SEACOAST BANKING CORP OF FLORIDA, 10-Q filed on 5/10/2016
Quarterly Report
v3.4.0.3
Document And Entity Information
 3 Months Ended
Mar. 31, 2016
shares
Document Information [Line Items]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Mar. 31, 2016
Document Fiscal Year Focus 2016
Document Fiscal Period Focus Q1
Entity Registrant Name SEACOAST BANKING CORP OF FLORIDA
Entity Central Index Key 0000730708
Current Fiscal Year End Date --12-31
Entity Filer Category Accelerated Filer
Trading Symbol SBCF
Entity Common Stock, Shares Outstanding 37,922,250
v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
ASSETS    
Cash and due from banks $ 113,178 $ 81,216
Interest bearing deposits with other banks 35,450 54,851
Total cash and cash equivalents 148,628 136,067
Securities:    
Available for sale (at fair value) 905,182 790,766
Held for investment (fair value: $198,820 at March 31, 2016, and $202,813 at December 31, 2015) 198,231 203,525
Total Securities 1,103,413 994,291
Loans held for sale (at fair value) 19,867 23,998
Loans [1] 2,455,214 2,156,330
Less: Allowance for loan losses (19,724) (19,128)
NET LOANS 2,435,490 2,137,202
Bank premises and equipment, net 61,416 54,579
Other real estate owned 8,091 7,039
Goodwill 55,196 25,211
Other intangible assets, net 11,524 8,594
Bank owned life insurance 43,417 43,579
Net deferred income taxes 67,049 60,274
Other assets 47,232 43,946
TOTAL ASSETS 4,001,323 3,534,780
LIABILITIES    
Deposits 3,222,447 2,844,387
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days 198,330 172,005
Borrowed funds 50,000 50,000
Subordinated debt 70,031 69,961
Other liabilities 46,727 44,974
Total liabilities 3,587,535 3,181,327
SHAREHOLDERS' EQUITY    
Common stock, par value $0.10 per share, authorized 60,000,000 shares, issued 37,928,754 and outstanding 37,922,250 shares at March 31, 2016 and issued 34,356,892 and outstanding 34,351,409 shares at December 31, 2015 3,792 3,435
Other shareholders' equity 409,996 350,018
TOTAL SHAREHOLDERS' EQUITY 413,788 353,453
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,001,323 $ 3,534,780
[1] Net loan balances as of March 31, 2016 and December 31, 2015 are net of deferred costs and purchase fair value marks of $16.0 million and $7.7 million for each period, respectively.
v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Held for Investment, Fair Value, Total $ 198,820 $ 202,813
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 60,000,000 60,000,000
Common stock, shares issued 37,928,754 34,356,892
Common stock, shares outstanding 37,922,250 34,351,409
v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest and fees on loans $ 26,034 $ 22,021
Interest and dividends on securities 5,847 5,048
Interest on interest bearing deposits and other investments 290 249
TOTAL INTEREST INCOME 32,171 27,318
Interest on deposits 917 748
Interest on borrowed money 1,032 860
TOTAL INTEREST EXPENSE 1,949 1,608
NET INTEREST INCOME 30,222 25,710
Provision for loan losses 199 433
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 30,023 25,277
Noninterest income    
Other income 8,630 7,308
Securities gains, net (includes net gains of $47 and $0 in other comprehensive income reclassifications for the three months ended March 31, 2016 and 2015 respectively) 89 0
TOTAL NONINTEREST INCOME 8,719 7,308
Salaries and wages 13,399 8,789
Outsourced data processing costs 4,439 2,184
Occupancy 2,972 2,023
Other 11,531 10,190
TOTAL NONINTEREST EXPENSES 32,341 23,186
INCOME BEFORE INCOME TAXES 6,401 9,399
Provision for income taxes (includes $18 and $0 in income tax provision from reclassification items for the three months ended March 31, 2016 and 2015, respectively.) 2,435 3,540
NET INCOME $ 3,966 $ 5,859
PER SHARE COMMON STOCK:    
Net income diluted (in dollars per share) $ 0.11 $ 0.18
Net income basic (in dollars per share) 0.11 0.18
Cash dividends declared $ 0.00 $ 0.00
Average shares outstanding - diluted (in shares) 35,452,968 33,135,618
Average shares outstanding - basic (in shares) 34,848,875 32,971,444
v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Reclassification adjustment for securities gains included in net income $ 47 $ 0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ 18 $ 0
v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
NET INCOME $ 3,966 $ 5,859
Other comprehensive income:    
Unrealized gains on securities available for sale 7,986 4,774
Amortization of unrealized losses on securities transferred to held for investment, net (122) (124)
Reclassification adjustment for losses (gains) included in net income (47) 0
Provision for income taxes (3,017) (1,795)
COMPREHENSIVE INCOME $ 8,766 $ 8,714
v3.4.0.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities    
Interest received $ 30,932 $ 27,183
Fees and commissions received 7,980 6,638
Interest paid (1,570) (1,748)
Cash paid to suppliers and employees (27,839) (21,870)
Origination of loans designated held for sale (35,135) (42,112)
Sale of loans designated held for sale 39,266 35,339
Net change in other assets 2,025 (455)
Net cash provided by operating activities 15,659 2,975
Cash flows from investing activities    
Maturity of securities available for sale 26,018 28,046
Maturity of securities held for investment 5,368 9,176
Proceeds from sale of securities available for sale 10,416 0
Purchases of securities available for sale (81,880) (13,769)
Purchases of securities held for investment 0 (24,366)
Net new loans and principal repayments (32,135) (31,542)
Proceeds from the sale of other real estate owned 1,542 1,827
Proceeds from sale of Federal Home Loan Bank (FHLB) and Federal Reserve Bank stock 1,700 3,725
Purchase of FHLB and Federal Reserve Bank Stock (1,956) (2,466)
Net cash from bank acquisition 1,544 0
Additions to bank premises and equipment (793) (3,919)
Net cash (used in) investing activities (70,176) (33,288)
Cash flows from financing activities    
Net increase in deposits 40,719 193,291
Net increase (decrease) in federal funds purchased and repurchase agreements 26,325 (63,617)
Stock based employee benefit plans 34 30
Dividends paid 0 0
Net cash provided by financing activities 67,078 129,704
Net increase in cash and cash equivalents 12,561 99,391
Cash and cash equivalents at beginning of period 136,067 100,539
Cash and cash equivalents at end of period 148,628 199,930
Reconciliation of net income to cash provided by operating activities    
Net income 3,966 5,859
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,064 816
Amortization of premiums and discounts on securities, net 1,021 959
Other amortization and accretion, net (237) (929)
Change in loans held for sale, net 4,131 (6,773)
Provision for loan losses 199 433
Gain on sale of securities (89) 0
Gain on sale of loans (700) (749)
Losses (gains) on sale and write-downs of other real estate owned (51) 81
Losses (gains) on disposition of fixed assets 692 (1)
Change in interest receivable (1,507) 150
Change in interest payable 309 (184)
Change in prepaid expenses (691) (171)
Change in accrued taxes 2,714 3,804
Change in other assets 2,025 (455)
Change in other liabilities 2,813 135
Net cash provided by operating activities 15,659 2,975
Supplemental disclosure of non cash investing activities:    
Fair value adjustment to securities 7,817 4,650
Transfer from loans to other real estate owned 2,543 649
Matured securities recorded as a receivable 1,260 691
Purchase of securities on trade date $ 24,848 $ 0
v3.4.0.3
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
NOTE A — BASIS OF PRESENTATION
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015.
 
Use of Estimates
 
The preparation of these condensed consolidated financial statements required the use of certain estimates by management in determining the Company’s assets, liabilities, revenues and expenses. Actual results could differ from those estimates.
 
Specific areas, among others, requiring the application of management’s estimates include determination of the allowance and provision for loan losses, acquisition accounting and purchased loans the valuation of investment securities available for sale, fair value of impaired loans, contingent liabilities, fair value of other real estate owned, and the valuation of deferred tax assets. Actual results could differ from those estimates.
v3.4.0.3
RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of March 31, 2016
 3 Months Ended
Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of March 31, 2016
NOTE B — RECENTLY ISSUED ACCOUNTING STANDARDS, Not adopted as of March 31, 2016
 
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09. 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 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. The ASU is effective on January 1, 2018, with early adoption permitted January 1, 2017. The Company is currently assessing the impact of adoption of ASU 2014-09.
 
In January 2016, the FASB issued ASU No. 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 No. 2016-01 is being evaluated for its impact on the Company’s operating results and financial condition.
 
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 2016-2. 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 periods after December 15, 2018 and interim periods within that year. The Company is evaluating the impact of adopting ASU No. 2016-02 on its operating results and financial condition.
 
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. Effective date for implementation is for annual periods after December 15, 2018. The Company is evaluating the impact of adopting ASU No. 2016-04 on its operating results and financial condition.
 
In March 2016, the FASB issued ASU 2016-09 for “Compensation—Stock Compensation, Improvements to Employee Share Based Payments Accounting.” The guidance will alter the manner in which companies account for share based payments to employees. Entities will be required to immediately recognize income tax effects of awards in the income statement when the awards vest or are settled. Additional paid-in capital pools will be eliminated. This change is effective for fiscal years after December 15, 2016, and interim periods with that year. The Company is evaluating the impact of adopting ASU No. 2016-09 on its operating results and financial condition.
v3.4.0.3
BASIC AND DILUTED EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
BASIC AND DILUTED EARNINGS PER COMMON SHARE
NOTE C — BASIC AND DILUTED EARNINGS PER COMMON SHARE
 
For each three month period ended March 31, 2016 and 2015, options to purchase 225,000 shares and 283,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.
 
 
 
Three Months Ended
 
 
 
March 31,
 
(Dollars in thousands, except per share data)
 
2016
 
2015
 
Basic:
 
 
 
 
 
 
 
Income available to common shareholders
 
$
3,966
 
$
5,859
 
Average basic shares outstanding
 
 
34,848,875
 
 
32,971,444
 
Basic earnings per share
 
$
0.11
 
$
0.18
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Income available to common shareholders plus assumed conversions
 
$
3,966
 
$
5,859
 
Average basic shares outstanding
 
 
34,848,875
 
 
32,971,444
 
Restricted stock and stock options
 
 
604,093
 
 
164,174
 
Average diluted shares outstanding
 
 
35,452,968
 
 
33,135,618
 
Diluted earnings per share
 
$
0.11
 
$
0.18
 
 
The diluted impact of restricted stock and stock options is calculated under the treasury method.
v3.4.0.3
SECURITIES
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
NOTE D — SECURITIES
 
The amortized cost and fair value of securities available for sale and held for investment at March 31, 2016 and December 31, 2015 are summarized as follows:
 
 
 
March 31, 2016
 
 
 
Gross
 
Gross
 
Gross
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Gains
 
Losses
 
Value
 
SECURITIES AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
 
$
13,693
 
$
305
 
$
0
 
$
13,998
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
 
206,630
 
 
2,855
 
 
(349)
 
 
209,136
 
Collateralized mortgage obligations of U.S. Government Sponsored Entities
 
 
297,383
 
 
1,982
 
 
(1,531)
 
 
297,834
 
Private mortgage backed securities
 
 
32,610
 
 
0
 
 
(998)
 
 
31,612
 
Private collateralized mortgage obligations
 
 
82,940
 
 
560
 
 
(1,242)
 
 
82,258
 
Collateralized loan obligations
 
 
124,561
 
 
0
 
 
(3,393)
 
 
121,168
 
Obligations of state and political subdivisions
 
 
57,659
 
 
1,879
 
 
(18)
 
 
59,520
 
Corporate and other debt securities
 
 
46,048
 
 
328
 
 
(204)
 
 
46,172
 
Private commercial mortgage backed securities
 
 
43,771
 
 
246
 
 
(533)
 
 
43,484
 
 
 
$
905,295
 
$
8,155
 
$
(8,268)
 
$
905,182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SECURITIES HELD FOR INVESTMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
$
64,718
 
$
2,702
 
$
0
 
$
67,420
 
Collateralized mortgage obligations of
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government Sponsored Entities
 
 
84,346
 
 
1,890
 
 
0
 
 
86,236
 
Collateralized loan obligations
 
 
41,389
 
 
0
 
 
(3,853)
 
 
37,536
 
Private collateralized mortgage obligations
 
 
7,778
 
 
0
 
 
(150)
 
 
7,628
 
 
 
$
198,231
 
$
4,592
 
$
(4,003)
 
$
198,820
 
 
 
 
December 31, 2015
 
 
 
Gross
 
Gross
 
Gross
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Gains
 
Losses
 
Value
 
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 FOR INVESTMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
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 collateralized mortgage obligations
 
 
7,967
 
 
0
 
 
(85)
 
 
7,882
 
 
 
$
203,525
 
$
1,155
 
$
(1,867)
 
$
202,813
 
 
Proceeds from sales of securities during the three month period ended March 31, 2016 were $10.4 million, with gross gains of $100,000 and gross losses of $11,000. No sales of securities were transacted during the three month period ended March 31, 2015.
 
In 2014, approximately $158.8 million of investment securities available for sale were transferred into held for investment. The unrealized holding losses at the date of transfer totaled $3.1 million. For the securities transferred into the held for investment category from available for sale, unrealized holding losses at the date of the transfer will continue to be reported in other comprehensive income, and will be amortized over the remaining life of these securities as an adjustment of yield in a manner consistent with the amortization of a discount. The amortization of unrealized holding losses reported in equity will offset the effect on interest income of the amortization of the discount. At March 31, 2016, the remaining unrealized holding losses totaled $2.3 million.
 
Securities at March 31, 2016 with a carrying and fair value of $169.6 million and $165.0 million, respectively, were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Securities with a carrying value and fair value of $198.3 million were pledged as collateral for repurchase agreements.
 
The amortized cost and fair value of securities at March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties.
 
 
 
Held for Investment
 
Available for Sale
 
 
 
Amortized
 
Fair
 
Amortized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Value
 
Cost
 
Value
 
Due in less than one year
 
$
0
 
$
0
 
$
4,779
 
$
4,853
 
Due after one year through five years
 
 
0
 
 
0
 
 
73,041
 
 
72,962
 
Due after five years through ten years
 
 
41,389
 
 
37,536
 
 
119,832
 
 
117,893
 
Due after ten years
 
 
0
 
 
0
 
 
35,545
 
 
36,416
 
 
 
 
41,389
 
 
37,536
 
 
233,197
 
 
232,124
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
 
64,718
 
 
67,420
 
 
206,630
 
 
209,136
 
Collateralized mortgage obligations of  U.S. Government Sponsored Entities
 
 
84,346
 
 
86,236
 
 
297,383
 
 
297,834
 
Private mortgage backed securities
 
 
0
 
 
0
 
 
32,610
 
 
31,612
 
Private collateralized mortgage obligations
 
 
7,778
 
 
7,628
 
 
82,940
 
 
82,258
 
Other debt securities
 
 
0
 
 
0
 
 
8,764
 
 
8,734
 
Private commercial mortgage backed securities
 
 
0
 
 
0
 
 
43,771
 
 
43,484
 
 
 
$
198,231
 
$
198,820
 
$
905,295
 
$
905,182
 
 
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. The tables below indicate the amount of securities with unrealized losses and period of time for which these losses were outstanding at March 31, 2016 and December 31, 2015, respectively.
 
