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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lionsgate Studios Corporation | NASDAQ:LION | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -0.83% | 8.41 | 7.02 | 9.05 | 8.58 | 8.04 | 8.48 | 25,981 | 23:35:55 |
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Georgia
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58-1416811
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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¨
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Accelerated filer
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ý
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Non-accelerated filer
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o
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Smaller reporting company
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o
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(Do not check if smaller reporting company)
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Emerging growth company
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o
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Page
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Part I.
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Item l.
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Item 2.
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Item 3.
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Item 4.
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Part II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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(Unaudited)
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|
|
||||
($ in thousands)
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June 30,
2017 |
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December 31,
2016 |
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
46,316
|
|
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$
|
31,985
|
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Interest-bearing deposits with banks
|
360,906
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|
|
97,726
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Federal funds sold
|
23,325
|
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20,000
|
|
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Cash and cash equivalents
|
430,547
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|
149,711
|
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Investment securities available-for-sale
|
130,371
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|
144,310
|
|
||
Investment securities held-to-maturity
(fair value of $15,664 and $16,534, respectively)
|
15,593
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16,583
|
|
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Loans held-for-sale
(includes loans at fair value of $279,292 and $252,712, respectively)
|
394,710
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|
465,328
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||
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||||
Loans
|
3,332,132
|
|
|
3,302,264
|
|
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Allowance for loan losses
|
(30,425
|
)
|
|
(29,831
|
)
|
||
Loans, net of allowance for loan losses
|
3,301,707
|
|
|
3,272,433
|
|
||
|
|
|
|
||||
Premises and equipment, net
|
87,253
|
|
|
87,915
|
|
||
Other real estate, net
|
9,382
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|
|
14,814
|
|
||
Bank owned life insurance
|
71,027
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|
70,151
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||
Servicing rights, net
|
108,216
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|
99,295
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Other assets
|
60,474
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|
|
69,145
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|
||
Total assets
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$
|
4,609,280
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$
|
4,389,685
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Liabilities
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|
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||||
Deposits
|
|
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|
||||
Noninterest-bearing demand deposits
|
$
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1,082,966
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$
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964,900
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Interest-bearing deposits
|
2,816,830
|
|
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2,665,694
|
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Total deposits
|
3,899,796
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3,630,594
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Short-term borrowings
|
164,896
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243,351
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Subordinated debt, net
|
120,521
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120,454
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Other liabilities
|
44,668
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|
32,639
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Total liabilities
|
4,229,881
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4,027,038
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||
Shareholders’ equity
|
|
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|
||||
Preferred stock, no par value. Authorized 10,000,000; zero issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, no par value. Authorized 50,000,000; issued and outstanding 26,702,665 and 26,318,400, respectively
|
208,699
|
|
|
205,309
|
|
||
Accumulated other comprehensive income, net of tax
|
959
|
|
|
692
|
|
||
Retained earnings
|
169,741
|
|
|
156,646
|
|
||
Total shareholders’ equity
|
379,399
|
|
|
362,647
|
|
||
Total liabilities and shareholders’ equity
|
$
|
4,609,280
|
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$
|
4,389,685
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Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
($ in thousands, except per share data)
|
2017
|
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2016
|
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2017
|
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2016
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
$
|
37,560
|
|
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$
|
35,244
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|
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$
|
73,643
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|
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$
|
68,189
|
|
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Taxable interest income
|
1,135
|
|
|
1,359
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2,297
|
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|
2,562
|
|
||||
Nontaxable interest income
|
35
|
|
|
85
|
|
|
81
|
|
|
162
|
|
||||
Other
|
848
|
|
|
118
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|
1,199
|
|
|
185
|
|
||||
Total interest income
|
39,578
|
|
|
36,806
|
|
|
77,220
|
|
|
71,098
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Deposits
|
3,891
|
|
|
3,211
|
|
|
7,340
|
|
|
6,476
|
|
||||
Short-term borrowings
|
502
|
|
|
311
|
|
|
894
|
|
|
605
|
|
||||
Subordinated debt
|
1,439
|
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|
1,441
|
|
|
3,006
|
|
|
2,880
|
|
||||
Total interest expense
|
5,832
|
|
|
4,963
|
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|
11,240
|
|
|
9,961
|
|
||||
Net interest income
|
33,746
|
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|
31,843
|
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|
65,980
|
|
|
61,137
|
|
||||
Provision for loan losses
|
750
|
|
|
3,128
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|
2,850
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|
3,628
|
|
||||
Net interest income after provision for loan losses
|
32,996
|
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|
28,715
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63,130
|
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57,509
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||||
Noninterest income:
|
|
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|
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||||||||
Service charges on deposit accounts
|
1,481
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1,433
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2,936
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2,803
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|
||||
Other fees and charges
|
2,021
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1,858
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3,892
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|
3,524
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||||
Mortgage banking activities
|
26,956
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19,287
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52,825
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|
34,022
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|
||||
Indirect lending activities
|
3,640
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|
4,782
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|
