|
|
|
Florida
|
|
59-2260678
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
815 Colorado Avenue, Stuart, FL
|
|
34994
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
|
(772) 287-4000
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
|
Common Stock, Par Value $0.10
|
Nasdaq Global Select Market
|
|
Large Accelerated Filer
x
|
Accelerated Filer
¨
|
||
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
||
|
|
|
Emerging Growth Company
¨
|
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
|
|
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
•
|
the effects of current and future economic, business and market conditions in the United States generally or in the communities we serve;
|
•
|
changes in governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”);
|
•
|
legislative and regulatory changes, including changes in banking, securities and tax laws and regulations and their application by our regulators, including those associated with the Dodd Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and changes in the scope and cost of Federal Deposit Insurance Corporation (“FDIC”) insurance and other coverage;
|
•
|
changes in accounting policies, rules and practices and applications or determinations made thereunder, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (the “FASB”), the Securities and Exchange Commission (the “Commission” or “SEC”), and the Public Company Accounting Oversight Board (the “PCAOB”);
|
•
|
the risks of changes in interest rates on the levels, composition and costs of deposits, including the risk of losing customer checking and savings account deposits as customers pursue other, high-yield investments, which could increase our funding costs;
|
•
|
the risks of changes in interest rates on loan demand, and the values and liquidity of loan collateral, debt securities, and interest sensitive assets and liabilities;
|
•
|
changes in borrower credit risks and payment behaviors;
|
•
|
changes in the availability and cost of credit and capital in the financial markets;
|
•
|
changes in the prices, values and sales volumes of residential and commercial real estate in the United States and in the communities we serve, which could impact write-downs of assets, our ability to liquidate non-performing assets, realized losses on the disposition of non-performing assets and increased credit losses;
|
•
|
our ability to comply with any requirements imposed on us or our banking subsidiary, Seacoast Bank by regulators and the potential negative consequences that may result;
|
•
|
the effects of problems encountered by other financial institutions that adversely affect us or the banking industry generally could require us to change certain business practices, reduce our revenue, impose additional costs on us, or otherwise negatively affect our businesses;
|
•
|
our concentration in commercial real estate loans;
|
•
|
the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions, including changes in borrowers’ credit risks and payment behaviors from those used in our loan portfolio stress test;
|
•
|
the effects of competition from a wide variety of local, regional, national and other traditional and non-traditional providers of financial, investment and insurance services;
|
•
|
the failure of assumptions and estimates underlying the establishment of reserves for possible loan losses and other estimates;
|
•
|
the impact on the valuation of our investments due to market volatility or counterparty payment risk;
|
•
|
statutory and regulatory restrictions on our ability to pay dividends to our shareholders;
|
•
|
any applicable regulatory limits on Seacoast Bank’s ability to pay dividends to us;
|
•
|
increases in regulatory capital requirements for banking organizations generally, which may adversely affect our ability to expand our business or could cause us to shrink our business;
|
•
|
the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions;
|
•
|
our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions to sustain our growth, to expand our presence in our markets and to enter new markets;
|
•
|
changes in technology or products that may be more difficult, costly, or less effective than anticipated;
|
•
|
our ability to identify and address increased cybersecurity risks, including data security breaches, malware, "denial of service" attacks, "hacking", and identity theft, a failure of which could result in potential business disruptions or financial losses;
|
•
|
inability of our risk management framework to manage risks associated with our business such as credit risk and operational risk, including third party vendors and other service providers;
|
•
|
dependence on key suppliers or vendors to obtain equipment or services for our business on acceptable terms;
|
•
|
reduction in or the termination of our ability to use the mobile-based platform that is critical to our business growth strategy, including a failure in or breach of our operational or security systems or those of its third party service providers;
|
•
|
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 us;
|
•
|
our 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 our deferred tax assets could be reduced if estimates of future taxable income from our operations and tax planning strategies are less than currently estimated and sales of our capital stock could trigger a reduction in the amount of net operating loss carryforwards that we may be able to utilize for income tax purposes; and
|
•
|
other factors and risks described under “Risk Factors” herein and in any of our subsequent reports filed with the SEC and available on its website at www.sec.gov.
|
Item 1.
|
Business
|
•
|
6.5% CET1 to risk-weighted assets;
|
•
|
8.0% Tier 1 capital to risk-weighted assets;
|
•
|
10.0% Total capital to risk-weighted assets; and
|
•
|
5.0% leverage ratio.
|
|
Seacoast
(Consolidated)
|
|
Seacoast
Bank
|
|
Minimum to be
Well-Capitalized
(1)
|
|||
Total Risk-Based Capital Ratio
|
14.43
|
%
|
|
13.60
|
%
|
|
10.0
|
%
|
Tier 1 Capital Ratio
|
13.80
|
%
|
|
12.97
|
%
|
|
8.0
|
%
|
Common Equity Tier 1 Capital Ratio (CET1)
|
12.43
|
%
|
|
12.97
|
%
|
|
6.5
|
%
|
Leverage Ratio
|
11.16
|
%
|
|
10.49
|
%
|
|
5.0
|
%
|
(1)
For 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.
|
•
|
the development of internal policies, procedures, and controls;
|
•
|
the designation of a compliance officer;
|
•
|
an ongoing employee training program; and
|
•
|
an independent audit function to test the programs.
|
•
|
Total reported loans for construction, land development, and other land of 100% or more of a bank’s total risk based capital; or
|
•
|
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.
|
•
|
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;
|
•
|
govern Seacoast Bank’s disclosures of credit terms to consumer borrowers;
|
•
|
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;
|
•
|
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
|
•
|
risks that growth will strain our infrastructure, staff, internal controls and management, which may require additional personnel, time and expenditures;
|
•
|
difficulties, expenses and delays of integrating the operations and personnel of acquired institutions, and start-up delays and costs of other expansion activities;
|
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
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
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 Plan
(1)
|
|
933,495
|
|
|
$
|
22.00
|
|
|
1,255,593
|
|
Employee Stock Purchase Plan
(2)
|
|
—
|
|
|
—
|
|
|
69,434
|
|
|
TOTAL
|
|
933,495
|
|
|
$
|
22.00
|
|
|
1,325,027
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
*
|
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.
|
|
Item 16.
|
Form 10-K Summary
|
|
SEACOAST BANKING CORPORATION OF FLORIDA
|
|
|
|
(Registrant)
|
|
|
|
|
By:
|
/s/ Dennis S. Hudson, III
|
|
|
Dennis S. Hudson, III
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
|
Date
|
|
|
|
/s/ Dennis S. Hudson, III
|
|
February 26, 2019
|
Dennis S. Hudson, III, Chairman of the Board,
|
|
|
Chief Executive Officer and Director
|
|
|
(principal executive officer)
|
|
|
|
|
|
/s/ Charles M. Shaffer
|
|
February 26, 2019
|
Charles M. Shaffer, Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(principal financial and accounting officer)
|
|
|
|
|
|
/s/ Julie H. Daum
|
|
February 26, 2019
|
Julie H. Daum, Director
|
|
|
|
|
|
/s/ Jacqueline L. Bradley
|
|
February 26, 2019
|
Jacqueline L. Bradley, Director
|
|
|
|
|
|
/s/ H. Gilbert Culbreth, Jr.
|
|
February 26, 2019
|
H. Gilbert Culbreth, Jr, Director
|
|
|
|
|
|
/s/ Christopher E. Fogal
|
|
February 26, 2019
|
Christopher E. Fogal, Director
|
|
|
|
|
|
/s/ Maryann Goebel
|
|
February 26, 2019
|
Maryann Goebel, Director
|
|
|
/s/ Herbert Lurie
|
|
February 26, 2019
|
Herbert Lurie, Director
|
|
|
|
|
|
/s/ Alvarro Monserrat
|
|
February 26, 2019
|
Alvaro Monserrat, Director
|
|
|
|
|
|
/s/ Thomas E. Rossin
|
|
February 26, 2019
|
Thomas E. Rossin, Director
|
|
|
(In thousands)
|
|
Date of Acquisition
|
|
Acquired Loans
|
|
Acquired Deposits
|
||||
First Green Bank
(1)
|
|
October 19, 2018
|
|
$
|
631,497
|
|
|
$
|
624,289
|
|
Palm Beach Community Bank
|
|
November 3, 2017
|
|
270,318
|
|
|
268,633
|
|
||
NorthStar Bank
(2)
|
|
October 20, 2017
|
|
136,832
|
|
|
182,443
|
|
||
GulfShore Bank
(3)
|
|
April 7, 2017
|
|
250,876
|
|
|
285,350
|
|
||
BMO Harris
(4)
|
|
June 3, 2016
|
|
62,671
|
|
|
314,248
|
|
||
Floridian Bank
(5)
|
|
March 11, 2016
|
|
266,137
|
|
|
337,341
|
|
•
|
An
11%
year-over-year growth in revenue on a GAAP basis in excess of an
8%
increase in noninterest expense on the same basis. A
19%
year-over-year adjusted revenue growth during
2018
, out pacing a
15%
increase in adjusted noninterest expense over the corresponding period. Adjusted revenues and adjusted noninterest expense are non-GAAP measures (see pages 46-47, “Explanation of Certain Unaudited Non-GAAP Financial Measures” in “Results of Operations,” and accompanying non-GAAP reconciliations to GAAP);
|
•
|
Diluted earnings per share of
$1.38
for
2018
, compared to
$0.99
diluted earnings per share for
2017
on a GAAP basis. Achievement of our
$1.62
adjusted diluted earnings per share goal for
2018
, a non-GAAP measure (see pages 46-47, “Explanation of Certain Unaudited Non-GAAP Financial Measures” in “Results of Operations,” and accompanying non-GAAP reconciliations to GAAP). This metric represented a
26%
increase from the prior year, exiting
2018
on a strong upward trajectory and on a path to outperform peers;
|
•
|
Continued execution on the Company’s balanced growth strategy through the completion and 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 continued growth through
2018
;
|
•
|
Reduction in costs related to branch consolidations, with the addition of seven branches in
2018
from acquisition, offset by the consolidation of
seven branches
, ten branches added from acquisitions during
2017
offset by the successful consolidation of six branches, and the addition of 24 branches and the closure of 20 branches in 2016. Deposits per branch improved, with total deposits per banking center exceeding
$101.5 million
at
December 31, 2018
, up from
$90.1 million
one year earlier and
$75.0 million
at year-end
2016
. We expect to continue consolidating our more expensive, traditional banking facilities, and related personnel costs, as digital and call center channels expand;
|
•
|
Continued discipline around controlling expenses, focused primarily on reducing overhead and streamlining our approach to our business and cost savings. These reductions have allowed us to re-deploy overhead to hiring on additional bankers in Tampa and South Florida and technology investments in
2018
and will continue to support growth and operating leverage into 2020; and
|
•
|
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
26%
compared to a year ago; excluding acquisitions, total loans were
10%
higher year over year.
|
(In thousands, except percentages)
|
|
Net Interest
Income
(1)
|
|
Net Interest
Margin
(1)
|
|
Yield on
Earning Assets
(1)
|
|
Rate on Interest
Bearing Liabilities
|
|||||
Fourth quarter 2017
|
|
$
|
48,402
|
|
|
3.71
|
%
|
|
4.11
|
%
|
|
0.56
|
%
|
First quarter 2018
|
|
49,853
|
|
|
3.80
|
|
|
4.23
|
|
|
0.62
|
|
|
Second quarter 2018
|
|
50,294
|
|
|
3.77
|
|
|
4.25
|
|
|
0.71
|
|
|
Third quarter 2018
|
|
51,709
|
|
|
3.82
|
|
|
4.38
|
|
|
0.82
|
|
|
Fourth quarter 2018
|
|
60,100
|
|
|
4.00
|
|
|
4.67
|
|
|
0.97
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Commercial/commercial real estate loan pipeline at year-end
|
|
$
|
164,064
|
|
|
$
|
118,930
|
|
|
$
|
88,814
|
|
Commercial/commercial real estate loans closed
|
|
552,878
|
|
|
482,705
|
|
|
432,438
|
|
|||
|
|
|
|
|
|
|
||||||
Residential loan pipeline at year-end
|
|
$
|
43,655
|
|
|
$
|
48,836
|
|
|
$
|
72,604
|
|
Residential loan originations retained
|
|
305,953
|
|
|
312,656
|
|
|
243,831
|
|
|||
Residential loan originations sold
(1)
|
|
189,235
|
|
|
261,458
|
|
|
230,136
|
|
|||
|
|
|
|
|
|
|
||||||
Consumer and small business pipeline
|
|
$
|
53,453
|
|
|
$
|
38,790
|
|
|
$
|
45,936
|
|
Consumer and small business originations
|
|
443,406
|
|
|
354,383
|
|
|
302,317
|
|
|
|
Total
Year
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
|
Total
Year
|
|
Fourth
Quarter
|
||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
||||||||||||||
Nontaxable interest adjustment
|
|
$
|
441
|
|
|
$
|
116
|
|
|
$
|
147
|
|
|
$
|
87
|
|
|
$
|
91
|
|
|
$
|
706
|
|
|
$
|
176
|
|
Tax rate
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
21
|
%
|
|
35
|
%
|
|
35
|
%
|
|||||||
Net interest income (TE)
|
|
$
|
211,956
|
|
|
$
|
60,100
|
|
|
$
|
51,709
|
|
|
$
|
50,294
|
|
|
$
|
49,853
|
|
|
$
|
177,002
|
|
|
$
|
48,402
|
|
Total net interest income (not TE)
|
|
211,515
|
|
|
59,984
|
|
|
51,562
|
|
|
50,207
|
|
|
49,762
|
|
|
176,296
|
|
|
48,226
|
|
|||||||
Net interest margin (TE)
|
|
3.85
|
%
|
|
4.00
|
%
|
|
3.82
|
%
|
|
3.77
|
%
|
|
3.80
|
%
|
|
3.73
|
%
|
|
3.71
|
%
|
|||||||
Net interest margin (not TE)
|
|
3.84
|
|
|
3.99
|
|
|
3.81
|
|
|
3.76
|
|
|
3.79
|
|
|
3.72
|
|
|
3.70
|
|
•
|
Net income totaled
$16.0 million
, an increase of
$2.9 million
or
22%
from the fourth quarter of
2017
, and a decline of
$0.4 million
or
2%
compared with third quarter
2018
levels. Adjusted net income
(1)
increased
$6.6 million
or
38%
from fourth quarter
2017
levels and
$6.3 million
or
36%
from third quarter
2018
. Diluted earnings per common share (“EPS”) were
$0.31
and adjusted diluted EPS
(1)
were
$0.47
in the fourth quarter of
2018
, compared to diluted EPS of
$0.28
and adjusted diluted EPS
(1)
of
$0.37
in the fourth quarter of
2017
; and
|
•
|
Revenues decreased
$2.2 million
or
3%
from fourth quarter
2017
levels, primarily due to the
$15.2 million
gain realized on the sale of Visa Class B stock in fourth quarter of 2017. Net interest income improved
$11.8 million
or
24%
compared to fourth quarter
2017
, due to organic growth and impact of the acquisitions settled during the fourth quarter of both
2018
and
2017
.
