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UNITED COMMUNITY BANKS, INC.
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||||
| (Exact name of registrant as specified in its charter) | ||||
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Georgia
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58-1807304
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|||
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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|||
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125 Highway 515 East
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||||
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Blairsville, Georgia
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30512
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|||
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Address of Principal Executive Offices
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(Zip Code)
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|||
| (706) 781-2265 | ||||
| Large accelerated filer x | Accelerated filer o |
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller Reporting Company o |
| Item 1. |
Financial Statements.
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3
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4
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5
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6
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7
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8
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| Item 2. |
36
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| Item 3. |
56
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| Item 4. |
56
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| Item 1. |
57
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| Item 1A. |
57
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| Item 2. |
57
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| Item 3. |
57
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| Item 4. |
57
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| Item 5. |
57
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| Item 6. |
58
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| 2 |
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UNITED COMMUNITY BANKS, INC.
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||||||||
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Three Months Ended
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||||||||
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March 31,
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||||||||
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(in thousands, except per share data)
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2015
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2014
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||||||
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Interest revenue:
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||||||||
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Loans, including fees
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$ | 49,664 | $ | 47,688 | ||||
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Investment securities, including tax exempt of $158 and $188
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12,058 | 11,607 | ||||||
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Deposits in banks and short-term investments
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812 | 843 | ||||||
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Total interest revenue
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62,534 | 60,138 | ||||||
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Interest expense:
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||||||||
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Deposits:
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||||||||
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NOW
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394 | 440 | ||||||
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Money market
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673 | 563 | ||||||
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Savings
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20 | 20 | ||||||
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Time
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1,109 | 1,771 | ||||||
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Total deposit interest expense
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2,196 | 2,794 | ||||||
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Short-term borrowings
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98 | 840 | ||||||
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Federal Home Loan Bank advances
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392 | 58 | ||||||
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Long-term debt
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2,606 | 2,634 | ||||||
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Total interest expense
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5,292 | 6,326 | ||||||
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Net interest revenue
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57,242 | 53,812 | ||||||
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Provision for credit losses
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1,800 | 2,500 | ||||||
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Net interest revenue after provision for credit losses
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55,442 | 51,312 | ||||||
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Fee revenue:
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||||||||
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Service charges and fees
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7,615 | 7,898 | ||||||
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Mortgage loan and other related fees
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2,755 | 1,354 | ||||||
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Brokerage fees
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1,551 | 1,177 | ||||||
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Gains from sales of SBA loans
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1,141 | - | ||||||
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Securities gains, net
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1,539 | 217 | ||||||
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Loss from prepayment of debt
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(1,038 | ) | - | |||||
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Other
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2,119 | 1,530 | ||||||
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Total fee revenue
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15,682 | 12,176 | ||||||
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Total revenue
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71,124 | 63,488 | ||||||
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Operating expenses:
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||||||||
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Salaries and employee benefits
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26,446 | 24,396 | ||||||
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Communications and equipment
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3,271 | 3,239 | ||||||
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Occupancy
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3,278 | 3,378 | ||||||
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Advertising and public relations
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750 | 626 | ||||||
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Postage, printing and supplies
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938 | 776 | ||||||
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Professional fees
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1,919 | 1,427 | ||||||
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FDIC assessments and other regulatory charges
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1,209 | 1,353 | ||||||
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Other
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5,250 | 3,855 | ||||||
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Total operating expenses
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43,061 | 39,050 | ||||||
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Net income before income taxes
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28,063 | 24,438 | ||||||
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Income tax expense
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10,393 | 9,038 | ||||||
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Net income
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17,670 | 15,400 | ||||||
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Preferred stock dividends and discount accretion
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- | 439 | ||||||
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Net income available to common shareholders
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$ | 17,670 | $ | 14,961 | ||||
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Earnings per common share:
|
||||||||
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Basic
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$ | .29 | $ | .25 | ||||
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Diluted
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.29 | .25 | ||||||
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Weighted average common shares outstanding:
|
||||||||
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Basic
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60,905 | 60,059 | ||||||
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Diluted
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60,909 | 60,061 | ||||||
| 3 |
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UNITED COMMUNITY BANKS, INC.
|
||||||||||||||||||||||||
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Consolidated Statement of
Comprehensive
Income
(Unaudited)
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||||||||||||||||||||||||
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Three Months Ended
|
||||||||||||||||||||||||
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March 31,
|
||||||||||||||||||||||||
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(in thousands)
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2015
|
2014
|
||||||||||||||||||||||
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Before-tax
Amount |
Tax
(Expense) Benefit |
Net of Tax
Amount |
Before-tax
Amount |
Tax
(Expense) Benefit |
Net of Tax
Amount |
|||||||||||||||||||
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Net income
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$ | 28,063 | $ | (10,393 | ) | $ | 17,670 | $ | 24,438 | $ | (9,038 | ) | $ | 15,400 | ||||||||||
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Other comprehensive income:
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||||||||||||||||||||||||
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Unrealized gains on available-for-sale securities:
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||||||||||||||||||||||||
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Unrealized holding gains arising during period
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13,989 | (5,305 | ) | 8,684 | 3,869 | (1,441 | ) | 2,428 | ||||||||||||||||
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Reclassification adjustment for gains included in
net income
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(1,539 | ) | 598 | (941 | ) | (217 | ) | 92 | (125 | ) | ||||||||||||||
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Net unrealized gains
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12,450 | (4,707 | ) | 7,743 | 3,652 | (1,349 | ) | 2,303 | ||||||||||||||||
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Amortization of losses included in net income on
available-for-sale securities transferred to held-to-
maturity
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484 | (182 | ) | 302 | 330 | (123 | ) | 207 | ||||||||||||||||
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Net unrealized gains
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484 | (182 | ) | 302 | 330 | (123 | ) | 207 | ||||||||||||||||
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Amortization of losses included in net income on
terminated derivative financial instruments that
were previously accounted for as cash flow hedges
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425 | (165 | ) | 260 | 97 | (38 | ) | 59 | ||||||||||||||||
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Unrealized losses on derivative financial
instruments accounted for as cash flow hedges
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(471 | ) | 183 | (288 | ) | (2,832 | ) | 1,102 | (1,730 | ) | ||||||||||||||
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Net unrealized losses
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(46 | ) | 18 | (28 | ) | (2,735 | ) | 1,064 | (1,671 | ) | ||||||||||||||
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Net actuarial gain on defined benefit pension plan
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- | - | - | 296 | (115 | ) | 181 | |||||||||||||||||
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Amortization of prior service cost and actuarial losses
included in net periodic pension cost for defined
benefit pension plan
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159 | (62 | ) | 97 | 91 | (35 | ) | 56 | ||||||||||||||||
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Net defined benefit pension plan activity
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159 | (62 | ) | 97 | 387 | (150 | ) | 237 | ||||||||||||||||
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Total other comprehensive income
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13,047 | (4,933 | ) | 8,114 | 1,634 | (558 | ) | 1,076 | ||||||||||||||||
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Comprehensive income
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$ | 41,110 | $ | (15,326 | ) | $ | 25,784 | $ | 26,072 | $ | (9,596 | ) | $ | 16,476 | ||||||||||
|
See accompanying notes to consolidated financial statements.
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| 4 |
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UNITED COMMUNITY BANKS, INC.
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||||||||||||
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|
||||||||||||
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March 31,
|
December 31,
|
March 31,
|
||||||||||
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(in thousands, except share and per share data)
|
2015
|
2014
|
2014
|
|||||||||
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ASSETS
|
||||||||||||
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Cash and due from banks
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$ | 77,493 | $ | 77,180 | $ | 52,813 | ||||||
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Interest-bearing deposits in banks
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82,269 | 89,074 | 110,529 | |||||||||
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Short-term investments
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25,902 | 26,401 | 49,999 | |||||||||
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Cash and cash equivalents
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185,664 | 192,655 | 213,341 | |||||||||
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Securities available for sale
|
1,801,973 | 1,782,734 | 1,837,676 | |||||||||
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Securities held to maturity (fair value $413,550, $425,233 and $473,136)
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399,228 | 415,267 | 464,697 | |||||||||
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Mortgage loans held for sale
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15,723 | 13,737 | 10,933 | |||||||||
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Loans, net of unearned income
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4,787,689 | 4,672,119 | 4,355,708 | |||||||||
|
Less allowance for loan losses
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(70,007 | ) | (71,619 | ) | (75,223 | ) | ||||||
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Loans, net
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4,717,682 | 4,600,500 | 4,280,485 | |||||||||
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Assets covered by loss sharing agreements with the FDIC
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- | 3,315 | 21,353 | |||||||||
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Premises and equipment, net
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159,036 | 159,390 | 161,540 | |||||||||
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Bank owned life insurance
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81,490 | 81,294 | 80,790 | |||||||||
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Accrued interest receivable
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20,154 | 20,103 | 18,572 | |||||||||
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Net deferred tax asset
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201,898 | 215,503 | 243,683 | |||||||||
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Derivative financial instruments
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20,291 | 20,599 | 21,563 | |||||||||
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Other assets
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60,764 | 61,889 | 43,604 | |||||||||
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Total assets
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$ | 7,663,903 | $ | 7,566,986 | $ | 7,398,237 | ||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||
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Liabilities:
|
||||||||||||
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Deposits:
|
||||||||||||
|
Demand
|
$ | 1,694,755 | $ | 1,574,317 | $ | 1,471,781 | ||||||
|
NOW
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1,420,956 | 1,504,887 | 1,392,863 | |||||||||
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Money market
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1,306,421 | 1,273,283 | 1,235,429 | |||||||||
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Savings
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312,013 | 292,308 | 270,910 | |||||||||
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Time:
|
||||||||||||
|
Less than $100,000
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723,323 | 748,478 | 833,188 | |||||||||
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Greater than $100,000
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482,955 | 508,228 | 572,889 | |||||||||
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Brokered
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497,508 | 425,011 | 470,481 | |||||||||
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Total deposits
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6,437,931 | 6,326,512 | 6,247,541 | |||||||||
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Repurchase agreements
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- | 6,000 | 123,075 | |||||||||
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Federal Home Loan Bank advances
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270,125 | 270,125 | 50,125 | |||||||||
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Long-term debt
|
113,901 | 129,865 | 129,865 | |||||||||
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Derivative financial instruments
|
29,276 | 31,997 | 42,309 | |||||||||
|
Unsettled securities purchases
|
- | 5,425 | 63,999 | |||||||||
|
Accrued expenses and other liabilities
|
48,965 | 57,485 | 37,593 | |||||||||
|
Total liabilities
|
6,900,198 | 6,827,409 | 6,694,507 | |||||||||
|
Shareholders’ equity:
|
||||||||||||
|
Common stock, $1 par value; 100,000,000 shares authorized;
|
||||||||||||
|
50,228,075, 50,178,605 and 50,011,094 shares issued and outstanding
|
50,228 | 50,178 | 50,011 | |||||||||
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Common stock, non-voting, $1 par value; 26,000,000 shares authorized;
|
||||||||||||
|
10,080,787, 10,080,787 and 10,080,787 shares issued and outstanding
|
10,081 | 10,081 | 10,081 | |||||||||
|
Common stock issuable; 400,369, 357,983 and 237,763 shares
|
5,895 | 5,168 | 3,840 | |||||||||
|
Capital surplus
|
1,081,110 | 1,080,508 | 1,091,696 | |||||||||
|
Accumulated deficit
|
(372,933 | ) | (387,568 | ) | (433,130 | ) | ||||||
|
Accumulated other comprehensive loss
|
(10,676 | ) | (18,790 | ) | (18,768 | ) | ||||||
|
Total shareholders’ equity
|
763,705 | 739,577 | 703,730 | |||||||||
|
Total liabilities and shareholders’ equity
|
$ | 7,663,903 | $ | 7,566,986 | $ | 7,398,237 | ||||||
| 5 |
|
UNITED COMMUNITY BANKS, INC.
