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Florida
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59-2260678
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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815 Colorado Avenue,
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Stuart
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FL
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34994
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(Address of Principal Executive Offices)
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(Zip Code)
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(772)
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287-4000
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(Registrant’s Telephone Number, Including Area Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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SBCF
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NASDAQ Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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•
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the effects of future economic and market conditions, including seasonality;
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•
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governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve ("Federal Reserve"), as well as legislative, tax and regulatory changes;
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•
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changes in accounting policies, rules and practices; the risks of changes in interest rates on the level and composition of deposits, loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;
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•
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interest rate risks, sensitivities and the shape of the yield curve; uncertainty related to the impact of LIBOR calculations on securities, loans and debt;
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•
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changes in borrower credit risks and payment behaviors; changes in the availability and cost of credit and capital in the financial markets;
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•
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changes in the prices, values and sales volumes of residential and commercial real estate; the Company's ability to comply with any regulatory requirements;
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•
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the effects of problems encountered by other financial institutions that adversely affect Seacoast or the banking industry;
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•
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Seacoast's concentration in commercial real estate loans;
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•
|
the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions;
|
•
|
the impact on the valuation of Seacoast's investments due to market volatility or counterparty payment risk;
|
•
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statutory and regulatory dividend restrictions;
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•
|
increases in regulatory capital requirements for banking organizations generally;
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•
|
the risks of mergers, acquisitions and divestitures, including Seacoast's ability to continue to identify acquisition targets and successfully acquire desirable financial institutions;
|
•
|
changes in technology or products that may be more difficult, costly, or less effective than anticipated;
|
•
|
the Company's ability to identify and address increased cybersecurity risks;
|
•
|
inability of Seacoast's risk management framework to manage risks associated with the business;
|
•
|
dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms;
|
•
|
reduction in or the termination of Seacoast's ability to use the mobile-based platform that is critical to the Company's business growth strategy;
|
•
|
the effects of war or other conflicts, acts of terrorism, natural disasters or other catastrophic events that may affect general economic conditions;
|
•
|
unexpected outcomes of, and the costs associated with, existing or new litigation involving the Company;
|
•
|
Seacoast's ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;
|
•
|
the risks that deferred tax assets could be reduced if estimates of future taxable income from operations and tax planning strategies are less than currently estimated and sales of capital stock could trigger a reduction in the amount of net operating loss carryforwards that the Company may be able to utilize for income tax purposes;
|
•
|
the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company's market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet;
|
•
|
the failure of assumptions underlying the establishment of reserves for possible loan losses, including risks associated with the adoption of new accounting guidance for credit losses in 2020.
|
•
|
the risks relating to the proposed First Bank of the Palm Beaches and Fourth Street Banking Company mergers including, without limitation: the timing to consummate the proposed mergers;
|
•
|
the risk that a condition to closing of the proposed mergers may not be satisfied;
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•
|
the risk that a regulatory approval that may be required for the proposed mergers is not obtained or is obtained subject to conditions that are not anticipated;
|
•
|
the diversion of management time on issues related to the proposed mergers;
|
•
|
unexpected transaction costs, including the costs of integrating operations;
|
•
|
the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time- consuming or costly than expected;
|
•
|
the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected;
|
•
|
the risk of deposit and customer attrition;
|
•
|
any changes in deposit mix;
|
•
|
unexpected operating and other costs, which may differ or change from expectations;
|
•
|
the risks of customer and employee loss and business disruptions, including, without limitation, the results of difficulties in maintaining relationships with employees;
|
•
|
the inability to grow the customer and employee base;
|
•
|
increased competitive pressures and solicitations of customers by competitors;
|
•
|
the difficulties and risks inherent with entering new markets; and
|
•
|
other factors and risks described under “Risk Factors” herein and in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
|
Item 1.
|
Business
|
•
|
10.0% Total capital to risk-weighted assets
|
•
|
8.0% Tier 1 capital to risk-weighted asset
|
•
|
6.5% CET1 to risk-weighted assets; and
|
•
|
5.0% leverage ratio.
|
|
Seacoast
(Consolidated)
|
|
Seacoast
Bank
|
|
Minimum to be
Well-Capitalized1
|
Total Risk-Based Capital Ratio
|
15.71%
|
|
14.68%
|
|
10.00%
|
Tier 1 Capital Ratio
|
15.06%
|
|
14.04%
|
|
8.00%
|
Common Equity Tier 1 Capital Ratio (CET1)
|
13.77%
|
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14.04%
|
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6.50%
|
Leverage Ratio
|
12.20%
|
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11.38%
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5.00%
|
1For subsidiary bank only
|
|
|
|
|
|
•
|
its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends;
|
•
|
its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or
|
•
|
it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.
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•
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Total reported loans for construction, land development, and other land of 100% or more of a bank’s total risk based capital; or
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•
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Total reported loans secured by multifamily and nonfarm nonresidential properties and loans for construction, land development, and other land of 300% or more of a bank’s total risk based capital.
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•
|
limit the interest and other charges collected or contracted for by Seacoast Bank, including new rules respecting the terms of credit cards and of debit card overdrafts;
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•
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govern Seacoast Bank’s disclosures of credit terms to consumer borrowers;
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•
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require Seacoast Bank to provide information to enable the public and public officials to determine whether it is fulfilling its obligation to help meet the housing needs of the community it serves;
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•
|
prohibit Seacoast Bank from discriminating on the basis of race, creed or other prohibited factors when it makes decisions to extend credit;
|
•
|
govern the manner in which Seacoast Bank may collect consumer debts; and
|
•
|
prohibit unfair, deceptive or abusive acts or practices in the provision of consumer financial products and services.
|
Item 1A.
|
Risk Factors
|
•
|
The merger agreements and the transactions contemplated thereby must have been approved by the affirmative vote of a majority of the outstanding shares of First Bank and Fourth Street common stock;
|
•
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All regulatory consents required to consummate the transactions contemplated by the merger agreements must have been obtained and all waiting periods required by law must have expired and such consents must not be subject to any condition or consequence that would have a material adverse effect on Seacoast or any of its subsidiaries, including First Bank and Fourth Street, after the effective time of the merger;
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•
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No order issued by any governmental authority preventing the consummation of the mergers shall be in effect and no law or order shall have been enacted, entered, promulgated or enforced by any governmental authority that prohibits, restrains or makes illegal the consummation of the mergers;
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•
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The registration statements registering shares of Seacoast common stock to be issued in the mergers must have been declared effective, no stop order may have been issued by the SEC and no action, suit, proceeding or investigation by the SEC to suspend the effectiveness of the registration statements shall have been initiated and continuing;
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•
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The holders of no more than 5% of First Bank and Fourth Street common stock shall have taken the actions to qualify their common stock as dissenting shares;
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•
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Since the date of the merger agreements, no fact, circumstance or event shall have occurred that has had or is reasonably likely to have a material adverse effect on either party; and
|
•
|
Certain First Bank and Fourth Street employees shall have entered into claims letters and/or restrictive covenant agreements.
|
•
|
risks of unknown or contingent liabilities;
|
•
|
unanticipated costs and delays;
|
•
|
risks that acquired new businesses do not perform consistent with our growth and profitability expectations;
|
•
|
risks of entering new market or product areas where we have limited experience;
|
•
|
risks that growth will strain our infrastructure, staff, internal controls and management, which may require additional personnel, time and expenditures;
|
•
|
exposure to potential asset quality issues with acquired institutions;
|
•
|
difficulties, expenses and delays of integrating the operations and personnel of acquired institutions, and start-up delays and costs of other expansion activities;
|
•
|
potential disruptions to our business;
|
•
|
possible loss of key employees and customers of acquired institutions;
|
•
|
potential short-term decrease in profitability;
|
•
|
inaccurate estimates of value assigned to acquired assets; and
|
•
|
diversion of our management’s time and attention from our existing operations and businesses.
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
Item 6.
|
Selected Financial Data
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
15% year-over-year growth in revenue on a GAAP basis enhanced by a 1% decrease in noninterest expense on the same basis. 14% year-over-year adjusted revenue1 growth during 2019 combined with a 3% increase in adjusted noninterest expense1 over the corresponding period.
|
•
|
Diluted earnings per share of $1.90 for 2019, compared to $1.38 diluted earnings per share for 2018 on a GAAP basis. Achievement of the $2.01 adjusted diluted earnings per share1 goal for 2019.
|
•
|
Consistent growth in tangible book value per share, ending the period at $14.76, up 20% over the prior year.
|
•
|
Continuation of the Company’s analytics-driven product marketing and service delivery combined with a favorable Florida economy that drove record loan production; total loans increased 8% compared to a year ago; excluding acquired loans, total loans were 3% higher year-over-year.
|
•
|
The Company continued execution of its balanced growth strategy through successful integration of the acquisition of First Green on October 19, 2018, together with organic and acquisition-related revenue growth momentum and cost reductions, which drove further growth throughout 2019.
|
•
|
Consolidated three banking center locations in 2019, achieving the Vision 2020 objective of reducing the footprint by 20% to meet evolving customer needs. In 2018, the addition of seven branches from acquisition was offset by the consolidation of seven branches. Deposits per branch improved, with total deposits per banking center exceeding $116.3 million at December 31, 2019, up from $101.5 million one year earlier.
|
•
|
Continued discipline around expenses, primarily achieved through focus on reducing overhead and streamlining business and cost savings processes. These reductions have allowed the Company to reallocate overhead to hiring additional bankers in Tampa and South Florida and technology investments in 2019, which will continue to support growth and operating leverage into 2020.
|
|
|
Quarter
|
|
|
|
|
||||||||||||
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
||||||||
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
||||||
Return on average tangible assets
|
|
1.48
|
%
|
|
1.50
|
%
|
|
1.61
|
%
|
|
1.66
|
%
|
|
1.56
|
%
|
|
1.20
|
%
|
Return on average tangible shareholders' equity
|
|
14.86
|
|
|
14.30
|
|
|
14.73
|
|
|
14.95
|
|
|
14.72
|
|
|
12.54
|
|
Efficiency ratio
|
|
56.55
|
|
|
53.48
|
|
|
48.62
|
|
|
48.36
|
|
|
51.71
|
|
|
59.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted return on average tangible assets1
|
|
1.50
|
%
|
|
1.59
|
%
|
|
1.67
|
%
|
|
1.57
|
%
|
|
1.58
|
%
|
|
1.35
|
%
|
Adjusted return on average tangible shareholders' equity1
|
|
15.11
|
|
|
15.17
|
|
|
15.30
|
|
|
14.19
|
|
|
14.93
|
|
|
14.06
|
|
Adjusted efficiency ratio1
|
|
55.81
|
|
|
51.44
|
|
|
48.96
|
|
|
47.52
|
|
|
50.90
|
|
|
56.13
|
|
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
|
|
|
For the Year Ended December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Commercial/commercial real estate loan pipeline at year-end
|
|
$
|
255,993
|
|
|
$
|
164,064
|
|
Commercial/commercial real estate loans closed
|
|
795,238
|
|
|
552,878
|
|
||
|
|
|
|
|
||||
Residential pipeline-saleable
|
|
$
|
18,995
|
|
|
$
|
13,555
|
|
Residential loan sold
|
|
236,528
|
|
|
189,235
|
|
||
|
|
|
|
|
||||
Residential pipeline-portfolio
|
|
$
|
19,107
|
|
|
$
|
30,100
|
|
Residential loans-retained
|
|
287,025
|
|
|
305,953
|
|
||
|
|
|
|
|
||||
Consumer and small business pipeline
|
|
$
|
45,106
|
|
|
$
|
53,453
|
|
Consumer and small business originations
|
|
473,119
|
|
|
443,406
|
|
|
|
December 31,
|
||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
||||
Noninterest demand
|
|
$
|
1,590,493
|
|
|
$
|
1,569,602
|
|
Interest-bearing demand
|
|
1,181,732
|
|
|
1,014,032
|
|
||
Money market
|
|
1,108,363
|
|
|
1,173,950
|
|
||
Savings
|
|
519,152
|
|
|
493,807
|
|
||
Time certificates of deposit
|
|
1,185,013
|
|
|
925,849
|
|
||
Total deposits
|
|
$
|
5,584,753
|
|
|
$
|
5,177,240
|
|
|
|
|
|
|
||||
Customer sweep accounts
|
|
$
|
86,121
|
|
|
$
|
214,323
|
|
|
|
|
|
|
||||
Noninterest demand deposit mix
|
|
28
|
%
|
|
30
|
%
|
|
|
Quarters
|
|
|
||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Total
|
||||||||||
(In thousands except per share data)
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Year
|
||||||||||
Net income, as reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
27,176
|
|
|
$
|
25,605
|
|
|
$
|
23,253
|
|
|
$
|
22,705
|
|
|
$
|
98,739
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.44
|
|
|
$
|
1.90
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
27,176
|
|
|
$
|
25,605
|
|
|
$
|
23,253
|
|
|
$
|
22,705
|
|
|
$
|
98,739
|
|
Securities losses, net
|
|
(2,539
|
)
|
|
847
|
|
|
466
|
|
|
9
|
|
|
(1,217
|
)
|
|||||
BOLI benefits on death (included in other income)
|
|
—
|
|
|
(956
|
)
|
|
—
|
|
|
—
|
|
|
(956
|
)
|
|||||
Total adjustments to revenue
|
|
(2,539
|
)
|
|
(109
|
)
|
|
466
|
|
|
9
|
|
|
(2,173
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Merger related charges
|
|
(634
|
)
|
|
—
|
|
|
—
|
|
|
(335
|
)
|
|
(969
|
)
|
|||||
Amortization of intangibles
|
|
(1,456
|
)
|
|
(1,456
|
)
|
|
(1,456
|
)
|
|
(1,458
|
)
|
|
(5,826
|
)
|
|
|
Quarters
|
|
|
||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Total
|
||||||||||
(In thousands except per share data)
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
Year
|
||||||||||
Business continuity expenses - hurricane events
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
|||||
Branch reductions and other expense initiatives1
|
|
—
|
|
|
(121
|
)
|
|
(1,517
|
)
|
|
(208
|
)
|
|
(1,846
|
)
|
|||||
Total adjustments to noninterest expense
|
|
(2,090
|
)
|
|
(1,672
|
)
|
|
(2,973
|
)
|
|
(2,001
|
)
|
|
(8,736
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of adjustments
|
|
(110
|
)
|
|
572
|
|
|
874
|
|
|
510
|
|
|
1,846
|
|
|||||
Effect of change in corporate tax rate on deferred tax assets
|
|
—
|
|
|
(1,135
|
)
|
|
—
|
|
|
—
|
|
|
(1,135
|
)
|
|||||
Adjusted net income
|
|
$
|
26,837
|
|
|
$
|
27,731
|
|
|
$
|
25,818
|
|
|
$
|
24,205
|
|
|
$
|
104,591
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted diluted earnings per share
|
|
$
|
0.52
|
|
|
$
|
0.53
|
|
|
$
|
0.50
|
|
|
$
|
0.47
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Assets
|
|
$
|
6,996,214
|
|
|
$
|
6,820,576
|
|
|
$
|
6,734,994
|
|
|
$
|
6,770,978
|
|
|
$
|
6,831,280
|
|
Less average goodwill and intangible assets
|
|
(226,060
|
)
|
|
(227,389
|
)
|
|
(228,706
|
)
|
|
(230,066
|
)
|
|
(228,042
|
)
|
|||||
Average Tangible Assets
|
|
$
|
6,770,154
|
|
|
$
|
6,593,187
|
|
|
$
|
6,506,288
|
|
|
$
|
6,540,912
|
|
|
$
|
6,603,238
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on Average Assets (ROA)
|
|
1.54
|
%
|
|
1.49
|
%
|
|
1.38
|
%
|
|
1.36
|
%
|
|
1.45
|
%
|
|||||
Impact of removing average intangible assets and related amortization
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.12
|
|
|
0.11
|
|
|||||
Return on Average Tangible Assets (ROTA)
|
|
1.66
|
|
|
1.61
|
|
|
1.50
|
|
|
1.48
|
|
|
1.56
|
|
|||||
Impact of other adjustments for Adjusted Net Income
|
|
(0.09
|
)
|
|
0.06
|
|
|
0.09
|
|
|
0.02
|
|
|
0.02
|
|
|||||
Adjusted Return on Average Tangible Assets
|
|
1.57
|
|
|
1.67
|
|
|
1.59
|
|
|
1.50
|
|
|
1.58
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Shareholders' Equity
|
|
$
|
976,200
|
|
|
$
|
946,670
|
|
|
$
|
911,479
|
|
|
$
|
879,564
|
|
|
$
|
928,793
|
|
Less average goodwill and intangible assets
|
|
(226,060
|
)
|
|
(227,389
|
)
|
|
(228,706
|
)
|
|
(230,066
|
)
|
|
(228,042
|
)
|
|||||
Average Tangible Equity
|
|
$
|
750,140
|
|
|
$
|
719,281
|
|
|
$
|
682,773
|
|
|
$
|
649,498
|
|
|
$
|
700,751
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on Average Shareholders' Equity
|
|
11.04
|
%
|
|
10.73
|
%
|
|
10.23
|
%
|
|
10.47
|
%
|
|
10.63
|
%
|
|||||
Impact of removing average intangible assets and related amortization
|
|
3.91
|
|
|
4.00
|
|
|
4.07
|
|
|
4.39
|
|
|
4.09
|
|
|||||
Return on Average Tangible Common Equity (ROTCE)
|
|
14.95
|
|
|
14.73
|
|
|
14.30
|
|
|
14.86
|
|
|
14.72
|
|
|||||
Impact of other adjustments for Adjusted Net Income
|
|
(0.76
|
)
|
|
0.57
|
|
|
0.87
|
|
|
0.25
|
|
|
0.21
|
|
|||||
Adjusted Return on Average Tangible Common Equity
|
|
14.19
|
|
|
15.30
|
|
|
15.17
|
|
|
15.11
|
|
|
14.93
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan interest income excluding accretion on acquired loans2
|
|
$
|
59,515
|
|
|
$
|
59,279
|
|
|
$
|
58,169
|
|
|
$
|
58,397
|
|
|
$
|
235,359
|
|
Accretion on acquired loans
|
|
3,407
|
|
|
3,859
|
|
|
4,166
|
|
|
3,938
|
|
|
15,371
|
|
|||||
Loan Interest Income2
|
|
$
|
62,922
|
|
|
$
|
63,138
|
|
|
$
|
62,335
|
|
|
$
|
62,335
|
|
|
$
|
250,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters
|
|
|
||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Total
|
||||||||||
(In thousands except per share data)
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
Year
|
||||||||||
Net income, as reported:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
15,962
|
|
|
$
|
16,322
|
|
|
$
|
16,964
|
|
|
$
|
18,027
|
|
|
$
|
67,275
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per share
|
|
$
|
0.31
|
|
|
$
|
0.34
|
|
|
$
|
0.35
|
|
|
$
|
0.38
|
|
|
$
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
15,962
|
|
|
16,322
|
|
|
16,964
|
|
|
18,027
|
|
|
67,275
|
|
|||||
Securities losses, net
|
|
425
|
|
|
48
|
|
|
48
|
|
|
102
|
|
|
623
|
|
|||||
BOLI benefits on death (included in other income)
|
|
(280
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(280
|
)
|
|||||
Total adjustments to revenue
|
|
145
|
|
|
48
|
|
|
48
|
|
|
102
|
|
|
343
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger related charges
|
|
(8,034
|
)
|
|
(482
|
)
|
|
(695
|
)
|
|
(470
|
)
|
|
(9,681
|
)
|
|||||
Amortization of intangibles
|
|
(1,303
|
)
|
|
(1,004
|
)
|
|
(1,004
|
)
|
|
(989
|
)
|
|
(4,300
|
)
|
|||||
Branch reductions and other expense initiatives1
|
|
(587
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(587
|
)
|
|||||
Total adjustments to noninterest expense
|
|
(9,924
|
)
|
|
(1,486
|
)
|
|
(1,699
|
)
|
|
(1,459
|
)
|
|
(14,568
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of adjustments
|
|
2,138
|
|
|
230
|
|
|
443
|
|
|
290
|
|
|
3,101
|
|
|||||
Effect of change in corporate tax rate on deferred tax assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(248
|
)
|
|
(248
|
)
|
|||||
Adjusted net income
|
|
$
|
23,893
|
|
|
$
|
17,626
|
|
|
$
|
18,268
|
|
|
$
|
19,298
|
|
|
$
|
79,085
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted diluted earnings per share
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
0.38
|
|
|
$
|
0.40
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Assets
|
|
$
|
6,589,870
|
|
|
$
|
5,903,327
|
|
|
$
|
5,878,035
|
|
|
$
|
5,851,688
|
|
|
$
|
6,057,335
|
|
Less average goodwill and intangible assets
|
|
(213,713
|
)
|
|
(165,534
|
)
|
|
(166,393
|
)
|
|
(167,136
|
)
|
|
(178,287
|
)
|
|||||
Average Tangible Assets
|
|
$
|
6,376,157
|
|
|
$
|
5,737,793
|
|
|
$
|
5,711,642
|
|
|
$
|
5,684,552
|
|
|
$
|
5,879,048
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on Average Assets (ROA)
|
|
0.96
|
%
|
|
1.10
|
%
|
|
1.16
|
%
|
|
1.25
|
%
|
|
1.11
|
%
|
|||||
Impact of removing average intangible assets and related amortization
|
|
0.09
|
|
|
0.08
|
|
|
0.08
|
|
|
0.09
|
|
|
0.09
|
|
|||||
Return on Average Tangible Assets (ROTA)
|
|
1.05
|
|
|
1.18
|
|
|
1.24
|
|
|
1.34
|
|
|
1.20
|
|
|||||
Impact of other adjustments for Adjusted Net Income
|
|
0.44
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.15
|
|
|||||
Adjusted Return on Average Tangible Assets
|
|
1.49
|
|
|
1.22
|
|
|
1.28
|
|
|
1.38
|
|
|
1.35
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Shareholders' Equity
|
|
827,759
|
|
|
728,290
|
|
|
709,674
|
|
|
695,240
|
|
|
740,571
|
|
|||||
Less average goodwill and intangible assets
|
|
(213,713
|
)
|
|
(165,534
|
)
|
|
(166,393
|
)
|
|
(167,136
|
)
|
|
(178,287
|
)
|
|||||
Average Tangible Equity
|
|
614,046
|
|
|
562,756
|
|
|
543,281
|
|
|
528,104
|
|
|
562,284
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on Average Shareholders' Equity
|
|
7.65
|
%
|
|
8.89
|
%
|
|
9.59
|
%
|
|
10.52
|
%
|
|
9.08
|
%
|
|||||
Impact of removing average intangible assets and related amortization
|
|
3.29
|
|
|
3.15
|
|
|
3.49
|
|
|
3.89
|
|
|
3.46
|
|
|||||
Return on Average Tangible Common Equity (ROTCE)
|
|
10.94
|
|
|
12.04
|
|
|
13.08
|
|
|
14.41
|
|
|
12.54
|
|
|||||
Impact of other adjustments for Adjusted Net Income
|
|
4.50
|
|
|
0.39
|
|
|
0.41
|
|
|
0.41
|
|
|
1.52
|
|
|||||
Adjusted Return on Average Tangible Common Equity
|
|
15.44
|
|
|
12.43
|
|
|
13.49
|
|
|
14.82
|
|
|
14.06
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan interest income excluding accretion on acquired loans2
|
|
$
|
55,470
|
|
|
$
|
46,349
|
|
|
$
|
44,341
|
|
|
$
|
42,705
|
|
|
$
|
188,865
|
|
Accretion on acquired loans
|
|
4,089
|
|
|
2,453
|
|
|
2,208
|
|
|
2,579
|
|
|
11,329
|
|
|||||
Loan Interest Income2
|
|
$
|
59,559
|
|
|
$
|
48,802
|
|
|
$
|
46,549
|
|
|
$
|
45,284
|
|
|
$
|
200,194
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Yield on loans excluding accretion on acquired loans2
|
|
4.77
|
%
|
|
4.59
|
%
|
|
4.50
|
%
|
|
4.47
|
%
|
|
4.59
|
%
|
|||||
Impact of accretion on acquired loans
|
|
0.35
|
|
|
0.24
|
|
|
0.23
|
|
|
0.27
|
|
|
0.28
|
|
|||||
Yield on Loans2
|
|
5.12
|
|
|
4.83
|
|
|
4.73
|
|
|
4.74
|
|
|
4.87
|
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Construction and land development
|
|
$
|
281,335
|
|
|
$
|
160
|
|
|
$
|
43,618
|
|
|
$
|
325,113
|
|
Commercial real estate1
|
|
1,834,811
|
|
|
10,217
|
|
|
533,943
|
|
|
2,378,971
|
|
||||
Residential real estate
|
|
1,304,305
|
|
|
1,710
|
|
|
201,848
|
|
|
1,507,863
|
|
||||
Commercial and financial
|
|
697,301
|
|
|
579
|
|
|
80,372
|
|
|
778,252
|
|
||||
Consumer
|
|
200,166
|
|
|
—
|
|
|
8,039
|
|
|
208,205
|
|
||||
Net Loan Balances2
|
|
$
|
4,317,918
|
|
|
$
|
12,666
|
|
|
$
|
867,820
|
|
|
$
|
5,198,404
|
|
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Construction and land development
|
|
$
|
301,473
|
|
|
$
|
151
|
|
|
$
|
141,944
|
|
|
$
|
443,568
|
|
Commercial real estate1
|
|
1,437,989
|
|
|
10,828
|
|
|
683,249
|
|
|
2,132,066
|
|
||||
Residential real estate
|
|
1,055,525
|
|
|
2,718
|
|
|
266,134
|
|
|
1,324,377
|
|
||||
Commercial and financial
|
|
603,057
|
|
|
737
|
|
|
118,528
|
|
|
722,322
|
|
||||
Consumer
|
|
190,207
|
|
|
—
|
|
|
12,674
|
|
|
202,881
|
|
||||
Net Loan Balances2
|
|
$
|
3,588,251
|
|
|
$
|
14,434
|
|
|
$
|
1,222,529
|
|
|
$
|
4,825,214
|
|
1Commercial real estate includes owner-occupied balances of $1.0 billion and $970.2 million at December 31, 2019 and 2018, respectively.
