition related costs were approximately $ 3.1 The Company acquired 100 1.48 1,000 0.3114 1.09 15.75 18.7 July 15, 2015 Grand preferred B shares exchanged for cash $ 1,481,000 Number of Grand common shares outstanding 3,501,185 Per share exchange ratio 0.3114 Number of shares of common stock issued 1,090,269 Multiplied by comon stock price per share on July 17, 2015 $ 15.75 Value of common stock issued 17,171,737 Total purchase price $ 18,652,737 The acquisition is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations. 416,000 Measurement July 17, 2015 Period July 17, 2015 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 34,408 $ 0 $ 34,408 Investment securities 46,366 0 46,366 Loans, net 109,988 1,304 111,292 Fixed assets 4,191 0 4,191 OREO 2,424 437 2,861 Core deposit intangibles 2,564 0 2,564 Goodwill 555 (555) 0 Other assets 14,163 (770) 13,393 $ 214,659 $ 416 $ 215,075 Liabilities: Deposits $ 188,469 $ 0 $ 188,469 Borrowings 1,658 0 1,658 Subordinated debt 5,151 0 5,151 Other liabilities 728 0 728 $ 196,006 $ 0 $ 196,006 Bargain purchase gain $ (416) July 17, 2015 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 6,158 $ 6,379 Commercial real estate 82,782 81,191 Construction/development/land 979 913 Commercial loans 2,393 1,516 Consumer and other loans 14,575 13,692 Purchased credit-impaired 10,993 7,601 Total acquired loans $ 117,880 $ 111,292 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). The factors we considered to identify loans as Purchase Credit Impaired (“PCI”) loans were all acquired loans that were nonaccrual, 60 days or more past due, designated as Trouble Debt Restructured (“TDR”), graded “special mention” or “substandard.” These loans were then evaluated to determine estimated fair values as of the acquisition date. As required by generally accepted accounting principles, we are accounting for these loans pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 11, 2016 for purchased credit impaired loans. (Dollars in thousands) July 17, 2015 Contractually required principal and interest $ 12,552 Non-accretable difference (4,249) Cash flows expected to be collected 8,303 Accretable yield (702) Total purchased credit impaired loans acquired $ 7,601 Loans without specifically identified credit deficiency factors are referred to as Purchased Unimpaired Loans (“PULs”) for disclosure purposes. These loans were then evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, a third party analyzed the deposits based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized no goodwill for this acquisition, based on the fair values of the assets acquired and liabilities assumed as of the acquisition date and, in some instances, based on use of third party experts for valuations. The acquisition of Grand constituted a business combination. Accordingly, the assets acquired and liabilities assumed are presented at their fair values. The determination of fair value requires management to make estimates about discount rates and future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates are based on the information available, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. The operating results of the Company for the twelve months ended December 31, 2015 includes the operating results of the acquired assets and assumed liabilities since the date of acquisition of July 17, 2015. Acquisition of Floridian Financial Group, Inc. On March 11, 2016, the Company completed its acquisition of Floridian Financial Group, Inc. (“Floridian”), the parent company of Floridian Bank. Simultaneously, upon completion of the merger, Floridian’s wholly owned subsidiary bank, Floridian Bank, was merged with and into Seacoast Bank. Floridian, headquartered in Lake Mary, Florida, operated 10 branches in Orlando and Daytona Beach, of which several were consolidated with Seacoast locations. This acquisition added approximately $ 417 337 267 The Company acquired 100% of the outstanding common stock of Floridian. Under the terms of the definitive agreement, Floridian shareholders received, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoast’s closing price of $15.47 per share on March 11, 2016). March 11, 2016 Floridian shares exchanged for cash $ 26,699,000 Number of Floridian common shares outstanding 6,222,119 Per share exchange ratio 0.5289 Number of shares of common stock issued 3,291,066 Multiplied by common stock price per share on March 11, 2016 $ 15.47 Value of common stock issued 50,912,791 Total purchase price $ 77,611,791 The acquisition is accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill on this acquisition which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill was calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date. Loans that were nonaccrual and all loan relationships identified as impaired as of the acquisition date were considered by management to be credit impaired and were accounted for pursuant to ASC Topic 310-30. Measurement March 11, 2016 Period March 11, 2016 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 28,243 $ 0 $ 28,243 Investment securities 66,912 95 67,007 Loans, net 268,249 (2,112) 266,137 Fixed assets 7,801 (628) 7,173 Core deposit intangibles 3,375 0 3,375 Goodwill 29,985 1,647 31,632 Other assets 12,879 998 13,877 $ 417,444 $ 0 $ 417,444 Liabilities: Deposits $ 337,341 $ 0 $ 337,341 Other liabilities 2,492 0 2,492 $ 339,833 $ 0 $ 339,833 March 11, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 38,304 $ 37,367 Commercial real estate 172,531 167,105 Construction/development/land 20,546 18,108 Commercial loans 39,070 37,804 Consumer and other loans 3,385 3,110 Purchased credit-impaired 6,186 2,643 Total acquired loans $ 280,022 $ 266,137 For the loans acquired we first segregated all acquired loans with specifically identified credit deficiency factor(s). The factors we considered to identify loans as Purchase Credit Impaired (“PCI”) loans were all acquired loans that were nonaccrual, 60 days or more past due, designated as Trouble Debt Restructured (“TDR”), graded “special mention” or “substandard.” These loans were then evaluated to determine estimated fair values as of the acquisition date. As required by generally accepted accounting principles, we are accounting for these loans pursuant to ASC Topic 310-30. The table below summarizes the total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and fair value of the loans as of March 11, 2016 for purchased credit impaired loans. (Dollars in thousands) March 11, 2016 Contractually required principal and interest $ 8,031 Non-accretable difference (4,820) Cash flows expected to be collected 3,211 Accretable yield (568) Total purchased credit impaired loans acquired $ 2,643 Loans without specifically identified credit deficiency factors are referred to as Purchased Unimpaired Loans (“PULs”) for disclosure purposes. These loans were then evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, deposits will be analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized goodwill of $ 32 Twelve Months Ended December 31, (Dollars in thousands, except per share amounts) 2016 2015 Net interest income $ 142,354 $ 122,413 Net income available to common shareholders 30,466 27,070 EPS - basic $ 0.81 $ 0.74 EPS - diluted 0.80 0.73 Acquisition of BMO Harris Central Florida Offices, Deposits and Loans On June 3, 2016, Seacoast Bank assumed approximately $ 314 3.0 63 0.5 Business Combinations Measurement June 3, 2016 Period June 3, 2016 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash from BMO (net of payable) $ 234,094 $ 0 $ 234,094 Loans, net 62,671 0 62,671 Fixed assets 3,715 0 3,715 Core deposit intangibles 5,223 (135) 5,088 Goodwill 7,645 163 7,808 Other assets 952 (28) 924 $ 314,300 $ 0 $ 314,300 Liabilities: Deposits $ 314,248 $ 0 $ 314,248 Other liabilities 52 0 52 $ 314,300 $ 0 $ 314,300 June 3, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Commercial real estate $ 31,564 $ 31,200 Commercial loans 32,479 31,471 Purchased credit-impaired 0 0 Total acquired loans $ 64,043 $ 62,671 At June 3, 2016, no loans acquired from BMO Harris were specifically identified with a credit deficiency factor(s). The factors we consider to identify loans as PCI loans are acquired loans that were nonaccrual, 60 days or more past due, designated as TDR, graded “special mention” or “substandard.” PULs were evaluated to determine estimated fair values as of the acquisition date. Although no specific credit deficiencies were identifiable, we believe there is an element of risk as to whether all contractual cash flows will be eventually received. Factors that were considered included the economic environment both nationally and locally as well as the real estate market particularly in Florida. We have applied ASC Topic 310-20 accounting treatment to the PULs. The Company believes the deposits assumed from the acquisition have an intangible value. The Company applied ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, a third party analyzed the deposits based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. The Company recognized intangibles (including goodwill) of approximately $ 13 15 Announced Acquisition of GulfShore Bancshares, Inc. On November 3, 2016, the Company announced that it signed a definitive agreement to acquire GulfShore Bancshares, Inc. (“GulfShore”), the parent company of GulfShore Bank. Upon completion of the merger, Seacoast expects GulfShore Bank will be merged into Seacoast Bank. GulfShore, headquartered in Tampa, Florida, currently operates three branches in Tampa and will add approximately $ 328 276 262 The transaction is expected to close on April 7, 2017. The acquisition will be accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Some disclosures are being omitted at this time as the information is not available and incomplete. The Company will recognize goodwill on this acquisition which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill will be calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date, which at the time of this filing were incomplete and reliant upon use of third party experts for pending valuations, including the core deposit intangible and pending appraisals on purchased unimpaired loans and purchased credit impaired loans, bank premises and other fixed assets, other real estate owned, subordinated debt, and remaining assets and other liabilities. Loans that are nonaccrual and all loan relationships identified as impaired as of the acquisition date will be considered by management to be credit impaired and will be accounted for pursuant to ASC Topic 310-30. The Company believes the deposits assumed from the acquisition will have an intangible value. The Company will be applying ASC Topic 805, which prescribes the accounting for goodwill and other intangible assets such as core deposit intangibles, in a business combination. In determining the valuation amount, deposits will be analyzed based on factors such as type of deposit, deposit retention, interest rates and age of deposit relationships. |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
General | General: The consolidated financial statements include the accounts of Seacoast and all its majority-owned subsidiaries but exclude trusts created for the issuance of trust preferred securities. In consolidation, all significant intercompany accounts and transactions are eliminated. The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America, and they conform to general practices within the applicable industries. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. |
Use of Estimates | Use of Estimates: . |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash and due from banks and interest-bearing bank balances. Cash and cash equivalents have original maturities of three months or less, and accordingly, the carrying amount of these instruments is deemed to be a reasonable estimate of fair value. |
Securities Purchased and Sold Agreements | Securities Purchased and Sold Agreements: Securities purchased under resale agreements and securities sold under repurchase agreements are generally accounted for as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. It is the Company’s policy to take possession of securities purchased under resale agreements, which are primarily U.S. Government and Government agency securities. The fair value of securities purchased and sold is monitored and collateral is obtained from or returned to the counterparty when appropriate. |
Securities | Securities: Securities are classified at date of purchase as trading, available for sale or held to maturity. Securities that may be sold as part of the Company's asset/liability management or in response to, or in anticipation of changes in interest rates and resulting prepayment risk, or for other factors are stated at fair value with unrealized gains or losses reflected as a component of shareholders' equity net of tax or included in noninterest income as appropriate. 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. Debt securities that the Company has the ability and intent to hold to maturity are carried at amortized cost. Realized gains and losses, including other than temporary impairments, are included in noninterest income as investment securities gains (losses). Interest and dividends on securities, including amortization of premiums and accretion of discounts, is recognized in interest income on an accrual basis using the interest method. The Company anticipates prepayments of principal in the calculation of the effective yield for collateralized mortgage obligations and mortgage backed securities by obtaining estimates of prepayments from independent third parties. The adjusted cost of each specific security sold is used to compute realized gains or losses on the sale of securities on a trade date basis. On a quarterly basis, the Company makes an assessment to determine whether there have been any events or economic circumstances to indicate that a security is impaired on an other-than-temporary basis. Management considers many factors including the length of time the security has had a fair value less than the cost basis; recent events specific to the issuer or industry; and for debt securities, external credit ratings and recent downgrades. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Securities on which there is an unrealized loss that is deemed to be other-than temporary are written down to fair value with the write-down recorded as a realized loss. For securities which are transferred into held to maturity from available for sale the unrealized gain or loss at the date of transfer is reported as a component of shareholders’ equity and is amortized over the remaining life as an adjustment of yield using the interest method. Seacoast National is a member of the Federal Home Loan Bank system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans | Loans: Loans are recognized at the principal amount outstanding, net of unearned income, purchased discounts and amounts charged off. Unearned income includes discounts, premiums and deferred loan origination fees reduced by loan origination costs. Unearned income on loans is amortized to interest income over the life of the related loan using the effective interest rate method. Interest income is recognized on an accrual basis. Fees received for providing loan commitments and letters of credit that may result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to noninterest income as banking fees and commissions on a straight-line basis over the commitment period when funding is not expected. The Company accounts for loans in accordance with ASC topic 310 when a borrower is experiencing financial difficulties and the Company grants concessions that would not otherwise be considered. Troubled debt restructured loans are tested for impairment and placed in nonaccrual status. If borrowers perform pursuant to the modified loan terms for at least six months and the remaining loan balances are considered collectible, the loans are returned to accrual status. When the Company modifies the terms of an existing loan that is not considered a troubled debt restructuring, the Company follows the provisions of ASC 310.20. A loan is considered to be impaired when based on current information, it is probable the Company will not receive all amounts due in accordance with the contractual terms of a loan agreement. The fair value is measured based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is also considered impaired if its terms are modified in a troubled debt restructuring. When the ultimate collectibility of the principal balance of an impaired loan is in doubt, all cash receipts are applied to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been forgone, and then they are recorded as recoveries of any amounts previously charged off. The accrual of interest is generally discontinued on loans, except consumer loans, that become 90 120 |
Purchased loans | Purchased loans: As a part of business acquisitions, the Company acquires loans, some of which have shown evidence of credit deterioration since origination and others without specifically identified credit deficiency factors. These acquired loans were recorded at the acquisition date fair value, and after acquisition, any losses are recognized through the allowance for loan losses. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date. These loans fall into two groups: purchased credit-impaired (“PCI”) and purchased unimpaired loans (“PUL”). The Company estimates the amount and timing of expected cash flows for each PUL and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan. The PUL’s were evaluated to determine estimated fair values as of the acquisition date. Based on management’s estimate of fair value, each PUL was assigned a discount credit mark. For PCI loans the Company updates the amount of loan principal and interest cash flows expected to be collected, incorporating assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that are reflective of current market conditions on a quarterly basis. Probable decreases in expected loan principal cash flows trigger the recognition of impairment, which is then measured as the present value of the expected principal loss plus any related foregone interest cash flows discounted at the loan’s effective interest rate. Impairments that occur after the acquisition date are recognized through the provision for loan losses. Probable and significant increases in expected principal cash flows would first reverse any previously recorded allowance for loan losses; any remaining increases are recognized prospectively as interest income. The impacts of (i) prepayments, (ii) changes in variable interest rates, and (iii) any other changes in the timing of expected cash flows are recognized prospectively as adjustments to interest income. Disposals of loans, which may include sales of loans, receipt of payments in full by the borrower, or foreclosure, result in removal of the loan from the purchased credit impaired portfolio. In contrast, PUL’s are evaluated using the same procedures as used for the Company’s non-purchased loan portfolio. |
Derivatives Used for Risk Management | Derivatives Certain commitments to sell loans are derivatives. These commitments are recorded as a freestanding derivative and classified as an other asset or liability. |
Loans Held for Sale | Loans Held for Sale: Loans are classified as held for sale based on management’s intent to sell the loans, either as part of a core business strategy or related to a risk mitigation strategy. Loans held for sale and any related unfunded lending commitments are recorded at fair value, if elected, or the lower of cost (which is the carrying amount net of deferred fees and costs and applicable allowance for loan losses and reserve for unfunded lending commitments) or fair market value less costs to sell. Adjustments to reflect unrealized gains and losses resulting from changes in fair value and realized gains and losses upon ultimate sale of the loans are classified as noninterest income in the Consolidated Statements of Income. At the time of the transfer to loans held for sale, if the fair market value is less than cost, the difference is recorded as additional provision for credit losses in the results of operations. Fair market value is determined based on quoted market prices for the same or similar loans, outstanding investor commitments or discounted cash flow analyses using market assumptions. Fair market value for substantially all the loans in loans held for sale were obtained by reference to prices for the same or similar loans from recent transactions. For a relationship that includes an unfunded lending commitment, the cost basis is the outstanding balance of the loan net of the allowance for loan losses and net of any reserve for unfunded lending commitments. This cost basis is compared to the fair market value of the entire relationship including the unfunded lending commitment. Individual loans or pools of loans are transferred from the loan portfolio to loans held for sale when the intent to hold the loans has changed and there is a plan to sell the loans within a reasonable period of time. Loans held for sale are reviewed quarterly. Subsequent declines or recoveries of previous declines in the fair market value of loans held for sale are recorded in other fee income in the results of operations. 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. |
