Florida | 59-2260678 | |
(State or Other Jurisdiction of Incorporation or Organization | (I.R.S. Employer Identification No.) |
815 COLORADO AVENUE, STUART FL | 34994 | |
(Address of Principal Executive Offices) | (Zip Code) |
(772) 287-4000 |
(Registrant’s Telephone Number, Including Area Code) |
Large Accelerated | Accelerated | Non-Accelerated | Small Reporting |
Filer x | Filer ¨ | Filer ¨ | Company ¨ |
Emerging Growth | |||
Company ¨ |
PAGE # | ||
Part I | ||
Condensed consolidated statements of income – Three and six months ended June 30, 2018 and 2017 | ||
Condensed consolidated statements of comprehensive income – Three and six months ended June 30, 2018 and 2017 | ||
Consolidated statements of cash flows – Six months ended June 30, 2018 and 2017 | ||
June 30, 2018 | December 31, 2017 | ||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 123,927 | $ | 104,039 | |||
Interest bearing deposits with other banks | 7,594 | 5,465 | |||||
Total cash and cash equivalents | 131,521 | 109,504 | |||||
Time deposits with other banks | 10,562 | 12,553 | |||||
Debt securities: | |||||||
Available for sale (at fair value) | 954,906 | 949,460 | |||||
Held to maturity (fair value: $370,787 at June 30, 2018 and $414,470 at December 31, 2017) | 382,137 | 416,863 | |||||
Total debt securities | 1,337,043 | 1,366,323 | |||||
Loans held for sale (at fair value) | 14,707 | 24,306 | |||||
Loans | 3,974,016 | 3,817,377 | |||||
Less: Allowance for loan losses | (28,924 | ) | (27,122 | ) | |||
Loans, net of allowance for loan losses | 3,945,092 | 3,790,255 | |||||
Bank premises and equipment, net | 63,991 | 66,883 | |||||
Other real estate owned | 8,417 | 7,640 | |||||
Goodwill | 148,555 | 147,578 | |||||
Other intangible assets, net | 17,319 | 19,099 | |||||
Bank owned life insurance | 121,602 | 123,981 | |||||
Net deferred tax assets | 26,021 | 25,417 | |||||
Other assets | 97,851 | 116,590 | |||||
TOTAL ASSETS | $ | 5,922,681 | $ | 5,810,129 | |||
LIABILITIES | |||||||
Deposits | $ | 4,697,440 | $ | 4,592,720 | |||
Securities sold under agreements to repurchase | 200,050 | 216,094 | |||||
Federal Home Loan Bank (FHLB) borrowings | 205,000 | 211,000 | |||||
Subordinated debt | 70,664 | 70,521 | |||||
Other liabilities | 33,364 | 30,130 | |||||
TOTAL LIABILITIES | 5,206,518 | 5,120,465 | |||||
SHAREHOLDERS' EQUITY | |||||||
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 47,297,474 and outstanding 47,163,109 shares at June 30, 2018, and authorized 60,000,000, issued 47,032,259 and outstanding 46,917,735 shares at December 31, 2017 | 4,716 | 4,693 | |||||
Other shareholders' equity | 711,447 | 684,971 | |||||
TOTAL SHAREHOLDERS' EQUITY | 716,163 | 689,664 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 5,922,681 | $ | 5,810,129 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Interest and fees on loans | $ | 46,519 | $ | 38,209 | $ | 91,776 | $ | 70,100 | |||||||
Interest and dividends on securities | 9,605 | 8,585 | 19,209 | 16,959 | |||||||||||
Interest on interest bearing deposits and other investments | 585 | 604 | 1,201 | 1,114 | |||||||||||
TOTAL INTEREST INCOME | 56,709 | 47,398 | 112,186 | 88,173 | |||||||||||
Interest on deposits | 1,988 | 854 | 3,526 | 1,478 | |||||||||||
Interest on time certificates | 2,629 | 814 | 4,808 | 1,380 | |||||||||||
Interest on borrowed money | 1,885 | 1,574 | 3,883 | 2,994 | |||||||||||
TOTAL INTEREST EXPENSE | 6,502 | 3,242 | 12,217 | 5,852 | |||||||||||
NET INTEREST INCOME | 50,207 | 44,156 | 99,969 | 82,321 | |||||||||||
Provision for loan losses | 2,529 | 1,401 | 3,614 | 2,705 | |||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 47,678 | 42,755 | 96,355 | 79,616 | |||||||||||