|
||||||||||||||||
2Net loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively.
|
|
|
December 31, 2019
|
||||||||||||||
|
|
Nonaccrual Loans
|
|
Accruing
Restructured
|
||||||||||||
(In thousands)
|
|
Non-Current
|
|
Current
|
|
Total
|
|
Loans
|
||||||||
Construction & land development
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial
|
|
4,902
|
|
|
—
|
|
|
4,902
|
|
|
—
|
|
||||
Individuals
|
|
—
|
|
|
35
|
|
|
35
|
|
|
131
|
|
||||
|
|
4,902
|
|
|
35
|
|
|
4,937
|
|
|
131
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Residential real estate mortgages
|
|
2,552
|
|
|
6,927
|
|
|
9,479
|
|
|
6,027
|
|
||||
Commercial real estate mortgages
|
|
3,802
|
|
|
2,718
|
|
|
6,520
|
|
|
4,666
|
|
||||
Real estate loans
|
|
11,256
|
|
|
9,680
|
|
|
20,936
|
|
|
10,824
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Commercial and financial
|
|
4,674
|
|
|
1,235
|
|
|
5,909
|
|
|
26
|
|
||||
Consumer
|
|
38
|
|
|
72
|
|
|
110
|
|
|
250
|
|
||||
Total loans
|
|
$
|
15,968
|
|
|
$
|
10,987
|
|
|
$
|
26,955
|
|
|
$
|
11,100
|
|
|
|
December 31, 2018
|
||||||||||||||
|
|
Nonaccrual Loans
|
|
Accruing
Restructured |
||||||||||||
(In thousands)
|
|
Non-Current
|
|
Current
|
|
Total
|
|
Loans
|
||||||||
Construction & land development
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Residential
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||
Individuals
|
|
16
|
|
|
28
|
|
|
44
|
|
|
170
|
|
||||
|
|
16
|
|
|
28
|
|
|
44
|
|
|
184
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Residential real estate mortgages
|
|
5,567
|
|
|
8,141
|
|
|
13,708
|
|
|
7,176
|
|
||||
Commercial real estate mortgages
|
|
7,720
|
|
|
1,500
|
|
|
9,220
|
|
|
5,662
|
|
||||
Real estate loans
|
|
13,303
|
|
|
9,669
|
|
|
22,972
|
|
|
13,022
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Commercial and financial
|
|
2,488
|
|
|
833
|
|
|
3,321
|
|
|
—
|
|
||||
Consumer
|
|
108
|
|
|
75
|
|
|
183
|
|
|
324
|
|
||||
Total loans
|
|
$
|
15,899
|
|
|
$
|
10,577
|
|
|
$
|
26,476
|
|
|
$
|
13,346
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
(Dollars in thousands)
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
||||||
Rate reduction
|
|
52
|
|
|
$
|
12,048
|
|
|
56
|
|
|
$
|
10,739
|
|
Maturity extended with change in terms
|
|
41
|
|
|
3,755
|
|
|
48
|
|
|
5,083
|
|
||
Chapter 7 bankruptcies
|
|
18
|
|
|
1,920
|
|
|
22
|
|
|
1,275
|
|
||
Not elsewhere classified
|
|
9
|
|
|
646
|
|
|
11
|
|
|
966
|
|
||
Total loans
|
|
120
|
|
|
$
|
18,369
|
|
|
137
|
|
|
$
|
18,063
|
|
|
|
For the Year Ended December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Beginning balance at January 1, 2019 and 2018
|
|
$
|
864,267
|
|
|
$
|
689,664
|
|
Net income
|
|
98,739
|
|
|
67,275
|
|
||
Issuance of stock pursuant to acquisition of First Green Bancorp, Inc.
|
|
—
|
|
|
107,486
|
|
||
Stock compensation (net of Treasury shares acquired)
|
|
5,004
|
|
|
8,801
|
|
||
Change in accumulated other comprehensive income (AOCI)
|
|
17,525
|
|
|
(8,959
|
)
|
||
Other
|
|
104
|
|
|
—
|
|
||
Ending balance at December 31, 2019 and 2018
|
|
$
|
985,639
|
|
|
$
|
864,267
|
|
|
|
Seacoast
(Consolidated)
|
|
Seacoast
Bank
|
|
Minimum to be
Well-Capitalized1
|
Total Risk-Based Capital Ratio
|
|
15.71%
|
|
14.68%
|
|
10.00%
|
Tier 1 Capital Ratio
|
|
15.06%
|
|
14.04%
|
|
8.00%
|
Common Equity Tier 1 Ratio (CET1)
|
|
13.77%
|
|
14.04%
|
|
6.50%
|
Leverage Ratio
|
|
12.20%
|
|
11.38%
|
|
5.00%
|
1For subsidiary bank only
|
|
|
|
|
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
|
% Change in Projected Baseline Net Interest Income
|
|
||||||
|
|
2019
|
|
2018
|
|
||||
Changes in Interest Rates
|
|
1-12 months
|
|
13-24 months
|
|
1-12 months
|
|
13-24 months
|
|
+2.00%
|
|
3.6%
|
|
6.7%
|
|
8.4%
|
|
13.3%
|
|
+1.00%
|
|
1.6%
|
|
2.8%
|
|
4.4%
|
|
7.0%
|
|
Current
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
-1.00%
|
|
(1.5)%
|
|
(5.4)%
|
|
(5.3)%
|
|
(9.2)%
|
|
|
|
% Change in Economic Value of Equity
|
|
||
Changes in Interest Rates
|
|
2019
|
|
2018
|
|
+2.00%
|
|
13.2%
|
|
15.7%
|
|
+1.00%
|
|
7.1%
|
|
9.4%
|
|
Current
|
|
0.0%
|
|
0.0%
|
|
-1.00%
|
|
(16.4)%
|
|
(13.7)%
|
|
|
|
For the Year Ended December 31,
|
||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
Net interest income
|
|
3.57%
|
|
3.50%
|
|
3.40%
|
Provision for loan losses
|
|
0.16
|
|
0.19
|
|
0.11
|
Noninterest income
|
|
|
|
|
|
|
Securities gains (losses), net
|
|
0.02
|
|
(0.01)
|
|
—
|
Gain on sale of Visa stock
|
|
—
|
|
—
|
|
0.29
|
Other
|
|
0.81
|
|
0.83
|
|
0.83
|
Noninterest expense
|
|
2.35
|
|
2.68
|
|
2.88
|
Income before income taxes
|
|
1.89
|
|
1.45
|
|
1.53
|
Provision for income taxes including tax equivalent adjustment
|
|
0.44
|
|
0.34
|
|
0.71
|
Net income
|
|
1.45%
|
|
1.11%
|
|
0.82%
|
1On a fully taxable equivalent basis. Balances presented as a percentage of average assets.
|
|
|
For the Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
(In thousands, except percentages)
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
1,176,842
|
|
|
$
|
35,354
|
|
|
3.00
|
%
|
|
$
|
1,299,089
|
|
|
$
|
37,860
|
|
|
2.91
|
%
|
|
$
|
1,316,972
|
|
|
$
|
34,442
|
|
|
2.62
|
%
|
Nontaxable
|
|
23,122
|
|
|
695
|
|
|
3.01
|
|
|
31,331
|
|
|
1,115
|
|
|
3.56
|
|
|
28,369
|
|
|
1,401
|
|
|
4.94
|
|
||||||
Total Securities
|
|
1,199,964
|
|
|
36,049
|
|
|
3.00
|
|
|
1,330,420
|
|
|
38,975
|
|
|
2.93
|
|
|
1,345,341
|
|
|
35,843
|
|
|
2.66
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Federal funds sold and other investments
|
|
88,045
|
|
|
3,379
|
|
|
3.84
|
|
|
61,048
|
|
|
2,670
|
|
|
4.37
|
|
|
71,352
|
|
|
2,416
|
|
|
3.39
|
|
||||||
Loans, net
|
|
4,933,518
|
|
|
250,730
|
|
|
5.08
|
|
|
4,112,009
|
|
|
200,194
|
|
|
4.87
|
|
|
3,323,403
|
|
|
154,043
|
|
|
4.64
|
|
||||||
Total Earning Assets
|
|
6,221,527
|
|
|
290,158
|
|
|
4.66
|
|
|
5,503,477
|
|
|
241,839
|
|
|
4.39
|
|
|
4,740,096
|
|
|
192,302
|
|
|
4.06
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Allowance for loan losses
|
|
(33,465
|
)
|
|
|
|
|
|
|
|
(29,972
|
)
|
|
|
|
|
|
(25,485
|
)
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
|
94,643
|
|
|
|
|
|
|
|
|
114,936
|
|
|
|
|
|
|
106,710
|
|
|
|
|
|
|
|
||||||||
Bank premises and equipment, net
|
|
69,142
|
|
|
|
|
|
|
|
|
67,332
|
|
|
|
|
|
|
59,842
|
|
|
|
|
|
|
|
||||||||
Bank owned life insurance
|
|
124,803
|
|
|
|
|
|
|
|
|
124,452
|
|
|
|
|
|
|
97,939
|
|
|
|
|
|
|
|
||||||||
Intangible assets
|
|
228,042
|
|
|
|
|
|
|
|
|
178,287
|
|
|
|
|
|
|
115,511
|
|
|
|
|
|
|
|
||||||||
Other assets
|
|
126,588
|
|
|
|
|
|
|
|
|
98,823
|
|
|
|
|
|
|
112,004
|
|
|
|
|
|
|
|
||||||||
Total Assets
|
|
$
|
6,831,280
|
|
|
|
|
|
|
|
|
$
|
6,057,335
|
|
|
|
|
|
|
$
|
5,206,617
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand
|
|
$
|
1,114,334
|
|
|
4,025
|
|
|
0.36
|
%
|
|
$
|
978,030
|
|
|
1,883
|
|
|
0.19
|
%
|
|
$
|
922,353
|
|
|
1,065
|
|
|
0.12
|
%
|
|||
Savings deposits
|
|
516,526
|
|
|
2,015
|
|
|
0.39
|
|
|
457,542
|
|
|
811
|
|
|
0.18
|
|
|
385,515
|
|
|
241
|
|
|
0.06
|
|
||||||
Money market
|
|
1,164,938
|
|
|
10,581
|
|
|
0.91
|
|
|
1,049,900
|
|
|
6,069
|
|
|
0.58
|
|
|
868,427
|
|
|
2,348
|
|
|
0.27
|
|
||||||
Time deposits
|
|
1,092,516
|
|
|
21,776
|
|
|
1.99
|
|
|
811,741
|
|
|
11,684
|
|
|
1.44
|
|
|
523,646
|
|
|
4,678
|
|
|
0.89
|
|
||||||
Short term borrowings
|
|
106,142
|
|
|
1,431
|
|
|
1.35
|
|
|
200,839
|
|
|
1,804
|
|
|
0.90
|
|
|
171,686
|
|
|
781
|
|
|
0.45
|
|
||||||
Federal funds purchased and Federal Home Loan Bank borrowings
|
|
131,921
|
|
|
3,010
|
|
|
2.28
|
|
|
224,982
|
|
|
4,468
|
|
|
1.99
|
|
|
377,396
|
|
|
3,744
|
|
|
0.99
|
|
||||||
Other borrowings
|
|
70,939
|
|
|
3,367
|
|
|
4.75
|
|
|
70,658
|
|
|
3,164
|
|
|
4.48
|
|
|
70,377
|
|
|
2,443
|
|
|
3.47
|
|
||||||
Total Interest-Bearing Liabilities
|
|
4,197,316
|
|
|
46,205
|
|
|
1.10
|
|
|
3,793,692
|
|
|
29,883
|
|
|
0.79
|
|
|
3,319,400
|
|
|
15,300
|
|
|
0.46
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest demand
|
|
1,641,766
|
|
|
|
|
|
|
|
|
1,492,451
|
|
|
|
|
|
|
1,279,825
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
|
63,405
|
|
|
|
|
|
|
|
|
30,621
|
|
|
|
|
|
|
36,993
|
|
|
|
|
|
|
|
||||||||
Total Liabilities
|
|
5,902,487
|
|
|
|
|
|
|
|
|
5,316,764
|
|
|
|
|
|
|
4,636,218
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Shareholders' equity
|
|
928,793
|
|
|
|
|
|
|
|
|
740,571
|
|
|
|
|
|
|
570,399
|
|
|
|
|
|
|
|
||||||||
Total Liabilities & Shareholders' Equity
|
|
$
|
6,831,280
|
|
|
|
|
|
|
|
|
$
|
6,057,335
|
|
|
|
|
|
|
$
|
5,206,617
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cost of deposits
|
|
|
|
|
|
0.69
|
%
|
|
|
|
|
|
0.43
|
%
|
|
|
|
|
|
0.21
|
%
|
||||||||||||
Interest expense as % of earning assets
|
|
|
|
|
|
|
|
0.74
|
%
|
|
|
|
|
|
|
|
0.54
|
%
|
|
|
|
|
|
0.32
|
%
|
||||||||
Net interest income/yield on earning assets
|
|
|
|
|
$
|
243,953
|
|
|
3.92
|
%
|
|
|
|
|
$
|
211,956
|
|
|
3.85
|
%
|
|
|
|
$
|
177,002
|
|
|
3.73
|
%
|
||||
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs.
|
|||||||||||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
|
|
|
2019 vs 2018
Due to Change in:
|
|
2018 vs 2017
Due to Change in: |
||||||||||||||||||||
(In thousands)
|
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
|
|
Amount of increase (decrease)
|
||||||||||||||||||||||
Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
(3,618
|
)
|
|
$
|
1,112
|
|
|
$
|
(2,506
|
)
|
|
$
|
(494
|
)
|
|
$
|
3,912
|
|
|
$
|
3,418
|
|
Nontaxable
|
|
(269
|
)
|
|
(151
|
)
|
|
(420
|
)
|
|
126
|
|
|
(412
|
)
|
|
(286
|
)
|
||||||
Total Securities
|
|
(3,887
|
)
|
|
961
|
|
|
(2,926
|
)
|
|
(368
|
)
|
|
3,500
|
|
|
3,132
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and other investments
|
|
1,108
|
|
|
(399
|
)
|
|
709
|
|
|
(400
|
)
|
|
654
|
|
|
254
|
|
||||||
Loans, net
|
|
40,873
|
|
|
9,663
|
|
|
50,536
|
|
|
37,473
|
|
|
8,678
|
|
|
46,151
|
|
||||||
Total Earning Assets
|
|
38,094
|
|
|
10,225
|
|
|
48,319
|
|
|
36,705
|
|
|
12,832
|
|
|
49,537
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing demand
|
|
377
|
|
|
1,765
|
|
|
2,142
|
|
|
86
|
|
|
732
|
|
|
818
|
|
||||||
Savings deposits
|
|
167
|
|
|
1,037
|
|
|
1,204
|
|
|
86
|
|
|
484
|
|
|
570
|
|
||||||
Money market accounts
|
|
855
|
|
|
3,657
|
|
|
4,512
|
|
|
770
|
|
|
2,951
|
|
|
3,721
|
|
||||||
Time deposits
|
|
4,819
|
|
|
5,273
|
|
|
10,092
|
|
|
3,360
|
|
|
3,646
|
|
|
7,006
|
|
||||||
Total Deposits
|
|
6,218
|
|
|
11,732
|
|
|
17,950
|
|
|
4,302
|
|
|
7,813
|
|
|
12,115
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short term borrowings
|
|
(1,064
|
)
|
|
691
|
|
|
(373
|
)
|
|
197
|
|
|
825
|
|
|
1,022
|
|
||||||
Federal funds purchased and Federal Home Loan Bank borrowings
|
|
(1,986
|
)
|
|
528
|
|
|
(1,458
|
)
|
|
(2,269
|
)
|
|
2,994
|
|
|
725
|
|
||||||
Other borrowings
|
|
13
|
|
|
190
|
|
|
203
|
|
|
11
|
|
|
710
|
|
|
721
|
|
||||||
Total Interest Bearing Liabilities
|
|
3,181
|
|
|
13,141
|
|
|
16,322
|
|
|
2,241
|
|
|
12,342
|
|
|
14,583
|
|
||||||
Net Interest Income
|
|
$
|
34,913
|
|
|
$
|
(2,916
|
)
|
|
$
|
31,997
|
|
|
$
|
34,464
|
|
|
$
|
490
|
|
|
$
|
34,954
|
|
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized costs.