Fair Value Measurements | Fair Value Measurements: The Company measures or monitors many of its assets and liabilities on a fair value basis. Certain assets and liabilities are measured on a recurring basis. Examples of these include derivative instruments, available for sale and trading securities, loans held for sale, impaired loans, OREO, and long-term debt. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. Examples of these non-recurring uses of fair value include certain loans held for sale accounted for on a lower of cost or fair value, mortgage servicing rights, goodwill, and long-lived assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. The Company applied the following fair value hierarchy: Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments or futures contracts. Level 2 Assets and liabilities valued based on observable market data for similar instruments. Level 3 Assets and liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to market observable data for similar assets and liabilities. Nevertheless, certain assets and liabilities are not actively traded in observable markets and the Company must use alternative valuation techniques to derive a fair value measurement. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned (“OREO”) consists primarily of real estate acquired in lieu of unpaid loan balances. These assets are carried at an amount equal to the loan balance prior to foreclosure plus costs incurred for improvements to the property, but no more than the estimated fair value of the property less estimated selling costs. Any valuation adjustments required at the date of transfer are charged to the allowance for loan losses. Subsequently, unrealized losses and realized gains and losses are included in other noninterest expense. Operating results from OREO are recorded in other noninterest expense. OREO may include bank premises no longer utilized in the course of our business (closed branches) that are initially recorded at carrying value or fair value (whichever is lower), less costs to sell. If fair value of the premises is less than amortized book value, a write down is recorded through noninterest expense. Costs to operate the facility are expensed. |
Bank Premises and Equipment | Bank Premises and Equipment: Bank premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment include certain costs associated with the acquisition of leasehold improvements. Depreciation and amortization are recognized principally by the straight-line method, over the estimated useful lives as follows: buildings - 25 40 5 25 3 12 |
Intangible Assets | Intangible Assets: Mergers and acquisitions are accounted for using the acquisition method of accounting, which requires that acquired assets and liabilities are recorded at their fair values. This often involves estimates based on third party valuations or internal valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. Goodwill can be adjusted for up to one year from the acquisition date as provisional amounts recognized at the acquisition date are updated when new information is obtained from facts and circumstances that existed as of the acquisition that, if known, would have affected amounts initially recognized or would have resulted in the recognition of additional assets or liabilities. See Note S Business Combinations for related disclosures. The amortization of identified intangible assets is based upon the estimated economic benefits to be received, which is also subjective. Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Company has selected October 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on the Company’s balance sheet. The core deposit intangibles are intangible assets arising from either whole bank acquisitions or branch acquisitions. They are initially measured at fair value and then amortized over periods ranging from six to eight years on a straight line basis. The Company periodically evaluates whether events and circumstances have occurred that may affect the estimated useful lives or the recoverability of the remaining balance of the intangible assets. |
Bank owned life insurance (BOLI) | Bank owned life insurance (BOLI): The Company, through its subsidiary bank, has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Revenue Recognition | Revenue Recognition: Revenue is recognized when the earnings process is complete and collectibility is assured. Brokerage fees and commissions are recognized on a trade date basis. Asset management fees, measured by assets at a particular date, are accrued as earned. Commission expenses are recorded when the related revenue is recognized. |
Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | Allowance for Loan Losses and Reserve for Unfunded Lending Commitments: The Company has developed policies and procedures for assessing the adequacy of the allowance for loan losses and reserve for unfunded lending commitments that reflect the evaluation of credit risk after careful consideration of all available information. Where appropriate this assessment includes monitoring qualitative and quantitative trends including changes in levels of past due, criticized and nonperforming loans. In developing this assessment, the Company must necessarily rely on estimates and exercise judgment regarding matters where the ultimate outcome is unknown such as economic factors, developments affecting companies in specific industries and issues with respect to single borrowers. Depending on changes in circumstances, future assessments of credit risk may yield materially different results, which may result in an increase or a decrease in the allowance for loan losses. The allowance for loan losses and reserve for unfunded lending commitments is maintained at a level the Company believes is adequate to absorb probable losses incurred in the loan portfolio and unfunded lending commitments as of the date of the consolidated financial statements. The Company employs a variety of modeling and estimation tools in developing the appropriate allowance for loan losses and reserve for unfunded lending commitments. The allowance for loan losses and reserve for unfunded lending commitments consists of formula-based components for both commercial and consumer loans, allowance for impaired commercial loans and allowance related to additional factors that are believed indicative of current trends and business cycle issues. If necessary, a specific allowance is established for individually evaluated impaired loans. The specific allowance established for these loans is based on a thorough analysis of the most probable source of repayment, including the present value of the loan’s expected future cash flows, the loan’s estimated market value, or the estimated fair value of the underlying collateral depending on the most likely source of repayment. General allowances are established for loans grouped into pools based on similar characteristics. In this process, general allowance factors are based on an analysis of historical charge-off experience, portfolio trends, regional and national economic conditions, and expected loss given default derived from the Company’s internal risk rating process. The Company monitors qualitative and quantitative trends in the loan portfolio, including changes in the levels of past due, criticized and nonperforming loans. The distribution of the allowance for loan losses and reserve for unfunded lending commitments between the various components does not diminish the fact that the entire allowance for loan losses and reserve for unfunded lending commitments is available to absorb credit losses in the loan portfolio. The principal focus is, therefore, on the adequacy of the total allowance for loan losses and reserve for unfunded lending commitments. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s bank subsidiary’s allowance for loan losses and reserve for unfunded lending commitments. These agencies may require such subsidiaries to recognize changes to the allowance for loan losses and reserve for unfunded lending commitments based on their judgments about information available to them at the time of their examination. |
Income Taxes | Income Taxes : The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their related tax bases and are measured using the enacted tax rates and laws that are in effect. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in rates is recognized as income or expense in the period in which the change occurs. See Note L, Income Taxes for related disclosures. |
Earnings per Share | Earnings per Share: Basic earnings per share are computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents calculated for stock options and performance restricted stock outstanding using the treasury stock method. |
Stock-Based Compensation | Stock-Based Compensation: |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment | The amortized cost and fair value of securities available for sale and held to maturity at December 31, 2016 and December 31, 2015 are summarized as follows: December 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 12,073 $ 255 $ 0 $ 12,328 Mortgage-backed securities of U.S. Government Sponsored Entities 287,726 585 (4,823) 283,488 Collateralized mortgage obligations of U.S. Government Sponsored Entities 238,805 314 (5,065) 234,054 Commercial mortgage backed securities of U.S. Government Sponsored Entities 22,351 222 (28) 22,545 Private mortgage backed securities 32,780 0 (791) 31,989 Private collateralized mortgage obligations 67,542 563 (816) 67,289 Collateralized loan obligations 124,716 838 (665) 124,889 Obligations of state and political subdivisions 63,161 622 (895) 62,888 Corporate and other debt securities 74,121 257 (517) 73,861 Private commercial mortgage backed securities 37,534 111 (473) 37,172 $ 960,809 $ 3,767 $ (14,073) $ 950,503 SECURITIES HELD TO MATURITY Mortgage-backed securities of U.S. Government Sponsored Entities $ 159,941 $ 704 $ (1,243) $ 159,402 Collateralized mortgage obligations of U.S. Government Sponsored Entities 147,208 386 (2,630) 144,964 Commercial mortgage backed securities of U.S. Government Sponsored Entities 17,375 233 (74) 17,534 Collateralized loan obligations 41,547 430 (314) 41,663 Private mortgage backed securities 6,427 0 (109) 6,318 $ 372,498 $ 1,753 $ (4,370) $ 369,881 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) SECURITIES AVAILABLE FOR SALE U.S. Treasury securities and obligations of U.S. Government Sponsored Entities $ 3,833 $ 78 $ 0 $ 3,911 Mortgage-backed securities of U.S. Government Sponsored Entities 192,224 847 (1,322) 191,749 Collateralized mortgage obligations of U.S. Government Sponsored Entities 242,620 470 (4,900) 238,190 Private mortgage-backed securities 32,558 0 (766) 31,792 Private collateralized mortgage obligations 77,965 700 (708) 77,957 Collateralized loan obligations 124,477 0 (1,894) 122,583 Obligations of state and political subdivisions 39,119 882 (110) 39,891 Corporate and other debt securities 44,652 37 (416) 44,273 Private commercial mortgage backed securities 41,127 13 (720) 40,420 $ 798,575 $ 3,027 $ (10,836) $ 790,766 SECURITIES HELD TO MATURITY Mortgage-backed securities of U.S. Government Sponsored Entities $ 64,993 $ 574 $ (16) $ 65,551 Collateralized mortgage obligations of U.S. Government Sponsored Entities 89,265 581 (406) 89,440 Collateralized loan obligations 41,300 0 (1,360) 39,940 Private mortgage backed securities 7,967 0 (85) 7,882 $ 203,525 $ 1,155 $ (1,867) $ 202,813 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | The amortized cost and fair value of securities at December 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due in less than one year $ 0 $ 0 $ 8,848 $ 9,044 Due after one year through five years 0 0 83,308 83,154 Due after five years through ten years 41,547 41,663 139,611 140,167 Due after ten years 0 0 31,415 30,709 41,547 41,663 263,182 263,074 Mortgage-backed securities of U.S. Government Sponsored Entities 159,941 159,402 287,726 283,488 Collateralized mortgage obligations of U.S. Government Sponsored Entities 147,208 144,964 238,805 234,054 Commercial mortgage backed securities of U.S. Government Sponsored Entities 17,375 17,534 22,351 22,545 Private mortgage-backed securities 0 0 32,780 31,989 Private collateralized mortgage obligations 6,427 6,318 67,542 67,289 Other debt securities 0 0 10,889 10,892 Private commercial mortgage backed securities 0 0 37,534 37,172 $ 372,498 $ 369,881 $ 960,809 $ 950,503 |
Schedule of Unrealized Loss and Fair Value on Investments | The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at December 31, 2016 and December 31, 2015, respectively. December 31, 2016 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 327,759 $ (5,991) $ 5,387 $ (75) $ 333,146 $ (6,066) Collateralized mortgage obligations of U.S. Government Sponsored Entities 234,175 (5,599) 58,912 (2,096) 293,087 (7,695) Commercial mortgage backed securities of U.S. Government Sponsored Entities 7,934 (102) 0 0 7,934 (102) Private mortgage backed securities 0 0 36,848 (900) 36,848 (900) Private collateralized mortgage obligations 1,460 0 38,417 (816) 39,877 (816) Collateralized loan obligations 8,152 (41) 51,694 (938) 59,846 (979) Obligations of state and political subdivisions 39,321 (895) 0 0 39,321 (895) Corporate and other debt securities 33,008 (517) 0 0 33,008 (517) Private commercial mortgage backed securities 12,667 (306) 7,139 (167) 19,806 (473) Total temporarily impaired securities $ 664,476 $ (13,451) $ 198,397 $ (4,992) $ 862,873 $ (18,443) December 31, 2015 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Mortgage-backed securities of U.S. Government Sponsored Entities $ 112,236 $ (1,082) $ 14,508 $ (256) $ 126,744 $ (1,338) Collateralized mortgage obligations of U.S. Government Sponsored Entities 97,512 (973) 147,266 (4,333) 244,778 (5,306) Private mortgage-backed securities 31,792 (766) 0 0 31,792 (766) Private collateralized mortgage obligations 19,939 (321) 31,533 (472) 51,472 (793) Collateralized loan obligations 101,601 (1,642) 60,922 (1,612) 162,523 (3,254) Obligations of state and political subdivisions 11,570 (110) 0 0 11,570 (110) Corporate and other debt securities 31,342 (416) 0 0 31,342 (416) Private commercial mortgage-backed securities 37,838 (720) 0 0 37,838 (720) Total temporarily impaired securities $ 443,830 $ (6,030) $ 254,229 $ (6,673) $ 698,059 $ (12,703) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | 2016 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 137,480 $ 114 $ 22,522 $ 160,116 Commercial real estate 1,041,915 11,257 304,420 1,357,592 Residential real estate 784,290 684 51,813 836,787 Commercial and financial 308,731 941 60,917 370,589 Consumer 152,927 0 1,018 153,945 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 2,425,850 $ 12,996 $ 440,690 $ 2,879,536 2015 Portfolio Loans PCI Loans PUL's Total (In thousands) Construction and land development $ 97,629 $ 114 $ 11,044 $ 108,787 Commercial real estate 776,875 9,990 222,513 1,009,378 Residential real estate 678,131 922 44,732 723,785 Commercial and financial 188,013 1,083 39,421 228,517 Consumer 82,717 0 2,639 85,356 Other loans 507 0 0 507 NET LOAN BALANCES (1) $ 1,823,872 $ 12,109 $ 320,349 $ 2,156,330 (1) Net loan balances at December 31, 2016 and 2015 include deferred costs of $ 4.4 7.7 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Components Of Purchased Loans | December 31, 2016 December 31, 2015 PCI PULs Total PCI PULs Total (In thousands) (In thousands) Construction and land development $ 114 $ 22,522 $ 22,636 $ 114 $ 11,045 $ 11,159 Commercial real estate 11,257 304,420 315,677 9,990 222,513 232,503 Residential real estate 684 51,813 52,497 922 44,732 45,654 Commercial and financial 941 60,917 61,858 1,083 39,420 40,503 Consumer 0 1,018 1,018 0 2,639 2,639 Carrying value of acquired loans $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,349 $ 332,458 Carrying value, net of allowance of $0 for 2016 and $137 for 2015 $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,212 $ 332,321 |
Contractually Required Principal And Interest Cash Payments Changes | The components of purchased loans are as follows at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 PCI PULs Total PCI PULs Total (In thousands) (In thousands) Construction and land development $ 114 $ 22,522 $ 22,636 $ 114 $ 11,045 $ 11,159 Commercial real estate 11,257 304,420 315,677 9,990 222,513 232,503 Residential real estate 684 51,813 52,497 922 44,732 45,654 Commercial and financial 941 60,917 61,858 1,083 39,420 40,503 Consumer 0 1,018 1,018 0 2,639 2,639 Carrying value of acquired loans $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,349 $ 332,458 Carrying value, net of allowance of $0 for 2016 and $137 for 2015 $ 12,996 $ 440,690 $ 453,686 $ 12,109 $ 320,212 $ 332,321 The table below summarizes the changes in accretable yield for PCI loans during the twelve months ended December 31, 2016, and December 31, 2015. See Note S for information related to PCI loans acquired during the period. Reclassifications from Activity during the twelve month period ending December 31, 2016 12/31/2015 Additions Deletions Accretion nonaccretable difference 12/31/2016 (In thousands) Accretable yield $ 2,610 $ 2,052 $ (15) $ (1,734) $ 894 $ 3,807 Carrying value $ 12,109 $ 12,996 Allowance for loan losses 0 0 Carrying value less allowance for loan losses $ 12,109 $ 12,996 Reclassifications from Activity during the twelve month period ending December 31, 2015 12/31/2014 Additions Deletions Accretion nonaccretable difference 12/31/2015 (In thousands) Accretable yield $ 1,192 $ 702 $ (357) $ (601) $ 1,674 $ 2,610 Carrying value of acquired loans $ 7,814 $ 12,109 Allowance for loan losses (64) 0 Carrying value less allowance for loan losses $ 7,750 $ 12,109 Reclassifications from Activity during the three month period ending December 31, 2014 9/30/2014 Additions Deletions Accretion nonaccretable difference 12/31/2014 (In thousands) Accretable yield $ 0 $ 1,256 $ (50) $ (96) $ 82 $ 1,192 Carrying value of acquired loans $ 0 $ 7,814 Allowance for loan losses 0 (64) Carrying value less allowance for loan losses $ 0 $ 7,750 |
Past Due Financing Receivables | The following tables present the contractual aging of the recorded investment in past due loans by class of loans as of December 31, 2016 and 2015: Accruing Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2016 Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 0 $ 0 $ 0 $ 438 $ 137,042 $ 137,480 Commercial real estate 78 171 0 1,784 1,039,882 1,041,915 Residential real estate 1,570 261 0 8,582 773,877 784,290 Commerical and financial 30 0 0 49 308,652 308,731 Consumer 29 59 0 170 152,669 152,927 Other 0 0 0 0 507 507 Total Loans $ 1,707 $ 491 $ 0 $ 11,023 $ 2,412,629 $ 2,425,850 Purchased Loans Construction and land development $ 0 $ 0 $ 0 $ 32 $ 22,490 $ 22,522 Commercial real estate 345 485 0 1,272 302,318 304,420 Residential real estate 153 0 0 1,262 50,398 51,813 Commerical and financial 39 328 0 197 60,353 60,917 Consumer 37 0 0 0 981 1,018 Other 0 0 0 0 0 0 Total Loans $ 574 $ 813 $ 0 $ 2,763 $ 436,540 $ 440,690 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 0 0 0 4,285 6,972 11,257 Residential real estate 0 185 0 0 499 684 Commerical and financial 0 0 0 0 941 941 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total Loans $ 0 $ 185 $ 0 $ 4,285 $ 8,526 $ 12,996 Accruing Accruing Greater Total 30-59 Days 60-89 Days Than Financing December 31, 2015 Past Due Past Due 90 Days Nonaccrual Current Receivables Portfolio Loans Construction and land development $ 665 $ 0 $ 0 $ 269 $ 96,695 $ 97,629 Commercial real estate 810 0 0 2,301 773,764 776,875 Residential real estate 141 0 0 9,941 668,049 678,131 Commerical and financial 59 0 0 0 187,954 188,013 Consumer 430 0 0 247 82,040 82,717 Other 0 0 0 0 507 507 Total Loans $ 2,105 $ 0 $ 0 $ 12,758 $ 1,809,009 $ 1,823,872 Purchased Loans Construction and land development $ 0 $ 0 $ 0 $ 40 $ 11,004 $ 11,044 Commercial real estate 179 0 0 2,294 220,040 222,513 Residential real estate 66 0 0 0 44,666 44,732 Commerical and financial 39 0 0 130 39,252 39,421 Consumer 39 0 0 0 2,600 2,639 Other 0 0 0 0 0 0 Total Loans $ 323 $ 0 $ 0 $ 2,464 $ 317,562 $ 320,349 Purchased Impaired Loans Construction and land development $ 0 $ 0 $ 0 $ 0 $ 114 $ 114 Commercial real estate 132 0 0 1,816 8,042 9,990 Residential real estate 0 0 0 348 574 922 Commerical and financial 0 0 0 0 1,083 1,083 Consumer 0 0 0 0 0 0 Other 0 0 0 0 0 0 Total Loans $ 132 $ 0 $ 0 $ 2,164 $ 9,813 $ 12,109 |