Noninterest income | |||||||||||||||
Other income | 12,769 | 10,467 | 25,167 | 20,372 | |||||||||||
Securities (losses)/gains, net | (48 | ) | 21 | (150 | ) | 21 | |||||||||
TOTAL NONINTEREST INCOME (Note H) | 12,721 | 10,488 | 25,017 | 20,393 | |||||||||||
TOTAL NONINTEREST EXPENSES (Note H) | 38,246 | 41,625 | 75,410 | 76,371 | |||||||||||
INCOME BEFORE INCOME TAXES | 22,153 | 11,618 | 45,962 | 23,638 | |||||||||||
Provision for income taxes | 5,189 | 3,942 | 10,971 | 8,036 | |||||||||||
NET INCOME | $ | 16,964 | $ | 7,676 | $ | 34,991 | $ | 15,602 | |||||||
SHARE DATA | |||||||||||||||
Net income per share - diluted | $ | 0.35 | $ | 0.18 | $ | 0.73 | $ | 0.38 | |||||||
Net income per share - basic | 0.36 | 0.18 | 0.74 | 0.38 | |||||||||||
Cash dividends declared | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
Average shares outstanding - diluted | 47,974,118 | 43,556,285 | 47,827,646 | 41,538,769 | |||||||||||
Average shares outstanding - basic | 47,164,909 | 42,841,152 | 47,058,958 | 40,851,273 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In thousands) | |||||||||||||||
NET INCOME | $ | 16,964 | $ | 7,676 | $ | 34,991 | $ | 15,602 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized (losses) gains on securities available for sale | (5,995 | ) | 5,601 | (17,016 | ) | 8,776 | |||||||||
Amortization of unrealized losses on securities transferred to held to maturity, net | 218 | 122 | 334 | 244 | |||||||||||
Reclassification adjustment for gains included in net income | 0 | (21 | ) | 0 | (21 | ) | |||||||||
Income tax effect on other comprehensive (loss) income | 1,543 | (2,199 | ) | 4,439 | (3,467 | ) | |||||||||
Total other comprehensive (loss) income | (4,234 | ) | 3,503 | (12,243 | ) | 5,532 | |||||||||
COMPREHENSIVE INCOME | $ | 12,730 | $ | 11,179 | $ | 22,748 | $ | 21,134 | |||||||
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 34,991 | $ | 15,602 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 3,134 | 2,677 | |||||
Amortization of premiums and discounts on securities, net | 1,732 | 1,838 | |||||
Other amortization and accretion, net | 225 | (429 | ) | ||||
Stock based compensation | 3,622 | 2,540 | |||||
Origination of loans designated for sale | (159,991 | ) | (117,379 | ) | |||
Sale of loans designated for sale | 173,385 | 113,527 | |||||
Provision for loan losses | 3,614 | 2,705 | |||||
Deferred income taxes | 4,559 | 7,338 | |||||
Gains on sale of securities | 0 | (21 | ) | ||||
Gains on sale of loans | (5,277 | ) | (3,078 | ) | |||
Losses (gains) on sale and write-downs of other real estate owned | 298 | (212 | ) | ||||
Losses on disposition of fixed assets | 231 | 2,316 | |||||
Changes in operating assets and liabilities, net of effects from acquired companies: | |||||||
Net decrease in other assets | 19,230 | 1,347 | |||||
Net increase (decrease) in other liabilities | 3,184 | (2,634 | ) | ||||
Net cash provided by operating activities | 82,937 | 26,137 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Maturities and repayments of debt securities available for sale | 77,860 | 125,115 | |||||
Maturities and repayments of debt securities held to maturity | 34,360 | 42,883 | |||||
Proceeds from sale of debt securities available for sale | 0 | 3,820 | |||||
Purchases of debt securities available for sale | (101,354 | ) | (142,062 | ) | |||
Purchases of debt securities held to maturity | 0 | (49,963 | ) | ||||
Maturities of time deposits with other banks | 1,991 | 847 | |||||
Net new loans and principal repayments | (161,038 | ) | (198,080 | ) | |||
Proceeds from the sale of other real estate owned | 5,184 | 3,324 | |||||