|
||||||||||||||||||||||||
Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
|
||||||||||||||||||||||||
Changes attributable to rate/volume (mix) are allocated to rate and volume on an equal basis.
|
|
|
For the Year Ended December 31,
|
|
% Change
|
||||||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
|
19/18
|
|
18/17
|
||||||||
Service charges on deposit accounts
|
|
$
|
11,529
|
|
|
$
|
11,198
|
|
|
$
|
10,049
|
|
|
3
|
%
|
|
11
|
%
|
Trust fees
|
|
4,443
|
|
|
4,183
|
|
|
3,705
|
|
|
6
|
|
|
13
|
|
|||
Mortgage banking fees
|
|
6,490
|
|
|
4,682
|
|
|
6,449
|
|
|
39
|
|
|
(27
|
)
|
|||
Brokerage commissions and fees
|
|
1,909
|
|
|
1,732
|
|
|
1,352
|
|
|
10
|
|
|
28
|
|
|||
Marine finance fees
|
|
1,054
|
|
|
1,398
|
|
|
910
|
|
|
(25
|
)
|
|
54
|
|
|||
Interchange income
|
|
13,399
|
|
|
12,335
|
|
|
10,583
|
|
|
9
|
|
|
17
|
|
|||
BOLI income
|
|
3,674
|
|
|
4,291
|
|
|
3,426
|
|
|
(14
|
)
|
|
25
|
|
|||
SBA gains
|
|
2,472
|
|
|
2,474
|
|
|
579
|
|
|
—
|
|
|
327
|
|
|||
Other
|
|
10,545
|
|
|
8,352
|
|
|
6,177
|
|
|
26
|
|
|
35
|
|
|||
|
|
55,515
|
|
|
50,645
|
|
|
43,230
|
|
|
10
|
|
|
17
|
|
|||
Gain on sale of Visa stock
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|
n/m
|
|
|
(100
|
)
|
|||
Securities gains (losses), net
|
|
1,217
|
|
|
(623
|
)
|
|
86
|
|
|
(295
|
)
|
|
(824
|
)
|
|||
Total Noninterest Income
|
|
$
|
56,732
|
|
|
$
|
50,022
|
|
|
$
|
58,469
|
|
|
13
|
%
|
|
(14
|
)%
|
n/m = not meaningful
|
|
|
For the Year Ended December 31,
|
|
% Change
|
||||||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
|
19/18
|
|
18/17
|
||||||||
Salaries and wages
|
|
$
|
73,829
|
|
|
$
|
71,111
|
|
|
$
|
65,692
|
|
|
4
|
%
|
|
8
|
%
|
Employee benefits
|
|
13,697
|
|
|
12,945
|
|
|
11,732
|
|
|
6
|
|
|
10
|
|
|||
Outsourced data processing costs
|
|
15,077
|
|
|
16,374
|
|
|
14,116
|
|
|
(8
|
)
|
|
16
|
|
|||
Telephone / data lines
|
|
2,958
|
|
|
2,481
|
|
|
2,291
|
|
|
19
|
|
|
8
|
|
|||
Occupancy
|
|
14,284
|
|
|
13,394
|
|
|
13,290
|
|
|
7
|
|
|
1
|
|
|||
Furniture and equipment
|
|
6,245
|
|
|
6,744
|
|
|
6,067
|
|
|
(7
|
)
|
|
11
|
|
|||
Marketing
|
|
4,161
|
|
|
5,085
|
|
|
4,784
|
|
|
(18
|
)
|
|
6
|
|
|||
Legal and professional fees
|
|
8,553
|
|
|
9,961
|
|
|
11,022
|
|
|
(14
|
)
|
|
(10
|
)
|
|||
FDIC assessments
|
|
881
|
|
|
2,195
|
|
|
2,326
|
|
|
(60
|
)
|
|
(6
|
)
|
|||
Amortization of intangibles
|
|
5,826
|
|
|
4,300
|
|
|
3,361
|
|
|
35
|
|
|
28
|
|
|||
Foreclosed property expense and net loss (gain) on sale
|
|
51
|
|
|
461
|
|
|
(300
|
)
|
|
(89
|
)
|
|
(254
|
)
|
|||
Other
|
|
15,177
|
|
|
17,222
|
|
|
15,535
|
|
|
(12
|
)
|
|
11
|
|
|||
Total Noninterest Expense
|
|
$
|
160,739
|
|
|
$
|
162,273
|
|
|
$
|
149,916
|
|
|
(1
|
)%
|
|
8
|
%
|
|
|
December 31,
|
||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|||
Common stock
|
|
$
|
5,151
|
|
|
$
|
5,136
|
|
|
$
|
4,693
|
|
Additional paid in capital
|
|
786,138
|
|
|
778,501
|
|
|
661,632
|
|
|||
Retained earnings
|
|
195,813
|
|
|
97,074
|
|
|
29,914
|
|
|||
Treasury stock
|
|
(6,032
|
)
|
|
(3,384
|
)
|
|
(2,359
|
)
|
|||
Goodwill
|
|
(205,286
|
)
|
|
(204,753
|
)
|
|
(147,578
|
)
|
|||
Intangibles
|
|
(18,305
|
)
|
|
(24,808
|
)
|
|
(15,150
|
)
|
|||
Other
|
|
(2,924
|
)
|
|
(6,426
|
)
|
|
(7,320
|
)
|
|||
Common Equity Tier 1 Capital
|
|
754,555
|
|
|
641,340
|
|
|
523,832
|
|
|||
|
|
|
|
|
|
|
||||||
Qualifying trust preferred securities
|
|
71,085
|
|
|
70,804
|
|
|
70,521
|
|
|||
Other
|
|
—
|
|
|
—
|
|
|
(1,791
|
)
|
|||
Total Tier 1 Capital
|
|
825,640
|
|
|
712,144
|
|
|
592,562
|
|
|||
|
|
|
|
|
|
|
||||||
Tier 2 Capital
|
|
|
|
|
|
|
|
|
|
|||
Allowance for loan losses, as limited
|
|
35,294
|
|
|
32,543
|
|
|
27,184
|
|
|||
Total Tier 2 Capital
|
|
35,294
|
|
|
32,543
|
|
|
27,184
|
|
|||
Total Risk-Based Capital
|
|
$
|
860,934
|
|
|
$
|
744,687
|
|
|
$
|
619,746
|
|
Risk weighted assets
|
|
$
|
5,481,325
|
|
|
$
|
5,159,431
|
|
|
$
|
4,352,390
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 ratio (CET1)
|
|
13.77
|
%
|
|
12.43
|
%
|
|
12.04
|
%
|
|||
Regulatory minimum1
|
|
4.50
|
|
|
4.50
|
|
|
4.50
|
|
|||
Tier 1 capital ratio
|
|
15.06
|
|
|
13.80
|
|
|
13.61
|
|
|||
Regulatory minimum1
|
|
6.00
|
|
|
6.00
|
|
|
6.00
|
|
|||
Total capital ratio
|
|
15.71
|
|
|
14.43
|
|
|
14.24
|
|
|||
Regulatory minimum1
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|||
Tier 1 capital to adjusted total assets
|
|
12.20
|
|
|
11.16
|
|
|
10.68
|
|
|||
Regulatory minimum
|
|
4.00
|
|
|
4.00
|
|
|
4.00
|
|
|||
|
|
|
|
|
|
|
||||||
Shareholders' equity to assets
|
|
13.87
|
|
|
12.81
|
|
|
11.87
|
|
|||
Average shareholders' equity to average total assets
|
|
13.60
|
|
|
12.23
|
|
|
10.96
|
|
|||
Tangible shareholders' equity to tangible assets
|
|
11.05
|
|
|
9.72
|
|
|
9.27
|
|
|||
1Excludes the Basel III capital conservation buffer of 2.5% for 2019, 1.875% for 2018, and 1.25% for 2017, which if not exceeded may constrain dividends, equity repurchases and compensation.
|
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Construction and land development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
|
$
|
94,641
|
|
|
$
|
123,326
|
|
|
$
|
97,725
|
|
|
$
|
29,693
|
|
|
$
|
31,650
|
|
Commercial
|
|
86,658
|
|
|
128,175
|
|
|
91,043
|
|
|
57,856
|
|
|
31,977
|
|
|||||
|
|
181,299
|
|
|
251,501
|
|
|
188,768
|
|
|
87,549
|
|
|
63,627
|
|
|||||
Individuals
|
|
143,814
|
|
|
192,067
|
|
|
154,357
|
|
|
72,567
|
|
|
45,160
|
|
|||||
|
|
325,113
|
|
|
443,568
|
|
|
343,125
|
|
|
160,116
|
|
|
108,787
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner-occupied
|
|
1,034,963
|
|
|
970,181
|
|
|
791,400
|
|
|
623,800
|
|
|
453,300
|
|
|||||
Non owner-occupied
|
|
1,344,008
|
|
|
1,161,885
|
|
|
848,592
|
|
|
733,792
|
|
|
556,078
|
|
|||||
|
|
2,378,971
|
|
|
2,132,066
|
|
|
1,639,992
|
|
|
1,357,592
|
|
|
1,009,378
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustable
|
|
556,453
|
|
|
618,123
|
|
|
487,231
|
|
|
418,276
|
|
|
429,826
|
|
|||||
Fixed rate
|
|
589,960
|
|
|
370,224
|
|
|
246,884
|
|
|
210,365
|
|
|
110,391
|
|
|||||
Home equity mortgages
|
|
69,394
|
|
|
74,127
|
|
|
71,367
|
|
|
44,484
|
|
|
69,339
|
|
|||||
Home equity lines
|
|
292,056
|
|
|
261,903
|
|
|
233,328
|
|
|
163,662
|
|
|
114,229
|
|
|||||
|
|
1,507,863
|
|
|
1,324,377
|
|
|
1,038,810
|
|
|
836,787
|
|
|
723,785
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and financial
|
|
778,252
|
|
|
722,322
|
|
|
606,014
|
|
|
370,589
|
|
|
228,517
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Installment loans to individuals
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automobiles and trucks
|
|
22,939
|
|
|
20,482
|
|
|
19,006
|
|
|
19,234
|
|
|
14,965
|
|
|||||
Marine loans
|
|
91,025
|
|
|
83,606
|
|
|
78,855
|
|
|
78,993
|
|
|
46,534
|
|
|||||
Other
|
|
93,274
|
|
|
97,606
|
|
|
90,851
|
|
|
55,718
|
|
|
23,857
|
|
|||||
|
|
207,238
|
|
|
201,694
|
|
|
188,712
|
|
|
153,945
|
|
|
85,356
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other loans
|
|
967
|
|
|
1,187
|
|
|
724
|
|
|
507
|
|
|
507
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Loans
|
|
$
|
5,198,404
|
|
|
$
|
4,825,214
|
|
|
$
|
3,817,377
|
|
|
$
|
2,879,536
|
|
|
$
|
2,156,330
|
|
|
December 31, 2019
|
||||||||||
(In thousands)
|
Commercial and
Financial
|
|
Construction
and Land
Development
|
|
Total
|
||||||
In one year or less
|
$
|
366,771
|
|
|
$
|
150,886
|
|
|
$
|
517,657
|
|
|
|
|
|
|
|
||||||
After one year but within five years:
|
|
|
|
|
|
|
|||||
Interest rates are floating or adjustable
|
71,001
|
|
|
59,159
|
|
|
130,160
|
|
|||
Interest rates are fixed
|
198,826
|
|
|
16,783
|
|
|
215,609
|
|
|||
|
|
|
|
|
|
||||||
In five years or more:
|
|
|
|
|
|
||||||
Interest rates are floating or adjustable
|
20,051
|
|
|
48,910
|
|
|
68,961
|
|
|||
Interest rates are fixed
|
121,603
|
|
|
49,375
|
|
|
170,978
|
|
|||
Total
|
$
|
778,252
|
|
|
$
|
325,113
|
|
|
$
|
1,103,365
|
|
Maturity of Certificates of Deposit of more than $250,000
|
||||||||||||||
|
||||||||||||||
|
|
December 31,
|
|
% of
|
|
December 31,
|
|
% of
|
||||||
(In thousands, except percentages)
|
|
2019
|
|
Total
|
|
2018
|
|
Total
|
||||||
Maturity Group:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Under 3 Months
|
|
$
|
95,351
|
|
|
46
|
%
|
|
$
|
30,542
|
|
|
16
|
%
|
3 to 6 Months
|
|
58,930
|
|
|
28
|
|
|
23,077
|
|
|
12
|
|
||
6 to 12 Months
|
|
34,925
|
|
|
17
|
|
|
68,600
|
|
|
36
|
|
||
Over 12 Months
|
|
18,113
|
|
|
9
|
|
|
69,722
|
|
|
36
|
|
||
Total Time Deposits
|
|
$
|
207,319
|
|
|
100
|
%
|
|
$
|
191,941
|
|
|
100
|
%
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Beginning balance
|
|
$
|
32,423
|
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
$
|
17,071
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
10,999
|
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|
2,644
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charge offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,271
|
|
|||||
Commercial real estate
|
|
248
|
|
|
3,139
|
|
|
407
|
|
|
256
|
|
|
263
|
|
|||||
Residential real estate
|
|
152
|
|
|
80
|
|
|
569
|
|
|
205
|
|
|
779
|
|
|||||
Commercial and financial
|
|
7,550
|
|
|
3,396
|
|
|
1,869
|
|
|
439
|
|
|
726
|
|
|||||
Consumer
|
|
2,609
|
|
|
1,411
|
|
|
1,257
|
|
|
244
|
|
|
341
|
|
|||||
Total Charge Offs
|
|
10,559
|
|
|
8,026
|
|
|
4,102
|
|
|
1,144
|
|
|
3,380
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
31
|
|
|
27
|
|
|
896
|
|
|
226
|
|
|
404
|
|
|||||
Commercial real estate
|
|
744
|
|
|
292
|
|
|
747
|
|
|
306
|
|
|
700
|
|
|||||
Residential real estate
|
|
338
|
|
|
816
|
|
|
336
|
|
|
786
|
|
|
1,260
|
|
|||||
Commercial and financial
|
|
712
|
|
|
325
|
|
|
226
|
|
|
1,809
|
|
|
531
|
|
|||||
Consumer
|
|
595
|
|
|
329
|
|
|
290
|
|
|
109
|
|
|
117
|
|
|||||
Total Recoveries
|
|
2,420
|
|
|
1,789
|
|
|
2,495
|
|
|
3,236
|
|
|
3,012
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loan charge offs (recoveries)
|
|
8,139
|
|
|
6,237
|
|
|
1,607
|
|
|
(2,092
|
)
|
|
368
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TDR valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
1
|
|
|
—
|
|
|
2
|
|
|
8
|
|
|
(43
|
)
|
|||||
Commercial real estate
|
|
61
|
|
|
62
|
|
|
64
|
|
|
132
|
|
|
69
|
|
|||||
Residential real estate
|
|
63
|
|
|
121
|
|
|
244
|
|
|
86
|
|
|
151
|
|
|||||
Commercial and financial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Consumer
|
|
4
|
|
|
9
|
|
|
9
|
|
|
5
|
|
|
36
|
|
|||||
Total TDR Valuation Adjustments
|
|
129
|
|
|
192
|
|
|
319
|
|
|
231
|
|
|
219
|
|
|||||
Total Allowance for Loan Losses
|
|
35,154
|
|
|
$
|
32,423
|
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans outstanding at end of year1
|
|
$
|
5,198,404
|
|
|
$
|
4,825,214
|
|
|
$
|
3,814,377
|
|
|
$
|
2,879,536
|
|
|
$
|
2,156,330
|
|
Ratio of allowance for loan losses to loans outstanding at end of year
|
|
0.68
|
%
|
|
0.67
|
%
|
|
0.71
|
%
|
|
0.81
|
%
|
|
0.89
|
%
|
|||||
Daily average loans outstanding1
|
|
$
|
4,933,518
|
|
|
$
|
4,112,009
|
|
|
$
|
3,323,403
|
|
|
$
|
2,584,389
|
|
|
$
|
1,984,545
|
|
Ratio of net charge offs (recoveries) to average loans outstanding
|
|
0.16
|
%
|
|
0.15
|
%
|
|
0.05
|
%
|
|
(0.08
|
)%
|
|
0.02
|
%
|
|||||
1Net of unearned income.
|
|
|
December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Allocation by Loan Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
$
|
1,842
|
|
|
$
|
2,233
|
|
|
$
|
1,642
|
|
|
$
|
1,219
|
|
|
$
|
1,151
|
|
Commercial real estate loans
|
|
13,224
|
|
|
11,112
|
|
|
9,285
|
|
|
9,273
|
|
|
6,756
|
|
|||||
Residential real estate loans
|
|
7,667
|
|
|
7,775
|
|
|
7,131
|
|
|
7,483
|
|
|
8,057
|
|
|||||
Commercial and financial loans
|
|
9,716
|
|
|
8,585
|
|
|
7,297
|
|
|
3,636
|
|
|
2,042
|
|
|||||
Consumer loans
|
|
2,705
|
|
|
2,718
|
|
|
1,767
|
|
|
1,789
|
|
|
1,122
|
|
|||||
Total Allowance for Loan Losses
|
|
$
|
35,154
|
|
|
$
|
32,423
|
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year End Loan Types as a Percent of Total Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
6
|
%
|
|
9
|
%
|
|
9
|
%
|
|
6
|
%
|
|
5
|
%
|
|||||
Commercial real estate loans
|
|
46
|
|
|
44
|
|
|
43
|
|
|
47
|
|
|
47
|
|
|||||
Residential real estate loans
|
|
29
|
|
|
28
|
|
|
27
|
|
|
29
|
|
|
33
|
|
|||||
Commercial and financial loans
|
|
15
|
|
|
15
|
|
|
16
|
|
|
13
|
|
|
11
|
|
|||||
Consumer loans
|
|
4
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
4
|
|
|||||
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Nonaccrual loans1,2
|
|
|
||||||||||||||||||
Construction and land development
|
|
$
|
4,937
|
|
|
$
|
44
|
|
|
$
|
238
|
|
|
$
|
470
|
|
|
$
|
309
|
|
Commercial real estate loans
|
|
6,520
|
|
|
9,220
|
|
|
2,833
|
|
|
7,341
|
|
|
6,410
|
|
|||||
Residential real estate loans
|
|
9,479
|
|
|
13,708
|
|
|
13,856
|
|
|
9,844
|
|
|
10,290
|
|
|||||
Commercial and financial loans
|
|
5,909
|
|
|
3,321
|
|
|
2,499
|
|
|
246
|
|
|
130
|
|
|||||
Consumer loans
|
|
110
|
|
|
183
|
|
|
98
|
|
|
170
|
|
|
247
|
|
|||||
Total Nonaccrual Loans
|
|
26,955
|
|
|
26,476
|
|
|
19,524
|
|
|
18,071
|
|
|
17,386
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other real estate owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
197
|
|
|
1,543
|
|
|
1,268
|
|
|
1,203
|
|
|
2,617
|
|
|||||
Commercial real estate loans
|
|
5,111
|
|
|
1,566
|
|
|
2,550
|
|
|
3,041
|
|
|
3,959
|
|
|||||
Residential real estate loans
|
|
241
|
|
|
297
|
|
|
60
|
|
|
—
|
|
|
463
|
|
|||||
Bank branches closed
|
|
6,842
|
|
|
9,396
|
|
|
3,762
|
|
|
5,705
|
|
|
—
|
|
|||||
Total Other Real Estate Owned
|
|
12,391
|
|
|
12,802
|
|
|
7,640
|
|
|
9,949
|
|
|
7,039
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Nonperforming Assets
|
|
$
|
39,346
|
|
|
$
|
39,278
|
|
|
$
|
27,164
|
|
|
$
|
28,020
|
|
|
$
|
24,425
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount of loans outstanding at end of year2
|
|
$
|
5,198,404
|
|
|
$
|
4,825,214
|
|
|
$
|
3,817,377
|
|
|
$
|
2,879,536
|
|
|
$
|
2,156,330
|
|
Ratio of total nonperforming assets to loans outstanding and other real estate owned at end of period
|
|
0.76
|
%
|
|
0.81
|
%
|
|
0.71
|
%
|
|
0.97
|
%
|
|
1.13
|
%
|
|||||
Accruing loans past due 90 days or more
|
|
$
|
108
|
|
|
$
|
526
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Loans restructured and in compliance with modified terms3
|
|
11,100
|
|
|
13,346
|
|
|
15,559
|
|
|
17,711
|
|
|
19,970
|
|
|||||
1Interest income that could have been recorded during 2019, 2018, and 2017 related to nonaccrual loans was $0.4 million, $1.0 million, and $0.7 million, respectively, none of which was included in interest income or net income.
|
||||||||||||||||||||
2Net of unearned income.
|
||||||||||||||||||||
3Interest income that would have been recorded based on original contractual terms was $0.4 million, $0.5 million, and $0.7 million, respectively, for 2019, 2018 and 2017. The amount included in interest income under the modified terms for 2019, 2018 and 2017 was $0.6 million, $0.7 million, and $0.7 million, respectively.