|
|
|
Vision 2020 Targets
|
Year-End 2018
(1)
|
Return on Tangible Assets
|
|
1.30%+
|
1.49%
|
Return on Tangible Common Equity
|
|
16%+
|
15.44%
|
Efficiency Ratio
|
|
Below 50%
|
54.19%
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BOLI benefits on death (included in other income)
|
|
$
|
(280
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(280
|
)
|
Securities losses
|
|
425
|
|
|
48
|
|
|
48
|
|
|
102
|
|
|
623
|
|
|||||
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 initiatives
|
|
587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
587
|
|
|||||
Total adjustments to noninterest expense
|
|
9,924
|
|
|
1,486
|
|
|
1,699
|
|
|
1,459
|
|
|
14,568
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of adjustments
|
|
(2,623
|
)
|
|
(230
|
)
|
|
(443
|
)
|
|
(538
|
)
|
|
(3,834
|
)
|
|||||
Taxes and tax penalties on acquisition-related BOLI redemption
|
|
485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
485
|
|
|||||
Effect of change in corporate tax rate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
|
|
|
Quarters
|
|
|
||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Total
|
||||||||||
(In thousands except per share data)
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
Year
|
||||||||||
Net income, as reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
13,047
|
|
|
$
|
14,216
|
|
|
$
|
7,676
|
|
|
$
|
7,926
|
|
|
$
|
42,865
|
|
Diluted earnings per share
|
|
$
|
0.28
|
|
|
$
|
0.32
|
|
|
$
|
0.18
|
|
|
$
|
0.20
|
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
13,047
|
|
|
$
|
14,216
|
|
|
$
|
7,676
|
|
|
$
|
7,926
|
|
|
$
|
42,865
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sale of VISA stock
|
|
(15,153
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,153
|
)
|
|||||
Securities (gains) losses
|
|
(112
|
)
|
|
47
|
|
|
(21
|
)
|
|
—
|
|
|
(86
|
)
|
|||||
Total adjustments to revenue
|
|
(15,265
|
)
|
|
47
|
|
|
(21
|
)
|
|
—
|
|
|
(15,239
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger related charges
|
|
6,817
|
|
|
491
|
|
|
5,081
|
|
|
533
|
|
|
12,922
|
|
|||||
Amortization of intangibles
|
|
963
|
|
|
839
|
|
|
839
|
|
|
719
|
|
|
3,360
|
|
|||||
Business continuity expenses - Hurricane Irma
|
|
—
|
|
|
352
|
|
|
—
|
|
|
—
|
|
|
352
|
|
|||||
Branch reductions and other expense initiatives
(1)
|
|
—
|
|
|
(127
|
)
|
|
1,876
|
|
|
2,572
|
|
|
4,321
|
|
|||||
Total adjustments to noninterest expense
|
|
7,780
|
|
|
1,555
|
|
|
7,796
|
|
|
3,824
|
|
|
20,955
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of adjustments
|
|
3,147
|
|
|
(673
|
)
|
|
(2,786
|
)
|
|
(1,480
|
)
|
|
(1,792
|
)
|
|||||
Effect of change in corporate tax rate
|
|
8,552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,552
|
|
|||||
Adjusted net income
|
|
$
|
17,261
|
|
|
$
|
15,145
|
|
|
$
|
12,665
|
|
|
$
|
10,270
|
|
|
$
|
55,341
|
|
Adjusted diluted earnings per share
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
|
$
|
0.29
|
|
|
$
|
0.26
|
|
|
$
|
1.28
|
|
|
|
Quarters
|
|
|
||||||||||||||||
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Total
|
||||||||||
(In thousands except per share data)
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
Year
|
||||||||||
Net income, as reported:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
10,771
|
|
|
$
|
9,133
|
|
|
$
|
5,332
|
|
|
$
|
3,966
|
|
|
$
|
29,202
|
|
Diluted earnings per share
|
|
$
|
0.28
|
|
|
$
|
0.24
|
|
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
10,771
|
|
|
$
|
9,133
|
|
|
$
|
5,332
|
|
|
$
|
3,966
|
|
|
$
|
29,202
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities gains
|
|
(7
|
)
|
|
(225
|
)
|
|
(47
|
)
|
|
(89
|
)
|
|
(368
|
)
|
|||||
BOLI benefits on death (included in other income)
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(464
|
)
|
|
(464
|
)
|
|||||
Total adjustments to revenue
|
|
(7
|
)
|
|
(225
|
)
|
|
(47
|
)
|
|
(553
|
)
|
|
(832
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger related charges
|
|
561
|
|
|
1,699
|
|
|
2,446
|
|
|
4,322
|
|
|
9,028
|
|
|||||
Amortization of intangibles
|
|
719
|
|
|
728
|
|
|
593
|
|
|
446
|
|
|
2,486
|
|
|||||
Branch reductions and other expense initiatives
(1)
|
|
163
|
|
|
894
|
|
|
1,587
|
|
|
713
|
|
|
3,357
|
|
|||||
Early redemption cost for FHLB advances
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
—
|
|
|
1,777
|
|
|||||
Total adjustments to noninterest expense
|
|
1,443
|
|
|
3,321
|
|
|
6,403
|
|
|
5,481
|
|
|
16,648
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of adjustments
|
|
(404
|
)
|
|
(1,168
|
)
|
|
(2,532
|
)
|
|
(1,845
|
)
|
|
(5,949
|
)
|
|||||
Adjusted net income
|
|
$
|
11,803
|
|
|
$
|
11,061
|
|
|
$
|
9,156
|
|
|
$
|
7,049
|
|
|
$
|
39,069
|
|
Adjusted diluted earnings per share
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
0.24
|
|
|
$
|
0.20
|
|
|
$
|
1.04
|
|
|
|
December 31, 2018
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Construction and land development
|
|
$
|
301,473
|
|
|
$
|
151
|
|
|
$
|
141,944
|
|
|
$
|
443,568
|
|
Commercial real estate
(1)
|
|
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 Balances
(2)
|
|
$
|
3,588,251
|
|
|
$
|
14,434
|
|
|
$
|
1,222,529
|
|
|
$
|
4,825,214
|
|
|
|
December 31, 2017
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Construction and land development
|
|
$
|
215,315
|
|
|
$
|
1,121
|
|
|
$
|
126,689
|
|
|
$
|
343,125
|
|
Commercial real estate
(1)
|
|
1,170,618
|
|
|
9,776
|
|
|
459,598
|
|
|
1,639,992
|
|
||||
Residential real estate
|
|
845,420
|
|
|
5,626
|
|
|
187,764
|
|
|
1,038,810
|
|
||||
Commercial and financial
|
|
512,430
|
|
|
894
|
|
|
92,690
|
|
|
606,014
|
|
||||
Consumer
|
|
178,826
|
|
|
—
|
|
|
10,610
|
|
|
189,436
|
|
||||
Net Loan Balances
(2)
|
|
$
|
2,922,609
|
|
|
$
|
17,417
|
|
|
$
|
877,351
|
|
|
$
|
3,817,377
|
|
|
|
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, 2018
|
|
December 31, 2017
|
||||||||||
(Dollars in thousands)
|
|
Number
|
|
Amount
|
|
Number
|
|
Amount
|
||||||
Rate reduction
|
|
56
|
|
|
$
|
10,739
|
|
|
71
|
|
|
$
|
12,843
|
|
Maturity extended with change in terms
|
|
48
|
|
|
5,083
|
|
|
51
|
|
|
5,803
|
|
||
Chapter 7 bankruptcies
|
|
22
|
|
|
1,275
|
|
|
28
|
|
|
1,812
|
|
||
Not elsewhere classified
|
|
11
|
|
|
966
|
|
|
11
|
|
|
1,190
|
|
||
Total loans
|
|
137
|
|
|
$
|
18,063
|
|
|
161
|
|
|
$
|
21,648
|
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
|
|
One Year
|
|
Over One
Year Through
|
|
Over Three
Years Through
|
|
Over Five
|
||||||||||
(In thousands)
|
|
Total
|
|
or Less
|
|
Three Years
|
|
Five Years
|
|
Years
|
||||||||||
Deposit maturities
|
|
$
|
5,177,240
|
|
|
$
|
4,936,266
|
|
|
$
|
216,498
|
|
|
$
|
23,237
|
|
|
$
|
1,239
|
|
Short-term borrowings
|
|
214,323
|
|
|
214,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
FHLB borrowings
|
|
380,000
|
|
|
380,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Subordinated debt
|
|
70,804
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,804
|
|
|||||
Operating leases
(1)
|
|
36,889
|
|
|
6,671
|
|
|
10,293
|
|
|
6,685
|
|
|
13,240
|
|
|||||
Total
|
|
$
|
5,879,256
|
|
|
$
|
5,537,260
|
|
|
$
|
226,791
|
|
|
$
|
29,922
|
|
|
$
|
85,283
|
|
|
|
For the Year Ended December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Beginning balance at January 1, 2018 and 2017
|
|
$
|
689,664
|
|
|
$
|
435,397
|
|
Net income
|
|
67,275
|
|
|
42,865
|
|
||
Issuance of stock via common stock offering on February 21, 2017
|
|
—
|
|
|
55,641
|
|
||
Issuance of stock pursuant to acquisition of First Green Bancorp, Inc. (2018), GulfShore Bancshares, Inc., NorthStar Banking Corporation, and Palm Beach Community Bank (2017)
|
|
107,486
|
|
|
146,547
|
|
||
Stock compensation (net of Treasury shares acquired)
|
|
8,801
|
|
|
5,211
|
|
||
Change in accumulated other comprehensive income (AOCI)
|
|
(8,959
|
)
|
|
4,003
|
|
||
Ending balance at December 31, 2018 and 2017
|
|
$
|
864,267
|
|
|
$
|
689,664
|
|
|
|
Seacoast
(Consolidated)
|
|
Seacoast
Bank
|
|
Minimum to be
Well-Capitalized
(1)
|
|||
Total Risk-Based Capital Ratio
|
|
14.43
|
%
|
|
13.60
|
%
|
|
10.0
|
%
|
Tier 1 Capital Ratio
|
|
13.80
|
%
|
|
12.97
|
%
|
|
8.0
|
%
|
Common Equity Tier 1 Ratio (CET1)
|
|
12.43
|
%
|
|
12.97
|
%
|
|
6.5
|
%
|
Leverage Ratio
|
|
11.16
|
%
|
|
10.49
|
%
|
|
5.0
|
%
|
(1)
For subsidiary bank only
|
|
|
|
|
|
|
|
|
|
•
|
Income before tax (“IBT”) has steadily increased as a result of organic growth, and the 2016
Floridian
and
BMO
, 2017
GulfShore
,
NorthStar
and
PBCB
, and 2018
First Green
acquisitions will further assist in achieving management’s forecast of future earnings which recovers the remaining state net operating loss carry-forwards well before expiration;
|
•
|
The Company has utilized all of its federal net operating loss carry-forwards, with the exception of those inherited in the acquisitions to which section 382 limitations apply;
|
•
|
Credit costs and overall credit risk have been stable which decreases their impact on future taxable earnings;
|
•
|
Growth rates for loans are at levels adequately supported by loan officers and support staff;
|
•
|
We believe new loan production credit quality and concentrations are well managed; and
|
•
|
Current economic growth forecasts for Florida and the Company’s markets are supportive.
|
|
|
For the Year Ended December 31,
|
|||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|||
Net interest income
|
|
3.50
|
%
|
|
3.40
|
%
|
|
3.34
|
%
|
Provision for loan losses
|
|
0.19
|
|
|
0.11
|
|
|
0.06
|
|
Noninterest income
|
|
|
|
|
|
|
|
|
|
Securities (losses) gains, net
|
|
(0.01
|
)
|
|
—
|
|
|
0.01
|
|
Gain on sale of Visa stock
|
|
—
|
|
|
0.29
|
|
|
—
|
|
Other
|
|
0.83
|
|
|
0.83
|
|
|
0.89
|
|
Noninterest expense
|
|
2.68
|
|
|
2.88
|
|
|
3.11
|
|
Income before income taxes
|
|
1.45
|
|
|
1.53
|
|
|
1.07
|
|
Provision for income taxes including tax equivalent adjustment
|
|
0.34
|
|
|
0.71
|
|
|
0.38
|
|
Net income
|
|
1.11
|
%
|
|
0.82
|
%
|
|
0.69
|
%
|
|
|
For the Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(In thousands, except percentages)
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Rate
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
1,299,089
|
|
|
$
|
37,860
|
|
|
2.91
|
%
|
|
$
|
1,316,972
|
|
|
$
|
34,442
|
|
|
2.62
|
%
|
|
$
|
1,174,627
|
|
|
$
|
26,133
|
|
|
2.22
|
%
|
Nontaxable
|
|
31,331
|
|
|
1,115
|
|
|
3.56
|
|
|
28,369
|
|
|
1,401
|
|
|
4.94
|
|
|
25,841
|
|
|
1,592
|
|
|
6.16
|
|
||||||
Total Securities
|
|
1,330,420
|
|
|
38,975
|
|
|
2.93
|
|
|
1,345,341
|
|
|
35,843
|
|
|
2.66
|
|
|
1,200,468
|
|
|
27,725
|
|
|
2.31
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Federal funds sold and other investments
|
|
61,048
|
|
|
2,670
|
|
|
4.37
|
|
|
71,352
|
|
|
2,416
|
|
|
3.39
|
|
|
75,442
|
|
|
1,669
|
|
|
2.21
|
|
||||||
Loans, net
|
|
4,112,009
|
|
|
200,194
|
|
|
4.87
|
|
|
3,323,403
|
|
|
154,043
|
|
|
4.64
|
|
|
2,584,389
|
|
|
119,587
|
|
|
4.63
|
|
||||||
Total Earning Assets
|
|
5,503,477
|
|
|
241,839
|
|
|
4.39
|
|
|
4,740,096
|
|
|
192,302
|
|
|
4.06
|
|
|
3,860,299
|
|
|
148,981
|
|
|
3.86
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Allowance for loan losses
|
|
(29,972
|
)
|
|
|
|
|
|
|
|
(25,485
|
)
|
|
|
|
|
|
|
|
(21,131
|
)
|
|
|
|
|
|
|
||||||
Cash and due from banks
|
|
114,936
|
|
|
|
|
|
|
|
|
106,710
|
|
|
|
|
|
|
|
|
88,919
|
|
|
|
|
|
|
|
||||||
Bank premises and equipment, net
|
|
67,332
|
|
|
|
|
|
|
|
|
59,842
|
|
|
|
|
|
|
|
|
60,470
|
|
|
|
|
|
|
|
||||||
Bank owned life insurance
|
|
124,452
|
|
|
|
|
|
|
|
|
97,939
|
|
|
|
|
|
|
|
|
45,009
|
|
|
|
|
|
|
|
||||||
Intangible assets
|
|
178,287
|
|
|
|
|
|
|
|
|
115,511
|
|
|
|
|
|
|
|
|
66,611
|
|
|
|
|
|
|
|
||||||
Other assets
|
|
98,823
|
|
|
|
|
|
|
|
|
112,004
|
|
|
|
|
|
|
|
|
101,645
|
|
|
|
|
|
|
|
||||||
Total Assets
|
|
$
|
6,057,335
|
|
|
|
|
|
|
|
|
$
|
5,206,617
|
|
|
|
|
|
|
|
|
$
|
4,201,822
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand
|
|
$
|
978,030
|
|
|
1,883
|
|
|
0.19
|
%
|
|
$
|
922,353
|
|
|
1,065
|
|
|
0.12
|
%
|
|
$
|
764,917
|
|
|
616
|
|
|
0.08
|
%
|
|||
Savings deposits
|
|
457,542
|
|
|
811
|
|
|
0.18
|
|
|
385,515
|
|
|
241
|
|
|
0.06
|
|
|
325,371
|
|
|
161
|
|
|
0.05
|
|
||||||
Money market
|
|
1,049,900
|
|
|
6,069
|
|
|
0.58
|
|
|
868,427
|
|
|
2,348
|
|
|
0.27
|
|
|
791,998
|
|
|
1,816
|
|
|
0.23
|
|
||||||
Time deposits
|
|
811,741
|
|
|
11,684
|
|
|
1.44
|
|
|
523,646
|
|
|
4,678
|
|
|
0.89
|
|
|
351,646
|
|
|
2,074
|
|
|
0.59
|
|
||||||
Federal funds purchased and other short term borrowings
|
|
200,839
|
|
|
1,804
|
|
|
0.90
|
|
|
171,686
|
|
|
781
|
|
|
0.45
|
|
|
187,560
|
|
|
484
|
|
|
0.26
|
|
||||||
Federal Home Loan Bank borrowings
|
|
224,982
|
|
|
4,468
|
|
|
1.99
|
|
|
377,396
|
|
|
3,744
|
|
|
0.99
|
|
|
198,268
|
|
|
1,256
|
|
|
0.63
|
|
||||||
Other borrowings
|
|
70,658
|
|
|
3,164
|
|
|
4.48
|
|
|
70,377
|
|
|
2,443
|
|
|
3.47
|
|
|
70,097
|
|
|
2,060
|
|
|
2.94
|
|
||||||
Total Interest-Bearing Liabilities
|
|
3,793,692
|
|
|
29,883
|
|
|
0.79
|
|
|
3,319,400
|
|
|
15,300
|
|
|
0.46
|
|
|
2,689,857
|
|
|
8,467
|
|
|
0.31
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest demand
|
|
1,492,451
|
|
|
|