|
||||||||||||||||||||||||||||||||||||
|
Consolidated Statement of
Changes
in Shareholders’ Equity
(Unaudited)
|
||||||||||||||||||||||||||||||||||||
|
For the Three Months Ended March 31,
|
||||||||||||||||||||||||||||||||||||
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
|
Preferred Stock
|
Non-Voting
|
Common
|
Other
|
|||||||||||||||||||||||||||||||||
|
(in thousands, except share
and per share data) |
Series
|
Series
|
Common
|
Common
|
Stock
|
Capital
|
Accumulated
|
Comprehensive
|
||||||||||||||||||||||||||||
| B | D |
Stock
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Stock
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Issuable
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Surplus
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Deficit
|
Loss
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Total
|
||||||||||||||||||||||||||||
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Balance, December 31, 2013
|
$ | 105,000 | $ | 16,613 | $ | 46,243 | $ | 13,188 | $ | 3,930 | $ | 1,078,676 | $ | (448,091 | ) | $ | (19,844 | ) | $ | 795,715 | ||||||||||||||||
|
Net income
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15,400 | 15,400 | ||||||||||||||||||||||||||||||||||
|
Other comprehensive income
|
1,076 | 1,076 | ||||||||||||||||||||||||||||||||||
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Redemption of Series B preferred
stock (105,000 shares)
|
(105,000 | ) | (105,000 | ) | ||||||||||||||||||||||||||||||||
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Redemption of Series D preferred
stock (16,613 shares)
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(16,613 | ) | (16,613 | ) | ||||||||||||||||||||||||||||||||
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Common stock issued at market
(640,000 shares)
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640 | 11,566 | 12,206 | |||||||||||||||||||||||||||||||||
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Common stock issued to dividend
reinvestment plan and employee benefit plans (11,837 shares)
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12 | 197 | 209 | |||||||||||||||||||||||||||||||||
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Conversion of non-voting common
stock to voting (3,107,419 shares)
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3,107 | (3,107 | ) | - | ||||||||||||||||||||||||||||||||
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Amortization of stock option and
restricted stock awards
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1,120 | 1,120 | ||||||||||||||||||||||||||||||||||
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Vesting of restricted stock, net of
shares surrendered to cover payroll taxes (1,096 shares issued, 0 shares deferred)
|
1 | (2 | ) | (1 | ) | |||||||||||||||||||||||||||||||
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Deferred compensation plan, net,
including dividend equivalents
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57 | 57 | ||||||||||||||||||||||||||||||||||
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Shares issued from deferred
compensation plan (7,397 shares)
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8 | (147 | ) | 139 | - | |||||||||||||||||||||||||||||||
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Preferred stock dividends:
|
||||||||||||||||||||||||||||||||||||
|
Series B
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(159 | ) | (159 | ) | ||||||||||||||||||||||||||||||||
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Series D
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(280 | ) | (280 | ) | ||||||||||||||||||||||||||||||||
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Balance, March 31, 2014
|
$ | - | $ | - | $ | 50,011 | $ | 10,081 | $ | 3,840 | $ | 1,091,696 | $ | (433,130 | ) | $ | (18,768 | ) | $ | 703,730 | ||||||||||||||||
|
Balance, December 31, 2014
|
$ | - | $ | - | $ | 50,178 | $ | 10,081 | $ | 5,168 | $ | 1,080,508 | $ | (387,568 | ) | $ | (18,790 | ) | $ | 739,577 | ||||||||||||||||
|
Net income
|
17,670 | 17,670 | ||||||||||||||||||||||||||||||||||
|
Other comprehensive income
|
8,114 | 8,114 | ||||||||||||||||||||||||||||||||||
|
Common stock issued to dividend
reinvestment plan and employee benefit plans (3,689 shares)
|
4 | 57 | 61 | |||||||||||||||||||||||||||||||||
|
Amortization of stock option and
restricted stock awards
|
991 | 991 | ||||||||||||||||||||||||||||||||||
|
Vesting of restricted stock, net of
shares surrendered to cover payroll taxes (31,718 shares issued, 51,326 shares deferred)
|
32 | 759 | (1,129 | ) | (338 | ) | ||||||||||||||||||||||||||||||
|
Deferred compensation plan, net,
including dividend equivalents
|
106 | 106 | ||||||||||||||||||||||||||||||||||
|
Shares issued from deferred
compensation plan (14,063 shares)
|
14 | (138 | ) | 124 | - | |||||||||||||||||||||||||||||||
|
Common stock dividends ($.05 per
share)
|
(3,035 | ) | (3,035 | ) | ||||||||||||||||||||||||||||||||
|
Tax on restricted stock vesting
|
559 | 559 | ||||||||||||||||||||||||||||||||||
|
Balance, March 31, 2015
|
$ | - | $ | - | $ | 50,228 | $ | 10,081 | $ | 5,895 | $ | 1,081,110 | $ | (372,933 | ) | $ | (10,676 | ) | $ | 763,705 | ||||||||||||||||
| 6 |
|
UNITED COMMUNITY BANKS, INC.
|
||||||||
|
|
||||||||
|
Three Months Ended
|
||||||||
|
March 31,
|
||||||||
|
(in thousands)
|
2015
|
2014
|
||||||
|
Operating activities:
|
||||||||
|
Net income
|
$ | 17,670 | $ | 15,400 | ||||
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
|
Depreciation, amortization and accretion
|
5,158 | 4,927 | ||||||
|
Provision for credit losses
|
1,800 | 2,500 | ||||||
|
Stock based compensation
|
991 | 1,120 | ||||||
|
Deferred income tax benefit
|
8,672 | 9,776 | ||||||
|
Securities gains, net
|
(1,539 | ) | (217 | ) | ||||
|
Net losses and write downs on sales of other real estate owned
|
(81 | ) | (244 | ) | ||||
|
Loss on prepayment of borrowings
|
1,038 | - | ||||||
|
Changes in assets and liabilities:
|
||||||||
|
Other assets and accrued interest receivable
|
7,106 | 6,607 | ||||||
|
Accrued expenses and other liabilities
|
(11,342 | ) | (12,230 | ) | ||||
|
Mortgage loans held for sale
|
(1,986 | ) | (614 | ) | ||||
|
Net cash provided by operating activities
|
27,487 | 27,025 | ||||||
|
Investing activities:
|
||||||||
|
Investment securities held to maturity:
|
||||||||
|
Proceeds from maturities and calls of securities held to maturity:
|
16,144 | 15,007 | ||||||
|
Investment securities available for sale:
|
||||||||
|
Proceeds from sales of securities available for sale
|
69,467 | 153,316 | ||||||
|
Proceeds from maturities and calls of securities available for sale
|
55,121 | 56,757 | ||||||
|
Purchases of securities available for sale
|
(137,305 | ) | (173,024 | ) | ||||
|
Net increase in loans
|
(122,257 | ) | (34,027 | ) | ||||
|
Funds (paid to) collected from FDIC under loss sharing agreements
|
(1,198 | ) | 1,623 | |||||
|
Proceeds from sales of premises and equipment
|
- | 509 | ||||||
|
Purchases of premises and equipment
|
(1,768 | ) | (618 | ) | ||||
|
Proceeds from sale of other real estate
|
1,408 | 2,417 | ||||||
|
Net cash (used in) provided by investing activities
|
(120,388 | ) | 21,960 | |||||
|
Financing activities:
|
||||||||
|
Net change in deposits
|
111,419 | 46,036 | ||||||
|
Net change in short-term borrowings
|
(6,540 | ) | 69,834 | |||||
|
Repayments of trust preferred securitie
|
(15,998 | ) | - | |||||
|
Proceeds from FHLB advances
|
410,000 | 355,000 | ||||||
|
Repayments of FHLB advances
|
(410,000 | ) | (425,000 | ) | ||||
|
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans
|
61 | 209 | ||||||
|
Proceeds from issuance of common stock, net of issuance costs
|
- | 12,206 | ||||||
|
Retirement of preferred stock
|
- | (121,613 | ) | |||||
|
Cash dividends on common stock
|
(3,032 | ) | - | |||||
|
Cash dividends on preferred stock
|
- | (1,214 | ) | |||||
|
Net cash provided by (used in) financing activities
|
85,910 | (64,542 | ) | |||||
|
Net change in cash and cash equivalents
|
(6,991 | ) | (15,557 | ) | ||||
|
Cash and cash equivalents at beginning of period
|
192,655 | 228,898 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 185,664 | $ | 213,341 | ||||
|
Supplemental disclosures of cash flow information:
|
||||||||
|
Cash paid during the period for:
|
||||||||
|
Interest
|
$ | 6,334 | $ | 7,449 | ||||
|
Income taxes
|
1,800 | 1,321 | ||||||
|
Unsettled securities purchases
|
- | 34,437 | ||||||
| Unsettled SBA loan Sales | 3,671 | - | ||||||
|
Transfers of loans to foreclosed properties
|
459 | 4,367 | ||||||
| 7 |
| 8 |
|
Gross
Amounts of Recognized Assets |
Gross
Amounts Offset on the Balance Sheet |
Net Asset
Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
March 31, 2015
|
Financial Instruments
|
Collateral
Received |
Net Amount
|
|||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 345,000 | $ | (325,000 | ) | $ | 20,000 | $ | - | $ | (21,048 | ) | $ | - | ||||||||||
|
Derivatives
|
20,291 | - | 20,291 | (597 | ) | (4,435 | ) | 15,259 | ||||||||||||||||
|
Total
|
$ | 365,291 | $ | (325,000 | ) | $ | 40,291 | $ | (597 | ) | $ | (25,483 | ) | $ | 15,259 | |||||||||
|
Weighted average interest rate of reverse repurchase agreements
|
1.18 | % | ||||||||||||||||||||||
|
Gross
Amounts of Recognized Liabilities |
Gross
Amounts Offset on the Balance Sheet |
Net
Liability Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
Financial
Instruments |
Collateral
Pledged |
Net Amount
|
||||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 325,000 | $ | (325,000 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||
|
Derivatives
|
29,276 | - | 29,276 | (597 | ) | (31,407 | ) | - | ||||||||||||||||
|
Total
|
$ | 354,276 | $ | (325,000 | ) | $ | 29,276 | $ | (597 | ) | $ | (31,407 | ) | $ | - | |||||||||
|
Weighted average interest rate of repurchase agreements
|
.30 | % | ||||||||||||||||||||||
|
Gross
Amounts of Recognized Assets |
Gross
Amounts Offset on the Balance Sheet |
Net Asset
Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
December 31, 2014
|
Financial
Instruments |
Collateral
Received |
Net Amount
|
|||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 395,000 | $ | (375,000 | ) | $ | 20,000 | $ | - | $ | (20,302 | ) | $ | - | ||||||||||
|
Derivatives
|
20,599 | - | 20,599 | (869 | ) | (3,716 | ) | 16,014 | ||||||||||||||||
|
Total
|
$ | 415,599 | $ | (375,000 | ) | $ | 40,599 | $ | (869 | ) | $ | (24,018 | ) | $ | 16,014 | |||||||||
|
Weighted average interest rate of reverse repurchase agreements
|
1.16 | % | ||||||||||||||||||||||
|
Gross
Amounts of Recognized Liabilities |
Gross
Amounts Offset on the Balance Sheet |
Net