Proceeds from sale of FHLB and Federal Reserve Bank Stock | 20,570 | 14,832 | |||||
Purchase of FHLB and Federal Reserve Stock | (23,055 | ) | (15,012 | ) | |||
Purchase of VISA Class B stock | 0 | (6,180 | ) | ||||
Redemption of bank owned life insurance | 4,232 | 0 | |||||
Net cash from bank acquisition | 0 | 30,233 | |||||
Additions to bank premises and equipment | (2,475 | ) | (2,979 | ) | |||
Net cash used in investing activities | (143,725 | ) | (193,222 | ) |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Net increase in deposits | $ | 104,720 | $ | 166,863 | |||
Net decrease in federal funds purchased and repurchase agreements | (16,044 | ) | (36,644 | ) | |||
Net decrease in FHLB borrowings | (6,000 | ) | (20,000 | ) | |||
Issuance of common stock, net of related expense | 0 | 55,641 | |||||
Stock based employee benefit plans | 129 | (222 | ) | ||||
Dividends paid | 0 | 0 | |||||
Net cash provided by financing activities | 82,805 | 165,638 | |||||
Net increase (decrease) in cash and cash equivalents | 22,017 | (1,447 | ) | ||||
Cash and cash equivalents at beginning of period | 109,504 | 109,644 | |||||
Cash and cash equivalents at end of period | $ | 131,521 | $ | 108,197 | |||
Supplemental disclosure of non cash investing activities: | |||||||
Transfers from loans to other real estate owned | 4,207 | 448 | |||||
Transfers from bank premises to other real estate owned | 2,052 | 1,212 |
• | Service Charges on Deposits: Seacoast National Bank ("Seacoast Bank") offers a variety of deposit-related services to its customers through several delivery channels including branch offices, ATMs, telephone, mobile, and internet banking. Transaction-based fees are recognized when services, each of which represents a performance obligation, are satisfied. Service fees may be assessed monthly, quarterly, or annually; however, the account agreements to which these fees relate can be cancelled at any time by Seacoast and/or the customer. Therefore, the contract term is considered a single day (a day-to-day contract). |
• | Trust Fees: The Company earns trust fees from fiduciary services provided to trust customers which include custody of assets, recordkeeping, collection and distribution of funds. Fees are earned over time and accrued monthly as the Company provides services, and are generally assessed based on the market value of the trust assets under management at a particular date or over a particular period. |
• | Brokerage Commissions and Fees: The Company earns commissions and fees from investment brokerage services provided to its customers through an arrangement with a third-party service provider. Commissions received from the third-party service provider are recorded monthly and are based upon customer activity. Fees are earned over time and accrued monthly as services are provided. The Company acts as an agent in this arrangement and therefore presents the brokerage commissions and fees net of related costs. |
• | Interchange Income: Fees earned on card transactions depend upon the volume of activity, as well as the fees permitted by the payment network. Such fees are recognized by the Company upon fulfilling its performance obligation to approve the card transaction. |
ASU 2016-02, Leases (Topic 842) | |
Description | In February 2016, the FASB amended existing guidance that requires lessees recognize the following for all leases at the commencement date: 1. A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis.2. A right-of-use specified asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. In July 2018, the FASB issued ASU 2018-11, which provides an additional optional transition method. The additional transition method allows entities to initially apply the new lease standard at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease standard would continue to be in accordance with current GAAP (Topic 840), including disclosures. |
