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Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Bank Financial Corp.. (delisted) | NASDAQ:STBZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.59 | 21.50 | 21.55 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Georgia
|
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27-1744232
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
3399 Peachtree Road, NE, Suite 1900
Atlanta, Georgia
|
|
30326
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company) |
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Smaller reporting company
o
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Emerging growth company
o
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Page
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•
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negative reactions to our recent or future acquisitions of each bank's customers, employees and counterparties or difficulties related to the transition of services;
|
•
|
general economic conditions (both generally and in our markets) may be less favorable than expected, which could result in, among other things, a deterioration in credit quality, a reduction in demand for credit and a decline in real estate values;
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•
|
a general decline in the real estate and lending markets, particularly in our market areas, could negatively affect our financial results;
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•
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risk associated with income taxes including the potential for adverse adjustments and the inability to fully realize deferred tax benefits;
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•
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increased cybersecurity risk, including potential network breaches, business disruptions or financial losses;
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•
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our ability to raise additional capital may be impaired based on conditions in the capital markets;
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•
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costs or difficulties related to the integration of the banks we have acquired or may acquire may be greater than expected;
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•
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current or future restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals;
|
•
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legislative or regulatory changes, including changes in accounting standards and compliance requirements, may adversely affect us;
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•
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competitive pressures among depository and other financial institutions may increase significantly;
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•
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changes in the interest rate environment may reduce the volumes or values of the loans we make or have acquired;
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•
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other financial institutions may be able to develop or acquire products that enable them to compete more successfully than we can;
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•
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our ability to attract and retain key personnel can be affected by the increased competition for experienced employees in the banking industry;
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•
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adverse changes may occur in the bond and equity markets;
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•
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war or terrorist activities may cause deterioration in the economy or cause instability in credit markets;
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•
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economic, geopolitical or other factors may prevent the growth we expect in the markets in which we operate; and
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•
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we will or may continue to face the risk factors discussed from time to time in the periodic reports we file with the Securities and Exchange Commission ("SEC").
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March 31, 2018
|
|
December 31, 2017
|
||||
|
(unaudited)
|
|
(1)
|
||||
Assets
|
|
|
|
||||
Cash and amounts due from depository institutions
|
$
|
13,113
|
|
|
$
|
17,438
|
|
Interest-bearing deposits in other financial institutions
|
59,620
|
|
|
211,142
|
|
||
Federal funds sold
|
9,000
|
|
|
2,297
|
|
||
Cash and cash equivalents
|
81,733
|
|
|
230,877
|
|
||
Equity securities
|
1,515
|
|
|
1,515
|
|
||
Debt securities available-for-sale
|
863,697
|
|
|
872,455
|
|
||
Debt securities held-to-maturity (fair value of $28,150 and $33,351, respectively)
|
27,558
|
|
|
32,852
|
|
||
Loans
|
3,618,521
|
|
|
3,532,193
|
|
||
Allowance for loan and lease losses
|
(31,317
|
)
|
|
(28,750
|
)
|
||
Loans, net
|
3,587,204
|
|
|
3,503,443
|
|
||
Loans held-for-sale (includes loans at fair value of $35,894 and $25,791, respectively)
|
47,482
|
|
|
36,211
|
|
||
Other real estate owned
|
4,207
|
|
|
895
|
|
||
Premises and equipment, net
|
52,410
|
|
|
51,794
|
|
||
Goodwill
|
84,564
|
|
|
84,564
|
|
||
Other intangibles, net
|
10,384
|
|
|
11,034
|
|
||
SBA servicing rights
|
4,003
|
|
|
4,069
|
|
||
Bank-owned life insurance
|
67,768
|
|
|
67,313
|
|
||
Other assets
|
59,772
|
|
|
61,560
|
|
||
Total assets
|
$
|
4,892,297
|
|
|
$
|
4,958,582
|
|
Liabilities and Shareholders' Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Noninterest-bearing deposits
|
$
|
1,089,579
|
|
|
$
|
1,191,106
|
|
Interest-bearing deposits
|
3,094,853
|
|
|
3,052,029
|
|
||
Total deposits
|
4,184,432
|
|
|
4,243,135
|
|
||
Federal funds purchased and securities sold under agreements to repurchase
|
9,565
|
|
|
25,209
|
|
||
FHLB borrowings
|
15,000
|
|
|
—
|
|
||
Notes payable
|
398
|
|
|
398
|
|
||
Other liabilities
|
36,248
|
|
|
48,289
|
|
||
Total liabilities
|
4,245,643
|
|
|
4,317,031
|
|
||
Shareholders' equity:
|
|
|
|
||||
Preferred stock, $1 par value; 2,000,000 shares authorized, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value; 100,000,000 shares authorized; 39,003,412 and 38,992,163 shares issued and outstanding, respectively
|
390
|
|
|
390
|
|
||
Additional paid-in capital
|
414,505
|
|
|
413,583
|
|
||
Retained earnings
|
239,685
|
|
|
230,145
|
|
||
Accumulated other comprehensive loss, net of tax
|
(7,926
|
)
|
|
(2,567
|
)
|
||
Total shareholders' equity
|
646,654
|
|
|
641,551
|
|
||
Total liabilities and shareholders' equity
|
$
|
4,892,297
|
|
|
$
|
4,958,582
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Interest income:
|
|
|
|
||||
Loans
|
$
|
48,444
|
|
|
$
|
34,060
|
|
Loan accretion
|
5,946
|
|
|
7,677
|
|
||
Investment securities
|
5,986
|
|
|
5,368
|
|
||
Deposits with other financial institutions
|
185
|
|
|
92
|
|
||
Total interest income
|
60,561
|
|
|
47,197
|
|
||
Interest expense:
|
|
|
|
||||
Deposits
|
5,428
|
|
|
3,108
|
|
||
FHLB borrowings
|
257
|
|
|
112
|
|
||
Notes payable
|
13
|
|
|
11
|
|
||
Federal funds purchased and repurchase agreements
|
7
|
|
|
8
|
|
||
Total interest expense
|
5,705
|
|
|
3,239
|
|
||
Net interest income
|
54,856
|
|
|
43,958
|
|
||
Provision for loan and lease losses
|
3,208
|
|
|
1,002
|
|
||
Net interest income after provision for loan and lease losses
|
51,648
|
|
|
42,956
|
|
||
Noninterest income:
|
|
|
|
||||
Service charges on deposits
|
1,625
|
|
|
1,467
|
|
||
Mortgage banking income
|
2,925
|
|
|
2,894
|
|
||
SBA income
|
1,192
|
|
|
1,178
|
|
||
Payroll and insurance income
|
1,760
|
|
|
1,495
|
|
||
ATM income
|
870
|
|
|
832
|
|
||
Bank-owned life insurance income
|
455
|
|
|
484
|
|
||
Gain on sale of investment securities
|
—
|
|
|
12
|
|
||
Other
|
1,634
|
|
|
1,097
|
|
||
Total noninterest income
|
10,461
|
|
|
9,459
|
|
||
Noninterest expense:
|
|
|
|
||||
Salaries and employee benefits
|
26,042
|
|
|
21,388
|
|
||
Occupancy and equipment
|
3,496
|
|
|
3,280
|
|
||
Data processing
|
2,896
|
|
|
2,639
|
|
||
Legal and professional fees
|
739
|
|
|
1,805
|
|
||
Merger-related expenses
|
1,264
|
|
|
2,235
|
|
||
Marketing
|
425
|
|
|
664
|
|
||
Federal deposit insurance premiums and other regulatory fees
|
500
|
|
|
397
|
|
||
Loan collection costs and OREO activity
|
166
|
|
|
(1,042
|
)
|
||
Amortization of intangibles
|
651
|
|
|
696
|
|
||
Other
|
3,089
|
|
|
2,503
|
|
||
Total noninterest expense
|
39,268
|
|
|
34,565
|
|
||
Income before income taxes
|
22,841
|
|
|
17,850
|
|
||
Income tax expense
|
5,476
|
|
|
6,292
|
|
||
Net income
|
$
|
17,365
|
|
|
$
|
11,558
|
|
Basic earnings per share
|
$
|
.45
|
|
|
$
|
.30
|
|
Diluted earnings per share
|
$
|
.44
|
|
|
$
|
.30
|
|
Cash dividends declared per common share
|
$
|
.20
|
|
|
$
|
.14
|
|
Weighted Average Shares Outstanding:
|
|
|
|
||||
Basic
|
38,032,007
|
|
|
37,867,718
|
|
||
Diluted
|
38,070,555
|
|
|
37,954,585
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Net income
|
$
|
17,365
|
|
|
$
|
11,558
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Net change in unrealized gains
|
(6,880
|
)
|
|
(516
|
)
|
||
Amortization of net unrealized losses (gains) on securities transferred to held-to-maturity
|
26
|
|
|
(2
|
)
|
||
Amounts reclassified for losses realized and included in earnings
|
91
|
|
|
392
|
|
||
Other comprehensive loss, before income taxes
|
(6,763
|
)
|
|
(126
|
)
|
||
Income tax expense
|
(1,381
|
)
|
|
(36
|
)
|
||
Other comprehensive income (loss), net of income taxes
|
(5,382
|
)
|
|
(90
|
)
|
||
Comprehensive income
|
$
|
11,983
|
|
|
$
|
11,468
|
|
|
Warrants
|
|
Common
|
|
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total
|
||||||||||||||
|
|
Shares
|
|
Stock
|
|
|
|
|
|||||||||||||||||
Balance, December 31, 2016
|
133,912
|
|
|
38,845,573
|
|
|
$
|
388
|
|
|
$
|
409,736
|
|
|
$
|
205,966
|
|
|
$
|
(2,457
|
)
|
|
$
|
613,633
|
|
Exercise of stock warrants
|
(36,000
|
)
|
|
25,696
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
833
|
|
|
—
|
|
|
—
|
|
|
833
|
|
|||||
Restricted stock activity
|
—
|
|
|
(845
|
)
|
|
—
|
|
|
(127
|
)
|
|
(83
|
)
|
|
—
|
|
|
(210
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
|
(90
|
)
|
|||||
Common stock dividends, $.14 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,442
|
)
|
|
—
|
|
|
(5,442
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,558
|
|
|
—
|
|
|
11,558
|
|
|||||
Balance, March 31, 2017
|
97,912
|
|
|
38,870,424
|
|
|
$
|
389
|
|
|
$
|
410,442
|
|
|
$
|
211,999
|
|
|
$
|
(2,547
|
)
|
|
$
|
620,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, December 31, 2017
|
82,904
|
|
|
38,992,163
|
|
|
$
|
390
|
|
|
$
|
413,583
|
|
|
$
|
230,145
|
|
|
$
|
(2,567
|
)
|
|
$
|
641,551
|
|
Exercise of stock warrants
|
(30,000
|
)
|
|
20,215
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
922
|
|
|
—
|
|
|
—
|
|
|
922
|
|
|||||
Restricted stock activity
|
—
|
|
|
(8,966
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
23
|
|
|
—
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,382
|
)
|
|
(5,382
|
)
|
|||||
Common stock dividends, $.20 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,802
|
)
|
|
—
|
|
|
(7,802
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,365
|
|
|
—
|
|
|
17,365
|
|
|||||
Balance, March 31, 2018
|
52,904
|
|
|
39,003,412
|
|
|
$
|
390
|
|
|
$
|
414,505
|
|
|
$
|
239,685
|
|
|
$
|
(7,926
|
)
|
|
$
|
646,654
|
|
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
(Dollars in thousands)
|
|||||||
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Cash Flows from Operating Activities
|
|
|
|
||||
Net income
|
$
|
17,365
|
|
|
$
|
11,558
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization and accretion
|
2,482
|
|
|
2,987
|
|
||
Provision for loan and lease losses
|
3,208
|
|
|
1,002
|
|
||
Accretion on acquisitions, net
|
(5,946
|
)
|
|
(7,677
|
)
|
||
Gains on sales of other real estate owned
|
(83
|
)
|
|
(960
|
)
|
||
Writedowns of other real estate owned
|
85
|
|
|
—
|
|
||
Proceeds from sales of mortgage loans held-for-sale
|
99,746
|
|
|
112,008
|
|
||
Proceeds from sales of SBA loans held-for-sale
|
9,495
|
|
|
9,313
|
|
||
Originations of mortgage loans held-for-sale
|
(107,002
|
)
|
|
(107,405
|
)
|
||
Originations of SBA loans held-for-sale
|
(9,745
|
)
|
|
(7,953
|
)
|
||
Mortgage banking activities
|
(2,925
|
)
|
|
(2,894
|
)
|
||
Gains on sales of SBA loans
|
(918
|
)
|
|
(851
|
)
|
||
Net gains on sales of available-for-sale securities
|
—
|
|
|
(12
|
)
|
||
Share-based compensation expense
|
922
|
|
|
833
|
|
||
Changes in fair value of SBA servicing rights
|
266
|
|
|
136
|
|
||
Changes in other assets and other liabilities, net
|
(7,612
|
)
|
|
3,086
|
|
||
Net cash (used in) provided by operating activities
|
(662
|
)
|
|
13,171
|
|
||
Cash flows from Investing Activities
|
|
|
|
||||
Purchase of investment securities available-for-sale
|
(41,607
|
)
|
|
(141,666
|
)
|
||
Proceeds from sales and calls of investment securities available-for-sale
|
—
|
|
|
42,836
|
|
||
Proceeds from maturities and paydowns of investment securities available-for-sale
|
42,218
|
|
|
48,158
|
|
||
Proceeds from maturities and paydowns of investment securities held-to-maturity
|
5,312
|
|
|
—
|
|
||
Loan originations, repayments and resolutions, net
|
(84,369
|
)
|
|
(33,604
|
)
|
||
Net purchases of premises and equipment
|
(1,544
|
)
|
|
(379
|
)
|
||
Proceeds from sales of other real estate owned
|
32
|
|
|
8,547
|
|
||
Net cash paid in excess of assets and liabilities acquired in purchase business combinations
|
—
|
|
|
(34,166
|
)
|
||
Net cash used in investing activities
|
(79,958
|
)
|
|
(110,274
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
||||
Net decrease in noninterest-bearing customer deposits
|
(101,527
|
)
|
|
(39,581
|
)
|
||
Net increase in interest-bearing customer deposits
|
42,824
|
|
|
18,191
|
|
||
Proceeds from FHLB advances
|
439,500
|
|
|
460,000
|
|
||
Repayments of FHLB advances
|
(424,500
|
)
|
|
(407,014
|
)
|
||
Net decrease in federal funds purchased and securities sold under repurchase agreements
|
(15,644
|
)
|
|
(2,617
|
)
|
||
Payment of contingent consideration
|
(1,375
|
)
|
|
(1,495
|
)
|
||
Exercise of stock warrants
|
—
|
|
|
1
|
|
||
Restricted stock activity
|
—
|
|
|
(210
|
)
|
||
Dividends paid to shareholders
|
(7,802
|
)
|
|
(5,442
|
)
|
||
Net cash (used in) provided by financing activities
|
(68,524
|
)
|
|
21,833
|
|
||
Net decrease in cash and cash equivalents
|
(149,144
|
)
|
|
(75,270
|
)
|
||
Cash and cash equivalents, beginning
|
230,877
|
|
|
149,593
|
|
||
Cash and cash equivalents, ending
|
$
|
81,733
|
|
|
$
|
74,323
|
|
|
|
|
|
STATE BANK FINANCIAL CORPORATION AND SUBSIDIARY
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
(Dollars in thousands)
|
|||||||
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Supplemental Disclosure of Noncash Investing and Financing Activities
|
|
|
|
||||
Unrealized gains on securities and cash flow hedges, net of tax
|
$
|
(5,382
|
)
|
|
$
|
(90
|
)
|
Transfers of loans to other real estate owned
|
3,346
|
|
|
449
|
|
|
As Recorded by AloStar Bank of Commerce
|
|
Fair Value Adjustments
|
|
As Recorded by the Company
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
91,571
|
|
|
$
|
—
|
|
|
$
|
91,571
|
|
Investment securities available-for-sale
|
76,436
|
|
|
(195
|
)
|
(a)
|
76,241
|
|
|||
Loans, net
|
728,319
|
|
|
(9,763
|
)
|
(b)
|
718,556
|
|
|||
Core deposit intangible
|
—
|
|
|
856
|
|
(c)
|
856
|
|
|||
Premises and equipment, net
|
507
|
|
|
—
|
|
|
507
|
|
|||
Other assets
|
11,430
|
|
|
2,233
|
|
(d)
|
13,663
|
|
|||
Total assets acquired
|
$
|
908,263
|
|
|
$
|
(6,869
|
)
|
|
$
|
901,394
|
|
Liabilities
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
$
|
102,653
|
|
|
$
|
—
|
|
|
$
|
102,653
|
|
Interest-bearing
|
603,069
|
|
|
(121
|
)
|
(e)
|
602,948
|
|
|||
Total deposits
|
705,722
|
|
|
(121
|
)
|
|
705,601
|
|
|||
Other liabilities
|
7,912
|
|
|
—
|
|
|
7,912
|
|
|||
Total liabilities assumed
|
713,634
|
|
|
(121
|
)
|
|
713,513
|
|
|||
Net identifiable assets acquired over liabilities assumed
|
$
|
194,629
|
|
|
$
|
(6,748
|
)
|
|
$
|
187,881
|
|
Goodwill
|
$
|
—
|
|
|
$
|
7,088
|
|
|
$
|
7,088
|
|
Net assets acquired over liabilities assumed
|
$
|
194,629
|
|
|
$
|
340
|
|
|
$
|
194,969
|
|
Consideration:
|
|
|
|
|
|
||||||
Cash consideration payable
|
194,969
|
|
|
|
|
|
|||||
Fair value of total consideration transferred
|
$
|
194,969
|
|
|
|
|
|
|
(a)
|
Adjustment reflects the loss on certain securities that were sold immediately following the closing that was deemed to be a more accurate representation of fair value.