Liability Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
Financial
Instruments |
Collateral
Pledged |
Net Amount | ||||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 375,000 | $ | (375,000 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||
|
Derivatives
|
31,997 | - | 31,997 | (869 | ) | (32,792 | ) | - | ||||||||||||||||
|
Total
|
$ | 406,997 | $ | (375,000 | ) | $ | 31,997 | $ | (869 | ) | $ | (32,792 | ) | $ | - | |||||||||
|
Weighted average interest rate of repurchase agreements
|
.29 | % | ||||||||||||||||||||||
|
Gross
Amounts of Recognized Assets |
Gross
Amounts Offset on the Balance Sheet |
Net Asset
Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
March 31, 2014
|
Financial
Instruments |
Collateral
Received |
Net Amount | |||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 397,000 | $ | (350,000 | ) | $ | 47,000 | $ | - | $ | (51,243 | ) | $ | - | ||||||||||
|
Derivatives
|
21,563 | - | 21,563 | (3,896 | ) | (704 | ) | 16,963 | ||||||||||||||||
|
Total
|
$ | 418,563 | $ | (350,000 | ) | $ | 68,563 | $ | (3,896 | ) | $ | (51,947 | ) | $ | 16,963 | |||||||||
|
Weighted average interest rate of reverse repurchase agreements
|
1.09 | % | ||||||||||||||||||||||
|
Gross
Amounts of Recognized Liabilities |
Gross
Amounts Offset on the Balance Sheet |
Net
Liability Balance |
Gross Amounts not Offset
in the Balance Sheet |
|||||||||||||||||||||
|
Financial
Instruments |
Collateral
Pledged |
Net Amount | ||||||||||||||||||||||
|
Repurchase agreements / reverse repurchase agreements
|
$ | 350,000 | $ | (350,000 | ) | $ | - | $ | - | $ | - | $ | - | |||||||||||
|
Derivatives
|
42,309 | - | 42,309 | (3,896 | ) | (35,754 | ) | 2,659 | ||||||||||||||||
|
Total
|
$ | 392,309 | $ | (350,000 | ) | $ | 42,309 | $ | (3,896 | ) | $ | (35,754 | ) | $ | 2,659 | |||||||||
|
Weighted average interest rate of repurchase agreements
|
.28 | % | ||||||||||||||||||||||
| 9 |
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
As of March 31, 2015
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
|
State and political subdivisions
|
$ | 48,136 | $ | 4,029 | $ | - | $ | 52,165 | ||||||||
|
Mortgage-backed securities
(1)
|
351,092 | 10,470 | 177 | 361,385 | ||||||||||||
|
Total
|
$ | 399,228 | $ | 14,499 | $ | 177 | $ | 413,550 | ||||||||
|
As of December 31, 2014
|
||||||||||||||||
|
State and political subdivisions
|
$ | 48,157 | $ | 3,504 | $ | - | $ | 51,661 | ||||||||
|
Mortgage-backed securities
(1)
|
367,110 | 7,716 | 1,254 | 373,572 | ||||||||||||
|
Total
|
$ | 415,267 | $ | 11,220 | $ | 1,254 | $ | 425,233 | ||||||||
|
As of March 31, 2014
|
||||||||||||||||
|
State and political subdivisions
|
$ | 51,257 | $ | 3,430 | $ | 13 | $ | 54,674 | ||||||||
|
Mortgage-backed securities
(1)
|
413,440 | 6,877 | 1,855 | 418,462 | ||||||||||||
|
Total
|
$ | 464,697 | $ | 10,307 | $ | 1,868 | $ | 473,136 | ||||||||
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
As of March 31, 2015
|
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
Fair Value
|
Unrealized
Loss |
||||||||||||||||||
|
Mortgage-backed securities
|
$ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | ||||||||||||
|
Total unrealized loss position
|
$ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | ||||||||||||
|
As of December 31, 2014
|
||||||||||||||||||||||||
|
Mortgage-backed securities
|
$ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | ||||||||||||
|
Total unrealized loss position
|
$ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | ||||||||||||
|
As of March 31, 2014
|
||||||||||||||||||||||||
|
State and political subdivisions
|
$ | 1,628 | $ | 13 | $ | - | $ | - | $ | 1,628 | $ | 13 | ||||||||||||
|
Mortgage-backed securities
|
200,284 | 1,721 | 1,644 | 134 | 201,928 | 1,855 | ||||||||||||||||||
|
Total unrealized loss position
|
$ | 201,912 | $ | 1,734 | $ | 1,644 | $ | 134 | $ | 203,556 | $ | 1,868 | ||||||||||||
| 10 |
|
Gross
|
Gross
|
|||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
|
As of March 31, 2015
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
|
U.S. Treasuries
|
$ | 47,661 | $ | 753 | $ | - | $ | 48,414 | ||||||||
|
U.S. Government agencies
|
36,508 | 760 | - | 37,268 | ||||||||||||
|
State and political subdivisions
|
15,864 | 491 | 3 | 16,352 | ||||||||||||
|
Mortgage-backed securities
(1)
|
1,023,809 | 20,986 | 3,681 | 1,041,114 | ||||||||||||
|
Corporate bonds
|
186,126 | 2,107 | 526 | 187,707 | ||||||||||||
|
Asset-backed securities
|
466,663 | 2,812 | 747 | 468,728 | ||||||||||||
|
Other
|
2,390 | - | - | 2,390 | ||||||||||||
|
Total
|
$ | 1,779,021 | $ | 27,909 | $ | 4,957 | $ | 1,801,973 | ||||||||
|
As of December 31, 2014
|
||||||||||||||||
|
U.S. Treasuries
|
$ | 105,540 | $ | 235 | $ | 66 | $ | 105,709 | ||||||||
|
U.S. Government agencies
|
36,474 | - | 175 | 36,299 | ||||||||||||
|
State and political subdivisions
|
19,748 | 504 | 19 | 20,233 | ||||||||||||
|
Mortgage-backed securities
(1)
|
988,012 | 16,273 | 7,465 | 996,820 | ||||||||||||
|
Corporate bonds
|
165,018 | 1,686 | 1,076 | 165,628 | ||||||||||||
|
Asset-backed securities
|
455,626 | 2,257 | 1,955 | 455,928 | ||||||||||||
|
Other
|
2,117 | - | - | 2,117 | ||||||||||||
|
Total
|
$ | 1,772,535 | $ | 20,955 | $ | 10,756 | $ | 1,782,734 | ||||||||
|
As of March 31, 2014
|
||||||||||||||||
|
State and political subdivisions
|
$ | 22,244 | $ | 842 | $ | 80 | $ | 23,006 | ||||||||
|
Mortgage-backed securities
(1)
|
1,126,227 | 13,213 | 11,328 | 1,128,112 | ||||||||||||
|
Corporate bonds
|
255,238 | 1,616 | 4,930 | 251,924 | ||||||||||||
|
Asset-backed securities
|
429,492 | 3,003 | 433 | 432,062 | ||||||||||||
|
Other
|
2,572 | - | - | 2,572 | ||||||||||||
|
Total
|
$ | 1,835,773 | $ | 18,674 | $ | 16,771 | $ | 1,837,676 | ||||||||
| 11 |
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
|
As of March 31, 2015
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
Fair Value
|
Unrealized Loss
|
||||||||||||||||||
|
State and political subdivisions
|
$ | 2,957 | $ | 3 | $ | - | $ | - | $ | 2,957 | $ | 3 | ||||||||||||
|
Mortgage-backed securities
|
51,339 | 363 | 219,027 | 3,318 | 270,366 | 3,681 | ||||||||||||||||||
|
Corporate bonds
|
10,474 | 526 | - | - | 10,474 | 526 | ||||||||||||||||||
|
Asset-backed securities
|
137,476 | 564 | 30,229 | 183 | 167,705 | 747 | ||||||||||||||||||
|
Total unrealized loss position
|
$ | 202,246 | $ | 1,456 | $ | 249,256 | $ | 3,501 | $ | 451,502 | $ | 4,957 | ||||||||||||
|
As of December 31, 2014
|
||||||||||||||||||||||||
|
U.S. Treasuries
|
$ | 34,180 | $ | 66 | $ | - | $ | - | $ | 34,180 | $ | 66 | ||||||||||||
|
U.S. Government agencies
|
36,299 | 175 | - | - | 36,299 | 175 | ||||||||||||||||||
|
State and political subdivisions
|
2,481 | 19 | - | - | 2,481 | 19 | ||||||||||||||||||
|
Mortgage-backed securities
|
88,741 | 446 | 251,977 | 7,019 | 340,718 | 7,465 | ||||||||||||||||||
|
Corporate bonds
|
37,891 | 371 | 20,275 | 705 | 58,166 | 1,076 | ||||||||||||||||||
|
Asset-backed securities
|
221,359 | 1,592 | 40,952 | 363 | 262,311 | 1,955 | ||||||||||||||||||
|
Total unrealized loss position
|
$ | 420,951 | $ | 2,669 | $ | 313,204 | $ | 8,087 | $ | 734,155 | $ | 10,756 | ||||||||||||
|
As of March 31, 2014
|
||||||||||||||||||||||||
|
State and political subdivisions
|
$ | 3,595 | $ | 80 | $ | - | $ | - | $ | 3,595 | $ | 80 | ||||||||||||
|
Mortgage-backed securities
|
342,886 | 3,817 | 186,290 | 7,511 | 529,176 | 11,328 | ||||||||||||||||||
|
Corporate bonds
|
82,337 | 2,393 | 75,320 | 2,537 | 157,657 | 4,930 | ||||||||||||||||||
|
Asset-backed securities
|
136,076 | 433 | - | - | 136,076 | 433 | ||||||||||||||||||
|
Total unrealized loss position
|
$ | 564,894 | $ | 6,723 | $ | 261,610 | $ | 10,048 | $ | 826,504 | $ | 16,771 | ||||||||||||
|
Three Months Ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
Proceeds from sales
|
$ | 69,467 | $ | 153,316 | ||||
|
Gross gains on sales
|
$ | 1,539 | $ | 410 | ||||
|
Gross losses on sales
|
- | (193 | ) | |||||
|
Net gains on sales of securities
|
$ | 1,539 | $ | 217 | ||||
|
Income tax expense attributable to sales
|
$ | 598 | $ | 92 | ||||
| 12 |
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
|
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||||
|
US Treasuries:
|
||||||||||||||||
|
1 to 5 years
|
$ | 47,661 | $ | 48,414 | $ | - | $ | - | ||||||||
| 47,661 | 48,414 | - | - | |||||||||||||
|
US Government agencies:
|
||||||||||||||||
|
5 to 10 years
|
36,508 | 37,268 | - | - | ||||||||||||
| 36,508 | 37,268 | - | - | |||||||||||||
|
State and political subdivisions:
|
||||||||||||||||
|
Within 1 year
|
5,368 | 5,442 | 1,000 | 1,007 | ||||||||||||
|
1 to 5 years
|
7,550 | 7,821 | 18,689 | 20,005 | ||||||||||||
|
5 to 10 years
|
2,098 | 2,201 | 19,641 | 21,371 | ||||||||||||
|
More than 10 years
|
848 | 888 | 8,806 | 9,782 | ||||||||||||
| 15,864 | 16,352 | 48,136 | 52,165 | |||||||||||||
|
Corporate bonds:
|
||||||||||||||||
|
1 to 5 years
|
37,870 | 38,009 | - | - | ||||||||||||
|
5 to 10 years
|
115,749 | 117,333 | - | - | ||||||||||||
|
More than 10 years
|
32,507 | 32,365 | - | - | ||||||||||||
| 186,126 | 187,707 | - | - | |||||||||||||
|
Asset-backed securities:
|
||||||||||||||||
|
1 to 5 years
|
247,650 | 249,360 | - | - | ||||||||||||
|
5 to 10 years
|
58,575 | 59,053 | - | - | ||||||||||||
|
More than 10 years
|
160,438 | 160,315 | - | - | ||||||||||||
| 466,663 | 468,728 | - | - | |||||||||||||
|
Other:
|
||||||||||||||||
|
Within 1 year
|
442 | 442 | - | - | ||||||||||||
|
More than 10 years
|
1,948 | 1,948 | - | - | ||||||||||||
| 2,390 | 2,390 | - | - | |||||||||||||
|
Total securities other than mortgage-backed securities:
|
||||||||||||||||
|
Within 1 year
|
5,810 | 5,884 | 1,000 | 1,007 | ||||||||||||
|
1 to 5 years
|
340,731 | 343,604 | 18,689 | 20,005 | ||||||||||||
|
5 to 10 years
|
212,930 | 215,855 | 19,641 | 21,371 | ||||||||||||
|
More than 10 years
|
195,741 | 195,516 | 8,806 | 9,782 | ||||||||||||
|
Mortgage-backed securities
|
1,023,809 | 1,041,114 | 351,092 | 361,385 | ||||||||||||
| $ | 1,779,021 | $ | 1,801,973 | $ | 399,228 | $ | 413,550 | |||||||||
| 13 |
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2015
|
2014
|
2014
|
||||||||||
|
Owner occupied commercial real estate
|
$ | 1,166,916 | $ | 1,163,480 | $ | 1,141,791 | ||||||
|
Income producing commercial real estate
|
636,107 | 598,537 | 623,830 | |||||||||
|
Commercial & industrial
|
716,281 | 710,256 | 495,178 | |||||||||
|
Commercial construction
|
229,920 | 196,030 | 148,454 | |||||||||
|
Total commercial
|
2,749,224 | 2,668,303 | 2,409,253 | |||||||||
|
Residential mortgage
|
863,311 | 865,789 | 866,615 | |||||||||
|
Home equity lines of credit
|
465,474 | 465,872 | 446,705 | |||||||||
|
Residential construction
|