8,066
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|
|
9,046
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|
||||
SBA lending activities
|
681
|
|
|
1,893
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|
2,499
|
|
|
3,127
|
|
||||
Bank owned life insurance
|
419
|
|
|
494
|
|
|
858
|
|
|
948
|
|
||||
Securities gains
|
—
|
|
|
200
|
|
|
—
|
|
|
282
|
|
||||
Other
|
(142
|
)
|
|
24
|
|
|
1,350
|
|
|
1,105
|
|
||||
Total noninterest income
|
35,056
|
|
|
29,971
|
|
|
72,426
|
|
|
54,857
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
25,852
|
|
|
22,576
|
|
|
51,290
|
|
|
45,630
|
|
||||
Commissions
|
9,384
|
|
|
9,366
|
|
|
16,882
|
|
|
15,965
|
|
||||
Occupancy
|
4,700
|
|
|
4,013
|
|
|
8,864
|
|
|
8,397
|
|
||||
Professional and other services
|
5,052
|
|
|
3,600
|
|
|
9,119
|
|
|
7,633
|
|
||||
Other
|
9,563
|
|
|
8,570
|
|
|
18,967
|
|
|
17,058
|
|
||||
Total noninterest expense
|
54,551
|
|
|
48,125
|
|
|
105,122
|
|
|
94,683
|
|
||||
Income before income tax expense
|
13,501
|
|
|
10,561
|
|
|
30,434
|
|
|
17,683
|
|
||||
Income tax expense
|
4,609
|
|
|
3,916
|
|
|
11,015
|
|
|
6,497
|
|
||||
Net income
|
$
|
8,892
|
|
|
$
|
6,645
|
|
|
$
|
19,419
|
|
|
$
|
11,186
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.34
|
|
|
$
|
0.26
|
|
|
$
|
0.74
|
|
|
$
|
0.45
|
|
Diluted
|
$
|
0.33
|
|
|
$
|
0.26
|
|
|
$
|
0.73
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
8,892
|
|
|
$
|
6,645
|
|
|
$
|
19,419
|
|
|
$
|
11,186
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in net unrealized gains on available-for-sale securities, net of tax effect
|
260
|
|
|
647
|
|
|
267
|
|
|
1,995
|
|
||||
Adjustments for net gains included in net income, net of tax effect
|
—
|
|
|
(124
|
)
|
|
—
|
|
|
(175
|
)
|
||||
Other comprehensive income, net of tax
|
260
|
|
|
523
|
|
|
267
|
|
|
1,820
|
|
||||
Total comprehensive income
|
$
|
9,152
|
|
|
$
|
7,168
|
|
|
$
|
19,686
|
|
|
$
|
13,006
|
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Accumulated
Other Comprehensive Income, Net of Tax |
|
Retained
Earnings |
|
Total
|
||||||||||||||||
(in thousands)
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||
Balance at December 31, 2015
|
|
—
|
|
|
$
|
—
|
|
|
23,141
|
|
|
$
|
169,848
|
|
|
$
|
1,544
|
|
|
$
|
130,067
|
|
|
$
|
301,459
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
11,186
|
|
|
11,186
|
|
||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
1,820
|
|
|
|
|
1,820
|
|
||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,006
|
|
|||||||||||
Common stock issued for AEB acquisition
|
|
|
|
|
|
1,470
|
|
|
22,727
|
|
|
|
|
|
|
|
22,727
|
|
||||||||
Common stock issued under various employee plans, net
|
|
|
|
|
|
398
|
|
|
3,263
|
|
|
|
|
|
|
3,263
|
|
|||||||||
Stock issuance pursuant to exercise of warrants
|
|
|
|
|
|
|
500
|
|
|
1,343
|
|
|
|
|
|
|
|
1,343
|
|
|||||||
Cash dividends paid
|
|
|
|
|
|
|
|
|
|
|
|
(5,928
|
)
|
|
(5,928
|
)
|
||||||||||
Balance at June 30, 2016
|
|
—
|
|
|
$
|
—
|
|
|
25,509
|
|
|
$
|
197,181
|
|
|
$
|
3,364
|
|
|
$
|
135,325
|
|
|
$
|
335,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
26,318
|
|
|
$
|
205,309
|
|
|
$
|
692
|
|
|
$
|
156,646
|
|
|
$
|
362,647
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
19,419
|
|
|
19,419
|
|
|||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
267
|
|
|
|
|
267
|
|
|||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,686
|
|
||||||||||
Common stock issued under various employee plans, net
|
|
|
|
|
|
|
385
|
|
|
3,390
|
|
|
|
|
|
|
3,390
|
|
||||||||
Cash dividends paid
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,324
|
)
|
|
(6,324
|
)
|
|||||||||
Balance at June 30, 2017
|
|
—
|
|
|
$
|
—
|
|
|
26,703
|
|
|
$
|
208,699
|
|
|
$
|
959
|
|
|
$
|
169,741
|
|
|
$
|
379,399
|
|
|
Six Months Ended June 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
19,419
|
|
|
$
|
11,186
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Provision for loan losses
|
2,850
|
|
|
3,628
|
|
||
Depreciation and amortization of premises and equipment
|
2,259
|
|
|
2,540
|
|
||
Amortization of FDIC indemnification asset, net
|
1,159
|
|
|
584
|
|
||
Accretion of purchase discounts or premiums, net
|
(1,287
|
)
|
|
(438
|
)
|
||
Other amortization
|
802
|
|
|
714
|
|
||
Impairment of other real estate
|
893
|
|
|
390
|
|
||
Amortization and impairment of servicing rights, net
|
7,921
|
|
|
21,874
|
|
||
Share-based compensation expense
|
1,583
|
|
|
769
|
|
||
Postretirement benefits, net
|
1,965
|
|
|
918
|
|
||
Net gain on investment securities called or sold
|
—
|
|
|
(282
|
)
|
||
Gains on loan sales, including origination of servicing rights
|
(42,991
|
)
|
|
(41,083
|
)
|
||
Net gain on sales of other real estate
|
(377
|
)
|
|
(525
|
)
|
||
Net income on bank owned life insurance
|
(876
|
)
|
|
(916
|
)
|
||
Net change in deferred income tax, net of acquisition
|
46
|
|
|
(1,386
|
)
|
||
Net change in fair value of loans held-for-sale
|
(5,116
|
)
|
|
(5,994
|
)
|
||
Originations of loans held-for-sale
|
(1,552,573
|
)
|
|
(1,696,504
|
)
|
||
Proceeds from sales of loans held-for-sale
|
1,654,456
|
|
|
1,668,296
|
|
||
Net payments received from FDIC under loss-share agreements
|
485
|
|
|
131
|
|
||
Decrease in other assets, net of acquisition
|
4,530
|
|
|
418
|
|
||
Increase (decrease) in other liabilities, net of acquisition
|
9,854
|
|
|
(2,855
|
)
|
||
Net cash provided by (used in) operating activities
|
105,002
|
|
|
(38,535
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of investment securities available-for-sale
|
—
|
|
|
(10,396
|
)
|
||
Maturities, calls, and repayment of investment securities available-for-sale
|
13,623
|
|
|
19,645
|
|
||
Purchases of investment securities held-to-maturity
|
—
|
|
|
(3,929
|
)
|
||
Maturities, calls and repayment of investment securities held-to-maturity
|
940
|
|
|
1,052
|
|
||
Purchases of FHLB stock
|
(6,681
|
)
|
|
(9,546
|
)
|
||
Redemption of FHLB stock
|
9,563
|
|
|
7,650
|
|
||
Net increase in loans, net of loans acquired
|
(32,448
|
)
|
|
(154,518
|
)
|
||
Proceeds from sales of other real estate
|
6,616
|
|
|
5,934
|
|
||
Purchases of premises and equipment, net of acquisition
|
(2,009
|
)
|
|
(2,358
|
)
|
||
Cash received in excess of cash paid for acquisition
|
—
|
|
|
37,609
|
|
||
Net cash used in investing activities
|
(10,396
|
)
|
|
(108,857
|
)
|
|
Six Months Ended June 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Net increase in noninterest-bearing deposits, net of acquisition
|
$
|
118,066
|
|
|
$
|
144,529
|
|
Net increase in interest-bearing deposits, net of acquisition
|
151,136
|
|
|
61,883
|
|
||
Net decrease in other short-term borrowings
|
(3,455
|
)
|
|
(29,459
|
)
|
||
Proceeds from FHLB advances
|
350,000
|
|
|
870,000
|
|
||
Repayments on FHLB advances
|
(425,000
|
)
|
|
(835,000
|
)
|
||
Proceeds from the issuance of common stock, net
|
1,807
|
|
|
3,979
|
|
||
Cash dividends paid on common stock
|
(6,324
|
)
|
|
(5,928
|
)
|
||
Net cash provided by financing activities
|
186,230
|
|
|
210,004
|
|
||
Net increase in cash and cash equivalents
|
280,836
|
|
|
62,612
|
|
||
Cash and cash equivalents, beginning of period
|
149,711
|
|
|
86,133
|
|
||
Cash and cash equivalents, end of period
|
$
|
430,547
|
|
|
$
|
148,745
|
|
|
|
|
|
||||
Supplemental cash flow information and non-cash disclosures:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest on deposits and borrowings
|
$
|
10,768
|
|
|
$
|
9,674
|
|
Income taxes
|
4,315
|
|
|
5,667
|
|
||
Acquisition:
|
|
|
|
||||
Assets acquired
|
—
|
|
|
167,366
|
|
||
Liabilities assumed
|
—
|
|
|
186,030
|
|
||
Common stock issued
|
—
|
|
|
22,727
|
|
||
Transfers of loans from held-for-sale to held for investment
|
1,971
|
|
|
2,800
|
|
||
Transfers of loans to other real estate
|
1,700
|
|
|
4,934
|
|
|
|
June 30, 2017
|
||||||||||||||
(in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
22,200
|
|
|
$
|
299
|
|
|
$
|
—
|
|
|
$
|
22,499
|
|
Municipal securities
|
|
10,000
|
|
|
343
|
|
|
(25
|
)
|
|
10,318
|
|
||||
SBA pool securities
|
|
13,553
|
|
|
29
|
|
|
(114
|
)
|
|
13,468
|
|
||||
Residential mortgage-backed securities
|
|
57,070
|
|
|
1,330
|
|
|
(70
|
)
|
|
58,330
|
|
||||
Commercial mortgage-backed securities
|
|
26,002
|
|
|
7
|
|
|
(253
|
)
|
|
25,756
|
|
||||
Total available-for-sale
|
|
$
|
128,825
|
|
|
$
|
2,008
|
|
|
$
|
(462
|
)
|
|
$
|
130,371
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
1,588
|
|
|
$
|
70
|
|
|
$
|
—
|
|
|
$
|
1,658
|
|
Residential mortgage-backed securities
|
|
9,956
|
|
|
140
|
|
|
(139
|
)
|
|
9,957
|
|
||||
Commercial mortgage-backed securities
|
|
4,049
|
|
|
—
|
|
|
—
|
|
|
4,049
|
|
||||
Total held-to-maturity
|
|
$
|
15,593
|
|
|
$
|
210
|
|
|
$
|
(139
|
)
|
|
$
|
15,664
|
|
|
|
December 31, 2016
|
||||||||||||||
(in thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
22,218
|
|
|
$
|
227
|
|
|
$
|
(40
|
)
|
|
$
|
22,405
|
|
Municipal securities
|
|
11,706
|
|
|
329
|
|
|
(54
|
)
|
|
11,981
|
|
||||
SBA pool securities
|
|
14,142
|
|
|
—
|
|
|
(230
|
)
|
|
13,912
|
|
||||
Residential mortgage-backed securities
|
|
64,141
|
|
|
1,584
|
|
|
(95
|
)
|
|
65,630
|
|
||||
Commercial mortgage-backed securities
|
|
30,987
|
|
|
—
|
|
|
(605
|
)
|
|
30,382
|
|
||||
Total available-for-sale
|
|
$
|
143,194
|
|
|
$
|
2,140
|
|
|
$
|
(1,024
|
)
|
|
$
|
144,310
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
1,588
|
|
|
$
|
—
|
|
|
$
|
(52
|
)
|
|
$
|
1,536
|
|
Residential mortgage-backed securities
|
|
10,899
|
|
|
160