|
(b)
|
Adjustment reflects the fair value adjustment based on the State Bank's evaluation of the acquired loan portfolio and includes the adjustment to eliminate the recorded allowance for loan and lease losses.
|
(c)
|
Adjustment reflects the fair value adjustment to record the estimated core deposit intangible.
|
(d)
|
Adjustment reflects the fair value adjustment based on State Bank's evaluation of acquired other assets.
|
(e)
|
Adjustment reflects the fair value adjustment based on State Bank's evaluation of acquired deposits.
|
|
Three Months Ended March 31
|
||||||
|
2018
|
|
2017
|
||||
|
Pro Forma
|
|
Pro Forma
|
||||
Net interest income
|
$
|
54,856
|
|
|
$
|
54,891
|
|
Net income
|
18,309
|
|
|
15,830
|
|
||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
.47
|
|
|
$
|
.41
|
|
Diluted
|
.47
|
|
|
.41
|
|
|
Purchased
Credit Impaired Loans
|
||
Contractually required principal and interest at acquisition
|
$
|
108,308
|
|
Contractual cash flows not expected to be collected (nonaccretable difference)
|
(19,093
|
)
|
|
Expected cash flows at acquisition
|
89,215
|
|
|
Accretable difference
|
(11,664
|
)
|
|
Basis in acquired loans at acquisition - estimated fair value
|
$
|
77,551
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
Debt Securities Available-for-Sale
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
U.S. Government securities
|
|
$
|
67,704
|
|
|
$
|
—
|
|
|
$
|
945
|
|
|
$
|
66,759
|
|
|
$
|
70,203
|
|
|
$
|
—
|
|
|
$
|
644
|
|
|
$
|
69,559
|
|
Residential mortgage-backed securities — nonagency
|
|
109,324
|
|
|
2,861
|
|
|
102
|
|
|
112,083
|
|
|
115,639
|
|
|
3,183
|
|
|
112
|
|
|
118,710
|
|
||||||||
Residential mortgage-backed securities — agency
|
|
576,916
|
|
|
174
|
|
|
13,039
|
|
|
564,051
|
|
|
582,845
|
|
|
319
|
|
|
7,315
|
|
|
575,849
|
|
||||||||
Corporate securities
|
|
120,426
|
|
|
997
|
|
|
619
|
|
|
120,804
|
|
|
107,115
|
|
|
1,299
|
|
|
77
|
|
|
108,337
|
|
||||||||
Total debt securities available-for-sale
|
|
$
|
874,370
|
|
|
$
|
4,032
|
|
|
$
|
14,705
|
|
|
$
|
863,697
|
|
|
$
|
875,802
|
|
|
$
|
4,801
|
|
|
$
|
8,148
|
|
|
$
|
872,455
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
Debt Securities Held-to-Maturity
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
||||||||||||||||
Asset-backed securities
|
|
$
|
17,423
|
|
|
$
|
128
|
|
|
$
|
1
|
|
|
$
|
17,550
|
|
|
$
|
22,692
|
|
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
22,951
|
|
Corporate securities
|
|
10,135
|
|
|
465
|
|
|
—
|
|
|
10,600
|
|
|
10,160
|
|
|
240
|
|
|
—
|
|
|
10,400
|
|
||||||||
Total debt securities held-to-maturity
|
|
$
|
27,558
|
|
|
$
|
593
|
|
|
$
|
1
|
|
|
$
|
28,150
|
|
|
$
|
32,852
|
|
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
33,351
|
|
Debt Securities Available-for-Sale
|
|
Distribution of Maturities (1)
|
||||||||||||||||||
March 31, 2018
|
|
1 Year or
Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government securities
|
|
$
|
4,998
|
|
|
$
|
62,706
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,704
|
|
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
—
|
|
|
320
|
|
|
109,004
|
|
|
109,324
|
|
|||||
Residential mortgage-backed securities — agency
|
|
4,841
|
|
|
43,022
|
|
|
121,802
|
|
|
407,251
|
|
|
576,916
|
|
|||||
Corporate securities
|
|
30,584
|
|
|
64,504
|
|
|
18,000
|
|
|
7,338
|
|
|
120,426
|
|
|||||
Total debt securities available-for-sale
|
|
$
|
40,423
|
|
|
$
|
170,232
|
|
|
$
|
140,122
|
|
|
$
|
523,593
|
|
|
$
|
874,370
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government securities
|
|
$
|
4,952
|
|
|
$
|
61,807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,759
|
|
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
—
|
|
|
331
|
|
|
111,752
|
|
|
112,083
|
|
|||||
Residential mortgage-backed securities — agency
|
|
4,809
|
|
|
42,057
|
|
|
118,875
|
|
|
398,310
|
|
|
564,051
|
|
|||||
Corporate securities
|
|
30,497
|
|
|
64,221
|
|
|
18,389
|
|
|
7,697
|
|
|
120,804
|
|
|||||
Total debt securities available-for-sale
|
|
$
|
40,258
|
|
|
$
|
168,085
|
|
|
$
|
137,595
|
|
|
$
|
517,759
|
|
|
$
|
863,697
|
|
Debt Securities Held-to-Maturity
|
|
Distribution of Maturities (1)
|
||||||||||||||||||
March 31, 2018
|
|
1 Year or
Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,923
|
|
|
$
|
11,500
|
|
|
$
|
17,423
|
|
Corporate securities
|
|
—
|
|
|
—
|
|
|
10,135
|
|
|
—
|
|
|
10,135
|
|
|||||
Total debt securities held-to-maturity
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,058
|
|
|
$
|
11,500
|
|
|
$
|
27,558
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,968
|
|
|
$
|
11,582
|
|
|
$
|
17,550
|
|
Corporate securities
|
|
—
|
|
|
—
|
|
|
10,600
|
|
|
—
|
|
|
10,600
|
|
|||||
Total debt securities held-to-maturity
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,568
|
|
|
$
|
11,582
|
|
|
$
|
28,150
|
|
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
Debt Securities Available-for-Sale
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government securities
|
|
$
|
41,426
|
|
|
$
|
561
|
|
|
$
|
25,333
|
|
|
$
|
384
|
|
|
$
|
66,759
|
|
|
$
|
945
|
|
Residential mortgage-backed securities — nonagency
|
|
681
|
|
|
2
|
|
|
5,078
|
|
|
100
|
|
|
5,759
|
|
|
102
|
|
||||||
Residential mortgage-backed securities — agency
|
|
347,962
|
|
|
6,595
|
|
|
197,840
|
|
|
6,444
|
|
|
545,802
|
|
|
13,039
|
|
||||||
Corporate securities
|
|
82,041
|
|
|
619
|
|
|
—
|
|
|
—
|
|
|
82,041
|
|
|
619
|
|
||||||
Total temporarily impaired securities
|
|
$
|
472,110
|
|
|
$
|
7,777
|
|
|
$
|
228,251
|
|
|
$
|
6,928
|
|
|
$
|
700,361
|
|
|
$
|
14,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government securities
|
|
$
|
46,625
|
|
|
$
|
364
|
|
|
$
|
20,436
|
|
|
$
|
280
|
|
|
$
|
67,061
|
|
|
$
|
644
|
|
Residential mortgage-backed securities — nonagency
|
|
1,403
|
|
|
3
|
|
|
6,269
|
|
|
109
|
|
|
7,672
|
|
|
112
|
|
||||||
Residential mortgage-backed securities — agency
|
|
312,617
|
|
|
2,548
|
|
|
210,862
|
|
|
4,767
|
|
|
523,479
|
|
|
7,315
|
|
||||||
Corporate securities
|
|
32,495
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
32,495
|
|
|
77
|
|
||||||
Total temporarily impaired securities
|
|
$
|
393,140
|
|
|
$
|
2,992
|
|
|
$
|
237,567
|
|
|
$
|
5,156
|
|
|
$
|
630,707
|
|
|
$
|
8,148
|
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
Debt Securities Held-to-Maturity
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset-backed securities
|
|
$
|
3,999
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,999
|
|
|
$
|
1
|
|
Total temporarily impaired securities
|
|
$
|
3,999
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,999
|
|
|
$
|
1
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31
|
||||||
Debt Securities Available-For-Sale
|
|
2018
|
|
2017
|
||||
Proceeds from sales and calls
|
|
$
|
—
|
|
|
$
|
42,836
|
|
|
|
|
|
|
||||
Gross gains on sales and calls
|
|
$
|
—
|
|
|
$
|
29
|
|
Gross losses on sales and calls
|
|
—
|
|
|
(17
|
)
|
||
Net realized gains on sales and calls
|
|
$
|
—
|
|
|
$
|
12
|
|
Total Loans
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Construction, land & land development
|
|
$
|
480,096
|
|
|
$
|
451,993
|
|
Other commercial real estate
|
|
1,246,312
|
|
|
1,255,002
|
|
||
Total commercial real estate
|
|
1,726,408
|
|
|
1,706,995
|
|
||
Residential real estate
|
|
328,123
|
|
|
333,086
|
|
||
Owner-occupied real estate
|
|
366,552
|
|
|
399,370
|
|
||
Commercial, financial & agricultural
|
|
1,089,329
|
|
|
973,440
|
|
||
Leases
|
|
43,787
|
|
|
52,396
|
|
||
Consumer
|
|
64,322
|
|
|
66,906
|
|
||
Total loans
|
|
3,618,521
|
|
|
3,532,193
|
|
||
Allowance for loan and lease losses
|
|
(31,317
|
)
|
|
(28,750
|
)
|
||
Total loans, net
|
|
$
|
3,587,204
|
|
|
$
|
3,503,443
|
|
Organic Loans
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Construction, land & land development
|
|
$
|
442,942
|
|
|
$
|
412,540
|
|
Other commercial real estate
|
|
941,581
|
|
|
949,594
|
|
||
Total commercial real estate
|
|
1,384,523
|
|
|
1,362,134
|
|
||
Residential real estate
|
|
208,960
|
|
|
196,225
|
|
||
Owner-occupied real estate
|
|
253,059
|
|
|
260,273
|
|
||
Commercial, financial & agricultural
|
|
562,566
|
|
|
430,205
|
|
||
Leases
|
|
43,787
|
|
|
52,396
|
|
||
Consumer
|
|
62,423
|
|
|
64,610
|
|
||
Total organic loans (1)
|
|
2,515,318
|
|
|
2,365,843
|
|
||
Allowance for loan and lease losses
|
|
(24,882
|
)
|
|
(24,039
|
)
|
||
Total organic loans, net
|
|
$
|
2,490,436
|
|
|
$
|
2,341,804
|
|
|
Purchased Non-Credit Impaired Loans
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Construction, land & land development
|
|
$
|
24,352
|
|
|
$
|
25,908
|
|
Other commercial real estate
|
|
226,893
|
|
|
218,660
|
|
||
Total commercial real estate
|
|
251,245
|
|
|
244,568
|
|
||
Residential real estate
|
|
82,416
|
|
|
96,529
|
|
||
Owner-occupied real estate
|
|
94,900
|
|
|
118,294
|
|
||
Commercial, financial & agricultural
|
|
515,327
|
|
|
529,184
|
|
||
Consumer
|
|
1,791
|
|
|
2,161
|
|
||
Total purchased non-credit impaired loans (1)
|
|
945,679
|
|
|
990,736
|
|
||
Allowance for loan and lease losses
|
|
(2,249
|
)
|
|
(995
|
)
|
||
Total purchased non-credit impaired loans, net
|
|
$
|
943,430
|
|
|
$
|
989,741
|
|
|
Purchased Credit Impaired Loans
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Construction, land & land development
|
|
$
|
12,802
|
|
|
$
|
13,545
|
|
Other commercial real estate
|
|
77,838
|
|
|
86,748
|
|
||
Total commercial real estate
|
|
90,640
|
|
|
100,293
|
|
||
Residential real estate
|
|
36,747
|
|
|
40,332
|
|
||
Owner-occupied real estate
|
|
18,593
|
|
|
20,803
|
|
||
Commercial, financial & agricultural
|
|
11,436
|
|
|
14,051
|
|
||
Consumer
|
|
108
|
|
|
135
|
|
||
Total purchased credit impaired loans
|
|
157,524
|
|
|
175,614
|
|
||
Allowance for loan and lease losses
|
|
(4,186
|
)
|
|
(3,716
|
)
|
||
Total purchased credit impaired loans, net
|
|
$
|
153,338
|
|
|
$
|
171,898
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31
|
||||||
Purchased Credit Impaired Loans
|
|
2018
|
|
2017
|
||||
Balance, beginning of period
|
|
$
|
171,898
|
|
|
$
|
155,573
|
|
Accretion of fair value discounts
|
|
5,946
|
|
|
7,677
|
|
||
Reductions in principal balances resulting from repayments, write-offs and foreclosures
|
|
(24,036
|
)
|
|
(14,163
|
)
|
||
Change in the allowance for loan and lease losses on purchased credit impaired loans
|
|
(470
|
)
|
|
473
|
|
||
Balance, end of period
|
|
$
|
153,338
|
|
|
$
|
149,560
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31
|
||||||
Changes in Accretable Discount
|
|
2018
|
|
2017
|
||||
Balance, beginning of period
|
|
$
|
57,927
|
|
|
$
|
69,301
|
|
Accretion
|
|
(5,946
|
)
|
|
(7,677
|
)
|
||
Transfers to accretable discounts and exit events, net
|
|
5,873
|
|
|
1,442
|
|
||
Balance, end of period
|
|
$
|
57,854
|
|
|
$
|
63,066
|
|
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance, beginning of period
|
|
$
|
24,039
|
|
|
$
|
995
|
|
|
$
|
3,716
|
|
|
$
|
28,750
|
|
|
$
|
21,086
|
|
|
$
|
439
|
|
|
$
|
5,073
|
|
|
$
|
26,598
|
|
Charge-offs
|
|
(664
|
)
|
|
(40
|
)
|
|
(88
|
)
|
|
(792
|
)
|
|
(540
|
)
|
|
(48
|
)
|
|
(114
|
)
|
|
(702
|
)
|
||||||||
Recoveries
|
|
133
|
|
|
18
|
|
|
—
|
|
|
151
|
|
|
77
|
|
|
1
|
|
|
—
|
|
|
78
|
|
||||||||
Net (charge-offs) recoveries
|
|
(531
|
)
|
|
(22
|
)
|
|
(88
|
)
|
|
(641
|
)
|
|
(463
|
)
|
|
(47
|
)
|
|
(114
|
)
|
|
(624
|
)
|
||||||||
Provision for loan and lease losses
|
|
1,374
|
|
|
1,276
|
|
|
558
|
|
|
3,208
|
|
|
1,262
|
|
|
99
|
|
|
(359
|
)
|
|
1,002
|
|
||||||||
Balance, end of period
|
|
$
|
24,882
|
|
|
$
|
2,249
|
|
|
$
|
4,186
|
|
|
$
|
31,317
|
|
|
$
|
21,885
|
|
|
$
|
491
|
|
|
$
|
4,600
|
|
|
$
|
26,976
|
|
Organic Loans
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Owner-Occupied Real Estate
|
|
Commercial, Financial & Agricultural
|
|
Leases
|
|
Consumer
|
|
Total
|
||||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
|
$
|
13,037
|
|
|
$
|
2,809
|
|
|
$
|
2,075
|
|
|
$
|
4,535
|
|
|
$
|
629
|
|
|
$
|
954
|
|
|
$
|
24,039
|
|
Charge-offs
|
|
(268
|
)
|
|
(148
|
)
|
|
—
|
|
|
(113
|
)
|
|
(63
|
)
|
|
(72
|
)
|
|
(664
|
)
|
|||||||
Recoveries
|
|
—
|
|
|
3
|
|
|
—
|
|
|
81
|
|
|
29
|
|
|
20
|
|
|
133
|
|
|||||||
Provision
|
|
(837
|
)
|
|
230
|
|
|
206
|
|
|
1,727
|
|
|
(101
|
)
|
|
149
|
|
|
1,374
|
|
|||||||
Ending balance
|
|
$
|
11,932
|
|
|
$
|
2,894
|
|
|
$
|
2,281
|
|
|
$
|
6,230
|
|
|
$
|
494
|
|
|
$
|
1,051
|
|
|
$
|
24,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
|
$
|
11,767
|
|
|
$
|
1,786
|
|
|
$
|
2,239
|
|
|
$
|
4,093
|
|
|
$
|
655
|
|
|
$
|
546
|
|
|
$
|
21,086
|
|
Charge-offs
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(60
|
)
|
|
(364
|
)
|
|
(93
|
)
|
|
(540
|
)
|
|||||||
Recoveries
|
|
—
|
|
|
3
|
|
|
—
|
|
|
29
|
|
|
41
|
|
|
4
|
|
|
77
|
|
|||||||
Provision
|
|
345
|
|
|
(100
|
)
|
|
(131
|
)
|
|
452
|
|
|
378
|
|
|
318
|
|
|
1,262
|
|
|||||||
Ending balance
|
|
$
|
12,112
|
|
|
$
|
1,666
|
|
|
$
|
2,108
|
|
|
$
|
4,514
|
|
|
$
|
710
|
|
|
$