291,259 | 298,627 | 317,749 | |||||||||
|
Consumer installment
|
102,585 | 104,899 | 106,991 | |||||||||
|
Indirect auto
|
315,836 | 268,629 | 208,395 | |||||||||
|
Total loans
|
4,787,689 | 4,672,119 | 4,355,708 | |||||||||
|
Less allowance for loan losses
|
(70,007 | ) | (71,619 | ) | (75,223 | ) | ||||||
|
Loans, net
|
$ | 4,717,682 | $ | 4,600,500 | $ | 4,280,485 | ||||||
|
Three Months Ended March 31, 2015
|
Beginning Balance
|
Charge-
Offs |
Recoveries
|
Allocation
of Unallocated |
Provision
|
Ending
Balance |
||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 16,041 | $ | (368 | ) | $ | 11 | $ | - | $ | (732 | ) | $ | 14,952 | ||||||||||
|
Income producing commercial real estate
|
10,296 | (248 | ) | 7 | - | (400 | ) | 9,655 | ||||||||||||||||
|
Commercial & industrial
|
3,255 | (469 | ) | 128 | - | 528 | 3,442 | |||||||||||||||||
|
Commercial construction
|
4,747 | (22 | ) | - | - | 610 | 5,335 | |||||||||||||||||
|
Residential mortgage
|
20,311 | (578 | ) | 162 | - | 243 | 20,138 | |||||||||||||||||
|
Home equity lines of credit
|
4,574 | (73 | ) | 14 | - | (194 | ) | 4,321 | ||||||||||||||||
|
Residential construction
|
10,603 | (1,140 | ) | 79 | - | 668 | 10,210 | |||||||||||||||||
|
Consumer installment
|
731 | (326 | ) | 376 | - | (68 | ) | 713 | ||||||||||||||||
|
Indirect auto
|
1,061 | (128 | ) | 13 | - | 295 | 1,241 | |||||||||||||||||
|
Total allowance for loan losses
|
71,619 | (3,352 | ) | 790 | - | 950 | 70,007 | |||||||||||||||||
|
Allowance for unfunded commitments
|
1,930 | - | - | - | 850 | 2,780 | ||||||||||||||||||
|
Total allowance for credit losses
|
$ | 73,549 | $ | (3,352 | ) | $ | 790 | $ | - | $ | 1,800 | $ | 72,787 | |||||||||||
| 14 |
|
Three Months Ended March 31, 2014
|
Beginning
Balance
|
Charge-
Offs
|
Recoveries
|
Allocation
of
Unallocated
|
Provision
|
Ending
Balance
|
||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 17,164 | $ | (341 | ) | $ | 89 | $ | 1,278 | $ | 5,166 | $ | 23,356 | |||||||||||
|
Income producing commercial real estate
|
7,174 | (231 | ) | - | 688 | 231 | 7,862 | |||||||||||||||||
|
Commercial & industrial
|
6,527 | (963 | ) | 541 | 318 | (2,176 | ) | 4,247 | ||||||||||||||||
|
Commercial construction
|
3,669 | - | - | 388 | (80 | ) | 3,977 | |||||||||||||||||
|
Residential mortgage
|
15,446 | (1,581 | ) | 66 | 1,452 | 584 | 15,967 | |||||||||||||||||
|
Home equity lines of credit
|
5,528 | (1,003 | ) | 10 | 391 | 1,194 | 6,120 | |||||||||||||||||
|
Residential construction
|
12,532 | (304 | ) | 93 | 1,728 | (1,868 | ) | 12,181 | ||||||||||||||||
|
Consumer installment
|
1,353 | (676 | ) | 327 | - | (287 | ) | 717 | ||||||||||||||||
|
Indirect auto
|
1,126 | (77 | ) | 11 | - | (264 | ) | 796 | ||||||||||||||||
|
Unallocated
|
6,243 | - | - | (6,243 | ) | - | - | |||||||||||||||||
|
Total allowance for loan losses
|
76,762 | (5,176 | ) | 1,137 | - | 2,500 | 75,223 | |||||||||||||||||
|
Allowance for unfunded commitments
|
2,165 | - | - | - | - | 2,165 | ||||||||||||||||||
|
Total allowance for credit losses
|
$ | 78,927 | $ | (5,176 | ) | $ | 1,137 | $ | - | $ | 2,500 | $ | 77,388 | |||||||||||
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
||||||||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
Individually
evaluated for
impairment
|
Collectively
evaluated for
impairment
|
Ending
Balance
|
Individually
evaluated for
impairment
|
Collectively
evaluated for
impairment
|
Ending
Balance
|
Individually
evaluated for
impairment
|
Collectively
evaluated for
impairment
|
Ending
Balance
|
|||||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,758 | $ | 13,194 | $ | 14,952 | $ | 2,737 | $ | 13,304 | $ | 16,041 | $ | 855 | $ | 22,501 | $ | 23,356 | ||||||||||||||||||
|
Income producing commercial real estate
|
866 | 8,789 | 9,655 | 1,917 | 8,379 | 10,296 | 2,404 | 5,458 | 7,862 | |||||||||||||||||||||||||||
|
Commercial & industrial
|
8 | 3,434 | 3,442 | 15 | 3,240 | 3,255 | 253 | 3,994 | 4,247 | |||||||||||||||||||||||||||
|
Commercial construction
|
598 | 4,737 | 5,335 | 729 | 4,018 | 4,747 | 469 | 3,508 | 3,977 | |||||||||||||||||||||||||||
|
Residential mortgage
|
3,174 | 16,964 | 20,138 | 3,227 | 17,084 | 20,311 | 3,079 | 12,888 | 15,967 | |||||||||||||||||||||||||||
|
Home equity lines of credit
|
29 | 4,292 | 4,321 | 47 | 4,527 | 4,574 | 67 | 6,053 | 6,120 | |||||||||||||||||||||||||||
|
Residential construction
|
1,152 | 9,058 | 10,210 | 1,192 | 9,411 | 10,603 | 1,253 | 10,928 | 12,181 | |||||||||||||||||||||||||||
|
Consumer installment
|
9 | 704 | 713 | 18 | 713 | 731 | 19 | 698 | 717 | |||||||||||||||||||||||||||
|
Indirect auto
|
- | 1,241 | 1,241 | - | 1,061 | 1,061 | - | 796 | 796 | |||||||||||||||||||||||||||
|
Total allowance for loan losses
|
7,594 | 62,413 | 70,007 | 9,882 | 61,737 | 71,619 | 8,399 | 66,824 | 75,223 | |||||||||||||||||||||||||||
|
Allowance for unfunded commitments
|
- | 2,780 | 2,780 | - | 1,930 | 1,930 | - | 2,165 | 2,165 | |||||||||||||||||||||||||||
|
Total allowance for credit losses
|
$ | 7,594 | $ | 65,193 | $ | 72,787 | $ | 9,882 | $ | 63,667 | $ | 73,549 | $ | 8,399 | $ | 68,989 | $ | 77,388 | ||||||||||||||||||
|
Loans Outstanding
|
||||||||||||||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 36,835 | $ | 1,130,081 | $ | 1,166,916 | $ | 34,654 | $ | 1,128,826 | $ | 1,163,480 | $ | 29,051 | $ | 1,112,740 | $ | 1,141,791 | ||||||||||||||||||
|
Income producing commercial real estate
|
21,285 | 614,822 | 636,107 | 24,484 | 574,053 | 598,537 | 25,955 | 597,875 | 623,830 | |||||||||||||||||||||||||||
|
Commercial & industrial
|
3,977 | 712,304 | 716,281 | 3,977 | 706,279 | 710,256 | 4,167 | 491,011 | 495,178 | |||||||||||||||||||||||||||
|
Commercial construction
|
12,222 | 217,698 | 229,920 | 12,321 | 183,709 | 196,030 | 11,390 | 137,064 | 148,454 | |||||||||||||||||||||||||||
|
Residential mortgage
|
21,934 | 841,377 | 863,311 | 18,775 | 847,014 | 865,789 | 21,303 | 845,312 | 866,615 | |||||||||||||||||||||||||||
|
Home equity lines of credit
|
478 | 464,996 | 465,474 | 478 | 465,394 | 465,872 | 505 | 446,200 | 446,705 | |||||||||||||||||||||||||||
|
Residential construction
|
10,027 | 281,232 | 291,259 | 11,604 | 287,023 | 298,627 | 12,409 | 305,340 | 317,749 | |||||||||||||||||||||||||||
|
Consumer installment
|
148 | 102,437 | 102,585 | 179 | 104,720 | 104,899 | 340 | 106,651 | 106,991 | |||||||||||||||||||||||||||
|
Indirect auto
|
- | 315,836 | 315,836 | - | 268,629 | 268,629 | - | 208,395 | 208,395 | |||||||||||||||||||||||||||
|
Total loans
|
$ | 106,906 | $ | 4,680,783 | $ | 4,787,689 | $ | 106,472 | $ | 4,565,647 | $ | 4,672,119 | $ | 105,120 | $ | 4,250,588 | $ | 4,355,708 | ||||||||||||||||||
| 15 |
| 16 |
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
||||||||||||||||||||||||||||||||||
|
Allowance
|
Allowance
|
Allowance
|
||||||||||||||||||||||||||||||||||
|
Unpaid
|
for Loan
|
Unpaid
|
for Loan
|
Unpaid
|
for Loan
|
|||||||||||||||||||||||||||||||
|
Principal
|
Recorded
|
Losses
|
Principal
|
Recorded
|
Losses
|
Principal
|
Recorded
|
Losses
|
||||||||||||||||||||||||||||
|
Balance
|
Investment
|
Allocated
|
Balance
|
Investment
|
Allocated
|
Balance
|
Investment
|
Allocated
|
||||||||||||||||||||||||||||
|
With no related allowance recorded:
|
||||||||||||||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 17,214 | $ | 15,968 | $ | - | $ | 12,025 | $ | 11,325 | $ | - | $ | 18,141 | $ | 14,034 | $ | - | ||||||||||||||||||
|
Income producing commercial real estate
|
8,645 | 8,502 | - | 8,311 | 8,311 | - | 6,575 | 3,816 | - | |||||||||||||||||||||||||||
|
Commercial & industrial
|
1,677 | 1,040 | - | 1,679 | 1,042 | - | 2,417 | 1,851 | - | |||||||||||||||||||||||||||
|
Commercial construction
|
- | - | - | - | - | - | 390 | 390 | - | |||||||||||||||||||||||||||
|
Total commercial
|
27,536 | 25,510 | - | 22,015 | 20,678 | - | 27,523 | 20,091 | - | |||||||||||||||||||||||||||
|
Residential mortgage
|
3,411 | 1,793 | - | 2,569 | 1,472 | - | 7,292 | 5,364 | - | |||||||||||||||||||||||||||
|
Home equity lines of credit
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Residential construction
|
3,003 | 2,639 | - | 4,338 | 3,338 | - | 6,474 | 5,174 | - | |||||||||||||||||||||||||||
|
Consumer installment
|
- | - | - | - | - | - | 82 | 82 | - | |||||||||||||||||||||||||||
|
Indirect auto
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Total with no related allowance recorded
|
33,950 | 29,942 | - | 28,922 | 25,488 | - | 41,371 | 30,711 | - | |||||||||||||||||||||||||||
|
With an allowance recorded:
|
||||||||||||||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
22,494 | 20,867 | 1,758 | 24,728 | 23,329 | 2,737 | 15,157 | 17,072 | 855 | |||||||||||||||||||||||||||
|
Income producing commercial real estate
|
12,789 | 12,783 | 866 | 16,352 | 16,173 | 1,917 | 24,220 | 20,084 | 2,404 | |||||||||||||||||||||||||||
|
Commercial & industrial
|
2,945 | 2,937 | 8 | 2,936 | 2,935 | 15 | 2,598 | 2,316 | 253 | |||||||||||||||||||||||||||
|
Commercial construction
|
12,302 | 12,222 | 598 | 12,401 | 12,321 | 729 | 11,079 | 11,000 | 469 | |||||||||||||||||||||||||||
|
Total commercial
|
50,530 | 48,809 | 3,230 | 56,417 | 54,758 | 5,398 | 53,054 | 50,472 | 3,981 | |||||||||||||||||||||||||||
|
Residential mortgage
|
21,872 | 20,141 | 3,174 | 17,732 | 17,303 | 3,227 | 16,688 | 15,939 | 3,079 | |||||||||||||||||||||||||||
|
Home equity lines of credit
|
478 | 478 | 29 | 478 | 478 | 47 | 505 | 505 | 67 | |||||||||||||||||||||||||||
|
Residential construction
|
9,180 | 7,388 | 1,152 | 8,962 | 8,266 | 1,192 | 8,615 | 7,235 | 1,253 | |||||||||||||||||||||||||||
|
Consumer installment
|
151 | 148 | 9 | 179 | 179 | 18 | 360 | 258 | 19 | |||||||||||||||||||||||||||
|
Indirect auto
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Total with an allowance recorded
|
82,211 | 76,964 | 7,594 | 83,768 | 80,984 | 9,882 | 79,222 | 74,409 | 8,399 | |||||||||||||||||||||||||||
|
Total
|
$ | 116,161 | $ | 106,906 | $ | 7,594 | $ | 112,690 | $ | 106,472 | $ | 9,882 | $ | 120,593 | $ | 105,120 | $ | 8,399 | ||||||||||||||||||
| 2015 | 2014 | |||||||||||||||||||||||
|
Interest
|
Interest
|
|||||||||||||||||||||||
|
Revenue
|
Cash Basis
|
Revenue
|
Cash Basis
|
|||||||||||||||||||||
|
Recognized
|
Interest
|
Recognized
|
Interest
|
|||||||||||||||||||||
|
Average
|
During
|
Revenue
|
Average
|
During
|
Revenue
|
|||||||||||||||||||
|
Balance
|
Impairment
|
Received
|
Balance
|
Impairment
|
Received
|
|||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 36,989 | $ | 460 | $ | 459 | $ | 29,109 | $ | 358 | $ | 380 | ||||||||||||
|
Income producing commercial real estate
|
21,424 | 267 | 275 | 25,860 | 312 | 333 | ||||||||||||||||||
|
Commercial & industrial
|
4,023 | 38 | 37 | 4,560 | 53 | 51 | ||||||||||||||||||
|