Financing Receivable Credit Quality Indicators | The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of December 31, 2016 and 2015: Construction & Land Commercial Residential Commercial & Consumer December 31, 2016 Development Real Estate Real Estate Financial Loans Total Pass $ 148,563 $ 1,319,696 $ 811,576 $ 364,241 $ 153,730 $ 2,797,806 Special mention 5,037 17,184 1,780 3,949 67 28,017 Substandard 5,497 7,438 2,709 2,153 134 17,931 Doubtful 0 0 0 0 0 0 Nonaccrual 470 7,341 9,844 246 170 18,071 Pass - Troubled debt restructures 44 4,988 358 0 44 5,434 Troubled debt restructures 505 945 10,520 0 307 12,277 Total $ 160,116 $ 1,357,592 $ 836,787 $ 370,589 $ 154,452 $ 2,879,536 Construction & Land Commercial Residential Commercial & Consumer December 31, 2015 Development Real Estate Real Estate Financial Loans Total Pass $ 100,186 $ 973,942 $ 697,907 $ 226,391 $ 83,786 $ 2,082,212 Special mention 3,377 12,599 629 1,209 1,392 19,206 Substandard 4,242 9,278 3,197 769 70 17,556 Doubtful 0 0 0 0 0 0 Nonaccrual 309 6,410 10,290 130 247 17,386 Pass - Troubled debt restructures 58 5,893 0 18 0 5,969 Troubled debt restructures 615 1,256 11,762 0 368 14,001 Total $ 108,787 $ 1,009,378 $ 723,785 $ 228,517 $ 85,863 $ 2,156,330 |
Impaired Loans and Allowance 31
Impaired Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Troubled Debt Restructurings on Financing Receivables | The following table presents accruing loans that were modified within the twelve months ending December 31, 2016 and 2015: Pre- Post- Modification Modification Number Outstanding Outstanding Specific Valuation of Recorded Recorded Reserve Allowance Contracts Investment Investment Recorded Recorded (In thousands) 2016: Construction and land development 1 $ 20 $ 18 $ 0 $ 2 Residential real estate 4 1,169 1,019 0 150 5 $ 1,189 $ 1,037 $ 0 $ 152 2015: Construction and land development 2 $ 220 $ 218 $ 0 $ 2 Residential real estate 1 27 26 0 1 Commercial real estate 3 1,881 1,787 0 94 Consumer 1 48 45 0 3 7 $ 2,176 $ 2,076 $ 0 $ 100 |
Impaired Financing Receivables | At December 31, 2016 and 2015, the Company's recorded investment in impaired loans (excluding PCI loans) and related valuation allowance was as follows: Impaired Loans for the Year Ended December 31, 2016 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 226 $ 321 $ 0 $ 193 $ 17 Commercial real estate 3,267 4,813 0 1,784 215 Residential real estate 9,706 14,136 0 9,370 579 Commercial and financial 199 206 0 15 9 Consumer 0 0 0 168 0 With an allowance recorded: Construction and land development 51 51 0 605 2 Commercial real estate 6,937 6,949 395 6,699 309 Residential real estate 12,332 12,681 2,059 12,015 455 Commercial and financial 0 0 0 0 0 Consumer 0 0 0 338 0 Total: Construction and land development 277 372 0 798 19 Commercial real estate 10,204 11,762 395 8,483 524 Residential real estate 22,038 26,817 2,059 21,385 1,034 Commercial and financial 199 206 0 15 9 Consumer 0 0 0 506 0 $ 32,718 $ 39,157 $ 2,454 $ 31,187 $ 1,586 Impaired Loans for the Year Ended December 31, 2015 Unpaid Related Average Interest Recorded Principal Valuation Recorded Income Investment Balance Allowance Investment Recognized ( In thousands ) With no related allowance recorded: Construction and land development $ 107 $ 255 $ 0 $ 1,252 $ 6 Commercial real estate 2,363 3,911 0 2,880 16 Residential real estate 9,256 13,707 0 10,259 168 Commercial and financial 17 17 0 84 1 Consumer 264 349 0 141 3 With an allowance recorded: Construction and land development 835 870 84 987 29 Commercial real estate 7,087 7,087 429 7,280 302 Residential real estate 12,447 12,803 1,964 15,136 337 Commercial and financial 0 0 0 0 0 Consumer 351 351 40 495 18 Total: Construction and land development 942 1,125 84 2,239 35 Commercial real estate 9,450 10,998 429 10,160 318 Residential real estate 21,703 26,510 1,964 25,395 505 Commercial and financial 17 17 0 84 1 Consumer 615 700 40 636 21 $ 32,727 $ 39,350 $ 2,517 $ 38,514 $ 880 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for loans losses (excluding PCI loans) for the three years ended December 31, 2016, 2015 and 2014 are summarized as follows: Provision Net (Charge- Beginning for Loan Charge- Offs) Ending Balance Losses Offs Recoveries Recoveries Balance (In thousands) December 31 , 2016 Construction and land development $ 1,151 $ (158) $ 0 $ 226 $ 226 $ 1,219 Commercial real estate 6,756 2,512 (301) 306 5 9,273 Residential real estate 8,057 (1,145) (215) 786 571 7,483 Commercial and financial 2,042 400 (615) 1,809 1,194 3,636 Consumer 1,122 802 (244) 109 (135) 1,789 $ 19,128 $ 2,411 $ (1,375) $ 3,236 $ 1,861 $ 23,400 December 31 , 2015 Construction and land development $ 722 $ 1,296 $ (1,271) $ 404 $ (867) $ 1,151 Commercial real estate 4,528 2,010 (482) 700 218 6,756 Residential real estate 9,784 (2,208) (779) 1,260 481 8,057 Commercial and financial 1,179 1,058 (726) 531 (195) 2,042 Consumer 794 552 (341) 117 (224) 1,122 $ 17,007 $ 2,708 $ (3,599) $ 3,012 $ (587) $ 19,128 December 31, 2014 Construction and land development $ 808 $ 139 $ (640) $ 415 $ (225) $ 722 Commercial real estate 6,160 (2,917) (398) 1,683 1,285 4,528 Residential real estate 11,659 (1,651) (1,126) 902 (224) 9,784 Commercial and financial 710 697 (398) 170 (228) 1,179 Consumer 731 182 (193) 74 (119) 794 $ 20,068 $ (3,550) $ (2,755) $ 3,244 $ 489 $ 17,007 |
Loan Portfolio And Related Allowance | Individually Evaluated for Collectively Evaluated for Impairment Impairment Total Recorded Associated Recorded Associated Recorded Associated December 31, 2016 Investment Allowance Investment Allowance Investment Allowance (In thousands) Construction and land development $ 277 $ 0 $ 159,839 $ 1,219 $ 160,116 $ 1,219 Commercial real estate 10,204 395 1,335,832 8,878 1,346,036 9,273 Residential real estate 22,038 2,059 814,250 5,424 836,288 7,483 Commercial and financial 199 0 369,449 3,636 369,648 3,636 Consumer 0 0 154,452 1,789 154,452 1,789 $ 32,718 $ 2,454 $ 2,833,822 $ 20,946 $ 2,866,540 $ 23,400 Individually Evaluated for Collectively Evaluated for Impairment Impairment Total Recorded Associated Recorded Associated Recorded Associated December 31, 2015 Investment Allowance Investment Allowance Investment Allowance (In thousands) Construction and land development $ 942 $ 84 $ 107,731 $ 1,067 $ 108,673 $ 1,151 Commercial real estate 9,450 429 989,938 6,327 999,388 6,756 Residential real estate 21,703 1,964 701,160 6,093 722,863 8,057 Commercial and financial 17 0 227,417 2,042 227,434 2,042 Consumer 615 40 85,248 1,082 85,863 1,122 $ 32,727 $ 2,517 $ 2,111,494 $ 16,611 $ 2,144,221 $ 19,128 |
PCI Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Loan Portfolio And Related Allowance | December 31, 2016 December 31, 2015 PCI Loans Individually PCI Loans Individually Evaluated for Impairment Evaluated for Impairment Recorded Associated Recorded Associated Investment Allowance Investment Allowance Construction and land development $ 114 $ 0 $ 114 $ 0 Commercial real estate 11,257 0 9,990 0 Residential real estate 684 0 922 0 Commercial and financial 941 0 1,083 0 Consumer 0 0 0 0 $ 12,996 $ 0 $ 12,109 $ 0 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | Bank premises and equipment are summarized as follows: Accumulated Net Depreciation & Carrying Cost Amortization Value (In thousands) December 31, 2016 Premises (including land of $14,773) $ 71,562 $ (22,969) $ 48,593 Furniture and equipment 30,281 (20,190) 10,091 $ 101,843 $ (43,159) $ 58,684 December 31, 2015 Premises (including land of $14,839) $ 66,965 $ (21,298) $ 45,667 Furniture and equipment 26,546 (17,634) 8,912 $ 93,511 $ (38,932) $ 54,579 |
Goodwill and Acquired Intangi33
Goodwill and Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired intangible assets consist of core deposit intangibles | Acquired intangible assets consist of core deposit intangibles ("CDI"), which are intangible assets arising from the purchase of deposits separately or from the acquisitions of BANKshares in 2014, Grand Bankshares in 2015, and Floridian Financial Group and BMO Harris's Orlando operations, each in 2016. The change in balance for CDI is as follows: 2016 2015 2014 (In thousands) Beginning of year $ 8,594 $ 7,454 $ 718 Acquired CDI 8,464 2,564 7,769 Amortization expense (2,486) (1,424) (1,033) End of year $ 14,572 $ 8,594 $ 7,454 (In months) Remaining Average Amoritzation Period 64 67 71 |
Gross Carrying Amount and Accumulated Amortization of Intangible Asset | The gross carrying amount and accumulated amortization of the Company's intangible asset subject to amortization at December 31 is presented below. 2016 2015 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Deposit base $ 18,796 $ (4,224) $ 19,827 $ (11,233) |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | A significant portion of the Company's short-term borrowings were comprised of unsecured federal funds purchased and securities sold under agreements to repurchase with maturities primarily from overnight to seven days 2016 2015 2014 (In thousands) Maximum amount outstanding at any month end $ 236,099 $ 192,786 $ 218,399 Weighted average interest rate at end of year 0.31 % 0.28 % 0.18 % Average amount outstanding $ 187,560 $ 168,188 $ 152,129 Weighted average interest rate during the year 0.26 % 0.20 % 0.17 % |
Collateral Securities Pledge Maturity | At December 31, 2016, 2015, and 2014, company securities pledged were as follows by collateral type and maturity: Overnight and Continuous Maturity Fair-Value of Pledge Securities 2016 2015 2014 (In thousands) Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities $ 204,202 $ 172,005 $ 153,640 |
Employee Benefits and Stock C35
Employee Benefits and Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The impact of share-based compensation on the Company’s financial results is presented below: (In thousands) Year Ended December 31, 2016 2015 2014 Share-based compensation expense $ 4,154 $ 2,859 1,299 Income tax benefit (1,602) (963) (501) |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2016 is presented below: (In thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining Restricted stock $ 4,341 2.2 Stock options 796 3.2 Total $ 5,137 2.4 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Information regarding restricted stock is summarized below: (In thousands, except share and per share data) Year Ended December 31, 2016 2015 2014 Shares granted 300,787 250,934 27,692 Weighted-average grant date fair value $ 14.90 $ 13.42 $ 10.19 Fair value of awards vested (1) $ 2,827 $ 836 $ 1,455 (1) |
Schedule of Nonvested Share Activity | A summary of the status of the Company’s non-vested restricted stock as of December 31, 2016, and changes during the year then ended, is presented below: (In thousands, except share and per share data) Shares Weighted-Average Grant-Date Fair Non-vested at January 1, 2016 543,177 $ 11.25 Granted 300,787 14.90 Forfeited/Cancelled (10,631) 14.94 Vested (303,689) 9.31 Non-vested at December 31, 2016 529,644 $ 14.37 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimated the fair value of each option grant on the date of grant using the Black-Scholes options-pricing model with the following weighted-average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rates 1.63 % 1.65 % 2.70 % Expected dividend yield 0 % 0 % 0 % Expected volatility 21.9 % 15.5 % 17.0 % Expected lives (years) 5.0 5.0 5.0 |
Schedule of Stock Options Roll Forward | Information regarding stock options as of December 31, 2016, and changes during the year then ended, are presented below: Options Weighted-Average Exercise Price Weighted-Average Remaining Aggregate Intrinsic Value (000s) Outstanding at January 1, 2016 556,647 $ 18.02 Granted 243,391 14.94 Exercised (12,400) 10.82 Forfeited (8,860) 133.60 Outstanding at December 31, 2016 778,778 $ 15.86 6.88 $ 7,369 Exercisable at December 31, 2016 432,660 $ 17.73 6.73 $ 4,412 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information related to stock options: (In thousands, except share and per share data) Year Ended December 31, 2016 2015 2014 Options granted 243,391 63,650 413,000 Weighted-average grant date fair value $ 3.41 $ 2.21 $ 2.26 Intrinsic value of stock options exercised $ 80 0 0 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information related to stock options as of December 31, 2016: Range of Exercise Prices Options Outstanding Remaining Contractual Life (Years) Shares Exercisable Weighted Average Exercise Price $10.54 to $10.78 390,000 7.2 312,239 $ 10.66 $10.97 to $15.99 360,241 7.0 91,884 13.88 $110.80 to $111.10 28,537 0.3 28,537 111.09 Total 778,778 6.9 432,660 $ 17.73 |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | The Employee Stock Purchase Plan (“ESPP”), as amended, was approved by shareholders on April 25, 1989, and additional shares were authorized for issuance by shareholders on June 18, 2009 and May 2, 2013. Under the ESPP, the Company is authorized to issue up to 300,000 95 Year Ended December 31, 2016 2015 2014 ESPP shares purchased 10,483 9,083 13,294 Weighted-average employee purchase price $ 16.02 $ 13.99 $ 10.63 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Future Minimum Lease Payments under Operating Leases | The Company is obligated under various noncancellable operating leases for equipment, buildings, and land. Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease. At December 31, 2016, future minimum lease payments under leases with initial or remaining terms in excess of one year are as follows: (In thousands) 2017 $ 5,325 2018 4,213 2019 4,026 2020 3,362 2021 2,213 Thereafter 12,429 $ 31,568 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is as follows: Year Ended December 31 2016 2015 2014 (In thousands) Current Federal $ 653 $ 578 $ 310 State 30 61 12 Deferred Federal 12,163 10,818 3,440 State 2,043 2,070 782 $ 14,889 $ 13,527 $ 4,544 |
Schedule of Effective Income Tax Rate Reconciliation | 35 Year Ended December 31 2016 2015 2014 (In thousands) Tax rate applied to income (loss) before income taxes $ 15,431 $ 12,484 $ 3,583 Increase (decrease) resulting from the effects of: Nondeductible acquisition costs 217 441 554 Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance (1,215) (761) (293) State income taxes (726) (746) (278) Nontaxable bargain purchase gain 0 (146) 0 Tax credit investments (55) 0 0 Stock compensation (731) 127 92 Other (105) (3) 92 Federal tax provision 12,816 11,396 3,750 State tax provision 2,073 2,131 794 Total income tax provision $ 14,889 $ 13,527 $ 4,544 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets (liabilities) are comprised of the following: December 31 2016 2015 (In thousands) Allowance for loan losses $ 9,477 $ 7,759 Premises and equipment 2,334 898 Other real estate owned 841 1,737 Accrued stock compensation 1,561 1,235 Federal tax loss carryforward 28,089 33,507 State tax loss carryforward 6,123 6,593 Alternative minimum tax carryforward 4,261 3,355 Net unrealized securities losses 4,616 3,906 Deferred compensation 3,279 1,829 Accrued interest and fee income 3,267 2,404 Other 3,748 3,185 Gross deferred tax assets 67,596 66,408 Less: Valuation allowance 0 0 Deferred tax assets net of valuation allowance 67,596 66,408 Deposit base intangible (3,953) (3,452) Other (2,825) (2,682) Gross deferred tax liabilities (6,778) (6,134) Net deferred tax assets $ 60,818 $ 60,274 |
Summary of Income Tax Examinations | The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination: Jurisdiction Tax Year United States of America 2013 Florida 2013 |
Noninterest Income and Expens38
Noninterest Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noninterest Income and Expenses [Abstract] | |
Summary of Noninterest Income and Expense | Details of noninterest income and expense follow: Year Ended December 31 2016 2015 2014 (In thousands) Noninterest income Service charges on deposit accounts $ 9,669 $ 8,563 $ 6,952 Trust fees 3,433 3,132 2,986 Mortgage banking fees 5,864 4,252 3,057 Brokerage commissions and fees 2,044 2,132 1,614 Marine finance fees 673 1,152 1,320 Interchange income 9,227 7,684 5,972 Other deposit based EFT fees 477 397 343 BOLI Income 2,213 1,426 252 Gain on participated loan 0 725 0 Other 3,827 2,555 2,248 37,427 32,018 24,744 Securities gains, net 368 161 469 Bargain purchase gain, net 0 416 0 TOTAL $ 37,795 $ 32,595 $ 25,213 Noninterest expense Salaries and wages $ 54,096 $ 41,075 $ 35,132 Employee benefits 9,903 9,564 8,773 Outsourced data processing costs 13,516 10,150 8,781 Telephone / data lines 2,108 1,797 1,331 Occupancy 13,122 8,744 7,930 Furniture and equipment 4,720 3,434 2,535 Marketing 3,633 4,428 3,576 Legal and professional fees 9,596 8,022 6,871 FDIC assessments 2,365 2,212 1,660 Amortization of intangibles 2,486 1,424 1,033 Asset dispositions expense 553 472 488 Branch closures and new branding 0 0 4,958 Net (gain)/loss on other real estate owned and repossessed assets (509) 239 310 Early redemption cost for Federal Home Loan Bank advances 1,777 0 0 Other 13,515 12,209 9,988 TOTAL $ 130,881 $ 103,770 $ 93,366 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Required Regulatory Capital | Minimum To Be Well Capitalized Under Prompt Minimum for Capital Adequacy Corrective Action Purpose (1) Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) SEACOAST BANKING CORP (CONSOLIDATED) At December 31, 2016: Total Capital Ratio (to risk-weighted assets) $ 432,058 13.25 % $ 260,790 ≥ 8.00 % n/a n/a Tier 1 Capital Ratio (to risk-weighted assets) 408,596 12.53 195,592 ≥ 6.00 % n/a n/a Common Equity Tier 1 Capital (to risk-weighted assets) 351,769 10.79 146,694 ≥ 4.50 % n/a n/a Tier 1 Leverage Ratio (to adjusted average assets) 408,596 9.15 178,656 4.0 n/a n/a At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 383,039 16.01 % $ 191,413 ≥ 8.00 % n/a n/a Tier 1 Capital Ratio (to risk-weighted assets) 363,873 15.21 143,560 ≥ 6.00 % n/a n/a Common Equity Tier 1 Capital (to risk-weighted assets) 317,004 13.25 107,670 ≥ 4.50 % n/a n/a Tier 1 Leverage Ratio (to adjusted average assets) 363,873 10.70 136,009 ≥ 4.00 % n/a n/a SEACOAST BANK (A WHOLLY OWNED BANK SUBSIDIARY) At December 31, 2016: Total Capital Ratio (to risk-weighted assets) $ 415,147 12.75 % $ 260,491 ≥ 8.00 % $ 325,987 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 391,685 12.03 195,368 ≥ 6.00 % 260,790 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 391,685 12.03 146,526 ≥ 4.50 % 211,892 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 391,685 8.78 178,501 4.0 223,320 ≥ 5.00 % At December 31, 2015: Total Capital Ratio (to risk-weighted assets) $ 337,259 14.11 % $ 191,240 ≥ 8.00 % $ 239,050 ≥ 10.00 % Tier 1 Capital Ratio (to risk-weighted assets) 318,093 13.31 143,430 ≥ 6.00 % 191,240 ≥ 8.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 318,093 13.31 107,572 ≥ 4.50 % 155,382 ≥ 6.50 % Tier 1 Leverage Ratio (to adjusted average assets) 318,093 9.36 135,929 ≥ 4.00 % 169,911 ≥ 5.00 % (1) Excludes new capital conservation buffer of 0.625 |
(Parent Company Only) Financi40
(Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summary of Balance Sheet | Balance Sheets December 31 2016 2015 (In thousands) ASSETS Cash $ 648 $ 364 Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days 12,676 43,323 Investment in subsidiaries 494,809 383,516 Other assets 1,211 10 $ 509,344 $ 427,213 LIABILITIES AND SHAREHOLDERS' EQUITY Subordinated debt $ 70,241 $ 69,961 Other liabilities 3,706 3,799 Shareholders' equity 435,397 353,453 $ 509,344 $ 427,213 |
Summary of Statements of Income (Loss) | Statements of Income (Loss) Year Ended December 31 2016 2015 2014 (In thousands) Income Interest/other $ 352 $ 115 $ 43 Dividends from subsidiary Bank 0 0 0 352 115 43 Interest expense 2,115 1,671 1,053 Other expenses 462 317 1,000 Loss before income tax benefit and equity in undistributed income of subsidiaries (2,225) (1,873) (2,010) Income tax benefit (801) (661) (704) Income (loss) before equity in undistributed income of subsidiaries (1,424) (1,212) (1,306) Equity in undistributed income of subsidiaries 30,626 23,353 7,002 Net income $ 29,202 $ 22,141 $ 5,696 |