|
775
|
|
|
$
|
21,885
|
|
|
|
Allowance for Loan and Lease Losses
|
|
Loans
|
||||||||||||||||||||
Organic Loans
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Allowance
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Loans
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
$
|
11,932
|
|
|
$
|
11,932
|
|
|
$
|
3,401
|
|
|
$
|
1,381,122
|
|
|
$
|
1,384,523
|
|
Residential real estate
|
|
22
|
|
|
2,872
|
|
|
2,894
|
|
|
767
|
|
|
208,193
|
|
|
208,960
|
|
||||||
Owner-occupied real estate
|
|
—
|
|
|
2,281
|
|
|
2,281
|
|
|
1,918
|
|
|
251,141
|
|
|
253,059
|
|
||||||
Commercial, financial & agricultural
|
|
—
|
|
|
6,230
|
|
|
6,230
|
|
|
244
|
|
|
562,322
|
|
|
562,566
|
|
||||||
Leases
|
|
—
|
|
|
494
|
|
|
494
|
|
|
—
|
|
|
43,787
|
|
|
43,787
|
|
||||||
Consumer
|
|
2
|
|
|
1,049
|
|
|
1,051
|
|
|
2
|
|
|
62,421
|
|
|
62,423
|
|
||||||
Total organic loans
|
|
$
|
24
|
|
|
$
|
24,858
|
|
|
$
|
24,882
|
|
|
$
|
6,332
|
|
|
$
|
2,508,986
|
|
|
$
|
2,515,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
$
|
13,037
|
|
|
$
|
13,037
|
|
|
$
|
3,822
|
|
|
$
|
1,358,312
|
|
|
$
|
1,362,134
|
|
Residential real estate
|
|
—
|
|
|
2,809
|
|
|
2,809
|
|
|
49
|
|
|
196,176
|
|
|
196,225
|
|
||||||
Owner-occupied real estate
|
|
65
|
|
|
2,010
|
|
|
2,075
|
|
|
808
|
|
|
259,465
|
|
|
260,273
|
|
||||||
Commercial, financial & agricultural
|
|
34
|
|
|
4,501
|
|
|
4,535
|
|
|
280
|
|
|
429,925
|
|
|
430,205
|
|
||||||
Leases
|
|
—
|
|
|
629
|
|
|
629
|
|
|
—
|
|
|
52,396
|
|
|
52,396
|
|
||||||
Consumer
|
|
—
|
|
|
954
|
|
|
954
|
|
|
—
|
|
|
64,610
|
|
|
64,610
|
|
||||||
Total organic loans
|
|
$
|
99
|
|
|
$
|
23,940
|
|
|
$
|
24,039
|
|
|
$
|
4,959
|
|
|
$
|
2,360,884
|
|
|
$
|
2,365,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchased Non-Credit Impaired Loans
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Owner-Occupied Real Estate
|
|
Commercial, Financial & Agricultural
|
|
Consumer
|
|
Total
|
||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
230
|
|
|
$
|
664
|
|
|
$
|
88
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
995
|
|
Charge-offs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
(3
|
)
|
|
(40
|
)
|
||||||
Recoveries
|
|
5
|
|
|
8
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
18
|
|
||||||
Provision
|
|
101
|
|
|
(148
|
)
|
|
228
|
|
|
1,092
|
|
|
3
|
|
|
1,276
|
|
||||||
Ending balance
|
|
$
|
336
|
|
|
$
|
524
|
|
|
$
|
316
|
|
|
$
|
1,067
|
|
|
$
|
6
|
|
|
$
|
2,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
88
|
|
|
$
|
72
|
|
|
$
|
44
|
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
439
|
|
Charge-offs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|
(3
|
)
|
|
(48
|
)
|
||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||
Provision
|
|
151
|
|
|
103
|
|
|
32
|
|
|
(190
|
)
|
|
3
|
|
|
99
|
|
||||||
Ending balance
|
|
$
|
239
|
|
|
$
|
175
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
491
|
|
|
|
Allowance for Loan and Lease Losses
|
|
Loans
|
||||||||||||||||||||
Purchased Non-Credit Impaired Loans
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Allowance
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Loans
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
$
|
336
|
|
|
$
|
336
|
|
|
$
|
45
|
|
|
$
|
251,200
|
|
|
$
|
251,245
|
|
Residential real estate
|
|
36
|
|
|
488
|
|
|
524
|
|
|
53
|
|
|
82,363
|
|
|
82,416
|
|
||||||
Owner-occupied real estate
|
|
30
|
|
|
286
|
|
|
316
|
|
|
3,215
|
|
|
91,685
|
|
|
94,900
|
|
||||||
Commercial, financial & agricultural
|
|
19
|
|
|
1,048
|
|
|
1,067
|
|
|
23,112
|
|
|
492,215
|
|
|
515,327
|
|
||||||
Consumer
|
|
—
|
|
|
6
|
|
|
6
|
|
|
9
|
|
|
1,782
|
|
|
1,791
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
85
|
|
|
$
|
2,164
|
|
|
$
|
2,249
|
|
|
$
|
26,434
|
|
|
$
|
919,245
|
|
|
$
|
945,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
$
|
230
|
|
|
$
|
230
|
|
|
$
|
—
|
|
|
$
|
244,568
|
|
|
$
|
244,568
|
|
Residential real estate
|
|
—
|
|
|
664
|
|
|
664
|
|
|
19
|
|
|
96,510
|
|
|
96,529
|
|
||||||
Owner-occupied real estate
|
|
—
|
|
|
88
|
|
|
88
|
|
|
3,264
|
|
|
115,030
|
|
|
118,294
|
|
||||||
Commercial, financial & agricultural
|
|
8
|
|
|
—
|
|
|
8
|
|
|
1,491
|
|
|
527,693
|
|
|
529,184
|
|
||||||
Consumer
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
2,161
|
|
|
2,161
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
8
|
|
|
$
|
987
|
|
|
$
|
995
|
|
|
$
|
4,774
|
|
|
$
|
985,962
|
|
|
$
|
990,736
|
|
Purchased Credit Impaired Loans
|
|
Commercial Real Estate
|
|
Residential Real Estate
|
|
Owner-Occupied Real Estate
|
|
Commercial, Financial & Agricultural
|
|
Consumer
|
|
Total
|
||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
1,706
|
|
|
$
|
1,242
|
|
|
$
|
718
|
|
|
$
|
42
|
|
|
$
|
8
|
|
|
$
|
3,716
|
|
Charge-offs
|
|
(33
|
)
|
|
(45
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(88
|
)
|
||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Provision
|
|
631
|
|
|
(367
|
)
|
|
117
|
|
|
175
|
|
|
2
|
|
|
558
|
|
||||||
Ending balance
|
|
$
|
2,304
|
|
|
$
|
830
|
|
|
$
|
825
|
|
|
$
|
217
|
|
|
$
|
10
|
|
|
$
|
4,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
|
$
|
2,183
|
|
|
$
|
1,196
|
|
|
$
|
1,655
|
|
|
$
|
38
|
|
|
$
|
1
|
|
|
$
|
5,073
|
|
Charge-offs
|
|
(73
|
)
|
|
(4
|
)
|
|
(36
|
)
|
|
(1
|
)
|
|
—
|
|
|
(114
|
)
|
||||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Provision
|
|
(37
|
)
|
|
(233
|
)
|
|
(88
|
)
|
|
—
|
|
|
(1
|
)
|
|
(359
|
)
|
||||||
Ending balance
|
|
$
|
2,073
|
|
|
$
|
959
|
|
|
$
|
1,531
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
4,600
|
|
|
|
Allowance for Loan and Lease Losses
|
|
Loans
|
||||||||||||||||||||
Purchased Credit Impaired Loans
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Allowance
|
|
Individually Evaluated for Impairment
|
|
Collectively Evaluated for Impairment
|
|
Total Loans
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
1,096
|
|
|
$
|
1,208
|
|
|
$
|
2,304
|
|
|
$
|
77,838
|
|
|
$
|
12,802
|
|
|
$
|
90,640
|
|
Residential real estate
|
|
110
|
|
|
720
|
|
|
830
|
|
|
3,023
|
|
|
33,724
|
|
|
36,747
|
|
||||||
Owner-occupied real estate
|
|
691
|
|
|
134
|
|
|
825
|
|
|
7,741
|
|
|
10,852
|
|
|
18,593
|
|
||||||
Commercial, financial & agricultural
|
|
7
|
|
|
210
|
|
|
217
|
|
|
581
|
|
|
10,855
|
|
|
11,436
|
|
||||||
Consumer
|
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
108
|
|
|
108
|
|
||||||
Total purchased credit impaired loans
|
|
$
|
1,904
|
|
|
$
|
2,282
|
|
|
$
|
4,186
|
|
|
$
|
89,183
|
|
|
$
|
68,341
|
|
|
$
|
157,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
$
|
1,052
|
|
|
$
|
654
|
|
|
$
|
1,706
|
|
|
$
|
79,085
|
|
|
$
|
21,208
|
|
|
$
|
100,293
|
|
Residential real estate
|
|
128
|
|
|
1,114
|
|
|
1,242
|
|
|
3,029
|
|
|
37,303
|
|
|
40,332
|
|
||||||
Owner-occupied real estate
|
|
586
|
|
|
132
|
|
|
718
|
|
|
9,483
|
|
|
11,320
|
|
|
20,803
|
|
||||||
Commercial, financial & agricultural
|
|
32
|
|
|
10
|
|
|
42
|
|
|
2,318
|
|
|
11,733
|
|
|
14,051
|
|
||||||
Consumer
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
135
|
|
|
135
|
|
||||||
Total purchased credit impaired loans
|
|
$
|
1,798
|
|
|
$
|
1,918
|
|
|
$
|
3,716
|
|
|
$
|
93,915
|
|
|
$
|
81,699
|
|
|
$
|
175,614
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
|
Unpaid Principal Balance
|
|
Recorded Investment
|
|
Related Allowance
|
|
Unpaid Principal Balance
|
|
Recorded Investment
|
|
Related Allowance
|
||||||||||||
Impaired Loans (1)
|
|
|
|
|
|
|||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
80
|
|
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
82
|
|
|
$
|
79
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
4,193
|
|
|
3,397
|
|
|
—
|
|
|
4,617
|
|
|
3,822
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
4,273
|
|
|
3,474
|
|
|
—
|
|
|
4,699
|
|
|
3,901
|
|
|
—
|
|
||||||
Residential real estate
|
|
1,850
|
|
|
1,775
|
|
|
—
|
|
|
453
|
|
|
456
|
|
|
—
|
|
||||||
Owner-occupied real estate
|
|
4,594
|
|
|
4,418
|
|
|
—
|
|
|
4,172
|
|
|
4,015
|
|
|
—
|
|
||||||
Commercial, financial & agricultural
|
|
25,623
|
|
|
23,524
|
|
|
—
|
|
|
2,739
|
|
|
1,882
|
|
|
—
|
|
||||||
Consumer
|
|
59
|
|
|
43
|
|
|
—
|
|
|
51
|
|
|
40
|
|
|
—
|
|
||||||
Subtotal
|
|
36,399
|
|
|
33,234
|
|
|
—
|
|
|
12,114
|
|
|
10,294
|
|
|
—
|
|
||||||
With related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
113
|
|
|
112
|
|
|
56
|
|
|
113
|
|
|
112
|
|
|
56
|
|
||||||
Other commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
113
|
|
|
112
|
|
|
56
|
|
|
113
|
|
|
112
|
|
|
56
|
|
||||||
Residential real estate
|
|
2,588
|
|
|
2,369
|
|
|
1,178
|
|
|
1,452
|
|
|
1,399
|
|
|
699
|
|
||||||
Owner-occupied real estate
|
|
1,217
|
|
|
1,192
|
|
|
196
|
|
|
350
|
|
|
335
|
|
|
125
|
|
||||||
Commercial, financial & agricultural
|
|
861
|
|
|
778
|
|
|
340
|
|
|
872
|
|
|
821
|
|
|
318
|
|
||||||
Consumer
|
|
96
|
|
|
92
|
|
|
47
|
|
|
83
|
|
|
81
|
|
|
40
|
|
||||||
Subtotal
|
|
4,875
|
|
|
4,543
|
|
|
1,817
|
|
|
2,870
|
|
|
2,748
|
|
|
1,238
|
|
||||||
Total impaired loans
|
|
$
|
41,274
|
|
|
$
|
37,777
|
|
|
$
|
1,817
|
|
|
$
|
14,984
|
|
|
$
|
13,042
|
|
|
$
|
1,238
|
|
|
|
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||
Impaired Loans
|
|
Average Recorded Investment (1)
|
|
Interest Income Recognized (2)
|
|
Average Recorded Investment (1)
|
|
Interest Income Recognized (2)
|
||||||||
Three Months Ended
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
5,459
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
3,405
|
|
|
8
|
|
|
54
|
|
|
—
|
|
||||
Total commercial real estate
|
|
3,595
|
|
|
8
|
|
|
5,513
|
|
|
—
|
|
||||
Residential real estate
|
|
4,325
|
|
|
—
|
|
|
900
|
|
|
—
|
|
||||
Owner-occupied real estate
|
|
5,673
|
|
|
—
|
|
|
1,968
|
|
|
—
|
|
||||
Commercial, financial & agricultural
|
|
25,814
|
|
|
366
|
|
|
1,880
|
|
|
—
|
|
||||
Consumer
|
|
146
|
|
|
—
|
|
|
56
|
|
|
—
|
|
||||
Total impaired loans
|
|
$
|
39,553
|
|
|
$
|
374
|
|
|
$
|
10,317
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loans
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Construction, land & land development
|
|
$
|
189
|
|
|
$
|
191
|
|
Other commercial real estate
|
|
2,841
|
|
|
3,257
|
|
||
Total commercial real estate
|
|
3,030
|
|
|
3,448
|
|
||
Residential real estate
|
|
4,144
|
|
|
1,855
|
|
||
Owner-occupied real estate
|
|
5,610
|
|
|
4,350
|
|
||
Commercial, financial & agricultural
|
|
2,623
|
|
|
2,703
|
|
||
Consumer
|
|
135
|
|
|
121
|
|
||
Total nonaccrual loans
|
|
$
|
15,542
|
|
|
$
|
12,477
|
|
Organic Loans
|
|
30 - 89
Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total Loans
|
|
Loans > 90
Days and
Accruing
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
39
|
|
|
$
|
157
|
|
|
$
|
196
|
|
|
$
|
442,746
|
|
|
$
|
442,942
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
8
|
|
|
—
|
|
|
8
|
|
|
941,573
|
|
|
941,581
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
47
|
|
|
157
|
|
|
204
|
|
|
1,384,319
|
|
|
1,384,523
|
|
|
—
|
|
||||||
Residential real estate
|
|
1,261
|
|
|
1,271
|
|
|
2,532
|
|
|
206,428
|
|
|
208,960
|
|
|
—
|
|
||||||
Owner-occupied real estate
|
|
1,505
|
|
|
839
|
|
|
2,344
|
|
|
250,715
|
|
|
253,059
|
|
|
—
|
|
||||||
Commercial, financial & agricultural
|
|
370
|
|
|
137
|
|
|
507
|
|
|
562,059
|
|
|
562,566
|
|
|
—
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,787
|
|
|
43,787
|
|
|
—
|
|
||||||
Consumer
|
|
25
|
|
|
45
|
|
|
70
|
|
|
62,353
|
|
|
62,423
|
|
|
—
|
|
||||||
Total organic loans
|
|
$
|
3,208
|
|
|
$
|
2,449
|
|
|
$
|
5,657
|
|
|
$
|
2,509,661
|
|
|
$
|
2,515,318
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
487
|
|
|
$
|
45
|
|
|
$
|
532
|
|
|
$
|
412,008
|
|
|
$
|
412,540
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
949,594
|
|
|
949,594
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
487
|
|
|
45
|
|
|
532
|
|
|
1,361,602
|
|
|
1,362,134
|
|
|
—
|
|
||||||
Residential real estate
|
|
1,868
|
|
|
92
|
|
|
1,960
|
|
|
194,265
|
|
|
196,225
|
|
|
—
|
|
||||||
Owner-occupied real estate
|
|
474
|
|
|
713
|
|
|
1,187
|
|
|
259,086
|
|
|
260,273
|
|
|
—
|
|
||||||
Commercial, financial & agricultural
|
|
865
|
|
|
122
|
|
|
987
|
|
|
429,218
|
|
|
430,205
|
|
|
—
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,396
|
|
|
52,396
|
|
|
—
|
|
||||||
Consumer
|
|
67
|
|
|
28
|
|
|
95
|
|
|
64,515
|
|
|
64,610
|
|
|
—
|
|
||||||
Total organic loans
|
|
$
|
3,761
|
|
|
$
|
1,000
|
|
|
$
|
4,761
|
|
|
$
|
2,361,082
|
|
|
$
|
2,365,843
|
|
|
$
|
—
|
|
Purchased Non-Credit Impaired Loans
|
|
30 - 89
Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total Loans
|
|
Loans > 90
Days and
Accruing
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
24,320
|
|
|
$
|
24,352
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
—
|
|
|
45
|
|
|
45
|
|
|
226,848
|
|
|
226,893
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
32
|
|
|
45
|
|
|
77
|
|
|
251,168
|
|
|
251,245
|
|
|
—
|
|
||||||
Residential real estate
|
|
303