 
 
March 31, 2016
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
(Dollars in thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
Mortgage-backed securties of U.S. Governement Sponsored Entities
 
$
30,876
 
$
(231)
 
$
6,201
 
$
(118)
 
$
37,077
 
$
(349)
 
Collateralized mortgage obligations of U.S. Government Sponsored Entities
 
 
4,005
 
 
(46)
 
 
126,260
 
 
(1,485)
 
 
130,265
 
 
(1,531)
 
Private mortage backed securities
 
 
17,252
 
 
(668)
 
 
14,359
 
 
(330)
 
 
31,611
 
 
(998)
 
Private collateralized mortgage obligations
 
 
11,883
 
 
(232)
 
 
50,301
 
 
(1,160)
 
 
62,184
 
 
(1,392)
 
Collateralized loan obligations
 
 
98,879
 
 
(4,479)
 
 
59,826
 
 
(2,767)
 
 
158,705
 
 
(7,246)
 
Obligations of state and political subdivisions
 
 
3,012
 
 
(18)
 
 
0
 
 
0
 
 
3,012
 
 
(18)
 
Corporate and other debt securities
 
 
16,713
 
 
(204)
 
 
0
 
 
0
 
 
16,713
 
 
(204)
 
Private commercial mortgage backed securities
 
 
29,348
 
 
(533)
 
 
0
 
 
0
 
 
29,348
 
 
(533)
 
Total temporarily impaired securities
 
$
211,968
 
$
(6,411)
 
$
256,947
 
$
(5,860)
 
$
468,915
 
$
(12,271)
 
 
 
 
December 31, 2015
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
(Dollars in thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
Mortgage-backed securties of U.S. Governement 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 mortage 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 during 2014. These securities have unrealized losses of $2.3 million remaining at March 31, 2016 to be amortized.
 
At March 31, 2016, private label securities with a fair value of $93.8 million secured by collateral originated in 2005 and prior were in an unrealized loss position. Their unrealized loss position of approximately $2.4 million is attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The collateral underlying these mortgage investments are 30- and 15-year fixed and 10/1 adjustable rate mortgage loans with low loan to values, subordination and all historically have had minimal foreclosures. Based on its assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities.
 
At March 31, 2016, the Company also had $1.9 million of unrealized losses on collateralized mortgage obligations and mortgage backed securities of government sponsored entities having a fair value of $167.3 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on our assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities.
 
At March 31, 2016, the Company also had $7.2 million of unrealized losses on collateralized loan obligations having a fair value of $158.7 million that were attributable to a combination of factors, including relative changes in interest rates, spreads and interest movements since the time of purchase. Based on our assessment of these factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities.
 
At March 31, 2016, $49.1 million of remaining securities categories had unrealized losses of $0.8 million, but losses have been outstanding for less than twelve months. Management believes that unrealized losses on these debt security holdings are a function of changes in investment spreads and interest movements and not change in credit quality.
 
As of March 31, 2016, management does not intend to sell securities that are in unrealized loss positions and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at March 31, 2016.
 
Included in other assets is $16.6 million of Federal Home Loan Bank and Federal Reserve Bank stock sated at par value. At March 31, 2106, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $16.6 million of cost method investment securities.
 
The Company also holds 11,330 shares of Visa Class B stock, which following resolution of Visa litigation will be converted to Visa Class A shares (the conversion rate was 1.6483 shares of Class A stock for each share of Class B stock) for a total of 18,675 shares of Visa Class A stock with a value of $1.4 million. Our ownership is related to prior ownership in Visa’s network, while Visa operated as a cooperative. This ownership is recorded on our financial records at zero basis.
v3.4.0.3
LOANS
 3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
LOANS
NOTE E — LOANS
 
Information relating to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is summarized as follows:
 
March 31, 2016
 
Portfolio Loans
 
PCI Loans
 
PUL's
 
Total
 
 
 
(Dollars in thousands)
 
Construction and land development
 
$
117,024
 
$
114
 
$
30,456
 
$
147,594
 
Commercial real estate
 
 
787,361
 
 
14,674
 
 
369,321
 
 
1,171,356
 
Residential real estate
 
 
683,877
 
 
695
 
 
78,266
 
 
762,838
 
Commercial and financial
 
 
200,965
 
 
1,048
 
 
75,762
 
 
277,775
 
Consumer
 
 
90,853
 
 
0
 
 
4,330
 
 
95,183
 
Other loans
 
 
468
 
 
0
 
 
0
 
 
468
 
NET LOAN BALANCES (1)
 
$
1,880,548
 
$
16,531
 
$
558,135
 
$
2,455,214
 
 
December 31, 2015
 
Portfolio Loans
 
PCI Loans
 
PUL's
 
Total
 
 
 
(Dollars 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 as of March 31, 2016 and December 31, 2015 are net of deferred costs and purchase fair value marks of $16.0 million and $7.7 million for each period, respectively.
 
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, considering the impact of prepayments, is referred to as the nonaccretable difference.
 
We have applied ASC Topic 310-20 accounting treatment to PULs. The unamortized fair value mark established at acquisition on the loans has been ascribed as an accretable yield that is accreted into interest income over the estimated remaining life of the loans.
 
We adjusted our estimates of future expected losses, cash flows and renewal assumptions during the current quarter for PCI loans. The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of PCI loans during the three months ended March 31, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments.
 
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Reclassifications
 
 
 
 
 
 
 
 
 
 
 
 
 
from
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
nonaccretable
 
March 31,
 
 
 
2015
 
Additions
 
Deletions
 
Accretion
 
difference
 
2016
 
 
 
(In thousands)
 
Contractually required principal and interest
 
$
19,966
 
$
6,870
 
$
(869)
 
$
0
 
$
0
 
$
25,967
 
Nonaccretable difference
 
 
(5,247)
 
 
(1,476)
 
 
430
 
 
0
 
 
0
 
 
(6,293)
 
Cash flows expected to be collected
 
 
14,719
 
 
5,394
 
 
(439)
 
 
0
 
 
0
 
 
19,674
 
Accretable yield
 
 
(2,610)
 
 
(616)
 
 
(184)
 
 
267
 
 
0
 
 
(3,143)
 
Carrying value of acquired loans
 
 
12,109
 
$
4,778
 
$
(623)
 
$
267
 
$
0
 
 
16,531
 
Allowance for loan losses
 
 
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0
 
Carrying value less allowance for loan losses
 
$
12,109
 
 
 
 
 
 
 
 
 
 
 
 
 
$
16,531
 
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Reclassifications
 
 
 
 
 
 
 
 
 
 
 
 
 
from
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
nonaccretable
 
March 31,
 
 
 
2014
 
Additions
 
Deletions
 
Accretion
 
difference
 
2015
 
 
 
(In thousands)
 
Contractually required principal and interest
 
$
14,831
 
$
0
 
$
(1,547)
 
$
0
 
$
0
 
$
13,284
 
Nonaccretable difference
 
 
(5,825)
 
 
0
 
 
664
 
 
0
 
 
85
 
 
(5,076)
 
Cash flows expected to be collected
 
 
9,006
 
 
0
 
 
(883)
 
 
0
 
 
85
 
 
8,208
 
Accretable yield
 
 
(1,192)
 
 
0
 
 
85
 
 
103
 
 
(85)
 
 
(1,089)
 
Carrying value of acquired loans
 
 
7,814
 
$
0
 
$
(798)
 
$
103
 
$
0
 
 
7,119
 
Allowance for loan losses
 
 
(64)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(93)
 
Carrying value less allowance for loan losses
 
$
7,750
 
 
 
 
 
 
 
 
 
 
 
 
 
$
7,026
 
  
The following tables present the contractual delinquency of the recorded investment in past due loans by class of loans as of March 31, 2016 and December 31, 2015:
 
 
 
 
 
 
 
Accruing
 
 
 
 
 
 
 
 
 
Accruing
 
Accruing
 
Greater
 
 
 
 
 
Total
 
March 31, 2016
 
30-59 Days
 
60-89 Days
 
Than
 
 
 
 
 
Financing
 
(Dollars in thousands)
 
Past Due
 
Past Due
 
90 Days
 
Nonaccrual
 
Current
 
Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
0
 
$
13
 
$
0
 
$
257
 
$
116,754
 
$
117,024
 
Commercial real estate
 
 
43
 
 
0
 
 
0
 
 
2,067
 
 
785,251
 
 
787,361
 
Residential real estate
 
 
111
 
 
314
 
 
0
 
 
9,525
 
 
673,927
 
 
683,877
 
Commerical and financial
 
 
0
 
 
57
 
 
0
 
 
0
 
 
200,908
 
 
200,965
 
Consumer
 
 
22
 
 
42
 
 
0
 
 
177
 
 
90,612
 
 
90,853
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
468
 
 
468
 
Total
 
 
176
 
 
426
 
 
0
 
 
12,026
 
 
1,867,920
 
$
1,880,548
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
51
 
 
0
 
 
0
 
 
38
 
 
30,367
 
$
30,456
 
Commercial real estate
 
 
945
 
 
0
 
 
0
 
 
967
 
 
367,409
 
 
369,321
 
Residential real estate
 
 
285
 
 
0
 
 
0
 
 
475
 
 
77,506
 
 
78,266
 
Commerical and financial
 
 
176
 
 
74
 
 
100
 
 
130
 
 
75,282
 
 
75,762
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
4,330
 
 
4,330
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Total
 
 
1,457
 
 
74
 
 
100
 
 
1,610
 
 
554,894
 
$
558,135
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Credit Impaired Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
0
 
 
0
 
 
0
 
 
0
 
 
114
 
$
114
 
Commercial real estate
 
 
0
 
 
0
 
 
0
 
 
1,764
 
 
12,910
 
 
14,674
 
Residential real estate
 
 
0
 
 
0
 
 
0
 
 
188
 
 
507
 
 
695
 
Commerical and financial
 
 
0
 
 
0
 
 
0
 
 
0
 
 
1,048
 
 
1,048
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Total
 
 
0
 
 
0
 
 
0
 
 
1,952
 
 
14,579
 
$
16,531
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
 
$
1,633
 
$
500
 
$
100
 
$
15,588
 
$
2,437,393
 
$
2,455,214
 
 
 
 
 
 
 
 
Accruing
 
 
 
 
 
 
 
 
 
Accruing
 
Accruing
 
Greater
 
 
 
 
 
Total
 
December 31, 2015
 
30-59 Days
 
60-89 Days
 
Than
 
 
 
 
 
Financing
 
(Dollars in thousands)
 
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
 
$
2,105
 
$
0
 
$
0
 
$
12,758
 
$
1,809,009
 
$
1,823,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired 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
 
$
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
 
$
132
 
$
0
 
$
0
 
$
2,164
 
$
9,813
 
$
12,109
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
 
$
2,560
 
$
0
 
$
0
 
$
17,386
 
$
2,136,384
 
$
2,156,330
 
 
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 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.  The following tables present the risk category of loans by class of loans based on the most recent analysis performed as of March 31, 2016 and December 31, 2015:
 
March 31, 2016
 
 
 
 
 
Construction
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
& Land
 
Commercial
 
Residential
 
and
 
Consumer
 
 
 
(Dollars in thousands)
 
Development
 
Real Estate
 
Real Estate
 
Financial
 
Loans
 
Total
 
Pass
 
$
135,387
 
$
1,130,845
 
$
734,747
 
$
269,109
 
$
93,809
 
$
2,363,897
 
Special mention
 
 
3,997
 
 
17,437
 
 
1,584
 
 
7,929
 
 
1,106
 
 
32,053
 
Substandard
 
 
7,314
 
 
11,349
 
 
4,267
 
 
590
 
 
200
 
 
23,720
 
Doubtful
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Nonaccrual
 
 
295
 
 
4,798
 
 
10,188
 
 
130
 
 
177
 
 
15,588
 
Pass-Troubled debt restructures
 
 
174
 
 
5,840
 
 
0
 
 
17
 
 
359
 
 
6,390
 
Troubled debt restructures
 
 
427
 
 
1,087
 
 
12,052
 
 
0
 
 
0
 
 
13,566
 
 
 
$
147,594
 
$
1,171,356
 
$
762,838
 
$
277,775
 
$
95,651
 
$
2,455,214
 
 
December 31, 2015
 
 
 
 
 
Construction
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
& Land
 
Commercial
 
Residential
 
and
 
Consumer
 
 
 
(Dollars in thousands)
 
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
 
 
 
$
108,787
 
$
1,009,378
 
$
723,785
 
$
228,517
 
$
85,863
 
$
2,156,330
 
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES
 3 Months Ended
Mar. 31, 2016
Loans and Leases Receivable, Allowance [Abstract]  
Impaired Loans and Allowance for Loan Losses
NOTE F — IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES
 
During the three months ending March 31, 2016 and 2015, the total of newly identified Troubled Debt Restructurings (“TDRs”) totaled $1.0 million and $1.0 million, respectively.
 
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 the yields of new loan originations with comparable risk and the 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.
 
The following table presents loans that were modified within the three months ending March 31, 2016:
 
 
 
 
 
Pre-
 
Post-
 
 
 
 
 
 
 
 
 
Modification
 
Modification
 
 
 
 
 
 
 
Number
 
Outstanding
 
Outstanding
 
Specific
 
Valuation
 
 
 
of
 
Recorded
 
Recorded
 
Reserve
 
Allowance
 
(Dollars in thousands)
 
Contracts
 
Investment
 
Investment
 
Recorded
 
Recorded
 
Residential real estate
 
 
2
 
$
491
 
$
470
 
$
0
 
$
21
 
Total
 
 
2
 
$
491
 
$
470
 
$
0
 
$
21
 
  
The following table presents loans that were modified within the three months ending March 31, 2015:
 
 
 
 
 
Pre-
 
Post-
 
 
 
 
 
 
 
 
 
Modification
 
Modification
 
 
 
 
 
 
 
Number
 
Outstanding
 
Outstanding
 
Specific
 
Valuation
 
 
 
of
 
Recorded
 
Recorded
 
Reserve
 
Allowance
 
(Dollars in thousands)
 
Contracts
 
Investment
 
Investment
 
Recorded
 
Recorded
 
Residential real estate
 
 
2
 
$
911
 
$
859
 
$
0
 
$
52
 
Total
 
 
2
 
$
911
 
$
859
 
$
0
 
$
52
 
 
Only 2 contracts with a pre-modification and post-modification outstanding recorded investment of $0.5 million and $0.5 million, respectively, were modified during the three month period ended March 31, 2016, compared to 2 contracts with a pre-modification and post-modification outstanding recorded investment of $0.9 million and $0.9 million, respectively, for the three month period ended March 31, 2015.
 