Summary of Statement of Cash Flows | Statements of Cash Flows Year Ended December 31 2016 2015 2014 (In thousands) Cash flows from operating activities Net Income $ 29,202 $ 22,141 $ 5,696 Equity in undistributed (income) loss of subsidiaries (30,626) (23,353) (7,002) Net (increase) decrease in other assets (12) 10 0 Net increase (decrease) in other liabilities 12 (48) (76) Net cash used in operating activities (1,424) (1,250) (1,382) Cash flows from investing activities Net cash paid for bank acquisition (28,905) 0 0 Investment in unconsolidated subsidiary (200) 0 0 Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net 30,647 (5,487) (37,044) Net cash provided by (used in) investment activities 1,542 (5,487) (37,044) Cash flows from financing activities Issuance of common stock, net of related expense 0 0 24,637 Subordinated debt increase 0 6,494 13,208 Stock based employment plans 166 127 142 Net cash provided by financing activities 166 6,621 37,987 Net change in cash 284 (116) (439) Cash at beginning of year 364 480 919 Cash at end of year $ 648 $ 364 $ 480 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 1,824 $ 1,487 $ 1,058 |
Contingent Liabilities and Co41
Contingent Liabilities and Commitments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Unfunded limited partner equity commitments at December 31, 2016 totaled $ 10,148,000 Unfunded commitments for the Company at December 31, 2016 and 2015 are as follows: December 31 2016 2015 (In thousands) Contract or Notional Amount Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 532,082 $ 343,245 Standby letters of credit and financial guarantees written: Secured 10,776 9,593 Unsecured 554 93 Unfunded limited partner equity commitment 10,148 2,911 |
Summary of Minimum Future Contractual Obligation Under Renewal of Contract | Year End December 31, (In thousands) 2016 $ 7,707 2017 2,569 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | In addition, it includes guidance on identifying circumstances that indicate a transaction is not orderly. Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at December 31, 2016 and December 31, 2015 included: Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Fair Value Identical Assets Inputs Inputs (Dollars in thousands) Measurements Level 1 Level 2 Level 3 At December 31, 2016 Available for sale securities (1) $ 950,503 $ 100 $ 950,403 $ 0 Loans held for sale (2) 15,332 0 15,332 0 Loans (3) 4,120 0 3,170 950 Other real estate owned (4) 9,949 0 0 9,949 At December 31, 2015 Available for sale securities (1) $ 790,766 $ 225 $ 790,541 $ 0 Loans held for sale (2) 23,998 0 23,998 0 Loans (3) 7,511 0 6,052 1,459 Other real estate owned (4) 7,039 0 598 6,441 (1) See Note D for further detail of fair value of individual investment categories. (2) Recurring fair value basis determined using observable market data. (3) See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. (4) Fair value is measured on a nonrecurring basis in accordance with ASC 360. |
Fair Value Measurements, Recurring and Nonrecurring | The carrying amount and fair value of the Company's other significant financial instruments that are not measured at fair value on a recurring basis in the balance sheet as of December 31, 2016 and December 31, 2015 is as follows: Quoted Prices in Significant Other Significant Other Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (Dollars in thousands) Amount Level 1 Level 2 Level 3 At December 31, 2016 Financial Assets Securities held to maturity (1) $ 372,498 $ 0 $ 369,881 $ 0 Loans, net 2,852,016 0 0 2,840,993 Financial Liabilities Deposits 3,523,245 0 0 3,523,322 Subordinated debt 70,241 0 54,908 0 At December 31, 2015 Financial Assets Securities held to maturity (1) $ 203,525 $ 0 $ 202,813 $ 0 Loans, net 2,129,691 0 0 2,147,024 Financial Liabilities Deposits 2,844,387 0 0 2,843,800 FHLB borrowings 50,000 0 51,788 0 Subordinated debt 69,961 0 52,785 0 (1) See Note D for further detail of recurring fair value basis of individual investment categories. |
Schedule of contractual balance and gains or losses aggregate fair value | Interest income is recorded based on contractual terms of the loan in accordance with Company policy on loans held for investment. None of the loans are 90 days or more past due or on nonaccrual at December 31, 2016 and December 31, 2015, respectively. December 31, December 31, (Dollars in thousands) 2016 2015 Aggregate fair value $ 15,332 $ 23,998 Contractual balance 14,904 23,384 Gains (losses) 428 614 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | In 2016, 2015, and 2014, options and warrants to purchase 131,000 456,000 293,000 Year Ended December 31 Net Income Per Share (Loss) Shares Amount (Dollars in thousands, except per share data) 2016 Basic Earnings Per Share Income available to common shareholders $ 29,202 36,872,007 $ 0.79 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 636,039 Income available to common shareholders plus assumed conversions $ 29,202 37,508,046 $ 0.78 2015 Basic Earnings Per Share Income available to common shareholders $ 22,141 33,495,827 $ 0.66 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 248,344 Income available to common shareholders plus assumed conversions $ 22,141 33,744,171 $ 0.66 2014 Basic Earnings Per Share Income available to common shareholders $ 5,696 27,538,955 $ 0.21 Diluted Earnings Per Share Employee restricted stock and stock options (See Note J) 177,940 Income available to common shareholders plus assumed conversions $ 5,696 27,716,895 $ 0.21 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
The Bank shares Inc [Member] | |
Business Acquisition [Line Items] | |
Schedule of summarizing the purchase price calculation | The purchase price consisted of stock, and additionally the Company paid approximately $ 1.48 1,000 0.3114 1.09 15.75 18.7 July 15, 2015 Grand preferred B shares exchanged for cash $ 1,481,000 Number of Grand common shares outstanding 3,501,185 Per share exchange ratio 0.3114 Number of shares of common stock issued 1,090,269 Multiplied by comon stock price per share on July 17, 2015 $ 15.75 Value of common stock issued 17,171,737 Total purchase price $ 18,652,737 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. As previously disclosed the fair value initially assigned to assets acquired and liabilities assumed were 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 are known. Based on recoveries of principal and interest on loans previously charged off and OREO appraisals received subsequent to the acquisition date, the Company adjusted its initial fair value estimates at acquisition date as indicated in the table below. Determining fair values of assets and liabilities, especially the loan portfolio and foreclosed real estate, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Adjustments under ASU Topic 805 resulted in a bargain purchase gain of $ 416,000 Measurement July 17, 2015 Period July 17, 2015 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 34,408 $ 0 $ 34,408 Investment securities 46,366 0 46,366 Loans, net 109,988 1,304 111,292 Fixed assets 4,191 0 4,191 OREO 2,424 437 2,861 Core deposit intangibles 2,564 0 2,564 Goodwill 555 (555) 0 Other assets 14,163 (770) 13,393 $ 214,659 $ 416 $ 215,075 Liabilities: Deposits $ 188,469 $ 0 $ 188,469 Borrowings 1,658 0 1,658 Subordinated debt 5,151 0 5,151 Other liabilities 728 0 728 $ 196,006 $ 0 $ 196,006 Bargain purchase gain $ (416) |
Fair Value, Assets Measured on Recurring Basis | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. July 17, 2015 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 6,158 $ 6,379 Commercial real estate 82,782 81,191 Construction/development/land 979 913 Commercial loans 2,393 1,516 Consumer and other loans 14,575 13,692 Purchased credit-impaired 10,993 7,601 Total acquired loans $ 117,880 $ 111,292 |
Schedule of Contractually required principal and interest payments | (Dollars in thousands) July 17, 2015 Contractually required principal and interest $ 12,552 Non-accretable difference (4,249) Cash flows expected to be collected 8,303 Accretable yield (702) Total purchased credit impaired loans acquired $ 7,601 |
Floridian Financial Group, Inc [Member] | |
Business Acquisition [Line Items] | |
Schedule of summarizing the purchase price calculation | Under the terms of the definitive agreement, Floridian shareholders received, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoast’s closing price of $15.47 per share on March 11, 2016). March 11, 2016 Floridian shares exchanged for cash $ 26,699,000 Number of Floridian common shares outstanding 6,222,119 Per share exchange ratio 0.5289 Number of shares of common stock issued 3,291,066 Multiplied by common stock price per share on March 11, 2016 $ 15.47 Value of common stock issued 50,912,791 Total purchase price $ 77,611,791 |
Schedule of Business Acquisitions, by Acquisition | The acquisition is accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill on this acquisition which is nondeductible for tax purposes as this acquisition is a nontaxable transaction. The goodwill was calculated based on the fair values of the assets acquired and liabilities assumed as of the acquisition date. Loans that were nonaccrual and all loan relationships identified as impaired as of the acquisition date were considered by management to be credit impaired and were accounted for pursuant to ASC Topic 310-30. Measurement March 11, 2016 Period March 11, 2016 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash $ 28,243 $ 0 $ 28,243 Investment securities 66,912 95 67,007 Loans, net 268,249 (2,112) 266,137 Fixed assets 7,801 (628) 7,173 Core deposit intangibles 3,375 0 3,375 Goodwill 29,985 1,647 31,632 Other assets 12,879 998 13,877 $ 417,444 $ 0 $ 417,444 Liabilities: Deposits $ 337,341 $ 0 $ 337,341 Other liabilities 2,492 0 2,492 $ 339,833 $ 0 $ 339,833 |
Fair Value, Assets Measured on Recurring Basis | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. March 11, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Single family residential real estate $ 38,304 $ 37,367 Commercial real estate 172,531 167,105 Construction/development/land 20,546 18,108 Commercial loans 39,070 37,804 Consumer and other loans 3,385 3,110 Purchased credit-impaired 6,186 2,643 Total acquired loans $ 280,022 $ 266,137 |
Schedule of Contractually required principal and interest payments | (Dollars in thousands) March 11, 2016 Contractually required principal and interest $ 8,031 Non-accretable difference (4,820) Cash flows expected to be collected 3,211 Accretable yield (568) Total purchased credit impaired loans acquired $ 2,643 |
Business Acquisition, Pro Forma Information | The operating results of the Company for the twelve months ended December 31, 2016 include the operating results of the acquired assets and assumed liabilities since the date of acquisition of March 11, 2016. Pro-forma data for the twelve months ended December 31, 2016 and 2015 listed in the table below present pro-forma information as if the acquisition occurred at the beginning of 2015. Twelve Months Ended December 31, (Dollars in thousands, except per share amounts) 2016 2015 Net interest income $ 142,354 $ 122,413 Net income available to common shareholders 30,466 27,070 EPS - basic $ 0.81 $ 0.74 EPS - diluted 0.80 0.73 |
BMO Harris Bank [Member] | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The fair values listed are preliminary and are subject to adjustment. The acquisition is accounted for under the acquisition method in accordance with ASC Topic 805, Business Combinations Measurement June 3, 2016 Period June 3, 2016 (Initially Reported) Adjustments (As Adjusted) (in thousands) Assets: Cash from BMO (net of payable) $ 234,094 $ 0 $ 234,094 Loans, net 62,671 0 62,671 Fixed assets 3,715 0 3,715 Core deposit intangibles 5,223 (135) 5,088 Goodwill 7,645 163 7,808 Other assets 952 (28) 924 $ 314,300 $ 0 $ 314,300 Liabilities: Deposits $ 314,248 $ 0 $ 314,248 Other liabilities 52 0 52 $ 314,300 $ 0 $ 314,300 |
Fair Value, Assets Measured on Recurring Basis | The table below presents information with respect to the fair value of acquired loans, as well as their unpaid principal balance (“Book Balance”) at acquisition date. June 3, 2016 (Dollars in thousands) Book Balance Fair Value Loans: Commercial real estate $ 31,564 $ 31,200 Commercial loans 32,479 31,471 Purchased credit-impaired 0 0 Total acquired loans $ 64,043 $ 62,671 |
Significant Accounting Polici45
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Line Items] | |
Modified loan terms | 6 months |
Loan And Leases Due Period For Discontinuation Of Interest Accrual | 90 days |
Consumer Loans Charged Off Period | 120 days |
Building [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Building [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Cash, Dividend and Loan Restr46
Cash, Dividend and Loan Restrictions - Additional Information (Details) $ in Millions | Dec. 31, 2016USD ($) |
Cash Dividend and Loan Restrictions [Line Items] | |
Maximum Amount Available For Transfer Of Loans | $ 52 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 61 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from Sale of Available-for-sale Securities, Debt | $ 40,421,000 | $ 60,314,000 | $ 21,527,000 |
Available-for-sale Securities, Gross Realized Gains | 454,000 | 633,000 | 456,000 |
Available-for-sale Securities, Gross Realized Losses | $ 86,000 | 472,000 | |
Collateral Underlying Mortgage Investments Terms | 30- and 15-year fixed and 10/1 adjustable rate mortgage | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 35,900,000 | ||
Cost Method Investments, Fair Value Disclosure | 35,900,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 862,873,000 | 698,059,000 | |
Accumulated unrealized losses | 18,443,000 | 12,703,000 | |
Securities Available For Sale Transferred To Held-To-Maturity | 92,100,000 | 158,800,000 | |
Available For Sale Securities Transferred To Held To Maturity Securities Unrealized Gain Loss | 0 | 0 | $ (3,137,000) |
Trading Securities, Unrealized Holding Loss | 1,800,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 664,476,000 | 443,830,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 13,451,000 | $ 6,030,000 | |
Common Stock, Shares, Outstanding | 38,021,835 | 34,351,409 | |
Debt Instrument, Convertible, Conversion Price | $ 1.6483 | ||
Common Class B [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Common Stock, Shares, Outstanding | 11,330 | ||
Common Class A [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 18,675 | ||
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,800,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22,800,000 | $ 38,900,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 400,000 | $ 400,000 | |
Carrying Amount [Member] | Repurchase Agreement [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities pledged as collateral | 204,200,000 | ||
Carrying Amount [Member] | United States Treasury Deposits and Other Public and Trust Deposits [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities pledged as collateral | 193,800,000 | ||
Mortgage Backed Securities And Collateralized Mortgage Obligations Of Us Government Sponsored Entities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 634,200,000 | ||
Accumulated unrealized losses | 13,900,000 | ||
Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 59,900,000 | ||
Accumulated unrealized losses | 1,000,000 | ||
Private Collateralized Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 76,700,000 | ||
Accumulated unrealized losses | $ 1,700,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | $ 960,809 | $ 798,575 |
Gross Unrealized Gains, Available for Sale | 3,767 | 3,027 |
Gross Unrealized Losses, Available for Sale | (14,073) | (10,836) |
Fair Value, Available for Sale | 950,503 | 790,766 |
Amortized Cost, Held to Maturity | 372,498 | 203,525 |
Gross Unrealized Gains, Held to Maturity | 1,753 | 1,155 |
Gross Unrealized Losses, Held to Maturity | (4,370) | (1,867) |
Fair Value, Held to Maturity | 369,881 | 202,813 |
U.S. Treasury Securities and obligations of U.S. Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 12,073 | 3,833 |
Gross Unrealized Gains, Available for Sale | 255 | 78 |
Gross Unrealized Losses, Available for Sale | 0 | 0 |
Fair Value, Available for Sale | 12,328 | 3,911 |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 287,726 | 192,224 |
Gross Unrealized Gains, Available for Sale | 585 | 847 |
Gross Unrealized Losses, Available for Sale | (4,823) | (1,322) |
Fair Value, Available for Sale | 283,488 | 191,749 |
Amortized Cost, Held to Maturity | 159,941 | 64,993 |
Gross Unrealized Gains, Held to Maturity | 704 | 574 |
Gross Unrealized Losses, Held to Maturity | (1,243) | (16) |
Fair Value, Held to Maturity | 159,402 | 65,551 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 238,805 | 242,620 |
Gross Unrealized Gains, Available for Sale | 314 | 470 |
Gross Unrealized Losses, Available for Sale | (5,065) | (4,900) |
Fair Value, Available for Sale | 234,054 | 238,190 |
Amortized Cost, Held to Maturity | 147,208 | 89,265 |
Gross Unrealized Gains, Held to Maturity | 386 | 581 |
Gross Unrealized Losses, Held to Maturity | (2,630) | (406) |
Fair Value, Held to Maturity | 144,964 | 89,440 |
Private mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 32,780 | 32,558 |
Gross Unrealized Gains, Available for Sale | 0 | 0 |
Gross Unrealized Losses, Available for Sale | (791) | (766) |
Fair Value, Available for Sale | 31,989 | 31,792 |
Amortized Cost, Held to Maturity | 6,427 | |
Gross Unrealized Gains, Held to Maturity | 0 | |
Gross Unrealized Losses, Held to Maturity | (109) | |
Fair Value, Held to Maturity | 0 | |
Private collateralized mortgage obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 67,542 | 77,965 |
Gross Unrealized Gains, Available for Sale | 563 | 700 |
Gross Unrealized Losses, Available for Sale | (816) | (708) |
Fair Value, Available for Sale | 67,289 | 77,957 |
Amortized Cost, Held to Maturity | 7,967 | |
Gross Unrealized Gains, Held to Maturity | 0 | |
Gross Unrealized Losses, Held to Maturity | (85) | |
Fair Value, Held to Maturity | 6,318 | 7,882 |
Collateralized loan obligations [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 124,716 | 124,477 |
Gross Unrealized Gains, Available for Sale | 838 | 0 |
Gross Unrealized Losses, Available for Sale | (665) | (1,894) |
Fair Value, Available for Sale | 124,889 | 122,583 |
Amortized Cost, Held to Maturity | 41,547 | 41,300 |
Gross Unrealized Gains, Held to Maturity | 430 | 0 |
Gross Unrealized Losses, Held to Maturity | (314) | (1,360) |
Fair Value, Held to Maturity | 41,663 | 39,940 |
Obligations of state and political subdivisions [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 63,161 | 39,119 |
Gross Unrealized Gains, Available for Sale | 622 | 882 |
Gross Unrealized Losses, Available for Sale | (895) | (110) |
Fair Value, Available for Sale | 62,888 | 39,891 |
Corporate and other debt securities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 74,121 | 44,652 |
Gross Unrealized Gains, Available for Sale | 257 | 37 |
Gross Unrealized Losses, Available for Sale | (517) | (416) |
Fair Value, Available for Sale | 73,861 | 44,273 |
Fair Value, Held to Maturity | 0 | |
Private commercial mortgage backed securities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 37,534 | 41,127 |
Gross Unrealized Gains, Available for Sale | 111 | 13 |
Gross Unrealized Losses, Available for Sale | (473) | (720) |
Fair Value, Available for Sale | 37,172 | $ 40,420 |
Fair Value, Held to Maturity | 0 | |
Commercial mortgage backed securities of U.S. Government Sponsored Entities [Member] | ||
Amortized cost and fair value of securities available for sale and held to maturity | ||
Amortized Cost, Available for Sale | 22,351 | |
Gross Unrealized Gains, Available for Sale | 222 | |
Gross Unrealized Losses, Available for Sale | (28) | |
Fair Value, Available for Sale | 22,545 | |
Amortized Cost, Held to Maturity | 17,375 | |
Gross Unrealized Gains, Held to Maturity | 233 | |
Gross Unrealized Losses, Held to Maturity | (74) | |
Fair Value, Held to Maturity | $ 17,534 |
Securities - Amortized Cost a49
Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | $ 372,498 | $ 203,525 |
Held to Maturity, Fair Value, Total | 369,881 | 202,813 |
Available for Sale, Amortized Cost, Total | 960,809 | |
Available for Sale, Fair Value, Total | 950,503 | 790,766 |
Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Due in less than one year | 0 | |
Held to Maturity, Fair Value, Due in less than one year | 0 | |
Available for Sale Amortized Cost, Due in less than one year | 8,848 | |