|
|
|
December 31,
|
||||||||||||||
(In thousands)
|
|
Gross
Amortized
Cost
|
|
Fair
Value
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
||||||||
U.S. Treasury securities and obligations of U.S. government agencies
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
$
|
9,914
|
|
|
$
|
10,114
|
|
|
$
|
204
|
|
|
$
|
(4
|
)
|
2018
|
|
7,200
|
|
|
7,300
|
|
|
106
|
|
|
(6
|
)
|
||||
2017
|
|
9,475
|
|
|
9,744
|
|
|
274
|
|
|
(5
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
604,934
|
|
|
609,207
|
|
|
5,784
|
|
|
(1,511
|
)
|
||||
2018
|
|
567,753
|
|
|
554,006
|
|
|
300
|
|
|
(14,047
|
)
|
||||
2017
|
|
560,396
|
|
|
553,525
|
|
|
1,163
|
|
|
(8,034
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
56,005
|
|
|
57,561
|
|
|
1,561
|
|
|
(5
|
)
|
||||
2018
|
|
55,569
|
|
|
55,728
|
|
|
560
|
|
|
(401
|
)
|
||||
2017
|
|
75,152
|
|
|
76,021
|
|
|
1,154
|
|
|
(285
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
239,364
|
|
|
238,218
|
|
|
7
|
|
|
(1,153
|
)
|
||||
2018
|
|
212,807
|
|
|
209,366
|
|
|
1
|
|
|
(3,442
|
)
|
||||
2017
|
|
263,579
|
|
|
264,309
|
|
|
798
|
|
|
(68
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
30,548
|
|
|
31,755
|
|
|
1,208
|
|
|
(1
|
)
|
||||
2018
|
|
39,543
|
|
|
39,431
|
|
|
339
|
|
|
(451
|
)
|
||||
2017
|
|
45,118
|
|
|
45,861
|
|
|
813
|
|
|
(70
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Debt Securities Available-For-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
$
|
940,765
|
|
|
$
|
946,855
|
|
|
$
|
8,764
|
|
|
$
|
(2,674
|
)
|
2018
|
|
882,872
|
|
|
865,831
|
|
|
1,306
|
|
|
(18,347
|
)
|
||||
2017
|
|
953,720
|
|
|
949,460
|
|
|
4,202
|
|
|
(8,462
|
)
|
|
|
December 31,
|
||||||||||||||
(In thousands)
|
|
Gross
Amortized
Cost
|
|
Fair
Value
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
||||||||
Mortgage-backed securities of U.S. government sponsored entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
$
|
261,369
|
|
|
$
|
262,213
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
2018
|
|
304,423
|
|
|
297,099
|
|
|
—
|
|
|
(7,324
|
)
|
||||
2017
|
|
353,541
|
|
|
350,184
|
|
|
802
|
|
|
(4,159
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2018
|
|
21,526
|
|
|
21,673
|
|
|
277
|
|
|
(130
|
)
|
||||
2017
|
|
22,799
|
|
|
23,460
|
|
|
714
|
|
|
(53
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
2018
|
|
32,000
|
|
|
31,123
|
|
|
—
|
|
|
(877
|
)
|
||||
2017
|
|
40,523
|
|
|
40,826
|
|
|
303
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Debt Securities Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2019
|
|
$
|
261,369
|
|
|
$
|
262,213
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
2018
|
|
357,949
|
|
|
349,895
|
|
|
277
|
|
|
(8,331
|
)
|
||||
2017
|
|
416,863
|
|
|
414,470
|
|
|
1,819
|
|
|
(4,212
|
)
|
|
|
December 31, 2019
|
||||||||||||||||||
(In thousands)
|
|
0-3
Months
|
|
4-12
Months
|
|
1-5
Years
|
|
Over
5 Years
|
|
Total
|
||||||||||
Federal funds sold and interest bearing deposits
|
|
$
|
38,430
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38,430
|
|
Securities2
|
|
300,019
|
|
|
95,035
|
|
|
431,135
|
|
|
382,035
|
|
|
1,208,224
|
|
|||||
Loans, net3
|
|
1,757,776
|
|
|
622,369
|
|
|
2,068,986
|
|
|
769,302
|
|
|
5,218,433
|
|
|||||
Other assets4
|
|
25,853
|
|
|
25,689
|
|
|
—
|
|
|
—
|
|
|
51,542
|
|
|||||
Earning assets
|
|
2,122,078
|
|
|
743,093
|
|
|
2,500,121
|
|
|
1,151,337
|
|
|
6,516,629
|
|
|||||
Savings deposits
|
|
27,786
|
|
|
83,358
|
|
|
943,473
|
|
|
1,754,630
|
|
|
2,809,247
|
|
|||||
Time deposits
|
|
766,008
|
|
|
342,728
|
|
|
75,041
|
|
|
1,236
|
|
|
1,185,013
|
|
|||||
Borrowings
|
|
535,096
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
535,096
|
|
|||||
Interest bearing liabilities
|
|
1,328,890
|
|
|
426,086
|
|
|
1,018,514
|
|
|
1,755,866
|
|
|
4,529,356
|
|
|||||
Interest sensitivity gap
|
|
$
|
793,188
|
|
|
$
|
317,007
|
|
|
$
|
1,481,607
|
|
|
$
|
(604,529
|
)
|
|
$
|
1,987,273
|
|
Cumulative gap
|
|
$
|
793,188
|
|
|
$
|
1,110,195
|
|
|
$
|
2,591,802
|
|
|
$
|
1,987,273
|
|
|
|
|
|
Cumulative gap to total earning assets
|
|
12
|
%
|
|
17
|
%
|
|
40
|
%
|
|
31
|
%
|
|
|
|
|||||
Earning assets to interest bearing liabilities
|
|
160
|
|
|
174
|
|
|
245
|
|
|
66
|
|
|
|
|
|||||
1The repricing dates may differ from contractual maturity dates for certain assets due to prepayment assumptions.
|
||||||||||||||||||||
2Securities are stated at carrying value.
|
||||||||||||||||||||
3Includes loans available-for-sale.
|
||||||||||||||||||||
4"0-3 Months" includes FHLB stock for which interest resets quarterly and a mutual fund that invests in CRA qualified debt securities which reprices daily and "4-12 Months" includes Federal Reserve Bank stock for which interest resets semiannually.
|
|
|
2019 Quarters
|
|
2018 Quarters
|
||||||||||||||||||||||||||||
(In thousands, except per share data)
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
72,286
|
|
|
$
|
72,825
|
|
|
$
|
72,237
|
|
|
$
|
72,475
|
|
|
$
|
70,058
|
|
|
$
|
59,154
|
|
|
$
|
56,709
|
|
|
$
|
55,477
|
|
Interest expense
|
|
10,526
|
|
|
11,877
|
|
|
12,101
|
|
|
11,701
|
|
|
10,074
|
|
|
7,592
|
|
|
6,502
|
|
|
5,715
|
|
||||||||
Net interest income
|
|
61,760
|
|
|
60,948
|
|
|
60,136
|
|
|
60,774
|
|
|
59,984
|
|
|
51,562
|
|
|
50,207
|
|
|
49,762
|
|
||||||||
Provision for loan losses
|
|
4,800
|
|
|
2,251
|
|
|
2,551
|
|
|
1,397
|
|
|
2,342
|
|
|
5,774
|
|
|
2,529
|
|
|
1,085
|
|
||||||||
Net interest income after provision for loan losses
|
|
56,960
|
|
|
58,697
|
|
|
57,585
|
|
|
59,377
|
|
|
57,642
|
|
|
45,788
|
|
|
47,678
|
|
|
48,677
|
|
||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Service charges on deposit accounts
|
|
2,960
|
|
|
2,978
|
|
|
2,894
|
|
|
2,697
|
|
|
3,019
|
|
|
2,833
|
|
|
2,674
|
|
|
2,672
|
|
||||||||
Trust fees
|
|
1,096
|
|
|
1,183
|
|
|
1,147
|
|
|
1,017
|
|
|
1,040
|
|
|
1,083
|
|
|
1,039
|
|
|
1,021
|
|
||||||||
Mortgage banking fees
|
|
1,514
|
|
|
2,127
|
|
|
1,734
|
|
|
1,115
|
|
|
809
|
|
|
1,135
|
|
|
1,336
|
|
|
1,402
|
|
||||||||
Brokerage commissions and fees
|
|
483
|
|
|
449
|
|
|
541
|
|
|
436
|
|
|
468
|
|
|
444
|
|
|
461
|
|
|
359
|
|
||||||||
Marine finance fees
|
|
338
|
|
|
153
|
|
|
201
|
|
|
362
|
|
|
185
|
|
|
194
|
|
|
446
|
|
|
573
|
|
||||||||
Interchange income
|
|
3,387
|
|
|
3,206
|
|
|
3,405
|
|
|
3,401
|
|
|
3,198
|
|
|
3,119
|
|
|
3,076
|
|
|
2,942
|
|
||||||||
BOLI income
|
|
904
|
|
|
928
|
|
|
927
|
|
|
915
|
|
|
1,091
|
|
|
1,078
|
|
|
1,066
|
|
|
1,056
|
|
||||||||
SBA gains
|
|
576
|
|
|
569
|
|
|
691
|
|
|
636
|
|
|
519
|
|
|
473
|
|
|
748
|
|
|
734
|
|
||||||||
Other income
|
|
2,579
|
|
|
3,197
|
|
|
2,503
|
|
|
2,266
|
|
|
2,810
|
|
|
1,980
|
|
|
1,923
|
|
|
1,639
|
|
||||||||
Securities gains (losses), net
|
|
2,539
|
|
|
(847
|
)
|
|
(466
|
)
|
|
(9
|
)
|
|
(425
|
)
|
|
(48
|
)
|
|
(48
|
)
|
|
(102
|
)
|
||||||||
Total noninterest income
|
|
16,376
|
|
|
13,943
|
|
|
13,577
|
|
|
12,836
|
|
|
12,714
|
|
|
12,291
|
|
|
12,721
|
|
|
12,296
|
|
||||||||
Noninterest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Salaries and wages
|
|
17,263
|
|
|
18,640
|
|
|
19,420
|
|
|
18,506
|
|
|
22,172
|
|
|
17,129
|
|
|
16,429
|
|
|
15,381
|
|
||||||||
Employee benefits
|
|
3,323
|
|
|
2,973
|
|
|
3,195
|
|
|
4,206
|
|
|
3,625
|
|
|
3,205
|
|
|
3,034
|
|
|
3,081
|
|
||||||||
Outsourced data processing costs
|
|
3,645
|
|
|
3,711
|
|
|
3,876
|
|
|
3,845
|
|
|
5,809
|
|
|
3,493
|
|
|
3,393
|
|
|
3,679
|
|
||||||||
Telephone / data lines
|
|
651
|
|
|
603
|
|
|
893
|
|
|
811
|
|
|
602
|
|
|
624
|
|
|
643
|
|
|
612
|
|
||||||||
Occupancy
|
|
3,368
|
|
|
3,368
|
|
|
3,741
|
|
|
3,807
|
|
|
3,747
|
|
|
3,214
|
|
|
3,316
|
|
|
3,117
|
|
||||||||
Furniture and equipment
|
|
1,416
|
|
|
1,528
|
|
|
1,544
|
|
|
1,757
|
|
|
2,452
|
|
|
1,367
|
|
|
1,468
|
|
|
1,457
|
|
||||||||
Marketing
|
|
885
|
|
|
933
|
|
|
1,211
|
|
|
1,132
|
|
|
1,350
|
|
|
1,139
|
|
|
1,344
|
|
|
1,252
|
|
||||||||
Legal and professional fees
|
|
2,025
|
|
|
1,648
|
|
|
2,033
|
|
|
2,847
|
|
|
3,668
|
|
|
2,019
|
|
|
2,301
|
|
|
1,973
|
|
||||||||
FDIC assessments
|
|
—
|
|
|
56
|
|
|
337
|
|
|
488
|
|
|
571
|
|
|
431
|
|
|
595
|
|
|
598
|
|
||||||||
Amortization of intangibles
|
|
1,456
|
|
|
1,456
|
|
|
1,456
|
|
|
1,458
|
|
|
1,303
|
|
|
1,004
|
|
|
1,004
|
|
|
989
|
|
||||||||
Net (gain)/loss on other real estate owned and repossessed assets
|
|
3
|
|
|
262
|
|
|
(174
|
)
|
|
(40
|
)
|
|
—
|
|
|
(136
|
)
|
|
405
|
|
|
192
|
|
||||||||
Other
|
|
4,022
|
|
|
3,405
|
|
|
3,468
|
|
|
4,282
|
|
|
4,165
|
|
|
3,910
|
|
|
4,314
|
|
|
4,833
|
|
||||||||
Total noninterest expenses
|
|
38,057
|
|
|
38,583
|
|
|
41,000
|
|
|
43,099
|
|
|
49,464
|
|
|
37,399
|
|
|
38,246
|
|
|
37,164
|
|
||||||||
Income before income taxes
|
|
35,279
|
|
|
34,057
|
|
|
30,162
|
|
|
29,114
|
|
|
20,892
|
|
|
20,680
|
|
|
22,153
|
|
|
23,809
|
|
||||||||
Income taxes
|
|
8,103
|
|
|
8,452
|
|
|
6,909
|
|
|
6,409
|
|
|
4,930
|
|
|
4,358
|
|
|
5,189
|
|
|
5,782
|
|
||||||||
Net income
|
|
$
|
27,176
|
|
|
$
|
25,605
|
|
|
$
|
23,253
|
|
|
$
|
22,705
|
|
|
$
|
15,962
|
|
|
$
|
16,322
|
|
|
$
|
16,964
|
|
|
$
|
18,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 Quarters
|
|
2018 Quarters
|
||||||||||||||||||||||||||||
(In thousands, except per share data)
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income diluted
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.44
|
|
|
$
|
0.31
|
|
|
$
|
0.34
|
|
|
$
|
0.35
|
|
|
$
|
0.38
|
|
Net income basic
|
|
0.53
|
|
|
0.50
|
|
|
0.45
|
|
|
0.44
|
|
|
0.32
|
|
|
0.35
|
|
|
0.36
|
|
|
0.38
|
|
||||||||
Cash dividends declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
||||||||
Market price common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Low close
|
|
24.21
|
|
|
22.54
|
|
|
23.19
|
|
|
25.49
|
|
|
21.74
|
|
|
28.30
|
|
|
25.61
|
|
|
23.96
|
|
||||||||
High close
|
|
31.02
|
|
|
27.36
|
|
|
28.54
|
|
|
29.57
|
|
|
29.86
|
|
|
34.95
|
|
|
33.51
|
|
|
28.44
|
|
||||||||
Bid price at end of period
|
|
30.57
|
|
|
25.31
|
|
|
25.44
|
|
|
26.35
|
|
|
26.02
|
|
|
29.20
|
|
|
31.58
|
|
|
26.47
|
|
|
|
For the Year Ended and at December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Net interest income
|
|
$
|
243,618
|
|
|
$
|
211,515
|
|
|
$
|
176,296
|
|
|
$
|
139,588
|
|
|
$
|
109,487
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
10,999
|
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|
2,644
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
|
55,515
|
|
|
50,645
|
|
|
43,230
|
|
|
37,427
|
|
|
32,018
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities (losses) gains, net
|
|
1,217
|
|
|
(623
|
)
|
|
86
|
|
|
368
|
|
|
161
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sale of VISA stock
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bargain purchase gains, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
416
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expenses
|
|
160,739
|
|
|
162,273
|
|
|
149,916
|
|
|
130,881
|
|
|
103,770
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
128,612
|
|
|
87,534
|
|
|
79,201
|
|
|
44,091
|
|
|
35,668
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income taxes
|
|
29,873
|
|
|
20,259
|
|
|
36,336
|
|
|
14,889
|
|
|
13,527
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
|
$
|
22,141
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted
|
|
$
|
1.90
|
|
|
$
|
1.38
|
|
|
$
|
0.99
|
|
|
$
|
0.78
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
1.92
|
|
|
1.40
|
|
|
1.01
|
|
|
0.79
|
|
|
0.66
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share common
|
|
19.13
|
|
|
16.83
|
|
|
14.70
|
|
|
11.45
|
|
|
10.29
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per share
|
|
14.76
|
|
|
12.33
|
|
|
11.15
|
|
|
9.37
|
|
|
9.31
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
$
|
7,108,511
|
|
|
$
|
6,747,659
|
|
|
$
|
5,810,129
|
|
|
$
|
4,680,932
|
|
|
$
|
3,534,780
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities
|
|
1,208,224
|
|
|
1,223,780
|
|
|
1,372,667
|
|
|
1,323,001
|
|
|
994,291
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loans
|
|
5,163,250
|
|
|
4,792,791
|
|
|
3,790,255
|
|
|
2,856,136
|
|
|
2,137,202
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
5,584,753
|
|
|
5,177,240
|
|
|
4,592,720
|
|
|
3,523,245
|
|
|
2,844,387
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB borrowings
|
|
315,000
|
|
|
380,000
|
|
|
211,000
|
|
|
415,000
|
|
|
50,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subordinated debt
|
|
71,085
|
|
|
70,804
|
|
|
70,521
|
|
|
70,241
|
|
|
69,961
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity
|
|
985,639
|
|
|
864,267
|
|
|
689,664
|
|
|
435,397
|
|
|
353,453
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Item 8.
|
Financial Statements and Supplementary Data
|
•
|
Testing the design and operating effectiveness of controls over the evaluation of these estimates used in the loss factors, including controls addressing:
|
◦
|
The review of the completeness and accuracy of data inputs used as the basis for the adjustments relating to loss factors.
|
◦
|
The review of the accuracy of the general allowance model calculations.
|
◦
|
The review of the qualitative and quantitative conclusions related to the loss factors and the resulting allocation to the allowance.
|
•
|
Substantively testing management’s process, including evaluating their judgments and assumptions, for developing the loss factors which included:
|
◦
|
Evaluation of the completeness and accuracy of data inputs used as a basis for the adjustments relating to loss factors.
|
◦
|
Evaluation of the reasonableness of management’s judgments related to the qualitative and quantitative assessment of the data used in the determination of loss factors and the resulting allocation to the allowance. Among other procedures, our evaluation considered, the weight of confirming and disconfirming evidence from internal and external sources, loan portfolio performance and third-party data, and whether such assumptions were applied consistently period over period.
|
◦
|
Analytically evaluating the loss factor allocation year over year and testing allocations for reasonableness.