No accruing loans that were restructured within the twelve months preceding March 31, 2016 defaulted during the three months ended March 31, 2016, and no loans restructured within the twelve months preceding March 31, 2015 defaulted during the twelve months ended March 31, 2015. The Company considers a loan to have defaulted when it becomes 90 days or more delinquent under the modified terms, has been transferred to nonaccrual status, or has been transferred to other real estate owned. A defaulted TDR is generally placed on nonaccrual and specific allowance for loan loss is assigned in accordance with the Company’s policy.
 
As of March 31, 2016 and December 31, 2015, the Company’s recorded investment in impaired loans and the related valuation allowance were as follows:
 
 
 
March 31, 2016
 
 
 
 
 
Unpaid
 
Related
 
 
 
Recorded
 
Principal
 
Valuation
 
(Dollars in thousands)
 
Investment
 
Balance
 
Allowance
 
Impaired Loans with No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
218
 
$
297
 
$
0
 
Commercial real estate
 
 
2,068
 
 
3,579
 
 
0
 
Residential real estate
 
 
9,685
 
 
14,156
 
 
0
 
Commercial and financial
 
 
16
 
 
16
 
 
0
 
Consumer
 
 
191
 
 
287
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
640
 
 
669
 
 
35
 
Commercial real estate
 
 
6,926
 
 
6,926
 
 
435
 
Residential real estate
 
 
11,893
 
 
12,262
 
 
1,714
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
345
 
 
345
 
 
38
 
Total:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
858
 
 
966
 
 
35
 
Commercial real estate
 
 
8,994
 
 
10,505
 
 
435
 
Residential real estate
 
 
21,578
 
 
26,418
 
 
1,714
 
Commercial and financial
 
 
16
 
 
16
 
 
0
 
Consumer
 
 
536
 
 
632
 
 
38
 
 
 
 
31,982
 
$
38,537
 
$
2,222
 
 
 
 
December 31, 2015
 
 
 
 
 
Unpaid
 
Related
 
 
 
Recorded
 
Principal
 
Valuation
 
(Dollars in thousands)
 
Investment
 
Balance
 
Allowance
 
Impaired Loans with No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
107
 
$
255
 
$
0
 
Commercial real estate
 
 
2,363
 
 
3,911
 
 
0
 
Residential real estate
 
 
9,256
 
 
13,707
 
 
0
 
Commercial and financial
 
 
17
 
 
17
 
 
0
 
Consumer
 
 
264
 
 
349
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
835
 
 
870
 
 
84
 
Commercial real estate
 
 
7,087
 
 
7,087
 
 
429
 
Residential real estate
 
 
12,447
 
 
12,803
 
 
1,964
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
351
 
 
351
 
 
40
 
Total:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
942
 
 
1,125
 
 
84
 
Commercial real estate
 
 
9,450
 
 
10,998
 
 
429
 
Residential real estate
 
 
21,703
 
 
26,510
 
 
1,964
 
Commercial and financial
 
 
17
 
 
17
 
 
0
 
Consumer
 
 
615
 
 
700
 
 
40
 
 
 
$
32,727
 
$
39,350
 
$
2,517
 
 
For the three months ended March 31, 2016 and 2015, the Company’s average recorded investments in impaired loans and related interest income were as follows:
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31, 2016
 
March 31, 2015
 
 
 
Average
 
Interest
 
Average
 
Interest
 
 
 
Recorded
 
Income
 
Recorded
 
Income
 
(Dollars in thousands)
 
Investment
 
Recognized
 
Investment
 
Recognized
 
Impaired Loans with No Related Allowance
 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
$
143
 
$
0
 
$
1,841
 
$
18
 
Commercial real estate
 
 
2,265
 
 
3
 
 
2,957
 
 
4
 
Residential real estate
 
 
9,399
 
 
34
 
 
11,660
 
 
35
 
Commercial and financial
 
 
17
 
 
0
 
 
119
 
 
2
 
Consumer
 
 
240
 
 
0
 
 
87
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
 
770
 
 
7
 
 
848
 
 
5
 
Commercial real estate
 
 
7,033
 
 
74
 
 
8,110
 
 
74
 
Residential real estate
 
 
12,263
 
 
85
 
 
16,530
 
 
99
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
349
 
 
4
 
 
528
 
 
6
 
Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
 
913
 
 
7
 
 
2,689
 
 
23
 
Commercial real estate
 
 
9,298
 
 
77
 
 
11,067
 
 
78
 
Residential real estate
 
 
21,662
 
 
119
 
 
28,190
 
 
134
 
Commercial and financial
 
 
17
 
 
4
 
 
119
 
 
2
 
Consumer
 
 
589
 
 
0
 
 
615
 
 
6
 
 
 
$
32,479
 
$
207
 
$
42,680
 
$
243
 
 
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 March 31, 2015 and at December 31, 2015, accruing TDRs totaled $20.0 million at each date.
 
The average recorded investment in impaired loans for the three month periods ended March 31, 2016 and 2015, was $32.5 million and $42.7 million, respectively. The impaired loans are measured for impairment based on the value of underlying collateral or the present value of expected future cash flows discounted at the loan’s effective rate. The valuation allowance is included in the allowance for loan losses.
 
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 three months ended March 31, 2016 and 2015, the Company recorded $207,000 and $243,000, respectively, in interest income on impaired loans.
 
For impaired loans whose impairment is measured based on the present value of expected future cash flows, a total of $47,000 and $72,000, respectively, was included in interest income for the three months ended March 31, 2016 and 2015, and represents the change in present value attributable to the passage of time.
 
Nonaccrual loans and accruing loans past due 90 days or more (excluding purchased loans) totaled $11.9 million and $0.1 million, respectively, at March 31, 2016, and $12.8 million and $0 at December 31, 2015, respectively. Purchased nonaccrual and accruing loans past due 90 days or more were $3.7 million and $0 at March 31, 2016, and $4.6 million and $0 at December 31, 2015.
 
Activity in the allowance for loan losses (excluding PCI loans) for the three-month period ended March 31, 2016 is summarized as follows:
 
 
 
Allowance for Loan Losses for the Three Months Ended March 31, 2016
 
 
 
 
 
Provision
 
 
 
 
 
Net
 
 
 
 
 
Beginning
 
for Loan
 
Charge-
 
 
 
(Charge-Offs)
 
Ending
 
(Dollars in thousands)
 
Balance
 
Losses
 
Offs
 
Recoveries
 
Recoveries
 
Balance
 
Construction & land development
 
$
1,151
 
$
59
 
$
0
 
$
75
 
$
75
 
$
1,285
 
Commercial real estate
 
 
6,756
 
 
15
 
 
(173)
 
 
79
 
 
(94)
 
 
6,677
 
Residential real estate
 
 
8,057
 
 
410
 
 
(117)
 
 
162
 
 
45
 
 
8,512
 
Commercial and financial
 
 
2,042
 
 
(419)
 
 
(55)
 
 
423
 
 
368
 
 
1,991
 
Consumer
 
 
1,122
 
 
134
 
 
(27)
 
 
30
 
 
3
 
 
1,259
 
 
 
$
19,128
 
$
199
 
$
(372)
 
$
769
 
$
397
 
$
19,724
 
 
Activity in the allowance for loan losses (excluding PCI loans) for the three-month period ended March 31, 2015 is summarized as follows:
 
 
 
Allowance for Loan Losses for the Three Months Ended March 31, 2015
 
 
 
 
 
Provision
 
 
 
 
 
Net
 
 
 
 
 
Beginning
 
for Loan
 
Charge-
 
 
 
(Charge-Offs)
 
Ending
 
(Dollars in thousands)
 
Balance
 
Losses
 
Offs
 
Recoveries
 
Recoveries
 
Balance
 
Construction & land development
 
$
722
 
$
120
 
$
(47)
 
$
47
 
$
0
 
$
842
 
Commercial real estate
 
 
4,528
 
 
230
 
 
(156)
 
 
225
 
 
69
 
 
4,827
 
Residential real estate
 
 
9,784
 
 
(367)
 
 
(167)
 
 
416
 
 
249
 
 
9,666
 
Commercial and financial
 
 
1,179
 
 
124
 
 
(19)
 
 
90
 
 
71
 
 
1,374
 
Consumer
 
 
794
 
 
297
 
 
(194)
 
 
22
 
 
(172)
 
 
919
 
 
 
$
17,007
 
$
404
 
$
(583)
 
$
800
 
$
217
 
$
17,628
 
 
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. The Company’s loan portfolio (excluding PCI loans) and related allowance at March 31, 2016 and December 31, 2015 is shown in the following tables:
 
 
 
At March 31 2016
 
 
 
Individually Evaluated for
 
Collectively Evaluated for
 
 
 
 
 
 
 
Impairment
 
Impairment
 
Total
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & land development
 
$
858
 
$
35
 
$
146,622
 
$
1,250
 
$
147,480
 
$
1,285
 
Commercial real estate
 
 
8,994
 
 
435
 
 
1,147,688
 
 
6,242
 
 
1,156,682
 
 
6,677
 
Residential real estate
 
 
21,578
 
 
1,714
 
 
740,565
 
 
6,798
 
 
762,143
 
 
8,512
 
Commercial and financial
 
 
16
 
 
0
 
 
276,711
 
 
1,991
 
 
276,727
 
 
1,991
 
Consumer
 
 
536
 
 
38
 
 
95,115
 
 
1,221
 
 
95,651
 
 
1,259
 
 
 
$
31,982
 
$
2,222
 
$
2,406,701
 
$
17,502
 
$
2,438,683
 
$
19,724
 
 
 
 
At December 31, 2015
 
 
 
Individually Evaluated for
 
Collectively Evaluated for
 
 
 
 
 
 
 
Impairment
 
Impairment
 
Total
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & 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 at December 31, 2015 included loans acquired from BANKshares on October 1, 2014 and Grand Bankshares on July 17, 2015 that are not PCI loans, and loans at March 31, 2016 included loans acquired from Floridian as well that are not PCI loans. These loans are performing loans recorded at estimated fair value at the acquisition date. The fair value adjustment represents the total fair value discount of each PUL, and are accreted into interest income over the remaining lives of the related loans on a level yield basis.
 
The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at March 31, 2016 and December 31, 2015:
 
 
 
PCI Loans Individually Evaluated for Impairment
 
 
 
March 31, 2016
 
December 31, 2015
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & land development
 
$
114
 
$
0
 
$
114
 
$
0
 
Commercial real estate
 
 
14,674
 
 
0
 
 
9,990
 
 
0
 
Residential real estate
 
 
695
 
 
0
 
 
922
 
 
0
 
Commercial and financial
 
 
1,048
 
 
0
 
 
1,083
 
 
0
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
 
$
16,531
 
$
0
 
$
12,109
 
$
0
 
v3.4.0.3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 3 Months Ended
Mar. 31, 2016
Brokers and Dealers [Abstract]  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure
NOTE G — SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. At March 31, 2016 and December 31, 2015, Company securities pledged were as follows by collateral type and maturity:
  
(Dollars in thousands)
 
Overnight and Continuous Maturity
 
Fair Value
 
March 31,
 
December 31,
 
 
 
2016
 
2015
 
Mortgage backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
 
$
198,330
 
$
172,005
 
v3.4.0.3
EQUITY CAPITAL
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Stockholders' Equity Note Disclosure
NOTE H — EQUITY CAPITAL
 
The Company is well capitalized and at March 31, 2016, the Company and the Company’s principal banking subsidiary, Seacoast National Bank, or “Seacoast National”, met the new common equity Tier 1 capital ratio (CET1) regulatory threshold of 6.5% for well-capitalized institutions under the new Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well capitalized banks under the regulatory framework for prompt corrective action.
v3.4.0.3
CONTINGENCIES
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure
NOTE I — CONTINGENCIES
 
The Company and its subsidiaries, because of the nature of their businesses, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows, although no assurance can be given with respect to the ultimate outcome of any such claim or litigation.
v3.4.0.3
FAIR VALUE
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Disclosures
NOTE J — FAIR VALUE
 
Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2016 and December 31, 2015 included:
 
 
 
 
 
Quoted Prices
 
 
 
 
 
 
 
 
 
in Active
 
Significant
 
 
 
 
 
 
 
Markets for
 
Other
 
Significant
 
 
 
 
 
Identical
 
Observable
 
Unobservable
 
 
 
Fair Value
 
Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
Measurements
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
At March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities (1)
 
$
905,182
 
$
100
 
$
905,082
 
$
0
 
Loans held for sale (2)
 
 
19,867
 
 
0
 
 
19,867
 
 
0
 
Loans (3)
 
 
5,529
 
 
0
 
 
4,671
 
 
858
 
Other real estate owned (4)
 
 
8,091
 
 
0
 
 
609
 
 
7,482
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 for 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 real estate loans which are collateral dependent 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 March 31, 2016 the range of capitalization rates utilized to determine fair value of the underlying collateral averaged approximately 7.9%. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time. As such, the fair value of these impaired loans is considered level 3 in the fair value hierarchy. Impaired loans measured at fair value total $5.5 million with a specific reserve of $2.2 million at March 31, 2016, compared to $7.5 million with a specific reserve of $2.9 million at December 31, 2015.
 
Fair value of available for sale securities are determined using valuation techniques for individual investments as described in Note D.
 
When appraisals are used to determine fair value and the appraisals are based on a market approach, the fair value of other real estate owned (“OREO”) is classified as a level 2 input. When the fair value of OREO is based on appraisals which require significant adjustments to market-based valuation inputs or apply an income approach based on unobservable cash flows, the fair value of OREO is classified as Level 3.
 
Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarter-end valuation process.
 
During the three months ended March 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 $0.1 million for the first three months of 2016, consisting of loans that became impaired during 2016. Transfers out consisted of charge-offs of $0.1 million, and loan foreclosures migrating to OREO and other reductions (including principal payments) totaling $0.6 million.
 
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 first three months of 2016, foreclosed loans transferred in totaled $2.2 million. Transfers out summed to $1.3 million, consisting entirely of sales.
 
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 March 31, 2016 and December 31, 2015 is as follows:
 
 
 
 
 
Quoted Prices
 
 
 
 
 
 
 
 
 
in Active
 
Significant
 
 
 
 
 
 
 
Markets for
 
Other
 
Significant
 
 
 
 
 
Identical
 
Observable
 
Unobservable
 
 
 
Carrying
 
Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
Amount
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
At March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity (1)
 
$
198,231
 
$
0
 
$
198,820
 
$
0
 
Loans, net
 
 
2,429,961
 
 
0
 
 
0
 
 
2,454,731
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit liabilities
 
 
3,222,447
 
 
0
 
 
0
 
 
3,222,077
 
Borrowings
 
 
50,000
 
 
0
 
 
51,778
 
 
0
 
Subordinated debt
 
 
70,031
 
 
0
 
 
52,785
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit liabilities
 
 
2,844,387
 
 
0
 
 
0
 
 
2,843,800
 
Borrowings
 
 
50,000
 
 
0
 
 
51,788
 
 
0
 
Subordinated debt
 
 
69,891
 
 
0
 
 
52,785
 
 
0
 
 
(1) See Note D for further detail of fair value 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 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 March 31, 2016 and December 31, 2015:
 
Securities: U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. Other securities are reported at fair value utilizing Level 2 inputs. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things.
 