Date of Adoption | This amendment is effective for public business entities for reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted. |
Effect on the Consolidated Financial Statements | The Company is in the process of evaluating its existing leases, which are primarily operating leases of branch properties and equipment, to determine the amounts to be recognized as right-of-use assets and lease liabilities. The Company will adopt the new standard effective January 1, 2019. The effect of adoption on the Company’s consolidated statements of income is not expected to be material. |
ASU 2016-13, Financial Instruments –Credit Losses (Topic 326) | |
Description | In June 2016, the FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures including loan commitments, standby letters of credit, financial guarantees and other similar instruments. |
Date of Adoption | This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods after December 15, 2018, including interim reporting periods within that period. |
Effect on the Consolidated Financial Statements | The Company’s transition oversight committee is in the process of evaluating and implementing changes to credit loss estimation models and related processes. Updates to business processes and the documentation of accounting policy decisions are ongoing. The Company may recognize an increase in the allowance for loan losses upon adoption, recorded as a one-time effect cumulative adjustment to retained earnings. However, the magnitude of the impact on the Company's consolidated financial statements has not yet been determined. The Company will adopt this accounting standard effective January 1, 2020. |
ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill | |
Description | In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss. |
Date of Adoption | This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017. |
Effect on the Consolidated Financial Statements | The impact to the consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased callable Debt Securities | |
Description | In March 2017, the FASB issued guidance which requires entities to amortize premiums on certain purchased callable debt securities to their earliest call date. The accounting for purchased callable debt securities held at a discount did not change. Amortizing the premium to the earliest call date generally aligns interest income recognition with the economics of instruments. This guidance requires a modified retrospective approach under which a cumulative adjustment will be made to retained earnings as of the beginning of the period in which it is adopted. |
Date of Adoption | The amendments are effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those periods. |
Effect on the Consolidated Financial Statements | The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities | |
Description | In August 2017, the FASB provided guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The amendments also simplify the application of the hedge accounting guidance. |
Date of Adoption | The amendments are effective for public business entities for annual periods beginning after December 15, 2018, including interim periods within those periods. |
Effect on the Consolidated Financial Statements | The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(Dollars in thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Basic earnings per share | |||||||||||||||