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Interest Income
|
|
|
|
|
|
|
|
|
|
|||
Interest on securities
|
|
|
|
|
|
|
|
|
|
|||
Taxable
|
|
$
|
35,354
|
|
|
$
|
37,860
|
|
|
$
|
34,442
|
|
Nontaxable
|
|
555
|
|
|
884
|
|
|
913
|
|
|||
Interest and fees on loans
|
|
250,535
|
|
|
199,984
|
|
|
153,825
|
|
|||
Interest on federal funds sold and other investments
|
|
3,379
|
|
|
2,670
|
|
|
2,416
|
|
|||
Total Interest Income
|
|
289,823
|
|
|
241,398
|
|
|
191,596
|
|
|||
|
|
|
|
|
|
|
||||||
Interest Expense
|
|
|
|
|
|
|
||||||
Interest on savings deposits
|
|
16,621
|
|
|
8,763
|
|
|
3,654
|
|
|||
Interest on time certificates
|
|
21,776
|
|
|
11,684
|
|
|
4,678
|
|
|||
Interest on federal funds purchased and other short term borrowings
|
|
1,431
|
|
|
1,804
|
|
|
781
|
|
|||
Interest on Federal Home Loan Bank borrowings
|
|
3,010
|
|
|
4,468
|
|
|
3,744
|
|
|||
Interest on subordinated debt
|
|
3,367
|
|
|
3,164
|
|
|
2,443
|
|
|||
Total Interest Expense
|
|
46,205
|
|
|
29,883
|
|
|
15,300
|
|
|||
Net Interest Income
|
|
243,618
|
|
|
211,515
|
|
|
176,296
|
|
|||
|
|
|
|
|
|
|
||||||
Provision for loan losses
|
|
10,999
|
|
|
11,730
|
|
|
5,648
|
|
|||
Net Interest Income After Provision for Loan Losses
|
|
232,619
|
|
|
199,785
|
|
|
170,648
|
|
|||
|
|
|
|
|
|
|
||||||
Noninterest Income (Note M)
|
|
|
|
|
|
|
||||||
Gain on sale of Visa stock
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|||
Securities gains (losses), net (includes net gains of $6.2 million for 2019, net losses of $96 thousand for 2018 and net gains of $2.0 million for 2017 in other comprehensive income reclassifications)
|
|
1,217
|
|
|
(623
|
)
|
|
86
|
|
|||
Other
|
|
55,515
|
|
|
50,645
|
|
|
43,230
|
|
|||
Total Noninterest Income
|
|
56,732
|
|
|
50,022
|
|
|
58,469
|
|
|||
|
|
|
|
|
|
|
||||||
Noninterest Expense (Note M)
|
|
160,739
|
|
|
162,273
|
|
|
149,916
|
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Taxes
|
|
128,612
|
|
|
87,534
|
|
|
79,201
|
|
|||
Income taxes
|
|
29,873
|
|
|
20,259
|
|
|
36,336
|
|
|||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
|
|
|
|
|
|
||||||
Share Data
|
|
|
|
|
|
|
||||||
Net income per share of common stock
|
|
|
|
|
|
|
||||||
Diluted
|
|
$
|
1.90
|
|
|
$
|
1.38
|
|
|
$
|
0.99
|
|
Basic
|
|
1.92
|
|
|
1.40
|
|
|
1.01
|
|
|||
Average common shares outstanding
|
|
|
|
|
|
|
||||||
Diluted
|
|
52,029
|
|
|
48,748
|
|
|
43,350
|
|
|||
Basic
|
|
51,449
|
|
|
47,969
|
|
|
42,613
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on securities available-for-sale
|
|
24,892
|
|
|
(13,266
|
)
|
|
5,976
|
|
|||
Reclassification of unrealized losses on securities transferred to available-for-sale upon adoption of new accounting pronouncement
|
|
(730
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of unrealized losses on securities transferred to held-to-maturity, net
|
|
262
|
|
|
550
|
|
|
596
|
|
|||
Reclassification adjustment for (gains) losses included in net income
|
|
(1,031
|
)
|
|
485
|
|
|
(86
|
)
|
|||
(Provision) benefit for income taxes
|
|
(5,868
|
)
|
|
3,272
|
|
|
(2,483
|
)
|
|||
Total Other Comprehensive Income (Loss)
|
|
17,525
|
|
|
(8,959
|
)
|
|
4,003
|
|
|||
Comprehensive Income
|
|
$
|
116,264
|
|
|
$
|
58,316
|
|
|
$
|
46,868
|
|
|
December 31,
|
||||||
(In thousands, except share data)
|
2019
|
|
2018
|
||||
|
|
|
|
||||
Shareholders' Equity
|
|
|
|
|
|
||
Common stock, par value $0.10 per share authorized 120,000,000 shares, issued 51,760,617 and outstanding 51,513,733 shares in 2019 and authorized 120,000,000 shares, issued 51,514,734 and outstanding 51,361,079 shares in 2018
|
5,151
|
|
|
5,136
|
|
||
Additional paid-in capital
|
786,242
|
|
|
778,501
|
|
||
Retained earnings
|
195,813
|
|
|
97,074
|
|
||
Less: Treasury stock (246,884 shares in 2019 and 153,655 shares in 2018), at cost
|
(6,032
|
)
|
|
(3,384
|
)
|
||
|
981,174
|
|
|
877,327
|
|
||
Accumulated other comprehensive income (loss), net
|
4,465
|
|
|
(13,060
|
)
|
||
Total Shareholders' Equity
|
985,639
|
|
|
864,267
|
|
||
Total Liabilities & Shareholders' Equity
|
$
|
7,108,511
|
|
|
$
|
6,747,659
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows From Operating Activities
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
|
|
|
|
|
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
|
6,421
|
|
|
6,353
|
|
|
5,614
|
|
|||
Amortization of premiums and discounts on securities, net
|
|
2,548
|
|
|
3,196
|
|
|
3,977
|
|
|||
Amortization of operating lease right-of-use assets
|
|
4,117
|
|
|
—
|
|
|
—
|
|
|||
Other amortization and accretion, net
|
|
(2,005
|
)
|
|
(1,158
|
)
|
|
(697
|
)
|
|||
Stock based compensation
|
|
7,243
|
|
|
7,823
|
|
|
5,267
|
|
|||
Origination of loans designated for sale
|
|
(329,177
|
)
|
|
(303,928
|
)
|
|
(213,027
|
)
|
|||
Sale of loans designated for sale
|
|
333,591
|
|
|
326,328
|
|
|
211,091
|
|
|||
Provision for loan losses
|
|
10,999
|
|
|
11,730
|
|
|
5,648
|
|
|||
Deferred income taxes
|
|
6,791
|
|
|
459
|
|
|
35,827
|
|
|||
(Gains) losses on sale of securities
|
|
(1,031
|
)
|
|
485
|
|
|
(86
|
)
|
|||
Gain on sale of VISA Class B stock
|
|
—
|
|
|
—
|
|
|
(15,153
|
)
|
|||
Gains on sale of loans
|
|
(9,794
|
)
|
|
(8,961
|
)
|
|
(7,038
|
)
|
|||
Gains on sale and write-downs of other real estate owned
|
|
(432
|
)
|
|
(107
|
)
|
|
(711
|
)
|
|||
Losses on disposition of fixed assets
|
|
511
|
|
|
1,235
|
|
|
2,270
|
|
|||
Bank owned life insurance death benefits
|
|
(956
|
)
|
|
(280
|
)
|
|
—
|
|
|||
Changes in operating assets and liabilities, net of effects from acquired companies:
|
|
|
|
|
|
|
|
|
|
|||
Net (increase) decrease in other assets
|
|
(5,614
|
)
|
|
10,331
|
|
|
(5,506
|
)
|
|||
Net (decrease) increase in other liabilities
|
|
(4,206
|
)
|
|
8,827
|
|
|
(21,432
|
)
|
|||
Net Cash Provided by Operating Activities
|
|
117,745
|
|
|
129,608
|
|
|
48,909
|
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Investing Activities
|
|
|
|
|
|
|
|
|
|
|||
Maturities and repayments of debt securities available-for-sale
|
|
101,674
|
|
|
141,223
|
|
|
211,173
|
|
|||
Maturities and repayments of debt securities held-to-maturity
|
|
42,495
|
|
|
58,315
|
|
|
86,460
|
|
|||
Proceeds from sale of debt securities available-for-sale
|
|
202,724
|
|
|
64,366
|
|
|
235,613
|
|
|||
Purchases of debt securities available-for-sale
|
|
(309,461
|
)
|
|
(104,650
|
)
|
|
(371,926
|
)
|
|||
Purchases of debt securities held-to-maturity
|
|
—
|
|
|
—
|
|
|
(131,439
|
)
|
|||
Maturities of time deposits with other banks
|
|
4,501
|
|
|
4,310
|
|
|
4,720
|
|
|||
Net new loans and principal repayments
|
|
(109,614
|
)
|
|
(365,816
|
)
|
|
(328,868
|
)
|
|||
Proceeds from the sale of portfolio loans
|
|
—
|
|
|
—
|
|
|
106,815
|
|
|||
Purchases of loans held for investment
|
|
(270,791
|
)
|
|
(19,541
|
)
|
|
(55,352
|
)
|
|||
Proceeds from the sale of other real estate owned
|
|
6,509
|
|
|
10,072
|
|
|
6,069
|
|
|||
Proceeds from sale of FHLB and Federal Reserve Bank Stock
|
|
74,120
|
|
|
44,731
|
|
|
48,295
|
|
|||
Purchase of FHLB and Federal Reserve Bank Stock
|
|
(75,193
|
)
|
|
(51,505
|
)
|
|
(42,680
|
)
|
|||
Purchase of Visa Class B stock
|
|
—
|
|
|
—
|
|
|
(6,180
|
)
|
|||
Proceeds from sale of Visa Class B stock
|
|
—
|
|
|
21,333
|
|
|
—
|
|
|||
Redemption of bank owned life insurance
|
|
14,218
|
|
|
4,232
|
|
|
3,609
|
|
|||
Purchase of bank owned life insurance
|
|
—
|
|
|
—
|
|
|
(30,000
|
)
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash from bank acquisitions
|
|
—
|
|
|
22,349
|
|
|
23,825
|
|
|||
Additions to bank premises and equipment
|
|
(2,523
|
)
|
|
(4,019
|
)
|
|
(5,710
|
)
|
|||
Net Cash Used in Investing Activities
|
|
(321,341
|
)
|
|
(174,600
|
)
|
|
(245,576
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities
|
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in deposits
|
|
407,513
|
|
|
(39,769
|
)
|
|
333,049
|
|
|||
Net (decrease) increase in federal funds purchased and repurchase agreements
|
|
(128,202
|
)
|
|
(1,771
|
)
|
|
11,892
|
|
|||
Net (decrease) increase in FHLB borrowings with original maturities of three months or less
|
|
(67,000
|
)
|
|
32,000
|
|
|
(204,000
|
)
|
|||
Repayments of FHLB borrowings with original maturities of more than three months
|
|
(63,000
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from FHLB borrowings with original maturities of more than three months
|
|
65,000
|
|
|
60,000
|
|
|
—
|
|
|||
Stock based employee benefit plans
|
|
(2,135
|
)
|
|
979
|
|
|
(55
|
)
|
|||
Issuance of common stock, net of related expense
|
|
—
|
|
|
—
|
|
|
55,641
|
|
|||
Dividends paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net Cash Provided by Financing Activities
|
|
212,176
|
|
|
51,439
|
|
|
196,527
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
8,580
|
|
|
6,447
|
|
|
(140
|
)
|
|||
Cash and cash equivalents at beginning of year
|
|
115,951
|
|
|
109,504
|
|
|
109,644
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
124,531
|
|
|
$
|
115,951
|
|
|
$
|
109,504
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid during the period for interest
|
|
$
|
46,130
|
|
|
$
|
28,301
|
|
|
$
|
15,125
|
|
Cash paid during the period for taxes
|
|
16,000
|
|
|
13,200
|
|
|
400
|
|
|||
New operating lease right-of-use assets
|
|
30,301
|
|
|
—
|
|
|
—
|
|
|||
New operating lease liabilities
|
|
34,627
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Supplemental disclosure of non cash investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Transfer of debt securities from held-to-maturity to available-for-sale
|
|
$
|
52,796
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Transfer from loans to other real estate owned
|
|
5,665
|
|
|
5,549
|
|
|
1,774
|
|
|||
Transfer from bank premises to other real estate owned
|
|
—
|
|
|
9,168
|
|
|
1,212
|
|
|||
Transfer from loans held for investment to loans held for sale
|
|
801
|
|
|
—
|
|
|
5,664
|
|
|
|
|
|
|
|
|
|
Retained
Earnings
|
|
|
|
Accumulated
Other
|
|
|
|||||||||||||
|
|
Common Stock
|
|
Paid-in
|
|
(Accumulated
|
|
Treasury
|
|
Comprehensive
|
|
|
|||||||||||||||
(Dollars and shares in thousands)
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Deficit)
|
|
Stock
|
|
Income (Loss), Net
|
|
Total
|
|||||||||||||
Balance at December 31, 2016
|
|
38,022
|
|
|
$
|
3,802
|
|
|
$
|
454,001
|
|
|
$
|
(13,657
|
)
|
|
$
|
(1,236
|
)
|
|
$
|
(7,513
|
)
|
|
$
|
435,397
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,865
|
|
|
—
|
|
|
4,003
|
|
|
46,868
|
|
||||||
Reclassification of disproportionate tax effects upon adoption of new accounting pronouncement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
706
|
|
|
—
|
|
|
(706
|
)
|
|
—
|
|
||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
5,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,267
|
|
||||||
Common stock issued for stock based employee benefit plans
|
|
61
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(1,123
|
)
|
|
—
|
|
|
(1,138
|
)
|
||||||
Common stock issued for stock options
|
|
91
|
|
|
16
|
|
|
1,066
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
||||||
Issuance of common stock, net of related expenses
|
|
2,703
|
|
|
270
|
|
|
55,371
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,641
|
|
||||||
Issuance of common stock, pursuant to acquisition
|
|
6,041
|
|
|
605
|
|
|
145,942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146,547
|
|
||||||
Balance at December 31, 2017
|
|
46,918
|
|
|
$
|
4,693
|
|
|
$
|
661,632
|
|
|
$
|
29,914
|
|
|
$
|
(2,359
|
)
|
|
$
|
(4,216
|
)
|
|
$
|
689,664
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,275
|
|
|
—
|
|
|
(8,959
|
)
|
|
58,316
|
|
||||||
Reclassification of disproportionate tax effects upon adoption of new accounting pronouncement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
115
|
|
|
—
|
|
||||||
Stock based compensation expense
|
|
32
|
|
|
—
|
|
|
7,823
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,823
|
|
||||||
Common stock issued for stock based employee benefit plans
|
|
43
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(1,025
|
)
|
|
—
|
|
|
(1,031
|
)
|
||||||
Common stock issued for stock options
|
|
368
|
|
|
43
|
|
|
1,966
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,009
|
|
||||||
Issuance of common stock, pursuant to acquisition
|
|
4,000
|
|
|
400
|
|
|
107,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107,486
|
|
||||||
Balance at December 31, 2018
|
|
51,361
|
|
|
$
|
5,136
|
|
|
$
|
778,501
|
|
|
$
|
97,074
|
|
|
$
|
(3,384
|
)
|
|
$
|
(13,060
|
)
|
|
$
|
864,267
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,739
|
|
|
—
|
|
|
17,525
|
|
|
116,264
|
|
||||||
Stock based compensation expense
|
|
30
|
|
|
—
|
|
|
7,244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,244
|
|
||||||
Common stock issued for stock based employee benefit plans
|
|
94
|
|
|
12
|
|
|
(32
|
)
|
|
—
|
|
|
(2,648
|
)
|
|
—
|
|
|
(2,668
|
)
|
||||||
Common stock issued for stock options
|
|
29
|
|
|
3
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
428
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104
|
|
||||||
Balance at December 31, 2019
|
|
51,514
|
|
|
$
|
5,151
|
|
|
$
|
786,242
|
|
|
$
|
195,813
|
|
|
$
|
(6,032
|
)
|
|
$
|
4,465
|
|
|
$
|
985,639
|
|
|
|
January 1, 2019
|
||||||||||
(In thousands)
|
|
Amortized Cost
|
|
Net Unrealized Gain (Loss) Reflected in OCI
|
|
Fair Value
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
21,526
|
|
|
$
|
147
|
|
|
$
|
21,673
|
|
Collateralized loan obligations
|
|
32,000
|
|
|
(877
|
)
|
|
31,123
|
|
|||
Totals
|
|
$
|
53,526
|
|
|
$
|
(730
|
)
|
|
$
|
52,796
|
|
•
|
Loans and leases held for sale
|
•
|
Loans and leases originated by the Company and held for investment
|
•
|
Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL), and held for investment
|
•
|
Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”)
|
•
|
Service Charges on Deposits: Seacoast Bank offers a variety of deposit-related services to its customers through several delivery channels including branch offices, ATMs, telephone, mobile, and internet banking. Transaction-based fees are recognized when services, each of which represents a performance obligation, are satisfied. Service fees may be assessed monthly, quarterly, or annually; however, the account agreements to which these fees relate can be canceled at any time by Seacoast and/or the customer. Therefore, the contract term is considered a single day (a day-to-day contract).
|
•
|
Trust Fees: The Company earns trust fees from fiduciary services provided to trust customers which include custody of assets, recordkeeping, collection and distribution of funds. Fees are earned over time and accrued monthly as the Company provides services, and are generally assessed based on the market value of the trust assets under management at a particular date or over a particular period.
|
•
|
Brokerage Commissions and Fees: The Company earns commissions and fees from investment brokerage services provided to its customers through an arrangement with a third-party service provider. Commissions received from the third-party service provider are recorded monthly and are based upon customer activity. Fees are earned over time and accrued monthly as services are provided. The Company acts as an agent in this arrangement and therefore presents the brokerage commissions and fees net of related costs.
|
•
|
Interchange Income: Fees earned on card transactions depend upon the volume of activity, as well as the fees permitted by the payment network. Such fees are recognized by the Company upon fulfilling its performance obligation to approve the card transaction.
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Debt Securities Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities and obligations of U.S. government agencies
|
|
$
|
9,914
|
|
|
$
|
204
|
|
|
$
|
(4
|
)
|
|
$
|
10,114
|
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
604,934
|
|
|
5,784
|
|
|
(1,511
|
)
|
|
609,207
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
56,005
|
|
|
1,561
|
|
|
(5
|
)
|
|
57,561
|
|
||||
Collateralized loan obligations
|
|
239,364
|
|
|
7
|
|
|
(1,153
|
)
|
|
238,218
|
|
||||
Obligations of state and political subdivisions
|
|
30,548
|
|
|
1,208
|
|
|
(1
|
)
|
|
31,755
|
|
||||
Totals
|
|
$
|
940,765
|
|
|
$
|
8,764
|
|
|
$
|
(2,674
|
)
|
|
$
|
946,855
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage-backed securities of U.S. government sponsored entities
|
|
$
|
261,369
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
|
$
|
262,213
|
|
Totals
|
|
$
|
261,369
|
|
|
$
|
2,717
|
|
|
$
|
(1,873
|
)
|
|
$
|
262,213
|
|
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Debt Securities Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities and obligations of U.S. government agencies
|
|
$
|
7,200
|
|
|
$
|
106
|
|
|
$
|
(6
|
)
|
|
$
|
7,300
|
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
567,753
|
|
|
300
|
|
|
(14,047
|
)
|
|
554,006
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
55,569
|
|
|
560
|
|
|
(401
|
)
|
|
55,728
|
|
||||
Collateralized loan obligations
|
|
212,807
|
|
|
1
|
|
|
(3,442
|
)
|
|
209,366
|
|
||||
Obligations of state and political subdivisions
|
|
39,543
|
|
|
339
|
|
|
(451
|
)
|
|
39,431
|
|
||||
Totals
|
|
$
|
882,872
|
|
|
$
|
1,306
|
|
|
$
|
(18,347
|
)
|
|
$
|
865,831
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities Held-to-Maturity
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities of U.S. government sponsored entities
|
|
$
|
304,423
|
|
|
$
|
—
|
|
|
$
|
(7,324
|
)
|
|
$
|
297,099
|
|
Private mortgage-backed securities and collateralized mortgage obligations
|
|
21,526
|
|
|
277
|
|
|
(130
|
)
|
|
21,673
|
|
||||
Collateralized loan obligations
|
|
32,000
|
|
|
—
|
|
|
(877
|
)
|
|
31,123
|
|
||||
Totals
|
|
$
|
357,949
|
|
|
$
|
277
|
|
|
$
|
(8,331
|
)
|
|
$
|
349,895
|
|
|
|
Held-to-Maturity
|
|
Available-for-Sale
|
||||||||||||
(In thousands)
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due in less than one year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,472
|
|
|
$
|
3,523
|
|
Due after one year through five years
|
|
—
|
|
|
—
|
|
|
8,582
|
|
|
8,698
|
|
||||
Due after five years through ten years
|
|
—
|
|
|
—
|
|
|
10,488
|
|
|
10,979
|
|
||||
Due after ten years
|
|
—
|
|
|
—
|
|
|
17,920
|
|
|
18,669
|
|
||||
|
|
—
|
|
|
—
|
|
|
40,462
|
|
|
41,869
|
|
||||
Mortgage-backed securities of U.S. government sponsored entities
|
|
261,369
|
|
|
262,213
|
|
|
604,934
|
|
|
609,207
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
56,005
|
|
|
57,561
|
|
||||
Collateralized loan obligations
|
|
—
|
|
|
—
|
|
|
239,364
|
|
|
238,218
|
|
||||
Totals
|
|
$
|
261,369
|
|
|
$
|
262,213
|
|
|
$
|
940,765
|
|
|
$
|
946,855
|
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies
|
|
$
|
758
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
758
|
|
|
$
|
(4
|
)
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
220,057
|
|
|
(1,461
|
)
|
|
104,184
|
|
|
(1,923
|
)
|
|
324,241
|
|
|
(3,384
|
)
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
2,978
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
2,978
|
|
|
(5
|
)
|
||||||
Collateralized loan obligations
|
|
88,680
|
|
|
(570
|
)
|
|
110,767
|
|
|
(583
|
)
|
|
199,447
|
|
|
(1,153
|
)
|
||||||
Obligations of state and political subdivisions
|
|
515
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
515
|
|
|
(1
|
)
|
||||||
Total temporarily impaired securities
|
|
$
|
312,988
|
|
|
$
|
(2,041
|
)
|
|
$
|
214,951
|
|
|
$
|
(2,506
|
)
|
|
$
|
527,939
|
|
|
$
|
(4,547
|
)
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
|
Less than 12 months
|
|
12 months or longer
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
U.S. Treasury securities and obligations of U.S. government agencies
|
|
$
|
99
|
|
|
$
|
(1
|
)
|
|
$
|
642
|
|
|
$
|
(5
|
)
|
|
$
|
741
|
|
|
$
|
(6
|
)
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
200,184
|
|
|
(2,235
|
)
|
|
623,420
|
|
|
(19,136
|
)
|
|
823,604
|
|
|
(21,371
|
)
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
20,071
|
|
|
(344
|
)
|
|
12,739
|
|
|
(187
|
)
|
|
32,810
|
|
|
(531
|
)
|
||||||
Collateralized loan obligations
|
|
238,894
|
|
|
(4,319
|
)
|
|
—
|
|
|
—
|
|
|
238,894
|
|
|
(4,319
|
)
|
||||||
Obligations of state and political subdivisions
|
|
19,175
|
|
|
(241
|
)
|
|
9,553
|
|
|
(210
|
)
|
|
28,728
|
|
|
(451
|
)
|
||||||
Total temporarily impaired securities
|
|
$
|
478,423
|
|
|
$
|
(7,140
|
)
|
|
$
|
646,354
|
|
|
$
|
(19,538
|
)
|
|
$
|
1,124,777
|
|
|
$
|
(26,678
|
)
|
•
|
Loans and leases held for sale
|
•
|
Loans and leases originated by the Company and held for investment
|
•
|
Loans and leases purchased by the Company, which are considered purchased unimpaired (“PUL”), and held for investment
|
•
|
Loans and leases purchased by the Company, which are considered purchased credit impaired (“PCI”)
|
•
|
Construction and Land Development Loans: The Company defines construction and land development loans as exposures secured by land development and construction (including 1-4 family residential construction), multi-family property, and non-farm nonresidential property where the primary or significant source of repayment is from proceeds of the sale, refinancing, or permanent financing of the property.