|
|
|
366
|
|
|
669
|
|
|
81,747
|
|
|
82,416
|
|
|
—
|
|
||||||
Owner-occupied real estate
|
|
784
|
|
|
1,590
|
|
|
2,374
|
|
|
92,526
|
|
|
94,900
|
|
|
—
|
|
||||||
Commercial, financial & agricultural
|
|
71
|
|
|
1,023
|
|
|
1,094
|
|
|
514,233
|
|
|
515,327
|
|
|
—
|
|
||||||
Consumer
|
|
—
|
|
|
8
|
|
|
8
|
|
|
1,783
|
|
|
1,791
|
|
|
—
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
1,190
|
|
|
$
|
3,032
|
|
|
$
|
4,222
|
|
|
$
|
941,457
|
|
|
$
|
945,679
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
25,873
|
|
|
$
|
25,908
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
—
|
|
|
45
|
|
|
45
|
|
|
218,615
|
|
|
218,660
|
|
|
—
|
|
||||||
Total commercial real estate
|
|
35
|
|
|
45
|
|
|
80
|
|
|
244,488
|
|
|
244,568
|
|
|
—
|
|
||||||
Residential real estate
|
|
537
|
|
|
126
|
|
|
663
|
|
|
95,866
|
|
|
96,529
|
|
|
—
|
|
||||||
Owner-occupied real estate
|
|
283
|
|
|
1,590
|
|
|
1,873
|
|
|
116,421
|
|
|
118,294
|
|
|
—
|
|
||||||
Commercial, financial & agricultural
|
|
640
|
|
|
628
|
|
|
1,268
|
|
|
527,916
|
|
|
529,184
|
|
|
—
|
|
||||||
Consumer
|
|
28
|
|
|
13
|
|
|
41
|
|
|
2,120
|
|
|
2,161
|
|
|
—
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
1,523
|
|
|
$
|
2,402
|
|
|
$
|
3,925
|
|
|
$
|
986,811
|
|
|
$
|
990,736
|
|
|
$
|
—
|
|
Purchased Credit Impaired Loans
|
|
30 - 89
Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total Loans
|
||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction, land & land development
|
|
$
|
—
|
|
|
$
|
1,793
|
|
|
$
|
1,793
|
|
|
$
|
11,009
|
|
|
$
|
12,802
|
|
Other commercial real estate
|
|
309
|
|
|
2,674
|
|
|
2,983
|
|
|
74,855
|
|
|
77,838
|
|
|||||
Total commercial real estate
|
|
309
|
|
|
4,467
|
|
|
4,776
|
|
|
85,864
|
|
|
90,640
|
|
|||||
Residential real estate
|
|
1,571
|
|
|
1,643
|
|
|
3,214
|
|
|
33,533
|
|
|
36,747
|
|
|||||
Owner-occupied real estate
|
|
197
|
|
|
598
|
|
|
795
|
|
|
17,798
|
|
|
18,593
|
|
|||||
Commercial, financial & agricultural
|
|
—
|
|
|
1,386
|
|
|
1,386
|
|
|
10,050
|
|
|
11,436
|
|
|||||
Consumer
|
|
—
|
|
|
15
|
|
|
15
|
|
|
93
|
|
|
108
|
|
|||||
Total purchased credit impaired loans
|
|
$
|
2,077
|
|
|
$
|
8,109
|
|
|
$
|
10,186
|
|
|
$
|
147,338
|
|
|
$
|
157,524
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction, land & land development
|
|
$
|
1
|
|
|
$
|
1,881
|
|
|
$
|
1,882
|
|
|
$
|
11,663
|
|
|
$
|
13,545
|
|
Other commercial real estate
|
|
363
|
|
|
3,303
|
|
|
3,666
|
|
|
83,082
|
|
|
86,748
|
|
|||||
Total commercial real estate
|
|
364
|
|
|
5,184
|
|
|
5,548
|
|
|
94,745
|
|
|
100,293
|
|
|||||
Residential real estate
|
|
1,519
|
|
|
1,876
|
|
|
3,395
|
|
|
36,937
|
|
|
40,332
|
|
|||||
Owner-occupied real estate
|
|
85
|
|
|
786
|
|
|
871
|
|
|
19,932
|
|
|
20,803
|
|
|||||
Commercial, financial & agricultural
|
|
201
|
|
|
224
|
|
|
425
|
|
|
13,626
|
|
|
14,051
|
|
|||||
Consumer
|
|
—
|
|
|
15
|
|
|
15
|
|
|
120
|
|
|
135
|
|
|||||
Total purchased credit impaired loans
|
|
$
|
2,169
|
|
|
$
|
8,085
|
|
|
$
|
10,254
|
|
|
$
|
165,360
|
|
|
$
|
175,614
|
|
Organic Loans
|
|
Pass
|
|
Watch
|
|
OAEM
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
402,676
|
|
|
$
|
38,049
|
|
|
$
|
2,060
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
442,942
|
|
Other commercial real estate
|
|
903,842
|
|
|
32,678
|
|
|
1,645
|
|
|
3,416
|
|
|
—
|
|
|
941,581
|
|
||||||
Total commercial real estate
|
|
1,306,518
|
|
|
70,727
|
|
|
3,705
|
|
|
3,573
|
|
|
—
|
|
|
1,384,523
|
|
||||||
Residential real estate
|
|
201,736
|
|
|
3,309
|
|
|
439
|
|
|
3,476
|
|
|
—
|
|
|
208,960
|
|
||||||
Owner-occupied real estate
|
|
230,159
|
|
|
18,216
|
|
|
363
|
|
|
4,321
|
|
|
—
|
|
|
253,059
|
|
||||||
Commercial, financial & agricultural
|
|
542,703
|
|
|
18,633
|
|
|
66
|
|
|
1,164
|
|
|
—
|
|
|
562,566
|
|
||||||
Leases
|
|
40,406
|
|
|
3,381
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,787
|
|
||||||
Consumer
|
|
62,207
|
|
|
57
|
|
|
67
|
|
|
92
|
|
|
—
|
|
|
62,423
|
|
||||||
Total organic loans
|
|
$
|
2,383,729
|
|
|
$
|
114,323
|
|
|
$
|
4,640
|
|
|
$
|
12,626
|
|
|
$
|
—
|
|
|
$
|
2,515,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
371,358
|
|
|
$
|
38,939
|
|
|
$
|
2,086
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
412,540
|
|
Other commercial real estate
|
|
920,168
|
|
|
22,229
|
|
|
3,365
|
|
|
3,832
|
|
|
—
|
|
|
949,594
|
|
||||||
Total commercial real estate
|
|
1,291,526
|
|
|
61,168
|
|
|
5,451
|
|
|
3,989
|
|
|
—
|
|
|
1,362,134
|
|
||||||
Residential real estate
|
|
188,918
|
|
|
3,668
|
|
|
1,488
|
|
|
2,151
|
|
|
—
|
|
|
196,225
|
|
||||||
Owner-occupied real estate
|
|
240,987
|
|
|
16,891
|
|
|
1,067
|
|
|
1,328
|
|
|
—
|
|
|
260,273
|
|
||||||
Commercial, financial & agricultural
|
|
421,114
|
|
|
7,870
|
|
|
123
|
|
|
1,098
|
|
|
—
|
|
|
430,205
|
|
||||||
Leases
|
|
47,908
|
|
|
4,488
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,396
|
|
||||||
Consumer
|
|
64,361
|
|
|
58
|
|
|
81
|
|
|
110
|
|
|
—
|
|
|
64,610
|
|
||||||
Total organic loans
|
|
$
|
2,254,814
|
|
|
$
|
94,143
|
|
|
$
|
8,210
|
|
|
$
|
8,676
|
|
|
$
|
—
|
|
|
$
|
2,365,843
|
|
Purchased Non-Credit Impaired Loans
|
|
Pass
|
|
Watch
|
|
OAEM
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
24,027
|
|
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
24,352
|
|
Other commercial real estate
|
|
213,258
|
|
|
11,260
|
|
|
1,801
|
|
|
574
|
|
|
—
|
|
|
226,893
|
|
||||||
Total commercial real estate
|
|
237,285
|
|
|
11,551
|
|
|
1,801
|
|
|
608
|
|
|
—
|
|
|
251,245
|
|
||||||
Residential real estate
|
|
77,808
|
|
|
2,036
|
|
|
548
|
|
|
1,769
|
|
|
255
|
|
|
82,416
|
|
||||||
Owner-occupied real estate
|
|
84,280
|
|
|
4,877
|
|
|
—
|
|
|
5,743
|
|
|
—
|
|
|
94,900
|
|
||||||
Commercial, financial & agricultural
|
|
421,405
|
|
|
70,386
|
|
|
9,522
|
|
|
14,014
|
|
|
—
|
|
|
515,327
|
|
||||||
Consumer
|
|
1,693
|
|
|
30
|
|
|
—
|
|
|
40
|
|
|
28
|
|
|
1,791
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
822,471
|
|
|
$
|
88,880
|
|
|
$
|
11,871
|
|
|
$
|
22,174
|
|
|
$
|
283
|
|
|
$
|
945,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
25,486
|
|
|
$
|
385
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
25,908
|
|
Other commercial real estate
|
|
214,916
|
|
|
1,341
|
|
|
1,825
|
|
|
578
|
|
|
—
|
|
|
218,660
|
|
||||||
Total commercial real estate
|
|
240,402
|
|
|
1,726
|
|
|
1,825
|
|
|
615
|
|
|
—
|
|
|
244,568
|
|
||||||
Residential real estate
|
|
92,119
|
|
|
2,216
|
|
|
791
|
|
|
1,369
|
|
|
34
|
|
|
96,529
|
|
||||||
Owner-occupied real estate
|
|
110,034
|
|
|
3,227
|
|
|
1,280
|
|
|
3,753
|
|
|
—
|
|
|
118,294
|
|
||||||
Commercial, financial & agricultural
|
|
452,822
|
|
|
59,306
|
|
|
5,223
|
|
|
11,833
|
|
|
—
|
|
|
529,184
|
|
||||||
Consumer
|
|
2,091
|
|
|
3
|
|
|
—
|
|
|
37
|
|
|
30
|
|
|
2,161
|
|
||||||
Total purchased non-credit impaired loans
|
|
$
|
897,468
|
|
|
$
|
66,478
|
|
|
$
|
9,119
|
|
|
$
|
17,607
|
|
|
$
|
64
|
|
|
$
|
990,736
|
|
Purchased Credit Impaired Loans
|
|
Pass
|
|
Watch
|
|
OAEM
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
6,101
|
|
|
$
|
703
|
|
|
$
|
920
|
|
|
$
|
5,078
|
|
|
$
|
—
|
|
|
$
|
12,802
|
|
Other commercial real estate
|
|
54,362
|
|
|
11,682
|
|
|
1,280
|
|
|
10,514
|
|
|
—
|
|
|
77,838
|
|
||||||
Total commercial real estate
|
|
60,463
|
|
|
12,385
|
|
|
2,200
|
|
|
15,592
|
|
|
—
|
|
|
90,640
|
|
||||||
Residential real estate
|
|
19,478
|
|
|
6,037
|
|
|
1,370
|
|
|
9,792
|
|
|
70
|
|
|
36,747
|
|
||||||
Owner-occupied real estate
|
|
6,559
|
|
|
3,792
|
|
|
816
|
|
|
7,426
|
|
|
—
|
|
|
18,593
|
|
||||||
Commercial, financial & agricultural
|
|
560
|
|
|
165
|
|
|
—
|
|
|
10,711
|
|
|
—
|
|
|
11,436
|
|
||||||
Consumer
|
|
39
|
|
|
25
|
|
|
20
|
|
|
24
|
|
|
—
|
|
|
108
|
|
||||||
Total purchased credit impaired loans
|
|
$
|
87,099
|
|
|
$
|
22,404
|
|
|
$
|
4,406
|
|
|
$
|
43,545
|
|
|
$
|
70
|
|
|
$
|
157,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction, land & land development
|
|
$
|
6,677
|
|
|
$
|
809
|
|
|
$
|
973
|
|
|
$
|
5,086
|
|
|
$
|
—
|
|
|
$
|
13,545
|
|
Other commercial real estate
|
|
63,210
|
|
|
11,998
|
|
|
2,361
|
|
|
9,179
|
|
|
—
|
|
|
86,748
|
|
||||||
Total commercial real estate
|
|
69,887
|
|
|
12,807
|
|
|
3,334
|
|
|
14,265
|
|
|
—
|
|
|
100,293
|
|
||||||
Residential real estate
|
|
21,706
|
|
|
6,419
|
|
|
1,590
|
|
|
10,504
|
|
|
113
|
|
|
40,332
|
|
||||||
Owner-occupied real estate
|
|
7,181
|
|
|
4,896
|
|
|
818
|
|
|
7,908
|
|
|
—
|
|
|
20,803
|
|
||||||
Commercial, financial & agricultural
|
|
2,094
|
|
|
211
|
|
|
323
|
|
|
11,423
|
|
|
—
|
|
|
14,051
|
|
||||||
Consumer
|
|
60
|
|
|
28
|
|
|
21
|
|
|
26
|
|
|
—
|
|
|
135
|
|
||||||
Total purchased credit impaired loans
|
|
$
|
100,928
|
|
|
$
|
24,361
|
|
|
$
|
6,086
|
|
|
$
|
44,126
|
|
|
$
|
113
|
|
|
$
|
175,614
|
|
|
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||||||||
TDR Additions (1)
|
|
Number of Contracts
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
|
Number of Contracts
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction, land & land development
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other commercial real estate
|
|
2
|
|
|
2,801
|
|
|
2,801
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total commercial real estate
|
|
2
|
|
|
2,801
|
|
|
2,801
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commercial & industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Owner-occupied real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential real estate
|
|
1
|
|
|
2,769
|
|
|
2,769
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer & Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total modifications
|
|
3
|
|
|
$
|
5,570
|
|
|
$
|
5,570
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31
|
||||||
SBA Servicing Rights
|
|
2018
|
|
2017
|
||||
Balance, beginning of period
|
|
$
|
4,069
|
|
|
$
|
3,477
|
|
Additions
|
|
200
|
|
|
206
|
|
||
Fair value adjustments
|
|
(266
|
)
|
|
(136
|
)
|
||
Balance, end of period
|
|
$
|
4,003
|
|
|
$
|
3,547
|
|
SBA Servicing Rights
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||
Fair value
|
|
$
|
4,003
|
|
|
|
$
|
4,069
|
|
|
Weighted average discount rate
|
|
12.9
|
|
%
|
|
12.9
|
|
%
|
||
Decline in fair value due to a 100 basis point adverse change
|
|
$
|
(134
|
)
|
|
|
$
|
(140
|
)
|
|
Decline in fair value due to a 200 basis point adverse change
|
|
(260
|
)
|
|
|
(272
|
)
|
|
||
Prepayment speed
|
|
10.0
|
|
%
|
|
9.1
|
|
%
|
||
Decline in fair value due to a 10% adverse change
|
|
$
|
(150
|
)
|
|
|
$
|
(141
|
)
|
|
Decline in fair value due to a 20% adverse change
|
|
(290
|
)
|
|
|
(275
|
)
|
|
||
Weighted average remaining life (years)
|
|
6.3
|
|
|
|
6.7
|
|
|
|
|
March 31, 2018
|
|
|
||||||||||||
SBA Loans Serviced
|
|
Unpaid
Principal
Balance
|
|
30 - 89
Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Net Charge-offs for the Three Months Ended March 31, 2018
|
||||||||
Serviced for others
|
|
$
|
188,928
|
|
|
$
|
373
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Held-for-sale
|
|
11,588
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
156,544
|
|
|
1,887
|
|
|
8,413
|
|
|
52
|
|
||||
Total SBA loans serviced
|
|
$
|
357,060
|
|
|
$
|
2,260
|
|
|
$
|
8,413
|
|
|
$
|
52
|
|
|
|
December 31, 2017
|
|
|
||||||||||||
SBA Loans Serviced
|
|
Unpaid
Principal
Balance
|
|
30 - 89
Days
Past Due
|
|
90 Days or
Greater
Past Due
|
|
Net Charge-offs for the Three Months Ended March 31, 2017
|
||||||||
Serviced for others
|
|
$
|
185,557
|
|
|
$
|
1,555
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Held-for-sale
|
|
10,420
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Held-for-investment
|
|
153,810
|
|
|
2,508
|
|
|
6,627
|
|
|
—
|
|
||||
Total SBA loans serviced
|
|
$
|
349,787
|
|
|
$
|
4,063
|
|
|
$
|
6,627
|
|
|
$
|
—
|
|
|
|
Derivative Assets (1)
|
|
Derivative Liabilities (1)
|
||||||||||||
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
Derivatives Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps and caps
|
|
$
|
3,629
|
|
|
$
|
2,011
|
|
|
$
|
1
|
|
|
$
|
116
|
|
Total
|
|
$
|
3,629
|
|
|
$
|
2,011
|
|
|
$
|
1
|
|
|
$
|
116
|
|
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
||||||||
Mortgage derivatives
|
|
$
|
1,054
|
|
|
$
|
616
|
|
|
$
|
411
|
|
|
$
|
238
|
|
Total
|
|
$
|
1,054
|
|
|
$
|
616
|
|
|
$
|
411
|
|
|
$
|
238
|
|
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
March 31
|
||||||||||||||||||||||
|
|
2018
|
2017
|
|||||||||||||||||||||
|
|
Interest Income
|
|
Interest Expense
|
|
Noninterest Income
|
|
Interest Income
|
|
Interest Expense
|
|
Noninterest Income
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total amounts of income and expense line items presented in the consolidated statements of income
|
|
$
|
60,561
|
|
|
$
|
5,705
|
|
|
$
|
10,461
|
|
|
$
|
47,197
|
|
|
$
|
3,239
|
|
|
$
|
9,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain (loss) on fair value hedging relationships in Subtopic 815-20