Commercial construction
|
12,273 | 116 | 121 | 12,714 | 112 | 135 | ||||||||||||||||||
|
Total commercial
|
74,709 | 881 | 892 | 72,243 | 835 | 899 | ||||||||||||||||||
|
Residential mortgage
|
22,085 | 226 | 233 | 21,321 | 229 | 238 | ||||||||||||||||||
|
Home equity lines of credit
|
478 | 5 | 5 | 505 | 5 | 6 | ||||||||||||||||||
|
Residential construction
|
10,575 | 120 | 126 | 13,037 | 145 | 150 | ||||||||||||||||||
|
Consumer installment
|
153 | 3 | 3 | 448 | 6 | 9 | ||||||||||||||||||
|
Indirect auto
|
- | - | - | - | - | - | ||||||||||||||||||
|
Total
|
$ | 108,000 | $ | 1,235 | $ | 1,259 | $ | 107,554 | $ | 1,220 | $ | 1,302 | ||||||||||||
| 17 |
| Nonaccrual Loans | ||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2015
|
2014
|
2014
|
||||||||||
|
Owner occupied commercial real estate
|
$ | 4,360 | $ | 4,133 | $ | 3,868 | ||||||
|
Income producing commercial real estate
|
835 | 717 | 1,278 | |||||||||
|
Commercial & industrial
|
1,629 | 1,571 | 822 | |||||||||
|
Commercial construction
|
60 | 83 | 479 | |||||||||
|
Total commercial
|
6,884 | 6,504 | 6,447 | |||||||||
|
Residential mortgage
|
8,669 | 8,196 | 13,307 | |||||||||
|
Home equity lines of credit
|
693 | 695 | 1,106 | |||||||||
|
Residential construction
|
2,127 | 2,006 | 3,805 | |||||||||
|
Consumer installment
|
142 | 134 | 291 | |||||||||
|
Indirect auto
|
500 | 346 | 294 | |||||||||
|
Total
|
$ | 19,015 | $ | 17,881 | $ | 25,250 | ||||||
| Loans Past Due | Loans Not | |||||||||||||||||||||||
|
As of March 31, 2015
|
30 - 59 Days
|
60 - 89 Days
|
> 90 Days
|
Total
|
Past Due
|
Total
|
||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,965 | $ | 1,130 | $ | 1,573 | $ | 4,668 | $ | 1,162,248 | $ | 1,166,916 | ||||||||||||
|
Income producing commercial real estate
|
62 | - | 440 | 502 | 635,605 | 636,107 | ||||||||||||||||||
|
Commercial & industrial
|
790 | 1,001 | 1,405 | 3,196 | 713,085 | 716,281 | ||||||||||||||||||
|
Commercial construction
|
- | - | 44 | 44 | 229,876 | 229,920 | ||||||||||||||||||
|
Total commercial
|
2,817 | 2,131 | 3,462 | 8,410 | 2,740,814 | 2,749,224 | ||||||||||||||||||
|
Residential mortgage
|
4,290 | 1,566 | 2,558 | 8,414 | 854,897 | 863,311 | ||||||||||||||||||
|
Home equity lines of credit
|
1,470 | 762 | 86 | 2,318 | 463,156 | 465,474 | ||||||||||||||||||
|
Residential construction
|
1,018 | 1,343 | 245 | 2,606 | 288,653 | 291,259 | ||||||||||||||||||
|
Consumer installment
|
485 | 61 | 80 | 626 | 101,959 | 102,585 | ||||||||||||||||||
|
Indirect auto
|
261 | 133 | 202 | 596 | 315,240 | 315,836 | ||||||||||||||||||
|
Total loans
|
$ | 10,341 | $ | 5,996 | $ | 6,633 | $ | 22,970 | $ | 4,764,719 | $ | 4,787,689 | ||||||||||||
|
As of December 31, 2014
|
||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,444 | $ | 1,929 | $ | 1,141 | $ | 4,514 | $ | 1,158,966 | $ | 1,163,480 | ||||||||||||
|
Income producing commercial real estate
|
2,322 | 1,172 | - | 3,494 | 595,043 | 598,537 | ||||||||||||||||||
|
Commercial & industrial
|
302 | 40 | 1,425 | 1,767 | 708,489 | 710,256 | ||||||||||||||||||
|
Commercial construction
|
- | - | 66 | 66 | 195,964 | 196,030 | ||||||||||||||||||
|
Total commercial
|
4,068 | 3,141 | 2,632 | 9,841 | 2,658,462 | 2,668,303 | ||||||||||||||||||
|
Residential mortgage
|
5,234 | 2,931 | 3,278 | 11,443 | 854,346 | 865,789 | ||||||||||||||||||
|
Home equity lines of credit
|
961 | 303 | 167 | 1,431 | 464,441 | 465,872 | ||||||||||||||||||
|
Residential construction
|
1,172 | 268 | 1,395 | 2,835 | 295,792 | 298,627 | ||||||||||||||||||
|
Consumer installment
|
607 | 136 | 33 | 776 | 104,123 | 104,899 | ||||||||||||||||||
|
Indirect auto
|
200 | 146 | 141 | 487 | 268,142 | 268,629 | ||||||||||||||||||
|
Total loans
|
$ | 12,242 | $ | 6,925 | $ | 7,646 | $ | 26,813 | $ | 4,645,306 | $ | 4,672,119 | ||||||||||||
| 18 |
| Loans Past Due |
Loans Not
|
|||||||||||||||||||||||
|
As of March 31, 2014
|
30 - 59 Days
|
60 - 89 Days
|
> 90 Days
|
Total
|
Past Due
|
Total
|
||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,265 | $ | 187 | $ | 1,276 | $ | 2,728 | $ | 1,139,063 | $ | 1,141,791 | ||||||||||||
|
Income producing commercial real estate
|
1,045 | 1,259 | 589 | 2,893 | 620,937 | 623,830 | ||||||||||||||||||
|
Commercial & industrial
|
1,468 | 231 | 589 | 2,288 | 492,890 | 495,178 | ||||||||||||||||||
|
Commercial construction
|
313 | 46 | 366 | 725 | 147,729 | 148,454 | ||||||||||||||||||
|
Total commercial
|
4,091 | 1,723 | 2,820 | 8,634 | 2,400,619 | 2,409,253 | ||||||||||||||||||
|
Residential mortgage
|
7,295 | 3,520 | 4,806 | 15,621 | 850,994 | 866,615 | ||||||||||||||||||
|
Home equity lines of credit
|
1,554 | 551 | 502 | 2,607 | 444,098 | 446,705 | ||||||||||||||||||
|
Residential construction
|
1,440 | 30 | 782 | 2,252 | 315,497 | 317,749 | ||||||||||||||||||
|
Consumer installment
|
677 | 495 | 60 | 1,232 | 105,759 | 106,991 | ||||||||||||||||||
|
Indirect auto
|
263 | 179 | 137 | 579 | 207,816 | 208,395 | ||||||||||||||||||
|
Total loans
|
$ | 15,320 | $ | 6,498 | $ | 9,107 | $ | 30,925 | $ | 4,324,783 | $ | 4,355,708 | ||||||||||||
| March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||||||
|
Pre-
|
Post-
|
Pre-
|
Post-
|
Pre-
|
Post-
|
|||||||||||||||||||||||||||||||
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
Modification
|
|||||||||||||||||||||||||||||||
|
Number
|
Outstanding
|
Outstanding
|
Number
|
Outstanding
|
Outstanding
|
Number
|
Outstanding
|
Outstanding
|
||||||||||||||||||||||||||||
|
of
|
Recorded
|
Recorded
|
of
|
Recorded
|
Recorded
|
of
|
Recorded
|
Recorded
|
||||||||||||||||||||||||||||
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
||||||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
52 | $ | 30,600 | $ | 29,201 | 54 | $ | 27,695 | $ | 26,296 | 46 | $ | 24,194 | $ | 22,471 | |||||||||||||||||||||
|
Income producing commercial real estate
|
28 | 14,525 | 14,525 | 31 | 18,094 | 17,915 | 32 | 20,936 | 18,488 | |||||||||||||||||||||||||||
|
Commercial & industrial
|
32 | 2,902 | 2,902 | 32 | 2,848 | 2,847 | 35 | 3,574 | 3,292 | |||||||||||||||||||||||||||
|
Commercial construction
|
14 | 11,268 | 11,188 | 14 | 11,360 | 11,280 | 14 | 11,678 | 11,598 | |||||||||||||||||||||||||||
|
Total commercial
|
126 | 59,295 | 57,816 | 131 | 59,997 | 58,338 | 127 | 60,382 | 55,849 | |||||||||||||||||||||||||||
|
Residential mortgage
|
162 | 21,343 | 20,600 | 154 | 18,630 | 17,836 | 148 | 21,163 | 19,657 | |||||||||||||||||||||||||||
|
Home equity lines of credit
|
2 | 478 | 478 | 2 | 478 | 478 | 3 | 505 | 505 | |||||||||||||||||||||||||||
|
Residential construction
|
47 | 8,824 | 7,388 | 48 | 8,962 | 8,265 | 52 | 10,400 | 9,518 | |||||||||||||||||||||||||||
|
Consumer installment
|
17 | 148 | 148 | 17 | 179 | 179 | 26 | 442 | 340 | |||||||||||||||||||||||||||
|
Indirect auto
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
Total loans
|
354 | 90,088 | 86,430 | 352 | 88,246 | $ | 85,096 | 356 | 92,892 | 85,869 | ||||||||||||||||||||||||||
| 19 |
|
Troubled Debt Restructurings
|
||||||||||||||||||||
|
Modified Within the Previous
|
||||||||||||||||||||
|
Twelve Months that Have
|
||||||||||||||||||||
|
Pre-
|
Post-
|
Subsequently Defaulted During
|
||||||||||||||||||
|
Modification
|
Modification
|
the Three Months Ended
|
||||||||||||||||||
|
Outstanding
|
Outstanding
|
March 31, 2015 | ||||||||||||||||||
|
New Troubled Debt Restructurings for
|
Number of
|
Recorded
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||||
|
the Three Months Ended March 31, 2015
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
|||||||||||||||
|
Owner occupied commercial real estate
|
2 | $ | 4,497 | $ | 4,497 | - | $ | - | ||||||||||||
|
Income producing commercial real estate
|
2 | 255 | 255 | - | - | |||||||||||||||
|
Commercial & industrial
|
2 | 188 | 188 | - | - | |||||||||||||||
|
Commercial construction
|
- | - | - | - | - | |||||||||||||||
|
Total commercial
|
6 | 4,940 | 4,940 | - | - | |||||||||||||||
|
Residential mortgage
|
15 | 1,598 | 1,598 | - | - | |||||||||||||||
|
Home equity lines of credit
|
- | - | - | - | - | |||||||||||||||
|
Residential construction
|
- | - | - | - | - | |||||||||||||||
|
Consumer installment
|
1 | 3 | 3 | 1 | 30 | |||||||||||||||
|
Indirect auto
|
- | - | - | - | - | |||||||||||||||
|
Total loans
|
22 | $ | 6,541 | $ | 6,541 | 1 | $ | 30 | ||||||||||||
|
Troubled Debt Restructurings
|
||||||||||||||||||||
|
Modified Within the Previous
|
||||||||||||||||||||
|
Twelve Months that Have
|
||||||||||||||||||||
|
Pre-
|
Post-
|
Subsequently Defaulted During
|
||||||||||||||||||
|
Modification
|
Modification
|
the Three Months Ended
|
||||||||||||||||||
|
Outstanding
|
Outstanding
|
March 31, 2014 | ||||||||||||||||||
|
New Troubled Debt Restructurings for
|
Number of
|
Recorded
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||||
|
the Three Months Ended March 31, 2014
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
|||||||||||||||
|
Owner occupied commercial real estate
|
2 | $ | 605 | $ | 605 | 1 | $ | 104 | ||||||||||||
|
Income producing commercial real estate
|
2 | 533 | 533 | - | - | |||||||||||||||
|
Commercial & industrial
|
1 | 224 | 224 | 2 | 54 | |||||||||||||||
|
Commercial construction
|
1 | 231 | 231 | - | - | |||||||||||||||
|
Total commercial
|
6 | 1,593 | 1,593 | 3 | 158 | |||||||||||||||
|
Residential mortgage
|
14 | 1,132 | 1,132 | 4 | 452 | |||||||||||||||
|
Home equity lines of credit
|
- | - | - | - | - | |||||||||||||||
|
Residential construction
|
- | - | - | - | - | |||||||||||||||
|
Consumer installment
|
2 | 142 | 142 | - | - | |||||||||||||||
|
Indirect auto
|
- | - | - | - | - | |||||||||||||||
|
Total loans
|
22 | $ | 2,867 | $ | 2,867 | 7 | $ | 610 | ||||||||||||
| 20 |
|
Substandard
|
Doubtful /
|
|||||||||||||||||||||||
|
As of March 31, 2015
|
Pass
|
Watch
|
Performing
|
Nonaccrual
|
Loss
|
Total
|
||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,097,075 | $ | 21,594 | $ | 43,887 | $ | 4,360 | $ | - | $ | 1,166,916 | ||||||||||||
|
Income producing commercial real estate
|
600,976 | 14,415 | 19,881 | 835 | - | 636,107 | ||||||||||||||||||
|
Commercial & industrial
|
704,714 | 3,234 | 6,704 | 1,629 | - | 716,281 | ||||||||||||||||||
|
Commercial construction
|
223,810 | 2,522 | 3,528 | 60 | - | 229,920 | ||||||||||||||||||
|
Total commercial
|
2,626,575 | 41,765 | 74,000 | 6,884 | - | 2,749,224 | ||||||||||||||||||
|
Residential mortgage
|
813,075 | 11,185 | 30,382 | 8,669 | - | 863,311 | ||||||||||||||||||
|
Home equity lines of credit
|
458,577 | 470 | 5,734 | 693 | - | 465,474 | ||||||||||||||||||
|
Residential construction
|
275,567 | 4,061 | 9,504 | 2,127 | - | 291,259 | ||||||||||||||||||
|
Consumer installment
|
101,142 | - | 1,301 | 142 | - | 102,585 | ||||||||||||||||||
