ý | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Mississippi | 64-0676974 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
209 Troy Street, Tupelo, Mississippi | 38804-4827 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | o |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Page | ||
PART I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 1 | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(Unaudited) | |||||||
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Cash and due from banks | $ | 128,758 | $ | 95,793 | |||
Interest-bearing balances with banks | 75,091 | 65,790 | |||||
Cash and cash equivalents | 203,849 | 161,583 | |||||
Securities held to maturity (fair value of $490,233 and $442,488, respectively) | 476,752 | 430,163 | |||||
Securities available for sale, at fair value | 662,801 | 553,584 | |||||
Mortgage loans held for sale, at fair value | 317,681 | 25,628 | |||||
Loans, net of unearned income: | |||||||
Acquired and covered by FDIC loss-share agreements ("acquired covered loans") | 100,839 | 143,041 | |||||
Acquired and not covered by FDIC loss-share agreements ("acquired non-covered loans") | 1,570,116 | 577,347 | |||||
Not acquired | 3,607,005 | 3,267,486 | |||||
Total loans, net of unearned income | 5,277,960 | 3,987,874 | |||||
Allowance for loan losses | (42,051 | ) | (42,289 | ) | |||
Loans, net | 5,235,909 | 3,945,585 | |||||
Premises and equipment, net | 167,642 | 113,735 | |||||
Other real estate owned: | |||||||
Covered under FDIC loss-share agreements | 3,183 | 6,368 | |||||
Not covered under FDIC loss-share agreements | 33,151 | 28,104 | |||||
Total other real estate owned, net | 36,334 | 34,472 | |||||
Goodwill | 452,037 | 274,706 | |||||
Other intangible assets, net | 30,562 | 22,624 | |||||
FDIC loss-share indemnification asset | 8,044 | 12,516 | |||||
Other assets | 327,121 | 230,533 | |||||
Total assets | $ | 7,918,732 | $ | 5,805,129 | |||
Liabilities and shareholders’ equity | |||||||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 1,303,884 | $ | 919,872 | |||
Interest-bearing | 4,930,677 | 3,918,546 | |||||
Total deposits | 6,234,561 | 4,838,418 | |||||
Short-term borrowings | 402,122 | 32,403 | |||||
Long-term debt | 149,618 | 156,422 | |||||
Other liabilities | 99,732 | 66,235 | |||||
Total liabilities | 6,886,033 | 5,093,478 | |||||
Shareholders’ equity | |||||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Common stock, $5.00 par value – 75,000,000 shares authorized, 41,292,045 and 32,656,166 shares issued, respectively; 40,268,455 and 31,545,145 shares outstanding, respectively | 206,460 | 163,281 | |||||
Treasury stock, at cost | (22,010 | ) | (22,128 | ) | |||
Additional paid-in capital | 592,132 | 345,213 | |||||
Retained earnings | 262,057 | 232,883 | |||||
Accumulated other comprehensive loss, net of taxes | (5,940 | ) | (7,598 | ) | |||
Total shareholders’ equity | 1,032,699 | 711,651 | |||||
Total liabilities and shareholders’ equity | $ | 7,918,732 | $ | 5,805,129 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 67,527 | $ | 49,833 | $ | 165,418 | $ | 150,658 | |||||||
Securities | |||||||||||||||
Taxable | 4,193 | 4,144 | 12,634 | 12,998 | |||||||||||
Tax-exempt | 2,529 | 2,308 | 7,029 | 6,821 | |||||||||||
Other | 51 | 73 | 154 | 335 | |||||||||||
Total interest income | 74,300 | 56,358 | 185,235 | 170,812 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 3,547 | 3,915 | 10,155 | 12,424 | |||||||||||