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Hedged items
|
|
(1,728
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(508
|
)
|
||||||
Derivatives designated as hedging instruments
|
|
1,859
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
496
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic 815-20
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate caps:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amount of loss reclassified from accumulated other comprehensive loss into income
|
|
—
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
404
|
|
|
—
|
|
Line Item in the Statement of Condition in Which the Hedged Item Is Included
|
|
Carrying Amount of the Hedged Asset
|
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset
|
||||||||||||
|
||||||||||||||||
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2018
|
|
December 31, 2017
|
|||||||||
Loans
|
|
$
|
124,803
|
|
|
$
|
139,391
|
|
|
$
|
(3,567
|
)
|
|
$
|
(1,892
|
)
|
Total
|
|
$
|
124,803
|
|
|
$
|
139,391
|
|
|
$
|
(3,567
|
)
|
|
$
|
(1,892
|
)
|
|
|
|
|
Three Months Ended
|
||||||
|
|
|
|
March 31
|
||||||
Interest Rate Products
|
|
Location
|
|
2018
|
|
2017
|
||||
Amount of (loss) gain recognized in AOCI on derivatives
|
|
OCI
|
|
$
|
(4
|
)
|
|
$
|
59
|
|
Amount of loss reclassified from AOCI into income
|
|
Interest expense
|
|
91
|
|
|
404
|
|
||
Amount of loss recognized in consolidated statements of comprehensive income
|
|
|
|
$
|
(95
|
)
|
|
$
|
(345
|
)
|
|
|
|
|
Three Months Ended
|
||||||
|
|
|
|
March 31
|
||||||
Interest Rate Products
|
|
Location
|
|
2018
|
|
2017
|
||||
Amount of (loss) gain recognized in income on interest rate swaps
|
|
Noninterest income
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
Amount of (loss) gain recognized in income on interest rate lock commitments
|
|
Noninterest income
|
|
338
|
|
|
613
|
|
||
Amount of (loss) gain recognized in income on forward commitments
|
|
Noninterest income
|
|
(72
|
)
|
|
(985
|
)
|
||
Total (loss) gain recognized in income on derivatives not designated as hedging instruments
|
|
|
|
$
|
266
|
|
|
$
|
(388
|
)
|
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset on the Statement of Financial Condition
|
|
Net Amounts Presented on the Statement of Financial Condition
|
|
Gross Amounts Not Offset on the Statement of Financial Condition
|
|
Net Amount
|
||||||||||||||
|
|
|
|
|
Financial Instruments
|
|
Collateral Received/Posted (1)
|
|
||||||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offsetting Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps and caps
|
|
$
|
3,629
|
|
|
$
|
—
|
|
|
$
|
3,629
|
|
|
$
|
(1
|
)
|
|
$
|
(3,628
|
)
|
|
$
|
—
|
|
Offsetting Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps and caps
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Repurchase agreements
|
|
9,565
|
|
|
—
|
|
|
9,565
|
|
|
—
|
|
|
(9,565
|
)
|
|
—
|
|
||||||
Total liabilities
|
|
$
|
9,566
|
|
|
$
|
—
|
|
|
$
|
9,566
|
|
|
$
|
(1
|
)
|
|
$
|
(9,565
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offsetting Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps and caps
|
|
$
|
2,011
|
|
|
$
|
—
|
|
|
$
|
2,011
|
|
|
$
|
(116
|
)
|
|
$
|
(1,895
|
)
|
|
$
|
—
|
|
Offsetting Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps and caps
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
(116
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Repurchase agreements
|
|
25,209
|
|
|
—
|
|
|
25,209
|
|
|
—
|
|
|
(25,209
|
)
|
|
—
|
|
||||||
Total liabilities
|
|
$
|
25,325
|
|
|
$
|
—
|
|
|
$
|
25,325
|
|
|
$
|
(116
|
)
|
|
$
|
(25,209
|
)
|
|
$
|
—
|
|
|
Capital Ratio Requirements
|
|
Minimum
Requirement
|
|
Well-capitalized (1)
|
Common Equity Tier 1 (CET1) capital ratio
|
|
4.50%
|
|
6.50%
|
Tier 1 risk-based capital ratio
|
|
6.00%
|
|
8.00%
|
Total risk-based capital ratio
|
|
8.00%
|
|
10.00%
|
Tier 1 leverage ratio
|
|
4.00%
|
|
5.00%
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Actual
|
|
Required
|
|
Actual
|
|
Required
|
||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Minimum
Amount
|
|
Amount
|
|
Ratio
|
|
Minimum
Amount
|
||||||||||
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Equity Tier 1 (CET1) capital ratio
|
|
$
|
556,577
|
|
|
12.44
|
%
|
|
$
|
201,267
|
|
|
$
|
547,822
|
|
|
12.61
|
%
|
|
$
|
195,433
|
|
Tier 1 risk-based capital ratio
|
|
556,577
|
|
|
12.44
|
%
|
|
268,356
|
|
|
547,822
|
|
|
12.61
|
%
|
|
260,578
|
|
||||
Total risk-based capital ratio
|
|
587,894
|
|
|
13.14
|
%
|
|
357,808
|
|
|
576,572
|
|
|
13.28
|
%
|
|
347,437
|
|
||||
Tier 1 leverage ratio
|
|
556,577
|
|
|
11.69
|
%
|
|
190,504
|
|
|
547,822
|
|
|
11.24
|
%
|
|
194,924
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||
|
|
Actual
|
|
Required
|
|
Actual
|
|
Required
|
||||||||||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Minimum
Amount
|
|
Well Capitalized
Amount
|
|
Amount
|
|
Ratio
|
|
Minimum
Amount
|
|
Well Capitalized
Amount
|
||||||||||||||
State Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Common Equity Tier 1 (CET1) capital ratio
|
|
$
|
473,245
|
|
|
10.61
|
%
|
|
$
|
200,799
|
|
|
$
|
290,044
|
|
|
$
|
481,135
|
|
|
11.10
|
%
|
|
$
|
194,972
|
|
|
$
|
281,626
|
|
Tier 1 risk-based capital ratio
|
|
473,245
|
|
|
10.61
|
%
|
|
267,733
|
|
|
356,977
|
|
|
481,135
|
|
|
11.10
|
%
|
|
259,962
|
|
|
346,617
|
|
||||||
Total risk-based capital ratio
|
|
504,562
|
|
|
11.31
|
%
|
|
356,977
|
|
|
446,221
|
|
|
509,885
|
|
|
11.77
|
%
|
|
346,617
|
|
|
433,271
|
|
||||||
Tier 1 leverage ratio
|
|
473,245
|
|
|
9.96
|
%
|
|
190,022
|
|
|
237,528
|
|
|
481,135
|
|
|
9.90
|
%
|
|
194,429
|
|
|
243,037
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Commitments to extend credit:
|
|
|
|
||||
Fixed
|
$
|
98,964
|
|
|
$
|
65,117
|
|
Variable
|
955,386
|
|
|
914,524
|
|
||
Letters of credit:
|
|
|
|
||||
Fixed
|
6,963
|
|
|
5,978
|
|
||
Variable
|
6,247
|
|
|
11,428
|
|
||
Total commitments
|
$
|
1,067,560
|
|
|
$
|
997,047
|
|
March 31, 2018
|
|
Quoted Market
Prices in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Equity securities - financial services industry
|
|
$
|
—
|
|
|
$
|
1,515
|
|
|
$
|
—
|
|
|
$
|
1,515
|
|
U.S. Government securities
|
|
—
|
|
|
66,759
|
|
|
—
|
|
|
66,759
|
|
||||
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
112,083
|
|
|
—
|
|
|
112,083
|
|
||||
Residential mortgage-backed securities — agency
|
|
—
|
|
|
564,051
|
|
|
—
|
|
|
564,051
|
|
||||
Corporate securities
|
|
—
|
|
|
120,804
|
|
|
—
|
|
|
120,804
|
|
||||
Hedged loans
|
|
—
|
|
|
124,803
|
|
|
—
|
|
|
124,803
|
|
||||
Mortgage loans held-for-sale
|
|
—
|
|
|
35,894
|
|
|
—
|
|
|
35,894
|
|
||||
Mortgage derivatives
|
|
—
|
|
|
138
|
|
|
916
|
|
|
1,054
|
|
||||
Interest rate swaps and caps
|
|
—
|
|
|
3,629
|
|
|
—
|
|
|
3,629
|
|
||||
SBA servicing rights
|
|
—
|
|
|
—
|
|
|
4,003
|
|
|
4,003
|
|
||||
Total recurring assets at fair value
|
|
$
|
—
|
|
|
$
|
1,028,161
|
|
|
$
|
4,919
|
|
|
$
|
1,033,080
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps and caps
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Mortgage derivatives
|
|
—
|
|
|
101
|
|
|
310
|
|
|
411
|
|
||||
Total recurring liabilities at fair value
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
310
|
|
|
$
|
412
|
|
December 31, 2017
|
|
Quoted Market
Prices in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Equity securities - financial services industry
|
|
$
|
—
|
|
|
$
|
1,515
|
|
|
$
|
—
|
|
|
$
|
1,515
|
|
U.S. Government securities
|
|
—
|
|
|
69,559
|
|
|
—
|
|
|
69,559
|
|
||||
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
118,710
|
|
|
—
|
|
|
118,710
|
|
||||
Residential mortgage-backed securities — agency
|
|
—
|
|
|
575,849
|
|
|
—
|
|
|
575,849
|
|
||||
Corporate securities
|
|
—
|
|
|
108,337
|
|
|
—
|
|
|
108,337
|
|
||||
Hedged loans
|
|
—
|
|
|
139,391
|
|
|
—
|
|
|
139,391
|
|
||||
Mortgage loans held for sale
|
|
—
|
|
|
25,791
|
|
|
—
|
|
|
25,791
|
|
||||
Mortgage derivatives
|
|
—
|
|
|
101
|
|
|
515
|
|
|
616
|
|
||||
Interest rate swaps and caps
|
|
—
|
|
|
2,011
|
|
|
—
|
|
|
2,011
|
|
||||
SBA servicing rights
|
|
—
|
|
|
—
|
|
|
4,069
|
|
|
4,069
|
|
||||
Total recurring assets at fair value
|
|
$
|
—
|
|
|
$
|
1,039,749
|
|
|
$
|
4,584
|
|
|
$
|
1,044,333
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps and caps
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
116
|
|
Mortgage derivatives
|
|
—
|
|
|
38
|
|
|
200
|
|
|
238
|
|
||||
Total recurring liabilities at fair value
|
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
200
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
||||||
|
|
2018
|
||||||
Mortgage Derivatives
|
|
Other
Assets
|
|
Other
Liabilities
|
||||
Balance, beginning of period
|
|
$
|
515
|
|
|
$
|
200
|
|
Issuances (1)
|
|
601
|
|
|
310
|
|
||
Settlements and closed loans (1)
|
|
(200
|
)
|
|
(200
|
)
|
||
Balance, end of period
|
|
$
|
916
|
|
|
$
|
310
|
|
|
|
Three Months Ended March 31
|
||||||
|
|
2017
|
||||||
Mortgage Derivatives
|
|
Other
Assets
|
|
Other
Liabilities
|
||||
Balance, beginning of period
|
|
$
|
699
|
|
|
$
|
445
|
|
Issuances (1)
|
|
842
|
|
|
465
|
|
||
Settlements and closed loans (1)
|
|
(445
|
)
|
|
(445
|
)
|
||
Balance, end of period
|
|
$
|
1,096
|
|
|
$
|
465
|
|
|
|
Quoted Market
Prices in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,960
|
|
|
$
|
35,960
|
|
Total nonrecurring assets at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,960
|
|
|
$
|
35,960
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,804
|
|
|
$
|
11,804
|
|
Total nonrecurring assets at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,804
|
|
|
$
|
11,804
|
|
|
Quoted Market
Prices in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Other real estate owned
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,768
|
|
|
$
|
4,768
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Other real estate owned
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,204
|
|
|
$
|
1,204
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Other real estate owned:
|
|
|
|
||||
Other real estate owned at fair value
|
$
|
4,768
|
|
|
$
|
1,204
|
|
Estimated selling costs and other adjustments
|
(561
|
)
|
|
(309
|
)
|
||
Other real estate owned
|
$
|
4,207
|
|
|
$
|
895
|
|
March 31, 2018
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range (Weighted Average)
|
||
SBA servicing rights
|
|
$
|
4,003
|
|
|
Discounted cash flows
|
|
Discount rate
|
|
9% - 22% (13%)
|
|
|
|
|
|
|
Prepayment speed
|
|
5% - 13% (10%)
|
||
Mortgage derivatives - asset
|
|
$
|
916
|
|
|
Pricing model
|
|
Pull-through rate
|
|
84%
|
Mortgage derivatives - liability
|
|
$
|
310
|
|
|
Pricing model
|
|
Pull-through rate
|
|
84%
|
Impaired loans - collateral dependent
|
|
$
|
35,960
|
|
|
Third party appraisal
|
|
Management discount for property type and recent market volatility
|
|
0% - 100% (6%)
|
Other real estate owned
|
|
$
|
4,768
|
|
|
Third party appraisal
|
|
Management discount for property type and recent market volatility
|
|
0% - 71% (5%)
|
December 31, 2017
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range (Weighted Average)
|
||
SBA servicing rights
|
|
$
|
4,069
|
|
|
Discounted cash flows
|
|
Discount rate
|
|
10% - 22% (13%)
|
|
|
|
|
|
|
Prepayment speed
|
|
4% - 13% (9%)
|
||
Mortgage derivatives - asset
|
|
$
|
515
|
|
|
Pricing model
|
|
Pull-through rate
|
|
84%
|
Mortgage derivatives - liability
|
|
$
|
200
|
|
|
Pricing model
|
|
Pull-through rate
|
|
84%
|
Impaired loans - collateral dependent
|
|
$
|
11,804
|
|
|
Third party appraisal
|
|
Management discount for property type and recent market volatility
|
|
0% - 50% (9%)
|
Other real estate owned
|
|
$
|
1,204
|
|
|
Third party appraisal
|
|
Management discount for property type and recent market volatility
|
|
0% - 33% (12%)
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Fair Value Hierarchy Level
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
Level 1
|
|
$
|
81,733
|
|
|
$
|
81,733
|
|
|
$
|
230,877
|
|
|
$
|
230,877
|
|
Equity securities
|
Level 2
|
|
1,515
|
|
|
1,515
|
|
|
1,515
|
|
|
1,515
|
|
||||
Investment securities available-for-sale
|
Level 2
|
|
863,697
|
|
|
863,697
|
|
|
872,455
|
|
|
872,455
|
|
||||
Investment securities held-to-maturity
|
Level 2 & 3
|
|
27,558
|
|
|
28,150
|
|
|
32,852
|
|
|
33,351
|
|
||||
Loans held-for-sale
|
Level 2
|
|
47,482
|
|
|
48,725
|
|
|
36,211
|
|
|
37,580
|
|
||||
Loans, net
|
Level 2 & 3
|
|
3,587,204
|
|
|
3,615,552
|
|
|
3,503,443
|
|
|
3,513,057
|
|
||||
Other real estate owned
|
Level 3
|
|
4,207
|
|
|
4,768
|
|
|
895
|
|
|
1,204
|
|
||||
Interest rate swaps and caps
|
Level 2
|
|
3,629
|
|
|
3,629
|
|
|
2,011
|
|
|
2,011
|
|
||||
Mortgage derivatives
|
Levels 2 & 3
|
|
1,054
|
|
|
1,054
|
|
|
616
|
|
|
616
|
|
||||
SBA servicing rights
|
Level 3
|
|
4,003
|
|
|
4,003
|
|
|
4,069
|
|
|
4,069
|
|
||||
Accrued interest receivable
|
Level 2
|
|
15,093
|
|
|
15,093
|
|
|
14,906
|
|
|
14,906
|
|
||||
Federal Home Loan Bank stock
|
Level 3
|
|
5,089
|
|
|