|
|
|
|
|
1,279,825
|
|
|
|
|
|
|
1,066,463
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
|
30,621
|
|
|
|
|
|
|
|
|
36,993
|
|
|
|
|
|
|
31,628
|
|
|
|
|
|
|
|
||||||||
Total Liabilities
|
|
5,316,764
|
|
|
|
|
|
|
|
|
4,636,218
|
|
|
|
|
|
|
|
|
3,787,948
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Shareholders' equity
|
|
740,571
|
|
|
|
|
|
|
|
|
570,399
|
|
|
|
|
|
|
413,874
|
|
|
|
|
|
|
|
||||||||
Total Liabilities & Shareholders' Equity
|
|
$
|
6,057,335
|
|
|
|
|
|
|
|
|
$
|
5,206,617
|
|
|
|
|
|
|
|
|
$
|
4,201,822
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cost of deposits
|
|
|
|
|
|
0.43
|
%
|
|
|
|
|
|
0.21
|
%
|
|
|
|
|
|
0.14
|
%
|
||||||||||||
Interest expense as % of earning assets
|
|
|
|
|
|
|
|
0.54
|
%
|
|
|
|
|
|
|
|
0.32
|
%
|
|
|
|
|
|
|
|
0.22
|
%
|
||||||
Net interest income/yield on earning assets
|
|
|
|
|
$
|
211,956
|
|
|
3.85
|
%
|
|
|
|
|
$
|
177,002
|
|
|
3.73
|
%
|
|
|
|
|
$
|
140,514
|
|
|
3.63
|
%
|
|
|
2018 vs 2017
Due to Change in:
|
|
2017 vs 2016
Due to Change in: |
||||||||||||||||||||
(In thousands)
|
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
|
|
Amount of increase (decrease)
|
||||||||||||||||||||||
Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable
|
|
$
|
(494
|
)
|
|
$
|
3,912
|
|
|
$
|
3,418
|
|
|
$
|
3,445
|
|
|
$
|
4,864
|
|
|
$
|
8,309
|
|
Nontaxable
|
|
126
|
|
|
(412
|
)
|
|
(286
|
)
|
|
140
|
|
|
(331
|
)
|
|
(191
|
)
|
||||||
Total Securities
|
|
(368
|
)
|
|
3,500
|
|
|
3,132
|
|
|
3,585
|
|
|
4,533
|
|
|
8,118
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds sold and other investments
|
|
(400
|
)
|
|
654
|
|
|
254
|
|
|
(115
|
)
|
|
862
|
|
|
747
|
|
||||||
Loans, net
|
|
37,473
|
|
|
8,678
|
|
|
46,151
|
|
|
34,225
|
|
|
231
|
|
|
34,456
|
|
||||||
Total Earning Assets
|
|
36,705
|
|
|
12,832
|
|
|
49,537
|
|
|
37,695
|
|
|
5,626
|
|
|
43,321
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand
|
|
86
|
|
|
732
|
|
|
818
|
|
|
154
|
|
|
295
|
|
|
449
|
|
||||||
Savings deposits
|
|
86
|
|
|
484
|
|
|
570
|
|
|
34
|
|
|
46
|
|
|
80
|
|
||||||
Money market accounts
|
|
770
|
|
|
2,951
|
|
|
3,721
|
|
|
192
|
|
|
340
|
|
|
532
|
|
||||||
Time deposits
|
|
3,360
|
|
|
3,646
|
|
|
7,006
|
|
|
1,276
|
|
|
1,328
|
|
|
2,604
|
|
||||||
Federal funds purchased and other short term borrowings
|
|
197
|
|
|
825
|
|
|
1,022
|
|
|
(57
|
)
|
|
355
|
|
|
298
|
|
||||||
Federal Home Loan Bank borrowings
|
|
(2,269
|
)
|
|
2,994
|
|
|
725
|
|
|
1,456
|
|
|
1,031
|
|
|
2,487
|
|
||||||
Other borrowings
|
|
11
|
|
|
710
|
|
|
721
|
|
|
9
|
|
|
374
|
|
|
383
|
|
||||||
Total Interest Bearing Liabilities
|
|
(2,061
|
)
|
|
4,529
|
|
|
2,468
|
|
|
1,408
|
|
|
1,760
|
|
|
3,168
|
|
||||||
Net Interest Income
|
|
$
|
38,766
|
|
|
$
|
8,303
|
|
|
$
|
47,069
|
|
|
$
|
34,631
|
|
|
$
|
1,857
|
|
|
$
|
36,488
|
|
|
|
For the Year Ended December 31,
|
|
% Change
|
||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
|
18/17
|
|
17/16
|
||||||||
Service charges on deposit accounts
|
|
$
|
11,198
|
|
|
$
|
10,049
|
|
|
$
|
9,669
|
|
|
11.4
|
%
|
|
3.9
|
%
|
Trust fees
|
|
4,183
|
|
|
3,705
|
|
|
3,433
|
|
|
12.9
|
|
|
7.9
|
|
|||
Mortgage banking fees
|
|
4,682
|
|
|
6,449
|
|
|
5,864
|
|
|
(27.4
|
)
|
|
10.0
|
|
|||
Brokerage commissions and fees
|
|
1,732
|
|
|
1,352
|
|
|
2,044
|
|
|
28.1
|
|
|
(33.9
|
)
|
|||
Marine finance fees
|
|
1,398
|
|
|
910
|
|
|
673
|
|
|
53.6
|
|
|
35.2
|
|
|||
Interchange income
|
|
12,335
|
|
|
10,583
|
|
|
9,227
|
|
|
16.6
|
|
|
14.7
|
|
|||
BOLI income
|
|
4,291
|
|
|
3,426
|
|
|
2,213
|
|
|
25.2
|
|
|
54.8
|
|
|||
Other
|
|
10,826
|
|
|
6,756
|
|
|
4,304
|
|
|
60.2
|
|
|
57.0
|
|
|||
|
|
50,645
|
|
|
43,230
|
|
|
37,427
|
|
|
17.2
|
|
|
15.5
|
|
|||
Gain on sale of Visa stock
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|
(100.0
|
)
|
|
100.0
|
|
|||
Securities (losses) gains, net
|
|
(623
|
)
|
|
86
|
|
|
368
|
|
|
n/m
|
|
|
(76.6
|
)
|
|||
Total Noninterest Income
|
|
$
|
50,022
|
|
|
$
|
58,469
|
|
|
$
|
37,795
|
|
|
(14.4
|
)
|
|
54.7
|
|
|
|
For the Year Ended December 31,
|
|
% Change
|
||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
|
18/17
|
|
17/16
|
||||||||
Salaries and wages
|
|
$
|
71,111
|
|
|
$
|
65,692
|
|
|
$
|
54,096
|
|
|
8.2
|
%
|
|
21.4
|
%
|
Employee benefits
|
|
12,945
|
|
|
11,732
|
|
|
9,903
|
|
|
10.3
|
|
|
18.5
|
|
|||
Outsourced data processing costs
|
|
16,374
|
|
|
14,116
|
|
|
13,516
|
|
|
16.0
|
|
|
4.4
|
|
|||
Telephone / data lines
|
|
2,481
|
|
|
2,291
|
|
|
2,108
|
|
|
8.3
|
|
|
8.7
|
|
|||
Occupancy
|
|
13,394
|
|
|
13,290
|
|
|
13,122
|
|
|
0.8
|
|
|
1.3
|
|
|||
Furniture and equipment
|
|
6,744
|
|
|
6,067
|
|
|
4,720
|
|
|
11.2
|
|
|
28.5
|
|
|||
Marketing
|
|
5,085
|
|
|
4,784
|
|
|
3,633
|
|
|
6.3
|
|
|
31.7
|
|
|||
Legal and professional fees
|
|
9,961
|
|
|
11,022
|
|
|
9,596
|
|
|
(9.6
|
)
|
|
14.9
|
|
|||
FDIC assessments
|
|
2,195
|
|
|
2,326
|
|
|
2,365
|
|
|
(5.6
|
)
|
|
(1.6
|
)
|
|||
Amortization of intangibles
|
|
4,300
|
|
|
3,361
|
|
|
2,486
|
|
|
27.9
|
|
|
35.2
|
|
|||
Foreclosed property expense and net (gain)/loss on sale
|
|
461
|
|
|
(300
|
)
|
|
44
|
|
|
n/m
|
|
|
n/m
|
|
|||
Early redemption cost for Federal Home Loan Bank advances
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|
n/m
|
|
|
(100.0
|
)
|
|||
Other
|
|
17,222
|
|
|
15,535
|
|
|
13,515
|
|
|
10.9
|
|
|
14.9
|
|
|||
Total Noninterest Expense
|
|
$
|
162,273
|
|
|
$
|
149,916
|
|
|
$
|
130,881
|
|
|
8.2
|
|
|
14.5
|
|
|
|
December 31,
|
||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Tier 1 Capital
|
|
|
|
|
|
|
|
|
|
|||
Common stock
|
|
$
|
5,136
|
|
|
$
|
4,693
|
|
|
$
|
3,802
|
|
Additional paid in capital
|
|
778,501
|
|
|
661,632
|
|
|
454,001
|
|
|||
Retained earnings (Accumulated deficit)
|
|
97,074
|
|
|
29,914
|
|
|
(13,657
|
)
|
|||
Treasury stock
|
|
(3,384
|
)
|
|
(2,359
|
)
|
|
(1,236
|
)
|
|||
Goodwill
|
|
(204,753
|
)
|
|
(147,578
|
)
|
|
(64,649
|
)
|
|||
Intangibles
|
|
(24,808
|
)
|
|
(15,150
|
)
|
|
(6,371
|
)
|
|||
Other
|
|
(6,426
|
)
|
|
(7,320
|
)
|
|
(20,121
|
)
|
|||
Common Equity Tier 1 Capital
|
|
641,340
|
|
|
523,832
|
|
|
351,769
|
|
|||
|
|
|
|
|
|
|
||||||
Qualifying trust preferred securities
|
|
70,804
|
|
|
70,521
|
|
|
70,241
|
|
|||
Other
|
|
—
|
|
|
(1,791
|
)
|
|
(13,414
|
)
|
|||
Total Tier 1 Capital
|
|
712,144
|
|
|
592,562
|
|
|
408,596
|
|
|||
|
|
|
|
|
|
|
||||||
Tier 2 Capital
|
|
|
|
|
|
|
|
|
|
|||
Allowance for loan losses, as limited
|
|
32,543
|
|
|
27,184
|
|
|
23,462
|
|
|||
Total Tier 2 Capital
|
|
32,543
|
|
|
27,184
|
|
|
23,462
|
|
|||
Total Risk-Based Capital
|
|
$
|
744,687
|
|
|
$
|
619,746
|
|
|
$
|
432,058
|
|
Risk weighted assets
|
|
$
|
5,159,431
|
|
|
$
|
4,352,390
|
|
|
$
|
3,259,871
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 ratio (CET1)
|
|
12.43
|
%
|
|
12.04
|
%
|
|
10.79
|
%
|
|||
Regulatory minimum
(1)
|
|
4.50
|
|
|
4.50
|
|
|
4.50
|
|
|||
Tier 1 capital ratio
|
|
13.80
|
|
|
13.61
|
|
|
12.53
|
|
|||
Regulatory minimum
(1)
|
|
6.00
|
|
|
6.00
|
|
|
6.00
|
|
|||
Total capital ratio
|
|
14.43
|
|
|
14.24
|
|
|
13.25
|
|
|||
Regulatory minimum
(1)
|
|
8.00
|
|
|
8.00
|
|
|
8.00
|
|
|||
Tier 1 capital to adjusted total assets
|
|
11.16
|
|
|
10.68
|
|
|
9.15
|
|
|||
Regulatory minimum
|
|
4.00
|
|
|
4.00
|
|
|
4.00
|
|
|||
|
|
|
|
|
|
|
||||||
Shareholders' equity to assets
|
|
12.81
|
|
|
11.87
|
|
|
9.30
|
|
|||
Average shareholders' equity to average total assets
|
|
12.23
|
|
|
10.96
|
|
|
9.85
|
|
|||
Tangible shareholders' equity to tangible assets
|
|
9.72
|
|
|
9.27
|
|
|
7.74
|
|
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Construction and land development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
|
$
|
123,326
|
|
|
$
|
97,725
|
|
|
$
|
29,693
|
|
|
$
|
31,650
|
|
|
$
|
16,155
|
|
Commercial
|
|
128,175
|
|
|
91,043
|
|
|
57,856
|
|
|
31,977
|
|
|
37,194
|
|
|||||
|
|
251,501
|
|
|
188,768
|
|
|
87,549
|
|
|
63,627
|
|
|
53,349
|
|
|||||
Individuals
|
|
192,067
|
|
|
154,357
|
|
|
72,567
|
|
|
45,160
|
|
|
33,687
|
|
|||||
|
|
443,568
|
|
|
343,125
|
|
|
160,116
|
|
|
108,787
|
|
|
87,036
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner-occupied
|
|
970,181
|
|
|
791,400
|
|
|
623,800
|
|
|
453,300
|
|
|
362,300
|
|
|||||
Non owner-occupied
|
|
1,161,885
|
|
|
848,592
|
|
|
733,792
|
|
|
556,078
|
|
|
474,847
|
|
|||||
|
|
2,132,066
|
|
|
1,639,992
|
|
|
1,357,592
|
|
|
1,009,378
|
|
|
837,147
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjustable
|
|
618,123
|
|
|
487,231
|
|
|
418,276
|
|
|
429,826
|
|
|
441,238
|
|
|||||
Fixed rate
|
|
370,224
|
|
|
246,884
|
|
|
210,365
|
|
|
110,391
|
|
|
93,865
|
|
|||||
Home equity mortgages
|
|
74,127
|
|
|
71,367
|
|
|
44,484
|
|
|
69,339
|
|
|
71,838
|
|
|||||
Home equity lines
|
|
261,903
|
|
|
233,328
|
|
|
163,662
|
|
|
114,229
|
|
|
79,956
|
|
|||||
|
|
1,324,377
|
|
|
1,038,810
|
|
|
836,787
|
|
|
723,785
|
|
|
686,897
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and financial
|
|
722,322
|
|
|
606,014
|
|
|
370,589
|
|
|
228,517
|
|
|
157,396
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Installment loans to individuals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automobiles and trucks
|
|
20,482
|
|
|
19,006
|
|
|
19,234
|
|
|
14,965
|
|
|
7,817
|
|
|||||
Marine loans
|
|
83,606
|
|
|
78,855
|
|
|
78,993
|
|
|
46,534
|
|
|
26,236
|
|
|||||
Other
|
|
97,606
|
|
|
90,851
|
|
|
55,718
|
|
|
23,857
|
|
|
18,844
|
|
|||||
|
|
201,694
|
|
|
188,712
|
|
|
153,945
|
|
|
85,356
|
|
|
52,897
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other loans
|
|
1,187
|
|
|
724
|
|
|
507
|
|
|
507
|
|
|
512
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Loans
|
|
$
|
4,825,214
|
|
|
$
|
3,817,377
|
|
|
$
|
2,879,536
|
|
|
$
|
2,156,330
|
|
|
$
|
1,821,885
|
|
|
December 31, 2018
|
||||||||||
(In thousands)
|
Commercial and
Financial
|
|
Construction and
Land Development
|
|
Total
|
||||||
In one year or less
|
$
|
331,320
|
|
|
$
|
207,549
|
|
|
$
|
538,869
|
|
|
|
|
|
|
|
||||||
After one year but within five years:
|
|
|
|
|
|
|
|
|
|||
Interest rates are floating or adjustable
|
74,175
|
|
|
48,429
|
|
|
122,604
|
|
|||
Interest rates are fixed
|
202,370
|
|
|
31,361
|
|
|
233,731
|
|
|||
|
|
|
|
|
|
||||||
In five years or more:
|
|
|
|
|
|
|
|
|
|||
Interest rates are floating or adjustable
|
6,375
|
|
|
69,467
|
|
|
75,842
|
|
|||
Interest rates are fixed
|
108,082
|
|
|
86,762
|
|
|
194,844
|
|
|||
Total
|
$
|
722,322
|
|
|
$
|
443,568
|
|
|
$
|
1,165,890
|
|
|
|
December 31,
|
||||||||||||
|
|
|
|
% of
|
|
|
|
% of
|
||||||
(In thousands, except percentages)
|
|
2018
|
|
Total
|
|
2017
|
|
Total
|
||||||
Maturity Group:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Under 3 Months
|
|
$
|
46,410
|
|
|
17.9
|
%
|
|
$
|
22,266
|
|
|
10.5
|
%
|
3 to 6 Months
|
|
33,291
|
|
|
12.9
|
|
|
36,380
|
|
|
17.1
|
|
||
6 to 12 Months
|
|
83,280
|
|
|
32.2
|
|
|
89,486
|
|
|
42.2
|
|
||
Over 12 Months
|
|
95,798
|
|
|
37.0
|
|
|
63,954
|
|
|
30.2
|
|
||
Total Time Deposits
|
|
$
|
258,779
|
|
|
100.0
|
%
|
|
$
|
212,086
|
|
|
100.0
|
%
|
|
|
December 31,
|
||||||||||||
|
|
|
|
% of
|
|
|
|
% of
|
||||||
(In thousands, except percentages)
|
|
2018
|
|
Total
|
|
2017
|
|
Total
|
||||||
Maturity Group:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Under 3 Months
|
|
$
|
30,542
|
|
|
15.9
|
%
|
|
$
|
17,774
|
|
|
12.3
|
%
|
3 to 6 Months
|
|
23,077
|
|
|
12.0
|
|
|
20,100
|
|
|
13.9
|
|
||
6 to 12 Months
|
|
68,600
|
|
|
35.8
|
|
|
59,344
|
|
|
41.2
|
|
||
Over 12 Months
|
|
69,722
|
|
|
36.3
|
|
|
47,054
|
|
|
32.6
|
|
||
Total Time Deposits
|
|
$
|
191,941
|
|
|
100.0
|
%
|
|
$
|
144,272
|
|
|
100.0
|
%
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Beginning balance
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
$
|
17,071
|
|
|
$
|
20,068
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision (recapture) for loan losses
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|
2,644
|
|
|
(3,486
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Charge offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,271
|
|
|
640
|
|
|||||
Commercial real estate
|
|
3,139
|
|
|
407
|
|
|
256
|
|
|
263
|
|
|
285
|
|
|||||
Residential real estate
|
|
80
|
|
|
569
|
|
|
205
|
|
|
779
|
|
|
1,126
|
|
|||||
Commercial and financial
|
|
3,396
|
|
|
1,869
|
|
|
439
|
|
|
726
|
|
|
398
|
|
|||||
Consumer
|
|
1,411
|
|
|
1,257
|
|
|
244
|
|
|
341
|
|
|
193
|
|
|||||
Total Charge Offs
|
|
8,026
|
|
|
4,102
|
|
|
1,144
|
|
|
3,380
|
|
|
2,642
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
27
|
|
|
896
|
|
|
226
|
|
|
404
|
|
|
415
|
|
|||||
Commercial real estate
|
|
292
|
|
|
747
|
|
|
306
|
|
|
700
|
|
|
1,683
|
|
|||||
Residential real estate
|
|
816
|
|
|
336
|
|
|
786
|
|
|
1,260
|
|
|
902
|
|
|||||
Commercial and financial
|
|
325
|
|
|
226
|
|
|
1,809
|
|
|
531
|
|
|
170
|
|
|||||
Consumer
|
|
329
|
|
|
290
|
|
|
109
|
|
|
117
|
|
|
74
|
|
|||||
Total Recoveries
|
|
1,789
|
|
|
2,495
|
|
|
3,236
|
|
|
3,012
|
|
|
3,244
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loan charge offs (recoveries)
|
|
6,237
|
|
|
1,607
|
|
|
(2,092
|
)
|
|
368
|
|
|
(602