Borrowings | 2,073 | 1,971 | 5,888 | 5,776 | |||||||||||
Total interest expense | 5,620 | 5,886 | 16,043 | 18,200 | |||||||||||
Net interest income | 68,680 | 50,472 | 169,192 | 152,612 | |||||||||||
Provision for loan losses | 750 | 2,217 | 3,000 | 5,117 | |||||||||||
Net interest income after provision for loan losses | 67,930 | 48,255 | 166,192 | 147,495 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 8,151 | 7,107 | 21,008 | 19,851 | |||||||||||
Fees and commissions | 5,704 | 5,877 | 15,150 | 15,729 | |||||||||||
Insurance commissions | 2,381 | 2,270 | 6,467 | 6,221 | |||||||||||
Wealth management revenue | 2,871 | 2,197 | 7,309 | 6,511 | |||||||||||
Gains on sales of securities | — | 375 | 96 | 375 | |||||||||||
BOLI income | 1,110 | 811 | 2,668 | 2,288 | |||||||||||
Gains on sales of mortgage loans held for sale | 10,578 | 2,635 | 20,618 | 6,226 | |||||||||||
Other | 1,322 | 1,291 | 3,622 | 3,449 | |||||||||||
Total noninterest income | 32,117 | 22,563 | 76,938 | 60,650 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 43,048 | 29,569 | 101,702 | 87,807 | |||||||||||
Data processing | 3,773 | 2,906 | 10,106 | 8,451 | |||||||||||
Net occupancy and equipment | 7,733 | 5,353 | 18,816 | 15,106 | |||||||||||
Other real estate owned | 861 | 1,101 | 2,347 | 3,870 | |||||||||||
Professional fees | 1,242 | 1,018 | 3,238 | 3,607 | |||||||||||
Advertising and public relations | 1,567 | 1,133 | 4,351 | 4,549 | |||||||||||
Intangible amortization | 1,803 | 1,381 | 4,317 | 4,279 | |||||||||||
Communications | 2,339 | 1,079 | 5,263 | 4,462 | |||||||||||
Merger-related expenses | 7,746 | — | 9,691 | 195 | |||||||||||
Other | 5,973 | 4,635 | 14,844 | 12,890 | |||||||||||
Total noninterest expense | 76,085 | 48,175 | 174,675 | 145,216 | |||||||||||
Income before income taxes | 23,962 | 22,643 | 68,455 | 62,929 | |||||||||||
Income taxes | 7,742 | 7,108 | 21,601 | 18,944 | |||||||||||
Net income | $ | 16,220 | $ | 15,535 | $ | 46,854 | $ | 43,985 | |||||||
Basic earnings per share | $ | 0.40 | $ | 0.49 | $ | 1.36 | $ | 1.40 | |||||||
Diluted earnings per share | $ | 0.40 | $ | 0.49 | $ | 1.35 | $ | 1.39 | |||||||
Cash dividends per common share | $ | 0.17 | $ | 0.17 | $ | 0.51 | $ | 0.51 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 16,220 | $ | 15,535 | $ | 46,854 | $ | 43,985 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Securities: | |||||||||||||||
Net change in unrealized holding gains on securities | 3,717 | 866 | 2,505 | 4,856 | |||||||||||
Reclassification adjustment for gains realized in net income | — | (232 | ) | (60 | ) | (232 | ) | ||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (26 | ) | (38 | ) | (86 | ) | (121 | ) | |||||||
Total securities | 3,691 | 596 | 2,359 | 4,503 | |||||||||||
Derivative instruments: | |||||||||||||||
Net change in unrealized holding (losses) gains on derivative instruments | (1,075 | ) | 42 | (881 | ) | (773 | ) | ||||||||
Totals derivative instruments | (1,075 | ) | 42 | (881 | ) | (773 | ) | ||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||
Amortization of net actuarial loss recognized in net periodic pension cost | 55 | 47 | 180 | 137 | |||||||||||
Total defined benefit pension and post-retirement benefit plans | 55 | 47 | 180 | 137 | |||||||||||
Other comprehensive income, net of tax | 2,671 | 685 | 1,658 | 3,867 | |||||||||||