5,089
|
|
|
4,651
|
|
|
4,651
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
Level 2
|
|
$
|
4,184,432
|
|
|
$
|
4,183,649
|
|
|
$
|
4,243,135
|
|
|
$
|
4,237,883
|
|
Federal funds purchased and securities sold under agreements to repurchase
|
Level 2
|
|
9,565
|
|
|
9,565
|
|
|
25,209
|
|
|
25,209
|
|
||||
FHLB borrowings
|
Level 2
|
|
15,000
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
||||
Notes payable
|
Level 2
|
|
398
|
|
|
398
|
|
|
398
|
|
|
398
|
|
||||
Interest rate swaps and caps
|
Level 2
|
|
1
|
|
|
1
|
|
|
116
|
|
|
116
|
|
||||
Mortgage derivatives
|
Levels 2 & 3
|
|
411
|
|
|
411
|
|
|
238
|
|
|
238
|
|
||||
Accrued interest payable
|
Level 2
|
|
3,900
|
|
|
3,900
|
|
|
3,750
|
|
|
3,750
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2018
|
|
2017
|
||||
Numerator:
|
|
|
|
||||
Net income per consolidated statements of income
|
$
|
17,365
|
|
|
$
|
11,558
|
|
Net income allocated to participating securities
|
(435
|
)
|
|
(295
|
)
|
||
Net income allocated to common stock
|
$
|
16,930
|
|
|
$
|
11,263
|
|
|
|
|
|
||||
Basic earnings per share computation:
|
|
|
|
||||
Net income allocated to common stock
|
$
|
16,930
|
|
|
$
|
11,263
|
|
Weighted average common shares outstanding, including shares considered participating securities
|
39,008,739
|
|
|
38,860,165
|
|
||
Less: Average participating securities
|
(976,732
|
)
|
|
(992,447
|
)
|
||
Weighted average shares
|
38,032,007
|
|
|
37,867,718
|
|
||
Basic earnings per share
|
$
|
.45
|
|
|
$
|
.30
|
|
|
|
|
|
||||
Diluted earnings per share computation:
|
|
|
|
||||
Net income allocated to common stock
|
$
|
16,930
|
|
|
$
|
11,263
|
|
Weighted average common shares outstanding for basic earnings per share
|
38,032,007
|
|
|
37,867,718
|
|
||
Weighted average dilutive grants
|
38,548
|
|
|
86,867
|
|
||
Weighted average shares and dilutive potential common shares
|
38,070,555
|
|
|
37,954,585
|
|
||
Diluted earnings per share
|
$
|
.44
|
|
|
$
|
.30
|
|
|
|
Investment Securities
Available-for-Sale
|
|
Held-to-Maturity Securities Transferred from Available-For-Sale
|
|
Cash Flow Hedges (Effective Portion)
|
|
Total
|
||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
|
$
|
(2,523
|
)
|
|
$
|
21
|
|
|
$
|
(65
|
)
|
|
$
|
(2,567
|
)
|
Other comprehensive loss before income taxes:
|
|
|
|
|
|
|
|
|
||||||||
Net change in unrealized losses
|
|
(6,876
|
)
|
|
—
|
|
|
(4
|
)
|
|
(6,880
|
)
|
||||
Amounts reclassified for net losses realized and included in earnings
|
|
—
|
|
|
—
|
|
|
91
|
|
|
91
|
|
||||
Amortization of net unrealized losses on securities transferred to held-to-maturity
|
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
||||
Adoption of ASU 2016-01
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
||||
Income tax (benefit) expense
|
|
(1,403
|
)
|
|
—
|
|
|
22
|
|
|
(1,381
|
)
|
||||
Balance, end of period
|
|
$
|
(7,973
|
)
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
(7,926
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
|
$
|
(1,200
|
)
|
|
$
|
(175
|
)
|
|
$
|
(1,082
|
)
|
|
$
|
(2,457
|
)
|
Other comprehensive loss before income taxes:
|
|
|
|
|
|
|
|
|
||||||||
Net change in unrealized (losses) gains
|
|
(575
|
)
|
|
—
|
|
|
59
|
|
|
(516
|
)
|
||||
Amounts reclassified for net (gains) losses realized and included in earnings
|
|
(12
|
)
|
|
—
|
|
|
404
|
|
|
392
|
|
||||
Amortization of net unrealized losses on securities transferred to-held-to-maturity
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Income tax (benefit) expense
|
|
(219
|
)
|
|
—
|
|
|
183
|
|
|
(36
|
)
|
||||
Balance, end of period
|
|
$
|
(1,568
|
)
|
|
$
|
(177
|
)
|
|
$
|
(802
|
)
|
|
$
|
(2,547
|
)
|
|
|
|
|
|
|
|
|
|
•
|
Net income for the quarter ended
March 31, 2018
was
$17.4 million
, or
$.44
per diluted share, compared to net income of
$11.6 million
, or
$.30
per diluted share, for the quarter ended
March 31, 2017
.
|
•
|
We successfully completed the integration and conversion of AloStar Bank of Commerce ("AloStar") in March 2018.
|
•
|
Our net interest income on a taxable equivalent basis was
$54.9 million
for the quarter ended
March 31, 2018
,
an increase
of
$10.8 million
, or
24.5%
, from the quarter ended
March 31, 2017
. Our interest income
increased
$13.3 million
for the quarter ended
March 31, 2018
, compared to the quarter ended
March 31, 2017
, primarily attributable to a
$14.3 million
increase
in loan interest income and a
$711,000
increase
in interest income on invested funds, partially offset by a
$1.7 million
decline
in accretion income on loans primarily due to lower recovery income.
|
•
|
We experienced continued loan growth during the
three months ended
March 31, 2018
. At
March 31, 2018
, total loans were
$3.6 billion
,
an increase
of
$86.3 million
, or
2.4%
, from
December 31, 2017
, primarily due to organic loan growth of
$149.5 million
, or
6.3%
during the quarter ended
March 31, 2018
. The growth in organic loans was partially offset by a decrease of $63.1 million, or 5.4%, in purchased credit impaired and purchased non-credit impaired loans during the same period.
|
•
|
The accretable discount
on purchased credit impaired loans was
$57.9 million
at both
March 31, 2018
and
December 31, 2017
. We recognized
$5.9 million
in accretion income on purchased credit impaired loans during the quarter ended
March 31, 2018
, offset by transfers from nonaccretable to accretable discount of
$5.9 million
.
|
•
|
Asset quality remained sound at
March 31, 2018
with a ratio of nonperforming assets to total loans plus other real estate o
wned of
.64%
and a ratio of nonperforming loans to total loans of
.52%
.
|
•
|
The average cost of funds remained low at
55
basis points for the quarter ended
March 31, 2018
,
an increase
of
18
basis points from the same period in
2017
, primarily due to the increase in money market and time deposits acquired from AloStar during 2017, as well as an increase in the rate paid on other borrowings. This compares favorably to the 75 basis point increase in the Federal Funds target rate over the same period.
|
•
|
The Company's capital ratios exceeded all regulatory "well capitalized" guidelines, with a Tier 1 leverage ratio of
11.69%
, CET1 and Tier 1 risk-based capital ratios of
12.44%
, and a Total risk-based capital ratio of
13.14%
at
March 31, 2018
.
|
•
|
During the
first quarter
of
2018
, we increased our cash dividend $.06, or 43%, to
$0.20
per common share to our shareholders.
|
Table 1 - Financial Highlights
Selected Financial Information
|
|||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
(
dollars in thousands, except per share amounts
)
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SELECTED RESULTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income on loans
|
$
|
48,444
|
|
|
$
|
46,926
|
|
|
$
|
35,400
|
|
|
$
|
34,872
|
|
|
$
|
34,060
|
|
Accretion income on loans
|
5,946
|
|
|
10,671
|
|
|
6,520
|
|
|
9,228
|
|
|
7,677
|
|
|||||
Interest income on invested funds
|
6,171
|
|
|
6,034
|
|
|
5,782
|
|
|
5,747
|
|
|
5,460
|
|
|||||
Total interest income
|
60,561
|
|
|
63,631
|
|
|
47,702
|
|
|
49,847
|
|
|
47,197
|
|
|||||
Interest expense
|
5,705
|
|
|
5,614
|
|
|
3,370
|
|
|
3,369
|
|
|
3,239
|
|
|||||
Net interest income
|
54,856
|
|
|
58,017
|
|
|
44,332
|
|
|
46,478
|
|
|
43,958
|
|
|||||
Provision for loan and lease losses (organic & PNCI loans)
|
2,650
|
|
|
2,050
|
|
|
1,300
|
|
|
1,470
|
|
|
1,361
|
|
|||||
Provision for loan and lease losses (purchased credit impaired loans)
|
558
|
|
|
798
|
|
|
(885
|
)
|
|
375
|
|
|
(359
|
)
|
|||||
Total provision for loan and lease losses
|
3,208
|
|
|
2,848
|
|
|
415
|
|
|
1,845
|
|
|
1,002
|
|
|||||
Total noninterest income
|
10,461
|
|
|
10,140
|
|
|
9,682
|
|
|
10,476
|
|
|
9,459
|
|
|||||
Total noninterest expense
|
39,268
|
|
|
40,684
|
|
|
31,571
|
|
|
31,997
|
|
|
34,565
|
|
|||||
Income before income taxes
|
22,841
|
|
|
24,625
|
|
|
22,028
|
|
|
23,112
|
|
|
17,850
|
|
|||||
Income tax expense
|
5,476
|
|
|
19,248
|
|
|
7,592
|
|
|
7,909
|
|
|
6,292
|
|
|||||
Net income
|
$
|
17,365
|
|
|
$
|
5,377
|
|
|
$
|
14,436
|
|
|
$
|
15,203
|
|
|
$
|
11,558
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share
|
$
|
.45
|
|
|
$
|
.14
|
|
|
$
|
.37
|
|
|
$
|
.39
|
|
|
$
|
.30
|
|
Diluted earnings per share
|
.44
|
|
|
.14
|
|
|
.37
|
|
|
.39
|
|
|
.30
|
|
|||||
Cash dividends declared per share
|
.20
|
|
|
.14
|
|
|
.14
|
|
|
.14
|
|
|
.14
|
|
|||||
Book value per share
|
16.58
|
|
|
16.45
|
|
|
16.48
|
|
|
16.23
|
|
|
15.96
|
|
|||||
Tangible book value per share (1)
|
14.15
|
|
|
14.00
|
|
|
14.01
|
|
|
13.94
|
|
|
13.66
|
|
|||||
Dividend payout ratio
|
45.45
|
%
|
|
100.00
|
%
|
|
37.84
|
%
|
|
35.90
|
%
|
|
46.67
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock
|
39,003,412
|
|
|
38,992,163
|
|
38,991,022
|
|
38,967,972
|
|
38,870,424
|
|||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
38,032,007
|
|
|
38,009,181
|
|
37,918,753
|
|
37,896,125
|
|
37,867,718
|
|||||||||
Diluted
|
38,070,555
|
|
|
38,068,619
|
|
37,963,141
|
|
37,942,483
|
|
37,954,585
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
AVERAGE BALANCE SHEET HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans (2)
|
$
|
3,598,543
|
|
|
$
|
3,603,482
|
|
|
$
|
2,893,187
|
|
|
$
|
2,905,415
|
|
|
$
|
2,846,571
|
|
Assets
|
4,860,730
|
|
|
4,982,451
|
|
|
4,178,731
|
|
|
4,200,843
|
|
|
4,181,961
|
|
|||||
Deposits
|
4,084,844
|
|
|
4,248,553
|
|
|
3,437,329
|
|
|
3,413,831
|
|
|
3,423,506
|
|
|||||
Equity
|
642,787
|
|
|
645,409
|
|
|
638,620
|
|
|
627,294
|
|
|
617,009
|
|
|||||
Tangible equity (1)
|
547,620
|
|
|
549,564
|
|
|
550,002
|
|
|
538,153
|
|
|
527,603
|
|
|||||
|
|
|
|
|
|
|
|
|
|
Table 1 - Financial Highlights
Selected Financial Information
|
|||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||
(
dollars in thousands, except per share amounts
)
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
||||||||||
SELECTED ACTUAL BALANCES
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,892,297
|
|
|
$
|
4,958,582
|
|
|
$
|
5,148,483
|
|
|
$
|
4,233,977
|
|
|
$
|
4,202,681
|
|
Investment securities
|
892,770
|
|
|
906,822
|
|
|
978,630
|
|
|
910,899
|
|
|
963,350
|
|
|||||
Organic loans
|
2,515,318
|
|
|
2,365,843
|
|
|
2,304,653
|
|
|
2,275,471
|
|
|
2,172,555
|
|
|||||
Purchased non-credit impaired loans
|
945,679
|
|
|
990,736
|
|
|
1,064,477
|
|
|
469,931
|
|
|
528,065
|
|
|||||
Purchased credit impaired loans
|
157,524
|
|
|
175,614
|
|
|
203,660
|
|
|
135,598
|
|
|
154,160
|
|
|||||
Allowance for loan and lease losses
|
(31,317
|
)
|
|
(28,750
|
)
|
|
(26,842
|
)
|
|
(27,988
|
)
|
|
(26,976
|
)
|
|||||
Interest-earning assets
|
4,627,393
|
|
|
4,688,665
|
|
|
4,867,167
|
|
|
3,967,184
|
|
|
3,931,732
|
|
|||||
Total deposits
|
4,184,432
|
|
|
4,243,135
|
|
|
4,241,085
|
|
|
3,452,692
|
|
|
3,409,775
|
|
|||||
Interest-bearing liabilities
|
3,119,816
|
|
|
3,077,636
|
|
|
3,087,284
|
|
|
2,548,837
|
|
|
2,590,391
|
|
|||||
Noninterest-bearing liabilities
|
1,125,827
|
|
|
1,239,395
|
|
|
1,418,609
|
|
|
1,052,803
|
|
|
992,007
|
|
|||||
Shareholders' equity
|
646,654
|
|
|
641,551
|
|
|
642,590
|
|
|
632,337
|
|
|
620,283
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (3)
|
1.45
|
%
|
|
.43
|
%
|
|
1.37
|
%
|
|
1.45
|
%
|
|
1.12
|
%
|
|||||
Return on average equity (3)
|
10.96
|
|
|
3.31
|
|
|
8.97
|
|
|
9.72
|
|
|
7.60
|
|
|||||
Cost of funds
|
.55
|
|
|
.52
|
|
|
.38
|
|
|
.38
|
|
|
.37
|
|
|||||
Net interest margin (4)
|
4.86
|
|
|
4.91
|
|
|
4.51
|
|
|
4.76
|
|
|
4.59
|
|
|||||
Interest rate spread (4)
|
4.61
|
|
|
4.68
|
|
|
4.31
|
|
|
4.58
|
|
|
4.41
|
|
|||||
Efficiency ratio (5)
|
60.12
|
|
|
59.69
|
|
|
58.45
|
|
|
56.18
|
|
|
64.71
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Average equity to average assets
|
13.22
|
%
|
|
12.95
|
%
|
|
15.28
|
%
|
|
14.93
|
%
|
|
14.75
|
%
|
|||||
Leverage ratio
|
11.69
|
|
|
11.24
|
|
|
13.37
|
|
|
13.23
|
|
|
13.04
|
|
|||||
CET1 risk-based capital ratio
|
12.44
|
|
|
12.61
|
|
|
12.30
|
|
|
15.01
|
|
|
14.74
|
|
|||||
Tier 1 risk-based capital ratio
|
12.44
|
|
|
12.61
|
|
|
12.30
|
|
|
15.01
|
|
|
14.74
|
|
|||||
Total risk-based capital ratio
|
13.14
|
|
|
13.28
|
|
|
12.91
|
|
|
15.79
|
|
|
15.49
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
ORGANIC ASSET QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Annualized net charge-offs (recoveries) to total average loans
|
.09
|
%
|
|
.07
|
%
|
|
.14
|
%
|
|
.08
|
%
|
|
.09
|
%
|
|||||
Nonperforming loans to total loans
|
.39
|
|
|
.31
|
|
|
.24
|
|
|
.06
|
|
|
.28
|
|
|||||
Nonperforming assets to loans + ORE
|
.52
|
|
|
.31
|
|
|
.24
|
|
|
.06
|
|
|
.29
|
|
|||||
Past due loans to total loans
|
.22
|
|
|
.20
|
|
|
.12
|
|
|
.09
|
|
|
.08
|
|
|||||
Allowance for loan and lease losses to loans
|
.99
|
|
|
1.02
|
|
|
.99
|
|
|
.99
|
|
|
1.01
|
|
|
(1)
|
Denotes a non-GAAP financial measure. See
"GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
" and Table 2,
"Non-GAAP Measures Reconciliation"
for further information.