Available for Sale, Fair Value, Due in less than one year | 9,044 | |
Held to Maturity, Amortized Cost, Due after one year through five years | 0 | |
Held to Maturity, Fair Value, Due after one year through five years | 0 | |
Available for Sale, Amortized Cost, Due after one year through five years | 83,308 | |
Available for Sale, Fair Value, Due after one year through five years | 83,154 | |
Held to Maturity, Amortized Cost, Due after five years through ten years | 41,547 | |
Held to Maturity, Fair Value, Due after five years through ten years | 41,663 | |
Available for Sale, Amortized Cost, Due after five years through ten years | 139,611 | |
Available for Sale, Fair Value, Due after five years through ten years | 140,167 | |
Held to Maturity, Amortized Cost, Due after ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 31,415 | |
Available for Sale, Fair Value, Due after ten years | 30,709 | |
Held to Maturity, Amortized Cost, Total | 41,547 | |
Held to Maturity, Fair Value, Total | 41,663 | |
Available for Sale, Amortized Cost, Total | 263,182 | |
Available for Sale, Fair Value, Total | 263,074 | |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 159,941 | |
Held to Maturity, Fair Value, Total | 159,402 | 65,551 |
Available for Sale, Amortized Cost, Total | 287,726 | |
Available for Sale, Fair Value, Total | 283,488 | 191,749 |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 147,208 | |
Held to Maturity, Fair Value, Total | 144,964 | 89,440 |
Available for Sale, Amortized Cost, Total | 238,805 | |
Available for Sale, Fair Value, Total | 234,054 | 238,190 |
Private mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 0 | |
Held to Maturity, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 32,780 | |
Available for Sale, Fair Value, Total | 31,989 | 31,792 |
Private collateralized mortgage obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 6,427 | |
Held to Maturity, Fair Value, Total | 6,318 | 7,882 |
Available for Sale, Amortized Cost, Total | 67,542 | |
Available for Sale, Fair Value, Total | 67,289 | 77,957 |
Corporate and other debt securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 0 | |
Held to Maturity, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 10,889 | |
Available for Sale, Fair Value, Total | 73,861 | 44,273 |
Private commercial mortgage backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 0 | |
Held to Maturity, Fair Value, Total | 0 | |
Available for Sale, Amortized Cost, Total | 37,534 | |
Available for Sale, Fair Value, Total | 37,172 | $ 40,420 |
Commercial mortgage backed securities of U.S. Government Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost, Total | 17,375 | |
Held to Maturity, Fair Value, Total | 17,534 | |
Available for Sale, Amortized Cost, Total | 22,351 | |
Available for Sale, Fair Value, Total | $ 22,545 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value | ||
Less than 12 months | $ 664,476 | $ 443,830 |
12 months or longer | 198,397 | 254,229 |
Total | 862,873 | 698,059 |
Unrealized Losses | ||
Less than 12 months | (13,451) | (6,030) |
12 months or longer | (4,992) | (6,673) |
Total | (18,443) | (12,703) |
Collateralized Loan Obligations [Member] | ||
Fair Value | ||
Less than 12 months | 8,152 | 101,601 |
12 months or longer | 51,694 | 60,922 |
Total | 59,846 | 162,523 |
Unrealized Losses | ||
Less than 12 months | (41) | (1,642) |
12 months or longer | (938) | (1,612) |
Total | (979) | (3,254) |
Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Fair Value | ||
Less than 12 months | 327,759 | 112,236 |
12 months or longer | 5,387 | 14,508 |
Total | 333,146 | 126,744 |
Unrealized Losses | ||
Less than 12 months | (5,991) | (1,082) |
12 months or longer | (75) | (256) |
Total | (6,066) | (1,338) |
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 234,175 | 97,512 |
12 months or longer | 58,912 | 147,266 |
Total | 293,087 | 244,778 |
Unrealized Losses | ||
Less than 12 months | (5,599) | (973) |
12 months or longer | (2,096) | (4,333) |
Total | (7,695) | (5,306) |
Private mortage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 0 | 31,792 |
12 months or longer | 36,848 | 0 |
Total | 36,848 | 31,792 |
Unrealized Losses | ||
Less than 12 months | 0 | (766) |
12 months or longer | (900) | 0 |
Total | (900) | (766) |
Private collaterlized mortgage obligations [Member] | ||
Fair Value | ||
Less than 12 months | 1,460 | 19,939 |
12 months or longer | 38,417 | 31,533 |
Total | 39,877 | 51,472 |
Unrealized Losses | ||
Less than 12 months | 0 | (321) |
12 months or longer | (816) | (472) |
Total | (816) | (793) |
Obligations of state and political subdivisions [Member] | ||
Fair Value | ||
Less than 12 months | 39,321 | 11,570 |
12 months or longer | 0 | 0 |
Total | 39,321 | 11,570 |
Unrealized Losses | ||
Less than 12 months | (895) | (110) |
12 months or longer | 0 | 0 |
Total | (895) | (110) |
Corporate and other debt securities [member] | ||
Fair Value | ||
Less than 12 months | 33,008 | 31,342 |
12 months or longer | 0 | 0 |
Total | 33,008 | 31,342 |
Unrealized Losses | ||
Less than 12 months | (517) | (416) |
12 months or longer | 0 | 0 |
Total | (517) | (416) |
Private commercial mortgage backed securities [Member] | ||
Fair Value | ||
Less than 12 months | 12,667 | 37,838 |
12 months or longer | 7,139 | 0 |
Total | 19,806 | 37,838 |
Unrealized Losses | ||
Less than 12 months | (306) | (720) |
12 months or longer | (167) | 0 |
Total | (473) | $ (720) |
Commercial mortgage backed securities of U.S. Government Sponsored Entities [Member] | ||
Fair Value | ||
Less than 12 months | 7,934 | |
12 months or longer | 0 | |
Total | 7,934 | |
Unrealized Losses | ||
Less than 12 months | (102) | |
12 months or longer | 0 | |
Total | $ (102) |
Loans - Additional Information
Loans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans and loans past due ninety days | $ 18,100 | $ 17,400 | |
Reduction in interest income | 700 | 600 | $ 1,900 |
Loans and Leases Receivable, Related Parties | 2,100 | 4,000 | |
Loans and Leases Receivable, Related Parties, Additions | 1,200 | ||
Loans and Leases Receivable, Related Parties, Proceeds | 3,100 | ||
Loans Pledged as Collateral | $ 415,000 | 50,000 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Concentration Risk, Percentage | 60.00% | ||
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Concentration Risk, Percentage | 40.00% | ||
PCI Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Deferred Costs, Noncurrent | $ 4,400 | $ 7,700 |
Loans - Information Relating to
Loans - Information Relating to Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | $ 2,879,536 | $ 2,156,330 |
Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 160,116 | 108,787 | |
Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 1,357,592 | 1,009,378 | |
Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 836,787 | 723,785 | |
Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 507 | 507 | |
Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 370,589 | 228,517 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 153,945 | 85,356 | |
Portfolio Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 2,425,850 | 1,823,872 |
Portfolio Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 137,480 | 97,629 | |
Portfolio Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 1,041,915 | 776,875 | |
Portfolio Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 784,290 | 678,131 | |
Portfolio Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 507 | 507 | |
Portfolio Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 308,731 | 188,013 | |
Portfolio Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 152,927 | 82,717 | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 12,996 | 12,109 |
PCI Loans [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 114 | 114 | |
PCI Loans [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 11,257 | 9,990 | |
PCI Loans [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 684 | 922 | |
PCI Loans [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PCI Loans [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 941 | 1,083 | |
PCI Loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PULs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | [1] | 440,690 | 320,349 |
PULs [Member] | Construction and land development [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 22,522 | 11,044 | |
PULs [Member] | Commercial real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 304,420 | 222,513 | |
PULs [Member] | Residential real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 51,813 | 44,732 | |
PULs [Member] | Other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 0 | 0 | |
PULs [Member] | Commercial and financial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | 60,917 | 39,421 | |
PULs [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
NET LOAN BALANCES | $ 1,018 | $ 2,639 | |
[1] | Net loan balances at December 31, 2016 and 2015 include deferred costs of $4.4 million and $7.7 million, respectively. |
Loans - Components of Purchased
Loans - Components of Purchased Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $ 453,686 | $ 332,458 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 453,686 | 332,321 |
Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 22,636 | 11,159 |
Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 315,677 | 232,503 |
Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 52,497 | 45,654 |
Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 61,858 | 40,503 |
Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,018 | 2,639 |
Purchased Credit Impaired [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 12,996 | 12,109 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 12,996 | 12,109 |
Purchased Credit Impaired [Member] | Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 114 | 114 |
Purchased Credit Impaired [Member] | Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 11,257 | 9,990 |
Purchased Credit Impaired [Member] | Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 684 | 922 |
Purchased Credit Impaired [Member] | Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 941 | 1,083 |
Purchased Credit Impaired [Member] | Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 0 |
Purchased Unimpaired Loans [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 440,690 | 320,349 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 440,690 | 320,212 |
Purchased Unimpaired Loans [Member] | Construction and land development [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 22,522 | 11,045 |
Purchased Unimpaired Loans [Member] | Commercial Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 304,420 | 222,513 |
Purchased Unimpaired Loans [Member] | Residential Real Estate [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 51,813 | 44,732 |
Purchased Unimpaired Loans [Member] | Commercial and Financial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 60,917 | 39,420 |
Purchased Unimpaired Loans [Member] | Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $ 1,018 | $ 2,639 |
Loans - Summarizes Changes in T
Loans - Summarizes Changes in Total Contractually Required Principal and Interest Cash Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 0 | $ 2,610 | $ 1,192 | |
Additions | 1,256 | 2,052 | 702 | |
Deletions | (50) | (15) | (357) | |
Accretion | (96) | (1,734) | (601) | |
Reclassifications from nonaccretable difference | 82 | 894 | 1,674 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,192 | 3,807 | 2,610 | |
Carrying value | 453,686 | 332,321 | ||
Purchased Credit Impaired Loan [Member] | ||||
Schedule of Contractually Required Principal And Interest Cash Payments Changes [Line Items] | ||||
Carrying value | 7,814 | 12,996 | 12,109 | $ 0 |
Allowance for loan losses | (64) | 0 | 0 | 0 |
Carrying value less allowance for loan losses | $ 7,750 | $ 12,996 | $ 12,109 | $ 0 |
Loans - Contractual Aging of Re
Loans - Contractual Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | $ 18,100 | $ 17,400 | |
Total Financing Receivables | 2,879,536 | 2,156,330 | |
Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | ||
Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 185 | ||
Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | ||
Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 11,023 | 12,758 | |
Current | 2,412,629 | 1,809,009 | |
Total Financing Receivables | 2,425,850 | 1,823,872 | |
Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,707 | 2,105 | |
Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 491 | 0 | |
Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 2,867 | 4,628 | $ 2,577 |
Nonaccrual | 2,763 | 2,464 | |
Current | 436,540 | 317,562 | |
Total Financing Receivables | 440,690 | 320,349 | |
Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 574 | 323 | |
Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 813 | 0 | |
Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 4,285 | 2,164 | |
Current | 8,526 | 9,813 | |
Total Financing Receivables | 12,996 | 12,109 | |
Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 132 | ||
Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | ||
Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | ||
Commercial and financial [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 49 | 0 | |
Current | 308,652 | 187,954 | |
Total Financing Receivables | 308,731 | 188,013 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 30 | 59 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 197 | 130 | |
Current | 60,353 | 39,252 | |
Total Financing Receivables | 60,917 | 39,421 | |
Commercial and financial [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 39 | 39 | |
Commercial and financial [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 328 | 0 | |
Commercial and financial [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 941 | 1,083 | |
Total Financing Receivables | 941 | 1,083 | |
Commercial and financial [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial and financial [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 170 | 247 | |
Current | 152,669 | 82,040 | |
Total Financing Receivables | 152,927 | 82,717 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 29 | 430 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 59 | 0 | |
Consumer [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 981 | 2,600 | |
Total Financing Receivables | 1,018 | 2,639 | |
Consumer [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 37 | 39 | |
Consumer [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 0 | |
Total Financing Receivables | 0 | 0 | |
Consumer [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Consumer [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,784 | 2,301 | |
Current | 1,039,882 | 773,764 | |
Total Financing Receivables | 1,041,915 | 776,875 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 78 | 810 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 171 | 0 | |
Commercial real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,272 | 2,294 | |
Current | 302,318 | 220,040 | |
Total Financing Receivables | 304,420 | 222,513 | |
Commercial real estate [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 345 | 179 | |
Commercial real estate [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 485 | 0 | |
Commercial real estate [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 4,285 | 1,816 | |
Current | 6,972 | 8,042 | |
Total Financing Receivables | 11,257 | 9,990 | |
Commercial real estate [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 132 | |
Commercial real estate [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Commercial real estate [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 438 | 269 | |
Current | 137,042 | 96,695 | |
Total Financing Receivables | 137,480 | 97,629 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 665 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 32 | 40 | |
Current | 22,490 | 11,004 | |
Total Financing Receivables | 22,522 | 11,044 | |
Construction and land development [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 114 | 114 | |
Total Financing Receivables | 114 | 114 | |
Construction and land development [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction and land development [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Financing Receivables | 836,787 | 723,785 | |
Residential real estate [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 8,582 | 9,941 | |
Current | 773,877 | 668,049 | |
Total Financing Receivables | 784,290 | 678,131 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,570 | 141 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 261 | 0 | |
Residential real estate [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,262 | 0 | |
Current | 50,398 | 44,666 | |
Total Financing Receivables | 51,813 | 44,732 | |
Residential real estate [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 153 | 66 | |
Residential real estate [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 348 | |
Current | 499 | 574 | |
Total Financing Receivables | 684 | 922 | |
Residential real estate [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 185 | 0 | |
Residential real estate [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Portfolio Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 507 | 507 | |
Total Financing Receivables | 507 | 507 | |
Other [Member] | Portfolio Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Portfolio Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Portfolio Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 0 | |
Total Financing Receivables | 0 | 0 | |
Other [Member] | Purchased Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Impaired Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Current | 0 | 0 | |
Total Financing Receivables | 0 | 0 | |
Other [Member] | Purchased Impaired Loans [Member] | Accruing 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Impaired Loans [Member] | Accruing 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Other [Member] | Purchased Impaired Loans [Member] | Accruing Greater Than 90 Days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans - Risk Category, Class of
Loans - Risk Category, Class of Loans and Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 2,879,536 | $ 2,156,330 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 160,116 | 108,787 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,357,592 | 1,009,378 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 836,787 | 723,785 |
Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 370,589 | 228,517 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 154,452 | 85,863 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,797,806 | 2,082,212 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 148,563 | 100,186 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,319,696 | 973,942 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 811,576 | 697,907 |
Pass [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 364,241 | 226,391 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 153,730 | 83,786 |
Special mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28,017 | 19,206 |
Special mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,037 | 3,377 |
Special mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,184 | 12,599 |
Special mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,780 | 629 |
Special mention [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,949 | 1,209 |
Special mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 67 | 1,392 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,931 | 17,556 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,497 | 4,242 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,438 | 9,278 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,709 | 3,197 |
Substandard [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,153 | 769 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 134 | 70 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,071 | 17,386 |
Nonaccrual [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 470 | 309 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,341 | 6,410 |
Nonaccrual [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,844 | 10,290 |
Nonaccrual [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 246 | 130 |
Nonaccrual [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 170 | 247 |
Pass-Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,434 | 5,969 |
Pass-Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 44 | 58 |
Pass-Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,988 | 5,893 |
Pass-Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 358 | 0 |
Pass-Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 18 |