Net income | $ | 16,964 | $ | 7,676 | $ | 34,991 | $ | 15,602 | |||||||
Average common stock outstanding | 47,164,909 | 42,841,152 | 47,058,958 | 40,851,273 | |||||||||||
Net income per share | $ | 0.36 | $ | 0.18 | $ | 0.74 | $ | 0.38 | |||||||
Diluted earnings per share | |||||||||||||||
Net income | $ | 16,964 | $ | 7,676 | $ | 34,991 | $ | 15,602 | |||||||
Average common stock outstanding | 47,164,909 | 42,841,152 | 47,058,958 | 40,851,273 | |||||||||||
Add: Dilutive effect of employee restricted stock and stock options | 809,209 | 715,133 | 768,688 | 687,496 | |||||||||||
Average diluted stock outstanding | 47,974,118 | 43,556,285 | 47,827,646 | 41,538,769 | |||||||||||
Net income per share | $ | 0.35 | $ | 0.18 | $ | 0.73 | $ | 0.38 |
June 30, 2018 | |||||||||||||||
Gross Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Debt securities available for sale | |||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Entities | $ | 8,372 | $ | 137 | $ | (44 | ) | $ | 8,465 | ||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 616,152 | 239 | (21,510 | ) | 594,881 | ||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 80,618 | 918 | (404 | ) | 81,132 | ||||||||||
Collateralized loan obligations | 226,549 | 98 | (504 | ) | 226,143 | ||||||||||
Obligations of state and political subdivisions | 44,491 | 339 | (545 | ) | 44,285 | ||||||||||
Totals | $ | 976,182 | $ | 1,731 | $ | (23,007 | ) | $ | 954,906 | ||||||
Debt securities held to maturity | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 324,410 | $ | 0 | $ | (11,551 | ) | $ | 312,859 | ||||||
Private mortgage-backed securities and collateralized mortgage obligations | 22,127 | 241 | (96 | ) | 22,272 | ||||||||||
Collateralized loan obligations | 35,600 | 57 | (1 | ) | 35,656 | ||||||||||
Totals | $ | 382,137 | $ | 298 | $ | (11,648 | ) | $ | 370,787 |
December 31, 2017 | |||||||||||||||
Gross Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Debt securities available for sale | |||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Entities | $ | 9,475 | $ | 274 | $ | (5 | ) | $ | 9,744 | ||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 560,396 | 1,163 | (8,034 | ) | 553,525 | ||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 75,152 | 1,154 | (285 | ) | 76,021 | ||||||||||
Collateralized loan obligations | 263,579 | 798 | (68 | ) | 264,309 | ||||||||||
Obligations of state and political subdivisions | 45,118 | 813 | (70 | ) | 45,861 | ||||||||||
Totals | $ | 953,720 | $ | 4,202 | $ | (8,462 | ) | $ | 949,460 | ||||||
Debt securities held to maturity | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | $ | 353,541 | $ | 802 | $ | (4,159 | ) | $ | 350,184 | ||||||
Private mortgage-backed securities and collateralized mortgage obligations | 22,799 | 714 | (53 | ) | 23,460 | ||||||||||
Collateralized loan obligations | 40,523 | 303 | 0 | 40,826 | |||||||||||
Totals | $ | 416,863 | $ | 1,819 | $ | (4,212 | ) | $ | 414,470 |
Held to Maturity | Available for Sale | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Due in less than one year | $ | 0 | $ | 0 | $ | 15,119 | $ | 15,110 | |||||||
Due after one year through five years | 3,600 | 3,599 | 64,674 | 64,761 | |||||||||||
Due after five years through ten years | 29,000 | 29,053 | 183,806 | 183,290 | |||||||||||
Due after ten years | 3,000 | 3,004 | 15,813 | 15,732 | |||||||||||
35,600 | 35,656 | 279,412 | 278,893 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 324,410 | 312,859 | 616,152 | 594,881 | |||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 22,127 | 22,272 | 80,618 | 81,132 | |||||||||||