|
|
|
(157
|
)
|
|
10,902
|
|
||||
Commercial mortgage-backed securities
|
|
4,096
|
|
|
—
|
|
|
—
|
|
|
4,096
|
|
||||
Total held-to-maturity
|
|
$
|
16,583
|
|
|
$
|
160
|
|
|
$
|
(209
|
)
|
|
$
|
16,534
|
|
|
|
June 30, 2017
|
||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
||||||||||||
(in thousands)
|
|
Fair
Value |
|
Gross Unrealized
Losses |
|
Fair
Value |
|
Gross Unrealized
Losses |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
1,056
|
|
|
$
|
(25
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
SBA pool securities
|
|
8,561
|
|
|
(114
|
)
|
|
—
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
|
3,839
|
|
|
(42
|
)
|
|
2,280
|
|
|
(28
|
)
|
||||
Commercial mortgage-backed securities
|
|
23,774
|
|
|
(253
|
)
|
|
—
|
|
|
—
|
|
||||
Total available-for-sale
|
|
$
|
37,230
|
|
|
$
|
(434
|
)
|
|
$
|
2,280
|
|
|
$
|
(28
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities
|
|
$
|
7,562
|
|
|
$
|
(123
|
)
|
|
$
|
754
|
|
|
$
|
(16
|
)
|
Total held-to-maturity
|
|
$
|
7,562
|
|
|
$
|
(123
|
)
|
|
$
|
754
|
|
|
$
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2016
|
||||||||||||||
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
||||||||||||
(in thousands)
|
|
Fair
Value |
|
Gross Unrealized
Losses |
|
Fair
Value |
|
Gross Unrealized
Losses |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
$
|
10,050
|
|
|
$
|
(40
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Municipal securities
|
|
3,380
|
|
|
(54
|
)
|
|
—
|
|
|
—
|
|
||||
SBA pool securities
|
|
13,912
|
|
|
(230
|
)
|
|
—
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
|
7,539
|
|
|
(65
|
)
|
|
2,624
|
|
|
(30
|
)
|
||||
Commercial mortgage-backed securities
|
|
23,595
|
|
|
(605
|
)
|
|
—
|
|
|
—
|
|
||||
Total available-for-sale
|
|
$
|
58,476
|
|
|
$
|
(994
|
)
|
|
$
|
2,624
|
|
|
$
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
$
|
1,536
|
|
|
$
|
(52
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential mortgage-backed securities
|
|
8,065
|
|
|
(136
|
)
|
|
930
|
|
|
(21
|
)
|
||||
Total held-to-maturity
|
|
$
|
9,601
|
|
|
$
|
(188
|
)
|
|
$
|
930
|
|
|
$
|
(21
|
)
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
(in thousands)
|
|
Amortized
Cost |
|
Fair
Value |
|
Amortized
Cost |
|
Fair
Value |
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Obligations of U.S. Government sponsored enterprises
|
|
|
|
|
|
|
|
|
||||||||
Due after one year through five years
|
|
$
|
20,083
|
|
|
$
|
20,257
|
|
|
$
|
15,001
|
|
|
$
|
15,112
|
|
Due five years through ten years
|
|
2,117
|
|
|
2,242
|
|
|
7,217
|
|
|
7,293
|
|
||||
Municipal securities
|
|
|
|
|
|
|
|
|
||||||||
Due after one year through five years
|
|
1,512
|
|
|
1,502
|
|
|
431
|
|
|
448
|
|
||||
Due five years through ten years
|
|
2,866
|
|
|
2,986
|
|
|
3,961
|
|
|
4,070
|
|
||||
Due after ten years
|
|
5,622
|
|
|
5,830
|
|
|
7,314
|
|
|
7,463
|
|
||||
SBA pool securities
|
|
|
|
|
|
|
|
|
||||||||
Due after five years through ten years
|
|
8,227
|
|
|
8,238
|
|
|
8,407
|
|
|
8,325
|
|
||||
Due after ten years
|
|
5,326
|
|
|
5,230
|
|
|
5,735
|
|
|
5,587
|
|
||||
Residential mortgage-backed securities
|
|
57,070
|
|
|
58,330
|
|
|
64,141
|
|
|
65,630
|
|
||||
Commercial mortgage-backed securities
|
|
26,002
|
|
|
25,756
|
|
|
30,987
|
|
|
30,382
|
|
||||
Total available-for-sale
|
|
$
|
128,825
|
|
|
$
|
130,371
|
|
|
$
|
143,194
|
|
|
$
|
144,310
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
|
|
|
|
|
|
|
|
||||||||
Due after ten years
|
|
$
|
1,588
|
|
|
$
|
1,658
|
|
|
$
|
1,588
|
|
|
$
|
1,536
|
|
Residential mortgage-backed securities
|
|
9,956
|
|
|
9,957
|
|
|
10,899
|
|
|
10,902
|
|
||||
Commercial mortgage-backed securities
|
|
4,049
|
|
|
4,049
|
|
|
4,096
|
|
|
4,096
|
|
||||
Total held-to-maturity
|
|
$
|
15,593
|
|
|
$
|
15,664
|
|
|
$
|
16,583
|
|
|
$
|
16,534
|
|
(in thousands)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Public deposits
|
|
$
|
99,104
|
|
|
$
|
103,104
|
|
Securities sold under repurchase agreements
|
|
16,755
|
|
|
19,183
|
|
||
Total pledged securities
|
|
$
|
115,859
|
|
|
$
|
122,287
|
|
(in thousands)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Residential mortgage
|
|
$
|
279,292
|
|
|
$
|
252,712
|
|
SBA
|
|
15,418
|
|
|
12,616
|
|
||
Indirect automobile
|
|
100,000
|
|
|
200,000
|
|
||
Total loans held-for-sale
|
|
$
|
394,710
|
|
|
$
|
465,328
|
|
|
|
June 30, 2017
|
||||||||||||||
|
|
Non-covered Loans
|
|
Covered Loans
Acquired
(1)
|
|
|
||||||||||
(in thousands)
|
|
Legacy
|
|
Acquired
|
|
|
Total
|
|||||||||
Commercial
|
|
$
|
640,662
|
|
|
$
|
151,116
|
|
|
$
|
4,921
|
|
|
$
|
796,699
|
|
SBA
|
|
135,756
|
|
|
9,555
|
|
|
—
|
|
|
145,311
|
|
||||
Total commercial loans
|
|
776,418
|
|
|
160,671
|
|
|
4,921
|
|
|
942,010
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Construction
|
|
241,811
|
|
|
7,062
|
|
|
53
|
|
|
248,926
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Indirect automobile
|
|
1,531,761
|
|
|
—
|
|
|
—
|
|
|
1,531,761
|
|
||||
Installment loans and personal lines of credit
|
|
27,235
|
|
|
3,990
|
|
|
—
|
|
|
31,225
|
|
||||
Total consumer loans
|
|
1,558,996
|
|
|
3,990
|
|
|
—
|
|
|
1,562,986
|
|
||||
Residential mortgage
|
|
401,382
|
|
|
31,868
|
|
|
294
|
|
|
433,544
|
|
||||
Home equity lines of credit
|
|
123,269
|
|
|
18,557
|
|
|
2,840
|
|
|
144,666
|
|
||||
Total mortgage loans
|
|
524,651
|
|
|
50,425
|
|
|
3,134
|
|
|
578,210
|
|
||||
Total loans
|
|
$
|
3,101,876
|
|
|
$
|
222,148
|
|
|
$
|
8,108
|
|
|
$
|
3,332,132
|
|
|
|
December 31, 2016
|
||||||||||||||
|
|
Non-covered Loans
|
|
Covered Loans
Acquired
(2)
|
|
|
||||||||||
(in thousands)
|
|
Legacy
|
|
Acquired
|
|
|
Total
|
|||||||||
Commercial
|
|
$
|
601,557
|
|
|
$
|
172,747
|
|
|
$
|
10,433
|
|
|
$
|
784,737
|
|
SBA
|
|
143,339
|
|
|
6,098
|
|
|
342
|
|
|
149,779
|
|
||||
Total commercial loans
|
|
744,896
|
|
|
178,845
|
|
|
10,775
|
|
|
934,516
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Construction
|
|
225,795
|
|
|
12,180
|
|
|
935
|
|
|
238,910
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Indirect automobile
|
|
1,575,865
|
|
|
—
|
|
|
—
|
|
|
1,575,865
|
|
||||
Installment loans and personal lines of credit
|
|
26,291
|
|
|
6,850
|
|
|
84
|
|
|
33,225
|
|
||||
Total consumer loans
|
|
1,602,156
|
|
|
6,850
|
|
|
84
|
|
|
1,609,090
|
|
||||
Residential mortgage
|
|
346,512
|
|
|
39,732
|
|
|
338
|
|
|
386,582
|
|
||||
Home equity lines of credit
|
|
107,390
|
|
|
21,980
|
|
|
3,796
|
|
|
133,166
|
|
||||
Total mortgage loans
|
|
453,902
|
|
|
61,712
|
|
|
4,134
|
|
|
519,748
|
|
||||
Total loans
|
|
$
|
3,026,749
|
|
|
$
|
259,587
|
|
|
$
|
15,928
|
|
|
$
|
3,302,264
|
|
(in thousands)
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Commercial
|
|
$
|
7,333
|
|
|
$
|
8,488
|
|
SBA
|
|
3,931
|
|
|
5,664
|
|
||
Total commercial loans
|
|
11,264
|
|
|
14,152
|
|
||
|
|
|
|
|
||||
Construction
|
|
6,049
|
|
|
6,408
|
|
||
|
|
|
|
|
||||
Indirect automobile
|
|
1,359
|
|
|
1,276
|
|
||
Installment loans and personal lines of credit
|
|
589
|
|
|
581
|
|
||
Total consumer loans
|
|
1,948
|
|
|
1,857
|
|
||
Residential mortgage
|
|
14,961
|
|
|
10,860
|
|
||
Home equity lines of credit
|
|
3,672
|
|
|
2,081
|
|
||
Total mortgage loans
|
|
18,633
|
|
|
12,941
|
|
||
Total nonaccrual loans
|
|
$
|
37,894
|
|
|
$
|
35,358
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(in thousands)
|
|
Accruing
Delinquent 30-89 Days |
|
Accruing
Delinquent 90 Days or More |
|
TDRs
Accruing |
|
Accruing
Delinquent 30-89 Days |
|
Accruing
Delinquent 90 Days or More |
|
TDRs
Accruing |
||||||||||||
Commercial
|
|
$
|
2,714
|
|
|
$
|
6,039
|
|
|
$
|
12,901
|
|
|
$
|
1,407
|
|
|
$
|
4,231
|
|
|
$
|
5,942
|
|
SBA
|
|
1,066
|
|
|
60
|
|
|
3,734
|
|
|
1,452
|
|
|
—
|
|
|
3,788
|
|
||||||
Construction
|
|
—
|
|
|
74
|
|
|
—
|
|
|
32
|
|
|
343
|
|
|
—
|
|
||||||
Indirect automobile
|
|
1,535
|
|
|
—
|
|
|
1,820
|
|
|
2,972
|
|
|
—
|
|
|
1,474
|
|
||||||
Installment and personal lines of credit
|
|
231
|
|
|
24
|
|
|
—
|
|
|
39
|
|
|
26
|
|
|
—
|
|
||||||
Residential mortgage
|
|
621
|
|
|
967
|
|
|
402
|
|
|
380
|
|
|
1,577
|
|
|
406
|
|
||||||
Home equity lines of credit
|
|
1,014
|
|
|
46
|
|
|
52
|
|
|
1,320
|
|
|
12
|
|
|
53
|
|
||||||
Total
|
|
$
|
7,181
|
|
|
$
|
7,210
|
|
|
$
|
18,909
|
|
|
$
|
7,602
|
|
|
$
|
6,189
|
|
|
$
|
11,663
|
|
|
|
Three Months Ended June 30, 2017
|
|
Three Months Ended June 30, 2016
|
||||||||||||
(in thousands)
|
|
Interest Rate
|
|
Term
|
|
Interest Rate
|
|
Term
|
||||||||
Commercial
|
|
$
|
2,565
|
|
|
$
|
4,354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
SBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Indirect automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
||||
Installment and personal lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
||||
Home equity lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2,565
|
|
|
$
|
4,354
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
|
Six Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2016
|
||||||||||||
(in thousands)
|
|
Interest Rate
|
|
Term
|
|
Interest Rate
|
|
Term
|
||||||||
Commercial
|
|
$
|
2,752
|
|
|
$
|
4,354
|
|
|
$
|
—
|
|
|
$
|
—
|
|
SBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Indirect automobile
|
|
—
|
|
|
—
|
|
|
—
|
|
|
478
|
|
||||
Installment and personal lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
||||
Home equity lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2,752
|
|
|
$
|
4,354
|
|
|
$
|
—
|
|
|
$
|
626
|
|
(in thousands)