|
•
|
Commercial Real Estate Loans: Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. These loans are viewed primarily as cash flow loans and the repayment of these loans is largely dependent on rental income from the successful operation of the property. Loan performance may be adversely affected by factors impacting the general economy or conditions specific to the real estate market such as geographic location and/or property type.
|
•
|
Residential Real Estate Loans: The Company selectively adds residential mortgage loans to its portfolio, primarily loans with adjustable rates, home equity mortgages and home equity lines. Substantially all residential originations have been underwritten to conventional loan agency standards, including loans having balances that exceed agency value limitations.
|
•
|
Commercial and Financial Loans: Commercial credit is extended primarily to small to medium sized professional firms, retail and wholesale operators and light industrial and manufacturing concerns. Such credits typically comprise working capital loans, loans for physical asset expansion, asset acquisition and other business loans. Loans to closely held businesses will generally be guaranteed in full or for a meaningful amount by the businesses’ major owners. Commercial loans are based primarily on the historical and projected cash flow of the borrower and secondarily on the capacity of credit enhancements, guarantees and underlying collateral provided by the borrower. The cash flows of borrowers, however, may not behave as forecasted and collateral securing loans may fluctuate in value due to economic or individual performance factors. Minimum standards and underwriting guidelines have been established for all commercial loan types.
|
•
|
Consumer Loans: The Company originates consumer loans including installment loans and revolving lines, loans for automobiles, boats, and other personal, family and household purposes. For each loan type several factors including debt to income, type of collateral and loan to collateral value, credit history and Company relationship with the borrower are considered during the underwriting process.
|
|
|
December 31, 2019
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Loans
|
|
|
|
|
|
|
|
|
||||||||
Construction and land development
|
|
$
|
281,335
|
|
|
$
|
160
|
|
|
$
|
43,618
|
|
|
$
|
325,113
|
|
Commercial real estate
|
|
1,834,811
|
|
|
10,217
|
|
|
533,943
|
|
|
2,378,971
|
|
||||
Residential real estate
|
|
1,304,305
|
|
|
1,710
|
|
|
201,848
|
|
|
1,507,863
|
|
||||
Commercial and financial
|
|
697,301
|
|
|
579
|
|
|
80,372
|
|
|
778,252
|
|
||||
Consumer
|
|
200,166
|
|
|
—
|
|
|
8,039
|
|
|
208,205
|
|
||||
Total Loans1
|
|
$
|
4,317,918
|
|
|
$
|
12,666
|
|
|
$
|
867,820
|
|
|
$
|
5,198,404
|
|
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Loans
|
|
|
|
|
|
|
|
|
||||||||
Construction and land development
|
|
$
|
301,473
|
|
|
$
|
151
|
|
|
$
|
141,944
|
|
|
$
|
443,568
|
|
Commercial real estate
|
|
1,437,989
|
|
|
10,828
|
|
|
683,249
|
|
|
2,132,066
|
|
||||
Residential real estate
|
|
1,055,525
|
|
|
2,718
|
|
|
266,134
|
|
|
1,324,377
|
|
||||
Commercial and financial
|
|
603,057
|
|
|
737
|
|
|
118,528
|
|
|
722,322
|
|
||||
Consumer
|
|
190,207
|
|
|
—
|
|
|
12,674
|
|
|
202,881
|
|
||||
Total Loans1
|
|
$
|
3,588,251
|
|
|
$
|
14,434
|
|
|
$
|
1,222,529
|
|
|
$
|
4,825,214
|
|
1Loan balances at December 31, 2019 and 2018 include deferred costs of $19.9 million and $16.9 million, respectively.
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
|
|
|
Accruing
30-59 Days
|
|
Accruing
60-89 Days
|
|
Accruing
Greater
Than
|
|
|
|
Total
Financing
|
||||||||||||
(In thousands)
|
|
Current
|
|
Past Due
|
|
Past Due
|
|
90 Days
|
|
Nonaccrual
|
|
Receivables
|
||||||||||||
Portfolio Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
$
|
276,984
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,351
|
|
|
$
|
281,335
|
|
Commercial real estate
|
|
1,828,629
|
|
|
1,606
|
|
|
220
|
|
|
—
|
|
|
4,356
|
|
|
1,834,811
|
|
||||||
Residential real estate
|
|
1,294,778
|
|
|
1,564
|
|
|
18
|
|
|
—
|
|
|
7,945
|
|
|
1,304,305
|
|
||||||
Commercial and financial
|
|
690,412
|
|
|
2,553
|
|
|
—
|
|
|
108
|
|
|
4,228
|
|
|
697,301
|
|
||||||
Consumer
|
|
199,424
|
|
|
317
|
|
|
315
|
|
|
—
|
|
|
110
|
|
|
200,166
|
|
||||||
Total Portfolio Loans
|
|
4,290,227
|
|
|
6,040
|
|
|
553
|
|
|
108
|
|
|
20,990
|
|
|
4,317,918
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PULs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
43,044
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
43,618
|
|
||||||
Commercial real estate
|
|
531,325
|
|
|
942
|
|
|
431
|
|
|
—
|
|
|
1,245
|
|
|
533,943
|
|
||||||
Residential real estate
|
|
201,159
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
201,848
|
|
||||||
Commercial and financial
|
|
78,705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,667
|
|
|
80,372
|
|
||||||
Consumer
|
|
8,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,039
|
|
||||||
Total PULs
|
|
862,272
|
|
|
1,219
|
|
|
431
|
|
|
—
|
|
|
3,898
|
|
|
867,820
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
160
|
|
||||||
Commercial real estate
|
|
9,298
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
919
|
|
|
10,217
|
|
||||||
Residential real estate
|
|
587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,123
|
|
|
1,710
|
|
||||||
Commercial and financial
|
|
566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
579
|
|
||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI Loans
|
|
10,599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
12,666
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans
|
|
$
|
5,163,098
|
|
|
$
|
7,259
|
|
|
$
|
984
|
|
|
$
|
108
|
|
|
$
|
26,955
|
|
|
$
|
5,198,404
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
|
|
|
Accruing
30-59 Days
|
|
Accruing
60-89 Days
|
|
Accruing
Greater
Than
|
|
|
|
Total
Financing
|
||||||||||||
(In thousands)
|
|
Current
|
|
Past Due
|
|
Past Due
|
|
90 Days
|
|
Nonaccrual
|
|
Receivables
|
||||||||||||
Portfolio Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
$
|
301,348
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28
|
|
|
$
|
301,473
|
|
Commercial real estate
|
|
1,427,413
|
|
|
3,852
|
|
|
97
|
|
|
141
|
|
|
6,486
|
|
|
1,437,989
|
|
||||||
Residential real estate
|
|
1,044,375
|
|
|
2,524
|
|
|
525
|
|
|
295
|
|
|
7,806
|
|
|
1,055,525
|
|
||||||
Commercial and financial
|
|
594,930
|
|
|
5,186
|
|
|
1,661
|
|
|
—
|
|
|
1,280
|
|
|
603,057
|
|
||||||
Consumer
|
|
189,061
|
|
|
637
|
|
|
326
|
|
|
—
|
|
|
183
|
|
|
190,207
|
|
||||||
Total Portfolio Loans
|
|
3,557,127
|
|
|
12,296
|
|
|
2,609
|
|
|
436
|
|
|
15,783
|
|
|
3,588,251
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PULs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
140,013
|
|
|
1,931
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141,944
|
|
||||||
Commercial real estate
|
|
680,060
|
|
|
1,846
|
|
|
—
|
|
|
—
|
|
|
1,343
|
|
|
683,249
|
|
||||||
Residential real estate
|
|
260,781
|
|
|
1,523
|
|
|
—
|
|
|
90
|
|
|
3,740
|
|
|
266,134
|
|
||||||
Commercial and financial
|
|
116,173
|
|
|
342
|
|
|
—
|
|
|
—
|
|
|
2,013
|
|
|
118,528
|
|
||||||
Consumer
|
|
12,643
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
12,674
|
|
||||||
Total PULs
|
|
1,209,670
|
|
|
5,642
|
|
|
31
|
|
|
90
|
|
|
7,096
|
|
|
1,222,529
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
151
|
|
||||||
Commercial real estate
|
|
8,403
|
|
|
1,034
|
|
|
—
|
|
|
—
|
|
|
1,391
|
|
|
10,828
|
|
||||||
Residential real estate
|
|
556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,162
|
|
|
2,718
|
|
||||||
Commercial and financial
|
|
74
|
|
|
635
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
737
|
|
||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI Loans
|
|
9,168
|
|
|
1,669
|
|
|
—
|
|
|
—
|
|
|
3,597
|
|
|
14,434
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Loans
|
|
$
|
4,775,965
|
|
|
$
|
19,607
|
|
|
$
|
2,640
|
|
|
$
|
526
|
|
|
$
|
26,476
|
|
|
$
|
4,825,214
|
|
•
|
Pass: Loans that are not problems or potential problem loans are considered to be pass-rated.
|
•
|
Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention.
|
•
|
Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
|
•
|
Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The principal balance of loans classified as doubtful are likely to be charged off.
|
|
|
December 31, 2019
|
||||||||||||||||||
(In thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Net Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
|
$
|
317,765
|
|
|
$
|
2,235
|
|
|
$
|
5,113
|
|
|
$
|
—
|
|
|
$
|
325,113
|
|
Commercial real estate
|
|
2,331,725
|
|
|
26,827
|
|
|
20,098
|
|
|
321
|
|
|
2,378,971
|
|
|||||
Residential real estate
|
|
1,482,278
|
|
|
7,364
|
|
|
18,221
|
|
|
—
|
|
|
1,507,863
|
|
|||||
Commercial and financial
|
|
755,957
|
|
|
11,925
|
|
|
9,496
|
|
|
874
|
|
|
778,252
|
|
|||||
Consumer
|
|
203,966
|
|
|
3,209
|
|
|
1,030
|
|
|
—
|
|
|
208,205
|
|
|||||
Total Net Loans
|
|
$
|
5,091,691
|
|
|
$
|
51,560
|
|
|
$
|
53,958
|
|
|
$
|
1,195
|
|
|
$
|
5,198,404
|
|
|
|
December 31, 2018
|
||||||||||||||||||
(In thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Net Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
|
$
|
428,044
|
|
|
$
|
10,429
|
|
|
$
|
5,095
|
|
|
$
|
—
|
|
|
$
|
443,568
|
|
Commercial real estate
|
|
2,063,589
|
|
|
41,429
|
|
|
27,048
|
|
|
—
|
|
|
2,132,066
|
|
|||||
Residential real estate
|
|
1,296,634
|
|
|
3,654
|
|
|
24,089
|
|
|
—
|
|
|
1,324,377
|
|
|||||
Commercial and financial
|
|
707,663
|
|
|
8,387
|
|
|
6,247
|
|
|
25
|
|
|
722,322
|
|
|||||
Consumer
|
|
198,367
|
|
|
3,397
|
|
|
1,117
|
|
|
—
|
|
|
202,881
|
|
|||||
Total Net Loans
|
|
$
|
4,694,297
|
|
|
$
|
67,296
|
|
|
$
|
63,596
|
|
|
$
|
25
|
|
|
$
|
4,825,214
|
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
|
$
|
2,924
|
|
|
$
|
3,699
|
|
|
$
|
3,807
|
|
Additions
|
|
—
|
|
|
—
|
|
|
763
|
|
|||
Deletions
|
|
—
|
|
|
(43
|
)
|
|
(11
|
)
|
|||
Accretion
|
|
(1,778
|
)
|
|
(1,291
|
)
|
|
(1,647
|
)
|
|||
Reclassifications from non-accretable difference
|
|
703
|
|
|
559
|
|
|
787
|
|
|||
Ending Balance
|
|
$
|
1,849
|
|
|
$
|
2,924
|
|
|
$
|
3,699
|
|
|
|
December 31, 2019
|
||||||||||
|
|
Recorded
|
|
Unpaid
Principal
|
|
Related
Valuation
|
||||||
(In thousands)
|
|
Investment
|
|
Balance
|
|
Allowance
|
||||||
Impaired Loans with No Related Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|||
Construction and land development
|
|
$
|
4,995
|
|
|
$
|
5,186
|
|
|
$
|
—
|
|
Commercial real estate
|
|
6,070
|
|
|
7,590
|
|
|
—
|
|
|||
Residential real estate
|
|
9,470
|
|
|
14,182
|
|
|
—
|
|
|||
Commercial and financial
|
|
3,485
|
|
|
4,475
|
|
|
—
|
|
|||
Consumer
|
|
111
|
|
|
125
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Impaired Loans with an Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|||
Construction and land development
|
|
62
|
|
|
78
|
|
|
14
|
|
|||
Commercial real estate
|
|
4,196
|
|
|
4,196
|
|
|
220
|
|
|||
Residential real estate
|
|
4,914
|
|
|
4,914
|
|
|
834
|
|
|||
Commercial and financial
|
|
2,567
|
|
|
3,115
|
|
|
1,731
|
|
|||
Consumer
|
|
226
|
|
|
239
|
|
|
59
|
|
|||
|
|
|
|
|
|
|
||||||
Total Impaired Loans
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
5,057
|
|
|
5,264
|
|
|
14
|
|
|||
Commercial real estate
|
|
10,266
|
|
|
11,786
|
|
|
220
|
|
|||
Residential real estate
|
|
14,384
|
|
|
19,096
|
|
|
834
|
|
|||
Commercial and financial
|
|
6,052
|
|
|
7,590
|
|
|
1,731
|
|
|||
Consumer
|
|
337
|
|
|
364
|
|
|
59
|
|
|||
Total Impaired Loans
|
|
$
|
36,096
|
|
|
$
|
44,100
|
|
|
$
|
2,858
|
|
|
|
December 31, 2018
|
||||||||||
|
|
Recorded
|
|
Unpaid
Principal
|
|
Related
Valuation
|
||||||
(In thousands)
|
|
Investment
|
|
Balance
|
|
Allowance
|
||||||
Impaired Loans with No Related Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|||
Construction and land development
|
|
$
|
15
|
|
|
$
|
229
|
|
|
$
|
—
|
|
Commercial real estate
|
|
3,852
|
|
|
5,138
|
|
|
—
|
|
|||
Residential real estate
|
|
13,510
|
|
|
18,111
|
|
|
—
|
|
|||
Commercial and financial
|
|
1,191
|
|
|
1,414
|
|
|
—
|
|
|||
Consumer
|
|
280
|
|
|
291
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Impaired Loans with an Allowance Recorded:
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
196
|
|
|
211
|
|
|
22
|
|
|||
Commercial real estate
|
|
9,786
|
|
|
12,967
|
|
|
369
|
|
|||
Residential real estate
|
|
5,537
|
|
|
5,664
|
|
|
805
|
|
|||
Commercial and financial
|
|
2,131
|
|
|
2,309
|
|
|
1,498
|
|
|||
Consumer
|
|
202
|
|
|
211
|
|
|
34
|
|
|||
|
|
|
|
|
|
|
||||||
Total Impaired Loans
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
211
|
|
|
440
|
|
|
22
|
|
|||
Commercial real estate
|
|
13,638
|
|
|
18,105
|
|
|
369
|
|
|||
Residential real estate
|
|
19,047
|
|
|
23,775
|
|
|
805
|
|
|||
Commercial and financial
|
|
3,322
|
|
|
3,723
|
|
|
1,498
|
|
|||
Consumer
|
|
482
|
|
|
502
|
|
|
34
|
|
|||
Total Impaired Loans
|
|
$
|
36,700
|
|
|
$
|
46,545
|
|
|
$
|
2,728
|
|
(In thousands)
|
|
Beginning
Balance
|
|
Provision
for Loan
Losses
|
|
Charge-
Offs
|
|
Recoveries
|
|
TDR
Allowance
Adjustments
|
|
Ending
Balance
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
$
|
2,233
|
|
|
$
|
(421
|
)
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
(1
|
)
|
|
$
|
1,842
|
|
Commercial real estate
|
|
11,112
|
|
|
1,677
|
|
|
(248
|
)
|
|
744
|
|
|
(61
|
)
|
|
13,224
|
|
||||||
Residential real estate
|
|
7,775
|
|
|
(231
|
)
|
|
(152
|
)
|
|
338
|
|
|
(63
|
)
|
|
7,667
|
|
||||||
Commercial and financial
|
|
8,585
|
|
|
7,969
|
|
|
(7,550
|
)
|
|
712
|
|
|
—
|
|
|
9,716
|
|
||||||
Consumer
|
|
2,718
|
|
|
2,005
|
|
|
(2,609
|
)
|
|
595
|
|
|
(4
|
)
|
|
2,705
|
|
||||||
Total
|
|
$
|
32,423
|
|
|
$
|
10,999
|
|
|
$
|
(10,559
|
)
|
|
$
|
2,420
|
|
|
$
|
(129
|
)
|
|
$
|
35,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
$
|
1,642
|
|
|
$
|
564
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
2,233
|
|
Commercial real estate
|
|
9,285
|
|
|
4,736
|
|
|
(3,139
|
)
|
|
292
|
|
|
(62
|
)
|
|
11,112
|
|
||||||
Residential real estate
|
|
7,131
|
|
|
29
|
|
|
(80
|
)
|
|
816
|
|
|
(121
|
)
|
|
7,775
|
|
||||||
Commercial and financial
|
|
7,297
|
|
|
4,359
|
|
|
(3,396
|
)
|
|
325
|
|
|
—
|
|
|
8,585
|
|
||||||
Consumer
|
|
1,767
|
|
|
2,042
|
|
|
(1,411
|
)
|
|
329
|
|
|
(9
|
)
|
|
2,718
|
|
||||||
Total
|
|
$
|
27,122
|
|
|
$
|
11,730
|
|
|
$
|
(8,026
|
)
|
|
$
|
1,789
|
|
|
$
|
(192
|
)
|
|
$
|
32,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
$
|
1,219
|
|
|
$
|
(471
|
)
|
|
$
|
—
|
|
|
$
|
896
|
|
|
$
|
(2
|
)
|
|
$
|
1,642
|
|
Commercial real estate
|
|
9,273
|
|
|
(264
|
)
|
|
(407
|
)
|
|
747
|
|
|
(64
|
)
|
|
9,285
|
|
||||||
Residential real estate
|
|
7,483
|
|
|
125
|
|
|
(569
|
)
|
|
336
|
|
|
(244
|
)
|
|
7,131
|
|
||||||
Commercial and financial
|
|
3,636
|
|
|
5,304
|
|
|
(1,869
|
)
|
|
226
|
|
|
—
|
|
|
7,297
|
|
||||||
Consumer
|
|
1,789
|
|
|
954
|
|
|
(1,257
|
)
|
|
290
|
|
|
(9
|
)
|
|
1,767
|
|
||||||
Total
|
|
$
|
23,400
|
|
|
$
|
5,648
|
|
|
$
|
(4,102
|
)
|
|
$
|
2,495
|
|
|
$
|
(319
|
)
|
|
$
|
27,122
|
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
|
Individually Evaluated for
Impairment
|
|
Collectively Evaluated for
Impairment
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
||||||||||||
Construction and land development
|
|
$
|
5,057
|
|
|
$
|
14
|
|
|
$
|
319,896
|
|
|
$
|
1,828
|
|
|
$
|
324,953
|
|
|
$
|
1,842
|
|
Commercial real estate
|
|
10,267
|
|
|
220
|
|
|
2,358,487
|
|
|
13,004
|
|
|
2,368,754
|
|
|
13,224
|
|
||||||
Residential real estate
|
|
14,383
|
|
|
834
|
|
|
1,491,770
|
|
|
6,833
|
|
|
1,506,153
|
|
|
7,667
|
|
||||||
Commercial and financial
|
|
6,052
|
|
|
1,731
|
|
|
771,621
|
|
|
7,985
|
|
|
777,673
|
|
|
9,716
|
|
||||||
Consumer
|
|
337
|
|
|
59
|
|
|
207,868
|
|
|
2,646
|
|
|
208,205
|
|
|
2,705
|
|
||||||
Total
|
|
$
|
36,096
|
|
|
$
|
2,858
|
|
|
$
|
5,149,642
|
|
|
$
|
32,296
|
|
|
$
|
5,185,738
|
|
|
$
|
35,154
|
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
|
Individually Evaluated for
Impairment
|
|
Collectively Evaluated for
Impairment
|
|
Total
|
||||||||||||||||||
(In thousands)
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
||||||||||||
Construction and land development
|
|
$
|
211
|
|
|
$
|
22
|
|
|
$
|
443,206
|
|
|
$
|
2,211
|
|
|
$
|
443,417
|
|
|
$
|
2,233
|
|
Commercial real estate
|
|
13,638
|
|
|
369
|
|
|
2,107,600
|
|
|
10,743
|
|
|
2,121,238
|
|
|
11,112
|
|
||||||
Residential real estate
|
|
19,047
|
|
|
805
|
|
|
1,302,612
|
|
|
6,970
|
|
|
1,321,659
|
|
|
7,775
|
|
||||||
Commercial and financial
|
|
3,322
|
|
|
1,498
|
|
|
718,263
|
|
|
7,087
|
|
|
721,585
|
|
|
8,585
|
|
||||||
Consumer
|
|
482
|
|
|
34