Comprehensive income | $ | 18,891 | $ | 16,220 | $ | 48,512 | $ | 47,852 |
Nine Months Ended September 30, | |||||||
2015 | 2014 | ||||||
Operating activities | |||||||
Net income | $ | 46,854 | $ | 43,985 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 3,000 | 5,117 | |||||
Depreciation, amortization and accretion | 5,053 | 5,658 | |||||
Deferred income tax expense | 3,794 | 12,237 | |||||
Funding of mortgage loans held for sale | (992,555 | ) | (408,863 | ) | |||
Proceeds from sales of mortgage loans held for sale | 1,069,625 | 418,090 | |||||
Gains on sales of mortgage loans held for sale | (20,618 | ) | (6,226 | ) | |||
Gains on sales of securities | (96 | ) | (375 | ) | |||
Losses (gains) on sales of premises and equipment | 37 | (58 | ) | ||||
Stock-based compensation | 2,739 | 3,162 | |||||
Decrease in FDIC loss-share indemnification asset, net of accretion | 5,202 | 10,227 | |||||
Decrease in other assets | 17,182 | 16,429 | |||||
Decrease in other liabilities | (11,047 | ) | (9,526 | ) | |||
Net cash provided by operating activities | $ | 129,170 | $ | 89,857 | |||
Investing activities | |||||||
Purchases of securities available for sale | (54,256 | ) | (100,129 | ) | |||
Proceeds from sales of securities available for sale | 8,444 | 1,099 | |||||
Proceeds from call/maturities of securities available for sale | 83,488 | 60,202 | |||||
Purchases of securities held to maturity | (137,776 | ) | (154,126 | ) | |||
Proceeds from call/maturities of securities held to maturity | 121,438 | 130,206 | |||||
Net increase in loans | (177,740 | ) | (82,319 | ) | |||
Purchases of premises and equipment | (19,364 | ) | (12,494 | ) | |||
Proceeds from sales of premises and equipment | 448 | — | |||||
Net cash received in acquisition | 35,787 | — | |||||
Net cash used in investing activities | (139,531 | ) | (157,561 | ) | |||
Financing activities | |||||||
Net increase in noninterest-bearing deposits | 107,728 | 79,524 | |||||
Net decrease in interest-bearing deposits | (85,693 | ) | (157,766 | ) | |||
Net increase in short-term borrowings | 355,063 | 63,363 | |||||
Proceeds from long-term borrowings | 42 | — | |||||
Repayment of long-term debt | (307,230 | ) | (7,864 | ) | |||
Cash paid for dividends | (17,681 | ) | (16,135 | ) | |||
Cash received on exercise of stock-based compensation | 102 | 401 | |||||
Excess tax benefit from stock-based compensation | 296 | 1,127 | |||||
Net cash provided by (used in) financing activities | 52,627 | (37,350 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 42,266 | (105,054 | ) | ||||
Cash and cash equivalents at beginning of period | 161,583 | 246,648 | |||||
Cash and cash equivalents at end of period | $ | 203,849 | $ | 141,594 | |||
Supplemental disclosures | |||||||
Cash paid for interest | $ | 15,936 | $ | 18,674 | |||
Cash paid for income taxes | $ | 10,768 | $ | 9,300 | |||
Noncash transactions: | |||||||
Transfers of loans to other real estate owned | $ | 12,268 | $ | 8,318 | |||
Financed sales of other real estate owned | $ | 1,017 | $ | 860 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
September 30, 2015 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 120,602 | $ | 32 | $ | (883 | ) | $ | 119,751 | ||||||
Obligations of states and political subdivisions | 356,150 | 14,742 | (410 | ) | 370,482 | ||||||||||
$ | 476,752 | $ | 14,774 | $ | (1,293 | ) | $ | 490,233 | |||||||