|
(2)
|
Includes quarter-to-date average nonaccrual loans of
$12.9 million
for
first quarter 2018
,
$11.4 million
for
fourth quarter 2017
,
$8.0 million
for
third quarter 2017
,
$9.3 million
for
second quarter 2017
and
$9.9 million
for
first quarter 2017
.
|
(3)
|
Net income annualized for the applicable period.
|
(4)
|
Interest income annualized for the applicable period and calculated on a fully tax-equivalent basis using a tax rate of 21% for all periods beginning on or after January 1, 2018 and 35% for all periods prior to January 1, 2018.
|
(5)
|
Noninterest expenses divided by net interest income plus noninterest income.
|
|
For the Three Months Ended
|
||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||||||||
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits in other financial institutions
|
$
|
93,692
|
|
|
$
|
185
|
|
|
.80
|
%
|
|
$
|
85,720
|
|
|
$
|
92
|
|
|
.44
|
%
|
Investment securities
|
893,685
|
|
|
5,986
|
|
|
2.72
|
%
|
|
961,913
|
|
|
5,368
|
|
|
2.26
|
%
|
||||
Loans, excluding purchased credit impaired loans (1)(2)
|
3,430,599
|
|
|
48,501
|
|
|
5.73
|
%
|
|
2,692,517
|
|
|
34,200
|
|
|
5.15
|
%
|
||||
Purchased credit impaired loans
|
167,944
|
|
|
5,946
|
|
|
14.36
|
%
|
|
154,054
|
|
|
7,677
|
|
|
20.21
|
%
|
||||
Total earning assets
|
4,585,920
|
|
|
60,618
|
|
|
5.36
|
%
|
|
3,894,204
|
|
|
47,337
|
|
|
4.93
|
%
|
||||
Total nonearning assets
|
274,810
|
|
|
|
|
|
|
287,757
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,860,730
|
|
|
|
|
|
|
$
|
4,181,961
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing transaction accounts
|
$
|
626,298
|
|
|
$
|
210
|
|
|
.14
|
%
|
|
$
|
602,378
|
|
|
$
|
184
|
|
|
.12
|
%
|
Savings & money market deposits
|
1,594,724
|
|
|
2,980
|
|
|
.76
|
%
|
|
1,388,876
|
|
|
2,056
|
|
|
.60
|
%
|
||||
Time deposits
|
715,514
|
|
|
1,929
|
|
|
1.09
|
%
|
|
456,811
|
|
|
816
|
|
|
.72
|
%
|
||||
Brokered and wholesale time deposits
|
65,749
|
|
|
309
|
|
|
1.91
|
%
|
|
19,926
|
|
|
52
|
|
|
1.06
|
%
|
||||
Other borrowings
|
85,788
|
|
|
277
|
|
|
1.31
|
%
|
|
81,344
|
|
|
131
|
|
|
.65
|
%
|
||||
Total interest-bearing liabilities
|
3,088,073
|
|
|
5,705
|
|
|
.75
|
%
|
|
2,549,335
|
|
|
3,239
|
|
|
.52
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand deposits
|
1,082,559
|
|
|
|
|
|
|
955,515
|
|
|
|
|
|
||||||||
Other liabilities
|
47,311
|
|
|
|
|
|
|
60,102
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
642,787
|
|
|
|
|
|
|
617,009
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,860,730
|
|
|
|
|
|
|
$
|
4,181,961
|
|
|
|
|
|
||||||
Net interest income
|
|
|
$
|
54,913
|
|
|
|
|
|
|
$
|
44,098
|
|
|
|
||||||
Net interest spread
|
|
|
|
|
4.61
|
%
|
|
|
|
|
|
4.41
|
%
|
||||||||
Net interest margin
|
|
|
|
|
4.86
|
%
|
|
|
|
|
|
4.59
|
%
|
||||||||
Cost of funds
|
|
|
|
|
.55
|
%
|
|
|
|
|
|
.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||
|
|
March 31, 2018 vs. 2017
|
||||||||||
|
|
Change Attributable to
|
|
|
||||||||
|
|
Volume
|
|
Rate
|
|
Total Increase (Decrease) (1)
|
||||||
Interest income:
|
|
|
|
|
|
|
||||||
Loans
|
|
$
|
10,126
|
|
|
$
|
4,175
|
|
|
$
|
14,301
|
|
Loan accretion
|
|
645
|
|
|
(2,376
|
)
|
|
(1,731
|
)
|
|||
Investment securities
|
|
(401
|
)
|
|
1,019
|
|
|
618
|
|
|||
Interest-bearing deposits in other financial institutions
|
|
10
|
|
|
83
|
|
|
93
|
|
|||
Total interest income
|
|
10,380
|
|
|
2,901
|
|
|
13,281
|
|
|||
|
|
|
|
|
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
||||||
Deposits
|
|
770
|
|
|
1,550
|
|
|
2,320
|
|
|||
Other borrowings
|
|
7
|
|
|
139
|
|
|
146
|
|
|||
Total interest expense
|
|
777
|
|
|
1,689
|
|
|
2,466
|
|
|||
Net interest income
|
|
$
|
9,603
|
|
|
$
|
1,212
|
|
|
$
|
10,815
|
|
|
|
Three Months Ended March 31
|
||||||
|
2018
|
|
2017
|
||||
Service charges on deposits
|
$
|
1,625
|
|
|
$
|
1,467
|
|
Mortgage banking income
|
2,925
|
|
|
2,894
|
|
||
SBA income
|
1,192
|
|
|
1,178
|
|
||
Payroll and insurance income
|
1,760
|
|
|
1,495
|
|
||
ATM income
|
870
|
|
|
832
|
|
||
Bank-owned life insurance income
|
455
|
|
|
484
|
|
||
Gain on sale of investment securities
|
—
|
|
|
12
|
|
||
Other
|
1,634
|
|
|
1,097
|
|
||
Total noninterest income
|
$
|
10,461
|
|
|
$
|
9,459
|
|
|
Three Months Ended March 31
|
||||||
|
2018
|
|
2017
|
||||
Salaries and employee benefits
|
$
|
26,042
|
|
|
$
|
21,388
|
|
Occupancy and equipment
|
3,496
|
|
|
3,280
|
|
||
Data processing
|
2,896
|
|
|
2,639
|
|
||
Legal and professional fees
|
739
|
|
|
1,805
|
|
||
Merger-related expenses
|
1,264
|
|
|
2,235
|
|
||
Marketing
|
425
|
|
|
664
|
|
||
Federal deposit insurance premiums and other regulatory fees
|
500
|
|
|
397
|
|
||
Loan collection costs and OREO activity
|
166
|
|
|
(1,042
|
)
|
||
Amortization of intangibles
|
651
|
|
|
696
|
|
||
Other
|
3,089
|
|
|
2,503
|
|
||
Total noninterest expense
|
$
|
39,268
|
|
|
$
|
34,565
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
Debt Securities Available-for-Sale
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
U.S. Government securities
|
|
$
|
67,704
|
|
|
$
|
66,759
|
|
|
$
|
70,203
|
|
|
$
|
69,559
|
|
Residential mortgage-backed securities — nonagency
|
|
109,324
|
|
|
112,083
|
|
|
115,639
|
|
|
118,710
|
|
||||
Residential mortgage-backed securities — agency
|
|
576,916
|
|
|
564,051
|
|
|
582,845
|
|
|
575,849
|
|
||||
Corporate securities
|
|
120,426
|
|
|
120,804
|
|
|
107,115
|
|
|
108,337
|
|
||||
Total investment securities available-for-sale
|
|
$
|
874,370
|
|
|
$
|
863,697
|
|
|
$
|
875,802
|
|
|
$
|
872,455
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
Debt Securities Held-to-Maturity
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Asset-backed securities
|
|
$
|
17,423
|
|
|
$
|
17,550
|
|
|
$
|
22,692
|
|
|
$
|
22,951
|
|
Corporate securities
|
|
10,135
|
|
|
10,600
|
|
|
10,160
|
|
|
10,400
|
|
||||
Total investment securities available-for-sale
|
|
$
|
27,558
|
|
|
$
|
28,150
|
|
|
$
|
32,852
|
|
|
$
|
33,351
|
|
Debt Securities Available-for-Sale
|
|
Distribution of Maturities (1)
|
||||||||||||||||||
March 31, 2018
|
|
1 Year or
Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
||||||||||
Amortized Cost (1):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government securities
|
|
$
|
4,998
|
|
|
$
|
62,706
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,704
|
|
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
—
|
|
|
320
|
|
|
109,004
|
|
|
109,324
|
|
|||||
Residential mortgage-backed securities — agency
|
|
4,841
|
|
|
43,022
|
|
|
121,802
|
|
|
407,251
|
|
|
576,916
|
|
|||||
Corporate securities
|
|
30,584
|
|
|
64,504
|
|
|
18,000
|
|
|
7,338
|
|
|
120,426
|
|
|||||
Total debt securities
|
|
$
|
40,423
|
|
|
$
|
170,232
|
|
|
$
|
140,122
|
|
|
$
|
523,593
|
|
|
$
|
874,370
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair Value (1):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government securities
|
|
$
|
4,952
|
|
|
$
|
61,807
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,759
|
|
Residential mortgage-backed securities — nonagency
|
|
—
|
|
|
—
|
|
|
331
|
|
|
111,752
|
|
|
112,083
|
|
|||||
Residential mortgage-backed securities — agency
|
|
4,809
|
|
|
42,057
|
|
|
118,875
|
|
|
398,310
|
|
|
564,051
|
|
|||||
Corporate securities
|
|
30,497
|
|
|
64,221
|
|
|
18,389
|
|
|
7,697
|
|
|
120,804
|
|
|||||
Total debt securities
|
|
$
|
40,258
|
|
|
$
|
168,085
|
|
|
$
|
137,595
|
|
|
$
|
517,759
|
|
|
$
|
863,697
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average yield (2):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total debt securities
|
|
1.97
|
%
|
|
2.07
|
%
|
|
2.08
|
%
|
|
2.90
|
%
|
|
2.57
|
%
|
Debt Securities Held-to-Maturity
|
|
Distribution of Maturities (1)
|
||||||||||||||||||
March 31, 2018
|
|
1 Year or
Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
||||||||||
Amortized Cost (1):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,923
|
|
|
$
|
11,500
|
|
|
$
|
17,423
|
|
Corporate securities
|
|
—
|
|
|
—
|
|
|
10,135
|
|
|
—
|
|
|
10,135
|
|
|||||
Total debt securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,058
|
|
|
$
|
11,500
|
|
|
$
|
27,558
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair Value (1):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset-backed securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,968
|
|
|
$
|
11,582
|
|
|
$
|
17,550
|
|
Corporate securities
|
|
—
|
|
|
—
|
|
|
10,600
|
|
|
—
|
|
|
10,600
|
|
|||||
Total debt securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,568
|
|
|
$
|
11,582
|
|
|
$
|
28,150
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average yield (2):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total debt securities
|
|
—
|
%
|
|
—
|
%
|
|
6.12
|
%
|
|
3.87
|
%
|
|
5.18
|
%
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total Amount
|
|
% of
Gross
Total
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total Amount
|
|
% of
Gross
Total
|
||||||||||||||||||
Construction, land & land development
|
|
$
|
442,942
|
|
|
$
|
24,352
|
|
|
$
|
12,802
|
|
|
$
|
480,096
|
|
|
13.3
|
%
|
|
$
|
412,540
|
|
|
$
|
25,908
|
|
|
$
|
13,545
|
|
|
$
|
451,993
|
|
|
12.8
|
%
|
Other commercial real estate
|
|
941,581
|
|
|
226,893
|
|
|
77,838
|
|
|
1,246,312
|
|
|
34.4
|
%
|
|
949,594
|
|
|
218,660
|
|
|
86,748
|
|
|
1,255,002
|
|
|
35.5
|
%
|
||||||||
Total commercial real estate
|
|
1,384,523
|
|
|
251,245
|
|
|
90,640
|
|
|
1,726,408
|
|
|
47.7
|
%
|
|
1,362,134
|
|
|
244,568
|
|
|
100,293
|
|
|
1,706,995
|
|
|
48.3
|
%
|
||||||||
Residential real estate
|
|
208,960
|
|
|
82,416
|
|
|
36,747
|
|
|
328,123
|
|
|
9.1
|
%
|
|
196,225
|
|
|
96,529
|
|
|
40,332
|
|
|
333,086
|
|
|
9.4
|
%
|
||||||||
Owner-occupied real estate
|
|
253,059
|
|
|
94,900
|
|
|
18,593
|
|
|
366,552
|
|
|
10.1
|
%
|
|
260,273
|
|
|
118,294
|
|
|
20,803
|
|
|
399,370
|
|
|
11.3
|
%
|
||||||||
Commercial, financial & agricultural
|
|
562,566
|
|
|
515,327
|
|
|
11,436
|
|
|
1,089,329
|
|
|
30.1
|
%
|
|
430,205
|
|
|
529,184
|
|
|
14,051
|
|
|
973,440
|
|
|
27.6
|
%
|
||||||||
Leases
|
|
43,787
|
|
|
—
|
|
|
—
|
|
|
43,787
|
|
|
1.2
|
%
|
|
52,396
|
|
|
—
|
|
|
—
|
|
|
52,396
|
|
|
1.5
|
%
|
||||||||
Consumer
|
|
62,423
|
|
|
1,791
|
|
|
108
|
|
|
64,322
|
|
|
1.8
|
%
|
|
64,610
|
|
|
2,161
|
|
|
135
|
|
|
66,906
|
|
|
1.9
|
%
|
||||||||
Total gross loans receivable, net of deferred fees
|
|
2,515,318
|
|
|
945,679
|
|
|
157,524
|
|
|
3,618,521
|
|
|
100.0
|
%
|
|
2,365,843
|
|
|
990,736
|
|
|
175,614
|
|
|
3,532,193
|
|
|
100.0
|
%
|
||||||||
Allowance for loan and lease losses
|
|
(24,882
|
)
|
|
(2,249
|
)
|
|
(4,186
|
)
|
|
(31,317
|
)
|
|
|
|
(24,039
|
)
|
|
(995
|
)
|
|
(3,716
|
)
|
|
(28,750
|
)
|
|
|
||||||||||
Total loans, net
|
|
$
|
2,490,436
|
|
|
$
|
943,430
|
|
|
$
|
153,338
|
|
|
$
|
3,587,204
|
|
|
|
|
$
|
2,341,804
|
|
|
$
|
989,741
|
|
|
$
|
171,898
|
|
|
$
|
3,503,443
|
|
|
|
|
|
Three Months Ended March 31
|
||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total
|
|
Organic Loans
|
|
Purchased Non-Credit Impaired Loans
|
|
Purchased Credit Impaired Loans
|
|
Total
|
||||||||||||||||
Balance, at the beginning of period
|
|
$
|
24,039
|
|
|
$
|
995
|
|
|
$
|
3,716
|
|
|
$
|
28,750
|
|
|
$
|
21,086
|
|
|
$
|
439
|
|
|
$
|
5,073
|
|
|
$
|
26,598
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Construction, land & land development
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Other commercial real estate
|
|
(268
|
)
|
|
—
|
|
|
—
|
|
|
(268
|
)