|
|
|
202,399
|
|
|
2,684
|
|
|
202,881
|
|
|
2,718
|
|
||||||
Total
|
|
$
|
36,700
|
|
|
$
|
2,728
|
|
|
$
|
4,774,080
|
|
|
$
|
29,695
|
|
|
$
|
4,810,780
|
|
|
$
|
32,423
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
PCI Loans Individually
Evaluated for Impairment
|
|
PCI Loans Individually
Evaluated for Impairment
|
||||||||||||
(In thousands)
|
|
Recorded
Investment
|
|
Associated
Allowance
|
|
Recorded
Investment
|
|
Associated
Allowance
|
||||||||
Construction and land development
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
151
|
|
|
$
|
—
|
|
Commercial real estate
|
|
10,217
|
|
|
—
|
|
|
10,828
|
|
|
—
|
|
||||
Residential real estate
|
|
1,710
|
|
|
—
|
|
|
2,718
|
|
|
—
|
|
||||
Commercial and financial
|
|
579
|
|
|
—
|
|
|
737
|
|
|
—
|
|
||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
12,666
|
|
|
$
|
—
|
|
|
$
|
14,434
|
|
|
$
|
—
|
|
(In thousands)
|
|
Cost
|
|
Accumulated
Depreciation &
Amortization
|
|
Net
Carrying
Value
|
||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|||
Premises (including land of $18,546)
|
|
$
|
83,020
|
|
|
$
|
(26,180
|
)
|
|
$
|
56,840
|
|
Furniture and equipment
|
|
37,364
|
|
|
(27,589
|
)
|
|
9,775
|
|
|||
Total
|
|
$
|
120,384
|
|
|
$
|
(53,769
|
)
|
|
$
|
66,615
|
|
|
|
|
|
|
|
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|||
Premises (including land of $18,546)
|
|
$
|
85,027
|
|
|
$
|
(26,107
|
)
|
|
$
|
58,920
|
|
Furniture and equipment
|
|
36,892
|
|
|
(24,788
|
)
|
|
12,104
|
|
|||
Total
|
|
$
|
121,919
|
|
|
$
|
(50,895
|
)
|
|
$
|
71,024
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning of year
|
|
$
|
204,753
|
|
|
$
|
147,578
|
|
|
$
|
64,649
|
|
Changes from business combinations
|
|
533
|
|
|
57,175
|
|
|
82,929
|
|
|||
Total
|
|
$
|
205,286
|
|
|
$
|
204,753
|
|
|
$
|
147,578
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning of year
|
|
$
|
24,807
|
|
|
$
|
18,937
|
|
|
$
|
14,572
|
|
Acquired CDI, including measurement period adjustments
|
|
(676
|
)
|
|
10,170
|
|
|
7,726
|
|
|||
Amortization expense
|
|
(5,826
|
)
|
|
(4,300
|
)
|
|
(3,361
|
)
|
|||
End of year
|
|
$
|
18,305
|
|
|
$
|
24,807
|
|
|
$
|
18,937
|
|
|
|
|
|
|
|
|
||||||
(In months)
|
|
|
|
|
|
|
|
|
||||
Remaining average amortization period for CDI
|
|
47
|
|
|
58
|
|
|
63
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(In thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Deposit base
|
|
$
|
36,015
|
|
|
$
|
(17,710
|
)
|
|
$
|
36,691
|
|
|
$
|
(11,884
|
)
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Maximum amount outstanding at any month end
|
|
$
|
193,388
|
|
|
$
|
341,213
|
|
|
$
|
216,094
|
|
Weighted average interest rate at end of year
|
|
1.17
|
%
|
|
1.14
|
%
|
|
0.71
|
%
|
|||
Average amount outstanding
|
|
$
|
106,142
|
|
|
$
|
200,839
|
|
|
$
|
171,686
|
|
Weighted average interest rate during the year
|
|
1.35
|
%
|
|
0.90
|
%
|
|
0.46
|
%
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Fair value of pledged securities - overnight and continuous:
|
|
|
|
|
|
|
|
|
|
|||
Mortgage-backed securities and collateralized mortgage obligations of U.S. government sponsored entities
|
|
$
|
94,354
|
|
|
$
|
246,829
|
|
|
$
|
248,654
|
|
|
|
For the Year Ended December 31,
|
|||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
|||||
Share-based compensation expense
|
|
$
|
7,244
|
|
|
$
|
7,823
|
|
|
5,267
|
|
Income tax benefit
|
|
(1,723
|
)
|
|
(1,911
|
)
|
|
(1,966
|
)
|
(In thousands)
|
|
Unrecognized
Compensation
Cost
|
|
Weighted-Average Period Remaining (Years)
|
||
Restricted stock awards
|
|
$
|
3,577
|
|
|
1.6
|
Restricted stock units
|
|
3,921
|
|
|
1.7
|
|
Stock options
|
|
697
|
|
|
0.9
|
|
Total
|
|
$
|
8,195
|
|
|
1.6
|
|
|
Restricted
Award
Shares
|
|
Weighted-Average Grant-Date Fair Value
|
|||
Non-vested at January 1, 2019
|
|
295,130
|
|
|
$
|
24.09
|
|
Granted
|
|
157,861
|
|
|
26.86
|
|
|
Forfeited/Canceled
|
|
(63,666
|
)
|
|
25.83
|
|
|
Vested
|
|
(175,374
|
)
|
|
23.54
|
|
|
Non-vested at December 31, 2019
|
|
213,951
|
|
|
26.07
|
|
|
|
Restricted
Award
Shares
|
|
Weighted-Average Grant-Date Fair Value
|
|||
Non-vested at January 1, 2019
|
|
503,111
|
|
|
$
|
19.69
|
|
Granted
|
|
75,002
|
|
|
30.02
|
|
|
Forfeited/Canceled
|
|
(8,242
|
)
|
|
20.29
|
|
|
Vested
|
|
(187,941
|
)
|
|
15.24
|
|
|
Non-vested at December 31, 2019
|
|
381,930
|
|
|
23.89
|
|
|
|
For the Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Shares granted
|
|
75,002
|
|
|
173,193
|
|
|
164,268
|
|
|||
Weighted-average grant date fair value
|
|
$
|
30.02
|
|
|
$
|
24.02
|
|
|
$
|
23.94
|
|
Fair value of awards vested1
|
|
$
|
2,864
|
|
|
$
|
1,095
|
|
|
$
|
937
|
|
1Based on grant date fair value
|
|
|
For the Year Ended December 31,
|
|||||||
|
|
2019
|
|
2018
|
|
2017
|
|||
Risk-free interest rates
|
|
2.53
|
%
|
|
2.56
|
%
|
|
1.85
|
%
|
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Expected volatility
|
|
34.5
|
%
|
|
26.6
|
%
|
|
25.4
|
%
|
Expected lives (years)
|
|
5.0
|
|
|
5.0
|
|
|
5.0
|
|
|
|
Options
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contractual Term (Years)
|
|
Aggregate
Intrinsic
Value
(000s)
|
|||||
Outstanding at January 1, 2019
|
|
933,495
|
|
|
$
|
22.00
|
|
|
|
|
|
||
Granted
|
|
3,438
|
|
|
28.42
|
|
|
|
|
|
|||
Exercised
|
|
(28,824
|
)
|
|
14.86
|
|
|
|
|
|
|||
Forfeited
|
|
(4,330
|
)
|
|
29.17
|
|
|
|
|
|
|||
Outstanding at December 31, 2019
|
|
903,779
|
|
|
22.22
|
|
|
6.14
|
|
$
|
7,669
|
|
|
Exercisable at December 31, 2019
|
|
633,561
|
|
|
19.82
|
|
|
5.65
|
|
6,848
|
|
|
|
For the Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Options granted
|
|
3,438
|
|
|
219,118
|
|
|
297,576
|
|
|||
Weighted-average grant date fair value
|
|
$
|
28.42
|
|
|
$
|
5.65
|
|
|
$
|
4.66
|
|
Intrinsic value of stock options exercised
|
|
277
|
|
|
3,045
|
|
|
1,143
|
|
Range of Exercise Prices
|
|
Options
Outstanding
|
|
Remaining
Contractual
Life (Years)
|
|
Options
Exercisable
|
|
Weighted
Average
Exercise
Price
|
||||
$10.54 to $14.82
|
|
368,611
|
|
|
4.2
|
|
334,016
|
|
|
$
|
12.42
|
|
$15.99 to $28.69
|
|
326,909
|
|
|
7.1
|
|
229,824
|
|
|
27.16
|
|
|
$31.15 to $31.15
|
|
208,259
|
|
|
8.2
|
|
69,721
|
|
|
31.15
|
|
|
Total
|
|
903,779
|
|
|
6.1
|
|
633,561
|
|
|
$
|
19.82
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
ESPP shares purchased
|
|
16,320
|
|
|
15,225
|
|
|
12,434
|
|
|||
Weighted-average employee purchase price
|
|
$
|
25.39
|
|
|
$
|
26.85
|
|
|
$
|
22.67
|
|
(In thousands)
|
|
For the Year Ended December 31, 2019
|
||
Operating lease cost
|
|
$
|
5,570
|
|
Variable lease cost
|
|
1,211
|
|
|
Short-term lease cost
|
|
715
|
|
|
Sublease income
|
|
(618
|
)
|
|
Total lease cost
|
|
$
|
6,878
|
|
(In thousands, except for weighted average data)
|
|
December 31, 2019
|
||
Operating lease right-of-use assets
|
|
$
|
26,165
|
|
Operating lease liabilities
|
|
30,098
|
|
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
|
5,936
|
|
|
Right-of-use assets obtained in exchange for new operating lease obligations
|
|
1,224
|
|
|
Weighted average remaining lease term for operating leases
|
|
8.5 years
|
|
|
Weighted average discount rate for operating leases
|
|
4.70
|
%
|
For the Year Ended December 31, 2019
|
|
(In thousands)
|
||
2020
|
|
$
|
5,626
|
|
2021
|
|
4,965
|
|
|
2022
|
|
4,436
|
|
|
2023
|
|
3,725
|
|
|
2024
|
|
3,734
|
|
|
Thereafter
|
|
14,498
|
|
|
Total undiscounted cash flows
|
|
36,984
|
|
|
Less: Net present value adjustment
|
|
(6,886
|
)
|
|
Total
|
|
$
|
30,098
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
20,954
|
|
|
$
|
9,078
|
|
|
$
|
667
|
|
State
|
|
1,932
|
|
|
—
|
|
|
2
|
|
|||
|
|
|
|
|
|
|
||||||
Deferred
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
2,808
|
|
|
7,018
|
|
|
32,791
|
|
|||
State
|
|
4,179
|
|
|
4,163
|
|
|
2,876
|
|
|||
|
|
$
|
29,873
|
|
|
$
|
20,259
|
|
|
$
|
36,336
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Tax rate applied to income before income taxes
|
|
$
|
27,008
|
|
|
$
|
18,381
|
|
|
$
|
27,720
|
|
Increase (decrease) resulting from the effects of:
|
|
|
|
|
|
|
||||||
Tax law change
|
|
—
|
|
|
—
|
|
|
8,552
|
|
|||
Nondeductible acquisition costs
|
|
125
|
|
|
207
|
|
|
657
|
|
|||
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance
|
|
(1,282
|
)
|
|
(667
|
)
|
|
(1,445
|
)
|
|||
State income taxes
|
|
(1,283
|
)
|
|
(874
|
)
|
|
(1,007
|
)
|
|||
Tax credit investments
|
|
(72
|
)
|
|
(33
|
)
|
|
(165
|
)
|
|||
Stock compensation
|
|
(698
|
)
|
|
(918
|
)
|
|
(1,027
|
)
|
|||
Other
|
|
(36
|
)
|
|
—
|
|
|
173
|
|
|||
Federal tax provision
|
|
23,762
|
|
|
16,096
|
|
|
33,458
|
|
|||
State tax provision
|
|
6,111
|
|
|
4,163
|
|
|
2,878
|
|
|||
Total income tax provision
|
|
$
|
29,873
|
|
|
$
|
20,259
|
|
|
$
|
36,336
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Allowance for loan losses
|
|
$
|
8,949
|
|
|
$
|
8,592
|
|
Premises and equipment
|
|
—
|
|
|
1,670
|
|
||
Other real estate owned
|
|
8
|
|
|
207
|
|
||
Accrued stock compensation
|
|
2,406
|
|
|
2,547
|
|
||
Federal tax loss carryforward
|
|
3,601
|
|
|
4,699
|
|
||
State tax loss carryforward
|
|
1,110
|
|
|
2,912
|
|
||
Alternative minimum tax credit carryforward
|
|
530
|
|
|
—
|
|
||
Lease liabilities
|
|
7,381
|
|
|
—
|
|
||
Net unrealized securities losses
|
|
—
|
|
|
4,658
|
|
||
Deferred compensation
|
|
2,458
|
|
|
2,287
|
|
||
Accrued interest and fee income
|
|
3,106
|
|
|
7,674
|
|
||
Other
|
|
378
|
|
|
1,627
|
|
||
Gross deferred tax assets
|
|
29,927
|
|
|
36,873
|
|
||
Less: Valuation allowance
|
|
—
|
|
|
—
|
|
||
Deferred tax assets net of valuation allowance
|
|
29,927
|
|
|
36,873
|
|
||
|
|
|
|
|
||||
Core deposit base intangible
|
|
(4,005
|
)
|
|
(5,706
|
)
|
||
Net unrealized securities gains
|
|
(1,210
|
)
|
|
—
|
|
||
Premises and equipment
|
|
(114
|
)
|
|
—
|
|
||
Right of use assets
|
|
(6,416
|
)
|
|
—
|
|
||
Other
|
|
(1,725
|
)
|
|
(2,213
|
)
|
||
Gross deferred tax liabilities
|
|
(13,470
|
)
|
|
(7,919
|
)
|
||
Net deferred tax assets
|
|
$
|
16,457
|
|
|
$
|
28,954
|
|
Jurisdiction
|
Tax Year
|
United States of America
|
2016
|
Florida
|
2016
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|||
Service charges on deposit accounts
|
|
$
|
11,529
|
|
|
$
|
11,198
|
|
|
$
|
10,049
|
|
Trust fees
|
|
4,443
|
|
|
4,183
|
|
|
3,705
|
|
|||
Mortgage banking fees
|
|
6,490
|
|
|
4,682
|
|
|
6,449
|
|
|||
Brokerage commissions and fees
|
|
1,909
|
|
|
1,732
|
|
|
1,352
|
|
|||
Marine finance fees
|
|
1,054
|
|
|
1,398
|
|
|
910
|
|
|||
Interchange income
|
|
13,399
|
|
|
12,335
|
|
|
10,583
|
|
|||
BOLI income
|
|
3,674
|
|
|
4,291
|
|
|
3,426
|
|
|||
SBA gains
|
|
2,472
|
|
|
2,474
|
|
|
579
|
|
|||
Other
|
|
10,545
|
|
|
8,352
|
|
|
6,177
|
|
|||
|
|
55,515
|
|
|
50,645
|
|
|
43,230
|
|
|||
Gain on sale of Visa stock
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|||
Securities gains (losses), net
|
|
1,217
|
|
|
(623
|
)
|
|
86
|
|
|||
Total Noninterest Income
|
|
$
|
56,732
|
|
|
$
|
50,022
|
|
|
$
|
58,469
|
|
|
|
|
|
|
|
|
||||||
Noninterest Expenses
|
|
|
|
|
|
|
||||||
Salaries and wages
|
|
73,829
|
|
|
71,111
|
|
|
65,692
|
|
|||
Employee benefits
|
|
13,697
|
|
|
12,945
|
|
|
11,732
|
|
|||
Outsourced data processing costs
|
|
15,077
|
|
|
16,374
|
|
|
14,116
|
|
|||
Telephone and data lines
|
|
2,958
|
|
|
2,481
|
|
|
2,291
|
|
|||
Occupancy
|
|
14,284
|
|
|
13,394
|
|
|
13,290
|
|
|||
Furniture and equipment
|
|
6,245
|
|
|
6,744
|
|
|
6,067
|
|
|||
Marketing
|
|
4,161
|
|
|
5,085
|
|
|
4,784
|
|
|||
Legal and professional fees
|
|
8,553
|
|
|
9,961
|
|
|
11,022
|
|
|||
FDIC assessments
|
|
881
|
|
|
2,195
|
|
|
2,326
|
|
|||
Amortization of intangibles
|
|
5,826
|
|
|
4,300
|
|
|
3,361
|
|
|||
Foreclosed property expense and net loss (gain) on sale
|
|
51
|
|
|
461
|
|
|
(300
|
)
|
|||
Other
|
|
15,177
|
|
|
17,222
|
|
|
15,535
|
|
|||
Total Noninterest Expenses
|
|
$
|
160,739
|
|
|
$
|
162,273
|
|
|
$
|
149,916
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
|
|
||
Cash
|
|
$
|
70
|
|
|
$
|
197
|
|
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days
|
|
52,979
|
|
|
40,130
|
|
||
Investment in subsidiaries
|
|
1,005,756
|
|
|
897,683
|
|
||
Other assets
|
|
1,515
|
|
|
777
|
|
||
|
|
$
|
1,060,320
|
|
|
$
|
938,787
|
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Subordinated debt
|
|
$
|
71,085
|
|
|
$
|
70,804
|
|
Other liabilities
|
|
3,700
|
|
|
3,716
|
|
||
Shareholders' equity
|
|
985,535
|
|
|
864,267
|
|
||
|
|
$
|
1,060,320
|
|
|
$
|
938,787
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|||
Interest/other
|
|
$
|
679
|
|
|
$
|
484
|
|
|
$
|
2,104
|
|
Dividends from subsidiary Bank
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of Visa Class B stock
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|||
|
|
679
|
|
|
484
|
|
|
17,257
|
|
|||
|
|
|
|
|
|
|
||||||
Interest expense
|
|
3,368
|
|
|
3,165
|
|
|
2,499
|
|
|||
Other expenses
|
|
651
|
|
|
879
|
|
|
649
|
|
|||
(Loss) income before income taxes and equity in undistributed income of subsidiaries
|
|
(3,340
|
)
|
|
(3,560
|
)
|
|
14,109
|
|
|||
Income tax (benefit) provision
|
|
(702
|
)
|
|
(747
|
)
|
|
4,938
|
|
|||
|
|
|
|
|
|
|
||||||
(Loss) Income before equity in undistributed income of subsidiaries
|
|
(2,638
|
)
|
|
(2,813
|
)
|
|
9,171
|
|
|||
Equity in undistributed income of subsidiaries
|
|
101,377
|
|
|
70,088
|
|
|
33,694
|
|
|||
Net income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|||
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
Equity in undistributed income of subsidiaries
|
|
(101,377
|
)
|
|
(70,088
|
)
|
|
(33,694
|
)
|
|||
Gain on sale of Visa Class B stock
|
|
—
|
|
|
—
|
|
|
(15,153
|
)
|
|||
Net (increase) decrease in other assets
|
|
(738
|
)
|
|
(10,045
|
)
|
|
1,415
|
|
|||
Net increase (decrease) in other liabilities
|
|
265
|
|
|
(3,431
|
)
|
|
4,005
|
|
|||
Net cash provided by (used in) operating activities
|
|
(3,111
|
)
|
|
(16,289
|
)
|
|
(562
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities
|
|
|
|
|
|
|
||||||
Net cash paid for bank acquisition
|
|
—
|
|
|
(6,558
|
)
|
|
(27,862
|
)
|
|||
Investment in unconsolidated subsidiary
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of Visa Class B stock
|
|
—
|
|
|
—
|
|
|
(6,180
|
)
|
|||
Proceeds from sale of Visa Class B stock
|
|
—
|
|
|
21,333
|
|
|
—
|
|
|||
Dividends from bank subsidiary
|
|
18,082
|
|
|
—
|
|
|
—
|
|
|||
(Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net
|
|
(12,849
|
)
|
|
(421
|
)
|
|
(20,475
|
)
|
|||
Net cash provided by (used in) investment activities
|
|
5,223
|
|
|
14,354
|
|
|
(54,517
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
||||||
Issuance of common stock, net of related expense
|
|
—
|
|
|
—
|
|
|
55,641
|
|
|||
Stock based employment benefit plans
|
|
(2,239
|
)
|
|
978
|
|
|
(56
|
)
|
|||
Net cash provided by financing activities
|
|
(2,239
|
)
|
|
978
|
|
|
55,585
|
|
|||
|
|
|
|
|
|
|
||||||
Net change in cash
|
|
(127
|
)
|
|
(957
|
)
|
|
506
|
|
|||
Cash at beginning of year
|
|
197
|
|
|
1,154
|
|
|
648
|
|
|||
Cash at end of year
|
|
$
|
70
|
|
|
$
|
197
|
|
|
$
|
1,154
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||||||
Cash paid during the period for interest
|
|
$
|
3,186
|
|
|
$
|
2,936
|
|
|
$
|
2,205
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Contract or Notional Amount
|
|
|
|
|
|
|
||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
|
|
|
||
Commitments to extend credit
|
|
$
|
1,018,020
|
|
|
$
|
982,739
|
|
|
|
|
|
|
||||
Standby letters of credit and financial guarantees written:
|
|
|
|
|
||||
Secured
|
|
13,073
|
|
|
17,736
|
|
||
Unsecured
|
|
663
|
|
|
847
|
|
||
|
|
|
|
|
||||
Unfunded limited partner equity commitment
|
|
6,011
|
|
|
7,252
|
|
|
|
Fair Value
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable
Inputs
|
|
Significant Other
Unobservable
Inputs
|
||||||||
(In thousands)
|
|
Measurements
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
At December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale debt securities1
|
|
$
|
946,855
|
|
|
$
|
100
|
|
|
$
|
946,755
|
|
|
$
|
—
|
|
Loans held for sale2
|
|
20,029
|
|
|
—
|
|
|
20,029
|
|
|
—
|
|
||||
Loans3
|
|
5,123
|
|
|
—
|
|
|
1,419
|
|
|
3,704
|
|
||||
Other real estate owned4
|
|
12,390
|
|
|
—
|
|
|
241
|
|
|
12,149
|
|
||||
Equity securities5
|
|
6,392
|
|
|
6,392
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Available-for-sale debt securities1
|
|
$
|
865,831
|
|
|
$
|
100
|
|
|
$
|
865,731
|
|
|
$
|
—
|
|
Loans held for sale2
|
|
11,873
|
|
|
—
|
|
|
11,873
|
|
|
—
|
|
||||
Loans3
|
|
8,590
|
|
|
—
|
|
|
2,290
|
|
|
6,300
|
|
||||
Other real estate owned4
|
|
12,802
|
|
|
—
|
|
|
297
|
|
|
12,505
|
|
||||
Equity securities5
|
|
6,205
|
|
|
6,205
|
|
|
—
|
|
|
—
|
|
||||
1See Note D for further detail of fair value of individual investment categories.