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 portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or 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 collateralized loan obligations are determined from broker quotes. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models.
 
Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, mortgage, etc. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of loans, except residential mortgages, is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risks inherent in the loan. For residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusting for prepayment assumptions using discount rates based on secondary market sources. The estimated fair value is not an exit price fair value under ASC 820 when this valuation technique is used.
 
Loans held for sale: Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with Company’s policy on loans held for investment. None of the loans are 90 days or more past due or on nonaccrual as of March 31, 2016 and December 31, 2015.
 
At March 31, 2016 and December 31, 2015, the aggregate fair value, contractual balance (including accrued interest) and gains or losses was as follows:
 
 
 
March 31,
 
December 31,
 
(Dollars in thousands)
 
2016
 
2015
 
Aggregate fair value
 
$
19,867
 
$
23,998
 
Contractual balance
 
 
19,359
 
 
23,384
 
Gains (losses)
 
 
508
 
 
614
 
   
Deposit Liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities.
 
Borrowings: The fair value of floating rate borrowings is the amount payable on demand at the reporting date. The fair value of fixed rate borrowings is estimated using the rates currently offered for borrowings of similar remaining maturities.
 
Subordinated debt: The fair value of the floating rate subordinated debt was based on independent third party analysis, that included discounted cash flow analysis, assessments of the Company’s current incremental borrowing rate for similar instruments, and market quotes for similar debt.
v3.4.0.3
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Business Combinations
NOTE K — BUSINESS COMBINATIONS
 
Acquisition of Grand Bankshares, Inc.
 
On July 17, 2015, the Company completed its acquisition of Grand Bankshares, Inc. (“Grand”) whereby Grand was merged with and into the Company. Grand’s subsidiary bank, Grand Bank & Trust of Florida (“GB”) was simultaneously merged with and into Seacoast National Bank. The Company acquired 100% of the outstanding common and preferred stock of Grand. The total purchase price was $18.7 million.
 
With the acquisition, the Company further solidified its market share in the attractive Palm Beach market, expanding its customer base and leveraging operating costs through economies of scale, enhancing its fee income and positively affecting its net interest income operating results. The acquisition contributed $188.4 million in total deposits and $111.3 million in total loans.
 
The acquisition of Grand constitutes a business combination and was accounted for under ASC Topic 805, Business Combinations. 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, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change, and in some instances rely on use of third party experts. These fair value estimates are considered preliminary and are subject to change for up to one year after the closing date of the acquisition as additional information becomes available.
 
No goodwill was recognized for this whole bank acquisition that resulted in a bargain purchase gain of $416,000 recorded to income in the fourth quarter of 2015. In addition, a $2.6 million core deposit intangible (“CDI”) was recorded.
 
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 National Bank. Floridian, headquartered in Lake Mary, Florida, operated 10 branches in Orlando and Daytona Beach, of which several will consolidate with Seacoast locations. This acquisition added approximately $417 million in total assets, $337 million in deposits, and $268 million in loans to Seacoast. As a result of this acquisition the Company expects to further solidify its market share in the Central Florida market, expand its customer base and leverage operating cost through economies of scale, and positively affect the Company’s operating results to the extent the Company earns more from interest earning assets than it pays in interest on its interest bearing liabilities.
 
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).
 
This transaction closed on March 11, 2016.
 
 
 
March 11, 2016
 
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 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. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values are known. 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.
 
Date of acquisition
 
March 11, 2016
 
 
 
 
 
 
Assets:
 
 
 
 
Cash
 
$
28,243
 
Investment securities
 
 
66,912
 
Loans, net
 
 
268,249
 
Fixed assets
 
 
7,801
 
Core deposit intangibles
 
 
3,375
 
Goodwill
 
 
29,985
 
Other assets
 
 
12,879
 
 
 
$
417,444
 
 
 
 
 
 
Liabilities:
 
 
 
 
Deposits
 
$
337,341
 
Other liabilities
 
 
2,492
 
 
 
$
339,833
 
 
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
 
 
167,082
 
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
 
 
4,778
 
Total acquired loans
 
$
280,022
 
$
268,249
 
 
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. Contractually required principal and interest payments have been adjusted for estimated prepayments.
 
(Dollars in thousands)
 
March 11, 2016
 
 
 
 
 
 
Contractually required principal and interest
 
$
6,870
 
Non-accretable difference
 
 
(1,476)
 
Cash flows expected to be collected
 
 
5,394
 
Accretable yield
 
 
(616)
 
Total purchased credit-impaired loan acquired
 
$
4,778
 
 
Second, 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 goodwill of $30 million for this acquisition that is nondeductible for tax purposes. The acquisition of Floridian constitutes 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, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change, and in some instances rely on use of third party experts. These fair value estimates are considered preliminary and are subject to change for up to one year after the closing date of the acquisition as additional information becomes available. With the closing of the Floridian transaction near the end of the first quarter 2016 reporting period, fair values as presented for securities, loans, fixed assets, and certain other assets and liabilities are necessarily considered preliminary.
 
The operating results of the Company for the three months ended March 31 2016 includes the operating results of the acquired assets and assumed liabilities since the date of acquisition of March 11, 2016. Pro-forma data for the three months ending March 31, 2016 and 2015 listed in the table below presents pro-forma information as if the acquisition occurred at the beginning of 2015.
  
 
 
Three Months Ended
 
 
 
March 31,
 
(Dollars in thousands, except per share amounts)
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Net interest income
 
$
30,222
 
$
28,898
 
Net income available to common shareholders
 
 
4,810
 
 
7,156
 
EPS - basic
 
$
0.14
 
$
0.20
 
EPS - diluted
 
$
0.14
 
$
0.20
 
 
Acquisition of BMO Harris Central Florida Offices, Deposits and Loans
 
On October 14, 2015, the Company announced that Seacoast’s wholly-owned subsidiary, Seacoast National Bank, entered into a Branch Sale Agreement with BMO Harris Bank N.A. (“BMO”) pursuant to which it has agreed to purchase, subject to the terms of the Agreement, fourteen branches of BMO located in the Orlando Metropolitan Statistical Area (“MSA”). Seacoast National Bank will assume approximately $355 million in deposit and approximately $70 million in loans related to business banking customers at a deposit premium of 3.0 percent of the deposit balances. Subject to regulatory approval and the satisfaction of customary closing conditions, the acquisition is expected to close in June 2016.
v3.4.0.3
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
 
The preparation of these condensed consolidated financial statements required the use of certain estimates by management in determining the Company’s assets, liabilities, revenues and expenses. Actual results could differ from those estimates.
 
Specific areas, among others, requiring the application of management’s estimates include determination of the allowance and provision for loan losses, acquisition accounting and purchased loans the valuation of investment securities available for sale, fair value of impaired loans, contingent liabilities, fair value of other real estate owned, and the valuation of deferred tax assets. Actual results could differ from those estimates.
v3.4.0.3
BASIC AND DILUTED EARNINGS PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
For each three month period ended March 31, 2016 and 2015, options to purchase 225,000 shares and 283,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.
 
 
 
Three Months Ended
 
 
 
March 31,
 
(Dollars in thousands, except per share data)
 
2016
 
2015
 
Basic:
 
 
 
 
 
 
 
Income available to common shareholders
 
$
3,966
 
$
5,859
 
Average basic shares outstanding
 
 
34,848,875
 
 
32,971,444
 
Basic earnings per share
 
$
0.11
 
$
0.18
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Income available to common shareholders plus assumed conversions
 
$
3,966
 
$
5,859
 
Average basic shares outstanding
 
 
34,848,875
 
 
32,971,444
 
Restricted stock and stock options
 
 
604,093
 
 
164,174
 
Average diluted shares outstanding
 
 
35,452,968
 
 
33,135,618
 
Diluted earnings per share
 
$
0.11
 
$
0.18
 
v3.4.0.3
SECURITIES (Tables)
 3 Months Ended
Mar. 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 for investment at March 31, 2016 and December 31, 2015 are summarized as follows:
 
 
 
March 31, 2016
 
 
 
Gross
 
Gross
 
Gross
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Gains
 
Losses
 
Value
 
SECURITIES AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
 
$
13,693
 
$
305
 
$
0
 
$
13,998
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
 
206,630
 
 
2,855
 
 
(349)
 
 
209,136
 
Collateralized mortgage obligations of U.S. Government Sponsored Entities
 
 
297,383
 
 
1,982
 
 
(1,531)
 
 
297,834
 
Private mortgage backed securities
 
 
32,610
 
 
0
 
 
(998)
 
 
31,612
 
Private collateralized mortgage obligations
 
 
82,940
 
 
560
 
 
(1,242)
 
 
82,258
 
Collateralized loan obligations
 
 
124,561
 
 
0
 
 
(3,393)
 
 
121,168
 
Obligations of state and political subdivisions
 
 
57,659
 
 
1,879
 
 
(18)
 
 
59,520
 
Corporate and other debt securities
 
 
46,048
 
 
328
 
 
(204)
 
 
46,172
 
Private commercial mortgage backed securities
 
 
43,771
 
 
246
 
 
(533)
 
 
43,484
 
 
 
$
905,295
 
$
8,155
 
$
(8,268)
 
$
905,182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SECURITIES HELD FOR INVESTMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
$
64,718
 
$
2,702
 
$
0
 
$
67,420
 
Collateralized mortgage obligations of
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government Sponsored Entities
 
 
84,346
 
 
1,890
 
 
0
 
 
86,236
 
Collateralized loan obligations
 
 
41,389
 
 
0
 
 
(3,853)
 
 
37,536
 
Private collateralized mortgage obligations
 
 
7,778
 
 
0
 
 
(150)
 
 
7,628
 
 
 
$
198,231
 
$
4,592
 
$
(4,003)
 
$
198,820
 
 
 
 
December 31, 2015
 
 
 
Gross
 
Gross
 
Gross
 
 
 
 
 
Amortized
 
Unrealized
 
Unrealized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Gains
 
Losses
 
Value
 
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 FOR INVESTMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
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 collateralized mortgage obligations
 
 
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 March 31, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties.
 
 
 
Held for Investment
 
Available for Sale
 
 
 
Amortized
 
Fair
 
Amortized
 
Fair
 
(Dollars in thousands)
 
Cost
 
Value
 
Cost
 
Value
 
Due in less than one year
 
$
0
 
$
0
 
$
4,779
 
$
4,853
 
Due after one year through five years
 
 
0
 
 
0
 
 
73,041
 
 
72,962
 
Due after five years through ten years
 
 
41,389
 
 
37,536
 
 
119,832
 
 
117,893
 
Due after ten years
 
 
0
 
 
0
 
 
35,545
 
 
36,416
 
 
 
 
41,389
 
 
37,536
 
 
233,197
 
 
232,124
 
Mortgage-backed securities of U.S. Government Sponsored Entities
 
 
64,718
 
 
67,420
 
 
206,630
 
 
209,136
 
Collateralized mortgage obligations of  U.S. Government Sponsored Entities
 
 
84,346
 
 
86,236
 
 
297,383
 
 
297,834
 
Private mortgage backed securities
 
 
0
 
 
0
 
 
32,610
 
 
31,612
 
Private collateralized mortgage obligations
 
 
7,778
 
 
7,628
 
 
82,940
 
 
82,258
 
Other debt securities
 
 
0
 
 
0
 
 
8,764
 
 
8,734
 
Private commercial mortgage backed securities
 
 
0
 
 
0
 
 
43,771
 
 
43,484
 
 
 
$
198,231
 
$
198,820
 
$
905,295
 
$
905,182
 
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 March 31, 2016 and December 31, 2015, respectively.
 
 
 
March 31, 2016
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
(Dollars in thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
Mortgage-backed securties of U.S. Governement Sponsored Entities
 
$
30,876
 
$
(231)
 
$
6,201
 
$
(118)
 
$
37,077
 
$
(349)
 
Collateralized mortgage obligations of U.S. Government Sponsored Entities
 
 
4,005
 
 
(46)
 
 
126,260
 
 
(1,485)
 
 
130,265
 
 
(1,531)
 
Private mortage backed securities
 
 
17,252
 
 
(668)
 
 
14,359
 
 
(330)
 
 
31,611
 
 
(998)
 
Private collateralized mortgage obligations
 
 
11,883
 
 
(232)
 
 
50,301
 
 
(1,160)
 
 
62,184
 
 
(1,392)
 
Collateralized loan obligations
 
 
98,879
 
 
(4,479)
 
 
59,826
 
 
(2,767)
 
 
158,705
 
 
(7,246)
 
Obligations of state and political subdivisions
 
 
3,012
 
 
(18)
 
 
0
 
 
0
 
 
3,012
 
 
(18)
 
Corporate and other debt securities
 
 
16,713
 
 
(204)
 
 
0
 
 
0
 
 
16,713
 
 
(204)
 
Private commercial mortgage backed securities
 
 
29,348
 
 
(533)
 
 
0
 
 
0
 
 
29,348
 
 
(533)
 
Total temporarily impaired securities
 
$
211,968
 
$
(6,411)
 
$
256,947
 
$
(5,860)
 
$
468,915
 
$
(12,271)
 
 
 
 
December 31, 2015
 
 
 
Less than 12 months
 
12 months or longer
 
Total
 
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
(Dollars in thousands)
 
Value
 
Losses
 
Value
 
Losses
 
Value
 
Losses
 
Mortgage-backed securties of U.S. Governement 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 mortage 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)
 
v3.4.0.3
LOANS (Tables)
 3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Information relating to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is summarized as follows:
 
March 31, 2016
 
Portfolio Loans
 
PCI Loans
 
PUL's
 
Total
 
 
 
(Dollars in thousands)
 
Construction and land development
 
$
117,024
 
$
114
 
$
30,456
 
$
147,594
 
Commercial real estate
 
 
787,361
 
 
14,674
 
 
369,321
 
 
1,171,356
 
Residential real estate
 
 
683,877
 
 
695
 
 
78,266
 
 
762,838
 
Commercial and financial
 
 
200,965
 
 
1,048
 
 
75,762
 
 
277,775
 
Consumer
 
 
90,853
 
 
0
 
 
4,330
 
 
95,183
 
Other loans
 
 
468
 
 
0
 
 
0
 
 
468
 
NET LOAN BALANCES (1)
 
$
1,880,548
 
$
16,531
 
$
558,135
 
$
2,455,214
 
 
December 31, 2015
 
Portfolio Loans
 
PCI Loans
 
PUL's
 
Total
 
 
 
(Dollars 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 as of March 31, 2016 and December 31, 2015 are net of deferred costs and purchase fair value marks of $16.0 million and $7.7 million for each period, respectively.
Contractually Required Principal And Interest Cash Payments Changes
The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of PCI loans during the three months ended March 31, 2016 and 2015. Contractually required principal and interest payments have been adjusted for estimated prepayments.
 