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Commercial
|
|
$
|
284,971
|
|
|
$
|
257,645
|
|
Home equity lines of credit
|
|
108,550
|
|
|
93,560
|
|
||
Residential mortgage
|
|
210,317
|
|
|
223,013
|
|
||
Total
|
|
$
|
603,838
|
|
|
$
|
574,218
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(in thousands)
|
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Related
Allowance |
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Related
Allowance |
||||||||||||
Impaired Loans with Allowance
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
$
|
24,883
|
|
|
$
|
21,973
|
|
|
$
|
2,156
|
|
|
$
|
17,337
|
|
|
$
|
14,412
|
|
|
$
|
993
|
|
SBA
|
|
6,584
|
|
|
3,674
|
|
|
218
|
|
|
4,671
|
|
|
1,956
|
|
|
156
|
|
||||||
Indirect automobile
|
|
2,873
|
|
|
2,406
|
|
|
288
|
|
|
2,655
|
|
|
2,151
|
|
|
246
|
|
||||||
Installment and personal lines of credit
|
|
454
|
|
|
404
|
|
|
244
|
|
|
283
|
|
|
235
|
|
|
235
|
|
||||||
Residential mortgage
|
|
2,653
|
|
|
2,579
|
|
|
538
|
|
|
3,178
|
|
|
3,117
|
|
|
703
|
|
||||||
Home equity lines of credit
|
|
1,171
|
|
|
1,044
|
|
|
420
|
|
|
1,279
|
|
|
1,171
|
|
|
333
|
|
||||||
Loans
|
|
$
|
38,618
|
|
|
$
|
32,080
|
|
|
$
|
3,864
|
|
|
$
|
29,403
|
|
|
$
|
23,042
|
|
|
$
|
2,666
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
(in thousands)
|
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
|
Unpaid
Principal Balance |
|
Recorded
Investment (1) |
||||||||
Impaired Loans with No Allowance
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
5,840
|
|
|
$
|
4,552
|
|
|
$
|
7,267
|
|
|
$
|
5,888
|
|
SBA
|
|
6,061
|
|
|
4,982
|
|
|
9,135
|
|
|
8,045
|
|
||||
Construction
|
|
7,517
|
|
|
6,036
|
|
|
7,875
|
|
|
6,394
|
|
||||
Installment and personal lines of credit
|
|
1,445
|
|
|
163
|
|
|
1,445
|
|
|
163
|
|
||||
Residential mortgage
|
|
14,434
|
|
|
14,187
|
|
|
9,464
|
|
|
9,347
|
|
||||
Home equity lines of credit
|
|
2,073
|
|
|
2,011
|
|
|
1,149
|
|
|
749
|
|
||||
Loans
|
|
$
|
37,370
|
|
|
$
|
31,931
|
|
|
$
|
36,335
|
|
|
$
|
30,586
|
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
(in thousands)
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
Commercial
|
|
$
|
23,477
|
|
|
$
|
247
|
|
|
$
|
12,765
|
|
|
$
|
149
|
|
SBA
|
|
8,665
|
|
|
89
|
|
|
11,528
|
|
|
35
|
|
||||
Construction
|
|
6,072
|
|
|
—
|
|
|
5,522
|
|
|
5
|
|
||||
Indirect automobile
|
|
2,425
|
|
|
57
|
|
|
2,033
|
|
|
53
|
|
||||
Installment and personal lines of credit
|
|
451
|
|
|
45
|
|
|
425
|
|
|
27
|
|
||||
Residential mortgage
|
|
14,920
|
|
|
59
|
|
|
6,887
|
|
|
25
|
|
||||
Home equity lines of credit
|
|
2,364
|
|
|
23
|
|
|
629
|
|
|
25
|
|
||||
Total
|
|
$
|
58,374
|
|
|
$
|
520
|
|
|
$
|
39,789
|
|
|
$
|
319
|
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
(in thousands)
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
Commercial
|
|
$
|
21,816
|
|
|
$
|
386
|
|
|
$
|
14,746
|
|
|
$
|
332
|
|
SBA
|
|
8,857
|
|
|
190
|
|
|
12,464
|
|
|
191
|
|
||||
Construction
|
|
6,173
|
|
|
1
|
|
|
5,736
|
|
|
9
|
|
||||
Indirect automobile
|
|
2,331
|
|
|
109
|
|
|
2,156
|
|
|
125
|
|
||||
Installment and personal lines of credit
|
|
423
|
|
|
79
|
|
|
430
|
|
|
55
|
|
||||
Residential mortgage
|
|
14,341
|
|
|
107
|
|
|
6,195
|
|
|
70
|
|
||||
Home equity lines of credit
|
|
2,158
|
|
|
39
|
|
|
650
|
|
|
48
|
|
||||
Total
|
|
$
|
56,099
|
|
|
$
|
911
|
|
|
$
|
42,377
|
|
|
$
|
830
|
|
(in thousands)
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||
Asset Rating
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Indirect
Automobile |
|
Installment and Personal Lines of Credit
|
|
Residential
Mortgage |
|
Home Equity
Lines of Credit |
|
Total
|
||||||||||||||||
Pass
|
|
$
|
741,052
|
|
|
$
|
130,458
|
|
|
$
|
235,591
|
|
|
$
|
—
|
|
|
$
|
30,298
|
|
|
$
|
413,004
|
|
|
$
|
140,479
|
|
|
$
|
1,690,882
|
|
Special Mention
|
|
22,073
|
|
|
8,680
|
|
|
7,183
|
|
|
—
|
|
|
172
|
|
|
1,556
|
|
|
386
|
|
|
40,050
|
|
||||||||
Substandard
|
|
33,574
|
|
|
6,173
|
|
|
6,152
|
|
|
4,659
|
|
|
755
|
|
|
18,984
|
|
|
3,801
|
|
|
74,098
|
|
||||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
796,699
|
|
|
145,311
|
|
|
248,926
|
|
|
4,659
|
|
|
31,225
|
|
|
433,544
|
|
|
144,666
|
|
|
1,805,030
|
|
||||||||
Ungraded Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,527,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,527,102
|
|
||||||||
Total
|
|
$
|
796,699
|
|
|
$
|
145,311
|
|
|
$
|
248,926
|
|
|
$
|
1,531,761
|
|
|
$
|
31,225
|
|
|
$
|
433,544
|
|
|
$
|
144,666
|
|
|
$
|
3,332,132
|
|
(in thousands)
|
|
December 31, 2016
|
||||||||||||||||||||||||||||||
Asset Rating
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Indirect
Automobile |
|
Installment and Personal Lines of Credit
|
|
Residential
Mortgage |
|
Home Equity
Lines of Credit |
|
Total
|
||||||||||||||||
Pass
|
|
$
|
721,133
|
|
|
$
|
131,047
|
|
|
$
|
229,978
|
|
|
$
|
—
|
|
|
$
|
32,521
|
|
|
$
|
368,492
|
|
|
$
|
129,847
|
|
|
$
|
1,613,018
|
|
Special Mention
|
|
31,040
|
|
|
10,997
|
|
|
615
|
|
|
—
|
|
|
45
|
|
|
2,759
|
|
|
550
|
|
|
46,006
|
|
||||||||
Substandard
|
|
32,564
|
|
|
7,735
|
|
|
8,317
|
|
|
4,003
|
|
|
659
|
|
|
15,331
|
|
|
2,769
|
|
|
71,378
|
|
||||||||
Doubtful
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
784,737
|
|
|
149,779
|
|
|
238,910
|
|
|
4,003
|
|
|
33,225
|
|
|
386,582
|
|
|
133,166
|
|
|
1,730,402
|
|
||||||||
Ungraded Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,571,862
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,571,862
|
|
||||||||
Total
|
|
$
|
784,737
|
|
|
$
|
149,779
|
|
|
$
|
238,910
|
|
|
$
|
1,575,865
|
|
|
$
|
33,225
|
|
|
$
|
386,582
|
|
|
$
|
133,166
|
|
|
$
|
3,302,264
|
|
(in thousands)
|
|
2016
|
||
Contractually required principal and interest payments at acquisition
|
|
$
|
173,726
|
|
Fair value of acquired performing loans at acquisition
|
|
$
|
145,843
|
|
(in thousands)
|
|
2016
|
||
Contractually required principal and interest payments at acquisition
|
|
$
|
2,515
|
|
Less: Nonaccretable difference (expected losses and foregone interest)
|
|
(962
|
)
|
|
Cash flows expected to be collected at acquisition
|
|
1,553
|
|
|
Less: Accretable yield
|
|
(92
|
)
|
|
Basis in acquired PCI loans at acquisition
|
|
$
|
1,461
|
|
|
|
For the Six Months Ended June 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Beginning balance
|
|
$
|
4,403
|
|
|
$
|
3,797
|
|
Increase due to acquired loans
|
|
—
|
|
|
92
|
|
||
Accretion of income
|
|
(1,376
|
)
|
|
(1,031
|
)
|
||
Other activity, net
(1)
|
|
—
|
|
|
182
|
|
||
Ending balance
|
|
$
|
3,027
|
|
|
$
|
3,040
|
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
9,449
|
|
|
$
|
2,128
|
|
|
$
|
2,322
|
|
|
$
|
9,935
|
|
|
$
|
5,810
|
|
|
$
|
811
|
|
|
$
|
30,455
|
|
Charge-offs
|
|
(123
|
)
|
|
—
|
|
|
—
|
|
|
(1,700
|
)
|
|
10
|
|
|
—
|
|
|
(1,813
|
)
|
|||||||
Recoveries
|
|
300
|
|
|
7
|
|
|
383
|
|
|
341
|
|
|
2
|
|
|
—
|
|
|
1,033
|
|
|||||||
Net recoveries / (charge offs)
|
|
177
|
|
|
7
|
|
|
383
|
|
|
(1,359
|
)
|
|
12
|
|
|
—
|
|
|
(780
|
)
|
|||||||
Provision for loan losses
(1)
|
|
345
|
|
|
(186
|
)
|
|
(341
|
)
|
|
1,689
|
|
|
(132
|
)
|
|
(625
|
)
|
|
750
|
|
|||||||
Ending balance
|
|
$
|
9,971
|
|
|
$
|
1,949
|
|
|
$
|
2,364
|
|
|
$
|
10,265
|
|
|
$
|
5,690
|
|
|
$
|
186
|
|
|
$
|
30,425
|
|
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
8,890
|
|
|
$
|
2,062
|
|
|
$
|
1,857
|
|
|
$
|
8,466
|
|
|
$
|
4,567
|
|
|
$
|
884
|
|
|
$
|
26,726
|
|
Charge-offs
|
|
(1,222
|
)
|
|
(122
|
)
|
|
—
|
|
|
(1,245
|
)
|
|
(137
|
)
|
|
—
|
|
|
(2,726
|
)
|
|||||||
Recoveries
|
|
1
|
|
|
21
|
|
|
264
|
|
|
400
|
|
|
19
|
|
|
—
|
|
|
705
|
|
|||||||
Net (charge offs) / recoveries
|
|
(1,221
|
)
|
|
(101
|
)
|
|
264
|
|
|
(845
|
)
|
|
(118
|
)
|
|
—
|
|
|
(2,021
|
)
|
|||||||
Increase (decrease) in FDIC indemnification asset
|
|
150
|
|
|
—
|
|
|
(19
|
)
|
|
73
|
|
|
—
|
|
|
—
|
|
|
204
|
|
|||||||
Provision for loan losses
(1)
|
|
1,268
|
|
|
153
|
|
|
(56
|
)
|
|
1,173
|
|
|
472
|
|
|
118
|
|
|
3,128
|
|
|||||||
Ending balance
|
|
$
|
9,087
|
|
|
$
|
2,114
|
|
|
$
|
2,046
|
|
|
$
|
8,867
|
|
|
$
|
4,921
|
|
|
$
|
1,002
|
|
|
$
|
28,037
|
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
9,331
|
|
|
$
|
1,978
|
|
|
$
|
2,176
|
|
|
$
|
9,812
|
|
|
$
|
5,755
|
|
|
$
|
779
|
|
|
$
|
29,831
|
|
Charge-offs
|
|
(255
|
)
|
|
(85
|
)
|
|
—
|
|
|
(3,535
|
)
|
|
(41
|
)
|
|
—
|
|
|
(3,916
|
)
|
|||||||
Recoveries
|
|
460
|
|
|
51
|
|
|
589
|
|
|
632
|
|
|
38
|
|
|
—
|
|
|
1,770
|
|
|||||||
Net recoveries / (charge offs)
|
|
205
|
|
|
(34
|
)
|
|
589
|
|
|
(2,903
|
)
|
|
(3
|
)
|
|
—
|
|
|
(2,146
|
)
|
|||||||
Decrease in FDIC indemnification asset
|
|
(110
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(110
|
)
|
|||||||
Provision for loan losses
(1)
|
|
545
|
|
|
5
|
|
|
(401
|
)
|
|
3,356
|
|
|
(62
|
)
|
|
(593
|
)
|
|
2,850
|
|
|||||||
Ending balance
|
|
$
|
9,971
|
|
|
$
|
1,949
|
|
|
$
|
2,364
|
|
|
$
|
10,265
|
|
|
$
|
5,690
|
|
|
$
|
186
|
|
|
$
|
30,425
|
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Beginning balance
|
|
$
|
8,582
|
|
|
$
|
2,433
|
|
|
$
|
1,711
|
|
|
$
|
8,668
|
|
|
$
|
4,294
|
|
|
$
|
776
|
|
|
$
|
26,464
|
|
Charge-offs
|
|
(1,226
|
)
|
|
(387
|
)
|
|
—
|
|
|
(2,408
|
)
|
|
(181
|
)
|
|
—
|
|
|
(4,202
|
)
|
|||||||
Recoveries
|
|
723
|
|
|
21
|
|
|
797
|
|
|
758
|
|
|
20
|
|
|
—
|
|
|
2,319
|
|
|||||||
Net (charge offs) / recoveries
|
|
(503
|
)
|
|
(366
|
)
|
|
797
|
|
|
(1,650
|
)
|
|
(161
|
)
|
|
—
|
|
|
(1,883
|
)
|
|||||||
Increase (decrease) in FDIC indemnification asset