December 31, 2014 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 125,081 | $ | 10 | $ | (2,915 | ) | $ | 122,176 | ||||||
Obligations of states and political subdivisions | 305,082 | 15,428 | (198 | ) | 320,312 | ||||||||||
$ | 430,163 | $ | 15,438 | $ | (3,113 | ) | $ | 442,488 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
September 30, 2015 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,100 | $ | 150 | $ | (2 | ) | $ | 6,248 | ||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 362,702 | 5,740 | (892 | ) | 367,550 | ||||||||||
Government agency collateralized mortgage obligations | 178,546 | 2,422 | (1,542 | ) | 179,426 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 59,544 | 1,623 | (14 | ) | 61,153 | ||||||||||
Government agency collateralized mortgage obligations | 5,211 | 237 | — | 5,448 | |||||||||||
Trust preferred securities | 24,807 | — | (5,917 | ) | 18,890 | ||||||||||
Other debt securities | 19,607 | 548 | (20 | ) | 20,135 | ||||||||||
Other equity securities | 2,500 | 1,451 | — | 3,951 | |||||||||||
$ | 659,017 | $ | 12,171 | $ | (8,387 | ) | $ | 662,801 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,119 | $ | 147 | $ | (119 | ) | $ | 6,147 | ||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 292,283 | 4,908 | (832 | ) | 296,359 | ||||||||||
Government agency collateralized mortgage obligations | 158,436 | 1,523 | (2,523 | ) | 157,436 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 45,714 | 1,608 | (137 | ) | 47,185 | ||||||||||
Government agency collateralized mortgage obligations | 4,970 | 202 | — | 5,172 | |||||||||||
Trust preferred securities | 26,400 | 137 | (6,781 | ) | 19,756 | ||||||||||
Other debt securities | 17,517 | 487 | (74 | ) | 17,930 | ||||||||||
Other equity securities | 2,331 | 1,268 | — | 3,599 | |||||||||||
$ | 553,770 | $ | 10,280 | $ | (10,466 | ) | $ | 553,584 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | 375 | $ | 96 | $ | 375 | |||||||
Gross losses on sales of securities available for sale | — | — | — | — | |||||||||||
Gain on sales of securities available for sale, net | $ | — | $ | 375 | $ | 96 | $ | 375 |
Held to Maturity | Available for Sale | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 15,035 | $ | 15,227 | $ | — | $ | — | |||||||
Due after one year through five years | 86,835 | 89,467 | 6,100 | 6,248 | |||||||||||
Due after five years through ten years | 237,759 | 242,027 | — | — | |||||||||||
Due after ten years | 137,123 | 143,512 | 24,807 | 18,890 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 362,702 | 367,550 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 178,546 | 179,426 | |||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 59,544 | 61,153 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 5,211 | 5,448 | |||||||||||
Other debt securities | — | — | 19,607 | 20,135 | |||||||||||
Other equity securities | — | — | 2,500 | 3,951 | |||||||||||
$ | 476,752 | $ | 490,233 | $ | 659,017 | $ | 662,801 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
# | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | # | Fair Value | Unrealized Losses | |||||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||||||||
September 30, 2015 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 11 | $ | 45,255 | $ | (230 | ) | 12 | $ | 55,050 | $ | (653 | ) | 23 | $ | 100,305 | $ | (883 | ) | |||||||||||