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Reclassifications
 
 
 
 
 
 
 
 
 
 
 
 
 
from
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
nonaccretable
 
March 31,
 
 
 
2015
 
Additions
 
Deletions
 
Accretion
 
difference
 
2016
 
 
 
(In thousands)
 
Contractually required principal and interest
 
$
19,966
 
$
6,870
 
$
(869)
 
$
0
 
$
0
 
$
25,967
 
Nonaccretable difference
 
 
(5,247)
 
 
(1,476)
 
 
430
 
 
0
 
 
0
 
 
(6,293)
 
Cash flows expected to be collected
 
 
14,719
 
 
5,394
 
 
(439)
 
 
0
 
 
0
 
 
19,674
 
Accretable yield
 
 
(2,610)
 
 
(616)
 
 
(184)
 
 
267
 
 
0
 
 
(3,143)
 
Carrying value of acquired loans
 
 
12,109
 
$
4,778
 
$
(623)
 
$
267
 
$
0
 
 
16,531
 
Allowance for loan losses
 
 
0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0
 
Carrying value less allowance for loan losses
 
$
12,109
 
 
 
 
 
 
 
 
 
 
 
 
 
$
16,531
 
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Reclassifications
 
 
 
 
 
 
 
 
 
 
 
 
 
from
 
 
 
 
 
December 31,
 
 
 
 
 
 
 
nonaccretable
 
March 31,
 
 
 
2014
 
Additions
 
Deletions
 
Accretion
 
difference
 
2015
 
 
 
(In thousands)
 
Contractually required principal and interest
 
$
14,831
 
$
0
 
$
(1,547)
 
$
0
 
$
0
 
$
13,284
 
Nonaccretable difference
 
 
(5,825)
 
 
0
 
 
664
 
 
0
 
 
85
 
 
(5,076)
 
Cash flows expected to be collected
 
 
9,006
 
 
0
 
 
(883)
 
 
0
 
 
85
 
 
8,208
 
Accretable yield
 
 
(1,192)
 
 
0
 
 
85
 
 
103
 
 
(85)
 
 
(1,089)
 
Carrying value of acquired loans
 
 
7,814
 
$
0
 
$
(798)
 
$
103
 
$
0
 
 
7,119
 
Allowance for loan losses
 
 
(64)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(93)
 
Carrying value less allowance for loan losses
 
$
7,750
 
 
 
 
 
 
 
 
 
 
 
 
 
$
7,026
 
Past Due Financing Receivables
The following tables present the contractual delinquency of the recorded investment in past due loans by class of loans as of March 31, 2016 and December 31, 2015:
 
 
 
 
 
 
 
Accruing
 
 
 
 
 
 
 
 
 
Accruing
 
Accruing
 
Greater
 
 
 
 
 
Total
 
March 31, 2016
 
30-59 Days
 
60-89 Days
 
Than
 
 
 
 
 
Financing
 
(Dollars in thousands)
 
Past Due
 
Past Due
 
90 Days
 
Nonaccrual
 
Current
 
Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
0
 
$
13
 
$
0
 
$
257
 
$
116,754
 
$
117,024
 
Commercial real estate
 
 
43
 
 
0
 
 
0
 
 
2,067
 
 
785,251
 
 
787,361
 
Residential real estate
 
 
111
 
 
314
 
 
0
 
 
9,525
 
 
673,927
 
 
683,877
 
Commerical and financial
 
 
0
 
 
57
 
 
0
 
 
0
 
 
200,908
 
 
200,965
 
Consumer
 
 
22
 
 
42
 
 
0
 
 
177
 
 
90,612
 
 
90,853
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
468
 
 
468
 
Total
 
 
176
 
 
426
 
 
0
 
 
12,026
 
 
1,867,920
 
$
1,880,548
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
51
 
 
0
 
 
0
 
 
38
 
 
30,367
 
$
30,456
 
Commercial real estate
 
 
945
 
 
0
 
 
0
 
 
967
 
 
367,409
 
 
369,321
 
Residential real estate
 
 
285
 
 
0
 
 
0
 
 
475
 
 
77,506
 
 
78,266
 
Commerical and financial
 
 
176
 
 
74
 
 
100
 
 
130
 
 
75,282
 
 
75,762
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
4,330
 
 
4,330
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Total
 
 
1,457
 
 
74
 
 
100
 
 
1,610
 
 
554,894
 
$
558,135
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Credit Impaired Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
0
 
 
0
 
 
0
 
 
0
 
 
114
 
$
114
 
Commercial real estate
 
 
0
 
 
0
 
 
0
 
 
1,764
 
 
12,910
 
 
14,674
 
Residential real estate
 
 
0
 
 
0
 
 
0
 
 
188
 
 
507
 
 
695
 
Commerical and financial
 
 
0
 
 
0
 
 
0
 
 
0
 
 
1,048
 
 
1,048
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Other
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Total
 
 
0
 
 
0
 
 
0
 
 
1,952
 
 
14,579
 
$
16,531
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
 
$
1,633
 
$
500
 
$
100
 
$
15,588
 
$
2,437,393
 
$
2,455,214
 
 
 
 
 
 
 
 
Accruing
 
 
 
 
 
 
 
 
 
Accruing
 
Accruing
 
Greater
 
 
 
 
 
Total
 
December 31, 2015
 
30-59 Days
 
60-89 Days
 
Than
 
 
 
 
 
Financing
 
(Dollars in thousands)
 
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
 
$
2,105
 
$
0
 
$
0
 
$
12,758
 
$
1,809,009
 
$
1,823,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired 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
 
$
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
 
$
132
 
$
0
 
$
0
 
$
2,164
 
$
9,813
 
$
12,109
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Loans
 
$
2,560
 
$
0
 
$
0
 
$
17,386
 
$
2,136,384
 
$
2,156,330
 
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 March 31, 2016 and December 31, 2015:
 
March 31, 2016
 
 
 
 
 
Construction
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
& Land
 
Commercial
 
Residential
 
and
 
Consumer
 
 
 
(Dollars in thousands)
 
Development
 
Real Estate
 
Real Estate
 
Financial
 
Loans
 
Total
 
Pass
 
$
135,387
 
$
1,130,845
 
$
734,747
 
$
269,109
 
$
93,809
 
$
2,363,897
 
Special mention
 
 
3,997
 
 
17,437
 
 
1,584
 
 
7,929
 
 
1,106
 
 
32,053
 
Substandard
 
 
7,314
 
 
11,349
 
 
4,267
 
 
590
 
 
200
 
 
23,720
 
Doubtful
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
 
0
 
Nonaccrual
 
 
295
 
 
4,798
 
 
10,188
 
 
130
 
 
177
 
 
15,588
 
Pass-Troubled debt restructures
 
 
174
 
 
5,840
 
 
0
 
 
17
 
 
359
 
 
6,390
 
Troubled debt restructures
 
 
427
 
 
1,087
 
 
12,052
 
 
0
 
 
0
 
 
13,566
 
 
 
$
147,594
 
$
1,171,356
 
$
762,838
 
$
277,775
 
$
95,651
 
$
2,455,214
 
 
December 31, 2015
 
 
 
 
 
Construction
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
& Land
 
Commercial
 
Residential
 
and
 
Consumer
 
 
 
(Dollars in thousands)
 
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
 
 
 
$
108,787
 
$
1,009,378
 
$
723,785
 
$
228,517
 
$
85,863
 
$
2,156,330
 
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
 3 Months Ended
Mar. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]  
Troubled Debt Restructurings on Financing Receivables
The following table presents loans that were modified within the three months ending March 31, 2016:
 
 
 
 
 
Pre-
 
Post-
 
 
 
 
 
 
 
 
 
Modification
 
Modification
 
 
 
 
 
 
 
Number
 
Outstanding
 
Outstanding
 
Specific
 
Valuation
 
 
 
of
 
Recorded
 
Recorded
 
Reserve
 
Allowance
 
(Dollars in thousands)
 
Contracts
 
Investment
 
Investment
 
Recorded
 
Recorded
 
Residential real estate
 
 
2
 
$
491
 
$
470
 
$
0
 
$
21
 
Total
 
 
2
 
$
491
 
$
470
 
$
0
 
$
21
 
  
The following table presents loans that were modified within the three months ending March 31, 2015:
 
 
 
 
 
Pre-
 
Post-
 
 
 
 
 
 
 
 
 
Modification
 
Modification
 
 
 
 
 
 
 
Number
 
Outstanding
 
Outstanding
 
Specific
 
Valuation
 
 
 
of
 
Recorded
 
Recorded
 
Reserve
 
Allowance
 
(Dollars in thousands)
 
Contracts
 
Investment
 
Investment
 
Recorded
 
Recorded
 
Residential real estate
 
 
2
 
$
911
 
$
859
 
$
0
 
$
52
 
Total
 
 
2
 
$
911
 
$
859
 
$
0
 
$
52
 
Impaired Financing Receivables
As of March 31, 2016 and December 31, 2015, the Company’s recorded investment in impaired loans and the related valuation allowance were as follows:
 
 
 
March 31, 2016
 
 
 
 
 
Unpaid
 
Related
 
 
 
Recorded
 
Principal
 
Valuation
 
(Dollars in thousands)
 
Investment
 
Balance
 
Allowance
 
Impaired Loans with No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
218
 
$
297
 
$
0
 
Commercial real estate
 
 
2,068
 
 
3,579
 
 
0
 
Residential real estate
 
 
9,685
 
 
14,156
 
 
0
 
Commercial and financial
 
 
16
 
 
16
 
 
0
 
Consumer
 
 
191
 
 
287
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
640
 
 
669
 
 
35
 
Commercial real estate
 
 
6,926
 
 
6,926
 
 
435
 
Residential real estate
 
 
11,893
 
 
12,262
 
 
1,714
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
345
 
 
345
 
 
38
 
Total:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
858
 
 
966
 
 
35
 
Commercial real estate
 
 
8,994
 
 
10,505
 
 
435
 
Residential real estate
 
 
21,578
 
 
26,418
 
 
1,714
 
Commercial and financial
 
 
16
 
 
16
 
 
0
 
Consumer
 
 
536
 
 
632
 
 
38
 
 
 
 
31,982
 
$
38,537
 
$
2,222
 
 
 
 
December 31, 2015
 
 
 
 
 
Unpaid
 
Related
 
 
 
Recorded
 
Principal
 
Valuation
 
(Dollars in thousands)
 
Investment
 
Balance
 
Allowance
 
Impaired Loans with No Related Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
$
107
 
$
255
 
$
0
 
Commercial real estate
 
 
2,363
 
 
3,911
 
 
0
 
Residential real estate
 
 
9,256
 
 
13,707
 
 
0
 
Commercial and financial
 
 
17
 
 
17
 
 
0
 
Consumer
 
 
264
 
 
349
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
835
 
 
870
 
 
84
 
Commercial real estate
 
 
7,087
 
 
7,087
 
 
429
 
Residential real estate
 
 
12,447
 
 
12,803
 
 
1,964
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
351
 
 
351
 
 
40
 
Total:
 
 
 
 
 
 
 
 
 
 
Construction and land development
 
 
942
 
 
1,125
 
 
84
 
Commercial real estate
 
 
9,450
 
 
10,998
 
 
429
 
Residential real estate
 
 
21,703
 
 
26,510
 
 
1,964
 
Commercial and financial
 
 
17
 
 
17
 
 
0
 
Consumer
 
 
615
 
 
700
 
 
40
 
 
 
$
32,727
 
$
39,350
 
$
2,517
 
 
For the three months ended March 31, 2016 and 2015, the Company’s average recorded investments in impaired loans and related interest income were as follows:
 
 
 
Three Months Ended
 
Three Months Ended
 
 
 
March 31, 2016
 
March 31, 2015
 
 
 
Average
 
Interest
 
Average
 
Interest
 
 
 
Recorded
 
Income
 
Recorded
 
Income
 
(Dollars in thousands)
 
Investment
 
Recognized
 
Investment
 
Recognized
 
Impaired Loans with No Related Allowance
 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
$
143
 
$
0
 
$
1,841
 
$
18
 
Commercial real estate
 
 
2,265
 
 
3
 
 
2,957
 
 
4
 
Residential real estate
 
 
9,399
 
 
34
 
 
11,660
 
 
35
 
Commercial and financial
 
 
17
 
 
0
 
 
119
 
 
2
 
Consumer
 
 
240
 
 
0
 
 
87
 
 
0
 
Impaired Loans with an Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
 
770
 
 
7
 
 
848
 
 
5
 
Commercial real estate
 
 
7,033
 
 
74
 
 
8,110
 
 
74
 
Residential real estate
 
 
12,263
 
 
85
 
 
16,530
 
 
99
 
Commercial and financial
 
 
0
 
 
0
 
 
0
 
 
0
 
Consumer
 
 
349
 
 
4
 
 
528
 
 
6
 
Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction & land development
 
 
913
 
 
7
 
 
2,689
 
 
23
 
Commercial real estate
 
 
9,298
 
 
77
 
 
11,067
 
 
78
 
Residential real estate
 
 
21,662
 
 
119
 
 
28,190
 
 
134
 
Commercial and financial
 
 
17
 
 
4
 
 
119
 
 
2
 
Consumer
 
 
589
 
 
0
 
 
615
 
 
6
 
 
 
$
32,479
 
$
207
 
$
42,680
 
$
243
 
Allowance for Credit Losses on Financing Receivables
Activity in the allowance for loan losses (excluding PCI loans) for the three-month period ended March 31, 2016 is summarized as follows:
 
 
 
Allowance for Loan Losses for the Three Months Ended March 31, 2016
 
 
 
 
 
Provision
 
 
 
 
 
Net
 
 
 
 
 
Beginning
 
for Loan
 
Charge-
 
 
 
(Charge-Offs)
 
Ending
 
(Dollars in thousands)
 
Balance
 
Losses
 
Offs
 
Recoveries
 
Recoveries
 
Balance
 
Construction & land development
 
$
1,151
 
$
59
 
$
0
 
$
75
 
$
75
 
$
1,285
 
Commercial real estate
 
 
6,756
 
 
15
 
 
(173)
 
 
79
 
 
(94)
 
 
6,677
 
Residential real estate
 
 
8,057
 
 
410
 
 
(117)
 
 
162
 
 
45
 
 
8,512
 
Commercial and financial
 
 
2,042
 
 
(419)
 
 
(55)
 
 
423
 
 
368
 
 
1,991
 
Consumer
 
 
1,122
 
 
134
 
 
(27)
 
 
30
 
 
3
 
 
1,259
 
 
 
$
19,128
 
$
199
 
$
(372)
 
$
769
 
$
397
 
$
19,724
 
 
Activity in the allowance for loan losses (excluding PCI loans) for the three-month period ended March 31, 2015 is summarized as follows:
 
 
 
Allowance for Loan Losses for the Three Months Ended March 31, 2015
 
 
 
 
 
Provision
 
 
 
 
 
Net
 
 
 
 
 
Beginning
 
for Loan
 
Charge-
 
 
 
(Charge-Offs)
 
Ending
 
(Dollars in thousands)
 
Balance
 
Losses
 
Offs
 
Recoveries
 
Recoveries
 
Balance
 
Construction & land development
 
$
722
 
$
120
 
$
(47)
 