|
Indirect auto
|
314,540 | - | 796 | 500 | - | 315,836 | ||||||||||||||||||
|
Total loans
|
$ | 4,589,476 | $ | 57,481 | $ | 121,717 | $ | 19,015 | $ | - | $ | 4,787,689 | ||||||||||||
|
As of December 31, 2014
|
||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,094,057 | $ | 18,889 | $ | 46,401 | $ | 4,133 | $ | - | $ | 1,163,480 | ||||||||||||
|
Income producing commercial real estate
|
560,559 | 16,701 | 20,560 | 717 | - | 598,537 | ||||||||||||||||||
|
Commercial & industrial
|
696,805 | 4,017 | 7,863 | 1,571 | - | 710,256 | ||||||||||||||||||
|
Commercial construction
|
190,070 | 2,311 | 3,566 | 83 | - | 196,030 | ||||||||||||||||||
|
Total commercial
|
2,541,491 | 41,918 | 78,390 | 6,504 | - | 2,668,303 | ||||||||||||||||||
|
Residential mortgage
|
814,168 | 11,594 | 31,831 | 8,196 | - | 865,789 | ||||||||||||||||||
|
Home equity lines of credit
|
459,881 | - | 5,296 | 695 | 465,872 | |||||||||||||||||||
|
Residential construction
|
280,166 | 5,535 | 10,920 | 2,006 | - | 298,627 | ||||||||||||||||||
|
Consumer installment
|
103,383 | - | 1,382 | 134 | - | 104,899 | ||||||||||||||||||
|
Indirect auto
|
267,709 | - | 574 | 346 | - | 268,629 | ||||||||||||||||||
|
Total loans
|
$ | 4,466,798 | $ | 59,047 | $ | 128,393 | $ | 17,881 | $ | - | $ | 4,672,119 | ||||||||||||
|
As of March 31, 2014
|
||||||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,059,528 | $ | 30,869 | $ | 47,525 | $ | 3,868 | $ | - | $ | 1,141,791 | ||||||||||||
|
Income producing commercial real estate
|
577,771 | 7,982 | 36,800 | 1,278 | - | 623,830 | ||||||||||||||||||
|
Commercial & industrial
|
481,310 | 4,905 | 8,141 | 822 | - | 495,178 | ||||||||||||||||||
|
Commercial construction
|
138,560 | 4,134 | 5,281 | 479 | - | 148,454 | ||||||||||||||||||
|
Total commercial
|
2,257,169 | 47,890 | 97,747 | 6,447 | - | 2,409,253 | ||||||||||||||||||
|
Residential mortgage
|
799,145 | 10,591 | 43,572 | 13,307 | - | 866,615 | ||||||||||||||||||
|
Home equity lines of credit
|
437,908 | 29 | 7,662 | 1,106 | - | 446,705 | ||||||||||||||||||
|
Residential construction
|
292,032 | 8,935 | 12,977 | 3,805 | - | 317,749 | ||||||||||||||||||
|
Consumer installment
|
104,379 | 11 | 2,310 | 291 | - | 106,991 | ||||||||||||||||||
|
Indirect auto
|
207,504 | - | 597 | 294 | - | 208,395 | ||||||||||||||||||
|
Total loans
|
$ | 4,098,137 | $ | 67,456 | $ | 164,865 | $ | 25,250 | $ | - | $ | 4,355,708 | ||||||||||||
| 21 |
|
ASC 860 Servicing Asset Rollforward
|
||||
|
Fair value as of January 1, 2015
|
$ | 2,551 | ||
|
Additions:
|
||||
|
Originated servicing rights capitalized upon sale of loans
|
190 | |||
|
Subtractions:
|
||||
|
Disposals
|
- | |||
|
Changes in fair value:
|
||||
|
Due to change in valuation inputs or assumptions used in the valuation model
|
(24 | ) | ||
|
Fair value as of March 31, 2015
|
$ | 2,717 | ||
|
March 31,
|
December 31,
|
|||||||
|
2015
|
2014
|
|||||||
|
Fair value of retained Servicing Assets
|
$ | 2,717 | $ | 2,551 | ||||
|
Prepayment rate assumption
|
7.26 | % | 6.70 | % | ||||
|
10% adverse change
|
$ | (75 | ) | $ | (62 | ) | ||
|
20% adverse change
|
$ | (146 | ) | $ | (122 | ) | ||
|
Discount rate
|
11.1 | % | 12.0 | % | ||||
|
100 bps adverse change
|
$ | (101 | ) | $ | (85 | ) | ||
|
200bps adverse change
|
$ | (196 | ) | $ | (164 | ) | ||
|
Weighted-average life (months)
|
7.1 | 6.5 | ||||||
|
Weighted-average gross margin
|
2.13 | % | 2.00 | % | ||||
| 22 |
|
Amounts Reclassified from
|
|||||||||
|
Accumulated Other
|
|||||||||
|
Comprehensive Income
|
|||||||||
|
For the three months ended
|
|||||||||
|
Details about Accumulated Other
|
March 31,
|
Affected Line Item in the Statement
|
|||||||
|
Comprehensive Income Components
|
2015
|
2014
|
Where Net Income is Presented
|
||||||
|
Realized gains on sales of available-for-sale securities:
|
|||||||||
| $ | 1,539 | $ | 217 |
Securities gains, net
|
|||||
| (598 | ) | (92 | ) |
Tax expense
|
|||||
| $ | 941 | $ | 125 |
Net of tax
|
|||||
|
Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity:
|
|||||||||
| $ | (484 | ) | $ | (330 | ) |
Investment securities interest revenue
|
|||
| 182 | 123 |
Tax benefit (expense)
|
|||||||
| $ | (302 | ) | $ | (207 | ) |
Net of tax
|
|||
|
Gains included in net income on derivative financial instruments accounted for as cash flow hedges:
|
|||||||||
|
Effective portion of interest rate contracts
|
$ | - | $ | (97 | ) |
Time deposit interest expense
|
|||
|
Amortization of losses on de-designated positions
|
(48 | ) | - |
Deposits in banks and short-term investments interest revenue
|
|||||
|
Amortization of losses on de-designated positions
|
(119 | ) | - |
Money market deposit interest expense
|
|||||
|
Amortization of losses on de-designated positions
|
(258 | ) | - |
Federal Home Loan Bank advances interest expense
|
|||||
| (425 | ) | (97 | ) |
Total before tax
|
|||||
| 165 | 38 |
Tax or benefit (expense)
|
|||||||
| $ | (260 | ) | $ | (59 | ) |
Net of tax
|
|||
|
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan
|
|||||||||
|
Prior service cost
|
$ | (91 | ) | $ | (91 | ) |
Salaries and employee benefits expense
|
||
|
Actuarial losses
|
(68 | ) | - |
Salaries and employee benefits expense
|
|||||
| (159 | ) | (91 | ) |
Total before tax
|
|||||
| 62 | 35 |
Tax benefit
|
|||||||
| $ | (97 | ) | $ | (56 | ) |
Net of tax
|
|||
|
Total reclassifications for the period
|
$ | 282 | $ | (197 | ) |
Net of tax
|
|||
|
Amounts shown above in parentheses reduce earnings
|
|||||||||
|
Three Months Ended
|
||||||||
|
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
Series B - 5% fixed until December 6, 2013, 9% thereafter
|
$ | - | $ | 159 | ||||
|
Series D - LIBOR plus 9.6875%, resets quarterly
|
- | 280 | ||||||
|
Total preferred stock dividends
|
$ | - | $ | 439 | ||||
|
All preferred stock dividends are payable quarterly.
|
||||||||
|
Series B preferred stock was issued at a discount.
Dividend amounts shown include discount accretion for each period.
|
||||||||
| 23 |
|
Three Months Ended
March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
Net income available to common shareholders
|
$ | 17,670 | $ | 14,961 | ||||
|
Weighted average shares outstanding:
|
||||||||
|
Basic
|
60,905 | 60,059 | ||||||
|
Effect of dilutive securities
|
||||||||
|
Stock options
|
4 | 2 | ||||||
|
Diluted
|
60,909 | 60,061 | ||||||
|
Net income per common share:
|
||||||||
|
Basic
|
$ | .29 | $ | .25 | ||||
|
Diluted
|
$ | .29 | $ | .25 | ||||
| 24 |
| Fair Value | ||||||||||||||
|
Balance Sheet
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||
|
Interest Rate Products
|
Location
|
2015
|
2014
|
2014
|
||||||||||
|
Cash flow hedge of money market deposits
|
Other assets
|
$ | - | $ | - | $ | 2,971 | |||||||
|
Fair value hedge of brokered CD’s
|
Other assets
|
5 | - | - | ||||||||||
|
Fair value hedge of corporate bonds
|
Other assets
|
- | - | 2,655 | ||||||||||
| $ | 5 | $ | - | $ | 5,626 | |||||||||
|
Cash flow hedge of short-term debt
|
Other liabilities
|
$ | - | $ | - | $ | 3,650 | |||||||
|
Cash flow hedge of money market deposits
|
Other liabilities
|
- | 350 | 678 | ||||||||||
|
Fair value hedge of AFS security
|
Other liabilities
|
345 | - | - | ||||||||||
|
Fair value hedge of brokered CD’s
|
Other liabilities
|
3,452 | 5,817 | 14,119 | ||||||||||
|
Fair value hedge of corporate bonds
|
Other liabilities
|
- | - | 2,729 | ||||||||||
| $ | 3,797 | $ | 6,167 | $ | 21,176 | |||||||||
| Fair Value | ||||||||||||||
|
Balance Sheet
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||
|
Interest Rate Products
|
Location
|
2015 | 2014 | 2014 | ||||||||||
|
Customer swap positions
|
Other assets
|
$ | 5,043 | $ | 3,433 | $ | 1,359 | |||||||
|
Dealer offsets to customer swap positions
|
Other assets
|
- | 128 | 825 | ||||||||||
|
Bifurcated embedded derivatives
|
Other assets
|
8,117 | 12,262 | 13,753 | ||||||||||
|
Offsetting positions for de-designated cash flow hedges
|
Other assets
|
7,126 | 4,776 | - | ||||||||||
| $ | 20,286 | $ | 20,599 | $ | 15,937 | |||||||||
|
Customer swap positions
|
Other liabilities
|
$ | - | $ | 129 | $ | 825 | |||||||
|
Dealer offsets to customer swap positions
|
Other liabilities
|
5,107 | 3,456 | 1,377 | ||||||||||
|
Dealer offsets to bifurcated embedded derivatives
|
Other liabilities
|
13,244 | 17,467 | 18,931 | ||||||||||
|
De-designated cash flow hedges
|
Other liabilities
|
7,128 | 4,778 | - | ||||||||||
| $ | 25,479 | $ | 25,830 | $ | 21,133 | |||||||||
| 25 |
|
Location of Gain
|
Amount of Gain (Loss)
|
Amount of Gain (Loss)
|
|||||||||||||||
|
(Loss) Recognized
|
Recognized in Income
|
Recognized in Income
|
|||||||||||||||
|
in Income on
|
on Derivative
|
on Hedged Item
|
|||||||||||||||
|
Derivative
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Three Months Ended March 31,
|
|||||||||||||||||
|
Fair value hedges of brokered CD’s
|
Interest expense
|
$ | 2,370 | $ | 5,853 | $ | (2,405 | ) | $ | (6,034 | ) | ||||||
|
Fair value hedges of corporate bonds
|
Interest revenue
|
(345 | ) | (1,704 | ) | 343 | 1,496 | ||||||||||
| $ | 2,025 | $ | 4,149 | $ | (2,062 | ) | $ | (4,538 | ) | ||||||||
| 26 |
|
Amount of Gain (Loss)
Recognized in Other Comprehensive Income on Derivative (Effective Portion) |
Gain (Loss) Reclassified from Accumulated
Other Comprehensive Income into Income
(Effective Portion)
|
Gain (Loss) Recognized in Income on
Derivative (Ineffective Portion)
|
||||||||||||||||||||||||
| 2015 | 2014 |
Location
|
2015
|
2014
|
Location
|
2015
|
2014
|
|||||||||||||||||||
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||
|
Interest rate swaps
|
$ | (471 | ) $ | (2,833 | ) |
Interest Expense
|
$ | (425 | ) | $ | (97 | ) |
Interest expense
|
$ | (7 | ) | $ | (35 | ) | |||||||
|
Weighted-
|
||||||||||||||||
|
Average
|
Aggregate
|
|||||||||||||||
|
Weighted-
|
Remaining
|
Intrinisic
|
||||||||||||||
|
Average Exercise
|
Contractual
|
Value
|
||||||||||||||
|
Options
|
Shares
|
Price
|
Term (Years)
|
$(000) | ||||||||||||
|
Outstanding at December 31, 2014
|
313,555 | $ | 93.40 | |||||||||||||
|
Expired
|
(12,211 | ) | 103.12 | |||||||||||||
|
Outstanding at March 31, 2015
|
301,344 | 93.01 | 2.7 | $ | 118 | |||||||||||
|
Exercisable at March 31, 2015
|
285,095 | 97.43 | 2.3 | 63 | ||||||||||||
| 27 |
|
Restricted Stock Unit Awards
|
Shares
|
Weighted-
Average Grant-
Date Fair Value
|
||||||
|
Outstanding at December 31, 2014
|
829,201 | $ | 14.76 | |||||
|
Granted
|
95,167 | 18.06 | ||||||
|
Vested
|
(100,607 | ) | 15.36 | |||||
|
Cancelled
|
(50,457 | ) | 15.09 | |||||
|
Outstanding at March 31, 2015
|
773,304 | 15.07 | ||||||
|
Vested at March 31, 2015
|
7,580 | 9.90 | ||||||
| 28 |
| 29 |
| 30 |
|
March 31, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Securities available for sale:
|
||||||||||||||||
|
U.S. Treasuries
|
$ | 48,414 | $ | - | $ | - | $ | 48,414 | ||||||||
|
U.S. Government agencies
|
- | 37,268 | - | 37,268 | ||||||||||||
|
State and political subdivisions
|
- | 16,352 | - | 16,352 | ||||||||||||
|
Mortgage-backed securities
|
- | 1,041,114 | - | 1,041,114 | ||||||||||||
|
Corporate bonds
|
- | 186,957 | 750 | 187,707 | ||||||||||||
|
Asset-backed securities
|
- | 468,728 | - | 468,728 | ||||||||||||
|
Other
|
- | 2,390 | - | 2,390 | ||||||||||||
|
Deferred compensation plan assets
|
3,366 | - | - | 3,366 | ||||||||||||
|
SBA servicing rights
|
- | - | 2,717 | 2,717 | ||||||||||||
|
Derivative financial instruments
|
- | 12,174 | 8,117 | 20,291 | ||||||||||||
|
Total assets
|
$ | 51,780 | $ | 1,764,983 | $ | 11,584 | $ | 1,828,347 | ||||||||
|
Liabilities:
|
||||||||||||||||
|
Deferred compensation plan liability
|
$ | 3,366 | $ | - | $ | - | $ | 3,366 | ||||||||
|
Derivative financial instruments
|
- | 14,747 | 14,529 | 29,276 | ||||||||||||
|
Total liabilities
|
$ | 3,366 | $ | 14,747 | $ | 14,529 | $ | 32,642 | ||||||||
| 31 |
|
December 31, 2014
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Securities available for sale:
|
||||||||||||||||
|
U.S. Treasuries
|
$ | 105,709 | $ | - | $ | - | $ | 105,709 | ||||||||
|
U.S. Government agencies
|
- | 36,299 | - | 36,299 | ||||||||||||
|
State and political subdivisions
|
- | 20,233 | - | 20,233 | ||||||||||||
|
Mortgage-backed securities
|
- | 996,820 | - | 996,820 | ||||||||||||
|
Corporate bonds
|
- | 164,878 | 750 | 165,628 | ||||||||||||
|
Asset-backed securities
|
- | 455,928 | - | 455,928 | ||||||||||||
|
Other
|
- | 2,117 | - | 2,117 | ||||||||||||
|
Deferred compensation plan assets
|
3,864 | - | - | 3,864 | ||||||||||||
|
SBA servicing rights
|
- | 2,551 | 2,551 | |||||||||||||
|
Derivative financial instruments
|
- | 8,337 | 12,262 | 20,599 | ||||||||||||
|
Total assets
|
$ | 109,573 | $ | 1,684,612 | $ | 15,563 | $ | 1,809,748 | ||||||||
|
Liabilities:
|
||||||||||||||||
|
Deferred compensation plan liability
|
$ | 3,864 | $ | - | $ | - | $ | 3,864 | ||||||||
|
Derivative financial instruments
|
- | 13,018 | 18,979 | 31,997 | ||||||||||||
|
Total liabilities
|
$ | 3,864 | $ | 13,018 | $ | 18,979 | $ | 35,861 | ||||||||
|
March 31, 2014
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Securities available for sale:
|
||||||||||||||||
|
State and political subdivisions
|
$ | - | $ | 23,006 | $ | - | $ | 23,006 | ||||||||
|
Mortgage-backed securities
|
- | 1,128,112 | - | 1,128,112 | ||||||||||||
|
Corporate bonds
|
- | 251,574 | 350 | 251,924 | ||||||||||||
|
Asset-backed securities
|
- | 432,062 | - | 432,062 | ||||||||||||
|
Other
|
- | 2,572 | - | 2,572 | ||||||||||||
|
Deferred compensation plan assets
|
3,468 | - | - | 3,468 | ||||||||||||
|
Derivative financial instruments
|
- | 21,563 | - | 21,563 | ||||||||||||
|
Total assets
|
$ | 3,468 | $ | 1,858,889 | $ | 350 | $ | 1,862,707 | ||||||||
|
Liabilities:
|
||||||||||||||||
|
Deferred compensation plan liability
|
$ | 3,468 | $ | - | $ | - | $ | 3,468 | ||||||||
|
Brokered certificates of deposit
|
- | 177,726 | - | 177,726 | ||||||||||||
|
Derivative financial instruments
|
- | 42,309 | - | 42,309 | ||||||||||||
|
Total liabilities
|
$ | 3,468 | $ | 220,035 | $ | - | $ | 223,503 | ||||||||
|
Three Months Ended March 31
|
||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||
|
Derivative
Asset
|
Derivative
Liability
|
SBA
servicing
rights
|
Securities
Available-for-
Sale
|
Securities
Available-for-
Sale
|
||||||||||||||||
|
Balance at beginning of period
|
$ | 12,262 | $ | 18,979 | $ | 2,551 | $ | 750 | $ | 350 | ||||||||||
|
Purchases
|
- | - | - | - | - | |||||||||||||||
|
Additions
|
- | - | 190 | - | - | |||||||||||||||
|
Sales and settlements
|
- | - | - | - | - | |||||||||||||||
|
Other comprehensive income
|
- | - | - | - | - | |||||||||||||||
|
Amounts included in earnings - fair value adjustments
|
(4,145 | ) | (4,450 | ) | (24 | ) | - | - | ||||||||||||
|
Transfers between valuation levels, net
|
- | - | - | - | - | |||||||||||||||
|
Balance at end of period
|
$ | 8,117 | $ | 14,529 | $ | 2,717 | $ | 750 | $ | 350 | ||||||||||
| 32 |
|
Fair Value
|
Weighted Average
|
||||||||||||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
Valuation
|
March 31,
|
December 31,
|
||||||||||||||||||
|
Level 3 Assets
|
2015
|
2014
|
2014
|
Technique
|
Unobservable Inputs
|
2015
|
2014
|
||||||||||||||||
|
SBA Servicing Rights
|
$ | 2,717 | $ | 2,551 | $ | - |
Discounted
|
Discount rate
|
11.1 | % | 12.0 | % | |||||||||||
| cash flow |
Prepayment Rate
|
7.26 | % | 6.70 | % | ||||||||||||||||||
|
Corporate Bonds
|
750 | 750 | 350 |
Indicative bid provided by a broker
|
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
|
N/A | N/A | ||||||||||||||||
|
Derivatives assets
|
8,117 | 12,262 | - |
Dealer Priced
|
Dealer Priced
|
N/A | N/A | ||||||||||||||||
|
Derivative liabilities
|
14,529 | 18,979 | - |
Dealer Priced
|
Dealer Priced
|
N/A | N/A | ||||||||||||||||
|
March 31, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Loans
|
$ | - | $ | - | $ | 80,432 | $ | 80,432 | ||||||||
|
Foreclosed properties
|
- | - | 1,021 | 1,021 | ||||||||||||
|
Total
|
$ | - | $ | - | $ | 81,453 | $ | 81,453 | ||||||||
|
December 31, 2014
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Loans
|
$ | - | $ | - | $ | 83,541 | $ | 83,541 | ||||||||
|
Foreclosed properties
|
- | - | 1,555 | 1,555 | ||||||||||||
|
Total
|
$ | - | $ | - | $ | 85,096 | $ | 85,096 | ||||||||
|
March 31, 2014
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Loans
|
$ | - | $ | - | $ | 79,918 | $ | 79,918 | ||||||||
|
Foreclosed properties
|
- | - | 3,120 | 3,120 | ||||||||||||
|
Total
|
$ | - | $ | - | $ | 83,038 | $ | 83,038 | ||||||||
| 33 |
|
Carrying
|
Fair Value Level
|
|||||||||||||||||||
|
March 31, 2015
|
Amount
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Securities held to maturity
|
$ | 399,228 | $ | - | $ | 413,550 | $ | - | $ | 413,550 | ||||||||||
|
Loans, net
|
4,717,682 | - | - | 4,686,611 | 4,686,611 | |||||||||||||||
|
Mortgage loans held for sale
|
15,723 | - | 16,181 | - | 16,181 | |||||||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
6,437,931 | - | 6,438,984 | - | 6,438,984 | |||||||||||||||
|
Federal Home Loan Bank advances
|
270,125 | - | 270,124 | - | 270,124 | |||||||||||||||
|
Long-term debt
|
113,901 | - | - | 116,919 | 116,919 | |||||||||||||||
|
December 31, 2014
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Securities held to maturity
|
415,267 | - | 425,233 | - | 425,233 | |||||||||||||||
|
Loans, net
|
4,600,500 | - | - | 4,549,027 | 4,549,027 | |||||||||||||||
|
Mortgage loans held for sale
|
13,737 | - | 14,139 | - | 14,139 | |||||||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
6,326,513 | - | 6,328,264 | - | 6,328,264 | |||||||||||||||
|
Federal Home Loan Bank advances
|
270,125 | - | 270,125 | - | 270,125 | |||||||||||||||
|
Long-term debt
|
129,865 | - | - | 132,814 | 132,814 | |||||||||||||||
|
March 31, 2014
|
||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||
|
Securities held to maturity
|
464,697 | - | 473,136 | - | 473,136 | |||||||||||||||
|
Loans, net
|
4,280,485 | - | - | 4,201,255 | 4,201,255 | |||||||||||||||
|
Mortgage loans held for sale
|
10,933 | - | 11,121 | - | 11,121 | |||||||||||||||
|
Liabilities:
|
||||||||||||||||||||
|
Deposits
|
6,247,541 | - | 6,238,927 | - | 6,238,927 | |||||||||||||||
|
Federal Home Loan Bank advances
|
50,125 | - | 50,125 | - | 50,125 | |||||||||||||||
|
Long-term debt
|
129,865 | - | - | 130,636 | 130,636 | |||||||||||||||
| 34 |
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
||||||||||
|
Financial instruments whose contract amounts represent credit risk:
|
||||||||||||
|
Commitments to extend credit
|
$ | 972,819 | $ | 878,160 | $ | 720,891 | ||||||
|
Letters of credit
|
24,310 | 19,861 | 19,960 | |||||||||
| 35 |
|
●
|
the condition of the general business and economic environment;
|
|
●
|
the results of our internal credit stress tests may not accurately predict the impact on our financial condition if the economy were to deteriorate;
|
|
●
|
our ability to maintain profitability;
|
|
●
|
our ability to fully realize the balance of our net deferred tax asset, including net operating loss carryforwards;
|
|
●
|
the risk that we may be required to increase the valuation allowance on our net deferred tax asset in future periods;
|
|
●
|
the condition of the banking system and financial markets;
|
|
●
|
our ability to raise capital;
|
|
●
|
our ability to maintain liquidity or access other sources of funding;
|
|
●
|
changes in the cost and availability of funding;
|
|
●
|
the success of the local economies in which we operate;
|
|
●
|
our lack of geographic diversification;
|
|
●
|
our concentrations of residential and commercial construction and development loans and commercial real estate loans are subject to unique risks that could adversely affect our earnings;
|
|
●
|
changes in prevailing interest rates may negatively affect our net income and the value of our assets and other interest rate risks;
|
|
●
|
our accounting and reporting policies;
|
|
●
|
if our allowance for loan losses is not sufficient to cover actual loan losses;
|
|
●
|
losses due to fraudulent and negligent conduct of our loan customers, third party service providers or employees;
|
|
●
|
risks related to our communications and information systems, including risks with respect to cybersecurity breaches;
|
|
●
|
our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
|
|
●
|
competition from financial institutions and other financial service providers;
|
|
●
|
risks with respect to our ability to successfully expand and complete acquisitions and integrate businesses and operations that are acquired;
|
|
●
|
if the conditions in the stock market, the public debt market and other capital markets deteriorate;
|
|
●
|
the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and related regulations;
|
|
●
|
changes in laws and regulations or failures to comply with such laws and regulations;
|
|
●
|
changes in regulatory capital and other requirements;
|
|
●
|
the costs and effects of litigation, examinations, investigations, or similar matters, or adverse facts and developments related thereto, including possible dilution;
|
|
●
|
regulatory or judicial proceedings, board resolutions, informal memorandums of understanding or formal enforcement actions imposed by regulators that may occur;
|
|
●
|
changes in tax laws, regulations and interpretations or challenges to our income tax provision; and
|
|
●
|
our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures.