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
TDR valuation adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
—
|
|
|
2
|
|
|
8
|
|
|
(43
|
)
|
|
12
|
|
|||||
Commercial real estate
|
|
62
|
|
|
64
|
|
|
132
|
|
|
69
|
|
|
(25
|
)
|
|||||
Residential real estate
|
|
121
|
|
|
244
|
|
|
86
|
|
|
151
|
|
|
118
|
|
|||||
Commercial and financial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|||||
Consumer
|
|
9
|
|
|
9
|
|
|
5
|
|
|
36
|
|
|
8
|
|
|||||
Total TDR Valuation Adjustments
|
|
192
|
|
|
319
|
|
|
231
|
|
|
219
|
|
|
113
|
|
|||||
Total Allowance for Loan Losses
|
|
$
|
32,423
|
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
$
|
17,071
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans outstanding at end of year
(1)
|
|
$4,825,214
|
|
$3,814,377
|
|
$2,879,536
|
|
$2,156,330
|
|
$1,821,885
|
||||||||||
Ratio of allowance for loan losses to loans outstanding at end of year
|
|
0.67
|
%
|
|
0.71
|
%
|
|
0.81
|
%
|
|
0.89
|
%
|
|
0.94
|
%
|
|||||
Daily average loans outstanding
(1)
|
|
$4,112,009
|
|
$3,323,403
|
|
$2,584,389
|
|
$1,984,545
|
|
$1,452,751
|
||||||||||
Ratio of net charge offs (recoveries) to average loans outstanding
|
|
0.15
|
%
|
|
0.05
|
%
|
|
(0.08
|
)%
|
|
0.02
|
%
|
|
(0.04
|
)%
|
|
|
December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Allocation by Loan Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
$
|
2,233
|
|
|
$
|
1,642
|
|
|
$
|
1,219
|
|
|
$
|
1,151
|
|
|
$
|
765
|
|
Commercial real estate loans
|
|
11,112
|
|
|
9,285
|
|
|
9,273
|
|
|
6,756
|
|
|
4,531
|
|
|||||
Residential real estate loans
|
|
7,775
|
|
|
7,131
|
|
|
7,483
|
|
|
8,057
|
|
|
9,802
|
|
|||||
Commercial and financial loans
|
|
8,585
|
|
|
7,297
|
|
|
3,636
|
|
|
2,042
|
|
|
1,179
|
|
|||||
Consumer loans
|
|
2,718
|
|
|
1,767
|
|
|
1,789
|
|
|
1,122
|
|
|
794
|
|
|||||
Total Allowance for Loan Losses
|
|
$
|
32,423
|
|
|
$
|
27,122
|
|
|
$
|
23,400
|
|
|
$
|
19,128
|
|
|
$
|
17,071
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year End Loan Types as a Percent of Total Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
9.2
|
%
|
|
9.0
|
%
|
|
5.6
|
%
|
|
5.0
|
%
|
|
4.8
|
%
|
|||||
Commercial real estate loans
|
|
44.2
|
|
|
43.0
|
|
|
47.1
|
|
|
46.8
|
|
|
46.0
|
|
|||||
Residential real estate loans
|
|
27.4
|
|
|
27.2
|
|
|
29.1
|
|
|
33.6
|
|
|
37.7
|
|
|||||
Commercial and financial loans
|
|
15.0
|
|
|
15.9
|
|
|
12.9
|
|
|
10.6
|
|
|
8.6
|
|
|||||
Consumer loans
|
|
4.2
|
|
|
4.9
|
|
|
5.3
|
|
|
4.0
|
|
|
2.9
|
|
|||||
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
December 31,
|
||||||||||||||||||
(In thousands, except percentages)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Nonaccrual loans
(1)(2)
|
|
|
||||||||||||||||||
Construction and land development
|
|
$
|
44
|
|
|
$
|
238
|
|
|
$
|
470
|
|
|
$
|
309
|
|
|
$
|
1,963
|
|
Commercial real estate loans
|
|
9,220
|
|
|
2,833
|
|
|
7,341
|
|
|
6,410
|
|
|
4,189
|
|
|||||
Residential real estate loans
|
|
13,708
|
|
|
13,856
|
|
|
9,844
|
|
|
10,290
|
|
|
14,797
|
|
|||||
Commercial and financial loans
|
|
3,321
|
|
|
2,499
|
|
|
246
|
|
|
130
|
|
|
—
|
|
|||||
Consumer loans
|
|
183
|
|
|
98
|
|
|
170
|
|
|
247
|
|
|
191
|
|
|||||
Total Nonaccrual Loans
|
|
26,476
|
|
|
19,524
|
|
|
18,071
|
|
|
17,386
|
|
|
21,140
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other real estate owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction and land development
|
|
1,543
|
|
|
1,268
|
|
|
1,203
|
|
|
2,617
|
|
|
223
|
|
|||||
Commercial real estate loans
|
|
1,566
|
|
|
2,550
|
|
|
3,041
|
|
|
3,959
|
|
|
5,771
|
|
|||||
Residential real estate loans
|
|
297
|
|
|
60
|
|
|
—
|
|
|
463
|
|
|
1,468
|
|
|||||
Bank branches closed
|
|
9,396
|
|
|
3,762
|
|
|
5,705
|
|
|
—
|
|
|
—
|
|
|||||
Total Other Real Estate Owned
|
|
12,802
|
|
|
7,640
|
|
|
9,949
|
|
|
7,039
|
|
|
7,462
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Nonperforming Assets
|
|
$
|
39,278
|
|
|
$
|
27,164
|
|
|
$
|
28,020
|
|
|
$
|
24,425
|
|
|
$
|
28,602
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount of loans outstanding at end of year
(2)
|
|
4,825,214
|
|
|
3,817,377
|
|
|
2,879,536
|
|
|
2,156,330
|
|
|
1,821,885
|
|
|||||
Ratio of total nonperforming assets to loans outstanding and other real estate owned at end of period
|
|
0.81
|
%
|
|
0.71
|
%
|
|
0.97
|
%
|
|
1.13
|
%
|
|
1.56
|
%
|
|||||
Accruing loans past due 90 days or more
|
|
$
|
526
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
311
|
|
Loans restructured and in compliance with modified terms
(3)
|
|
13,346
|
|
|
15,559
|
|
|
17,711
|
|
|
19,970
|
|
|
24,997
|
|
|
|
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 Sponsored Entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
7,200
|
|
|
$
|
7,300
|
|
|
$
|
106
|
|
|
$
|
(6
|
)
|
2017
|
|
9,475
|
|
|
9,744
|
|
|
274
|
|
|
(5
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
55,569
|
|
|
55,728
|
|
|
560
|
|
|
(401
|
)
|
||||
2017
|
|
75,152
|
|
|
76,021
|
|
|
1,154
|
|
|
(285
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
212,807
|
|
|
209,366
|
|
|
1
|
|
|
(3,442
|
)
|
||||
2017
|
|
263,579
|
|
|
264,309
|
|
|
798
|
|
|
(68
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Obligations of state and political subdivisions
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
39,543
|
|
|
39,431
|
|
|
339
|
|
|
(451
|
)
|
||||
2017
|
|
45,118
|
|
|
45,861
|
|
|
813
|
|
|
(70
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Debt Securities Available For Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
304,423
|
|
|
$
|
297,099
|
|
|
$
|
—
|
|
|
$
|
(7,324
|
)
|
2017
|
|
353,541
|
|
|
350,184
|
|
|
802
|
|
|
(4,159
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
21,526
|
|
|
21,673
|
|
|
277
|
|
|
(130
|
)
|
||||
2017
|
|
22,799
|
|
|
23,460
|
|
|
714
|
|
|
(53
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Collateralized loan obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
32,000
|
|
|
31,123
|
|
|
—
|
|
|
(877
|
)
|
||||
2017
|
|
40,523
|
|
|
40,826
|
|
|
303
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Debt Securities Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2018
|
|
$
|
357,949
|
|
|
$
|
349,895
|
|
|
$
|
277
|
|
|
$
|
(8,331
|
)
|
2017
|
|
$
|
416,863
|
|
|
$
|
414,470
|
|
|
$
|
1,819
|
|
|
$
|
(4,212
|
)
|
|
|
December 31, 2018
|
|||||||||||||||||||||
(In thousands)
|
|
1 Year
Or Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
|
Average
Maturity
In Years
|
|||||||||||
Amortized Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
|
|
$
|
—
|
|
|
$
|
5,726
|
|
|
$
|
1,474
|
|
|
$
|
—
|
|
|
$
|
7,200
|
|
|
4.17
|
|
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities
|
|
7,363
|
|
|
262,724
|
|
|
295,120
|
|
|
2,546
|
|
|
567,753
|
|
|
4.18
|
|
|||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
2
|
|
|
41,502
|
|
|
14,065
|
|
|
—
|
|
|
55,569
|
|
|
4.41
|
|
|||||
Collateralized loan obligations
|
|
4,220
|
|
|
70,514
|
|
|
138,073
|
|
|
—
|
|
|
212,807
|
|
|
5.28
|
|
|||||
Obligations of state and political subdivisions
|
|
7,970
|
|
|
12,162
|
|
|
15,946
|
|
|
3,465
|
|
|
39,543
|
|
|
3.55
|
|
|||||
Total Debt Securities Available For Sale
|
|
$
|
19,555
|
|
|
$
|
392,628
|
|
|
$
|
464,678
|
|
|
$
|
6,011
|
|
|
$
|
882,872
|
|
|
4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
|
|
$
|
—
|
|
|
$
|
5,804
|
|
|
$
|
1,496
|
|
|
$
|
—
|
|
|
$
|
7,300
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities
|
|
7,307
|
|
|
256,887
|
|
|
287,203
|
|
|
2,609
|
|
|
554,006
|
|
|
|
|
|||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
2
|
|
|
41,612
|
|
|
14,114
|
|
|
—
|
|
|
55,728
|
|
|
|
|
|||||
Collateralized loan obligations
|
|
4,219
|
|
|
69,808
|
|
|
135,339
|
|
|
—
|
|
|
209,366
|
|
|
|
|
|||||
Obligations of state and political subdivisions
|
|
7,912
|
|
|
12,197
|
|
|
15,871
|
|
|
3,451
|
|
|
39,431
|
|
|
|
|
|||||
Total Debt Securities Available For Sale
|
|
$
|
19,440
|
|
|
$
|
386,308
|
|
|
$
|
454,023
|
|
|
$
|
6,060
|
|
|
$
|
865,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted Average Yield
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
|
|
—
|
%
|
|
3.44
|
%
|
|
4.64
|
%
|
|
—
|
%
|
|
3.68
|
%
|
|
|
|
|||||
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities
|
|
1.08
|
%
|
|
2.36
|
%
|
|
2.75
|
%
|
|
4.05
|
%
|
|
2.55
|
%
|
|
|
|
|||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
5.00
|
%
|
|
3.74
|
%
|
|
3.59
|
%
|
|
—
|
%
|
|
3.70
|
%
|
|
|
|
|||||
Collateralized loan obligations
|
|
4.18
|
%
|
|
3.75
|
%
|
|
4.09
|
%
|
|
—
|
%
|
|
3.98
|
%
|
|
|
|
|||||
Obligations of state and political subdivisions
|
|
2.19
|
%
|
|
3.13
|
%
|
|
2.74
|
%
|
|
3.02
|
%
|
|
2.77
|
%
|
|
|
|
|||||
Total Debt Securities Available For Sale
|
|
2.20
|
%
|
|
2.80
|
%
|
|
3.18
|
%
|
|
3.46
|
%
|
|
2.99
|
%
|
|
|
|
|
|
December 31, 2018
|
|||||||||||||||||||||
(In thousands)
|
|
1 Year
Or Less
|
|
1-5
Years
|
|
5-10
Years
|
|
After 10
Years
|
|
Total
|
|
Average
Maturity
In Years
|
|||||||||||
Amortized Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities of U.S. Government Sponsored Entities
|
|
$
|
—
|
|
|
$
|
172,280
|
|
|
$
|
132,143
|
|
|
$
|
—
|
|
|
$
|
304,423
|
|
|
4.20
|
|
Private mortgage-backed securities and collateralized mortgage obligations
|
|
—
|
|
|
10,622
|
|
|
10,904
|
|
|
—
|
|
|
21,526
|
|
|
4.93
|
|
|||||
Collateralized loan obligations
|
|
—
|
|
|
—
|
|
|
32,000
|
|
|
—
|
|
|
32,000
|
|
|
7.42
|
|
|||||
Total Debt Securities Held for Investment
|
|
$
|
—
|
|
|
$182,902
|
|
$175,047
|
|
$
|
—
|
|
|
$357,949
|
|
4.68
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities of U.S. Government Sponsored Entities
|
|
$
|
—
|
|
|
$
|
168,499
|
|
|
$
|
128,600
|
|
|
$
|
—
|
|
|
$
|
297,099
|
|
|
|
|
Private mortgage-backed securities and collateralized mortgage obligations
|
|
—
|
|
|
10,853
|
|
|
10,820
|
|
|
—
|
|
|
21,673
|
|
|
|
|
|||||
Collateralized loan obligations
|
|
—
|
|
|
—
|
|
|
31,123
|
|
|
—
|
|
|
31,123
|
|
|
|
|
|||||
Total Debt Securities Held for Investment
|
|
$
|
—
|
|
|
$179,352
|
|
$170,543
|
|
$—
|
|
$349,895
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted Average Yield
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities of U.S. Government Sponsored Entities
|
|
—
|
%
|
|
2.20
|
%
|
|
2.77
|
%
|
|
—
|
%
|
|
2.45
|
%
|
|
|
|
|||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
—
|
%
|
|
4.21
|
%
|
|
3.76
|
%
|
|
—
|
%
|
|
3.98
|
%
|
|
|
|
|||||
Collateralized loan obligations
|
|
—
|
%
|
|
—
|
%
|
|
4.95
|
%
|
|
—
|
%
|
|
4.95
|
%
|
|
|
|
|||||
Total Debt Securities Held for Investment
|
|
—
|
%
|
|
2.31
|
%
|
|
3.23
|
%
|
|
—
|
%
|
|
2.76
|
%
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||||||
(In thousands)
|
|
0-3
Months
|
|
4-12
Months
|
|
1-5
Years
|
|
Over
5 Years
|
|
Total
|
||||||||||
Federal funds sold and interest bearing deposits
|
|
$
|
12,553
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,553
|
|
Securities
(2)
|
|
491,399
|
|
|
58,750
|
|
|
282,622
|
|
|
539,896
|
|
|
1,372,667
|
|
|||||
Loans, net
(3)
|
|
1,316,938
|
|
|
486,273
|
|
|
1,468,700
|
|
|
569,772
|
|
|
3,841,683
|
|
|||||
Earning assets
|
|
1,820,890
|
|
|
545,023
|
|
|
1,751,322
|
|
|
1,109,668
|
|
|
5,226,903
|
|
|||||
Savings deposits
(4)
|
|
2,416,559
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,416,559
|
|
|||||
Time deposits
|
|
154,351
|
|
|
473,088
|
|
|
147,466
|
|
|
1,028
|
|
|
775,933
|
|
|||||
Borrowings
|
|
497,615
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
497,615
|
|
|||||
Interest bearing liabilities
|
|
3,068,525
|
|
|
473,088
|
|
|
147,466
|
|
|
1,028
|
|
|
3,690,107
|
|
|||||
Interest sensitivity gap
|
|
$
|
(1,247,635
|
)
|
|
$
|
71,935
|
|
|
$
|
1,603,856
|
|
|
$
|
1,108,640
|
|
|
$
|
1,536,796
|
|
Cumulative gap
|
|
$
|
(1,247,635
|
)
|
|
$
|
(1,175,700
|
)
|
|
$
|
428,156
|
|
|
$
|
1,536,796
|
|
|
|
|
|
Cumulative gap to total earning assets (%)
|
|
(23.9
|
)
|
|
(22.5
|
)
|
|
8.2
|
|
|
29.4
|
|
|
|
|
|||||
Earning assets to interest bearing liabilities (%)
|
|
59.3
|
|
|
115.2
|
|
|
1,187.6
|
|
|
n/m
|
|
|
|
|
|
|
|
|
Period Ending
|
|
|
||||||||||||
Index
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
||||||
Seacoast Banking Corporation of Florida
|
|
100.00
|
|
|
112.70
|
|
|
122.79
|
|
|
180.82
|
|
|
206.64
|
|
|
213.28
|
|
NASDAQ Composite Index
|
|
100.00
|
|
|
114.75
|
|
|
122.74
|
|
|
133.62
|
|
|
173.22
|
|
|
168.30
|
|
SNL Southeast Bank Index
|
|
100.00
|
|
|
112.63
|
|
|
110.87
|
|
|
147.18
|
|
|
182.06
|
|
|
150.42
|
|
|
|
2018 Quarters
|
|
2017 Quarters
|
||||||||||||||||||||||||||||
(In thousands, except per share data)
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
|
$
|
70,058
|
|
|
$
|
59,154
|
|
|
$
|
56,709
|
|
|
$
|
55,477
|
|
|
$
|
53,344
|
|
|
$
|
50,079
|
|
|
$
|
47,398
|
|
|
$
|
40,775
|
|
Interest expense
|
|
10,074
|
|
|
7,592
|
|
|
6,502
|
|
|
5,715
|
|
|
5,118
|
|
|
4,330
|
|
|
3,242
|
|
|
2,610
|
|
||||||||
Net interest income
|
|
59,984
|
|
|
51,562
|
|
|
50,207
|
|
|
49,762
|
|
|
48,226
|
|
|
45,749
|
|
|
44,156
|
|
|
38,165
|
|
||||||||
Provision for loan losses
|
|
2,342
|
|
|
5,774
|
|
|
2,529
|
|
|
1,085
|
|
|
2,263
|
|
|
680
|
|
|
1,401
|
|
|