Totals | $ | 382,137 | $ | 370,787 | $ | 976,182 | $ | 954,906 |
June 30, 2018 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Entities | $ | 3,417 | $ | (44 | ) | $ | 0 | $ | 0 | $ | 3,417 | $ | (44 | ) | |||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 420,280 | (12,087 | ) | 468,753 | (20,976 | ) | 889,033 | (33,063 | ) | ||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 25,971 | (210 | ) | 18,468 | (291 | ) | 44,439 | (501 | ) | ||||||||||||||
Collateralized loan obligations | 138,769 | (502 | ) | 0 | 0 | 138,769 | (502 | ) | |||||||||||||||
Obligations of state and political subdivisions | 9,896 | (94 | ) | 20,330 | (451 | ) | 30,226 | (545 | ) | ||||||||||||||
Totals | $ | 598,333 | $ | (12,937 | ) | $ | 507,551 | $ | (21,718 | ) | $ | 1,105,884 | $ | (34,655 | ) |
December 31, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government Entities | $ | 1,107 | $ | (5 | ) | $ | 0 | $ | 0 | $ | 1,107 | $ | (5 | ) | |||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities | 304,723 | (2,047 | ) | 413,725 | (10,146 | ) | 718,448 | (12,193 | ) | ||||||||||||||
Private mortgage-backed securities and collateralized mortgage obligations | 0 | 0 | 20,744 | (338 | ) | 20,744 | (338 | ) | |||||||||||||||
Collateralized loan obligations | 14,933 | (68 | ) | 0 | 0 | 14,933 | (68 | ) | |||||||||||||||
Obligations of state and political subdivisions | 5,414 | (14 | ) | 5,864 | (56 | ) | 11,278 | (70 | ) | ||||||||||||||
Totals | $ | 326,177 | $ | (2,134 | ) | $ | 440,333 | $ | (10,540 | ) | $ | 766,510 | $ | (12,674 | ) |
June 30, 2018 | |||||||||||||||
Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
(In thousands) | |||||||||||||||
Construction and land development | $ | 250,314 | $ | 126 | $ | 108,630 | $ | 359,070 | |||||||
Commercial real estate | 1,297,051 | 10,878 | 393,366 | 1,701,295 | |||||||||||
Residential real estate | 941,728 | 1,417 | 160,800 | 1,103,945 | |||||||||||
Commercial and financial | 548,758 | 794 | 69,318 | 618,870 | |||||||||||
Consumer | 183,718 | 0 | 7,118 | 190,836 | |||||||||||
Totals 1 | $ | 3,221,569 | $ | 13,215 | $ | 739,232 | $ | 3,974,016 |
December 31, 2017 | |||||||||||||||
Portfolio Loans | PCI Loans | PULs | Total | ||||||||||||
(In thousands) | |||||||||||||||
Construction and land development | $ | 215,315 | $ | 1,121 | $ | 126,689 | $ | 343,125 | |||||||
Commercial real estate | 1,170,618 | 9,776 | 459,598 | 1,639,992 | |||||||||||
Residential real estate | 845,420 | 5,626 | 187,764 | 1,038,810 | |||||||||||
Commercial and financial | 512,430 | 894 | 92,690 | 606,014 | |||||||||||
Consumer | 178,826 | 0 | 10,610 | 189,436 | |||||||||||
Totals 1 | $ | 2,922,609 | $ | 17,417 | $ | 877,351 | $ | 3,817,377 |
June 30, 2018 | |||||||||||||||||||||||
Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total Financing Receivables | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Portfolio Loans | |||||||||||||||||||||||
Construction and land development | $ | 250,053 | $ | 44 | $ | 0 | $ | 0 | $ | 217 | $ | 250,314 | |||||||||||
Commercial real estate | 1,286,765 | 788 | 0 | 0 | 9,498 | 1,297,051 | |||||||||||||||||
Residential real estate | 930,666 | 2,296 | 0 | 0 | 8,766 | 941,728 | |||||||||||||||||
Commerical and financial | 543,301 | 4,544 | 0 | 0 | 913 | 548,758 | |||||||||||||||||
Consumer | 183,410 | 144 | 0 | 0 | 164 | 183,718 | |||||||||||||||||
Totals | 3,194,195 | 7,816 | 0 | 0 | 19,558 | 3,221,569 | |||||||||||||||||
Purchased Unimpaired Loans | |||||||||||||||||||||||
Construction and land development | 108,017 | 613 | 0 | 0 | 0 | 108,630 | |||||||||||||||||