Pass-Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 44 | 0 |
Troubled debt restructures [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,277 | 14,001 |
Troubled debt restructures [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 505 | 615 |
Troubled debt restructures [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 945 | 1,256 |
Troubled debt restructures [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,520 | 11,762 |
Troubled debt restructures [Member] | Commercial and Financial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Troubled debt restructures [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 307 | $ 368 |
Impaired Loans and Allowance 57
Impaired Loans and Allowance for Loan Losses - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | $ 2,000,000 | ||
Troubled Debt Restructuring Outstanding | 17,700,000 | $ 20,000,000 | |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | 1,586,000 | 880,000 | $ 1,345,000 |
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time | $ 235,000 | 318,000 | 456,000 |
Loan Default Period | 90 days | ||
Impaired Financing Receivable, Average Recorded Investment | $ 31,187,000 | 38,514,000 | 49,600,000 |
Nonaccrual loans and loans past due ninety days | 18,100,000 | 17,400,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 17,000 |
Provision for Loan, Lease, and Other Losses | 2,411,000 | 2,644,000 | (3,486,000) |
Allowance for Loan and Lease Losses, Write-offs | $ 1,375,000 | 3,599,000 | 2,755,000 |
Purchased Unimpaired Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Provision for Loan, Lease, and Other Losses | 1,300,000 | ||
Allowance for Loan and Lease Losses, Write-offs | 1,200,000 | ||
Purchased Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Loan Default Period | 90 days | ||
Nonaccrual loans and loans past due ninety days | $ 2,763,000 | 2,464,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | 196 |
Financing Receivable, Recorded Investment, Past Due | 2,867,000 | 4,628,000 | 2,577,000 |
Nonaccrual [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccrual loans and loans past due ninety days | 11,024,000 | 12,758,000 | 18,563,000 |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Newly identified TDRs | 1,200,000 | ||
Impaired Financing Receivable, Average Recorded Investment | 21,385,000 | 25,395,000 | |
Provision for Loan, Lease, and Other Losses | (1,145,000) | (2,208,000) | (1,651,000) |
Allowance for Loan and Lease Losses, Write-offs | 215,000 | 779,000 | $ 1,126,000 |
Loans [Member] | Bank shares, Inc [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Assets, Fair Value Adjustment | $ 13,700,000 | $ 14,200,000 | |
Fair value adjustment Percent | 3.11% | 4.43% |
Impaired Loans and Allowance 58
Impaired Loans and Allowance for Loan Losses - Modified Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Number | Dec. 31, 2015USD ($)Number | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 5 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 1,189 | $ 2,176 |
Post-Modification Outstanding Recorded Investment | 1,037 | 2,076 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 152 | $ 100 |
Construction and Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 20 | $ 220 |
Post-Modification Outstanding Recorded Investment | 18 | 218 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 2 | $ 2 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,169 | $ 27 |
Post-Modification Outstanding Recorded Investment | 1,019 | 26 |
Specific Reserve Recorded | 0 | 0 |
Valuation Allowance Recorded | $ 150 | $ 1 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,881 | |
Post-Modification Outstanding Recorded Investment | 1,787 | |
Specific Reserve Recorded | 0 | |
Valuation Allowance Recorded | $ 94 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Number | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 48 | |
Post-Modification Outstanding Recorded Investment | 45 | |
Specific Reserve Recorded | 0 | |
Valuation Allowance Recorded | $ 3 |
Impaired Loans and Allowance 59
Impaired Loans and Allowance for Loan Losses - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Recorded Investment | |||
Total | $ 32,718 | $ 32,727 | |
Unpaid Principal Balance | |||
Total | 39,157 | 39,350 | |
Related Valuation Allowance | |||
Total | 2,454 | 2,517 | |
Average Recorded Investment | |||
Total | 31,187 | 38,514 | $ 49,600 |
Interest Income Recognized | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 1,586 | 880 | |
Construction Land Development [Member] | |||
Recorded Investment | |||
Impaired Loans with no related allowance recorded | 226 | 107 | |
Impaired Loans with an allowance recorded | 51 | 835 | |
Total | 277 | 942 | |
Unpaid Principal Balance | |||
Impaired Loans with no related allowance recorded | 321 | 255 | |
Impaired Loans with an allowance recorded | 51 | 870 | |
Total | 372 | 1,125 | |
Related Valuation Allowance | |||
Impaired Loans with no related allowance recorded | 0 | 0 | |
Impaired Loans with an allowance recorded | 0 | 84 | |
Total | 0 | 84 | |
Average Recorded Investment | |||
Impaired Loans with no related allowance recorded | 193 | 1,252 | |
Impaired Loans with an allowance recorded | 605 | 987 | |
Total | 798 | 2,239 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 17 | 6 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 2 | 29 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 19 | 35 | |
Commercial Real Estate [Member] | |||
Recorded Investment | |||
Impaired Loans with no related allowance recorded | 3,267 | 2,363 | |
Impaired Loans with an allowance recorded | 6,937 | 7,087 | |
Total | 10,204 | 9,450 | |
Unpaid Principal Balance | |||
Impaired Loans with no related allowance recorded | 4,813 | 3,911 | |
Impaired Loans with an allowance recorded | 6,949 | 7,087 | |
Total | 11,762 | 10,998 | |
Related Valuation Allowance | |||
Impaired Loans with no related allowance recorded | 0 | 0 | |
Impaired Loans with an allowance recorded | 395 | 429 | |
Total | 395 | 429 | |
Average Recorded Investment | |||
Impaired Loans with no related allowance recorded | 1,784 | 2,880 | |
Impaired Loans with an allowance recorded | 6,699 | 7,280 | |
Total | 8,483 | 10,160 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 215 | 16 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 309 | 302 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 524 | 318 | |
Residential Real Estate [Member] | |||
Recorded Investment | |||
Impaired Loans with no related allowance recorded | 9,706 | 9,256 | |
Impaired Loans with an allowance recorded | 12,332 | 12,447 | |
Total | 22,038 | 21,703 | |
Unpaid Principal Balance | |||
Impaired Loans with no related allowance recorded | 14,136 | 13,707 | |
Impaired Loans with an allowance recorded | 12,681 | 12,803 | |
Total | 26,817 | 26,510 | |
Related Valuation Allowance | |||
Impaired Loans with no related allowance recorded | 0 | 0 | |
Impaired Loans with an allowance recorded | 2,059 | 1,964 | |
Total | 2,059 | 1,964 | |
Average Recorded Investment | |||
Impaired Loans with no related allowance recorded | 9,370 | 10,259 | |
Impaired Loans with an allowance recorded | 12,015 | 15,136 | |
Total | 21,385 | 25,395 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 579 | 168 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 455 | 337 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 1,034 | 505 | |
Commercial And Financial [Member] | |||
Recorded Investment | |||
Impaired Loans with no related allowance recorded | 199 | 17 | |
Impaired Loans with an allowance recorded | 0 | 0 | |
Total | 199 | 17 | |
Unpaid Principal Balance | |||
Impaired Loans with no related allowance recorded | 206 | 17 | |
Impaired Loans with an allowance recorded | 0 | 0 | |
Total | 206 | 17 | |
Related Valuation Allowance | |||
Impaired Loans with no related allowance recorded | 0 | 0 | |
Impaired Loans with an allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
Average Recorded Investment | |||
Impaired Loans with no related allowance recorded | 15 | 84 | |
Impaired Loans with an allowance recorded | 0 | 0 | |
Total | 15 | 84 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 9 | 1 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | 9 | 1 | |
Consumer [Member] | |||
Recorded Investment | |||
Impaired Loans with no related allowance recorded | 0 | 264 | |
Impaired Loans with an allowance recorded | 0 | 351 | |
Total | 0 | 615 | |
Unpaid Principal Balance | |||
Impaired Loans with no related allowance recorded | 0 | 349 | |
Impaired Loans with an allowance recorded | 0 | 351 | |
Total | 0 | 700 | |
Related Valuation Allowance | |||
Impaired Loans with no related allowance recorded | 0 | 0 | |
Impaired Loans with an allowance recorded | 0 | 40 | |
Total | 0 | 40 | |
Average Recorded Investment | |||
Impaired Loans with no related allowance recorded | 168 | 141 | |
Impaired Loans with an allowance recorded | 338 | 495 | |
Total | 506 | 636 | |
Interest Income Recognized | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 3 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 18 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total | $ 0 | $ 21 |
Impaired Loans and Allowance 60
Impaired Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan Losses: | |||
Beginning Balance | $ 19,128 | $ 17,007 | $ 20,068 |
Provision for Loan Losses | 2,411 | 2,644 | (3,486) |
Charge-Offs | (1,375) | (3,599) | (2,755) |
Recoveries | 3,236 | 3,012 | 3,244 |
Net (Charge-Offs) Recoveries | 1,861 | (587) | 489 |
Ending Balance | 23,400 | 19,128 | 17,007 |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,151 | 722 | 808 |
Provision for Loan Losses | (158) | 1,296 | 139 |
Charge-Offs | 0 | (1,271) | (640) |
Recoveries | 226 | 404 | 415 |
Net (Charge-Offs) Recoveries | 226 | (867) | (225) |
Ending Balance | 1,219 | 1,151 | 722 |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 6,756 | 4,528 | 6,160 |
Provision for Loan Losses | 2,512 | 2,010 | (2,917) |
Charge-Offs | (301) | (482) | (398) |
Recoveries | 306 | 700 | 1,683 |
Net (Charge-Offs) Recoveries | 5 | 218 | 1,285 |
Ending Balance | 9,273 | 6,756 | 4,528 |
Residential Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 8,057 | 9,784 | 11,659 |
Provision for Loan Losses | (1,145) | (2,208) | (1,651) |
Charge-Offs | (215) | (779) | (1,126) |
Recoveries | 786 | 1,260 | 902 |
Net (Charge-Offs) Recoveries | 571 | 481 | (224) |
Ending Balance | 7,483 | 8,057 | 9,784 |
Commercial And Financial [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 2,042 | 1,179 | 710 |
Provision for Loan Losses | 400 | 1,058 | 697 |
Charge-Offs | (615) | (726) | (398) |
Recoveries | 1,809 | 531 | 170 |
Net (Charge-Offs) Recoveries | 1,194 | (195) | (228) |
Ending Balance | 3,636 | 2,042 | 1,179 |
Consumer [Member] | |||
Allowance for Loan Losses: | |||
Beginning Balance | 1,122 | 794 | 731 |
Provision for Loan Losses | 802 | 552 | 182 |
Charge-Offs | (244) | (341) | (193) |
Recoveries | 109 | 117 | 74 |
Net (Charge-Offs) Recoveries | (135) | (224) | (119) |
Ending Balance | $ 1,789 | $ 1,122 | $ 794 |
Impaired Loans and Allowance 61
Impaired Loans and Allowance for Loan Losses - Loan Portfolio and Related Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Recorded Investment | ||
Individually Evaluated for Impairment | $ 32,718 | $ 32,727 |
Collectively Evaluated for Impairment | 2,833,822 | 2,111,494 |
Total | 2,866,540 | 2,144,221 |
Associated Allowance | ||
Individually Evaluated for Impairment | 2,454 | 2,517 |
Collectively Evaluated for Impairment | 20,946 | 16,611 |
Total | 23,400 | 19,128 |
PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 12,996 | 12,109 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Construction and Land Development [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 277 | 942 |
Collectively Evaluated for Impairment | 159,839 | 107,731 |
Total | 160,116 | 108,673 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 84 |
Collectively Evaluated for Impairment | 1,219 | 1,067 |
Total | 1,219 | 1,151 |
Construction and Land Development [Member] | PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 114 | 114 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial Real Estate [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 10,204 | 9,450 |
Collectively Evaluated for Impairment | 1,335,832 | 989,938 |
Total | 1,346,036 | 999,388 |
Associated Allowance | ||
Individually Evaluated for Impairment | 395 | 429 |
Collectively Evaluated for Impairment | 8,878 | 6,327 |
Total | 9,273 | 6,756 |
Commercial Real Estate [Member] | PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 11,257 | 9,990 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Residential Real Estate [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 22,038 | 21,703 |
Collectively Evaluated for Impairment | 814,250 | 701,160 |
Total | 836,288 | 722,863 |
Associated Allowance | ||
Individually Evaluated for Impairment | 2,059 | 1,964 |
Collectively Evaluated for Impairment | 5,424 | 6,093 |
Total | 7,483 | 8,057 |
Residential Real Estate [Member] | PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 684 | 922 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Commercial And Financial [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 199 | 17 |
Collectively Evaluated for Impairment | 369,449 | 227,417 |
Total | 369,648 | 227,434 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Collectively Evaluated for Impairment | 3,636 | 2,042 |
Total | 3,636 | 2,042 |
Commercial And Financial [Member] | PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 941 | 1,083 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 0 |
Consumer [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 0 | 615 |
Collectively Evaluated for Impairment | 154,452 | 85,248 |
Total | 154,452 | 85,863 |
Associated Allowance | ||
Individually Evaluated for Impairment | 0 | 40 |
Collectively Evaluated for Impairment | 1,789 | 1,082 |
Total | 1,789 | 1,122 |
Consumer [Member] | PCI Loans [Member] | ||
Recorded Investment | ||
Individually Evaluated for Impairment | 0 | 0 |
Associated Allowance | ||
Individually Evaluated for Impairment | $ 0 | $ 0 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 101,843 | $ 93,511 |
Accumulated Depreciation & Amortization | (43,159) | (38,932) |
Net Carrying Value | 58,684 | 54,579 |
Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 71,562 | 66,965 |
Accumulated Depreciation & Amortization | (22,969) | (21,298) |
Net Carrying Value | 48,593 | 45,667 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 30,281 | 26,546 |
Accumulated Depreciation & Amortization | (20,190) | (17,634) |
Net Carrying Value | $ 10,091 | $ 8,912 |
Bank Premises and Equipment -63
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 14,773 | $ 14,839 |
Goodwill and Acquired Intangi64
Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jul. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 03, 2016 | Mar. 11, 2016 | Oct. 01, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 64,649,000 | $ 25,211,000 | |||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ (416,000) | 0 | $ 416,000 | $ 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2,876,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,876,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,876,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,771,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,567,000 | ||||||
The Bank shares [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 25,200,000 | ||||||
Floridan Financial Group [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 31,600,000 | ||||||
BMO Harris's Orlando operations [Member] | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 7,800,000 |
Goodwill and Acquired Intangi65
Goodwill and Acquired Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year | $ 8,594 | $ 7,454 | $ 718 |
Acquired CDI | 8,464 | 2,564 | 7,769 |
Amortization expense | (2,486) | (1,424) | (1,033) |
End of year | $ 14,572 | $ 8,594 | $ 7,454 |
Remaining Average Amoritzation Period | 64 months | 67 months | 71 months |
Goodwill and Acquired Intangi66
Goodwill and Acquired Intangible Assets - Acquired Intangible Assets Consist of Core Deposit Intangibles (Details) - Deposit Base [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 18,796 | $ 19,827 |
Accumulated Amortization | $ (4,224) | $ (11,233) |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Apr. 07, 2016 | Nov. 27, 2017 | Jul. 17, 2015 | Sep. 15, 2007 | Jun. 29, 2007 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 16, 2005 | Mar. 31, 2005 |
Debt Instrument [Line Items] | ||||||||||
Securities Sold Under Agreements To Repurchase Period Description | overnight to seven days | |||||||||
Junior subordinated debentures private sales | $ 12,000,000 | |||||||||
Trust Preferred Securities Redemption Description | The trust preferred securities have original maturities of thirty years, and may be redeemed without penalty, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment | |||||||||
Junior subordinated deferrable interest notes issued | $ 12,400,000 | $ 12,400,000 | ||||||||
Number of Debt Instruments Acquired | 3 | |||||||||
Early redemption cost for Federal Home Loan Bank advances | $ 1,777,000 | $ 0 | $ 0 | |||||||
Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Junior subordinated debentures private sales | 20,000,000 | |||||||||
Issued of common equity securities | $ 619,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 175 basis points | |||||||||
Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Junior subordinated debentures private sales | $ 20,000,000 | |||||||||
Issued of common equity securities | $ 619,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 133 basis points | |||||||||
Trust III [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issued of common equity securities | $ 372,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | the 3-month LIBOR rate plus 135 basis points | |||||||||
Trust I & II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Junior subordinated debentures | $ 20,600,000 | |||||||||
Aggregate subordinated debentures | $ 41,200,000 | |||||||||
Junior subordinated deferrable interest notes issued | $ 41,200,000 | |||||||||
Secured Lines of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured lines of credit | 1,000,000,000 | |||||||||
Early redemption cost for Federal Home Loan Bank advances | $ 1,800,000 | |||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Repayment and Penalties | $ 50,000,000 | |||||||||
Advances from Federal Home Loan Banks | $ 415,000 | |||||||||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 0.62% | |||||||||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 0.63% | |||||||||
Federal Home Loan Bank [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Advances received | $ 25,000,000 | |||||||||
Debt maturity date | Sep. 15, 2007 | |||||||||
Fixed rates advances | 3.64% | |||||||||
Federal Home Loan Bank [Member] | Scenario, Forecast [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Advances received | $ 25,000,000 | |||||||||
Debt maturity date | Nov. 27, 2007 | |||||||||
Fixed rates advances | 2.70% | |||||||||
Libor Rate [Member] | Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Adjust basis points on variable rate, percentage | 2.75% | |||||||||
Libor Rate [Member] | Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Adjust basis points on variable rate, percentage | 2.31% | |||||||||
Libor Rate [Member] | Trust III [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Adjust basis points on variable rate, percentage | 2.29% | |||||||||
Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | Debt Instrument Maturity Period Four [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR rate plus 198 basis points |
Borrowings - Federal Funds Purc
Borrowings - Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Maximum amount outstanding at any month end | $ 236,099 | $ 192,786 | $ 218,399 |
Weighted average interest rate at end of year | 0.31% | 0.28% | 0.18% |
Average amount outstanding | $ 187,560 | $ 168,188 | $ 152,129 |
Weighted average interest rate during the year | 0.26% | 0.20% | 0.17% |
Borrowings - Schedule Of Securi
Borrowings - Schedule Of Securities Financing Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Short-term Debt [Line Items] | |||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ 204,202 | $ 172,005 | $ 153,640 |
Employee Benefits and Stock C70
Employee Benefits and Stock Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 1.7 | $ 1.5 | $ 1.2 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 95.00% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Unit Percentage Of Grantee Earning | 0.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Unit Percentage Of Grantee Earning | 175.00% | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,200,000 |