1,304
|
|
||||||||
Net interest income after provision for loan losses
|
|
57,642
|
|
|
45,788
|
|
|
47,678
|
|
|
48,677
|
|
|
45,963
|
|
|
45,069
|
|
|
42,755
|
|
|
36,861
|
|
||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Service charges on deposit accounts
|
|
3,019
|
|
|
2,833
|
|
|
2,674
|
|
|
2,672
|
|
|
2,566
|
|
|
2,626
|
|
|
2,435
|
|
|
2,422
|
|
||||||||
Trust fees
|
|
1,040
|
|
|
1,083
|
|
|
1,039
|
|
|
1,021
|
|
|
941
|
|
|
967
|
|
|
917
|
|
|
880
|
|
||||||||
Mortgage banking fees
|
|
809
|
|
|
1,135
|
|
|
1,336
|
|
|
1,402
|
|
|
1,487
|
|
|
2,138
|
|
|
1,272
|
|
|
1,552
|
|
||||||||
Brokerage commissions and fees
|
|
468
|
|
|
444
|
|
|
461
|
|
|
359
|
|
|
273
|
|
|
351
|
|
|
351
|
|
|
377
|
|
||||||||
Marine finance fees
|
|
185
|
|
|
194
|
|
|
446
|
|
|
573
|
|
|
313
|
|
|
137
|
|
|
326
|
|
|
134
|
|
||||||||
Interchange income
|
|
3,198
|
|
|
3,119
|
|
|
3,076
|
|
|
2,942
|
|
|
2,836
|
|
|
2,582
|
|
|
2,671
|
|
|
2,494
|
|
||||||||
BOLI income
|
|
1,091
|
|
|
1,078
|
|
|
1,066
|
|
|
1,056
|
|
|
1,100
|
|
|
836
|
|
|
757
|
|
|
733
|
|
||||||||
Other income
|
|
3,329
|
|
|
2,453
|
|
|
2,671
|
|
|
2,373
|
|
|
1,861
|
|
|
1,844
|
|
|
1,738
|
|
|
1,313
|
|
||||||||
Gain on sale of VISA stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Securities gains (losses), net
|
|
(425
|
)
|
|
(48
|
)
|
|
(48
|
)
|
|
(102
|
)
|
|
112
|
|
|
(47
|
)
|
|
21
|
|
|
—
|
|
||||||||
Total noninterest income
|
|
12,714
|
|
|
12,291
|
|
|
12,721
|
|
|
12,296
|
|
|
26,642
|
|
|
11,434
|
|
|
10,488
|
|
|
9,905
|
|
||||||||
Noninterest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Salaries and wages
|
|
22,172
|
|
|
17,129
|
|
|
16,429
|
|
|
15,381
|
|
|
16,321
|
|
|
15,627
|
|
|
18,375
|
|
|
15,369
|
|
||||||||
Employee benefits
|
|
3,625
|
|
|
3,205
|
|
|
3,034
|
|
|
3,081
|
|
|
2,812
|
|
|
2,917
|
|
|
2,935
|
|
|
3,068
|
|
||||||||
Outsourced data processing costs
|
|
5,809
|
|
|
3,493
|
|
|
3,393
|
|
|
3,679
|
|
|
4,160
|
|
|
3,231
|
|
|
3,456
|
|
|
3,269
|
|
||||||||
Telephone / data lines
|
|
602
|
|
|
624
|
|
|
643
|
|
|
612
|
|
|
538
|
|
|
573
|
|
|
648
|
|
|
532
|
|
||||||||
Occupancy
|
|
3,747
|
|
|
3,214
|
|
|
3,316
|
|
|
3,117
|
|
|
3,265
|
|
|
2,447
|
|
|
4,421
|
|
|
3,157
|
|
||||||||
Furniture and equipment
|
|
2,452
|
|
|
1,367
|
|
|
1,468
|
|
|
1,457
|
|
|
1,806
|
|
|
1,191
|
|
|
1,679
|
|
|
1,391
|
|
||||||||
Marketing
|
|
1,350
|
|
|
1,139
|
|
|
1,344
|
|
|
1,252
|
|
|
1,490
|
|
|
1,298
|
|
|
1,074
|
|
|
922
|
|
||||||||
Legal and professional fees
|
|
3,668
|
|
|
2,019
|
|
|
2,301
|
|
|
1,973
|
|
|
3,054
|
|
|
2,560
|
|
|
3,276
|
|
|
2,132
|
|
||||||||
FDIC assessments
|
|
571
|
|
|
431
|
|
|
595
|
|
|
598
|
|
|
558
|
|
|
548
|
|
|
650
|
|
|
570
|
|
||||||||
Amortization of intangibles
|
|
1,303
|
|
|
1,004
|
|
|
1,004
|
|
|
989
|
|
|
964
|
|
|
839
|
|
|
839
|
|
|
719
|
|
||||||||
Net (gain)/loss on other real estate owned and repossessed assets
|
|
—
|
|
|
(136
|
)
|
|
405
|
|
|
192
|
|
|
(7
|
)
|
|
(297
|
)
|
|
297
|
|
|
(293
|
)
|
||||||||
Other
|
|
4,165
|
|
|
3,910
|
|
|
4,314
|
|
|
4,833
|
|
|
4,223
|
|
|
3,427
|
|
|
3,975
|
|
|
3,910
|
|
||||||||
Total noninterest expenses
|
|
49,464
|
|
|
37,399
|
|
|
38,246
|
|
|
37,164
|
|
|
39,184
|
|
|
34,361
|
|
|
41,625
|
|
|
34,746
|
|
||||||||
Income before income taxes
|
|
20,892
|
|
|
20,680
|
|
|
22,153
|
|
|
23,809
|
|
|
33,421
|
|
|
22,142
|
|
|
11,618
|
|
|
12,020
|
|
||||||||
Income taxes
|
|
4,930
|
|
|
4,358
|
|
|
5,189
|
|
|
5,782
|
|
|
20,374
|
|
|
7,926
|
|
|
3,942
|
|
|
4,094
|
|
||||||||
Net income
|
|
$
|
15,962
|
|
|
$
|
16,322
|
|
|
$
|
16,964
|
|
|
$
|
18,027
|
|
|
$
|
13,047
|
|
|
$
|
14,216
|
|
|
$
|
7,676
|
|
|
$
|
7,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income diluted
|
|
$
|
0.31
|
|
|
$
|
0.34
|
|
|
$
|
0.35
|
|
|
$
|
0.38
|
|
|
$
|
0.28
|
|
|
$
|
0.32
|
|
|
$
|
0.18
|
|
|
$
|
0.20
|
|
Net income basic
|
|
0.32
|
|
|
0.35
|
|
|
0.36
|
|
|
0.38
|
|
|
0.29
|
|
|
0.33
|
|
|
0.18
|
|
|
0.20
|
|
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
|
|
21.74
|
|
|
28.30
|
|
|
25.61
|
|
|
23.96
|
|
|
22.42
|
|
|
20.58
|
|
|
21.65
|
|
|
20.59
|
|
||||||||
High close
|
|
29.86
|
|
|
34.95
|
|
|
33.51
|
|
|
28.44
|
|
|
27.13
|
|
|
24.87
|
|
|
25.88
|
|
|
25.13
|
|
||||||||
Bid price at end of period
|
|
26.02
|
|
|
29.20
|
|
|
31.58
|
|
|
26.47
|
|
|
25.21
|
|
|
23.89
|
|
|
24.10
|
|
|
23.98
|
|
|
|
For the Year Ended and at December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Net interest income
|
|
$
|
211,515
|
|
|
$
|
176,296
|
|
|
$
|
139,588
|
|
|
$
|
109,487
|
|
|
$
|
74,907
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision (recapture) for loan losses
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|
2,644
|
|
|
(3,486
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other
|
|
50,645
|
|
|
43,230
|
|
|
37,427
|
|
|
32,018
|
|
|
24,744
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities (losses) gains, net
|
|
(623
|
)
|
|
86
|
|
|
368
|
|
|
161
|
|
|
469
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sale of VISA stock
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bargain purchase gains, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
416
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expenses
|
|
162,273
|
|
|
149,916
|
|
|
130,881
|
|
|
103,770
|
|
|
93,366
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
87,534
|
|
|
79,201
|
|
|
44,091
|
|
|
35,668
|
|
|
10,240
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income taxes
|
|
20,259
|
|
|
36,336
|
|
|
14,889
|
|
|
13,527
|
|
|
4,544
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
|
$
|
22,141
|
|
|
$
|
5,696
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted
|
|
1.38
|
|
|
0.99
|
|
|
0.78
|
|
|
0.66
|
|
|
0.21
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
1.40
|
|
|
1.01
|
|
|
0.79
|
|
|
0.66
|
|
|
0.21
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share common
|
|
16.83
|
|
|
14.70
|
|
|
11.45
|
|
|
10.29
|
|
|
9.44
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per share
|
|
12.33
|
|
11.15
|
|
9.37
|
|
9.31
|
|
8.51
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
$
|
6,747,659
|
|
|
$
|
5,810,129
|
|
|
$
|
4,680,932
|
|
|
$
|
3,534,780
|
|
|
$3,093,335
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities
|
|
1,223,780
|
|
|
1,372,667
|
|
|
1,323,001
|
|
|
994,291
|
|
|
949,279
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loans
|
|
4,792,791
|
|
|
3,790,255
|
|
|
2,856,136
|
|
|
2,137,202
|
|
|
1,804,814
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
5,177,240
|
|
|
4,592,720
|
|
|
3,523,245
|
|
|
2,844,387
|
|
|
2,416,534
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FHLB borrowings
|
|
380,000
|
|
|
211,000
|
|
|
415,000
|
|
|
50,000
|
|
|
130,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subordinated debt
|
|
70,804
|
|
|
70,521
|
|
|
70,241
|
|
|
69,961
|
|
|
64,583
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity
|
|
864,267
|
|
|
689,664
|
|
|
435,397
|
|
|
353,453
|
|
|
312,651
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Interest Income
|
|
|
|
|
|
|
|
|
|
|||
Interest on securities
|
|
|
|
|
|
|
|
|
|
|||
Taxable
|
|
$
|
37,860
|
|
|
$
|
34,442
|
|
|
$
|
26,133
|
|
Nontaxable
|
|
884
|
|
|
913
|
|
|
1,036
|
|
|||
Interest and fees on loans
|
|
199,984
|
|
|
153,825
|
|
|
119,217
|
|
|||
Interest on federal funds sold and other investments
|
|
2,670
|
|
|
2,416
|
|
|
1,669
|
|
|||
Total Interest Income
|
|
241,398
|
|
|
191,596
|
|
|
148,055
|
|
|||
|
|
|
|
|
|
|
||||||
Interest Expense
|
|
|
|
|
|
|
||||||
Interest on savings deposits
|
|
8,763
|
|
|
3,654
|
|
|
2,593
|
|
|||
Interest on time certificates
|
|
11,684
|
|
|
4,678
|
|
|
2,074
|
|
|||
Interest on federal funds purchased and other short term borrowings
|
|
1,804
|
|
|
781
|
|
|
484
|
|
|||
Interest on Federal Home Loan Bank borrowings
|
|
4,468
|
|
|
3,744
|
|
|
1,256
|
|
|||
Interest on subordinated debt
|
|
3,164
|
|
|
2,443
|
|
|
2,060
|
|
|||
Total Interest Expense
|
|
29,883
|
|
|
15,300
|
|
|
8,467
|
|
|||
Net Interest Income
|
|
211,515
|
|
|
176,296
|
|
|
139,588
|
|
|||
|
|
|
|
|
|
|
||||||
Provision for loan losses
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|||
Net Interest Income After Provision for Loan Losses
|
|
199,785
|
|
|
170,648
|
|
|
137,177
|
|
|||
|
|
|
|
|
|
|
||||||
Noninterest Income (Note M)
|
|
|
|
|
|
|
||||||
Gain on sale of Visa stock
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|||
Securities (losses) gains, net (includes net losses of ($96) for 2018, net gains of $1,950 for 2017, and net losses of ($617) for 2016 in other comprehensive income reclassifications)
|
|
(623
|
)
|
|
86
|
|
|
368
|
|
|||
Other
|
|
50,645
|
|
|
43,230
|
|
|
37,427
|
|
|||
Total Noninterest Income
|
|
50,022
|
|
|
58,469
|
|
|
37,795
|
|
|||
|
|
|
|
|
|
|
||||||
Noninterest Expense (Note M)
|
|
162,273
|
|
|
149,916
|
|
|
130,881
|
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Taxes
|
|
87,534
|
|
|
79,201
|
|
|
44,091
|
|
|||
Income taxes
|
|
20,259
|
|
|
36,336
|
|
|
14,889
|
|
|||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
|
|
|
|
|
|
|
||||||
Share Data
|
|
|
|
|
|
|
||||||
Net income per share of common stock
|
|
|
|
|
|
|
||||||
Diluted
|
|
$
|
1.38
|
|
|
$
|
0.99
|
|
|
$
|
0.78
|
|
Basic
|
|
1.40
|
|
|
1.01
|
|
|
0.79
|
|
|||
Average common shares outstanding
|
|
|
|
|
|
|
||||||
Diluted
|
|
48,748
|
|
|
43,350
|
|
|
37,508
|
|
|||
Basic
|
|
47,969
|
|
|
42,613
|
|
|
36,872
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on securities available for sale
|
|
(13,266
|
)
|
|
5,976
|
|
|
(2,129
|
)
|
|||
Amortization of unrealized losses on securities transferred to held to maturity, net
|
|
550
|
|
|
596
|
|
|
488
|
|
|||
Reclassification adjustment for losses (gains) included in net income
|
|
485
|
|
|
(86
|
)
|
|
(368
|
)
|
|||
Benefit (provision) for income taxes
|
|
3,272
|
|
|
(2,483
|
)
|
|
709
|
|
|||
Total Other Comprehensive Income (Loss)
|
|
(8,959
|
)
|
|
4,003
|
|
|
(1,300
|
)
|
|||
Comprehensive Income
|
|
$
|
58,316
|
|
|
$
|
46,868
|
|
|
$
|
27,902
|
|
|
|
|
|
|
||||
Shareholders' Equity
|
|
|
|
|
|
|
||
Common stock, par value $0.10 per share authorized 120,000,000 shares, issued 51,514,734 and outstanding 51,361,079 shares in 2018 and authorized 60,000,000 shares, issued 47,032,259 and outstanding 46,917,735 shares in 2017
|
|
5,136
|
|
|
4,693
|
|
||
Additional paid-in capital
|
|
778,501
|
|
|
661,632
|
|
||
Retained earnings
|
|
97,074
|
|
|
29,914
|
|
||
Less: Treasury stock (153,655 shares in 2018 and 114,524 shares in 2017), at cost
|
|
(3,384
|
)
|
|
(2,359
|
)
|
||
|
|
877,327
|
|
|
693,880
|
|
||
Accumulated other comprehensive loss, net
|
|
(13,060
|
)
|
|
(4,216
|
)
|
||
Total Shareholders' Equity
|
|
864,267
|
|
|
689,664
|
|
||
Total Liabilities & Shareholders' Equity
|
|
$
|
6,747,659
|
|
|
$
|
5,810,129
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash Flows From Operating Activities
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
|
6,353
|
|
|
5,614
|
|
|
5,076
|
|
|||
Amortization of premiums and discounts on securities, net
|
|
3,196
|
|
|
3,977
|
|
|
7,559
|
|
|||
Other amortization and accretion, net
|
|
(1,158
|
)
|
|
(697
|
)
|
|
(2,238
|
)
|
|||
Stock based compensation
|
|
7,823
|
|
|
5,267
|
|
|
4,154
|
|
|||
Origination of loans designated for sale
|
|
(303,928
|
)
|
|
(213,027
|
)
|
|
(175,842
|
)
|
|||
Sale of loans designated for sale
|
|
326,328
|
|
|
211,091
|
|
|
190,843
|
|
|||
Provision for loan losses
|
|
11,730
|
|
|
5,648
|
|
|
2,411
|
|
|||
Deferred income taxes
|
|
459
|
|
|
35,827
|
|
|
14,206
|
|
|||
Losses (gains) on sale of securities
|
|
485
|
|
|
(86
|
)
|
|
(368
|
)
|
|||
Gain on sale of VISA Class B stock
|
|
—
|
|
|
(15,153
|
)
|
|
—
|
|
|||
Gains on sale of loans
|
|
(8,961
|
)
|
|
(7,038
|
)
|
|
(6,335
|
)
|
|||
Gains on sale and write-downs of other real estate owned
|
|
(107
|
)
|
|
(711
|
)
|
|
(509
|
)
|
|||
Losses on disposition of fixed assets
|
|
1,235
|
|
|
2,270
|
|
|
2,442
|
|
|||
Changes in operating assets and liabilities, net of effects from acquired companies:
|
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in other assets
|
|
10,051
|
|
|
(5,506
|
)
|
|
(11,573
|
)
|
|||
Net increase (decrease) in other liabilities
|
|
8,827
|
|
|
(21,432
|
)
|
|
2,979
|
|
|||
Net Cash Provided by Operating Activities
|
|
129,608
|
|
|
48,909
|
|
|
62,007
|
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Investing Activities
|
|
|
|
|
|
|
|
|
|
|||
Maturities and repayments of debt securities available for sale
|
|
141,223
|
|
|
211,173
|
|
|
127,879
|
|
|||
Maturities and repayments of debt securities held to maturity
|
|
58,315
|
|
|
86,460
|
|
|
48,705
|
|
|||
Proceeds from sale of debt securities available for sale
|
|
31,694
|
|
|
235,613
|
|
|
40,421
|
|
|||
Purchases of debt securities available for sale
|
|
(72,505
|
)
|
|
(371,926
|
)
|
|
(297,719
|
)
|
|||
Purchases of debt securities held to maturity
|
|
—
|
|
|
(131,439
|
)
|
|
(218,654
|
)
|
|||
Maturities of time deposits with other banks
|
|
4,310
|
|
|
4,720
|
|
|
—
|
|
|||
Net new loans and principal repayments
|
|
(365,816
|
)
|
|
(328,868
|
)