|
|
97
|
|
|
—
|
|
|
(367
|
)
|
|
74
|
|
|
24
|
|
|
—
|
|
|
(172
|
)
|
|||||||
Provision for loan losses
(1)
|
|
911
|
|
|
47
|
|
|
(95
|
)
|
|
1,775
|
|
|
764
|
|
|
226
|
|
|
3,628
|
|
|||||||
Ending balance
|
|
$
|
9,087
|
|
|
$
|
2,114
|
|
|
$
|
2,046
|
|
|
$
|
8,867
|
|
|
$
|
4,921
|
|
|
$
|
1,002
|
|
|
$
|
28,037
|
|
|
|
June 30, 2017
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Individually evaluated
|
|
$
|
2,156
|
|
|
$
|
218
|
|
|
$
|
—
|
|
|
$
|
532
|
|
|
$
|
958
|
|
|
$
|
—
|
|
|
$
|
3,864
|
|
Collectively evaluated
|
|
7,577
|
|
|
1,731
|
|
|
2,339
|
|
|
9,726
|
|
|
4,718
|
|
|
186
|
|
|
26,277
|
|
|||||||
Acquired with deteriorated credit quality
|
|
238
|
|
|
—
|
|
|
25
|
|
|
7
|
|
|
14
|
|
|
—
|
|
|
284
|
|
|||||||
Total ALL
|
|
$
|
9,971
|
|
|
$
|
1,949
|
|
|
$
|
2,364
|
|
|
$
|
10,265
|
|
|
$
|
5,690
|
|
|
$
|
186
|
|
|
$
|
30,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
|
|
$
|
26,525
|
|
|
$
|
8,656
|
|
|
$
|
6,036
|
|
|
$
|
2,973
|
|
|
$
|
19,821
|
|
|
$
|
—
|
|
|
$
|
64,011
|
|
Collectively evaluated
|
|
746,225
|
|
|
136,160
|
|
|
242,146
|
|
|
1,559,891
|
|
|
552,555
|
|
|
—
|
|
|
3,236,977
|
|
|||||||
Acquired with deteriorated credit quality
|
|
23,949
|
|
|
495
|
|
|
744
|
|
|
122
|
|
|
5,834
|
|
|
—
|
|
|
31,144
|
|
|||||||
Total loans
|
|
$
|
796,699
|
|
|
$
|
145,311
|
|
|
$
|
248,926
|
|
|
$
|
1,562,986
|
|
|
$
|
578,210
|
|
|
$
|
—
|
|
|
$
|
3,332,132
|
|
|
|
December 31, 2016
|
||||||||||||||||||||||||||
|
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(in thousands)
|
|
Commercial
|
|
SBA
|
|
Construction
|
|
Consumer
|
|
Mortgage
|
|
Unallocated
|
|
Total
|
||||||||||||||
Individually evaluated
|
|
$
|
993
|
|
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
481
|
|
|
$
|
1,036
|
|
|
$
|
—
|
|
|
$
|
2,666
|
|
Collectively evaluated
|
|
8,101
|
|
|
1,822
|
|
|
2,151
|
|
|
9,324
|
|
|
4,705
|
|
|
779
|
|
|
26,882
|
|
|||||||
Acquired with deteriorated credit quality
|
|
237
|
|
|
—
|
|
|
25
|
|
|
7
|
|
|
14
|
|
|
—
|
|
|
283
|
|
|||||||
Total ALL
|
|
$
|
9,331
|
|
|
$
|
1,978
|
|
|
$
|
2,176
|
|
|
$
|
9,812
|
|
|
$
|
5,755
|
|
|
$
|
779
|
|
|
$
|
29,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated
|
|
$
|
20,300
|
|
|
$
|
10,001
|
|
|
$
|
6,394
|
|
|
$
|
2,549
|
|
|
$
|
14,384
|
|
|
$
|
—
|
|
|
$
|
53,628
|
|
Collectively evaluated
|
|
738,297
|
|
|
139,246
|
|
|
229,907
|
|
|
1,590,110
|
|
|
513,821
|
|
|
—
|
|
|
3,211,381
|
|
|||||||
Acquired with deteriorated credit quality
|
|
26,140
|
|
|
532
|
|
|
2,609
|
|
|
209
|
|
|
7,765
|
|
|
—
|
|
|
37,255
|
|
|||||||
Total loans
|
|
$
|
784,737
|
|
|
$
|
149,779
|
|
|
$
|
238,910
|
|
|
$
|
1,592,868
|
|
|
$
|
535,970
|
|
|
$
|
—
|
|
|
$
|
3,302,264
|
|
(in thousands)
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Commercial
|
|
$
|
2,498
|
|
|
$
|
6,625
|
|
Residential
|
|
835
|
|
|
1,514
|
|
||
Undeveloped property
|
|
6,049
|
|
|
6,675
|
|
||
Total ORE, net
|
|
$
|
9,382
|
|
|
$
|
14,814
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
|
$
|
11,284
|
|
|
$
|
19,482
|
|
|
$
|
14,814
|
|
|
$
|
18,677
|
|
ORE acquired in acquisition
|
|
—
|
|
|
—
|
|
|
—
|
|
|
809
|
|
||||
Transfers of loans to ORE
|
|
706
|
|
|
2,252
|
|
|
1,700
|
|
|
4,934
|
|
||||
Sales
|
|
(2,554
|
)
|
|
(3,106
|
)
|
|
(6,239
|
)
|
|
(5,409
|
)
|
||||
Write-downs
|
|
(54
|
)
|
|
(7
|
)
|
|
(893
|
)
|
|
(390
|
)
|
||||
Ending balance
|
|
$
|
9,382
|
|
|
$
|
18,621
|
|
|
$
|
9,382
|
|
|
$
|
18,621
|
|
|
|
|
|
June 30, 2017
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Investment securities available-for-sale
|
|
$
|
130,371
|
|
|
$
|
—
|
|
|
$
|
130,371
|
|
|
$
|
—
|
|
Mortgage loans held-for-sale
|
|
279,292
|
|
|
—
|
|
|
279,292
|
|
|
—
|
|
||||
Other assets
(1)
|
|
7,181
|
|
|
—
|
|
|
—
|
|
|
7,181
|
|
||||
Other liabilities
(1)
|
|
(560
|
)
|
|
—
|
|
|
—
|
|
|
(560
|
)
|
|
|
|
|
December 31, 2016
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Investment securities available-for-sale
|
|
$
|
144,310
|
|
|
$
|
—
|
|
|
$
|
144,310
|
|
|
$
|
—
|
|
Mortgage loans held-for-sale
|
|
252,712
|
|
|
—
|
|
|
252,712
|
|
|
—
|
|
||||
Other assets
(1)
|
|
7,111
|
|
|
—
|
|
|
—
|
|
|
7,111
|
|
||||
Other liabilities
(1)
|
|
(1,065
|
)
|
|
—
|
|
|
—
|
|
|
(1,065
|
)
|
|
|
As of or for the Three Months Ended June 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
(in thousands)
|
|
Other
Assets (1) |
|
Other
Liabilities (1) |
|
Other
Assets (1) |
|
Other
Liabilities (1) |
||||||||
Beginning balance
|
|
$
|
8,025
|
|
|
$
|
(2,349
|
)
|
|
$
|
7,181
|
|
|
$
|
(2,497
|
)
|
Total gains / (losses) included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Issuances
|
|
7,181
|
|
|
(560
|
)
|
|
8,738
|
|
|
(5,041
|
)
|
||||
Settlements and closed loans
|
|
(8,145
|
)
|
|
2,349
|
|
|
(7,806
|
)
|
|
2,497
|
|
||||
Expirations
|
|
120
|
|
|
—
|
|
|
625
|
|
|
—
|
|
||||
Ending balance
|
|
$
|
7,181
|
|
|
$
|
(560
|
)
|
|
$
|
8,738
|
|
|
$
|
(5,041
|
)
|
|
|
As of or for the Six Months Ended June 30,
|
||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||
(in thousands)
|
|
Other
Assets (1) |
|
Other
Liabilities (1) |
|
Other
Assets (1) |
|
Other
Liabilities (1) |
||||||||
Beginning balance
|
|
$
|
7,111
|
|
|
$
|
(1,065
|
)
|
|
$
|
4,022
|
|
|
$
|
(651
|
)
|
Total gains / (losses) included in earnings:
|
|
|
|
|
|
|
|
|
||||||||
Issuances
|
|
15,206
|
|
|
(2,909
|
)
|
|
15,919
|
|
|
(7,538
|
)
|
||||
Settlements and closed loans
|
|
(15,383
|
)
|
|
3,414
|
|
|
(11,806
|
)
|
|
3,148
|
|
||||
Expirations
|
|
247
|
|
|
—
|
|
|
603
|
|
|
—
|
|
||||
Ending balance
|
|
$
|
7,181
|
|
|
$
|
(560
|
)
|
|
$
|
8,738
|
|
|
$
|
(5,041
|
)
|
|
|
|
|
June 30, 2017
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Impaired loans
|
|
$
|
24,061
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
24,061
|
|
ORE, net
|
|
5,097
|
|
|
—
|
|
|
—
|
|
|
5,097
|
|
||||
Residential mortgage servicing rights
|
|
34,156
|
|
|
—
|
|
|
—
|
|
|
34,156
|
|
||||
SBA servicing rights
|
|
1,490
|
|
|
—
|
|
|
—
|
|
|
1,490
|
|
|
|
|
|
December 31, 2016
|
||||||||||||
(in thousands)
|
|
Total Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
Impaired loans
|
|
$
|
22,338
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,338
|
|
ORE, net
|
|
9,396
|
|
|
—
|
|
|
—
|
|
|
9,396
|
|
||||
Residential mortgage servicing rights
|
|
44,600
|
|
|
—
|
|
|
—
|
|
|
44,600
|
|
|
|
Fair Value at
|
|
|
|
|
|
|
|
|
||||||
($ in thousands)
|
|
June 30,
2017 |
|
December 31,
2016 |
|
Valuation
Technique |
|
Unobservable
Inputs |
|
Range/Weighted
Average at June 30, 2017 |
|
Range/Weighted
Average at December 31, 2016 |
||||
Nonrecurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
24,061
|
|
|
$
|
22,338
|
|
|
Appraised value
less estimated selling costs |
|
Estimated
selling costs |
|
0% - 10.00%
9.76% |
|
0% - 10.00%
9.69% |
Other real estate
|
|
5,097
|
|
|
9,396
|
|
|
Discounted appraisals
less estimated selling costs |
|
Estimated
selling costs |
|
0% - 10.00%
9.32% |
|
0% - 10.00%
9.13% |
||
Residential mortgage servicing rights
|
|
34,156
|
|
|
44,600
|
|
|
Discounted
cash flows |
|
Discount rate
|
|
9.64% - 11.25%
9.93% |
|
9.64% - 11.13%
9.91% |
||
|
|
|
|
|
|
|
|
Modeled prepayment
speeds |
|
8.00% - 16.69%
8.37% |
|
7.47% - 18.03%
7.98% |
||||
SBA servicing rights
|
|
1,490
|
|
|
—
|
|
|
Discounted
cash flows |
|
Discount rate
|
|
13.13%
|
|
N/A
|
||
|
|
|
|
|
|
|
|
Modeled prepayment
speeds |
|
9.19%
|
|
N/A
|
||||
Recurring:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
IRLCs
|
|
4,587
|
|
|
3,231
|
|
|
Pricing
model |
|
Modeled pull-through
ratio |
|
82.50%
|
|
82.50%
|
||
Forward commitments
|
|
2,034
|
|
|
2,815
|
|
|
Investor
pricing |
|
Pricing spreads
|
|
90.00% - 105.17%
102.49% |
|
90.00% - 106.14%
101.94% |
(in thousands)
|
|
Aggregate Fair Value
June 30, 2017 |
|
Aggregate Unpaid
Principal Balance at June 30, 2017 |
|
Aggregate Fair Value Over
Unpaid Principal |
||||||
Residential mortgage loans held-for-sale
|
|
$
|
279,292
|
|
|
$
|
271,991
|
|
|
$
|
7,301
|
|
(in thousands)
|
|
Aggregate Fair Value
December 31, 2016 |
|
Aggregate Unpaid
Principal Balance at December 31, 2016 |
|
Aggregate Fair Value Over
Unpaid Principal |
||||||
Residential mortgage loans held-for-sale
|
|
$
|
252,712
|
|
|
$
|
250,096
|
|
|
$
|
2,616
|
|
|
|
|
|
Fair Value Measurements at June 30, 2017
|
||||||||||||||||
(in thousands)
|
|
Carrying
Amount |
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||||
Financial instruments (assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
430,547
|
|
|
$
|
430,547
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
430,547
|
|
Investment securities available-for-sale
|
|
130,371
|
|
|
—
|
|
|
130,371
|
|
|
—
|
|
|
130,371
|
|
|||||
Investment securities held-to-maturity
|
|
15,593
|
|
|
—
|
|
|
11,615
|
|
|
4,049
|
|
|
15,664
|
|
|||||
Total loans, net
(1)
|
|
3,696,417
|
|
|
—
|
|
|
279,292
|
|
|
3,138,865
|
|
|
3,418,157
|
|
|||||
Financial instruments (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
|
1,082,966
|
|
|
—
|
|
|
—
|
|
|
1,082,966
|
|
|
1,082,966
|
|
|||||
Interest-bearing deposits
|
|
2,816,830
|
|
|
—
|
|
|
—
|
|
|
2,815,576
|
|
|
2,815,576
|
|
|||||
Short-term borrowings
|
|
164,896
|
|
|
—
|
|
|
164,896
|
|
|
|
|
164,896
|
|
||||||
Subordinated debt
|
|
120,521
|
|
|
—
|
|
|
114,975
|
|
|
—
|
|
|
114,975
|
|
|
|
|
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||||
(in thousands)
|
|
Carrying
Amount |
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Total Fair
Value |
||||||||||
Financial instruments (assets):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