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
(72
|
)
|
||||||||
Total commercial real estate
|
|
(268
|
)
|
|
—
|
|
|
(33
|
)
|
|
(301
|
)
|
|
—
|
|
|
—
|
|
|
(73
|
)
|
|
(73
|
)
|
||||||||
Residential real estate
|
|
(148
|
)
|
|
—
|
|
|
(45
|
)
|
|
(193
|
)
|
|
(23
|
)
|
|
—
|
|
|
(4
|
)
|
|
(27
|
)
|
||||||||
Owner-occupied real estate
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
(36
|
)
|
||||||||
Commercial, financial & agricultural
|
|
(113
|
)
|
|
(37
|
)
|
|
—
|
|
|
(150
|
)
|
|
(60
|
)
|
|
(45
|
)
|
|
(1
|
)
|
|
(106
|
)
|
||||||||
Leases
|
|
(63
|
)
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
(364
|
)
|
|
—
|
|
|
—
|
|
|
(364
|
)
|
||||||||
Consumer
|
|
(72
|
)
|
|
(3
|
)
|
|
—
|
|
|
(75
|
)
|
|
(93
|
)
|
|
(3
|
)
|
|
—
|
|
|
(96
|
)
|
||||||||
Total charge-offs
|
|
$
|
(664
|
)
|
|
$
|
(40
|
)
|
|
$
|
(88
|
)
|
|
$
|
(792
|
)
|
|
$
|
(540
|
)
|
|
$
|
(48
|
)
|
|
$
|
(114
|
)
|
|
$
|
(702
|
)
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Construction, land & land development
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Residential real estate
|
|
3
|
|
|
8
|
|
|
—
|
|
|
11
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||||
Owner-occupied real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Commercial, financial & agricultural
|
|
81
|
|
|
4
|
|
|
—
|
|
|
85
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||||
Leases
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||||||
Consumer
|
|
20
|
|
|
1
|
|
|
—
|
|
|
21
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
5
|
|
||||||||
Total recoveries
|
|
$
|
133
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
151
|
|
|
$
|
77
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
78
|
|
Net (charge-offs) recoveries
|
|
(531
|
)
|
|
(22
|
)
|
|
(88
|
)
|
|
(641
|
)
|
|
(463
|
)
|
|
(47
|
)
|
|
(114
|
)
|
|
(624
|
)
|
||||||||
Provision for loan and lease losses
|
|
1,374
|
|
|
1,276
|
|
|
558
|
|
|
3,208
|
|
|
1,262
|
|
|
99
|
|
|
(359
|
)
|
|
1,002
|
|
||||||||
Balance, at end of period
|
|
$
|
24,882
|
|
|
$
|
2,249
|
|
|
$
|
4,186
|
|
|
$
|
31,317
|
|
|
$
|
21,885
|
|
|
$
|
491
|
|
|
$
|
4,600
|
|
|
$
|
26,976
|
|
Allowance for loan and lease losses to loans
|
|
.99
|
%
|
|
.24
|
%
|
|
2.66
|
%
|
|
.87
|
%
|
|
1.01
|
%
|
|
.09
|
%
|
|
2.98
|
%
|
|
.94
|
%
|
||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding
|
|
.09
|
%
|
|
.01
|
%
|
|
.21
|
%
|
|
.07
|
%
|
|
.09
|
%
|
|
.03
|
%
|
|
.30
|
%
|
|
.09
|
%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||
|
|
Amount
|
|
% of Loans
to Total
Loans
|
|
Amount
|
|
% of Loans
to Total
Loans
|
||||||
Organic loans
|
|
|
|
|
|
|
|
|
||||||
Construction, land & land development
|
|
$
|
4,393
|
|
|
12.2
|
%
|
|
$
|
3,987
|
|
|
11.7
|
%
|
Other commercial real estate
|
|
7,539
|
|
|
26.0
|
%
|
|
9,050
|
|
|
26.9
|
%
|
||
Total commercial real estate
|
|
11,932
|
|
|
38.2
|
%
|
|
13,037
|
|
|
38.6
|
%
|
||
Residential real estate
|
|
2,894
|
|
|
5.8
|
%
|
|
2,809
|
|
|
5.6
|
%
|
||
Owner-occupied real estate
|
|
2,281
|
|
|
7.0
|
%
|
|
2,075
|
|
|
7.4
|
%
|
||
Commercial, financial & agricultural
|
|
6,230
|
|
|
15.6
|
%
|
|
4,535
|
|
|
12.2
|
%
|
||
Leases
|
|
494
|
|
|
1.2
|
%
|
|
629
|
|
|
1.5
|
%
|
||
Consumer
|
|
1,051
|
|
|
1.7
|
%
|
|
954
|
|
|
1.8
|
%
|
||
Total allowance for organic loans
|
|
$
|
24,882
|
|
|
69.5
|
%
|
|
$
|
24,039
|
|
|
67.1
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Purchased Non-credit Impaired loans
|
|
|
|
|
|
|
|
|
||||||
Construction, land & land development
|
|
$
|
156
|
|
|
0.7
|
%
|
|
$
|
133
|
|
|
0.7
|
%
|
Other commercial real estate
|
|
180
|
|
|
6.3
|
%
|
|
97
|
|
|
6.2
|
%
|
||
Total commercial real estate
|
|
336
|
|
|
7.0
|
%
|
|
230
|
|
|
6.9
|
%
|
||
Residential real estate
|
|
524
|
|
|
2.3
|
%
|
|
664
|
|
|
2.7
|
%
|
||
Owner-occupied real estate
|
|
316
|
|
|
2.6
|
%
|
|
88
|
|
|
3.3
|
%
|
||
Commercial, financial & agricultural
|
|
1,067
|
|
|
14.2
|
%
|
|
8
|
|
|
15.0
|
%
|
||
Consumer
|
|
6
|
|
|
0.1
|
%
|
|
5
|
|
|
0.1
|
%
|
||
Total allowance for purchased non-credit impaired loans
|
|
$
|
2,249
|
|
|
26.2
|
%
|
|
$
|
995
|
|
|
28.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Purchased Credit Impaired loans
|
|
|
|
|
|
|
|
|
||||||
Construction, land & land development
|
|
$
|
1,141
|
|
|
0.4
|
%
|
|
$
|
743
|
|
|
0.4
|
%
|
Other commercial real estate
|
|
1,163
|
|
|
2.1
|
%
|
|
963
|
|
|
2.4
|
%
|
||
Total commercial real estate
|
|
2,304
|
|
|
2.5
|
%
|
|
1,706
|
|
|
2.8
|
%
|
||
Residential real estate
|
|
830
|
|
|
1.0
|
%
|
|
1,242
|
|
|
1.1
|
%
|
||
Owner-occupied real estate
|
|
825
|
|
|
0.5
|
%
|
|
718
|
|
|
0.6
|
%
|
||
Commercial, financial & agricultural
|
|
217
|
|
|
0.3
|
%
|
|
42
|
|
|
0.4
|
%
|
||
Consumer
|
|
10
|
|
|
—
|
%
|
|
8
|
|
|
—
|
%
|
||
Total allowance for purchased credit impaired loans
|
|
$
|
4,186
|
|
|
4.3
|
%
|
|
$
|
3,716
|
|
|
4.9
|
%
|
Total allowance for loan and lease losses
|
|
$
|
31,317
|
|
|
100.0
|
%
|
|
$
|
28,750
|
|
|
100.0
|
%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
Nonperforming Assets
|
|
Organic Assets
|
|
Purchased Non-Credit Impaired
|
|
Purchased Credit Impaired
|
|
Total
|
|
Organic Assets
|
|
Purchased Non-Credit Impaired
|
|
Purchased Credit Impaired
|
|
Total
|
||||||||||||||||
Nonaccrual loans
|
|
$
|
9,186
|
|
|
$
|
6,356
|
|
|
$
|
—
|
|
|
$
|
15,542
|
|
|
$
|
6,656
|
|
|
$
|
5,821
|
|
|
$
|
—
|
|
|
$
|
12,477
|
|
Accruing TDRs
|
|
556
|
|
|
2,769
|
|
|
—
|
|
|
3,325
|
|
|
566
|
|
|
—
|
|
|
—
|
|
|
566
|
|
||||||||
Total nonperforming loans
|
|
9,742
|
|
|
9,125
|
|
|
—
|
|
|
18,867
|
|
|
7,222
|
|
|
5,821
|
|
|
—
|
|
|
13,043
|
|
||||||||
Other real estate owned
|
|
3,231
|
|
|
—
|
|
|
976
|
|
|
4,207
|
|
|
153
|
|
|
—
|
|
|
742
|
|
|
895
|
|
||||||||
Total nonperforming assets
|
|
$
|
12,973
|
|
|
$
|
9,125
|
|
|
$
|
976
|
|
|
$
|
23,074
|
|
|
$
|
7,375
|
|
|
$
|
5,821
|
|
|
$
|
742
|
|
|
$
|
13,938
|
|
Nonperforming loans to total loans
|
|
.39
|
%
|
|
.96
|
%
|
|
—
|
%
|
|
.52
|
%
|
|
.31
|
%
|
|
.59
|
%
|
|
—
|
%
|
|
.37
|
%
|
||||||||
Nonperforming assets to total loans and other real estate owned
|
|
.52
|
%
|
|
.96
|
%
|
|
.62
|
%
|
|
.64
|
%
|
|
.31
|
%
|
|
.59
|
%
|
|
.42
|
%
|
|
.39
|
%
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
||||||
Noninterest-bearing demand deposits
|
$
|
1,089,579
|
|
|
26.0
|
%
|
|
$
|
1,191,106
|
|
|
28.1
|
%
|
Interest-bearing transaction accounts
|
633,542
|
|
|
15.1
|
%
|
|
688,150
|
|
|
16.2
|
%
|
||
Savings and money market deposits
|
1,602,908
|
|
|
38.3
|
%
|
|
1,626,238
|
|
|
38.3
|
%
|
||
Time deposits
|
713,869
|
|
|
17.1
|
%
|
|
715,133
|
|
|
16.9
|
%
|
||
Brokered and wholesale time deposits
|
144,534
|
|
|
3.5
|
%
|
|
22,508
|
|
|
.5
|
%
|
||
Total deposits
|
$
|
4,184,432
|
|
|
100.0
|
%
|
|
$
|
4,243,135
|
|
|
100.0
|
%
|
|
Three Months Ended March 31
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Average
Amount
|
|
Average Rate
|
|
Average
Amount
|
|
Average Rate
|
||||||
Noninterest-bearing demand deposits
|
$
|
1,082,559
|
|
|
—
|
%
|
|
$
|
955,515
|
|
|
—
|
%
|
Interest-bearing transaction accounts
|
626,298
|
|
|
.14
|
%
|
|
602,378
|
|
|
.12
|
%
|
||
Savings and money market deposits
|
1,594,724
|
|
|
.76
|
%
|
|
1,388,876
|
|
|
.60
|
%
|
||
Time deposits
|
715,514
|
|
|
1.09
|
%
|
|
456,811
|
|
|
.72
|
%
|
||
Brokered and wholesale time deposits
|
65,749
|
|
|
1.91
|
%
|
|
19,926
|
|
|
1.06
|
%
|
||
Total deposits
|
$
|
4,084,844
|
|
|
|
|
$
|
3,423,506
|
|
|
|
Capital Ratio Requirements
|
|
Minimum
Requirement
|
|
Well-capitalized (1)
|
CET1 capital ratio
|
|
4.50%
|
|
6.50%
|
Tier 1 risk-based capital ratio
|
|
6.00%
|
|
8.00%
|
Total risk-based capital ratio
|
|
8.00%
|
|
10.00%
|
Tier 1 leverage ratio
|
|
4.00%
|
|
5.00%
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||
Company
|
|
|
|
||
Tier 1 leverage ratio
|
11.69
|
%
|
|
11.24
|
%
|
CET1 capital ratio
|
12.44
|
|
|
12.61
|
|
Tier 1 risk-based capital ratio
|
12.44
|
|
|
12.61
|
|
Total risk-based capital ratio
|
13.14
|
|
|
13.28
|
|
|
|
|
|
||
State Bank
|
|
|
|
||
Tier 1 leverage ratio
|
9.96
|
%
|
|
9.90
|
%
|
CET1 capital ratio
|
10.61
|
|
|
11.10
|
|
Tier 1 risk-based capital ratio
|
10.61
|
|
|
11.10
|
|
Total risk-based capital ratio
|
11.31
|
|
|
11.77
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
March 31, 2018
|
|
Total
|
|
Less Than
1 Year
|
|
1 to 3 Years
|
|
3 to 5 Years
|
|
More Than 5 Years
|
||||||||||
Contractual Obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits, including accrued interest payable
|
|
$
|
862,187
|
|
|
$
|
646,627
|
|
|
$
|
200,006
|
|
|
$
|
15,534
|
|
|
$
|
20
|
|
Operating lease obligations
|
|
20,399
|
|
|
4,507
|
|
|
6,784
|
|
|
6,301
|
|
|
2,807
|
|
|||||
Total contractual obligations
|
|
$
|
882,586
|
|
|
$
|
651,134
|
|
|
$
|
206,790
|
|
|
$
|
21,835
|
|
|
$
|
2,827
|
|
|
|
% Change in Projected Baseline
Net Interest Income
|
||||||
Shift in Interest Rates
(in basis points)
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
+200
|
|
10.71
|
|
%
|
|
10.66
|
|
%
|
+100
|
|
5.47
|
|
|
|
5.38
|
|
|
-100
|
|
(6.15
|
)
|
|
|
(7.93
|
)
|
|
-200
|
|
Not meaningful
|
|
|
|
Not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
Named Executive Officer
|
|
Number of Shares of Restricted Stock
|
Sheila E. Ray
|
|
10,000
|
Remer Y. Brinson
|
|
5,000
|
Bradford L. Watkins
|
|
10,000
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
|
|
Separation Agreement dated February 1, 2010, by and between State Bank and Trust Company and Bradford L. Watkins
|
|
|
|
|
|
Form of Restricted Stock Agreement
|
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer
|
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer
|
|
|
|
|
|
Section 1350 Certifications
|
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017, (ii) Consolidated Statements of Income for the three months ended March 31, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018 and 2017, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the three months ended March 31, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017 and (vi) Notes to Consolidated Financial Statements.
|
|
|
STATE BANK FINANCIAL CORPORATION
|
|
|
|
May 4, 2018
|
By:
|
/s/ J. Thomas Wiley, Jr.
|
|
|
J. Thomas Wiley, Jr.
|
|
|
Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
May 4, 2018
|
By:
|
/s/ Sheila E. Ray
|
|
|
Sheila E. Ray
|
|
|
Chief Financial Officer and Chief Operating Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit No.
|
|
Description of Exhibit
|
|
|
|
|
Separation Agreement dated February 1, 2010, by and between State Bank and Trust Company and Bradford L. Watkins
|
|
|
|
|
|
Form of Restricted Stock Agreement
|
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer
|
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer
|
|
|
|
|
|
Section 1350 Certifications
|
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in eXtensible Business Reporting Language (XBRL); (i) Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017, (ii) Consolidated Statements of Income for the three months ended March 31, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018 and 2017, (iv) Consolidated Statement of Changes in Shareholders’ Equity for the three months ended March 31, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017 and (vi) Notes to Consolidated Financial Statements.
|
1 Year State Bank Financial Corp.. (delisted) Chart |
1 Month State Bank Financial Corp.. (delisted) Chart |
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