|
||||||||||||||||
2Recurring fair value basis determined using observable market data.
|
||||||||||||||||
3See Note E. Nonrecurring fair value adjustments to loans identified as impaired reflect full or partial write- downs that are based on the loan’s observable market price or current appraised value of the collateral in accordance with ASC Topic 310.
|
||||||||||||||||
4Fair value is measured on a nonrecurring basis in accordance with ASC Topic 360.
|
||||||||||||||||
5An investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2019
|
|
2018
|
||||
Aggregate fair value
|
|
$
|
20,029
|
|
|
$
|
11,873
|
|
Contractual balance
|
|
19,445
|
|
|
11,562
|
|
||
Excess
|
|
584
|
|
|
311
|
|
|
|
For the Year Ended December 31
|
||||||||||
(In thousands, except per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
Total weighted average common stock outstanding
|
|
51,449
|
|
|
47,969
|
|
|
42,613
|
|
|||
Net income per share
|
|
$
|
1.92
|
|
|
$
|
1.40
|
|
|
$
|
1.01
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
98,739
|
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
|
|
|
|
|
|
||||||
Total weighted average common stock outstanding
|
|
51,449
|
|
|
47,969
|
|
|
42,613
|
|
|||
Add: Dilutive effect of employee restricted stock and stock options (See Note J)
|
|
580
|
|
|
779
|
|
|
737
|
|
|||
Total weighted average diluted stock outstanding
|
|
52,029
|
|
|
48,748
|
|
|
43,350
|
|
|||
Net income per share
|
|
$
|
1.90
|
|
|
$
|
1.38
|
|
|
$
|
0.99
|
|
(In thousands, except per share data)
|
April 7, 2017
|
||
Shares exchanged for cash
|
$
|
8,034
|
|
Number of GulfShore Bancshares, Inc. common shares outstanding
|
5,464
|
|
|
Per share exchange ratio
|
0.4807
|
|
|
Number of shares of common stock issued
|
2,627
|
|
|
Multiplied by common stock price per share on April 7, 2017
|
$
|
23.94
|
|
Value of common stock issued
|
62,883
|
|
|
Total purchase price
|
$
|
70,917
|
|
(In thousands)
|
|
April 7, 2017
|
||
Assets:
|
|
|
|
|
Cash
|
|
$
|
38,267
|
|
Time deposits with other banks
|
|
17,273
|
|
|
Investment securities
|
|
316
|
|
|
Loans, net
|
|
250,876
|
|
|
Fixed assets
|
|
1,307
|
|
|
Other real estate owned
|
|
13
|
|
|
Core deposit intangibles
|
|
3,927
|
|
|
Goodwill
|
|
37,098
|
|
|
Other assets
|
|
8,572
|
|
|
Total assets
|
|
$
|
357,649
|
|
|
|
|
||
Liabilities:
|
|
|
||
Deposits
|
|
$
|
285,350
|
|
Other liabilities
|
|
1,382
|
|
|
Total liabilities
|
|
$
|
286,732
|
|
|
|
April 7, 2017
|
||||||
(In thousands)
|
|
Book Balance
|
|
Fair Value
|
||||
Loans:
|
|
|
|
|
|
|
||
Single family residential real estate
|
|
$
|
101,281
|
|
|
$
|
99,598
|
|
Commercial real estate
|
|
106,729
|
|
|
103,905
|
|
||
Construction/development/land
|
|
13,175
|
|
|
11,653
|
|
||
Commercial loans
|
|
32,137
|
|
|
32,247
|
|
||
Consumer and other loans
|
|
3,554
|
|
|
3,473
|
|
||
Purchased credit-impaired
|
|
—
|
|
|
—
|
|
||
Total acquired loans
|
|
$
|
256,876
|
|
|
$
|
250,876
|
|
(In thousands, except per share data)
|
October 20, 2017
|
||
Shares exchanged for cash
|
$
|
4,701
|
|
Number of NorthStar Banking Corporation common shares outstanding
|
1,958
|
|
|
Per share exchange ratio
|
0.5605
|
|
|
Number of shares of common stock issued
|
1,098
|
|
|
Multiplied by common stock price per share on October 20, 2017
|
$
|
24.92
|
|
Value of common stock issued
|
27,353
|
|
|
Cash paid for NorthStar Banking Corporation vested stock options
|
801
|
|
|
Total purchase price
|
$
|
32,855
|
|
(In thousands)
|
Initially Measured October 20, 2017
|
|
Measurement Period Adjustments
|
|
As Adjusted October 20, 2017
|
||||||
Assets:
|
|
|
|
|
|
|
|||||
Cash
|
$
|
5,485
|
|
|
$
|
—
|
|
|
$
|
5,485
|
|
Investment securities
|
56,123
|
|
|
—
|
|
|
56,123
|
|
|||
Loans, net
|
136,832
|
|
|
—
|
|
|
136,832
|
|
|||
Fixed assets
|
2,637
|
|
|
—
|
|
|
2,637
|
|
|||
Core deposit intangibles
|
1,275
|
|
|
—
|
|
|
1,275
|
|
|||
Goodwill
|
12,404
|
|
|
(99
|
)
|
|
12,305
|
|
|||
Other assets
|
1,522
|
|
|
99
|
|
|
1,621
|
|
|||
Total assets
|
$
|
216,278
|
|
|
$
|
—
|
|
|
$
|
216,278
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Deposits
|
$
|
182,443
|
|
|
$
|
—
|
|
|
$
|
182,443
|
|
Other liabilities
|
980
|
|
|
—
|
|
|
980
|
|
|||
Total liabilities
|
$
|
183,423
|
|
|
$
|
—
|
|
|
$
|
183,423
|
|
|
|
October 20, 2017
|
||||||
(In thousands)
|
|
Book Balance
|
|
Fair Value
|
||||
Loans:
|
|
|
|
|
|
|
||
Single family residential real estate
|
|
$
|
15,111
|
|
|
$
|
15,096
|
|
Commercial real estate
|
|
73,139
|
|
|
69,554
|
|
||
Construction/development/land
|
|
11,706
|
|
|
10,390
|
|
||
Commercial loans
|
|
31,200
|
|
|
30,854
|
|
||
Consumer and other loans
|
|
6,761
|
|
|
6,645
|
|
||
Purchased credit-impaired
|
|
5,527
|
|
|
4,293
|
|
||
Total acquired loans
|
|
$
|
143,444
|
|
|
$
|
136,832
|
|
(In thousands)
|
October 20, 2017
|
||
Contractually required principal and interest
|
$
|
5,596
|
|
Non-accretable difference
|
(689
|
)
|
|
Cash flows expected to be collected
|
4,907
|
|
|
Accretable yield
|
(614
|
)
|
|
Total purchased credit-impaired loans acquired
|
$
|
4,293
|
|
(In thousands, except per share data)
|
November 3, 2017
|
||
Shares exchanged for cash
|
$
|
15,694
|
|
Number of Palm Beach Community Bank common shares outstanding
|
2,507
|
|
|
Per share exchange ratio
|
0.9240
|
|
|
Number of shares of common stock issued
|
2,316
|
|
|
Multiplied by common stock price per share on November 3, 2017
|
$
|
24.31
|
|
Value of common stock issued
|
56,312
|
|
|
Total purchase price
|
$
|
72,006
|
|
(In thousands)
|
Initially Measured November 3, 2017
|
|
Measurement Period Adjustments
|
|
As Adjusted November 3, 2017
|
||||||
Assets:
|
|
|
|
|
|
|
|||||
Cash
|
$
|
9,301
|
|
|
$
|
—
|
|
|
$
|
9,301
|
|
Investment securities
|
22,098
|
|
|
—
|
|
|
22,098
|
|
|||
Loans, net
|
272,090
|
|
|
(1,772
|
)
|
|
270,318
|
|
|||
Fixed assets
|
7,641
|
|
|
—
|
|
|
7,641
|
|
|||
Core deposit intangibles
|
2,523
|
|
|
—
|
|
|
2,523
|
|
|||
Goodwill
|
33,428
|
|
|
1,076
|
|
|
34,504
|
|
|||
Other assets
|
9,909
|
|
|
696
|
|
|
10,605
|
|
|||
Total assets
|
$
|
356,990
|
|
|
$
|
—
|
|
|
$
|
356,990
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Deposits
|
$
|
268,633
|
|
|
$
|
—
|
|
|
$
|
268,633
|
|
Other liabilities
|
16,351
|
|
|
—
|
|
|
16,351
|
|
|||
Total liabilities
|
$
|
284,984
|
|
|
$
|
—
|
|
|
$
|
284,984
|
|
|
|
November 3, 2017
|
||||||
(In thousands)
|
|
Book Balance
|
|
Fair Value
|
||||
Loans:
|
|
|
|
|
|
|
||
Single family residential real estate
|
|
$
|
30,153
|
|
|
$
|
30,990
|
|
Commercial real estate
|
|
134,705
|
|
|
132,089
|
|
||
Construction/development/land
|
|
69,686
|
|
|
67,425
|
|
||
Commercial loans
|
|
36,076
|
|
|
35,876
|
|
||
Consumer and other loans
|
|
179
|
|
|
172
|
|
||
Purchased credit-impaired
|
|
4,768
|
|
|
3,766
|
|
||
Total acquired loans
|
|
$
|
275,567
|
|
|
$
|
270,318
|
|
(In thousands)
|
November 3, 2017
|
||
Contractually required principal and interest
|
$
|
4,768
|
|
Non-accretable difference
|
(1,002
|
)
|
|
Cash flows expected to be collected
|
3,766
|
|
|
Accretable yield
|
—
|
|
|
Total purchased credit-impaired loans acquired
|
$
|
3,766
|
|
(In thousands, except per share data)
|
October 19, 2018
|
||
Number of First Green common shares outstanding
|
5,462
|
|
|
Per share exchange ratio
|
0.7324
|
|
|
Number of shares of common stock issued
|
4,000
|
|
|
Multiplied by common stock price per share on October 19, 2018
|
$
|
26.87
|
|
Value of common stock issued
|
107,486
|
|
|
Cash paid for First Green vested stock options
|
6,558
|
|
|
Total purchase price
|
$
|
114,044
|
|
(In thousands)
|
|
Initially Measured October 19, 2018
|
|
Measurement Period Adjustments
|
|
As Adjusted October 19, 2018
|
||||||
Assets:
|
|
|
|
|
|
|
|
|||||
Cash
|
|
$
|
29,434
|
|
|
$
|
—
|
|
|
$
|
29,434
|
|
Investment securities
|
|
32,145
|
|
|
—
|
|
|
32,145
|
|
|||
Loans, net
|
|
631,497
|
|
|
—
|
|
|
631,497
|
|
|||
Fixed assets
|
|
16,828
|
|
|
—
|
|
|
16,828
|
|
|||
Other real estate owned
|
|
410
|
|
|
—
|
|
|
410
|
|
|||
Core deposit intangibles
|
|
10,170
|
|
|
(676
|
)
|
|
9,494
|
|
|||
Goodwill
|
|
56,198
|
|
|
533
|
|
|
56,731
|
|
|||
Other assets
|
|
40,669
|
|
|
178
|
|
|
40,847
|
|
|||
Total assets
|
|
$
|
817,351
|
|
|
$
|
35
|
|
|
$
|
817,386
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
||||||
Deposits
|
|
$
|
624,289
|
|
|
$
|
—
|
|
|
$
|
624,289
|
|
Other liabilities
|
|
79,018
|
|
|
35
|
|
|
79,053
|
|
|||
Total liabilities
|
|
$
|
703,307
|
|
|
$
|
35
|
|
|
$
|
703,342
|
|
|
|
October 19, 2018
|
||||||
(In thousands)
|
|
Book Balance
|
|
Fair Value
|
||||
Loans:
|
|
|
|
|
|
|
||
Single family residential real estate
|
|
$
|
101,674
|
|
|
$
|
101,119
|
|
Commercial real estate
|
|
437,767
|
|
|
406,613
|
|
||
Construction/development/land
|
|
61,195
|
|
|
58,385
|
|
||
Commercial loans
|
|
56,288
|
|
|
54,973
|
|
||
Consumer and other loans
|
|
9,156
|
|
|
8,942
|
|
||
Purchased credit-impaired
|
|
2,136
|
|
|
1,465
|
|
||
Total acquired loans
|
|
$
|
668,216
|
|
|
$
|
631,497
|
|
(In thousands)
|
October 19, 2018
|
||
Contractually required principal and interest
|
$
|
2,136
|
|
Non-accretable difference
|
(671
|
)
|
|
Cash flows expected to be collected
|
1,465
|
|
|
Accretable yield
|
—
|
|
|
Total purchased credit-impaired loans acquired
|
$
|
1,465
|
|
|
Twelve Months Ended December 31,
|
|||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
||||
Net interest income
|
|
$
|
238,498
|
|
|
$
|
223,508
|
|
Net income available to common shareholders
|
|
82,307
|
|
|
62,188
|
|
||
EPS - basic
|
|
$
|
1.61
|
|
|
$
|
1.24
|
|
EPS - diluted
|
|
$
|
1.58
|
|
|
$
|
1.22
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information.
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Plan Category
|
|
(a)
Number of securities
to be issued upon
exercise of outstanding
options, warrants
and rights
|
|
Weighted average
exercise price of
outstanding
options, warrants
and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
represented
in column (a))
|
||||
Equity compensation plans approved by shareholders:
|
|
|
|
|
|
|
|
|
|
|
2013 Plan1
|
|
903,779
|
|
|
$
|
22.00
|
|
|
1,056,520
|
|
Employee Stock Purchase Plan2
|
|
—
|
|
|
—
|
|
|
53,114
|
|
|
TOTAL
|
|
903,779
|
|
|
$
|
22.00
|
|
|
1,109,634
|
|
1Seacoast Banking Corporation of Florida 2013 Long-Term Incentive Plan. Shares reserved under this plan are available for issuance pursuant to the exercise of stock options and stock appreciation rights granted under the plan, and may be granted as awards of restricted stock, performance shares, or other stock-based awards, prospectively.
|
||||||||||
2Seacoast Banking Corporation of Florida Employee Stock Purchase Plan, as amended.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
(a)(1)
|
The Consolidated Financial Statements and the report of the Independent Registered Public Accounting Firm thereon listed in Item 8 are set forth commencing on page 77.
|
|
|
(a)(2)
|
List of financial statement schedules
|
(a)(3)
|
Listing of exhibits
|
*
|
Management contract or compensatory plan or arrangement.
|
**
|
The certifications attached as Exhibits 32.1 and 32.2 accompany this Annual Report on Form 10-K and are “furnished” to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act.
|
(b)
|
Exhibits
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(c)
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Financial Statement Schedules
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Item 16.
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Form 10-K Summary
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SEACOAST BANKING CORPORATION OF FLORIDA
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(Registrant)
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By:
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/s/ Dennis S. Hudson, III
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Dennis S. Hudson, III
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Chairman of the Board and Chief Executive Officer
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Date
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/s/ Dennis S. Hudson, III
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February 27, 2020
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Dennis S. Hudson, III, Chairman of the Board,
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Chief Executive Officer and Director
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(principal executive officer)
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/s/ Charles M. Shaffer
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February 27, 2020
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Charles M. Shaffer, Executive Vice President and
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Chief Operating Officer and Chief Financial Officer
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(principal financial and accounting officer)
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/s/ Dennis J. Arczynski
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February 27, 2020
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Dennis J. Arczynski, Director
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/s/ Jacqueline L. Bradley
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February 27, 2020
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Jacqueline L. Bradley, Director
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/s/ H. Gilbert Culbreth, Jr.
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February 27, 2020
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H. Gilbert Culbreth, Jr, Director
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/s/ Julie H. Daum
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February 27, 2020
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Julie H. Daum, Director
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/s/ Christopher E. Fogal
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February 27, 2020
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Christopher E. Fogal, Director
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/s/ Maryann B. Goebel
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February 27, 2020
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Maryann B. Goebel, Director
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/s/ Robert J. Lipstein
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February 27, 2020
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Robert J. Lipstein, Director
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/s/ Herbert A. Lurie
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February 27, 2020
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Herbert A. Lurie, Director
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/s/ Alvaro J. Monserrat
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February 27, 2020
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Alvaro J. Monserrat, Director
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/s/ Thomas E. Rossin
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February 27, 2020
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Thomas E. Rossin, Director
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•
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A requirement that any change to Seacoast’s articles of incorporation relating to the structure of its board of directors, certain anti-takeover provisions and shareholder proposals must be approved by the affirmative vote of holders of two-thirds of the shares outstanding and entitled to vote;
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•
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A requirement that any change to Seacoast’s bylaws, including any change relating to the number of directors, must be approved by the affirmative vote of either (a) (i) two-thirds of its board of directors, and (ii) a majority of the continuing directors (as defined in Seacoast’s articles of incorporation) or (b) (i) two-thirds of the shares entitled to vote generally in the election of directors and (ii) an Independent Majority of Shareholders. An “Independent Majority of Shareholders” means the majority of the outstanding voting shares that are not beneficially owned or controlled, directly or indirectly by a related party. For these purposes, a “related party” means a beneficial owner of 5% or more of the voting shares, or any person who is an affiliate of Seacoast and at any time within five years was the beneficial owner of 5% or more of Seacoast’s then outstanding shares; provided, however, that this provision shall not include (i) any person who is the beneficial owner of more than 5% of Seacoast’s shares on February 28, 2003, (ii) any plan or trust established for the benefit of Seacoast’s employees generally, or (iii) any subsidiary of Seacoast that holds shares in a fiduciary capacity, whether or not it has the authority to vote or dispose of such securities;
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•
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A requirement that shareholders may call a meeting of shareholders on a proposed issue or issues only upon the receipt by Seacoast from the holders of 50% of all shares entitled to vote on the proposed issue or issues of signed and dated written demands for the meeting describing the purpose for which it is to be held; and
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•
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A requirement that a shareholder wishing to submit proposals for a shareholder vote or nominate directors for election comply with certain procedures, including advanced notice requirements.
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NAME
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INCORPORATED
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1.
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Seacoast National Bank
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United States
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2.
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South Branch Building, Inc.
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Florida
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3.
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TC Property Venture, LLC
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Florida
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4.
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SBCF Capital Trust I
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Delaware
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5.
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SBCF Statutory Trust II
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Connecticut
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6.
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SBCF Statutory Trust III
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Delaware
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7.
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BankFIRST (FL) Statutory Trust I
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Connecticut
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8.
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BankFIRST (FL) Statutory Trust II
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Delaware
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9.
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The BANKshares Capital Trust I
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Delaware
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10.
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Grand Bankshares Capital Trust I
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Delaware
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11.
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Syracuse Holdings, Inc.
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Delaware
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12.
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Seacoast Insurance Services, Inc.
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Florida
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13.
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Seacoast Real Estate Investment Trust, Inc,
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Florida
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/s/ Crowe LLP
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Crowe LLP
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1.
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I have reviewed this annual report on Form 10-K of Seacoast Banking Corporation of Florida;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: February 27, 2020
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/s/ Dennis S. Hudson, III
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Dennis S. Hudson, III
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Chairman and Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of Seacoast Banking Corporation of Florida;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: February 27, 2020
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/s/ Charles M. Shaffer
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Charles M. Shaffer
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Chief Operating Officer and Chief Financial Officer
(Principal Financial Officer)
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: February 27, 2020
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/s/ Dennis S. Hudson, III
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Dennis S. Hudson, III
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Chairman and Chief Executive Officer
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: February 27, 2020
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/s/ Charles M. Shaffer
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Charles M. Shaffer
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Chief Operating Officer and Chief Financial Officer
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