Commercial real estate | 390,619 | 2,339 | 0 | 0 | 408 | 393,366 | |||||||||||||||||
Residential real estate | 155,520 | 1,274 | 109 | 0 | 3,897 | 160,800 | |||||||||||||||||
Commerical and financial | 67,366 | 1,459 | 0 | 493 | 0 | 69,318 | |||||||||||||||||
Consumer | 7,098 | 20 | 0 | 0 | 0 | 7,118 | |||||||||||||||||
Totals | 728,620 | 5,705 | 109 | 493 | 4,305 | 739,232 | |||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||||||||
Construction and land development | 126 | 0 | 0 | 0 | 0 | 126 | |||||||||||||||||
Commercial real estate | 9,451 | 0 | 0 | 0 | 1,427 | 10,878 | |||||||||||||||||
Residential real estate | 570 | 0 | 0 | 0 | 847 | 1,417 | |||||||||||||||||
Commerical and financial | 749 | 0 | 0 | 0 | 45 | 794 | |||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Totals | 10,896 | 0 | 0 | 0 | 2,319 | 13,215 | |||||||||||||||||
Totals | $ | 3,933,711 | $ | 13,521 | $ | 109 | $ | 493 | $ | 26,182 | $ | 3,974,016 |
December 31, 2017 | |||||||||||||||||||||||
Current | Accruing 30-59 Days Past Due | Accruing 60-89 Days Past Due | Accruing Greater Than 90 Days | Nonaccrual | Total Financing Receivables | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Portfolio Loans | |||||||||||||||||||||||
Construction and land development | $ | 215,077 | $ | 0 | $ | 0 | $ | 0 | $ | 238 | $ | 215,315 | |||||||||||
Commercial real estate | 1,165,738 | 2,605 | 585 | 0 | 1,690 | 1,170,618 | |||||||||||||||||
Residential real estate | 836,117 | 812 | 75 | 0 | 8,416 | 845,420 | |||||||||||||||||
Commercial and financial | 507,501 | 2,776 | 26 | 0 | 2,127 | 512,430 | |||||||||||||||||
Consumer | 178,676 | 52 | 0 | 0 | 98 | 178,826 | |||||||||||||||||
Totals | 2,903,109 | 6,245 | 686 | 0 | 12,569 | 2,922,609 | |||||||||||||||||
Purchased Unimpaired Loans | |||||||||||||||||||||||
Construction and land development | 126,655 | 34 | 0 | 0 | 0 | 126,689 | |||||||||||||||||
Commercial real estate | 457,899 | 979 | 0 | 0 | 720 | 459,598 | |||||||||||||||||
Residential real estate | 186,549 | 128 | 87 | 0 | 1,000 | 187,764 | |||||||||||||||||
Commercial and financial | 92,315 | 54 | 0 | 0 | 321 | 92,690 | |||||||||||||||||
Consumer | 10,610 | 0 | 0 | 0 | 0 | 10,610 | |||||||||||||||||
Totals | 874,028 | 1,195 | 87 | 0 | 2,041 | 877,351 | |||||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||||||||||
Construction and land development | 1,121 | 0 | 0 | 0 | 0 | 1,121 | |||||||||||||||||
Commercial real estate | 9,352 | 0 | 0 | 0 | 424 | 9,776 | |||||||||||||||||
Residential real estate | 544 | 642 | 0 | 0 | 4,440 | 5,626 | |||||||||||||||||
Commercial and financial | 844 | 0 | 0 | 0 | 50 | 894 | |||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Totals | 11,861 | 642 | 0 | 0 | 4,914 | 17,417 | |||||||||||||||||
Totals | $ | 3,788,998 | $ | 8,082 | $ | 773 | $ | 0 | $ | 19,524 | $ | 3,817,377 |
June 30, 2018 | |||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Construction and land development | $ | 351,792 | $ | 6,456 | $ | 822 | $ | 0 | $ | 359,070 | |||||||||
Commercial real estate | 1,647,630 | 19,716 | 33,949 | 0 | 1,701,295 | ||||||||||||||
Residential real estate | 1,077,202 | 2,341 | 24,402 | 0 | 1,103,945 | ||||||||||||||
Commercial and financial | 612,333 | 214 | 6,223 | 100 | 618,870 | ||||||||||||||
Consumer | 188,894 | 1,338 | 604 | 0 | 190,836 | ||||||||||||||
Totals | $ | 3,877,851 | $ | 30,065 | $ | 66,000 | $ | 100 | $ | 3,974,016 |
December 31, 2017 | |||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Construction and land development | $ | 328,127 | $ | 10,414 | $ | 4,584 | $ | 0 | $ | 343,125 | |||||||||
Commercial real estate | 1,586,932 | 29,273 | 23,787 | 0 | 1,639,992 | ||||||||||||||