Obligations of states and political subdivisions | 35 | 26,941 | (305 | ) | 6 | 3,861 | (105 | ) | 41 | 30,802 | (410 | ) | |||||||||||||||||
Total | 46 | $ | 72,196 | $ | (535 | ) | 18 | $ | 58,911 | $ | (758 | ) | 64 | 131,107 | $ | (1,293 | ) | ||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 2 | $ | 1,000 | $ | (1 | ) | 26 | $ | 119,174 | $ | (2,914 | ) | 28 | $ | 120,174 | $ | (2,915 | ) | |||||||||||
Obligations of states and political subdivisions | 3 | 3,353 | (29 | ) | 16 | 10,052 | (169 | ) | 19 | 13,405 | (198 | ) | |||||||||||||||||
Total | 5 | $ | 4,353 | $ | (30 | ) | 42 | $ | 129,226 | $ | (3,083 | ) | 47 | $ | 133,579 | $ | (3,113 | ) | |||||||||||
Available for Sale: | |||||||||||||||||||||||||||||
September 30, 2015 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 1 | $ | 3,998 | $ | (2 | ) | 0 | $ | — | $ | — | 1 | $ | 3,998 | $ | (2 | ) | ||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 14 | 51,459 | (184 | ) | 9 | 28,867 | (708 | ) | 23 | 80,326 | (892 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 3 | 6,995 | (35 | ) | 16 | 54,514 | (1,507 | ) | 19 | 61,509 | (1,542 | ) | |||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 2 | 1,144 | (11 | ) | 1 | 820 | (3 | ) | 3 | 1,964 | (14 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | ||||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 18,890 | (5,917 | ) | 3 | 18,890 | (5,917 | ) | ||||||||||||||||||
Other debt securities | 0 | — | — | 2 | 4,051 | (20 | ) | 2 | 4,051 | (20 | ) | ||||||||||||||||||
Total | 20 | $ | 63,596 | $ | (232 | ) | 31 | $ | 107,142 | $ | (8,155 | ) | 51 | $ | 170,738 | $ | (8,387 | ) | |||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | 0 | $ | — | $ | — | 1 | $ | 3,881 | $ | (119 | ) | 1 | $ | 3,881 | $ | (119 | ) | ||||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 3 | 18,924 | (39 | ) | 13 | 49,612 | (793 | ) | 16 | 68,536 | (832 | ) | |||||||||||||||||
Government agency collateralized mortgage obligations | 6 | 32,169 | (138 | ) | 18 | 65,552 | (2,385 | ) | 24 | 97,721 | (2,523 | ) | |||||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||||||||
Government agency mortgage backed securities | 0 | — | — | 3 | 10,651 | (137 | ) | 3 | 10,651 | (137 | ) | ||||||||||||||||||
Government agency collateralized mortgage obligations | 0 | — | — | 0 | — | — | 0 | — | — | ||||||||||||||||||||
Trust preferred securities | 0 | — | — | 3 | 18,503 | (6,781 | ) | 3 | 18,503 | (6,781 | ) | ||||||||||||||||||
Other debt securities | 0 | — | — | 2 | 4,175 | (74 | ) | 2 | 4,175 | (74 | ) | ||||||||||||||||||
Other equity securities | 0 | — | — | 0 | — | — | 0 | — | — | ||||||||||||||||||||
Total | 9 | $ | 51,093 | $ | (177 | ) | 40 | $ | 152,374 | $ | (10,289 | ) | 49 | $ | 203,467 | $ | (10,466 | ) |
Name | Single/ Pooled | Class/ Tranche | Amortized Cost | Fair Value | Unrealized Loss | Lowest Credit Rating | Issuers Currently in Deferral or Default | |||||||||||||
XXIII | Pooled | B-2 | $ | 8,510 | $ | 5,882 | $ | (2,628 | ) | Baa3 | 18 | % | ||||||||
XXIV | Pooled | B-2 | 12,076 | 9,963 | (2,113 | ) | Caa2 | 31 | % | |||||||||||
XXVI | Pooled | B-2 | 4,221 | 3,045 | (1,176 | ) | Ba3 | 26 | % | |||||||||||
$ | 24,807 | $ | 18,890 | $ | (5,917 | ) |
2015 | 2014 | ||||||
Balance at January 1 | $ | (3,337 | ) | $ | (3,337 | ) | |
Additions related to credit losses for which OTTI was not previously recognized | — | — | |||||