149,711
|
|
|
$
|
149,711
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
149,711
|
|
Investment securities available-for-sale
|
|
144,310
|
|
|
—
|
|
|
144,310
|
|
|
—
|
|
|
144,310
|
|
|||||
Investment securities held-to-maturity
|
|
16,583
|
|
|
—
|
|
|
12,438
|
|
|
4,096
|
|
|
16,534
|
|
|||||
Total loans, net
(1)
|
|
3,737,761
|
|
|
—
|
|
|
252,712
|
|
|
3,236,345
|
|
|
3,489,057
|
|
|||||
Financial instruments (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
|
964,900
|
|
|
—
|
|
|
—
|
|
|
964,900
|
|
|
964,900
|
|
|||||
Interest-bearing deposits
|
|
2,665,694
|
|
|
—
|
|
|
—
|
|
|
2,664,872
|
|
|
2,664,872
|
|
|||||
Short-term borrowings
|
|
243,351
|
|
|
—
|
|
|
243,351
|
|
|
—
|
|
|
243,351
|
|
|||||
Subordinated debt
|
|
120,454
|
|
|
—
|
|
|
114,537
|
|
|
—
|
|
|
114,537
|
|
(in thousands)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Securities sold under repurchase agreements
(1)
|
|
$
|
13,607
|
|
|
$
|
18,351
|
|
Fair value of securities pledged
|
|
16,755
|
|
|
19,183
|
|
||
Net position of overnight repurchase agreements
|
|
$
|
3,148
|
|
|
$
|
832
|
|
(in thousands)
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
Municipal securities
|
|
$
|
4,417
|
|
|
$
|
5,568
|
|
Residential mortgage-backed securities
|
|
12,338
|
|
|
13,615
|
|
||
Total fair value of securities pledged
|
|
$
|
16,755
|
|
|
$
|
19,183
|
|
|
Contract or Notional Amount as of
|
||||||
(in thousands)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Forward rate commitments
|
$
|
566,494
|
|
|
$
|
429,283
|
|
Interest rate lock commitments
|
297,455
|
|
|
174,835
|
|
||
Total derivatives contracts
|
$
|
863,949
|
|
|
$
|
604,118
|
|
|
|
Three Months Ended June 30,
|
||||||
($ in thousands, except per share data)
|
|
2017
|
|
2016
|
||||
Net income
|
|
$
|
8,892
|
|
|
$
|
6,645
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
(1)
|
|
26,433
|
|
|
25,481
|
|
||
Effect of dilutive stock options and warrants
(2)
|
|
114
|
|
|
480
|
|
||
Weighted average common shares outstanding – diluted
|
|
26,547
|
|
|
25,961
|
|
||
|
|
|
|
|
||||
EPS:
|
|
|
|
|
||||
Basic
|
|
$
|
0.34
|
|
|
$
|
0.26
|
|
Diluted
|
|
$
|
0.33
|
|
|
$
|
0.26
|
|
|
|
Six Months Ended June 30,
|
||||||
($ in thousands, except per share data)
|
|
2017
|
|
2016
|
||||
Net income
|
|
$
|
19,419
|
|
|
$
|
11,186
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
(1)
|
|
26,384
|
|
|
24,877
|
|
||
Effect of dilutive stock options and warrants
(2)
|
|
128
|
|
|
524
|
|
||
Weighted average common shares outstanding – diluted
|
|
26,512
|
|
|
25,401
|
|
||
|
|
|
|
|
||||
EPS:
|
|
|
|
|
||||
Basic
|
|
$
|
0.74
|
|
|
$
|
0.45
|
|
Diluted
|
|
$
|
0.73
|
|
|
$
|
0.44
|
|
(in thousands)
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Servicing rights
|
|
|
|
|
||||
Residential mortgage
|
|
$
|
94,750
|
|
|
$
|
86,131
|
|
SBA
|
|
5,312
|
|
|
5,707
|
|
||
Indirect automobile
|
|
8,154
|
|
|
7,457
|
|
||
Total servicing rights
|
|
$
|
108,216
|
|
|
$
|
99,295
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Residential mortgage servicing rights
|
|
|
|
|
|
|
|
|
||||||||
Beginning carrying value, net
|
|
$
|
91,387
|
|
|
$
|
69,927
|
|
|
$
|
86,131
|
|
|
$
|
72,766
|
|
Additions
|
|
7,331
|
|
|
7,151
|
|
|
13,756
|
|
|
12,245
|
|
||||
Amortization
|
|
(3,332
|
)
|
|
(3,610
|
)
|
|
(6,490
|
)
|
|
(6,882
|
)
|
||||
(Impairment) / recoveries, net
(1)
|
|
(636
|
)
|
|
(8,569
|
)
|
|
1,353
|
|
|
(13,230
|
)
|
||||
Ending carrying value, net
|
|
$
|
94,750
|
|
|
$
|
64,899
|
|
|
$
|
94,750
|
|
|
$
|
64,899
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Residential mortgage servicing impairment
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
7,163
|
|
|
$
|
14,184
|
|
|
$
|
9,152
|
|
|
$
|
9,523
|
|
Additions
|
|
2,304
|
|
|
8,602
|
|
|
2,361
|
|
|
14,424
|
|
||||
Recoveries
|
|
(1,668
|
)
|
|
(33
|
)
|
|
(3,714
|
)
|
|
(1,194
|
)
|
||||
Ending balance
|
|
$
|
7,799
|
|
|
$
|
22,753
|
|
|
$
|
7,799
|
|
|
$
|
22,753
|
|
($ in thousands)
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Residential Mortgage Servicing Rights
|
|
|
|
|
||||
Fair Value
|
|
$
|
97,753
|
|
|
$
|
88,502
|
|
Composition of residential loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
99.53
|
%
|
|
99.47
|
%
|
||
Adjustable-rate
|
|
0.47
|
%
|
|
0.53
|
%
|
||
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Remaining term (years)
|
|
25.7
|
|
|
25.7
|
|
||
Modeled prepayment speed
|
|
8.37
|
%
|
|
7.98
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(3,392
|
)
|
|
$
|
(2,918
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(6,484
|
)
|
|
(5,643
|
)
|
||
Weighted average discount rate
|
|
9.93
|
%
|
|
9.91
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(3,977
|
)
|
|
$
|
(3,619
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(7,654
|
)
|
|
(6,889
|
)
|
Residential mortgage loans serviced
|
|
June 30, 2017
|
|
Net Charge-offs
for the Six Months Ended June 30, 2017 |
||||||||||||
|
|
Unpaid
Principal Balance |
|
Delinquent (days)
|
|
|||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
8,381,867
|
|
|
$
|
13,095
|
|
|
$
|
9,937
|
|
|
$
|
—
|
|
Held-for-sale
|
|
271,991
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
431,492
|
|
|
40
|
|
|
9,909
|
|
|
36
|
|
||||
Total residential mortgage loans serviced
|
|
$
|
9,085,350
|
|
|
$
|
13,135
|
|
|
$
|
19,846
|
|
|
$
|
36
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
SBA loan servicing rights
|
|
|
|
|
|
|
|
|
||||||||
Beginning carrying value, net
|
|
$
|
5,662
|
|
|
$
|
5,449
|
|
|
$
|
5,707
|
|
|
$
|
5,358
|
|
Additions
|
|
270
|
|
|
513
|
|
|
662
|
|
|
806
|
|
||||
Amortization
|
|
(577
|
)
|
|
(338
|
)
|
|
(994
|
)
|
|
(653
|
)
|
||||
(Impairment) / recoveries, net
(1)
|
|
(43
|
)
|
|
123
|
|
|
(63
|
)
|
|
236
|
|
||||
Ending carrying value, net
|
|
$
|
5,312
|
|
|
$
|
5,747
|
|
|
$
|
5,312
|
|
|
$
|
5,747
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
SBA servicing rights impairment
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
20
|
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
243
|
|
Additions
|
|
43
|
|
|
—
|
|
|
63
|
|
|
—
|
|
||||
Recoveries
|
|
—
|
|
|
(123
|
)
|
|
—
|
|
|
(236
|
)
|
||||
Ending balance
|
|
$
|
63
|
|
|
$
|
7
|
|
|
$
|
63
|
|
|
$
|
7
|
|
($ in thousands)
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
SBA loan servicing rights
|
|
|
|
|
||||
Fair Value
|
|
$
|
6,209
|
|
|
$
|
6,424
|
|
Composition of loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
—
|
%
|
|
0.19
|
%
|
||
Adjustable-rate
|
|
100.00
|
%
|
|
99.81
|
%
|
||
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
||
Remaining term (years)
|
|
19.3
|
|
|
19.6
|
|
||
Modeled prepayment speed
|
|
9.19
|
%
|
|
8.62
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(160
|
)
|
|
$
|
(161
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(312
|
)
|
|
(314
|
)
|
||
Weighted average discount rate
|
|
13.13
|
%
|
|
13.13
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(218
|
)
|
|
$
|
(226
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(420
|
)
|
|
(443
|
)
|
|
|
June 30, 2017
|
|
Net Charge-offs
for the Six Months Ended June 30, 2017 |
||||||||||||
SBA loans serviced
|
|
Unpaid
Principal Balance |
|
|
|
|
|
|||||||||
|
|
|
Delinquent (days)
|
|
||||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
279,271
|
|
|
$
|
2,009
|
|
|
$
|
2,510
|
|
|
$
|
—
|
|
Held-for-sale
|
|
15,418
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
419,112
|
|
|
2,555
|
|
|
2,510
|
|
|
34
|
|
||||
Total SBA loans serviced
|
|
$
|
713,801
|
|
|
$
|
4,564
|
|
|
$
|
5,020
|
|
|
$
|
34
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Indirect automobile loan servicing rights
|
|
|
|
|
|
|
|
|
||||||||
Beginning carrying value
|
|
$
|
7,990
|
|
|
$
|
7,504
|
|
|
$
|
7,457
|
|
|
$
|
6,820
|
|
Additions
|
|
1,021
|
|
|
1,402
|
|
|
2,424
|
|
|
2,699
|
|
||||
Amortization
|
|
(857
|
)
|
|
(732
|
)
|
|
(1,727
|
)
|
|
(1,345
|
)
|
||||
Ending carrying value
|
|
$
|
8,154
|
|
|
$
|
8,174
|
|
|
$
|
8,154
|
|
|
$
|
8,174
|
|
($ in thousands)
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Indirect automobile loan servicing rights
|
|
|
|
|
||||
Fair value
|
|
$
|
8,169
|
|
|
$
|
7,579
|
|
Composition of loans serviced for others:
|
|
|
|
|
||||
Fixed-rate
|
|
100
|
%
|
|
100
|
%
|
||
Adjustable-rate
|
|
—
|
%
|
|
—
|
%
|
||
Total
|
|
100
|
%
|
|
100
|
%
|
||
Remaining term (years)
|
|
4.8
|
|
|
4.8
|
|
||
Modeled prepayment speed
|
|
18.95
|
%
|
|
18.95
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(205
|
)
|
|
$
|
(190
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(401
|
)
|
|
(371
|
)
|
||
Weighted average discount rate
|
|
6.74
|
%
|
|
6.94
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(75
|
)
|
|
$
|
(71
|
)
|
Decline in fair value due to a 20% adverse change
|
|
(148
|
)
|
|
(141
|
)
|
|
|
June 30, 2017
|
|
Net Charge-offs
for the Six Months Ended June 30, 2017 |
||||||||||||
Indirect automobile loans serviced
|
|
Unpaid
Principal Balance |
|
|
|
|
|
|||||||||
|
|
|
Delinquent (days)
|
|
||||||||||||
(in thousands)
|
|
|
30 to 89
|
|
90+
|
|
||||||||||
Serviced for others
|
|
$
|
1,216,296
|
|
|
$
|
2,442
|
|
|
$
|
2,069
|
|
|
$
|
1,544
|
|
Held-for-sale
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
1,531,761
|
|
|
2,967
|
|
|
2,420
|
|
|
2,870
|
|
||||
Total indirect automobile loans serviced
|
|
$
|
2,848,057
|
|
|
$
|
5,409
|
|
|
$
|
4,489
|
|
|
$
|
4,414
|
|
|
As of or for the Three Months Ended
|
|
As of or for the Six Months Ended
|
||||||||||||||||