Residential real estate | 1,023,925 | 4,621 | 10,203 | 61 | 1,038,810 | ||||||||||||||
Commercial and financial | 593,689 | 3,237 | 8,838 | 250 | 606,014 | ||||||||||||||
Consumer | 189,354 | 0 | 82 | 0 | 189,436 | ||||||||||||||
Totals | $ | 3,722,027 | $ | 47,545 | $ | 47,494 | $ | 311 | $ | 3,817,377 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Beginning balance | $ | 3,552 | $ | 3,510 | $ | 3,699 | $ | 3,807 | |||||||
Additions | 0 | 0 | 0 | 0 | |||||||||||
Deletions | 0 | (10 | ) | (43 | ) | (10 | ) | ||||||||
Accretion | (262 | ) | (451 | ) | (705 | ) | (816 | ) | |||||||
Reclassification from non-accretable difference | (101 | ) | 216 | 238 | 284 | ||||||||||
Ending balance | $ | 3,189 | $ | 3,265 | $ | 3,189 | $ | 3,265 |
Number of Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | Specific Reserve Recorded | Valuation Allowance Recorded | ||||||||||||||
(In thousands) | ||||||||||||||||||
June 30, 2018 | ||||||||||||||||||
Commercial and financial | 1 | $ | 98 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Totals | 1 | $ | 98 | $ | 0 | $ | 0 | $ | 0 | |||||||||
June 30, 2017 | ||||||||||||||||||
Construction and land development | 1 | $ | 52 | $ | 46 | $ | 6 | $ | 6 | |||||||||
Residential real estate | 1 | 15 | 15 | 0 | 0 | |||||||||||||
Totals | 2 | $ | 67 | $ | 61 | $ | 6 | $ | 6 |
June 30, 2018 | |||||||||||
Recorded Investment | Unpaid Principal Balance | Related Valuation Allowance | |||||||||
(In thousands) | |||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||
Construction and land development | $ | 204 | $ | 484 | $ | 0 | |||||
Commercial real estate | 2,549 | 3,764 | 0 | ||||||||
Residential real estate | 13,847 | 18,352 | 0 | ||||||||
Commercial and financial | 0 | 0 | 0 | ||||||||
Consumer | 172 | 211 | 0 | ||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||
Construction and land development | 224 | 238 | 24 | ||||||||
Commercial real estate | 13,116 | 13,144 | 525 | ||||||||
Residential real estate | 6,820 | 7,014 | 933 | ||||||||
Commercial and financial | 933 | 927 | 550 | ||||||||
Consumer | 267 | 273 | 41 | ||||||||
Total Impaired Loans | |||||||||||
Construction and land development | 428 | 722 | 24 | ||||||||
Commercial real estate | 15,665 | 16,908 | 525 | ||||||||
Residential real estate | 20,667 | 25,366 | 933 | ||||||||
Commercial and financial | 933 | 927 | 550 | ||||||||
Consumer | 439 | 484 | 41 | ||||||||
Totals | $ | 38,132 | $ | 44,407 | $ | 2,073 |
December 31, 2017 | |||||||||||
Recorded Investment | Unpaid Principal Balance | Related Valuation Allowance | |||||||||
(In thousands) | |||||||||||
Impaired Loans with No Related Allowance Recorded: | |||||||||||
Construction and land development | $ | 223 | $ | 510 | $ | 0 | |||||
Commercial real estate | 3,475 | 4,873 | 0 | ||||||||
Residential real estate | 10,272 | 15,063 | 0 | ||||||||
Commercial and financial | 19 | 29 | 0 | ||||||||
Consumer | 105 | 180 | 0 | ||||||||
Impaired Loans with an Allowance Recorded: | |||||||||||
Construction and land development | 251 | 264 | 23 | ||||||||
Commercial real estate | 4,780 | 4,780 | 195 | ||||||||
Residential real estate | 8,448 | 8,651 | 1,091 | ||||||||
Commercial and financial | 2,436 | 883 | 1,050 | ||||||||
Consumer | 282 | 286 | 43 | ||||||||
Total Impaired Loans | |||||||||||
Construction and land development | 474 | 774 | 23 | ||||||||
Commercial real estate | 8,255 | 9,653 | 195 | ||||||||
Residential real estate | 18,720 | 23,714 | 1,091 | ||||||||
Commercial and financial | 2,455 | 912 | 1,050 | ||||||||
Consumer | 387 | 466 | 43 | ||||||||
Totals | $ | 30,291 | $ | 35,519 | $ | 2,402 |