Increases in credit loss for which OTTI was previously recognized | — | — | |||||
Balance at September 30 | $ | (3,337 | ) | $ | (3,337 | ) |
September 30, 2015 | December 31, 2014 | ||||||
Commercial, financial, agricultural | $ | 621,121 | $ | 483,283 | |||
Lease financing | 25,190 | 10,427 | |||||
Real estate – construction | 339,370 | 212,061 | |||||
Real estate – 1-4 family mortgage | 1,662,505 | 1,236,360 | |||||
Real estate – commercial mortgage | 2,516,889 | 1,956,914 | |||||
Installment loans to individuals | 113,377 | 89,142 | |||||
Gross loans | 5,278,452 | 3,988,187 | |||||
Unearned income | (492 | ) | (313 | ) | |||
Loans, net of unearned income | 5,277,960 | 3,987,874 | |||||
Allowance for loan losses | (42,051 | ) | (42,289 | ) | |||
Net loans | $ | 5,235,909 | $ | 3,945,585 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||
September 30, 2015 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 928 | $ | 1,146 | $ | 618,263 | $ | 620,337 | $ | — | $ | 503 | $ | 281 | $ | 784 | $ | 621,121 | |||||||||||||||||
Lease financing | — | — | 24,771 | 24,771 | — | 419 | — | 419 | 25,190 | ||||||||||||||||||||||||||
Real estate – construction | 789 | — | 338,581 | 339,370 | — | — | — | — | 339,370 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 8,947 | 5,789 | 1,635,107 | 1,649,843 | 296 | 3,618 | 8,748 | 12,662 | 1,662,505 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 6,918 | 6,614 | 2,483,675 | 2,497,207 | 560 | 9,285 | 9,837 | 19,682 | 2,516,889 | ||||||||||||||||||||||||||
Installment loans to individuals | 434 | 65 | 112,837 | 113,336 | — | 34 | 7 | 41 | 113,377 | ||||||||||||||||||||||||||
Unearned income | — | — | (492 | ) | (492 | ) | — | — | — | — | (492 | ) | |||||||||||||||||||||||
Total | $ | 18,016 | $ | 13,614 | $ | 5,212,742 | $ | 5,244,372 | $ | 856 | $ | 13,859 | $ | 18,873 | $ | 33,588 | $ | 5,277,960 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 1,113 | $ | 636 | $ | 480,332 | $ | 482,081 | $ | 16 | $ | 820 | $ | 366 | $ | 1,202 | $ | 483,283 | |||||||||||||||||
Lease financing | 462 | — | 9,965 | 10,427 | — | — | — | — | 10,427 | ||||||||||||||||||||||||||
Real estate – construction | — | 37 | 211,860 | 211,897 | — | 164 | — | 164 | 212,061 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 8,398 | 2,382 | 1,212,214 | 1,222,994 | 355 | 4,604 | 8,407 | 13,366 | 1,236,360 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 6,924 | 7,637 | 1,912,758 | 1,927,319 | 1,826 | 16,928 | 10,841 | 29,595 | 1,956,914 | ||||||||||||||||||||||||||
Installment loans to individuals | 269 | 21 | 88,782 | 89,072 | — | 59 | 11 | 70 | 89,142 | ||||||||||||||||||||||||||
Unearned income | — | — | (313 | ) | (313 | ) | — | — | — | — | (313 | ) | |||||||||||||||||||||||
Total | $ | 17,166 | $ | 10,713 | $ | 3,915,598 | $ | 3,943,477 | $ | 2,197 | $ | 22,575 | $ | 19,625 | $ | 44,397 | $ | 3,987,874 |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
September 30, 2015 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 8,456 | $ | 6,529 | $ | 49 | $ | 6,578 | $ | 599 | |||||||||
Real estate – construction | — | — | — | — | — | ||||||||||||||
Real estate – 1-4 family mortgage | 43,363 | 32,769 | 6,118 | 38,887 | 4,773 | ||||||||||||||
Real estate – commercial mortgage | 99,819 | 79,292 | 9,379 | 88,671 | 4,374 | ||||||||||||||
Installment loans to individuals | 811 | 499 | 7 | 506 | 1 | ||||||||||||||