$
47
 
$
0
 
$
842
 
Commercial real estate
 
 
4,528
 
 
230
 
 
(156)
 
 
225
 
 
69
 
 
4,827
 
Residential real estate
 
 
9,784
 
 
(367)
 
 
(167)
 
 
416
 
 
249
 
 
9,666
 
Commercial and financial
 
 
1,179
 
 
124
 
 
(19)
 
 
90
 
 
71
 
 
1,374
 
Consumer
 
 
794
 
 
297
 
 
(194)
 
 
22
 
 
(172)
 
 
919
 
 
 
$
17,007
 
$
404
 
$
(583)
 
$
800
 
$
217
 
$
17,628
 
Loan Portfolio And Related Allowance
The Company’s loan portfolio (excluding PCI loans) and related allowance at March 31, 2016 and December 31, 2015 is shown in the following tables:
 
 
 
At March 31 2016
 
 
 
Individually Evaluated for
 
Collectively Evaluated for
 
 
 
 
 
 
 
Impairment
 
Impairment
 
Total
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & land development
 
$
858
 
$
35
 
$
146,622
 
$
1,250
 
$
147,480
 
$
1,285
 
Commercial real estate
 
 
8,994
 
 
435
 
 
1,147,688
 
 
6,242
 
 
1,156,682
 
 
6,677
 
Residential real estate
 
 
21,578
 
 
1,714
 
 
740,565
 
 
6,798
 
 
762,143
 
 
8,512
 
Commercial and financial
 
 
16
 
 
0
 
 
276,711
 
 
1,991
 
 
276,727
 
 
1,991
 
Consumer
 
 
536
 
 
38
 
 
95,115
 
 
1,221
 
 
95,651
 
 
1,259
 
 
 
$
31,982
 
$
2,222
 
$
2,406,701
 
$
17,502
 
$
2,438,683
 
$
19,724
 
 
 
 
At December 31, 2015
 
 
 
Individually Evaluated for
 
Collectively Evaluated for
 
 
 
 
 
 
 
Impairment
 
Impairment
 
Total
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & 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
The table below summarizes PCI loans that were individually evaluated for impairment based on expected cash flows at March 31, 2016 and December 31, 2015:
 
 
 
PCI Loans Individually Evaluated for Impairment
 
 
 
March 31, 2016
 
December 31, 2015
 
 
 
Carrying
 
Associated
 
Carrying
 
Associated
 
(Dollars in thousands)
 
Value
 
Allowance
 
Value
 
Allowance
 
Construction & land development
 
$
114
 
$
0
 
$
114
 
$
0
 
Commercial real estate
 
 
14,674
 
 
0
 
 
9,990
 
 
0
 
Residential real estate
 
 
695
 
 
0
 
 
922
 
 
0
 
Commercial and financial
 
 
1,048
 
 
0
 
 
1,083
 
 
0
 
Consumer
 
 
0
 
 
0
 
 
0
 
 
0
 
 
 
$
16,531
 
$
0
 
$
12,109
 
$
0
 
v3.4.0.3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)
 3 Months Ended
Mar. 31, 2016
Brokers and Dealers [Abstract]  
Schedule of Securities Financing Transactions
At March 31, 2016 and December 31, 2015, Company securities pledged were as follows by collateral type and maturity:
  
(Dollars in thousands)
 
Overnight and Continuous Maturity
 
Fair Value
 
March 31,
 
December 31,
 
 
 
2016
 
2015
 
Mortgage backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
 
$
198,330
 
$
172,005
 
v3.4.0.3
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Under ASC 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2016 and December 31, 2015 included:
 
 
 
 
 
Quoted Prices
 
 
 
 
 
 
 
 
 
in Active
 
Significant
 
 
 
 
 
 
 
Markets for
 
Other
 
Significant
 
 
 
 
 
Identical
 
Observable
 
Unobservable
 
 
 
Fair Value
 
Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
Measurements
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
At March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale securities (1)
 
$
905,182
 
$
100
 
$
905,082
 
$
0
 
Loans held for sale (2)
 
 
19,867
 
 
0
 
 
19,867
 
 
0
 
Loans (3)
 
 
5,529
 
 
0
 
 
4,671
 
 
858
 
Other real estate owned (4)
 
 
8,091
 
 
0
 
 
609
 
 
7,482
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 for 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 March 31, 2016 and December 31, 2015 is as follows:
 
 
 
 
 
Quoted Prices
 
 
 
 
 
 
 
 
 
in Active
 
Significant
 
 
 
 
 
 
 
Markets for
 
Other
 
Significant
 
 
 
 
 
Identical
 
Observable
 
Unobservable
 
 
 
Carrying
 
Assets
 
Inputs
 
Inputs
 
(Dollars in thousands)
 
Amount
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
At March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity (1)
 
$
198,231
 
$
0
 
$
198,820
 
$
0
 
Loans, net
 
 
2,429,961
 
 
0
 
 
0
 
 
2,454,731
 
Financial Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit liabilities
 
 
3,222,447
 
 
0
 
 
0
 
 
3,222,077
 
Borrowings
 
 
50,000
 
 
0
 
 
51,778
 
 
0
 
Subordinated debt
 
 
70,031
 
 
0
 
 
52,785
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit liabilities
 
 
2,844,387
 
 
0
 
 
0
 
 
2,843,800
 
Borrowings
 
 
50,000
 
 
0
 
 
51,788
 
 
0
 
Subordinated debt
 
 
69,891
 
 
0
 
 
52,785
 
 
0
 
 
(1) See Note D for further detail of fair value of individual investment categories.
Schedule of contractual balance and gains or losses aggregate fair value
At March 31, 2016 and December 31, 2015, the aggregate fair value, contractual balance (including accrued interest) and gains or losses was as follows:
 
 
 
March 31,
 
December 31,
 
(Dollars in thousands)
 
2016
 
2015
 
Aggregate fair value
 
$
19,867
 
$
23,998
 
Contractual balance
 
 
19,359
 
 
23,384
 
Gains (losses)
 
 
508
 
 
614
 
v3.4.0.3
BUSINESS COMBINATIONS (Tables)
 3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Schedule of summarizing the purchase price calculation
This transaction closed on March 11, 2016.
 
 
 
March 11, 2016
 
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 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. The fair values initially assigned to assets acquired and liabilities assumed are preliminary and could change for up to one year after the closing date of the acquisition as new information and circumstances relative to closing date fair values are known. 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.
 
Date of acquisition
 
March 11, 2016
 
 
 
 
 
 
Assets:
 
 
 
 
Cash
 
$
28,243
 
Investment securities
 
 
66,912
 
Loans, net
 
 
268,249
 
Fixed assets
 
 
7,801
 
Core deposit intangibles
 
 
3,375
 
Goodwill
 
 
29,985
 
Other assets
 
 
12,879
 
 
 
$
417,444
 
 
 
 
 
 
Liabilities:
 
 
 
 
Deposits
 
$
337,341
 
Other liabilities
 
 
2,492
 
 
 
$
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
 
 
167,082
 
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
 
 
4,778
 
Total acquired loans
 
$
280,022
 
$
268,249
 
Schedule of Contractually required principal and interest payments
Contractually required principal and interest payments have been adjusted for estimated prepayments.
 
(Dollars in thousands)
 
March 11, 2016
 
 
 
 
 
 
Contractually required principal and interest
 
$
6,870
 
Non-accretable difference
 
 
(1,476)
 
Cash flows expected to be collected
 
 
5,394
 
Accretable yield
 
 
(616)
 
Total purchased credit-impaired loan acquired
 
$
4,778
 
Business Acquisition, Pro Forma Information
Pro-forma data for the three months ending March 31, 2016 and 2015 listed in the table below presents pro-forma information as if the acquisition occurred at the beginning of 2015.
  
 
 
Three Months Ended
 
 
 
March 31,
 
(Dollars in thousands, except per share amounts)
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Net interest income
 