Employee Benefits and Stock C71
Employee Benefits and Stock Compensation - Impact of shared-based compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based compensation expense | $ 4,154 | $ 2,859 | $ 1,299 |
Income tax benefit | $ (1,602) | $ (963) | $ (501) |
Employee Benefits and Stock C72
Employee Benefits and Stock Compensation - Summary of Unrecognized Compensation Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Unrecognized Compensation Cost | $ 5,137 |
Weighted-Average Period Remaining (Years) | 2 years 4 months 24 days |
Equity Option [Member] | |
Unrecognized Compensation Cost | $ 796 |
Weighted-Average Period Remaining (Years) | 3 years 2 months 12 days |
Restricted Stock [Member] | |
Unrecognized Compensation Cost | $ 4,341 |
Weighted-Average Period Remaining (Years) | 2 years 2 months 12 days |
Employee Benefits and Stock C73
Employee Benefits and Stock Compensation - Summary of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Shares granted | 243,391 | 63,650 | 413,000 | |
Weighted-average grant date fair value | $ 3.41 | $ 2.21 | $ 2.26 | |
Restricted Stock [Member] | ||||
Shares granted | 300,787 | 250,934 | 27,692 | |
Weighted-average grant date fair value | $ 14.90 | $ 13.42 | $ 10.19 | |
Fair value of awards vested | [1] | $ 2,827 | $ 836 | $ 1,455 |
[1] | Based on grant date fair value |
Employee Benefits and Stock C74
Employee Benefits and Stock Compensation - Summary of Non-vested Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares, Non-vested Begining | shares | 543,177 |
Shares, Granted | shares | 300,787 |
Shares, Forfeited/Canceled | shares | (10,631) |
Shares, Vested | shares | (303,689) |
Shares, Non-vested Ending | shares | 529,644 |
Weighted Average Grant-Date Fair Value, Non-vested Begining | $ / shares | $ 11.25 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 14.90 |
Weighted Average Grant-Date Fair Value, Forfeited/Canceled | $ / shares | 14.94 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 9.31 |
Weighted Average Grant-Date Fair Value, Non-vested Ending | $ / shares | $ 14.37 |
Employee Benefits and Stock C75
Employee Benefits and Stock Compensation - Summary of the Fair Value of Each Option Grant on the Date of Grant (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free interest rates | 1.63% | 1.65% | 2.70% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 21.90% | 15.50% | 17.00% |
Expected lives (years) | 5 years | 5 years | 5 years |
Employee Benefits and Stock C76
Employee Benefits and Stock Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares granted | 243,391 | 63,650 | 413,000 |
Equity Option [Member] | |||
Options, Outstanding at January 1, 2016 | 556,647 | ||
Shares granted | 243,391 | ||
Options, Exercised | (12,400) | ||
Options, Forfeited | (8,860) | ||
Options, Outstanding at December 31, 2016 | 778,778 | 556,647 | |
Options, Exercisable at December 31, 2016 | 432,660 | ||
Weighted-Average Exercise Price, Outstanding at January 1, 2016 | $ 18.02 | ||
Weighted-Average Exercise Price, Granted | 14.94 | ||
Weighted-Average Exercise Price, Exercised | 10.82 | ||
Weighted-Average Exercise Price, Forfeited | 133.60 | ||
Weighted-Average Exercise Price, Outstanding at December 31, 2016 | 15.86 | $ 18.02 | |
Weighted-Average Exercise Price, Exercisable at December 31, 2016 | $ 17.73 | ||
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 10 months 17 days | ||
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2016 | 6 years 8 months 23 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2016 | $ 7,369 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2016 | $ 4,412 |
Employee Benefits and Stock C77
Employee Benefits and Stock Compensation - Summary of information related to stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options granted | 243,391 | 63,650 | 413,000 |
Weighted-average grant date fair value | $ 3.41 | $ 2.21 | $ 2.26 |
Intrinsic value of stock options exercised | $ 80 | $ 0 | $ 0 |
Employee Benefits and Stock C78
Employee Benefits and Stock Compensation - Summary of Information Related to Options (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options Outstanding | shares | 778,778 |
Remaining contractual Life | 6 years 10 months 24 days |
Shares Exercisable | shares | 432,660 |
Weighted Average Exercise Price | $ 17.73 |
Range of Exercise Prices 10.54 to 10.78 [Member] | |
Options Outstanding | shares | 390,000 |
Remaining contractual Life | 7 years 2 months 12 days |
Shares Exercisable | shares | 312,239 |
Weighted Average Exercise Price | $ 10.66 |
Range of Exercise Prices, Lower Range Limit | 10.54 |
Range of Exercise Prices, Upper Range Limit | $ 10.78 |
Range of Exercise Prices 10.97 to 15.99 [Member] | |
Options Outstanding | shares | 360,241 |
Remaining contractual Life | 7 years |
Shares Exercisable | shares | 91,884 |
Weighted Average Exercise Price | $ 13.88 |
Range of Exercise Prices, Lower Range Limit | 10.97 |
Range of Exercise Prices, Upper Range Limit | $ 15.99 |
Range of Exercise Prices 110.80 to 111.10 [Member] | |
Options Outstanding | shares | 28,537 |
Remaining contractual Life | 3 months 18 days |
Shares Exercisable | shares | 28,537 |
Weighted Average Exercise Price | $ 111.09 |
Range of Exercise Prices, Lower Range Limit | 110.80 |
Range of Exercise Prices, Upper Range Limit | $ 111.10 |
Employee Benefits and Stock C79
Employee Benefits and Stock Compensation - Employee Stock Purchase Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ESPP shares purchased | 243,391 | 63,650 | 413,000 |
Employee Stock Option [Member] | |||
ESPP shares purchased | 10,483 | 9,083 | 13,294 |
Weighted-average employee purchase price | $ 16.02 | $ 13.99 | $ 10.63 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rent expense charged to operations | $ 5,293,000 | $ 4,133,000 | $ 4,066,000 |
Lease Commitments - Future Mini
Lease Commitments - Future Minimum Lease Payments Under Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 5,325 |
2,018 | 4,213 |
2,019 | 4,026 |
2,020 | 3,362 |
2,021 | 2,213 |
Thereafter | 12,429 |
Total | $ 31,568 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | $ 60,818,000 | $ 60,818,000 | $ 60,274,000 | ||
U.S. federal tax rate | 35.00% | 35.00% | 35.00% | ||
Deferred Tax Assets Related to State Net Operating Losses | 6,600,000 | $ 6,600,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 28,089,000 | 28,089,000 | $ 33,507,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 4,261,000 | 4,261,000 | 3,355,000 | ||
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 4,616,000 | 4,616,000 | 3,906,000 | ||
New Accounting Pronouncement or Change In Accounting Principle Effect Of Income Tax Expense Benefit | 400,000 | $ 400,000 | |||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 32,000 | $ 39,000 | $ 67,000 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 39,000 | ||||
Affordable Housing Program Obligation | 10,000,000 | 10,000,000 | |||
Affordable Housing Program Obligation Unfunded | 8,300,000 | 8,300,000 | |||
Floridian Financial Group, Inc [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | 13,300,000 | 13,300,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 15,600,000 | 15,600,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 209,000 | 209,000 | |||
Minimum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Annual income before taxes | 4,300,000 | ||||
U.S. Federal [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | 48,000,000 | $ 48,000,000 | |||
U.S. Federal [Member] | Maximum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating Loss Carry forwards Expiration Period | 2,032 | ||||
U.S. Federal [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating Loss Carry forwards Expiration Period | 2,029 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net deferred tax assets | $ 12,800,000 | $ 12,800,000 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating Loss Carry forwards Expiration Period | 2,034 | ||||
State and Local Jurisdiction [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating Loss Carry forwards Expiration Period | 2,028 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current | |||
Federal | $ 653 | $ 578 | $ 310 |
State | 30 | 61 | 12 |
Deferred | |||
Federal | 12,163 | 10,818 | 3,440 |
State | 2,043 | 2,070 | 782 |
Income tax provision (benefit) | $ 14,889 | $ 13,527 | $ 4,544 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Tax Benefit with Income Tax Benefit Relating to Loss before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Tax rate applied to income (loss) before income taxes | $ 15,431 | $ 12,484 | $ 3,583 |
Increase (decrease) resulting from the effects of: | |||
Nondeductible acquisition costs | 217 | 441 | 554 |
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance | (1,215) | (761) | (293) |
State income taxes | (726) | (746) | (278) |
Nontaxable bargain purchase gain | 0 | (146) | 0 |
Tax credit investments | (55) | 0 | 0 |
Stock compensation | (731) | 127 | 92 |
Other | (105) | (3) | 92 |
Federal tax provision | 12,816 | 11,396 | 3,750 |
State tax provision | 2,073 | 2,131 | 794 |
Income tax provision (benefit) | $ 14,889 | $ 13,527 | $ 4,544 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for loan losses | $ 9,477 | $ 7,759 |
Premises and equipment | 2,334 | 898 |
Other real estate owned | 841 | 1,737 |
Accrued stock compensation | 1,561 | 1,235 |
Federal tax loss carryforward | 28,089 | 33,507 |
State tax loss carryforward | 6,123 | 6,593 |
Alternative minimum tax carryforward | 4,261 | 3,355 |
Net unrealized securities losses | 4,616 | 3,906 |
Deferred compensation | 3,279 | 1,829 |
Accrued interest and fee income | 3,267 | 2,404 |
Other | 3,748 | 3,185 |
Gross deferred tax assets | 67,596 | 66,408 |
Less: Valuation allowance | 0 | 0 |
Deferred tax assets net of valuation allowance | 67,596 | 66,408 |
Deposit base intangible | (3,953) | (3,452) |
Other | (2,825) | (2,682) |
Gross deferred tax liabilities | (6,778) | (6,134) |
Net deferred tax assets | $ 60,818 | $ 60,274 |
Income Taxes - Summary of Inc86
Income Taxes - Summary of Income Tax Examination Major Tax Jurisdictions along with Tax Year (Details) | 12 Months Ended |
Dec. 31, 2016 | |
United States of America [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,013 |
Florida [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,013 |
Noninterest Income and Expens87
Noninterest Income and Expenses - Summary of Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noninterest income | ||||
Service charges on deposit accounts | $ 9,669 | $ 8,563 | $ 6,952 | |
Trust fees | 3,433 | 3,132 | 2,986 | |
Mortgage banking fees | 5,864 | 4,252 | 3,057 | |
Brokerage commissions and fees | 2,044 | 2,132 | 1,614 | |
Marine finance fees | 673 | 1,152 | 1,320 | |
Interchange income | 9,227 | 7,684 | 5,972 | |
Other deposit based EFT fees | 477 | 397 | 343 | |
BOLI Income | 2,213 | 1,426 | 252 | |
Gain on participated loan | 0 | 725 | 0 | |
Other | 3,827 | 2,555 | 2,248 | |
Noninterest Income | 37,427 | 32,018 | 24,744 | |
Securities gains, net | 368 | 161 | 469 | |
Bargain purchase gain, net | $ (416) | 0 | 416 | 0 |
TOTAL | 37,795 | 32,595 | 25,213 | |
Noninterest expense | ||||
Salaries and wages | 54,096 | 41,075 | 35,132 | |
Employee benefits | 9,903 | 9,564 | 8,773 | |
Outsourced data processing costs | 13,516 | 10,150 | 8,781 | |
Telephone / data lines | 2,108 | 1,797 | 1,331 | |
Occupancy | 13,122 | 8,744 | 7,930 | |
Furniture and equipment | 4,720 | 3,434 | 2,535 | |
Marketing | 3,633 | 4,428 | 3,576 | |
Legal and professional fees | 9,596 | 8,022 | 6,871 | |
FDIC assessments | 2,365 | 2,212 | 1,660 | |
Amortization of intangibles | 2,486 | 1,424 | 1,033 | |
Asset dispositions expense | 553 | 472 | 488 | |
Branch closures and new branding | 0 | 0 | 4,958 | |
Net (gain)/loss on other real estate owned and repossessed assets | (509) | 239 | 310 | |
Early redemption cost for Federal Home Loan Bank advances | 1,777 | 0 | 0 | |
Other | 13,515 | 12,209 | 9,988 | |
TOTAL | $ 130,881 | $ 103,770 | $ 93,366 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | Feb. 21, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 56,800 | $ 0 | $ 0 | $ 24,637 |
Stock Issued During Period, Shares, New Issues | 8,912,500 | |||
Capital Conservation Buffer Rate | 0.625% | |||
Parent [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 2,702,500 | |||
Shareholders [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 6,210,000 | |||
Stock Purchase Plan [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Reserved common shares for issuance | 300,000 | |||
Common shares issued as a result of employee participation, aggregate | 202,897 | |||
Profit Sharing Plan [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Reserved common shares for issuance | 1,000,000 | |||
Common shares issued as a result of employee participation, aggregate | 32,120 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Required Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Parent Company [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total Capital (to risk-weighted assets), Amount | $ 432,058 | $ 383,039 | ||
Total Capital (to risk-weighted assets), Ratio | 13.25% | 16.01% | ||
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | [1] | $ 260,790 | $ 191,413 | |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | [1] | 8.00% | 8.00% | |
Tier 1 Capital (to risk-weighted assets), Amount | $ 408,596 | $ 363,873 | ||
Tier 1 Capital (to risk-weighted assets), Ratio | 12.53% | 15.21% | ||
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | [1] | $ 195,592 | $ 143,560 | |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | [1] | 6.00% | 6.00% | |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | $ 351,769 | $ 317,004 | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 10.79% | 13.25% | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | [1] | $ 146,694 | $ 107,670 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | [1] | 4.50% | 4.50% | |
Trust preferred securities issued | $ 408,596 | $ 363,873 | ||
Tier 1 Capital (to adjusted average assets), Ratio | 9.15% | 10.70% | ||
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 178,656 | $ 136,009 | [1] | |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% | [1] | |
Seacoast Bank (A Wholly Owned Bank Subsidiary) [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total Capital (to risk-weighted assets), Amount | $ 415,147 | $ 337,259 | ||
Total Capital (to risk-weighted assets), Ratio | 12.75% | 14.11% | ||
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | [1] | $ 260,491 | $ 191,240 | |
Total Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | [1] | 8.00% | 8.00% | |
Tier 1 Capital (to risk-weighted assets), Amount | $ 391,685 | $ 318,093 | ||
Tier 1 Capital (to risk-weighted assets), Ratio | 12.03% | 13.31% | ||
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Amount | [1] | $ 195,368 | $ 143,430 | |
Tier 1 Capital (to risk-weighted assets), Minimum for Capital Adequacy Purpose, Ratio | [1] | 6.00% | 6.00% | |
Common Equity Tier 1 Capital (to risk-weighted assets), Amount | $ 391,685 | $ 318,093 | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Ratio | 12.03% | 13.31% | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Amount | [1] | $ 146,526 | $ 107,572 | |
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum for Capital, Adequacy Purpose, Ratio | [1] | 4.50% | 4.50% | |
Trust preferred securities issued | $ 391,685 | $ 318,093 | ||
Tier 1 Capital (to adjusted average assets), Ratio | 8.78% | 9.36% | ||
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Amount | $ 178,501 | $ 135,929 | [1] | |
Tier 1 Capital (to adjusted average assets), Minimum for Capital Adequacy Purpose, Ratio | 4.00% | 4.00% | [1] | |
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 325,987 | $ 239,050 | ||
Total Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% | ||
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 260,790 | $ 191,240 | ||
Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% | ||
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 223,320 | $ 169,911 | ||
Tier 1 Capital (to adjusted average assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 211,892 | $ 155,382 | ||
Common Equity Tier 1 Capital (to risk-weighted assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% | ||
[1] | Excludes new capital conservation buffer of 0.625% the Company is subject to, which if not exceeded may constrain dividends, equity repurchases and compensation. |
(Parent Company Only) Financi90
(Parent Company Only) Financial Information - Summary of Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Other assets | $ 83,567 | $ 43,946 | ||
TOTAL ASSETS | 4,680,932 | 3,534,780 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Subordinated debt | 70,241 | 69,961 | ||
Other liabilities | 32,847 | 44,974 | ||
Shareholders' equity | 435,397 | 353,453 | $ 312,651 | $ 198,604 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,680,932 | 3,534,780 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 648 | 364 | ||
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days | 12,676 | 43,323 | ||
Investment in subsidiaries | 494,809 | 383,516 | ||
Other assets | 1,211 | 10 | ||
TOTAL ASSETS | 509,344 | 427,213 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Subordinated debt | 70,241 | 69,961 | ||
Other liabilities | 3,706 | 3,799 | ||
Shareholders' equity | 435,397 | 353,453 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 509,344 | $ 427,213 |
(Parent Company Only) Financi91
(Parent Company Only) Financial Information - Summary of Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income | |||
Total interest income | $ 148,055 | $ 116,417 | $ 80,262 |
Interest expense | 8,467 | 6,930 | 5,355 |
Other expenses | 13,515 | 12,209 | 9,988 |
Income tax benefit | 14,889 | 13,527 | 4,544 |
Net income | 29,202 | 22,141 | 5,696 |
Parent Company [Member] | |||
Income | |||
Interest/other | 352 | 115 | 43 |
Dividends from subsidiary Bank | 0 | 0 | 0 |
Total interest income | 352 | 115 | 43 |
Interest expense | 2,115 | 1,671 | 1,053 |
Other expenses | 462 | 317 | 1,000 |
Loss before income tax benefit and equity in undistributed income of subsidiaries | (2,225) | (1,873) | (2,010) |
Income tax benefit | (801) | (661) | (704) |
Income (loss) before equity in undistributed income of subsidiaries | (1,424) | (1,212) | (1,306) |
Equity in undistributed income of subsidiaries | 30,626 | 23,353 | 7,002 |
Net income | $ 29,202 | $ 22,141 | $ 5,696 |
(Parent Company Only) Financi92
(Parent Company Only) Financial Information - Summary of Statement of Cash Flows (Details) - USD ($) $ in Thousands | Feb. 21, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash flows from operating activities | ||||
Net Income | $ 29,202 | $ 22,141 | $ 5,696 | |
Net (increase) decrease in other assets | (14,107) | (4,526) | (315) | |
Net cash used in operating activities | 66,007 | 22,989 | 21,946 | |
Cash flows from investing activities | ||||
Net cash provided by (used in) investment activities | (511,785) | (164,381) | (295,108) | |
Cash flows from financing activities | ||||
Issuance of common stock, net of related expense | $ 56,800 | 0 | 0 | 24,637 |
Stock based employment plans | (1,161) | 127 | 142 | |
Net cash provided by financing activities | 423,355 | 176,920 | 182,077 | |
Net change in cash | (26,423) | 35,528 | (91,085) | |
Cash and cash equivalents at beginning of year | 136,067 | 100,539 | 191,624 | |
Cash and cash equivalents at end of year | 109,644 | 136,067 | 100,539 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest | 7,855 | 6,636 | 3,521 | |
Parent Company [Member] | ||||
Cash flows from operating activities | ||||
Net Income | 29,202 | 22,141 | 5,696 | |
Equity in undistributed (income) loss of subsidiaries | (30,626) | (23,353) | (7,002) | |
Net (increase) decrease in other assets | (12) | 10 | 0 | |
Net increase (decrease) in other liabilities | 12 | (48) | (76) | |
Net cash used in operating activities | (1,424) | (1,250) | (1,382) | |
Cash flows from investing activities | ||||
Net cash paid for bank acquisition | (28,905) | 0 | 0 | |
Investment in unconsolidated subsidiary | (200) | 0 | 0 | |
Decrease (increase) in securities purchased under agreement to resell, maturing within 30 days, net | 30,647 | (5,487) | (37,044) | |
Net cash provided by (used in) investment activities | 1,542 | (5,487) | (37,044) | |
Cash flows from financing activities | ||||
Issuance of common stock, net of related expense | 0 | 0 | 24,637 | |
Subordinated debt increase | 0 | 6,494 | 13,208 | |