|
|
(396,862
|
)
|
|||
Proceeds from the sale of portfolio loans
|
|
—
|
|
|
106,815
|
|
|
71,433
|
|
|||
Purchases of loans held for investment
|
|
(19,541
|
)
|
|
(55,352
|
)
|
|
(64,925
|
)
|
|||
Proceeds from the sale of other real estate owned
|
|
10,072
|
|
|
6,069
|
|
|
7,952
|
|
|||
Proceeds from sale of Federal Home Loan Bank (FHLB) and Federal Reserve Bank Stock
|
|
44,731
|
|
|
48,295
|
|
|
9,350
|
|
|||
Purchase of FHLB and Federal Reserve Bank Stock
|
|
(51,505
|
)
|
|
(42,680
|
)
|
|
(28,857
|
)
|
|||
Purchase of Visa Class B stock
|
|
—
|
|
|
(6,180
|
)
|
|
—
|
|
|||
Proceeds from sale of Visa Class B stock
|
|
21,333
|
|
|
—
|
|
|
—
|
|
|||
Redemption of bank owned life insurance
|
|
4,232
|
|
|
3,609
|
|
|
—
|
|
|||
Purchase of bank owned life insurance
|
|
—
|
|
|
(30,000
|
)
|
|
(40,000
|
)
|
|||
Net cash from bank acquisitions
|
|
22,876
|
|
|
23,825
|
|
|
235,546
|
|
|||
Additions to bank premises and equipment
|
|
(4,019
|
)
|
|
(5,710
|
)
|
|
(6,054
|
)
|
Net Cash Used in Investing Activities
|
|
(174,600
|
)
|
|
(245,576
|
)
|
|
(511,785
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash Flows From Financing Activities
|
|
|
|
|
|
|
|
|
|
|||
Net (decrease) increase in deposits
|
|
(39,769
|
)
|
|
333,049
|
|
|
27,320
|
|
|||
Net (decrease) increase in federal funds purchased and repurchase agreements
|
|
(1,771
|
)
|
|
11,892
|
|
|
32,196
|
|
|||
Net increase (decrease) in FHLB borrowings with original maturities of three months or less
|
|
32,000
|
|
|
(204,000
|
)
|
|
415,000
|
|
|||
Proceeds from FHLB borrowings with original maturities of more than three months
|
|
60,000
|
|
|
—
|
|
|
—
|
|
|||
Early redemption of FHLB borrowings
|
|
—
|
|
|
—
|
|
|
(50,000
|
)
|
|||
Stock based employee benefit plans
|
|
979
|
|
|
(55
|
)
|
|
(1,161
|
)
|
|||
Issuance of common stock, net of related expense
|
|
—
|
|
|
55,641
|
|
|
—
|
|
|||
Dividends paid
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net Cash Provided by Financing Activities
|
|
51,439
|
|
|
196,527
|
|
|
423,355
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
6,447
|
|
|
(140
|
)
|
|
(26,423
|
)
|
|||
Cash and cash equivalents at beginning of year
|
|
109,504
|
|
|
109,644
|
|
|
136,067
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
115,951
|
|
|
$
|
109,504
|
|
|
$
|
109,644
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid during the period for interest
|
|
$
|
28,301
|
|
|
$
|
15,125
|
|
|
$
|
7,855
|
|
Cash paid during the period for taxes
|
|
13,200
|
|
|
400
|
|
|
703
|
|
|||
|
|
|
|
|
|
|
||||||
Supplemental disclosure of non cash investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Transfer from loans to other real estate owned
|
|
$
|
5,549
|
|
|
$
|
1,774
|
|
|
$
|
3,009
|
|
Transfer from bank premises to other real estate owned
|
|
9,168
|
|
|
1,212
|
|
|
7,708
|
|
|||
Transfer from loans held for investment to loans held for sale
|
|
—
|
|
|
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, 2015
|
|
34,351
|
|
|
$
|
3,435
|
|
|
$
|
399,162
|
|
|
$
|
(42,858
|
)
|
|
$
|
(73
|
)
|
|
$
|
(6,213
|
)
|
|
$
|
353,453
|
|
Comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,202
|
|
|
—
|
|
|
(1,300
|
)
|
|
27,902
|
|
||||||
Stock based compensation expense
|
|
—
|
|
|
—
|
|
|
4,154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,154
|
|
||||||
Common stock issued for stock based employee benefit plans
|
|
87
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1,163
|
)
|
|
—
|
|
|
(1,161
|
)
|
||||||
Common stock issued for stock options
|
|
12
|
|
|
1
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134
|
|
||||||
Issuance of common stock, pursuant to acquisition
|
|
3,291
|
|
|
329
|
|
|
50,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,913
|
|
||||||
Other
|
|
281
|
|
|
37
|
|
|
(34
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
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 unrealized losses on equity investment 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
|
|
•
|
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”)
|
ASU 2016-02,
Leases (Topic 842)
|
|
Description
|
In February 2016, the FASB amended existing guidance that requires lessees recognize the following for all leases (with the exception of short-term leases) at the commencement date:
1. A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis.
2. A right-of-use specified asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.
Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align lessor accounting with the lessee accounting model and ASC Topic 606,
Revenue from Contracts with Customers.
|
Date of Adoption
|
This amendment is effective for public business entities for reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted.
|
Effect on the Consolidated Financial Statements
|
The Company will adopt the new standard effective January 1, 2019. Upon adoption, the Company will record lease liabilities and right-of-use assets totaling approximately $33 million and $29 million, respectively, and will remove other liabilities of approximately $4 million recorded under prior guidance for fair value adjustments, vacated properties, and straight line adjustments. Adoption is not expected to be material to the Company's consolidated results of operations or cash flows.
|
|
|
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 Sponsored Entities
|
|
$
|
7,200
|
|
|
$
|
106
|
|
|
$
|
(6
|
)
|
|
$
|
7,300
|
|
Mortgage-backed securities and collateralized mortgage obligations of US 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
|
|
||||
|
|
$
|
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
|
|
||||
|
|
$
|
357,949
|
|
|
$
|
277
|
|
|
$
|
(8,331
|
)
|
|
$
|
349,895
|
|
|
|
December 31, 2017
|
||||||||||||||
(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 Sponsored Entities
|
|
$
|
9,475
|
|
|
$
|
274
|
|
|
$
|
(5
|
)
|
|
$
|
9,744
|
|
Mortgage-backed securities and collateralized mortgage obligations of US Government Sponsored Entities
|
|
560,396
|
|
|
1,163
|
|
|
(8,034
|
)
|
|
553,525
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
75,152
|
|
|
1,154
|
|
|
(285
|
)
|
|
76,021
|
|
||||
Collateralized loan obligations
|
|
263,579
|
|
|
798
|
|
|
(68
|
)
|
|
264,309
|
|
||||
Obligations of state and political subdivisions
|
|
45,118
|
|
|
813
|
|
|
(70
|
)
|
|
45,861
|
|
||||
|
|
$
|
953,720
|
|
|
$
|
4,202
|
|
|
$
|
(8,462
|
)
|
|
$
|
949,460
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt Securities Held to Maturity
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities of U.S. Government Sponsored Entities
|
|
$
|
353,541
|
|
|
$
|
802
|
|
|
$
|
(4,159
|
)
|
|
$
|
350,184
|
|
Private mortgage-backed securities and collateralized mortgage obligations
|
|
22,799
|
|
|
714
|
|
|
(53
|
)
|
|
23,460
|
|
||||
Collateralized loan obligations
|
|
40,523
|
|
|
303
|
|
|
—
|
|
|
40,826
|
|
||||
|
|
$
|
416,863
|
|
|
$
|
1,819
|
|
|
$
|
(4,212
|
)
|
|
$
|
414,470
|
|
|
|
Held to Maturity
|
|
Available for Sale
|
||||||||||||
(In thousands)
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due in less than one year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,190
|
|
|
$
|
12,131
|
|
Due after one year through five years
|
|
—
|
|
|
—
|
|
|
88,402
|
|
|
87,808
|
|
||||
Due after five years through ten years
|
|
32,000
|
|
|
31,123
|
|
|
155,493
|
|
|
152,707
|
|
||||
Due after ten years
|
|
—
|
|
|
|
|
|
3,465
|
|
|
3,451
|
|
||||
|
|
32,000
|
|
|
31,123
|
|
|
259,550
|
|
|
256,097
|
|
||||
Mortgage-backed securities of U.S. Government Sponsored Entities
|
|
304,423
|
|
|
297,099
|
|
|
567,753
|
|
|
554,006
|
|
||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
21,526
|
|
|
21,673
|
|
|
55,569
|
|
|
55,728
|
|
||||
|
|
$
|
357,949
|
|
|
$
|
349,895
|
|
|
$
|
882,872
|
|
|
$
|
865,831
|
|
|
|
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 Sponsored Entities
|
|
$
|
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
|
)
|
|
|
December 31, 2017
|
||||||||||||||||||||||
|
|
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 Sponsored Entities
|
|
$
|
1,107
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,107
|
|
|
$
|
(5
|
)
|
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
|
|
304,723
|
|
|
(2,047
|
)
|
|
413,725
|
|
|
(10,146
|
)
|
|
718,448
|
|
|
(12,193
|
)
|
||||||
Private mortgage-backed securities and collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
20,744
|
|
|
(338
|
)
|
|
20,744
|
|
|
(338
|
)
|
||||||
Collateralized loan obligations
|
|
14,933
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
14,933
|
|
|
(68
|
)
|
||||||
Obligations of state and political subdivisions
|
|
5,414
|
|
|
(14
|
)
|
|
5,864
|
|
|
(56
|
)
|
|
11,278
|
|
|
(70
|
)
|
||||||
Total temporarily impaired securities
|
|
$
|
326,177
|
|
|
$
|
(2,134
|
)
|
|
$
|
440,333
|
|
|
$
|
(10,540
|
)
|
|
$
|
766,510
|
|
|
$
|
(12,674
|
)
|
•
|
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
|
•
|
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, 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 Loans
(1)
|
|
$
|
3,588,251
|
|
|
$
|
14,434
|
|
|
$
|
1,222,529
|
|
|
$
|
4,825,214
|
|
|
|
December 31, 2017
|
||||||||||||||
(In thousands)
|
|
Portfolio Loans
|
|
PCI Loans
|
|
PULs
|
|
Total
|
||||||||
Loans
|
|
|
|
|
|
|
|
|
||||||||
Construction and land development
|
|
$
|
215,315
|
|
|
$
|
1,121
|
|
|
$
|
126,689
|
|
|
$
|
343,125
|
|
Commercial real estate
|
|
1,170,618
|
|
|
9,776
|
|
|
459,598
|
|
|
1,639,992
|
|
||||
Residential real estate
|
|
845,420
|
|
|
5,626
|
|
|
187,764
|
|
|
1,038,810
|
|
||||
Commercial and financial
|
|
512,430
|
|
|
894
|
|
|
92,690
|
|
|
606,014
|
|
||||
Consumer
|
|
178,826
|
|
|
—
|
|
|
10,610
|
|
|
189,436
|
|
||||
Total Loans
(1)
|
|
$
|
2,922,609
|
|
|
$
|
17,417
|
|
|
$
|
877,351
|
|
|
$
|
3,817,377
|
|
|
|
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
|
|
|
|
December 31, 2017
|
||||||||||||||||||||||
|
|
|
|
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
|
|
$
|
215,077
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
238
|
|
|
$
|
215,315
|
|
Commercial real estate
|
|
1,165,738
|
|
|
2,605
|
|
|
585
|
|
|
—
|
|
|
1,690
|
|
|
1,170,618
|
|
||||||
Residential real estate
|
|
836,117
|
|
|
812
|
|
|
75
|
|
|
—
|
|
|
8,416
|
|
|
845,420
|
|
||||||
Commercial and financial
|
|
507,501
|
|
|
2,776
|
|
|
26
|
|
|
—
|
|
|
2,127
|
|
|
512,430
|
|
||||||
Consumer
|
|
178,676
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
178,826
|
|
||||||
Total Portfolio Loans
|
|
2,903,109
|
|
|
6,245
|
|
|
686
|
|
|
—
|
|
|
12,569
|
|
|
2,922,609
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PULs
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
126,655
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,689
|
|
||||||
Commercial real estate
|
|
457,899
|
|
|
979
|
|
|
—
|
|
|
—
|
|
|
720
|
|
|
459,598
|
|
||||||
Residential real estate
|
|
186,549
|
|
|
128
|
|
|
87
|
|
|
—
|
|
|
1,000
|
|
|
187,764
|
|
||||||
Commercial and financial
|
|
92,315
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
321
|
|
|
92,690
|
|
||||||
Consumer
|
|
10,610
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,610
|
|
||||||
Total PULs
|
|
874,028
|
|
|
1,195
|
|
|
87
|
|
|
—
|
|
|
2,041
|
|
|
877,351
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
1,121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,121
|
|
||||||
Commercial real estate
|
|
9,352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
424
|
|
|
9,776
|
|
||||||
Residential real estate
|
|
544
|
|
|
642
|
|
|
—
|
|
|
—
|
|
|
4,440
|
|
|
5,626
|
|
||||||
Commercial and financial
|
|
844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
894
|
|
||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI Loans
|
|
11,861
|
|
|
642
|
|
|
—
|
|
|
—
|
|
|
4,914
|
|
|
17,417
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Loans
|
|
$
|
3,788,998
|
|
|
$
|
8,082
|
|
|
$
|
773
|
|
|
$
|
—
|
|
|
$
|
19,524
|
|
|
$
|
3,817,377
|
|
•
|
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, 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, 2017
|
||||||||||||||||||
(In thousands)
|
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Net Loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
|
$
|
328,127
|
|
|
$
|
10,414
|
|
|
$
|
4,584
|
|
|
$
|
—
|
|
|
$
|
343,125
|
|
Commercial real estate
|
|
1,586,932
|
|
|
29,273
|
|
|
23,787
|
|
|
—
|
|
|
1,639,992
|
|
|||||
Residential real estate
|
|
1,023,925
|
|
|
4,621
|
|
|
10,203
|
|
|
61
|
|
|
1,038,810
|
|
|||||
Commercial and financial
|
|
593,689
|
|
|
3,237
|
|
|
8,838
|
|
|
250
|
|
|
606,014
|
|
|||||
Consumer
|
|
189,354
|
|
|
—
|
|
|
82
|
|
|
—
|
|
|
189,436
|
|
|||||
Total Net Loans
|
|
$
|
3,722,027
|
|
|
$
|
47,545
|
|
|
$
|
47,494
|
|
|
$
|
311
|
|
|
$
|
3,817,377
|
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
|
$
|
3,699
|
|
|
$
|
3,807
|
|
|
$
|
2,610
|
|
Additions
|
|
—
|
|
|
763
|
|
|
2,052
|
|
|||
Deletions
|
|
(43
|
)
|
|
(11
|
)
|
|
(15
|
)
|
|||
Accretion
|
|
(1,291
|
)
|
|
(1,647
|
)
|
|
(1,734
|
)
|
|||
Reclassifications from non-accretable difference
|
|
559
|
|
|
787
|
|
|
894
|
|
|||
Ending Balance
|
|
$
|
2,924
|
|
|
$
|
3,699
|
|
|
$
|
3,807