Total | $ | 152,449 | $ | 119,089 | $ | 15,553 | $ | 134,642 | $ | 9,747 | |||||||||
December 31, 2014 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 4,871 | $ | 984 | $ | 1,375 | $ | 2,359 | $ | 171 | |||||||||
Real estate – construction | 164 | 164 | — | 164 | — | ||||||||||||||
Real estate – 1-4 family mortgage | 31,906 | 18,401 | 7,295 | 25,696 | 4,824 | ||||||||||||||
Real estate – commercial mortgage | 90,196 | 29,079 | 28,784 | 57,863 | 5,767 | ||||||||||||||
Installment loans to individuals | 397 | 21 | 51 | 72 | — | ||||||||||||||
Totals | $ | 127,534 | $ | 48,649 | $ | 37,505 | $ | 86,154 | $ | 10,762 |
Three Months Ended | Three Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2014 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 6,763 | $ | 10 | $ | 4,167 | $ | 160 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | — | — | 1,997 | 96 | |||||||||||
Real estate – 1-4 family mortgage | 40,410 | 46 | 26,378 | 808 | |||||||||||
Real estate – commercial mortgage | 91,323 | 152 | 74,648 | 3,110 | |||||||||||
Installment loans to individuals | 520 | 1 | 141 | 13 | |||||||||||
Total | $ | 139,016 | $ | 209 | $ | 107,331 | $ | 4,187 |
Nine Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2014 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
Commercial, financial, agricultural | $ | 6,519 | $ | 184 | $ | 4,399 | $ | 165 | |||||||
Real estate – construction | — | — | 2,023 | 98 | |||||||||||
Real estate – 1-4 family mortgage | 40,203 | 917 | 27,122 | 843 | |||||||||||
Real estate – commercial mortgage | 93,107 | 2,764 | 80,402 | 3,174 | |||||||||||
Installment loans to individuals | 531 | 13 | 147 | 13 | |||||||||||
Total | $ | 140,360 | $ | 3,878 | $ | 114,093 | $ | 4,293 |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
September 30, 2015 | ||||||||||
Commercial, financial, agricultural | 2 | $ | 507 | $ | 460 | |||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 60 | 6,084 | 5,563 | |||||||
Real estate – commercial mortgage | 25 | 14,324 | 12,791 | |||||||
Installment loans to individuals | 1 | 67 | 67 | |||||||
Total | 88 | $ | 20,982 | $ | 18,881 | |||||
December 31, 2014 | ||||||||||
Commercial, financial, agricultural | 2 | $ | 507 | $ | 507 | |||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 35 | 5,212 | 4,567 | |||||||
Real estate – commercial mortgage | 16 | 10,590 | 9,263 | |||||||
Installment loans to individuals | — | — | — | |||||||
Total | 53 | $ | 16,309 | $ | 14,337 |
Number of Loans | Recorded Investment | |||||
Totals at January 1, 2015 | 53 | $ | 14,337 | |||
Additional loans with concessions | 53 | 12,662 | ||||
Reductions due to: | ||||||
Reclassified as nonperforming | (3 | ) | (331 | ) | ||
Paid in full | (13 | ) | (4,820 | ) | ||
Charge-offs | (1 | ) | (56 | ) | ||
Transfer to other real estate owned | — | — | ||||
Principal paydowns | — | (688 | ) | |||
Lapse of concession period | — | — | ||||
TDR reclassified as performing loan | (1 | ) | (2,223 | ) | ||
Totals at September 30, 2015 | 88 | $ | 18,881 |
Pass | Watch | Substandard | Total | ||||||||||||
September 30, 2015 | |||||||||||||||
Commercial, financial, agricultural | $ | 460,425 | $ | 7,583 | $ | 4,159 | $ | 472,167 | |||||||
Lease financing | — | — | 419 | 419 | |||||||||||
Real estate – construction | 256,056 | 1,692 | 38 | 257,786 | |||||||||||
Real estate – 1-4 family mortgage | 250,296 | 10,736 |