$
30,222
 
$
28,898
 
Net income available to common shareholders
 
 
4,810
 
 
7,156
 
EPS - basic
 
$
0.14
 
$
0.20
 
EPS - diluted
 
$
0.14
 
$
0.20
 
v3.4.0.3
BASIC AND DILUTED EARNINGS PER COMMON SHARE - Additional Information (Details) - shares
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 225,000 283,000
v3.4.0.3
BASIC AND DILUTED EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Basic:    
Income available to common shareholders $ 3,966 $ 5,859
Average basic shares outstanding 34,848,875 32,971,444
Basic earnings per share $ 0.11 $ 0.18
Diluted:    
Income available to common shareholders plus assumed conversions $ 3,966 $ 5,859
Average basic shares outstanding 34,848,875 32,971,444
Restricted stock and stock options 604,093 164,174
Average diluted shares outstanding 35,452,968 33,135,618
Diluted earnings per share $ 0.11 $ 0.18
v3.4.0.3
SECURITIES - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]        
Proceeds from Sale of Available-for-sale Securities, Debt $ 10,416,000 $ 0    
Available-for-sale Securities, Gross Realized Gains 100,000      
Available-for-sale Securities, Gross Realized Losses $ 11,000      
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 $ 16,600,000      
Cost Method Investments, Fair Value Disclosure 16,600,000      
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value 468,915,000     $ 698,059,000
Accumulated unrealized losses 12,271,000     $ 12,703,000
Securities Available For Sale Transferred To Held-To-Maturity 49,100,000   $ 158,800,000  
Available For Sale Securities Transferred To Held To Maturity Securities Unrealized Gain Loss 2,300,000   $ 3,100,000  
Trading Securities, Unrealized Holding Loss $ 2,300,000      
Common Stock, Shares, Outstanding 37,922,250     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      
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments, Total $ 1,400,000      
Available-for-sale Securities [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value 800,000      
Carrying Amount [Member] | Repurchase Agreement [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Securities pledged as collateral 198,300,000      
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 169,600,000      
Fair Value [Member] | United States Treasury Deposits and Other Public and Trust Deposits [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Securities pledged as collateral 165,000,000      
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 167,300,000      
Accumulated unrealized losses 1,900,000      
Collateralized Loan Obligations [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value 158,700,000      
Accumulated unrealized losses 7,200,000      
Private Collateralized Securities [Member]        
Schedule of Available-for-sale Securities [Line Items]        
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value 93,800,000      
Accumulated unrealized losses $ 2,400,000      
v3.4.0.3
SECURITIES - Amortized Cost and Fair Value of Securities Available for Sale and Held for Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale $ 905,295 $ 798,575
Gross Unrealized Gains, Available for Sale 8,155 3,027
Gross Unrealized Losses, Available for Sale (8,268) (10,836)
Fair Value, Available for Sale 905,182 790,766
Gross Amortized Cost, Held for Investment Securities 198,231 203,525
Gross Unrealized Gains, Held for Investment Securities 4,592 1,155
Gross Unrealized Losses, Held for Investment Securities (4,003) (1,867)
Fair Value, Held for Investment Securities 198,820 202,813
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 for investment    
Gross Amortized Cost, Available for Sale 13,693 3,833
Gross Unrealized Gains, Available for Sale 305 78
Gross Unrealized Losses, Available for Sale 0 0
Fair Value, Available for Sale 13,998 3,911
Mortgage-backed Securities, US Government Sponsored Enterprises [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 206,630 192,224
Gross Unrealized Gains, Available for Sale 2,855 847
Gross Unrealized Losses, Available for Sale (349) (1,322)
Fair Value, Available for Sale 209,136 191,749
Gross Amortized Cost, Held for Investment Securities 64,718 64,993
Gross Unrealized Gains, Held for Investment Securities 2,702 574
Gross Unrealized Losses, Held for Investment Securities 0 (16)
Fair Value, Held for Investment Securities 67,420 65,551
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 297,383 242,620
Gross Unrealized Gains, Available for Sale 1,982 470
Gross Unrealized Losses, Available for Sale (1,531) (4,900)
Fair Value, Available for Sale 297,834 238,190
Gross Amortized Cost, Held for Investment Securities 84,346 89,265
Gross Unrealized Gains, Held for Investment Securities 1,890 581
Gross Unrealized Losses, Held for Investment Securities 0 (406)
Fair Value, Held for Investment Securities 86,236 89,440
Private mortgage backed securities [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 32,610 32,558
Gross Unrealized Gains, Available for Sale 0 0
Gross Unrealized Losses, Available for Sale (998) (766)
Fair Value, Available for Sale 31,612 31,792
Fair Value, Held for Investment Securities 0  
Private collateralized mortgage obligations [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 82,940 77,965
Gross Unrealized Gains, Available for Sale 560 700
Gross Unrealized Losses, Available for Sale (1,242) (708)
Fair Value, Available for Sale 82,258 77,957
Gross Amortized Cost, Held for Investment Securities 7,778 7,967
Gross Unrealized Gains, Held for Investment Securities 0 0
Gross Unrealized Losses, Held for Investment Securities (150) (85)
Fair Value, Held for Investment Securities 7,628 7,882
Collateralized loan obligations [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 124,561 124,477
Gross Unrealized Gains, Available for Sale 0 0
Gross Unrealized Losses, Available for Sale (3,393) (1,894)
Fair Value, Available for Sale 121,168 122,583
Gross Amortized Cost, Held for Investment Securities 41,389 41,300
Gross Unrealized Gains, Held for Investment Securities 0 0
Gross Unrealized Losses, Held for Investment Securities (3,853) (1,360)
Fair Value, Held for Investment Securities 37,536 39,940
Obligations of state and political subdivisions [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 57,659 39,119
Gross Unrealized Gains, Available for Sale 1,879 882
Gross Unrealized Losses, Available for Sale (18) (110)
Fair Value, Available for Sale 59,520 39,891
Corporate and other debt securities [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 46,048 44,652
Gross Unrealized Gains, Available for Sale 328 37
Gross Unrealized Losses, Available for Sale (204) (416)
Fair Value, Available for Sale 46,172 44,273
Fair Value, Held for Investment Securities 0  
Private commercial mortgage backed securities [Member]    
Amortized cost and fair value of securities available for sale and held for investment    
Gross Amortized Cost, Available for Sale 43,771 41,127
Gross Unrealized Gains, Available for Sale 246 13
Gross Unrealized Losses, Available for Sale (533) (720)
Fair Value, Available for Sale 43,484 $ 40,420
Fair Value, Held for Investment Securities $ 0  
v3.4.0.3
SECURITIES - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total $ 198,231 $ 203,525
Held for Investment, Fair Value, Total 198,820 202,813
Available for Sale, Amortized Cost, Total 905,295  
Available for Sale, Fair Value, Total 905,182 790,766
Collateralized Loan Obligations [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Due in less than one year 0  
Held for Investment, Fair Value, Due in less than one year 0  
Available for Sale Amortized Cost, Due in less than one year 4,779  
Available for Sale, Fair Value, Due in less than one year 4,853  
Held for Investment, Amortized Cost, Due after one year through five years 0  
Held for Investment, Fair Value, Due after one year through five years 0  
Available for Sale, Amortized Cost, Due after one year through five years 73,041  
Available for Sale, Fair Value, Due after one year through five years 72,962  
Held for Investment, Amortized Cost, Due after five years through ten years 41,389  
Held for Investment, Fair Value, Due after five years through ten years 37,536  
Available for Sale, Amortized Cost, Due after five years through ten years 119,832  
Available for Sale, Fair Value, Due after five years through ten years 117,893  
Held for Investment, Amortized Cost, Due after ten years 0  
Held for Investment, Fair Value, Due after ten years 0  
Available for Sale, Amortized Cost, Due after ten years 35,545  
Available for Sale, Fair Value, Due after ten years 36,416  
Held for Investment, Amortized Cost, Total 41,389  
Held for Investment, Fair Value, Total 37,536  
Available for Sale, Amortized Cost, Total 233,197  
Available for Sale, Fair Value, Total 232,124  
Mortgage-backed Securities, US Government Sponsored Enterprises [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 64,718  
Held for Investment, Fair Value, Total 67,420 65,551
Available for Sale, Amortized Cost, Total 206,630  
Available for Sale, Fair Value, Total 209,136 191,749
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 84,346  
Held for Investment, Fair Value, Total 86,236 89,440
Available for Sale, Amortized Cost, Total 297,383  
Available for Sale, Fair Value, Total 297,834 238,190
Private mortgage backed securities [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 0  
Held for Investment, Fair Value, Total 0  
Available for Sale, Amortized Cost, Total 32,610  
Available for Sale, Fair Value, Total 31,612 31,792
Private collateralized mortgage obligations [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 7,778  
Held for Investment, Fair Value, Total 7,628 7,882
Available for Sale, Amortized Cost, Total 82,940  
Available for Sale, Fair Value, Total 82,258 77,957
Corporate and other debt securities [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 0  
Held for Investment, Fair Value, Total 0  
Available for Sale, Amortized Cost, Total 8,764  
Available for Sale, Fair Value, Total 46,172 44,273
Private commercial mortgage backed securities [Member]    
Schedule of Held-to-maturity Securities [Line Items]    
Held for Investment, Amortized Cost, Total 0  
Held for Investment, Fair Value, Total 0  
Available for Sale, Amortized Cost, Total 43,771  
Available for Sale, Fair Value, Total $ 43,484 $ 40,420
v3.4.0.3
SECURITIES - Schedule of Unrealized Loss and Fair Value on Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Fair Value    
Less than 12 months $ 211,968 $ 443,830
12 months or longer 256,947 254,229
Total 468,915 698,059
Unrealized Losses    
Less than 12 months (6,411) (6,030)
12 months or longer (5,860) (6,673)
Total (12,271) (12,703)
Collateralized Loan Obligations [Member]    
Fair Value    
Less than 12 months 98,879 101,601
12 months or longer 59,826 60,922
Total 158,705 162,523
Unrealized Losses    
Less than 12 months (4,479) (1,642)
12 months or longer (2,767) (1,612)
Total (7,246) (3,254)
Mortgage-backed Securities, US Government Sponsored Enterprises [Member]    
Fair Value    
Less than 12 months 30,876 112,236
12 months or longer 6,201 14,508
Total 37,077 126,744
Unrealized Losses    
Less than 12 months (231) (1,082)
12 months or longer (118) (256)
Total (349) (1,338)
Collateralized Mortgage Obligations Of US Government Sponsored Entities [Member]    
Fair Value    
Less than 12 months 4,005 97,512
12 months or longer 126,260 147,266
Total 130,265 244,778
Unrealized Losses    
Less than 12 months (46) (973)
12 months or longer (1,485) (4,333)
Total (1,531) (5,306)
Private mortage backed securities [Member]    
Fair Value    
Less than 12 months 17,252 31,792
12 months or longer 14,359 0
Total 31,611 31,792
Unrealized Losses    
Less than 12 months (668) (766)
12 months or longer (330) 0
Total (998) (766)
Private collateralized mortgage obligations [Member]    
Fair Value    
Less than 12 months 11,883 19,939
12 months or longer 50,301 31,533
Total 62,184 51,472
Unrealized Losses    
Less than 12 months (232) (321)
12 months or longer (1,160) (472)
Total (1,392) (793)
Obligations of state and political subdivisions [Member]    
Fair Value    
Less than 12 months 3,012 11,570
12 months or longer 0 0
Total 3,012 11,570
Unrealized Losses    
Less than 12 months (18) (110)
12 months or longer 0 0
Total (18) (110)
Corporate and other debt securities [member]    
Fair Value    
Less than 12 months 16,713 31,342
12 months or longer 0 0
Total 16,713 31,342
Unrealized Losses    
Less than 12 months (204) (416)
12 months or longer 0 0
Total (204) (416)
Private commercial mortgage backed securities [Member]    
Fair Value    
Less than 12 months 29,348 37,838
12 months or longer 0 0
Total 29,348 37,838
Unrealized Losses    
Less than 12 months (533) (720)
12 months or longer 0 0
Total $ (533) $ (720)
v3.4.0.3
LOANS - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2016
Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Deferred Costs, Noncurrent $ 16.0 $ 7.7
v3.4.0.3
LOANS - Information Relating to Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES [1] $ 2,455,214 $ 2,156,330
Construction and land development [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 147,594 108,787
Commercial real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 1,171,356 1,009,378
Residential real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 762,838 723,785
Other loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 468 507
Commercial and financial [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 277,775 228,517
Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 95,183 85,356
Portfolio Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES [1] 1,880,548 1,823,872
Portfolio Loans [Member] | Construction and land development [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 117,024 97,629
Portfolio Loans [Member] | Commercial real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 787,361 776,875
Portfolio Loans [Member] | Residential real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 683,877 678,131
Portfolio Loans [Member] | Other loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 468 507
Portfolio Loans [Member] | Commercial and financial [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 200,965 188,013
Portfolio Loans [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 90,853 82,717
PCI Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES [1] 16,531 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 14,674 9,990
PCI Loans [Member] | Residential real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 695 922
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 1,048 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] 558,135 320,349
PULs [Member] | Construction and land development [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 30,456 11,044
PULs [Member] | Commercial real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 369,321 222,513
PULs [Member] | Residential real estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES 78,266 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 75,762 39,421
PULs [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
NET LOAN BALANCES $ 4,330 $ 2,639
[1] Net loan balances as of March 31, 2016 and December 31, 2015 are net of deferred costs and purchase fair value marks of $16.0 million and $7.7 million for each period, respectively.
v3.4.0.3
LOANS - Summarizes Changes in Total Contractually Required Principal and Interest Cash Payments (Details) - Purchased Credit Impaired Loan [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
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 $ 12,109 $ 7,750
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net 16,531 7,026
Contractually required principal and interest [Member]    
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 19,966 14,831
Additions 6,870 0
Deletions (869) (1,547)
Accretion 0 0
Reclassifications from nonaccretable difference 0 0
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net 25,967 13,284
Non-accretable difference [Member]    
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 (5,247) (5,825)
Additions (1,476) 0
Deletions 430 664
Accretion 0 0
Reclassifications from nonaccretable difference 0 85
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net (6,293) (5,076)
Cash flows expected to be collected [Member]    
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 14,719 9,006
Additions 5,394 0
Deletions (439) (883)
Accretion 0 0
Reclassifications from nonaccretable difference 0 85
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net 19,674 8,208
Accretable yield [Member]    
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 (2,610) (1,192)
Additions (616) 0
Deletions (184) 85
Accretion 267 103
Reclassifications from nonaccretable difference 0 (85)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net (3,143) (1,089)
Carrying value of acquired loans [Member]    
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 12,109 7,814
Additions 4,778 0
Deletions (623) (798)
Accretion 267 103
Reclassifications from nonaccretable difference 0 0
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net 16,531 7,119
Allowance for loan losses [Member]    
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 (64)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net $ 0 $ (93)
v3.4.0.3
LOANS - Contractual Aging of Recorded Investment in Past Due Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual $ 15,588 $ 17,386
Current 2,437,393 2,136,384
Total Financing Receivables 2,455,214 2,156,330
Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 1,633 2,560
Accruing 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 500 0
Accruing Greater Than 90 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 100 0
Portfolio Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 12,026 12,758
Current 1,867,920 1,809,009
Total Financing Receivables 1,880,548 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 176 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 426 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 1,610 2,464
Current 554,894 317,562
Total Financing Receivables 558,135 320,349
Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 1,457 323
Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 74 0
Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 100 0
Purchased Credit Impaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 1,952 2,164
Current 14,579 9,813
Total Financing Receivables 16,531 12,109
Purchased Credit 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
Purchased Credit 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
Purchased Credit 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 and financial [Member] | Portfolio Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 0 0
Current 200,908 187,954
Total Financing Receivables 200,965 188,013
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 0 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 57 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 130 130
Current 75,282 39,252
Total Financing Receivables 75,762 39,421
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 176 39
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing 60-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 74 0
Commercial and financial [Member] | Purchased Unimpaired Loans [Member] | Accruing Greater Than 90 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 100 0
Commercial and financial [Member] | Purchased Credit Impaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 0 0
Current 1,048 1,083
Total Financing Receivables 1,048 1,083
Commercial and financial [Member] | Purchased Credit 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 Credit 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 Credit 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 177 247
Current 90,612 82,040
Total Financing Receivables 90,853 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 22 430
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 42 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 0 0
Current 4,330 2,600
Total Financing Receivables 4,330 2,639
Consumer [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 0 39
Consumer [Member] | Purchased Unimpaired 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 Unimpaired 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 Credit 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 Credit 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 Credit 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 Credit 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 2,067 2,301
Current 785,251 773,764
Total Financing Receivables 787,361 776,875
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 43 810
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 0 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 967 2,294
Current 367,409 220,040
Total Financing Receivables 369,321 222,513
Commercial real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 945 179
Commercial real estate [Member] | Purchased Unimpaired 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 Unimpaired 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 Credit Impaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 1,764 1,816
Current 12,910 8,042
Total Financing Receivables 14,674 9,990
Commercial real estate [Member] | Purchased Credit 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 Credit 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 Credit 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 257 269
Current 116,754 96,695
Total Financing Receivables 117,024 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 13 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 38 40
Current 30,367 11,004
Total Financing Receivables 30,456 11,044
Construction and land development [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 51 0
Construction and land development [Member] | Purchased Unimpaired 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 Unimpaired 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 Credit 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 Credit 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 Credit 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 Credit 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 762,838 723,785
Residential real estate [Member] | Portfolio Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 9,525 9,941
Current 673,927 668,049
Total Financing Receivables 683,877 678,131
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 111 141
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 314 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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 475 0
Current 77,506 44,666
Total Financing Receivables 78,266 44,732
Residential real estate [Member] | Purchased Unimpaired Loans [Member] | Accruing 30-59 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due 285 66
Residential real estate [Member] | Purchased Unimpaired 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 Unimpaired 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 Credit Impaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 188 348
Current 507 574
Total Financing Receivables 695 922
Residential real estate [Member] | Purchased Credit 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 Credit 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