|
|
|
|
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
|
|
|
|
December 31, 2017
|
||||||||||
|
|
Recorded
|
|
Unpaid
Principal
|
|
Related
Valuation
|
||||||
(In thousands)
|
|
Investment
|
|
Balance
|
|
Allowance
|
||||||
Impaired Loans with No Related Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|||
Construction and land development
|
|
$
|
223
|
|
|
$
|
510
|
|
|
$
|
—
|
|
Commercial real estate
|
|
3,475
|
|
|
4,873
|
|
|
—
|
|
|||
Residential real estate
|
|
10,272
|
|
|
15,063
|
|
|
—
|
|
|||
Commercial and financial
|
|
19
|
|
|
29
|
|
|
—
|
|
|||
Consumer
|
|
105
|
|
|
180
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Impaired Loans with an Allowance Recorded:
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
251
|
|
|
264
|
|
|
23
|
|
|||
Commercial real estate
|
|
4,780
|
|
|
4,780
|
|
|
195
|
|
|||
Residential real estate
|
|
8,448
|
|
|
8,651
|
|
|
1,091
|
|
|||
Commercial and financial
|
|
2,436
|
|
|
883
|
|
|
1,050
|
|
|||
Consumer
|
|
282
|
|
|
286
|
|
|
43
|
|
|||
|
|
|
|
|
|
|
||||||
Total Impaired Loans
|
|
|
|
|
|
|
||||||
Construction and land development
|
|
474
|
|
|
774
|
|
|
23
|
|
|||
Commercial real estate
|
|
8,255
|
|
|
9,653
|
|
|
195
|
|
|||
Residential real estate
|
|
18,720
|
|
|
23,714
|
|
|
1,091
|
|
|||
Commercial and financial
|
|
2,455
|
|
|
912
|
|
|
1,050
|
|
|||
Consumer
|
|
387
|
|
|
466
|
|
|
43
|
|
|||
Total Impaired Loans
|
|
$
|
30,291
|
|
|
$
|
35,519
|
|
|
$
|
2,402
|
|
(In thousands)
|
|
Beginning
Balance
|
|
Provision
for Loan
Losses
|
|
Charge-
Offs
|
|
Recoveries
|
|
TDR
Allowance
Adjustments
|
|
Ending
Balance
|
||||||||||||
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, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
|
$
|
1,151
|
|
|
$
|
(150
|
)
|
|
$
|
—
|
|
|
$
|
226
|
|
|
$
|
(8
|
)
|
|
$
|
1,219
|
|
Commercial real estate
|
|
6,756
|
|
|
2,599
|
|
|
(256
|
)
|
|
306
|
|
|
(132
|
)
|
|
9,273
|
|
||||||
Residential real estate
|
|
8,057
|
|
|
(1,069
|
)
|
|
(205
|
)
|
|
786
|
|
|
(86
|
)
|
|
7,483
|
|
||||||
Commercial and financial
|
|
2,042
|
|
|
224
|
|
|
(439
|
)
|
|
1,809
|
|
|
—
|
|
|
3,636
|
|
||||||
Consumer
|
|
1,122
|
|
|
807
|
|
|
(244
|
)
|
|
109
|
|
|
(5
|
)
|
|
1,789
|
|
||||||
Total
|
|
$
|
19,128
|
|
|
$
|
2,411
|
|
|
$
|
(1,144
|
)
|
|
$
|
3,236
|
|
|
$
|
(231
|
)
|
|
$
|
23,400
|
|
|
|
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, 2017
|
||||||||||||||||||||||
|
|
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
|
|
$
|
474
|
|
|
$
|
23
|
|
|
$
|
341,530
|
|
|
$
|
1,619
|
|
|
$
|
342,004
|
|
|
$
|
1,642
|
|
Commercial real estate
|
|
8,255
|
|
|
195
|
|
|
1,621,960
|
|
|
9,090
|
|
|
1,630,215
|
|
|
9,285
|
|
||||||
Residential real estate
|
|
18,720
|
|
|
1,091
|
|
|
1,014,465
|
|
|
6,040
|
|
|
1,033,185
|
|
|
7,131
|
|
||||||
Commercial and financial
|
|
2,455
|
|
|
1,050
|
|
|
602,666
|
|
|
6,247
|
|
|
605,121
|
|
|
7,297
|
|
||||||
Consumer
|
|
387
|
|
|
43
|
|
|
189,049
|
|
|
1,724
|
|
|
189,436
|
|
|
1,767
|
|
||||||
Total
|
|
$
|
30,291
|
|
|
$
|
2,402
|
|
|
$
|
3,769,670
|
|
|
$
|
24,720
|
|
|
$
|
3,799,961
|
|
|
$
|
27,122
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
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
|
|
$
|
151
|
|
|
$
|
—
|
|
|
$
|
1,121
|
|
|
$
|
—
|
|
Commercial real estate
|
|
10,828
|
|
|
—
|
|
|
9,776
|
|
|
—
|
|
||||
Residential real estate
|
|
2,718
|
|
|
—
|
|
|
5,626
|
|
|
—
|
|
||||
Commercial and financial
|
|
737
|
|
|
—
|
|
|
894
|
|
|
—
|
|
||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
14,434
|
|
|
$
|
—
|
|
|
$
|
17,417
|
|
|
$
|
—
|
|
(In thousands)
|
|
Cost
|
|
Accumulated
Depreciation &
Amortization
|
|
Net
Carrying
Value
|
||||||
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
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|||
Premises (including land of $18,269)
|
|
$
|
78,255
|
|
|
$
|
(24,045
|
)
|
|
$
|
54,210
|
|
Furniture and equipment
|
|
34,532
|
|
|
(21,859
|
)
|
|
12,673
|
|
|||
Total
|
|
$
|
112,787
|
|
|
$
|
(45,904
|
)
|
|
$
|
66,883
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning of year
|
|
$
|
147,578
|
|
|
$
|
64,649
|
|
|
$
|
25,211
|
|
Changes from business combinations
|
|
57,175
|
|
|
82,929
|
|
|
39,438
|
|
|||
Total
|
|
$
|
204,753
|
|
|
$
|
147,578
|
|
|
$
|
64,649
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning of year
|
|
$
|
18,937
|
|
|
$
|
14,572
|
|
|
$
|
8,594
|
|
Acquired CDI
|
|
10,170
|
|
|
7,726
|
|
|
8,464
|
|
|||
Amortization expense
|
|
(4,300
|
)
|
|
(3,361
|
)
|
|
(2,486
|
)
|
|||
End of year
|
|
$
|
24,807
|
|
|
$
|
18,937
|
|
|
$
|
14,572
|
|
|
|
|
|
|
|
|
||||||
(In months)
|
|
|
|
|
|
|
|
|
||||
Remaining average amortization period for CDI
|
|
58
|
|
|
63
|
|
|
64
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
(In thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Deposit base
|
|
$
|
36,691
|
|
|
$
|
(11,884
|
)
|
|
$
|
26,522
|
|
|
$
|
(7,585
|
)
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Maximum amount outstanding at any month end
|
|
$
|
341,213
|
|
|
$
|
216,094
|
|
|
$
|
236,099
|
|
Weighted average interest rate at end of year
|
|
1.14
|
%
|
|
0.71
|
%
|
|
0.31
|
%
|
|||
Average amount outstanding
|
|
$
|
200,839
|
|
|
$
|
171,686
|
|
|
$
|
187,560
|
|
Weighted average interest rate during the year
|
|
0.90
|
%
|
|
0.46
|
%
|
|
0.26
|
%
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Fair value of pledged securities – overnight and continuous
|
|
|
|
|
|
|
|
|
|
|||
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
|
|
$
|
246,829
|
|
|
$
|
216,094
|
|
|
$
|
204,202
|
|
|
|
For the Year Ended December 31,
|
|||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
|||||
Share-based compensation expense
|
|
$
|
7,823
|
|
|
$
|
5,267
|
|
|
4,154
|
|
Income tax benefit
|
|
(1,911
|
)
|
|
(1,966
|
)
|
|
(1,602
|
)
|
(In thousands)
|
|
Unrecognized
Compensation
Cost
|
|
Weighted-Average Period Remaining (Years)
|
||
Restricted stock awards
|
|
$
|
4,637
|
|
|
1.5
|
Restricted stock units
|
|
4,319
|
|
|
1.7
|
|
Stock options
|
|
1,653
|
|
|
1.8
|
|
Total
|
|
$
|
10,609
|
|
|
1.7
|
|
|
Restricted
Award
Shares
|
|
Weighted-Average Grant-Date Fair Value
|
|||
Non-vested at January 1, 2018
|
|
187,511
|
|
|
$
|
19.18
|
|
Granted
|
|
242,613
|
|
|
26.48
|
|
|
Forfeited/Canceled
|
|
(15,514
|
)
|
|
25.47
|
|
|
Vested
|
|
(119,480
|
)
|
|
21.05
|
|
|
Non-vested at December 31, 2018
|
|
295,130
|
|
|
24.09
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Shares granted
|
|
242,613
|
|
|
114,331
|
|
|
164,599
|
|
|||
Weighted-average grant date fair value
|
|
$
|
26.48
|
|
|
$
|
24.08
|
|
|
$
|
16.03
|
|
Fair value of awards vested
(1)
|
|
$
|
2,515
|
|
|
$
|
1,407
|
|
|
$
|
1,981
|
|
(1)
Based on grant date fair value
|
|
|
Restricted
Award
Shares
|
|
Weighted-Average Grant-Date Fair Value
|
|||
Non-vested at January 1, 2018
|
|
375,967
|
|
|
$
|
16.96
|
|
Granted
|
|
173,193
|
|
|
24.02
|
|
|
Forfeited/Canceled
|
|
(247
|
)
|
|
10.50
|
|
|
Vested
|
|
(82,077
|
)
|
|
13.34
|
|
|
Non-vested at December 31, 2018
|
|
466,836
|
|
|
20.22
|
|
|
|
For the Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Shares granted
|
|
173,193
|
|
|
164,268
|
|
|
136,188
|
|
|||
Weighted-average grant date fair value
|
|
$
|
24.02
|
|
|
$
|
23.94
|
|
|
$
|
13.53
|
|
Fair value of awards vested
(1)
|
|
$
|
1,095
|
|
|
$
|
937
|
|
|
$
|
846
|
|
(1)
Based on grant date fair value
|
|
|
For the Year Ended December 31,
|
|||||||
|
|
2018
|
|
2017
|
|
2016
|
|||
Risk-free interest rates
|
|
2.56
|
%
|
|
1.85
|
%
|
|
1.63
|
%
|
Expected dividend yield
|
|
0
|
%
|
|
0
|
%
|
|
0
|
%
|
Expected volatility
|
|
26.6
|
%
|
|
25.4
|
%
|
|
21.9
|
%
|
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, 2018
|
|
951,349
|
|
|
$
|
17.29
|
|
|
|
|
|
||
Granted
|
|
219,118
|
|
|
30.98
|
|
|
|
|
|
|||
Exercised
|
|
(175,541
|
)
|
|
11.45
|
|
|
|
|
|
|||
Forfeited
|
|
(61,431
|
)
|
|
11.17
|
|
|
|
|
|
|||
Outstanding at December 31, 2018
|
|
933,495
|
|
|
22.00
|
|
|
7.09
|
|
$
|
5,569
|
|
|
Exercisable at December 31, 2018
|
|
447,033
|
|
|
16.50
|
|
|
6.04
|
|
4,511
|
|
|
|
For the Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Options granted
|
|
219,118
|
|
|
297,576
|
|
|
243,391
|
|
|||
Weighted-average grant date fair value
|
|
$
|
5.65
|
|
|
$
|
4.66
|
|
|
$
|
3.41
|
|
Intrinsic value of stock options exercised
|
|
3,045
|
|
|
1,143
|
|
|
80
|
|
Range of Exercise Prices
|
|
Options
Outstanding
|
|
Remaining
Contractual
Life (Years)
|
|
Options
Exercisable
|
|
Weighted
Average
Exercise
Price
|
||||
$10.54 to $14.82
|
|
391,113
|
|
|
5.2
|
|
311,759
|
|
|
$
|
12.23
|
|
$15.99 to $28.69
|
|
333,281
|
|
|
8.0
|
|
135,274
|
|
|
26.35
|
|
|
$31.15 to $31.15
|
|
209,101
|
|
|
9.3
|
|
—
|
|
|
—
|
|
|
Total
|
|
933,495
|
|
|
7.1
|
|
447,033
|
|
|
$
|
16.50
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
ESPP shares purchased
|
|
15,225
|
|
|
12,434
|
|
|
10,483
|
|
|||
Weighted-average employee purchase price
|
|
$
|
26.85
|
|
|
$
|
22.67
|
|
|
$
|
16.02
|
|
|
(In thousands)
|
||
2019
|
$
|
6,671
|
|
2020
|
5,778
|
|
|
2021
|
4,515
|
|
|
2022
|
3,718
|
|
|
2023
|
2,967
|
|
|
Thereafter
|
13,240
|
|
|
|
$
|
36,889
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
9,078
|
|
|
$
|
667
|
|
|
$
|
653
|
|
State
|
|
—
|
|
|
2
|
|
|
30
|
|
|||
|
|
|
|
|
|
|
||||||
Deferred
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
7,018
|
|
|
32,791
|
|
|
12,163
|
|
|||
State
|
|
4,163
|
|
|
2,876
|
|
|
2,043
|
|
|||
|
|
$
|
20,259
|
|
|
$
|
36,336
|
|
|
$
|
14,889
|
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Tax rate applied to income before income taxes
|
|
$
|
18,381
|
|
|
$
|
27,720
|
|
|
$
|
15,431
|
|
Increase (decrease) resulting from the effects of:
|
|
|
|
|
|
|
||||||
Tax law change
|
|
—
|
|
|
8,552
|
|
|
—
|
|
|||
Nondeductible acquisition costs
|
|
207
|
|
|
657
|
|
|
217
|
|
|||
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance
|
|
(667
|
)
|
|
(1,445
|
)
|
|
(1,215
|
)
|
|||
State income taxes
|
|
(874
|
)
|
|
(1,007
|
)
|
|
(726
|
)
|
|||
Tax credit investments
|
|
(33
|
)
|
|
(165
|
)
|
|
(55
|
)
|
|||
Stock compensation
|
|
(918
|
)
|
|
(1,027
|
)
|
|
(731
|
)
|
|||
Other
|
|
—
|
|
|
173
|
|
|
(105
|
)
|
|||
Federal tax provision
|
|
16,096
|
|
|
33,458
|
|
|
12,816
|
|
|||
State tax provision
|
|
4,163
|
|
|
2,878
|
|
|
2,073
|
|
|||
Total income tax provision
|
|
$
|
20,259
|
|
|
$
|
36,336
|
|
|
$
|
14,889
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Allowance for loan losses
|
|
$
|
8,592
|
|
|
$
|
7,187
|
|
Premises and equipment
|
|
1,670
|
|
|
1,390
|
|
||
Other real estate owned
|
|
207
|
|
|
207
|
|
||
Accrued stock compensation
|
|
2,547
|
|
|
1,569
|
|
||
Federal tax loss carryforward
|
|
4,699
|
|
|
4,755
|
|
||
State tax loss carryforward
|
|
2,912
|
|
|
5,578
|
|
||
Alternative minimum tax credit carryforward
|
|
—
|
|
|
2,209
|
|
||
Net unrealized securities losses
|
|
4,658
|
|
|
1,429
|
|
||
Deferred compensation
|
|
2,287
|
|
|
2,125
|
|
||
Accrued interest and fee income
|
|
7,674
|
|
|
2,411
|
|
||
Other
|
|
1,627
|
|
|
2,248
|
|
||
Gross deferred tax assets
|
|
36,873
|
|
|
31,108
|
|
||
Less: Valuation allowance
|
|
—
|
|
|
—
|
|
||
Deferred tax assets net of valuation allowance
|
|
36,873
|
|
|
31,108
|
|
||
|
|
|
|
|
||||
Core deposit base intangible
|
|
(5,706
|
)
|
|
(3,964
|
)
|
||
Other
|
|
(2,213
|
)
|
|
(1,727
|
)
|
||
Gross deferred tax liabilities
|
|
(7,919
|
)
|
|
(5,691
|
)
|
||
Net deferred tax assets
|
|
$
|
28,954
|
|
|
$
|
25,417
|
|
Jurisdiction
|
Tax Year
|
United States of America
|
2015
|
Florida
|
2015
|
(In thousands)
|
|
Unadjusted as of
December 31, 2017 |
|
Adjustment
|
|
Adjusted as of
December 31, 2017 |
||||||
Retained Earnings
|
|
$
|
29,208
|
|
|
$
|
706
|
|
|
$
|
29,914
|
|
Accumulated Other Comprehensive Income
|
|
(3,510
|
)
|
|
(706
|
)
|
|
(4,216
|
)
|
|
|
For the Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|||
Service charges on deposit accounts
|
|
$
|
11,198
|
|
|
$
|
10,049
|
|
|
$
|
9,669
|
|
Trust fees
|
|
4,183
|
|
|
3,705
|
|
|
3,433
|
|
|||
Mortgage banking fees
|
|
4,682
|
|
|
6,449
|
|
|
5,864
|
|
|||
Brokerage commissions and fees
|
|
1,732
|
|
|
1,352
|
|
|
2,044
|
|
|||
Marine finance fees
|
|
1,398
|
|
|
910
|
|
|
673
|
|
|||
Interchange income
|
|
12,335
|
|
|
10,583
|
|
|
9,227
|
|
|||
BOLI Income
|
|
4,291
|
|
|
3,426
|
|
|
2,213
|
|
|||
Other
|
|
10,826
|
|
|
6,756
|
|
|
4,304
|
|
|||
|
|
50,645
|
|
|
43,230
|
|
|
37,427
|
|
|||
Gain on sale of Visa stock
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|||
Securities (losses) gains, net
|
|
(623
|
)
|
|
86
|
|
|
368
|
|
|||
Total Noninterest Income
|
|
$
|
50,022
|
|
|
$
|
58,469
|
|
|
$
|
37,795
|
|
|
|
|
|
|
|
|
||||||
Noninterest Expenses
|
|
|
|
|
|
|
||||||
Salaries and wages
|
|
71,111
|
|
|
65,692
|
|
|
54,096
|
|
|||
Employee benefits
|
|
12,945
|
|
|
11,732
|
|
|
9,903
|
|
|||
Outsourced data processing costs
|
|
16,374
|
|
|
14,116
|
|
|
13,516
|
|
|||
Telephone and data lines
|
|
2,481
|
|
|
2,291
|
|
|
2,108
|
|
|||
Occupancy
|
|
13,394
|
|
|
13,290
|
|
|
13,122
|
|
|||
Furniture and equipment
|
|
6,744
|
|
|
6,067
|
|
|
4,720
|
|
|||
Marketing
|
|
5,085
|
|
|
4,784
|
|
|
3,633
|
|
|||