($ in thousands, except per share data)
|
June 30,
2017 |
|
March 31,
2017 |
|
June 30,
2016 |
|
June 30,
2017 |
|
June 30,
2016 |
||||||||||
INCOME STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
39,578
|
|
|
$
|
37,642
|
|
|
$
|
36,806
|
|
|
$
|
77,220
|
|
|
$
|
71,098
|
|
Interest expense
|
5,832
|
|
|
5,408
|
|
|
4,963
|
|
|
11,240
|
|
|
9,961
|
|
|||||
Net interest income
|
33,746
|
|
|
32,234
|
|
|
31,843
|
|
|
65,980
|
|
|
61,137
|
|
|||||
Provision for loan losses
|
750
|
|
|
2,100
|
|
|
3,128
|
|
|
2,850
|
|
|
3,628
|
|
|||||
Noninterest income
|
35,056
|
|
|
37,370
|
|
|
29,971
|
|
|
72,426
|
|
|
54,857
|
|
|||||
Noninterest expense
|
54,551
|
|
|
50,572
|
|
|
48,125
|
|
|
105,122
|
|
|
94,683
|
|
|||||
Net income
|
8,892
|
|
|
10,527
|
|
|
6,645
|
|
|
19,419
|
|
|
11,186
|
|
|||||
PERFORMANCE:
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share - basic
|
$
|
0.34
|
|
|
$
|
0.40
|
|
|
$
|
0.26
|
|
|
$
|
0.74
|
|
|
$
|
0.45
|
|
Earnings per common share - diluted
|
0.33
|
|
|
0.40
|
|
|
0.26
|
|
|
0.73
|
|
|
0.44
|
|
|||||
Book value per common share
|
14.21
|
|
|
14.09
|
|
|
13.17
|
|
|
14.21
|
|
|
13.17
|
|
|||||
Tangible book value per common share
|
13.72
|
|
|
13.58
|
|
|
12.60
|
|
|
13.72
|
|
|
12.60
|
|
|||||
Cash dividends paid per common share
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.24
|
|
|
0.24
|
|
|||||
Return on average assets
|
0.78
|
%
|
|
0.97
|
%
|
|
0.64
|
%
|
|
0.87
|
%
|
|
0.55
|
%
|
|||||
Return on average shareholders' equity
|
9.58
|
%
|
|
11.78
|
%
|
|
8.07
|
%
|
|
10.61
|
%
|
|
7.03
|
%
|
|||||
Net interest margin
|
3.20
|
%
|
|
3.21
|
%
|
|
3.30
|
%
|
|
3.20
|
%
|
|
3.29
|
%
|
|||||
END OF PERIOD BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,609,280
|
|
|
$
|
4,531,057
|
|
|
$
|
4,281,927
|
|
|
$
|
4,609,280
|
|
|
$
|
4,281,927
|
|
Earning assets
|
4,267,358
|
|
|
4,192,919
|
|
|
3,860,181
|
|
|
4,267,358
|
|
|
3,860,181
|
|
|||||
Loans, excluding loans held-for-sale
|
3,332,132
|
|
|
3,354,926
|
|
|
3,190,707
|
|
|
3,332,132
|
|
|
3,190,707
|
|
|||||
Total deposits
|
3,899,796
|
|
|
3,755,108
|
|
|
3,569,606
|
|
|
3,899,796
|
|
|
3,569,606
|
|
|||||
Shareholders' equity
|
379,399
|
|
|
371,302
|
|
|
335,870
|
|
|
379,399
|
|
|
335,870
|
|
|||||
Assets serviced for others
|
9,877,434
|
|
|
9,553,855
|
|
|
8,699,107
|
|
|
9,877,434
|
|
|
8,699,107
|
|
|||||
DAILY AVERAGE BALANCE SHEET SUMMARY:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,579,531
|
|
|
$
|
4,409,492
|
|
|
$
|
4,207,171
|
|
|
$
|
4,496,217
|
|
|
$
|
4,076,575
|
|
Earning assets
|
4,245,954
|
|
|
4,082,544
|
|
|
3,891,966
|
|
|
4,164,249
|
|
|
3,767,251
|
|
|||||
Loans, excluding loans held-for-sale
|
3,339,694
|
|
|
3,320,992
|
|
|
3,161,676
|
|
|
3,330,343
|
|
|
3,094,142
|
|
|||||
Total loans
|
3,736,026
|
|
|
3,718,260
|
|
|
3,590,929
|
|
|
3,727,143
|
|
|
3,482,436
|
|
|||||
Total deposits
|
3,798,523
|
|
|
3,644,047
|
|
|
3,470,966
|
|
|
3,721,285
|
|
|
3,344,868
|
|
|||||
Shareholders' equity
|
372,323
|
|
|
362,321
|
|
|
331,056
|
|
|
369,027
|
|
|
320,004
|
|
|||||
Assets serviced for others
|
9,685,378
|
|
|
9,382,261
|
|
|
8,480,382
|
|
|
9,533,820
|
|
|
8,321,362
|
|
|||||
ASSET QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net charge-offs, annualized to average loans
|
0.09
|
%
|
|
0.16
|
%
|
|
0.25
|
%
|
|
0.13
|
%
|
|
0.12
|
%
|
|||||
Allowance to period-end loans
|
0.91
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
|||||
Nonperforming assets to total loans, ORE and repossessions
|
1.50
|
%
|
|
1.60
|
%
|
|
1.55
|
%
|
|
1.50
|
%
|
|
1.55
|
%
|
|||||
Allowance to nonperforming loans, ORE and repossessions
|
0.54x
|
|
|
0.51x
|
|
|
0.49x
|
|
|
0.54x
|
|
|
0.49x
|
|
|||||
SELECTED RATIOS:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans to total deposits
|
85.44
|
%
|
|
89.34
|
%
|
|
89.39
|
%
|
|
85.44
|
%
|
|
89.39
|
%
|
|||||
Average total loans to average earning assets
|
87.99
|
%
|
|
91.08
|
%
|
|
92.27
|
%
|
|
89.50
|
%
|
|
92.44
|
%
|
|||||
Noninterest income to revenue
|
46.97
|
%
|
|
49.82
|
%
|
|
44.88
|
%
|
|
48.40
|
%
|
|
43.55
|
%
|
|||||
Leverage ratio
|
8.36
|
%
|
|
8.48
|
%
|
|
8.46
|
%
|
|
8.36
|
%
|
|
8.46
|
%
|
|||||
Common equity tier 1 capital
|
8.61
|
%
|
|
8.37
|
%
|
|
8.18
|
%
|
|
8.61
|
%
|
|
8.18
|
%
|
|||||
Tier 1 risk-based capital
|
9.76
|
%
|
|
9.51
|
%
|
|
9.35
|
%
|
|
9.76
|
%
|
|
9.35
|
%
|
|||||
Total risk-based capital
|
12.47
|
%
|
|
12.20
|
%
|
|
12.06
|
%
|
|
12.47
|
%
|
|
12.06
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income, GAAP basis
|
$
|
39,578
|
|
|
$
|
36,806
|
|
|
$
|
77,220
|
|
|
$
|
71,098
|
|
Taxable-equivalent adjustment
|
79
|
|
|
99
|
|
|
171
|
|
|
521
|
|
||||
Interest income, taxable-equivalent basis
|
$
|
39,657
|
|
|
$
|
36,905
|
|
|
$
|
77,391
|
|
|
$
|
71,619
|
|
|
For the Three Months Ended
|
||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income
(1)
|
$
|
3,736,026
|
|
|
$
|
37,593
|
|
|
4.04
|
%
|
|
$
|
3,590,929
|
|
|
$
|
35,297
|
|
|
3.95
|
%
|
Investment securities
(1)
|
164,037
|
|
|
1,216
|
|
|
2.97
|
%
|
|
202,000
|
|
|
1,490
|
|
|
2.97
|
%
|
||||
Other earning assets
|
345,891
|
|
|
848
|
|
|
0.98
|
%
|
|
99,037
|
|
|
118
|
|
|
0.48
|
%
|
||||
Total interest-earning assets
|
4,245,954
|
|
|
39,657
|
|
|
3.75
|
%
|
|
3,891,966
|
|
|
36,905
|
|
|
3.81
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
44,132
|
|
|
|
|
|
|
29,956
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(30,116
|
)
|
|
|
|
|
|
(26,674
|
)
|
|
|
|
|
||||||||
Premises and equipment, net
|
87,332
|
|
|
|
|
|
|
88,070
|
|
|
|
|
|
||||||||
Other real estate
|
10,907
|
|
|
|
|
|
|
19,481
|
|
|
|
|
|
||||||||
Other assets
|
221,322
|
|
|
|
|
|
|
204,372
|
|
|
|
|
|
||||||||
Total noninterest-earning assets
|
333,577
|
|
|
|
|
|
|
315,205
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,579,531
|
|
|
|
|
|
|
$
|
4,207,171
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand and money market
|
$
|
1,363,651
|
|
|
$
|
1,261
|
|
|
0.37
|
%
|
|
$
|
1,129,179
|
|
|
$
|
723
|
|
|
0.26
|
%
|
Savings deposits
|
357,712
|
|
|
287
|
|
|
0.32
|
%
|
|
355,801
|
|
|
283
|
|
|
0.32
|
%
|
||||
Time deposits
|
1,049,248
|
|
|
2,343
|
|
|
0.90
|
%
|
|
1,053,538
|
|
|
2,205
|
|
|
0.84
|
%
|
||||
Total interest-bearing deposits
|
2,770,611
|
|
|
3,891
|
|
|
0.56
|
%
|
|
2,538,518
|
|
|
3,211
|
|
|
0.51
|
%
|
||||
Short-term borrowings
|
243,359
|
|
|
502
|
|
|
0.83
|
%
|
|
244,944
|
|
|
311
|
|
|
0.51
|
%
|
||||
Subordinated debt
|
120,505
|
|
|
1,439
|
|
|
4.79
|
%
|
|
120,372
|
|
|
1,441
|
|
|
4.81
|
%
|
||||
Total interest-bearing liabilities
|
3,134,475
|
|
|
5,832
|
|
|
0.75
|
%
|
|
2,903,834
|
|
|
4,963
|
|
|
0.69
|
%
|
||||
Noninterest-bearing liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
1,027,909
|
|
|
|
|
|
|
932,448
|
|
|
|
|
|
||||||||
Other liabilities
|
44,824
|
|
|
|
|
|
|
39,833
|
|
|
|
|
|
||||||||
Shareholders' equity
|
372,323
|
|
|
|
|
|
|
331,056
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and stockholders' equity
|
1,445,056
|
|
|
|
|
|
|
1,303,337
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,579,531
|
|
|
|
|
|
|
$
|
4,207,171
|
|
|
|
|
|
||||||
Net interest income/spread
|
|
|
$
|
33,825
|
|
|
3.00
|
%
|
|
|
|
$
|
31,942
|
|
|
3.12
|
%
|
||||
Net interest margin
|
|
|
|
|
3.20
|
%
|
|
|
|
|
|
3.30
|
%
|
|
For the Six Months Ended
|
||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||||
($ in thousands)
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net of unearned income
(1)
|
$
|
3,727,143
|
|
|
$
|
73,721
|
|
|
3.99
|
%
|
|
$
|
3,482,435
|
|
|
$
|
68,287
|
|
|
3.94
|
%
|
Investment securities
(1)
|
167,945
|
|
|
2,471
|
|
|
2.97
|
%
|
|
200,016
|
|
|
3,147
|
|
|
3.16
|
%
|
||||
Other earning assets
|
269,161
|
|
|
1,199
|
|
|
0.90
|
%
|
|
84,800
|
|
|
185
|
|
|
0.44
|
%
|
||||
Total interest-earning assets
|
4,164,249
|
|
|
77,391
|
|
|
3.75
|
%
|
|
3,767,251
|
|
|
71,619
|
|
|
3.82
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
41,355
|
|
|
|
|
|
|
29,243
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(29,952
|
)
|
|
|
|
|
|
(26,863
|
)
|
|
|
|
|
||||||||
Premises and equipment, net
|
87,562
|
|
|
|
|
|
|
85,315
|
|
|
|
|
|
||||||||
Other real estate
|
12,527
|
|
|
|
|
|
|
19,688
|
|
|
|
|
|
||||||||
Other assets
|
220,477
|
|
|
|
|
|
|
201,941
|
|
|
|
|
|
||||||||
Total noninterest-earning assets
|
331,969
|
|
|
|
|
|
|
309,324
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,496,218
|
|
|
|
|
|
|
$
|
4,076,575
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand and money market
|
$
|
1,304,303
|
|
|
$
|
2,205
|
|
|
0.34
|
%
|
|
$
|
1,090,730
|
|
|
$
|
1,417
|
|
|
0.26
|
%
|
Savings deposits
|
372,359
|
|
|
632
|
|
|
0.34
|
%
|
|
357,972
|
|
|
588
|
|
|
0.33
|
%
|
||||
Time deposits
|
1,050,073
|
|
|
4,503
|
|
|
0.86
|
%
|
|
1,035,611
|
|
|
4,471
|
|
|
0.87
|
%
|
||||
Total interest-bearing deposits
|
2,726,735
|
|
|
7,340
|
|
|
0.54
|
%
|
|
2,484,313
|
|
|
6,476
|
|
|
0.52
|
%
|
||||
Short-term borrowings
|
244,310
|
|
|
894
|
|
|
0.74
|
%
|
|
248,152
|
|
|
605
|
|
|
0.49
|
%
|
||||
Subordinated debt
|
120,488
|
|
|
3,006
|
|
|
5.03
|
%
|
|
120,355
|
|
|
2,880
|
|
|
4.81
|
%
|
||||
Total interest-bearing liabilities
|
3,091,533
|
|
|
11,240
|
|
|
0.73
|
%
|
|
2,852,820
|
|
|
9,961
|
|
|
0.70
|
%
|
||||
Noninterest-bearing liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits
|
994,548
|
|
|
|
|
|
|
860,555
|
|
|
|
|
|
||||||||
Other liabilities
|
41,110
|
|
|
|
|
|
|
43,196
|
|
|
|
|
|
||||||||
Shareholders' equity
|
369,027
|
|
|
|
|
|
|
320,004