Residential real estate [Member] | Purchased Credit 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 468 507
Total Financing Receivables 468 507
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 Unimpaired Loans [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Nonaccrual 0 0
Current 0 0
Total Financing Receivables 0 0
Other [Member] | Purchased Unimpaired 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 Unimpaired 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 Unimpaired 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 Credit 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 Credit 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 Credit 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 Credit Impaired Loans [Member] | Accruing Greater Than 90 Days    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Financing Receivable, Recorded Investment, Past Due $ 0 $ 0
v3.4.0.3
LOANS - Risk Category, Class of Loans and Recorded Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]    
Loans $ 2,455,214 $ 2,156,330
Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 147,594 108,787
Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 1,171,356 1,009,378
Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 762,838 723,785
Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 277,775 228,517
Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 95,651 85,863
Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 2,363,897 2,082,212
Pass [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 135,387 100,186
Pass [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 1,130,845 973,942
Pass [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 734,747 697,907
Pass [Member] | Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 269,109 226,391
Pass [Member] | Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 93,809 83,786
Special mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 32,053 19,206
Special mention [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 3,997 3,377
Special mention [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 17,437 12,599
Special mention [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 1,584 629
Special mention [Member] | Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 7,929 1,209
Special mention [Member] | Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 1,106 1,392
Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 23,720 17,556
Substandard [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 7,314 4,242
Substandard [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 11,349 9,278
Substandard [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 4,267 3,197
Substandard [Member] | Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 590 769
Substandard [Member] | Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 200 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 15,588 17,386
Nonaccrual [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 295 309
Nonaccrual [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 4,798 6,410
Nonaccrual [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 10,188 10,290
Nonaccrual [Member] | Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 130 130
Nonaccrual [Member] | Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 177 247
Pass-Troubled debt restructures [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 6,390 5,969
Pass-Troubled debt restructures [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 174 58
Pass-Troubled debt restructures [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 5,840 5,893
Pass-Troubled debt restructures [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 0 0
Pass-Troubled debt restructures [Member] | Commercial and Financial [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 17 18
Pass-Troubled debt restructures [Member] | Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 359 0
Troubled debt restructures [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 13,566 14,001
Troubled debt restructures [Member] | Construction & Land Development [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 427 615
Troubled debt restructures [Member] | Commercial Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 1,087 1,256
Troubled debt restructures [Member] | Residential Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans 12,052 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 $ 0 $ 368
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Financing Receivable, Modifications [Line Items]      
Newly identified TDRs $ 1,000,000 $ 1,000,000  
Troubled Debt Restructuring Outstanding   20,000,000 $ 20,000,000
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income 207,000 243,000  
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time $ 47,000 72,000  
Loan Default Period 90 days    
Impaired Financing Receivable, Average Recorded Investment $ 32,479,000 42,680,000  
Nonaccrual loans and loans past due ninety days 15,588,000   17,386,000
Financing Receivable, Modifications, Pre-Modification Recorded Investment 491,000 911,000  
Financing Receivable, Modifications, Post-Modification Recorded Investment 470,000 $ 859,000  
Purchased Loans [Member]      
Financing Receivable, Modifications [Line Items]      
Nonaccrual loans and loans past due ninety days 3,700,000   4,600,000
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing 0   0
Nonaccrual [Member]      
Financing Receivable, Modifications [Line Items]      
Nonaccrual loans and loans past due ninety days 11,900,000   12,800,000
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing $ 100,000   $ 0
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Modified Loans (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Number
Mar. 31, 2015
USD ($)
Number
Financing Receivable, Modifications [Line Items]    
Number of Contracts | Number 2 2
Pre-Modification Outstanding Recorded Investment $ 491 $ 911
Post-Modification Outstanding Recorded Investment 470 859
Specific Reserve Recorded 0 0
Valuation Allowance Recorded $ 21 $ 52
Residential Real Estate [Member]    
Financing Receivable, Modifications [Line Items]    
Number of Contracts | Number 2 2
Pre-Modification Outstanding Recorded Investment $ 491 $ 911
Post-Modification Outstanding Recorded Investment 470 859
Specific Reserve Recorded 0 0
Valuation Allowance Recorded $ 21 $ 52
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Company's Recorded Investments in Impaired Loans and the Related Valuation Allowances (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Recorded Investment      
Total $ 31,982   $ 32,727
Unpaid Principal Balance      
Total 38,537   39,350
Related Valuation Allowance      
Total 2,222   2,517
Average Recorded Investment      
Total 32,479 $ 42,680  
Interest Income Recognized      
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total 207 243  
Construction and Land Development [Member]      
Recorded Investment      
Impaired Loans with No Related Allowance Recorded 218   107
Impaired Loans with an Allowance Recorded 640   835
Total 858   942
Unpaid Principal Balance      
Impaired Loans with No Related Allowance Recorded 297   255
Impaired Loans with an Allowance Recorded 669   870
Total 966   1,125
Related Valuation Allowance      
Impaired Loans with No Related Allowance Recorded 0   0
Impaired Loans with an Allowance Recorded 35   84
Total 35   84
Average Recorded Investment      
Impaired Loans with No Related Allowance Recorded 143 1,841  
Impaired Loans with an Allowance Recorded 770 848  
Total 913 2,689  
Interest Income Recognized      
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method 0 18  
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method 7 5  
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total 7 23  
Commercial Real Estate [Member]      
Recorded Investment      
Impaired Loans with No Related Allowance Recorded 2,068   2,363
Impaired Loans with an Allowance Recorded 6,926   7,087
Total 8,994   9,450
Unpaid Principal Balance      
Impaired Loans with No Related Allowance Recorded 3,579   3,911
Impaired Loans with an Allowance Recorded 6,926   7,087
Total 10,505   10,998
Related Valuation Allowance      
Impaired Loans with No Related Allowance Recorded 0   0
Impaired Loans with an Allowance Recorded 435   429
Total 435   429
Average Recorded Investment      
Impaired Loans with No Related Allowance Recorded 2,265 2,957  
Impaired Loans with an Allowance Recorded 7,033 8,110  
Total 9,298 11,067  
Interest Income Recognized      
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method 3 4  
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method 74 74  
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total 77 78  
Residential Real Estate [Member]      
Recorded Investment      
Impaired Loans with No Related Allowance Recorded 9,685   9,256
Impaired Loans with an Allowance Recorded 11,893   12,447
Total 21,578   21,703
Unpaid Principal Balance      
Impaired Loans with No Related Allowance Recorded 14,156   13,707
Impaired Loans with an Allowance Recorded 12,262   12,803
Total 26,418   26,510
Related Valuation Allowance      
Impaired Loans with No Related Allowance Recorded 0   0
Impaired Loans with an Allowance Recorded 1,714   1,964
Total 1,714   1,964
Average Recorded Investment      
Impaired Loans with No Related Allowance Recorded 9,399 11,660  
Impaired Loans with an Allowance Recorded 12,263 16,530  
Total 21,662 28,190  
Interest Income Recognized      
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method 34 35  
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method 85 99  
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total 119 134  
Commercial And Financial [Member]      
Recorded Investment      
Impaired Loans with No Related Allowance Recorded 16   17
Impaired Loans with an Allowance Recorded 0   0
Total 16   17
Unpaid Principal Balance      
Impaired Loans with No Related Allowance Recorded 16   17
Impaired Loans with an Allowance Recorded 0   0
Total 16   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 17 119  
Impaired Loans with an Allowance Recorded 0 0  
Total 17 119  
Interest Income Recognized      
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method 0 2  
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method 0 0  
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total 4 2  
Consumer [Member]      
Recorded Investment      
Impaired Loans with No Related Allowance Recorded 191   264
Impaired Loans with an Allowance Recorded 345   351
Total 536   615
Unpaid Principal Balance      
Impaired Loans with No Related Allowance Recorded 287   349
Impaired Loans with an Allowance Recorded 345   351
Total 632   700
Related Valuation Allowance      
Impaired Loans with No Related Allowance Recorded 0   0
Impaired Loans with an Allowance Recorded 38   40
Total 38   $ 40
Average Recorded Investment      
Impaired Loans with No Related Allowance Recorded 240 87  
Impaired Loans with an Allowance Recorded 349 528  
Total 589 615  
Interest Income Recognized      
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method 0 0  
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method 4 6  
Impaired Financing Receivable, Interest Income, Cash Basis Method, Total $ 0 $ 6  
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Activity in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Allowance for Loan Losses:    
Beginning Balance $ 19,128 $ 17,007
Provision for Loan Losses 199 433
Charge-Offs (372) (583)
Recoveries 769 800
Net (Charge-Offs) Recoveries 397 217
Ending Balance 19,724 17,628
Construction and Land Development [Member]    
Allowance for Loan Losses:    
Beginning Balance 1,151 722
Provision for Loan Losses 59 120
Charge-Offs 0 (47)
Recoveries 75 47
Net (Charge-Offs) Recoveries 75 0
Ending Balance 1,285 842
Commercial Real Estate [Member]    
Allowance for Loan Losses:    
Beginning Balance 6,756 4,528
Provision for Loan Losses 15 230
Charge-Offs (173) (156)
Recoveries 79 225
Net (Charge-Offs) Recoveries (94) 69
Ending Balance 6,677 4,827
Residential Real Estate [Member]    
Allowance for Loan Losses:    
Beginning Balance 8,057 9,784
Provision for Loan Losses 410 (367)
Charge-Offs (117) (167)
Recoveries 162 416
Net (Charge-Offs) Recoveries 45 249
Ending Balance 8,512 9,666
Commercial And Financial [Member]    
Allowance for Loan Losses:    
Beginning Balance 2,042 1,179
Provision for Loan Losses (419) 124
Charge-Offs (55) (19)
Recoveries 423 90
Net (Charge-Offs) Recoveries 368 71
Ending Balance 1,991 1,374
Consumer [Member]    
Allowance for Loan Losses:    
Beginning Balance 1,122 794
Provision for Loan Losses 134 297
Charge-Offs (27) (194)
Recoveries 30 22
Net (Charge-Offs) Recoveries 3 (172)
Ending Balance $ 1,259 $ 919
v3.4.0.3
IMPAIRED LOANS AND ALLOWANCE FOR LOAN LOSSES - Loan Portfolio and Related Allowance (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Carrying Value    
Individually Evaluated for Impairment $ 31,982 $ 32,727
Collectively Evaluated for Impairment 2,406,701 2,111,494
Total 2,438,683 2,144,221
Associated Allowance    
Individually Evaluated for Impairment 2,222 2,517
Collectively Evaluated for Impairment 17,502 16,611
Total 19,724 19,128
PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 16,531 12,109
Associated Allowance    
Individually Evaluated for Impairment 0 0
Construction and Land Development [Member]    
Carrying Value    
Individually Evaluated for Impairment 858 942
Collectively Evaluated for Impairment 146,622 107,731
Total 147,480 108,673
Associated Allowance    
Individually Evaluated for Impairment 35 84
Collectively Evaluated for Impairment 1,250 1,067
Total 1,285 1,151
Construction and Land Development [Member] | PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 114 114
Associated Allowance    
Individually Evaluated for Impairment 0 0
Commercial Real Estate [Member]    
Carrying Value    
Individually Evaluated for Impairment 8,994 9,450
Collectively Evaluated for Impairment 1,147,688 989,938
Total 1,156,682 999,388
Associated Allowance    
Individually Evaluated for Impairment 435 429
Collectively Evaluated for Impairment 6,242 6,327
Total 6,677 6,756
Commercial Real Estate [Member] | PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 14,674 9,990
Associated Allowance    
Individually Evaluated for Impairment 0 0
Residential Real Estate [Member]    
Carrying Value    
Individually Evaluated for Impairment 21,578 21,703
Collectively Evaluated for Impairment 740,565 701,160
Total 762,143 722,863
Associated Allowance    
Individually Evaluated for Impairment 1,714 1,964
Collectively Evaluated for Impairment 6,798 6,093
Total 8,512 8,057
Residential Real Estate [Member] | PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 695 922
Associated Allowance    
Individually Evaluated for Impairment 0 0
Commercial And Financial [Member]    
Carrying Value    
Individually Evaluated for Impairment 16 17
Collectively Evaluated for Impairment 276,711 227,417
Total 276,727 227,434
Associated Allowance    
Individually Evaluated for Impairment 0 0
Collectively Evaluated for Impairment 1,991 2,042
Total 1,991 2,042
Commercial And Financial [Member] | PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 1,048 1,083
Associated Allowance    
Individually Evaluated for Impairment 0 0
Consumer [Member]    
Carrying Value    
Individually Evaluated for Impairment 536 615
Collectively Evaluated for Impairment 95,115 85,248
Total 95,651 85,863
Associated Allowance    
Individually Evaluated for Impairment 38 40
Collectively Evaluated for Impairment 1,221 1,082
Total 1,259 1,122
Consumer [Member] | PCI Loans [Member]    
Carrying Value    
Individually Evaluated for Impairment 0 0
Associated Allowance    
Individually Evaluated for Impairment $ 0 $ 0
v3.4.0.3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule Of Securities Financing Transactions (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]    
Securities Financing Transaction [Line Items]    
Securities Sold under Agreements to Repurchase, Fair Value of Collateral $ 198,330 $ 172,005
v3.4.0.3
EQUITY CAPITAL - Additional Information (Details)
Mar. 31, 2016
Class of Stock [Line Items]  
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets 6.50%
v3.4.0.3
FAIR VALUE - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
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 7.90%      
Loans and Leases Receivable, Allowance $ 19,724 $ 19,128 $ 17,628 $ 17,007
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 3 100      
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Charge Offs 100      
Other Real Estate Owned And Other Reductions 600      
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 2,200      
Other real estate owned and other reductions classified as level three transfers in 1,300      
Loans Receivable, Fair Value Disclosure 5,500 7,500    
Loans and Leases Receivable, Allowance $ 2,200 $ 2,900    
v3.4.0.3
FAIR VALUE - Fair Value Measurements for Items Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale $ 19,867 $ 23,998
Other real estate owned 8,091 7,039
Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities [1] 905,182 790,766
Loans held for sale [2] 19,867 23,998
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities [1] 100 225
Loans held for sale [2] 0 0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities [1] 905,082 790,541
Loans held for sale [2] 19,867 23,998
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities [1] 0 0
Loans held for sale [2] 0 0
Fair Value, Measurements, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans [3] 5,529 7,511
Other real estate owned [4] 8,091 7,039
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans [3] 0 0
Other real estate owned [4] 0 0
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans [3] 4,671 6,052
Other real estate owned [4] 609 598
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans [3] 858 1,459
Other real estate owned [4] $ 7,482 $ 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 for 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.
v3.4.0.3
FAIR VALUE - Summary of Carrying Value and Fair Value of Company's Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities held to maturity $ 198,231 $ 203,525
Loans, net 2,435,490 2,137,202
Quoted Prices in Active Markets for Identical Assets 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
Deposit liabilities 0 0
Borrowings 0 0
Subordinated debt 0 0
Significant Other Observable Inputs Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities held to maturity [1] 198,820 202,813
Loans, net 0 0
Deposit liabilities 0 0
Borrowings 51,778 51,788
Subordinated debt 52,785 52,785
Significant Unobservable 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 2,454,731 2,147,024
Deposit liabilities 3,222,077 2,843,800
Borrowings 0 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] 198,231 203,525
Loans, net 2,429,961 2,129,691
Deposit liabilities 3,222,447 2,844,387
Borrowings 50,000 50,000
Subordinated debt $ 70,031 $ 69,891
[1] See Note D for further detail of fair value of individual investment categories.
v3.4.0.3
FAIR VALUE - fair value of contractual balance and gains or losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Aggregate fair value $ 19,867 $ 23,998
Contractual balance 19,359 23,384
Gains (losses) $ 0 $ 614
v3.4.0.3
BUSINESS COMBINATIONS - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2015
Mar. 31, 2016
Mar. 11, 2016
Oct. 14, 2015
Jul. 17, 2015
Business Acquisition [Line Items]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets     $ 417,000,000    
Goodwill $ 25,211,000 $ 55,196,000      
The Bank shares Inc [Member]          
Business Acquisition [Line Items]          
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits         $ 188,400,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans         $ 111,300,000
Business Combination, Bargain Purchase, Gain Recognized, Amount 416,000        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total $ 2,600,000        
Floridian Financial Group [Member]          
Business Acquisition [Line Items]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets     12,879,000    
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits     337,000,000    
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans     $ 268,000,000    
Business Acquisition, Percentage of Voting Interests Acquired     100.00%    
Goodwill     $ 29,985,000    
BMO Harris Central [Member]          
Business Acquisition [Line Items]          
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Deposits       $ 355,000,000  
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Noncurrent Assets Loans       $ 70,000,000  
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deposit Premium Percentage       3.00%  
v3.4.0.3
BUSINESS COMBINATIONS - Purchase Price (Details) - Floridian Financial Group [Member]
$ / shares in Units, $ in Thousands
Mar. 11, 2016
USD ($)
$ / shares
shares
Business Acquisition [Line Items]  
Shares exchanged for cash $ 26,699,000
Number of Floridian 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 on March 11, 2016 | $ / shares $ 15.47
Value of common stock issued $ 50,912,791
Total purchase price $ 77,611,791
v3.4.0.3
BUSINESS COMBINATIONS - fair value of the assets purchased, including goodwill, and liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2016
Mar. 11, 2016
Dec. 31, 2015
Assets:      
Goodwill $ 55,196   $ 25,211
Other assets   $ 417,000  
Floridian Financial Group [Member]      
Assets:      
Cash   28,243  
Investment securities   66,912  
Loans, net   268,249  
Fixed assets   7,801  
Core deposit intangibles   3,375  
Goodwill   29,985  
Other assets   12,879  
Total assets acquired   417,444  
Liabilities:      
Deposits   337,341  
Other liabilities   2,492  
Total liabilities assumed   $ 339,833  
v3.4.0.3
BUSINESS COMBINATIONS - fair value of acquired loans (Details) - Floridian Financial Group [Member]
$ in Thousands
Mar. 11, 2016
USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net $ 288,048
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value 276,275
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 167,082
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
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
Construction Development Land [Member]  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net 28,572
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value 26,134
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
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 $ 4,778
v3.4.0.3
BUSINESS COMBINATIONS - purchased credit impaired loans (Details) - Floridian Financial Group [Member]
$ in Thousands
Mar. 11, 2016
USD ($)
Contractually required principal and interest $ 6,870
Non-accretable difference (1,476)
Cash flows expected to be collected 5,394
Accretable yield (616)
Total purchased credit-impaired loan acquired 276,275
Purchased Credit Impaired [Member]  
Total purchased credit-impaired loan acquired $ 4,778
v3.4.0.3
BUSINESS COMBINATIONS - Pro-forma information (Details) - Floridian Financial Group [Member] - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Business Acquisition [Line Items]    
Net interest income $ 30,222 $ 28,898
Net income available to common shareholders $ 4,810 $ 7,156
EPS - basic (in dollars per share) $ 0.14 $ 0.20
EPS - diluted (in dollars per share) $ 0.14 $ 0.20