Legal and professional fees
|
|
9,961
|
|
|
11,022
|
|
|
9,596
|
|
|||
FDIC assessments
|
|
2,195
|
|
|
2,326
|
|
|
2,365
|
|
|||
Amortization of intangibles
|
|
4,300
|
|
|
3,361
|
|
|
2,486
|
|
|||
Foreclosed property expense and net loss (gain) on sale
|
|
461
|
|
|
(300
|
)
|
|
44
|
|
|||
Early redemption cost for Federal Home Loan Bank advances
|
|
—
|
|
|
—
|
|
|
1,777
|
|
|||
Other
|
|
17,222
|
|
|
15,535
|
|
|
13,515
|
|
|||
Total Noninterest Expenses
|
|
$
|
162,273
|
|
|
$
|
149,916
|
|
|
$
|
130,881
|
|
|
|
|
|
|
|
Minimum to meet "Well Capitalized" Requirements
|
Minimum for Capital Adequacy
Purpose
(1)
|
|
|||||||||||||||
(Dollars in thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
|
Ratio
|
Amount
|
|
|
Ratio
|
|
|||||||||
Seacoast Banking Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Risk-Based Capital Ratio (to risk-weighted assets)
|
|
$
|
744,687
|
|
|
14.43
|
%
|
|
n/a
|
|
|
|
n/a
|
|
$
|
412,754
|
|
|
≥
|
8.00
|
%
|
|
|
Tier 1 Capital Ratio (to risk-weighted assets)
|
|
712,144
|
|
|
13.80
|
%
|
|
n/a
|
|
|
|
n/a
|
|
309,566
|
|
|
≥
|
6.00
|
%
|
|
|||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)
|
|
641,340
|
|
|
12.43
|
%
|
|
n/a
|
|
|
|
n/a
|
|
232,174
|
|
|
≥
|
4.50
|
%
|
|
|||
Leverage Ratio (to adjusted average assets)
|
|
712,144
|
|
|
11.16
|
%
|
|
n/a
|
|
|
|
n/a
|
|
255,167
|
|
|
≥
|
4.00
|
%
|
|
|||
At December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets)
|
|
$
|
619,746
|
|
|
14.24
|
%
|
|
n/a
|
|
|
|
n/a
|
|
$
|
348,191
|
|
|
≥
|
8.00
|
%
|
|
|
Tier 1 Capital Ratio (to risk-weighted assets)
|
|
592,562
|
|
|
13.61
|
%
|
|
n/a
|
|
|
|
n/a
|
|
261,143
|
|
|
≥
|
6.00
|
%
|
|
|||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)
|
|
523,832
|
|
|
12.04
|
%
|
|
n/a
|
|
|
|
n/a
|
|
195,858
|
|
|
≥
|
4.50
|
%
|
|
|||
Leverage Ratio (to adjusted average assets)
|
|
592,562
|
|
|
10.68
|
%
|
|
n/a
|
|
|
|
n/a
|
|
221,863
|
|
|
≥
|
4.00
|
%
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Seacoast National Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(A Wholly Owned Bank Subsidiary)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets)
|
|
$
|
701,093
|
|
|
13.60
|
%
|
|
$
|
515,607
|
|
|
≥
|
10.00
|
%
|
$
|
412,486
|
|
|
≥
|
8.00
|
%
|
|
Tier 1 Capital Ratio (to risk-weighted assets)
|
|
668,550
|
|
|
12.97
|
%
|
|
412,486
|
|
|
≥
|
8.00
|
%
|
309,364
|
|
|
≥
|
6.00
|
%
|
|
|||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)
|
|
668,550
|
|
|
12.97
|
%
|
|
335,145
|
|
|
≥
|
6.50
|
%
|
232,023
|
|
|
≥
|
4.50
|
%
|
|
|||
Leverage Ratio (to adjusted average assets)
|
|
668,550
|
|
|
10.49
|
%
|
|
318,795
|
|
|
≥
|
5.00
|
%
|
255,036
|
|
|
≥
|
4.00
|
%
|
|
|||
At December 31, 2017:
|
|
|
|
|
|
|
|
≥
|
|
|
|
|
|
|
|||||||||
Total Risk-Based Capital Ratio (to risk-weighted assets)
|
|
$
|
565,149
|
|
|
13.04
|
%
|
|
$
|
433,475
|
|
|
≥
|
10.00
|
%
|
$
|
346,780
|
|
|
≥
|
8.00
|
%
|
|
Tier 1 Capital Ratio (to risk-weighted assets)
|
|
537,965
|
|
|
12.41
|
%
|
|
346,780
|
|
|
≥
|
8.00
|
%
|
260,085
|
|
|
≥
|
6.00
|
%
|
|
|||
Common Equity Tier 1 Capital Ratio (to risk-weighted assets)
|
|
537,965
|
|
|
12.41
|
%
|
|
281,759
|
|
|
≥
|
6.50
|
%
|
195,022
|
|
|
≥
|
4.50
|
%
|
|
|||
Leverage Ratio (to adjusted average assets)
|
|
537,965
|
|
|
9.72
|
%
|
|
276,791
|
|
|
≥
|
5.00
|
%
|
221,432
|
|
|
≥
|
4.00
|
%
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Cash
|
|
$
|
197
|
|
|
$
|
1,154
|
|
Securities purchased under agreement to resell with subsidiary bank, maturing within 30 days
|
|
40,130
|
|
|
33,151
|
|
||
Investment in subsidiaries
|
|
897,683
|
|
|
711,973
|
|
||
Other assets
|
|
777
|
|
|
21,337
|
|
||
|
|
$
|
938,787
|
|
|
$
|
767,615
|
|
|
|
|
|
|
||||
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Subordinated debt
|
|
$
|
70,804
|
|
|
$
|
70,521
|
|
Other liabilities
|
|
3,716
|
|
|
7,430
|
|
||
Shareholders' equity
|
|
864,267
|
|
|
689,664
|
|
||
|
|
$
|
938,787
|
|
|
$
|
767,615
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|||
Interest/other
|
|
$
|
484
|
|
|
$
|
2,104
|
|
|
$
|
352
|
|
Dividends from subsidiary Bank
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of Visa Class B stock
|
|
—
|
|
|
15,153
|
|
|
—
|
|
|||
|
|
484
|
|
|
17,257
|
|
|
352
|
|
|||
|
|
|
|
|
|
|
||||||
Interest expense
|
|
3,165
|
|
|
2,499
|
|
|
2,115
|
|
|||
Other expenses
|
|
879
|
|
|
649
|
|
|
462
|
|
|||
Income (loss) before income taxes and equity in undistributed income of subsidiaries
|
|
(3,560
|
)
|
|
14,109
|
|
|
(2,225
|
)
|
|||
Income tax provision (benefit)
|
|
(747
|
)
|
|
4,938
|
|
|
(801
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income (loss) before equity in undistributed income of subsidiaries
|
|
(2,813
|
)
|
|
9,171
|
|
|
(1,424
|
)
|
|||
Equity in undistributed income of subsidiaries
|
|
70,088
|
|
|
33,694
|
|
|
30,626
|
|
|||
Net income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|||
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
Equity in undistributed income of subsidiaries
|
|
(70,088
|
)
|
|
(33,694
|
)
|
|
(30,626
|
)
|
|||
Gain on sale of Visa Class B stock
|
|
—
|
|
|
(15,153
|
)
|
|
—
|
|
|||
Net (increase) decrease in other assets
|
|
(10,045
|
)
|
|
1,415
|
|
|
(12
|
)
|
|||
Net increase (decrease) in other liabilities
|
|
(3,431
|
)
|
|
4,005
|
|
|
12
|
|
|||
Net cash provided by (used in) operating activities
|
|
(16,289
|
)
|
|
(562
|
)
|
|
(1,424
|
)
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from investing activities
|
|
|
|
|
|
|
||||||
Net cash paid for bank acquisition
|
|
(6,558
|
)
|
|
(27,862
|
)
|
|
(28,905
|
)
|
|||
Investment in unconsolidated subsidiary
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|||
Purchase of Visa Class B stock
|
|
—
|
|
|
(6,180
|
)
|
|
—
|
|
|||
Proceeds from sale of Visa Class B stock
|
|
21,333
|
|
|
—
|
|
|
—
|
|
|||
(Increase) decrease in securities purchased under agreement to resell, maturing within 30 days, net
|
|
(421
|
)
|
|
(20,475
|
)
|
|
30,647
|
|
|||
Net cash provided by (used in) investment activities
|
|
14,354
|
|
|
(54,517
|
)
|
|
1,542
|
|
|||
|
|
|
|
|
|
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
|
||||||
Issuance of common stock, net of related expense
|
|
—
|
|
|
55,641
|
|
|
—
|
|
|||
Stock based employment benefit plans
|
|
978
|
|
|
(56
|
)
|
|
166
|
|
|||
Net cash provided by financing activities
|
|
978
|
|
|
55,585
|
|
|
166
|
|
|||
|
|
|
|
|
|
|
||||||
Net change in cash
|
|
(957
|
)
|
|
506
|
|
|
284
|
|
|||
Cash at beginning of year
|
|
1,154
|
|
|
648
|
|
|
364
|
|
|||
Cash at end of year
|
|
$
|
197
|
|
|
$
|
1,154
|
|
|
$
|
648
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||||||
Cash paid during the period for interest
|
|
$
|
2,936
|
|
|
$
|
2,205
|
|
|
$
|
1,824
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Contract or Notional Amount
|
|
|
|
|
|
|
||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
|
|
|
||
Commitments to extend credit
|
|
$
|
982,739
|
|
|
$
|
807,651
|
|
|
|
|
|
|
||||
Standby letters of credit and financial guarantees written:
|
|
|
|
|
||||
Secured
|
|
17,736
|
|
|
12,913
|
|
||
Unsecured
|
|
847
|
|
|
681
|
|
||
|
|
|
|
|
||||
Unfunded limited partner equity commitment
|
|
7,252
|
|
|
10,914
|
|
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for sale debt securities
(1)
|
|
$
|
865,831
|
|
|
$
|
100
|
|
|
$
|
865,731
|
|
|
$
|
—
|
|
Loans held for sale
(2)
|
|
11,873
|
|
|
—
|
|
|
11,873
|
|
|
—
|
|
||||
Loans
(3)
|
|
8,590
|
|
|
—
|
|
|
2,290
|
|
|
6,300
|
|
||||
Other real estate owned
(4)
|
|
12,802
|
|
|
—
|
|
|
297
|
|
|
12,505
|
|
||||
Equity securities
(5)
|
|
6,205
|
|
|
6,205
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Available for sale debt securities
(1)(5)
|
|
$
|
949,460
|
|
|
$
|
100
|
|
|
$
|
949,360
|
|
|
$
|
—
|
|
Loans held for sale
(2)
|
|
24,306
|
|
|
—
|
|
|
24,306
|
|
|
—
|
|
||||
Loans
(3)
|
|
4,192
|
|
|
—
|
|
|
3,454
|
|
|
738
|
|
||||
Other real estate owned
(4)
|
|
7,640
|
|
|
—
|
|
|
60
|
|
|
7,580
|
|
||||
Equity securities
(5)
|
|
6,344
|
|
|
6,344
|
|
|
—
|
|
|
—
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Aggregate fair value
|
|
$
|
11,873
|
|
|
$
|
24,306
|
|
Contractual balance
|
|
11,562
|
|
|
23,627
|
|
||
Excess
|
|
311
|
|
|
679
|
|
|
|
Carrying
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant Other
Observable
Inputs
|
|
Significant Other
Unobservable
Inputs
|
||||||||
(In thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities held to maturity
(1)
|
|
$
|
357,949
|
|
|
$
|
—
|
|
|
$
|
349,895
|
|
|
$
|
—
|
|
Time deposits with other banks
|
|
8,243
|
|
|
—
|
|
|
—
|
|
|
8,132
|
|
||||
Loans, net
|
|
4,784,201
|
|
|
—
|
|
|
—
|
|
|
4,835,248
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
5,177,240
|
|
|
—
|
|
|
—
|
|
|
5,172,098
|
|
||||
Federal Home Loan Bank (FHLB) borrowings
|
|
380,000
|
|
|
—
|
|
|
—
|
|
|
380,027
|
|
||||
Subordinated debt
|
|
70,804
|
|
|
—
|
|
|
61,224
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held to maturity
(1)
|
|
$
|
416,863
|
|
|
$
|
—
|
|
|
$
|
414,470
|
|
|
$
|
—
|
|
Time deposits with other banks
|
|
12,553
|
|
|
—
|
|
|
—
|
|
|
12,493
|
|
||||
Loans, net
|
|
3,786,063
|
|
|
—
|
|
|
—
|
|
|
3,760,754
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
4,592,720
|
|
|
—
|
|
|
—
|
|
|
4,588,515
|
|
||||
Federal Home Loan Bank (FHLB) borrowings
|
|
211,000
|
|
|
—
|
|
|
—
|
|
|
211,000
|
|
||||
Subordinated debt
|
|
70,521
|
|
|
—
|
|
|
61,530
|
|
|
—
|
|
|
|
For the Year Ended December 31
|
||||||||||
(In thousands, except per share data)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
Total weighted average common stock outstanding
|
|
47,969
|
|
|
42,613
|
|
|
36,872
|
|
|||
Net income per share
|
|
$
|
1.40
|
|
|
$
|
1.01
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
67,275
|
|
|
$
|
42,865
|
|
|
$
|
29,202
|
|
|
|
|
|
|
|
|
||||||
Total weighted average common stock outstanding
|
|
47,969
|
|
|
42,613
|
|
|
36,872
|
|
|||
Add: Dilutive effect of employee restricted stock and stock options (See Note J)
|
|
779
|
|
|
737
|
|
|
636
|
|
|||
Total weighted average diluted stock outstanding
|
|
48,748
|
|
|
43,350
|
|
|
37,508
|
|
|||
Net income per share
|
|
$
|
1.38
|
|
|
$
|
0.99
|
|
|
$
|
0.78
|
|
(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)
|
|
October 19, 2018
|
||
Assets:
|
|
|
|
|
Cash
|
|
$
|
29,434
|
|
Investment securities
|
|
32,145
|
|
|
Loans, net
|
|
631,497
|
|
|
Fixed assets
|
|
16,828
|
|
|
Other real estate owned
|
|
410
|
|
|
Core deposit intangibles
|
|
10,170
|
|
|
Goodwill
|
|
56,198
|
|
|
Other assets
|
|
40,669
|
|
|
Total assets
|
|
$
|
817,351
|
|
|
|
|
||
Liabilities:
|
|
|
||
Deposits
|
|
$
|
624,289
|
|
Other liabilities
|
|
79,018
|
|
|
Total liabilities
|
|
$
|
703,307
|
|
|
|
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
|
|
NAME
|
INCORPORATED
|
|
1.
|
Seacoast National Bank
|
United States
|
2.
|
South Branch Building, Inc.
|
Florida
|
3.
|
TCoast Holdings, LLC
|
Florida
|
4.
|
TC Property Venture, LLC
|
Florida
|
5.
|
SBCF Capital Trust I
|
Delaware
|
6.
|
SBCF Statutory Trust II
|
Connecticut
|
7.
|
SBCF Statutory Trust III
|
Delaware
|
8.
|
BankFIRST (FL) Statutory Trust I
|
Connecticut
|
9.
|
BankFIRST (FL) Statutory Trust II
|
Delaware
|
10.
|
The BANKshares Capital Trust I
|
Delaware
|
11.
|
Grand Bankshares Capital Trust I
|
United States
|
12.
|
Syracuse Holdings, Inc.
|
Delaware
|
13.
|
Seacoast Insurance Services, Inc.
|
Florida
|
|
/s/ Crowe
|
|
Crowe
|
1.
|
I have reviewed this annual report on Form 10-K of Seacoast Banking Corporation of Florida;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
|
a.
|
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;
|
|
b.
|
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;
|
|
c.
|
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
|
|
d.
|
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
|
5.
|
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):
|
|
a.
|
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
|
|
b.
|
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.
|
Date: February 26, 2019
|
|
|
|
/s/ Dennis S. Hudson, III
|
|
|
|
|
Dennis S. Hudson, III
|
|
|
|
|
Chairman and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Seacoast Banking Corporation of Florida;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
|
a.
|
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;
|
|
b.
|
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;
|
|
c.
|
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
|
|
d.
|
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
|
5.
|
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):
|
|
a.
|
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
|
|
b.
|
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.
|
Date: February 26, 2019
|
|
|
|
/s/ Charles M. Shaffer
|
|
|
|
|
Charles M. Shaffer
|
|
|
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 26, 2019
|
|
|
|
/s/ Dennis S. Hudson, III
|
|
|
|
|
Dennis S. Hudson, III
|
|
|
|
|
Chairman & Chief Executive Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 26, 2019
|
|
|
|
/s/ Charles M. Shaffer
|
|
|
|
|
Charles M. Shaffer
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|