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities and stockholders' equity
|
1,404,685
|
|
|
|
|
|
|
1,223,755
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,496,218
|
|
|
|
|
|
|
$
|
4,076,575
|
|
|
|
|
|
||||||
Net interest income/spread
|
|
|
$
|
66,151
|
|
|
3.02
|
%
|
|
|
|
$
|
61,658
|
|
|
3.12
|
%
|
||||
Net interest margin
|
|
|
|
|
3.20
|
%
|
|
|
|
|
|
3.29
|
%
|
|
As of or for the Six Months Ended June 30,
|
|
Year Ended
December 31,
|
||||||||
($ in thousands)
|
2017
|
|
2016
|
|
2016
|
||||||
Balance at beginning of period
|
$
|
29,831
|
|
|
$
|
26,464
|
|
|
$
|
26,464
|
|
Net charge-offs:
|
|
|
|
|
|
||||||
Commercial
|
205
|
|
|
(503
|
)
|
|
(1,426
|
)
|
|||
SBA
|
(34
|
)
|
|
(366
|
)
|
|
(305
|
)
|
|||
Construction
|
589
|
|
|
797
|
|
|
2,157
|
|
|||
Consumer
|
(2,903
|
)
|
|
(1,650
|
)
|
|
(3,747
|
)
|
|||
Mortgage
|
(3
|
)
|
|
(161
|
)
|
|
(846
|
)
|
|||
Total net charge-offs
|
(2,146
|
)
|
|
(1,883
|
)
|
|
(4,167
|
)
|
|||
Decrease in FDIC indemnification asset
|
(110
|
)
|
|
(172
|
)
|
|
(697
|
)
|
|||
Provision for loan losses
(1)
|
2,850
|
|
|
3,628
|
|
|
8,231
|
|
|||
Balance at end of period
|
$
|
30,425
|
|
|
$
|
28,037
|
|
|
$
|
29,831
|
|
|
|
|
|
|
|
||||||
Annualized ratio of net charge-offs to average loans outstanding, net
|
0.13
|
%
|
|
0.12
|
%
|
|
0.13
|
%
|
|||
Allowance for loan losses as a percentage of loans
|
0.91
|
%
|
|
0.88
|
%
|
|
0.90
|
%
|
|||
Allowance for loan losses as a percentage of loans, excluding acquired loans
(2)
|
0.98
|
%
|
|
0.97
|
%
|
|
0.99
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Service charges on deposit accounts
|
$
|
1,481
|
|
|
$
|
1,433
|
|
|
$
|
48
|
|
|
3.3
|
%
|
|
$
|
2,936
|
|
|
$
|
2,803
|
|
|
$
|
133
|
|
|
4.7
|
%
|
Other fees and charges
|
2,021
|
|
|
1,858
|
|
|
163
|
|
|
8.8
|
|
|
3,892
|
|
|
3,524
|
|
|
368
|
|
|
10.4
|
|
||||||
Mortgage banking activities
|
26,956
|
|
|
19,287
|
|
|
7,669
|
|
|
39.8
|
|
|
52,825
|
|
|
34,022
|
|
|
18,803
|
|
|
55.3
|
|
||||||
Indirect lending activities
|
3,640
|
|
|
4,782
|
|
|
(1,142
|
)
|
|
(23.9
|
)
|
|
8,066
|
|
|
9,046
|
|
|
(980
|
)
|
|
(10.8
|
)
|
||||||
SBA lending activities
|
681
|
|
|
1,893
|
|
|
(1,212
|
)
|
|
(64.0
|
)
|
|
2,499
|
|
|
3,127
|
|
|
(628
|
)
|
|
(20.1
|
)
|
||||||
Bank owned life insurance
|
419
|
|
|
494
|
|
|
(75
|
)
|
|
(15.2
|
)
|
|
858
|
|
|
948
|
|
|
(90
|
)
|
|
(9.5
|
)
|
||||||
Securities gains
|
—
|
|
|
200
|
|
|
(200
|
)
|
|
(100.0
|
)
|
|
—
|
|
|
282
|
|
|
(282
|
)
|
|
(100.0
|
)
|
||||||
Other
|
(142
|
)
|
|
24
|
|
|
(166
|
)
|
|
(691.7
|
)
|
|
1,350
|
|
|
1,105
|
|
|
245
|
|
|
22.2
|
|
||||||
Total noninterest income
|
$
|
35,056
|
|
|
$
|
29,971
|
|
|
$
|
5,085
|
|
|
17.0
|
|
|
$
|
72,426
|
|
|
$
|
54,857
|
|
|
$
|
17,569
|
|
|
32.0
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
Salaries and employee benefits
|
$
|
25,852
|
|
|
$
|
22,576
|
|
|
$
|
3,276
|
|
|
14.5
|
%
|
|
$
|
51,290
|
|
|
$
|
45,630
|
|
|
$
|
5,660
|
|
|
12.4
|
%
|
Commissions
|
9,384
|
|
|
9,366
|
|
|
18
|
|
|
0.2
|
|
|
16,882
|
|
|
15,965
|
|
|
917
|
|
|
5.7
|
|
||||||
Occupancy, net
|
4,700
|
|
|
4,013
|
|
|
687
|
|
|
17.1
|
|
|
8,864
|
|
|
8,397
|
|
|
467
|
|
|
5.6
|
|
||||||
Professional and other services
|
5,052
|
|
|
3,600
|
|
|
1,452
|
|
|
40.3
|
|
|
9,119
|
|
|
7,633
|
|
|
1,486
|
|
|
19.5
|
|
||||||
Other
|
9,563
|
|
|
8,570
|
|
|
993
|
|
|
11.6
|
|
|
18,967
|
|
|
17,058
|
|
|
1,909
|
|
|
11.2
|
|
||||||
Total noninterest expense
|
$
|
54,551
|
|
|
$
|
48,125
|
|
|
$
|
6,426
|
|
|
13.4
|
|
|
$
|
105,122
|
|
|
$
|
94,683
|
|
|
$
|
10,439
|
|
|
11.0
|
|
|
For the Three Months Ended
|
||||||||||||||||||||||||||||
|
June 30, 2017
|
|
March 31, 2017
|
|
June 30, 2016
|
||||||||||||||||||||||||
($ in millions)
|
Average Amount
|
|
Rate
|
|
Percent of Total Deposits
|
|
Average Amount
|
|
Rate
|
|
Percent of Total Deposits
|
|
Average Amount
|
|
Rate
|
|
Percent of Total Deposits
|
||||||||||||
Noninterest-bearing demand deposits
|
$
|
1,027.9
|
|
|
—
|
%
|
|
27.1
|
%
|
|
$
|
961.1
|
|
|
—
|
%
|
|
26.4
|
%
|
|
$
|
932.4
|
|
|
—
|
%
|
|
26.9
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand and money market
|
1,363.7
|
|
|
0.37
|
%
|
|
35.9
|
%
|
|
1,245.0
|
|
|
0.31
|
%
|
|
34.2
|
%
|
|
1,129.2
|
|
|
0.26
|
%
|
|
32.5
|
%
|
|||
Savings deposits
|
357.7
|
|
|
0.32
|
%
|
|
9.4
|
%
|
|
387.0
|
|
|
0.36
|
%
|
|
10.6
|
%
|
|
355.8
|
|
|
0.32
|
%
|
|
10.2
|
%
|
|||
Time deposits
|
1,049.3
|
|
|
0.90
|
%
|
|
27.6
|
%
|
|
1,050.9
|
|
|
0.83
|
%
|
|
28.8
|
%
|
|
1,053.5
|
|
|
0.84
|
%
|
|
30.4
|
%
|
|||
Total average deposits
|
$
|
3,798.6
|
|
|
0.41
|
%
|
|
100.0
|
%
|
|
$
|
3,644.0
|
|
|
0.38
|
%
|
|
100.0
|
%
|
|
$
|
3,470.9
|
|
|
0.37
|
%
|
|
100.0
|
%
|
|
For the Six Months Ended
|
||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||||
($ in millions)
|
Average Amount
|
|
Rate
|
|
Percent of Total Deposits
|
|
Average Amount
|
|
Rate
|
|
Percent of Total Deposits
|
||||||||
Noninterest-bearing demand deposits
|
$
|
994.5
|
|
|
—
|
%
|
|
26.7
|
%
|
|
$
|
860.6
|
|
|
—
|
%
|
|
25.7
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand and money market
|
1,304.3
|
|
|
0.34
|
%
|
|
35.1
|
%
|
|
1,090.7
|
|
|
0.26
|
%
|
|
32.6
|
%
|
||
Savings deposits
|
372.4
|
|
|
0.34
|
%
|
|
10.0
|
%
|
|
358.0
|
|
|
0.33
|
%
|
|
10.7
|
%
|
||
Time deposits
|
1,050.1
|
|
|
0.86
|
%
|
|
28.2
|
%
|
|
1,035.6
|
|
|
0.87
|
%
|
|
31.0
|
%
|
||
Total average deposits
|
$
|
3,721.3
|
|
|
0.40
|
%
|
|
100.0
|
%
|
|
$
|
3,344.9
|
|
|
0.39
|
%
|
|
100.0
|
%
|
|
|
Adequately Capitalized
|
|
Adequately Capitalized
|
|
Well Capitalized
|
|
Well Capitalized
|
|
|
(minimum)
|
|
(with buffer for 2017)
|
|
(minimum)
|
|
(with buffer for 2017)
|
Total risk-based capital
|
|
8.00%
|
|
9.25%
|
|
10.00%
|
|
11.25%
|
Tier 1 risk-based capital
|
|
6.00%
|
|
7.25%
|
|
8.00%
|
|
9.25%
|
CET 1 capital
|
|
4.50%
|
|
5.75%
|
|
6.50%
|
|
7.75%
|
Leverage ratio
|
|
4.00%
|
|
N/A
|
|
5.00%
|
|
N/A
|
Fidelity Bank
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||
($ in thousands)
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Common Equity Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
345,831
|
|
|
8.930
|
%
|
|
$
|
337,337
|
|
|
8.580
|
%
|
Minimum
|
|
174,271
|
|
|
4.500
|
%
|
|
176,925
|
|
|
4.500
|
%
|
||
Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
361,604
|
|
|
9.340
|
%
|
|
$
|
352,601
|
|
|
8.970
|
%
|
Minimum
|
|
232,294
|
|
|
6.000
|
%
|
|
235,854
|
|
|
6.000
|
%
|
||
Total Risk-Based Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
477,927
|
|
|
12.350
|
%
|
|
$
|
468,234
|
|
|
11.910
|
%
|
Minimum
|
|
309,588
|
|
|
8.000
|
%
|
|
314,515
|
|
|
8.000
|
%
|
||
Tier 1 Capital Leverage Ratio:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
|
|
7.970
|
%
|
|
|
|
8.140
|
%
|
||||
Minimum
|
|
|
|
4.000
|
%
|
|
|
|
4.000
|
%
|
Fidelity Southern Corporation
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||
($ in thousands)
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Common Equity Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
333,178
|
|
|
8.610
|
%
|
|
$
|
328,193
|
|
|
8.350
|
%
|
Minimum
|
|
174,135
|
|
|
4.500
|
%
|
|
176,870
|
|
|
4.500
|
%
|
||
Tier 1 Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
377,720
|
|
|
9.760
|
%
|
|
$
|
371,841
|
|
|
9.460
|
%
|
Minimum
|
|
232,205
|
|
|
6.000
|
%
|
|
235,840
|
|
|
6.000
|
%
|
||
Total Risk-Based Capital:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
$
|
482,650
|
|
|
12.470
|
%
|
|
$
|
476,081
|
|
|
12.110
|
%
|
Minimum
|
|
309,639
|
|
|
8.000
|
%
|
|
314,504
|
|
|
8.000
|
%
|
||
Tier 1 Capital Leverage Ratio:
|
|
|
|
|
|
|
|
|
||||||
Actual
|
|
|
|
8.360
|
%
|
|
|
|
8.580
|
%
|
||||
Minimum
|
|
|
|
4.000
|
%
|
|
|
|
4.000
|
%
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
||
Exhibit Number
|
Description of Document
|
Form
|
Filing Date
|
Exhibit Number
|
SEC File No.
|
Amended and Restated Articles of Incorporation of Fidelity Southern Corporation, as amended effective December 16, 2008
|
10-K
|
03/17/2009
|
3(a)
|
001-34981
|
|
Articles of Amendment to the Articles of Incorporation of Fidelity Southern Corporation
|
8-K
|
11/23/2010
|
3.1
|
001-34981
|
|
By-Laws of Fidelity Southern Corporation, as amended
|
10-Q
|
11/08/2007
|
3(b)
|
001-34981
|
|
Amendment to By-Laws of Fidelity Southern Corporation
|
8-K
|
11/23/2010
|
3.2
|
001-34981
|
|
4(a)
|
See Exhibits 3(a), 3(b), and 3(c) for provisions of the Amended and Restated Articles of Incorporation, as amended, and By-laws of Fidelity Southern Corporation, which define the rights of the shareholders.
|
See 3(a), 3.1, and 3(b) above
|
001-34981
|
||
Form of Global Note representing the Fixed/Floating Rate Subordinated Notes due 2030 of Fidelity Bank
|
8-K
|
06/03/2015
|
4.1
|
001-34981
|
|
31.1
+
|
Certification of Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
31.2
+
|
Certification of Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.1
#
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.2
#
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
101
|
Financial Statements submitted in XBRL format
|
|
|
|
|
|
|
|
|
|
|
+
Filed herewith
|
|
|
|
|
|
#
Furnished herewith
|
|
|
|
|
|
|
|
FIDELITY SOUTHERN CORPORATION
|
||
|
|
|
|
|
(Registrant)
|
Date:
|
August 8, 2017
|
|
BY:
|
|
/s/
JAMES B. MILLER, JR.
|
|
|
|
|
|
James B. Miller, Jr.
|
|
|
|
|
|
Chief Executive Officer
|
Date:
|
August 8, 2017
|
|
BY:
|
|
/s/ CHARLES D. CHRISTY
|
|
|
|
|
|
Charles D. Christy
|
|
|
|
|
|
Chief Financial Officer
|
1 Year Lionsgate Studios Chart |
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