Stock based employment plans | 166 | 127 | 142 | |
Net cash provided by financing activities | 166 | 6,621 | 37,987 | |
Net change in cash | 284 | (116) | (439) | |
Cash and cash equivalents at beginning of year | 364 | 480 | 919 | |
Cash and cash equivalents at end of year | 648 | 364 | 480 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest | $ 1,824 | $ 1,487 | $ 1,058 |
Contingent Liabilities and Co93
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit amount | $ 532,082,000 | $ 343,245,000 |
Unfunded limited partner equity commitment | $ 10,148,000 | 2,911,000 |
Maximum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 5.25% | |
Minimum [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitment to extend credit fixed interest rate | 2.875% | |
Secured Credit Risk [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Secured amount of commitment to extend credit | $ 273,658,000 | |
Secured [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit | 46,647,000 | $ 5,259,000 |
Fixed Interest Rate Credit Risk [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments to extend credit fixed interest rate | $ 87,292,000 |
Contingent Liabilities and Co94
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments to extend credit | $ 532,082 | $ 343,245 |
Unfunded limited partner equity commitment | 10,148 | 2,911 |
Secured | ||
Standby letters of credit and financial guarantees written | 10,776 | 9,593 |
Unsecured | ||
Standby letters of credit and financial guarantees written | $ 554 | $ 93 |
Contingent Liabilities and Co95
Contingent Liabilities and Commitments with Off-Balance Sheet Risk - Summary of Minimum Future Contractual Obligation Under Renewal of Contract (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Contingent Liabilities and Commitments with Off-Balance Sheet Risk [Line Items] | |
2,016 | $ 7,707 |
2,017 | $ 2,569 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Capitalization Rates Utilized To Determine Fair Value Of Underlying Collateral Averaged Percentage | 7.80% | |||
Loans and Leases Receivable, Allowance | $ 23,400 | $ 19,128 | $ 17,007 | $ 20,068 |
Loans Receivable [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 300 | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Charge Offs | 100 | |||
Other Real Estate Owned And Other Reductions | 700 | |||
Other Real Estate Owned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2,500 | |||
Other Real Estate Revenue | 6,400 | |||
Other real estate owned and other reductions classified as level three transfers in | 7,300 | |||
Loans Receivable, Fair Value Disclosure | 4,100 | 7,500 | ||
Loans and Leases Receivable, Allowance | $ 400 | $ 2,900 |
Fair Value - Fair Value Measure
Fair Value - Fair Value Measurements for Items Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | $ 15,332 | $ 23,998 | |
Other real estate owned | 9,949 | 7,039 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 1,459 | |
Other real estate owned | [2] | 6,441 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [3] | 950,503 | 790,766 |
Loans held for sale | [4] | 15,332 | 23,998 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [3] | 100 | 225 |
Loans held for sale | [4] | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [3] | 950,403 | 790,541 |
Loans held for sale | [4] | 15,332 | 23,998 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | [3] | 0 | 0 |
Loans held for sale | [4] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 4,120 | 7,511 |
Other real estate owned | [2] | 9,949 | 7,039 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 0 | 0 |
Other real estate owned | [2] | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 3,170 | 6,052 |
Other real estate owned | [2] | 0 | $ 598 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | [1] | 950 | |
Other real estate owned | [2] | $ 9,949 | |
[1] | See Note F. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write-downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC 310. | ||
[2] | Fair value is measured on a nonrecurring basis in accordance with ASC 360. | ||
[3] | See Note D for further detail of fair value of individual investment categories. | ||
[4] | Recurring fair value basis determined using observable market data. |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | $ 372,498 | $ 203,525 | |
Loans, net | 2,856,136 | 2,137,202 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 0 | 0 | |
Deposits | 0 | 0 | |
FHLB borrowings | 0 | ||
Subordinated debt | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 369,881 | 202,813 |
Loans, net | 0 | 0 | |
Deposits | 0 | 0 | |
FHLB borrowings | 51,788 | ||
Subordinated debt | 54,908 | 52,785 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 0 | 0 |
Loans, net | 2,840,993 | 2,147,024 | |
Deposits | 3,523,322 | 2,843,800 | |
FHLB borrowings | 0 | ||
Subordinated debt | 0 | 0 | |
Carrying Amount [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities held to maturity | [1] | 372,498 | 203,525 |
Loans, net | 2,852,016 | 2,129,691 | |
Deposits | 3,523,245 | 2,844,387 | |
FHLB borrowings | 50,000 | ||
Subordinated debt | $ 70,241 | $ 69,961 | |
[1] | See Note D for further detail of recurring fair value basis of individual investment categories. |
Fair Value - fair value of cont
Fair Value - fair value of contractual balance and gains or losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Aggregate fair value | $ 15,332 | $ 23,998 | |
Contractual balance | 14,904 | 23,384 | |
Gains (losses) | $ 0 | $ 725 | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares excluded from computation of diluted EPS | 131,000 | 456,000 | 293,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income available to common shareholders | $ 29,202 | $ 22,141 | $ 5,696 |
Income available to common shareholders, Shares | 36,872,007 | 33,495,827 | 27,538,955 |
Income available to common shareholders plus assumed conversions | $ 29,202 | $ 22,141 | $ 5,696 |
Employee restricted stock and stock options (See Note J) | 636,039 | 248,344 | 177,940 |
Income available to common shareholders plus assumed conversions, Shares | 37,508,046 | 33,744,171 | 27,716,895 |
Income available to common shareholders, Per Share | $ 0.79 | $ 0.66 | $ 0.21 |
Income available to common shareholders plus assumed conversions, Per Share | $ 0.78 | $ 0.66 | $ 0.21 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ / shares in Units, shares in Thousands | Mar. 11, 2016USD ($) | Jul. 15, 2015USD ($) | Jul. 17, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 03, 2016USD ($) | Jun. 03, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Deposit Premium Percentage | 3.00% | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ (416,000) | $ 0 | $ 416,000 | $ 0 | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | $ 32,000,000 | ||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Loan Held For Sale | $ 314,000,000 | ||||||||
Business Loan Premium | 0.50% | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ 63,000,000 | ||||||||
Business Acquisition Intangible Assets Expected Tax Deductible Amount | $ 13,000,000 | ||||||||
Business Acquisition Intangible Assets Tax Deductible Period | 15 years | ||||||||
Bank shares, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Per Share Exchange Ratio | 0.3114 | ||||||||
Payments to Acquire Businesses, Gross | $ 1,481,000,000 | ||||||||
Payments for Merger Related Costs | $ 3,100,000 | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 416,000 | ||||||||
Bank shares, Inc [Member] | Common Stock [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,090 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 15.75 | ||||||||
Floridian Financial Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Liabilities Deposits | 337,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 417,000,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Description | Under the terms of the definitive agreement, Floridian shareholders received, at their election, (i) the combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, (ii) $12.25 in cash, or (iii) 0.8140 shares of Seacoast common stock, subject to a customary proration mechanism so that the aggregate consideration mix equals 35% cash and 65% Seacoast shares (based on Seacoasts closing price of $15.47 per share on March 11, 2016). | ||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 267,000,000 | ||||||||
Gulf Shore Banc Shares Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Liabilities Deposits | $ 276,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 328,000,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Description | Under the terms of the definitive agreement, each share of GulfShore common stock (except for specified shares of GulfShore common stock held by GulfShore or Seacoast and any dissenting shares) will be converted into the right to receive the combination of $1.47 in cash and 0.4807 shares of Seacoast common stock. | ||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans | $ 262,000,000 | ||||||||
Series B Preferred Stock [Member] | Bank shares, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 1,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 1,480,000 | ||||||||
Stock Issued During Period, Value, Acquisitions | $ 18,700,000 | ||||||||
Series A Preferred Stock [Member] | Bank shares, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Per Share Exchange Ratio | 0.3114 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) $ / shares in Units, $ in Thousands | Mar. 11, 2016USD ($)$ / sharesshares | Jul. 15, 2015USD ($)$ / sharesshares |
Bank shares, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Shares exchanged for cash | $ 1,481,000 | |
Common shares outstanding | shares | 3,501,185 | |
Per share exchange ratio | 0.3114 | |
Number of shares of common stock issued | shares | 1,090,269 | |
Multiplied by common stock price per share | $ / shares | $ 15.75 | |
Value of common stock issued | $ 17,171,737 | |
Total purchase price | $ 18,652,737 | |
Floridian Financial Group, Inc [Member] | ||
Business Acquisition [Line Items] | ||
Shares exchanged for cash | $ 26,699,000 | |
Common shares outstanding | shares | 6,222,119 | |
Per share exchange ratio | 0.5289 | |
Number of shares of common stock issued | shares | 3,291,066 | |
Multiplied by common stock price per share | $ / shares | $ 15.47 | |
Value of common stock issued | $ 50,912,791 | |
Total purchase price | $ 77,611,791 |
Business Combinations - fair va
Business Combinations - fair value of the assets purchased, including goodwill, and liabilities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jul. 17, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 03, 2016 | Mar. 11, 2016 | |
Assets: | |||||||
Loans, net | $ 314,000,000 | ||||||
Goodwill | $ 25,211,000 | $ 64,649,000 | $ 25,211,000 | ||||
Liabilities: | |||||||
Deposits | 63,000,000 | ||||||
Bargain purchase gain | $ (416,000) | $ 0 | $ 416,000 | $ 0 | |||
Bank shares, Inc [Member] | |||||||
Liabilities: | |||||||
Bargain purchase gain | $ 416,000 | ||||||
Bank shares, Inc [Member] | Measurement Period Adjustments [Member] | |||||||
Assets: | |||||||
Cash | 0 | ||||||
Investment securities | 0 | ||||||
Loans, net | 1,304,000 | ||||||
Fixed assets | 0 | ||||||
OREO | 437,000 | ||||||
Core deposit intangibles | 0 | ||||||
Goodwill | (555,000) | ||||||
Other assets | (770,000) | ||||||
Total assets acquired | 416,000 | ||||||
Liabilities: | |||||||
Deposits | 0 | ||||||
Borrowings | 0 | ||||||
Subordinated debt | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities assumed | 0 | ||||||
Bank shares, Inc [Member] | Scenario, Previously Reported [Member] | |||||||
Assets: | |||||||
Cash | 34,408,000 | ||||||
Investment securities | 46,366,000 | ||||||
Loans, net | 109,988,000 | ||||||
Fixed assets | 4,191,000 | ||||||
OREO | 2,424,000 | ||||||
Core deposit intangibles | 2,564,000 | ||||||
Goodwill | 555,000 | ||||||
Other assets | 14,163,000 | ||||||
Total assets acquired | 214,659,000 | ||||||
Liabilities: | |||||||
Deposits | 188,469,000 | ||||||
Borrowings | 1,658,000 | ||||||
Subordinated debt | 5,151,000 | ||||||
Other liabilities | 728,000 | ||||||
Total liabilities assumed | 196,006,000 | ||||||
Bank shares, Inc [Member] | Restatement Adjustment [Member] | |||||||
Assets: | |||||||
Cash | 34,408,000 | ||||||
Investment securities | 46,366,000 | ||||||
Loans, net | 111,292,000 | ||||||
Fixed assets | 4,191,000 | ||||||
OREO | 2,861,000 | ||||||
Core deposit intangibles | 2,564,000 | ||||||
Goodwill | 0 | ||||||
Other assets | 13,393,000 | ||||||
Total assets acquired | 215,075,000 | ||||||
Liabilities: | |||||||
Deposits | 188,469,000 | ||||||
Borrowings | 1,658,000 | ||||||
Subordinated debt | 5,151,000 | ||||||
Other liabilities | 728,000 | ||||||
Total liabilities assumed | $ 196,006,000 | ||||||
Floridian Financial Group, Inc [Member] | Measurement Period Adjustments [Member] | |||||||
Assets: | |||||||
Cash | $ 0 | ||||||
Investment securities | 95,000 | ||||||
Loans, net | (2,112,000) | ||||||
Fixed assets | (628,000) | ||||||
Core deposit intangibles | 0 | ||||||
Goodwill | 1,647,000 | ||||||
Other assets | 998,000 | ||||||
Total assets acquired | 0 | ||||||
Liabilities: | |||||||
Deposits | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities assumed | 0 | ||||||
Floridian Financial Group, Inc [Member] | Scenario, Previously Reported [Member] | |||||||
Assets: | |||||||
Cash | 28,243,000 | ||||||
Investment securities | 66,912,000 | ||||||
Loans, net | 268,249,000 | ||||||
Fixed assets | 7,801,000 | ||||||
Core deposit intangibles | 3,375,000 | ||||||
Goodwill | 29,985,000 | ||||||
Other assets | 12,879,000 | ||||||
Total assets acquired | 417,444,000 | ||||||
Liabilities: | |||||||
Deposits | 337,341,000 | ||||||
Other liabilities | 2,492,000 | ||||||
Total liabilities assumed | 339,833,000 | ||||||
Floridian Financial Group, Inc [Member] | Restatement Adjustment [Member] | |||||||
Assets: | |||||||
Cash | 28,243,000 | ||||||
Investment securities | 67,007,000 | ||||||
Loans, net | 266,137,000 | ||||||
Fixed assets | 7,173,000 | ||||||
Core deposit intangibles | 3,375,000 | ||||||
Goodwill | 31,632,000 | ||||||
Other assets | 13,877,000 | ||||||
Total assets acquired | 417,444,000 | ||||||
Liabilities: | |||||||
Deposits | 337,341,000 | ||||||
Other liabilities | 2,492,000 | ||||||
Total liabilities assumed | $ 339,833,000 | ||||||
BMO Harris Bank [Member] | Measurement Period Adjustments [Member] | |||||||
Assets: | |||||||
Cash | 0 | ||||||
Loans, net | 0 | ||||||
Fixed assets | 0 | ||||||
Core deposit intangibles | (135,000) | ||||||
Goodwill | 163,000 | ||||||
Other assets | (28,000) | ||||||
Total assets acquired | 0 | ||||||
Liabilities: | |||||||
Deposits | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities assumed | 0 | ||||||
BMO Harris Bank [Member] | Scenario, Previously Reported [Member] | |||||||
Assets: | |||||||
Cash | 234,094,000 | ||||||
Loans, net | 62,671,000 | ||||||
Fixed assets | 3,715,000 | ||||||
Core deposit intangibles | 5,223,000 | ||||||
Goodwill | 7,645,000 | ||||||
Other assets | 952,000 | ||||||
Total assets acquired | 314,300,000 | ||||||
Liabilities: | |||||||
Deposits | 314,248,000 | ||||||
Other liabilities | 52,000 | ||||||
Total liabilities assumed | 314,300,000 | ||||||
BMO Harris Bank [Member] | Restatement Adjustment [Member] | |||||||
Assets: | |||||||
Cash | 234,094,000 | ||||||
Loans, net | 62,671,000 | ||||||
Fixed assets | 3,715,000 | ||||||
Core deposit intangibles | 5,088,000 | ||||||
Goodwill | 7,808,000 | ||||||
Other assets | 924,000 | ||||||
Total assets acquired | 314,300,000 | ||||||
Liabilities: | |||||||
Deposits | 314,248,000 | ||||||
Other liabilities | 52,000 | ||||||
Total liabilities assumed | $ 314,300,000 |
Business Combinations - fair105
Business Combinations - fair value of acquired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 03, 2016 | Mar. 11, 2016 | Dec. 31, 2015 | Jul. 17, 2015 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 453,686 | $ 332,321 | |||
Bank shares, Inc [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 117,880 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 111,292 | ||||
Bank shares, Inc [Member] | Commercial Real Estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 82,782 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 81,191 | ||||
Bank shares, Inc [Member] | Commercial Loan [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,393 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,516 | ||||
Bank shares, Inc [Member] | Single Family Residential Real Estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,158 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 6,379 | ||||
Bank shares, Inc [Member] | Construction Development Land [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 979 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 913 | ||||
Bank shares, Inc [Member] | Consumer And Other Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 14,575 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 13,692 | ||||
Bank shares, Inc [Member] | Purchased Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 10,993 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 7,601 | ||||
Floridian Financial Group, Inc [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 280,022 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 266,137 | ||||
Floridian Financial Group, Inc [Member] | Commercial Real Estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 172,531 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 167,105 | ||||
Floridian Financial Group, Inc [Member] | Commercial Loan [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 39,070 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 37,804 | ||||
Floridian Financial Group, Inc [Member] | Single Family Residential Real Estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 38,304 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 37,367 | ||||
Floridian Financial Group, Inc [Member] | Construction Development Land [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 20,546 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 18,108 | ||||
Floridian Financial Group, Inc [Member] | Consumer And Other Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,385 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 3,110 | ||||
Floridian Financial Group, Inc [Member] | Purchased Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 2,643 | ||||
Floridian Financial Group, Inc [Member] | Purchased Credit Impaired [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,186 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 2,643 | ||||
BMO Harris Bank [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 64,043 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 62,671 | ||||
BMO Harris Bank [Member] | Commercial Real Estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 31,564 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 31,200 | ||||
BMO Harris Bank [Member] | Commercial Loan [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 32,479 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 31,471 | ||||
BMO Harris Bank [Member] | Purchased Credit Impaired [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 0 |
Business Combinations - purc106
Business Combinations - purchased credit impaired loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 11, 2016 | Dec. 31, 2015 | Jul. 17, 2015 |
Contractually required principal and interest | $ 453,686 | $ 332,458 | ||
Bank shares, Inc [Member] | ||||
Total purchased credit impaired loans acquired | $ 111,292 | |||
Bank shares, Inc [Member] | Purchased Impaired Loans [Member] | ||||
Contractually required principal and interest | 12,552 | |||
Non-accretable difference | (4,249) | |||
Cash flows expected to be collected | 8,303 | |||
Accretable yield | (702) | |||
Total purchased credit impaired loans acquired | $ 7,601 | |||
Floridian Financial Group, Inc [Member] | ||||
Total purchased credit impaired loans acquired | $ 266,137 | |||
Floridian Financial Group, Inc [Member] | Purchased Impaired Loans [Member] | ||||
Contractually required principal and interest | 8,031 | |||
Non-accretable difference | (4,820) | |||
Cash flows expected to be collected | 3,211 | |||
Accretable yield | (568) | |||
Total purchased credit impaired loans acquired | $ 2,643 |
Business Combinations - Pro-for
Business Combinations - Pro-forma information (Details) - Bank shares, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 142,354 | $ 122,413 |
Net income available to common shareholders | $ 30,466 | $ 27,070 |
EPS - basic (in dollars per share) | $ 0.81 | $ 0.74 |
EPS - diluted (in dollars per share) | $ 0.80 | $ 0.73 |