|
| 36 |
| 37 |
| 38 |
|
Table 1 - Financial Highlights
|
||||||||||||||||||||||||
|
Selected Financial Information
|
||||||||||||||||||||||||
|
|
First
|
|||||||||||||||||||||||
|
2015
|
2014
|
Quarter
|
||||||||||||||||||||||
|
(in thousands, except per share
|
First
|
Fourth
|
Third
|
Second
|
First
|
2015-2014 | ||||||||||||||||||
|
data; taxable equivalent)
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Change
|
||||||||||||||||||
|
INCOME SUMMARY
|
||||||||||||||||||||||||
|
Interest revenue
|
$ | 62,909 | $ | 64,353 | $ | 63,338 | $ | 61,783 | $ | 60,495 | ||||||||||||||
|
Interest expense
|
5,292 | 6,021 | 6,371 | 6,833 | 6,326 | |||||||||||||||||||
|
Net interest revenue
|
57,617 | 58,332 | 56,967 | 54,950 | 54,169 | 6 | % | |||||||||||||||||
|
Provision for credit losses
|
1,800 | 1,800 | 2,000 | 2,200 | 2,500 | |||||||||||||||||||
|
Fee revenue
|
15,682 | 14,823 | 14,412 | 14,143 | 12,176 | 29 | ||||||||||||||||||
|
Total revenue
|
71,499 | 71,355 | 69,379 | 66,893 | 63,845 | 12 | ||||||||||||||||||
|
Operating expenses
|
43,061 | 41,919 | 41,364 | 40,532 | 39,050 | 10 | ||||||||||||||||||
|
Income before income taxes
|
28,438 | 29,436 | 28,015 | 26,361 | 24,795 | 15 | ||||||||||||||||||
|
Income tax expense
|
10,768 | 11,189 | 10,399 | 10,004 | 9,395 | 15 | ||||||||||||||||||
|
Net income
|
17,670 | 18,247 | 17,616 | 16,357 | 15,400 | 15 | ||||||||||||||||||
|
Preferred dividends and discount accretion
|
- | - | - | - | 439 | |||||||||||||||||||
|
Net income available to common shareholders
|
$ | 17,670 | $ | 18,247 | $ | 17,616 | $ | 16,357 | $ | 14,961 | 18 | |||||||||||||
|
PERFORMANCE MEASURES
|
||||||||||||||||||||||||
|
Per common share:
|
||||||||||||||||||||||||
|
Diluted income
|
$ | .29 | $ | .30 | $ | .29 | $ | .27 | $ | .25 | 16 | |||||||||||||
|
Cash dividends declared
|
.05 | .05 | .03 | .03 | - | |||||||||||||||||||
|
Book value
|
12.58 | 12.20 | 12.15 | 11.94 | 11.66 | 8 | ||||||||||||||||||
|
Tangible book value
(2)
|
12.53 | 12.15 | 12.10 | 11.91 | 11.63 | 8 | ||||||||||||||||||
|
Key performance ratios:
|
||||||||||||||||||||||||
|
Return on common equity
(1)(3)
|
9.34 | % | 9.60 | % | 9.41 | % | 8.99 | % | 8.64 | % | ||||||||||||||
|
Return on assets
(3)
|
.94 | .96 | .95 | .88 | .85 | |||||||||||||||||||
|
Dividend payout ratio
|
17.24 | 16.67 | 10.34 | 11.11 | - | |||||||||||||||||||
|
Net interest margin
(3)
|
3.31 | 3.31 | 3.32 | 3.21 | 3.21 | |||||||||||||||||||
|
Efficiency ratio
|
59.15 | 57.47 | 57.96 | 58.65 | 59.05 | |||||||||||||||||||
|
Average equity to average assets
|
9.86 | 9.76 | 9.85 | 9.61 | 9.52 | |||||||||||||||||||
|
Average tangible equity to average assets
(2)
|
9.82 | 9.72 | 9.83 | 9.58 | 9.50 | |||||||||||||||||||
|
Average tangible common equity to average assets
(2)
|
9.82 | 9.72 | 9.83 | 9.58 | 9.22 | |||||||||||||||||||
|
Tangible common equity to risk-weighted assets
(2)(4)
|
13.53 | 13.82 | 14.10 | 13.92 | 13.63 | |||||||||||||||||||
|
ASSET QUALITY
|
||||||||||||||||||||||||
|
Nonperforming loans
|
$ | 19,015 | $ | 17,881 | $ | 18,745 | $ | 20,724 | $ | 25,250 | (25 | ) | ||||||||||||
|
Foreclosed properties
|
1,158 | 1,726 | 3,146 | 2,969 | 5,594 | (79 | ) | |||||||||||||||||
|
Total nonperforming assets (NPAs)
|
20,173 | 19,607 | 21,891 | 23,693 | 30,844 | (35 | ) | |||||||||||||||||
|
Allowance for loan losses
|
70,007 | 71,619 | 71,928 | 73,248 | 75,223 | |||||||||||||||||||
|
Net charge-offs
|
2,562 | 2,509 | 3,155 | 4,175 | 4,039 | (37 | ) | |||||||||||||||||
|
Allowance for loan losses to loans
|
1.46 | % | 1.53 | % | 1.57 | % | 1.66 | % | 1.73 | % | ||||||||||||||
|
Net charge-offs to average loans
(3)
|
.22 | .22 | .28 | .38 | .38 | |||||||||||||||||||
|
NPAs to loans and foreclosed properties
|
.42 | .42 | .48 | .54 | .71 | |||||||||||||||||||
|
NPAs to total assets
|
.26 | .26 | .29 | .32 | .42 | |||||||||||||||||||
|
|
||||||||||||||||||||||||
|
AVERAGE BALANCES
($ in millions)
|
||||||||||||||||||||||||
|
Loans
|
$ | 4,725 | $ | 4,621 | $ | 4,446 | $ | 4,376 | $ | 4,356 | 8 | |||||||||||||
|
Investment securities
|
2,203 | 2,222 | 2,231 | 2,326 | 2,320 | (5 | ) | |||||||||||||||||
|
Earning assets
|
7,070 | 7,013 | 6,820 | 6,861 | 6,827 | 4 | ||||||||||||||||||
|
Total assets
|
7,617 | 7,565 | 7,374 | 7,418 | 7,384 | 3 | ||||||||||||||||||
|
Deposits
|
6,369 | 6,383 | 6,143 | 6,187 | 6,197 | 3 | ||||||||||||||||||
|
Shareholders’ equity
|
751 | 738 | 726 | 713 | 703 | 7 | ||||||||||||||||||
|
Common shares - basic
(thousands)
|
60,905 | 60,830 | 60,776 | 60,712 | 60,059 | |||||||||||||||||||
|
Common shares - diluted
(thousands)
|
60,909 | 60,833 | 60,779 | 60,714 | 60,061 | |||||||||||||||||||
|
AT PERIOD END
($ in millions)
|
||||||||||||||||||||||||
|
Loans
|
$ | 4,788 | $ | 4,672 | $ | 4,569 | $ | 4,410 | $ | 4,356 | 10 | |||||||||||||
|
Investment securities
|
2,201 | 2,198 | 2,222 | 2,190 | 2,302 | (4 | ) | |||||||||||||||||
|
Total assets
|
7,664 | 7,567 | 7,526 | 7,352 | 7,398 | 4 | ||||||||||||||||||
|
Deposits
|
6,438 | 6,327 | 6,241 | 6,164 | 6,248 | 3 | ||||||||||||||||||
|
Shareholders’ equity
|
764 | 740 | 736 | 722 | 704 | 9 | ||||||||||||||||||
|
Common shares outstanding
(thousands)
|
60,309 | 60,259 | 60,248 | 60,139 | 60,092 | |||||||||||||||||||
| 39 |
|
Table 1 Continued - Non-GAAP Performance Measures Reconciliation
|
||||||||||||||||||||
|
Selected Financial Information
|
||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||
|
(in thousands, except per share
|
First
|
Fourth
|
Third
|
Second
|
First
|
|||||||||||||||
|
data; taxable equivalent)
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
|||||||||||||||
|
\
|
\
|
\
|
\
|
\
|
||||||||||||||||
|
Interest revenue reconciliation
|
||||||||||||||||||||
|
Interest revenue - taxable equivalent
|
$ | 62,909 | $ | 64,353 | $ | 63,338 | $ | 61,783 | $ | 60,495 | ||||||||||
|
Taxable equivalent adjustment
|
(375 | ) | (398 | ) | (405 | ) | (377 | ) | (357 | ) | ||||||||||
|
Interest revenue (GAAP)
|
$ | 62,534 | $ | 63,955 | $ | 62,933 | $ | 61,406 | $ | 60,138 | ||||||||||
|
Net interest revenue reconciliation
|
||||||||||||||||||||
|
Net interest revenue - taxable equivalent
|
$ | 57,617 | $ | 58,332 | $ | 56,967 | $ | 54,950 | $ | 54,169 | ||||||||||
|
Taxable equivalent adjustment
|
(375 | ) | (398 | ) | (405 | ) | (377 | ) | (357 | ) | ||||||||||
|
Net interest revenue (GAAP)
|
$ | 57,242 | $ | 57,934 | $ | 56,562 | $ | 54,573 | $ | 53,812 | ||||||||||
|
Total revenue reconciliation
|
||||||||||||||||||||
|
Total operating revenue
|
$ | 71,499 | $ | 71,355 | $ | 69,379 | $ | 66,893 | $ | 63,845 | ||||||||||
|
Taxable equivalent adjustment
|
(375 | ) | (398 | ) | (405 | ) | (377 | ) | (357 | ) | ||||||||||
|
Total revenue (GAAP)
|
$ | 71,124 | $ | 70,957 | $ | 68,974 | $ | 66,516 | $ | 63,488 | ||||||||||
|
Income before taxes reconciliation
|
||||||||||||||||||||
|
Income before taxes
|
$ | 28,438 | $ | 29,436 | $ | 28,015 | $ | 26,361 | $ | 24,795 | ||||||||||
|
Taxable equivalent adjustment
|
(375 | ) | (398 | ) | (405 | ) | (377 | ) | (357 | ) | ||||||||||
|
Income before taxes (GAAP)
|
$ | 28,063 | $ | 29,038 | $ | 27,610 | $ | 25,984 | $ | 24,438 | ||||||||||
|
Income tax expense (benefit) reconciliation
|
||||||||||||||||||||
|
Income tax expense (benefit)
|
$ | 10,768 | $ | 11,189 | $ | 10,399 | $ | 10,004 | $ | 9,395 | ||||||||||
|
Taxable equivalent adjustment
|
(375 | ) | (398 | ) | (405 | ) | (377 | ) | (357 | ) | ||||||||||
|
Income tax expense (benefit) (GAAP)
|
$ | 10,393 | $ | 10,791 | $ | 9,994 | $ | 9,627 | $ | 9,038 | ||||||||||
|
Book value per common share reconciliation
|
||||||||||||||||||||
|
Tangible book value per common share
|
$ | 12.53 | $ | 12.15 | $ | 12.10 | $ | 11.91 | $ | 11.63 | ||||||||||
|
Effect of goodwill and other intangibles
|
.05 | .05 | .05 | .03 | .03 | |||||||||||||||
|
Book value per common share (GAAP)
|
$ | 12.58 | $ | 12.20 | $ | 12.15 | $ | 11.94 | $ | 11.66 | ||||||||||
|
Average equity to assets reconciliation
|
||||||||||||||||||||
|
Tangible common equity to assets
|
9.82 | % | 9.72 | % | 9.83 | % | 9.58 | % | 9.22 | % | ||||||||||
|
Effect of preferred equity
|
- | - | - | - | .28 | |||||||||||||||
|
Tangible equity to assets
|
9.82 | 9.72 | 9.83 | 9.58 | 9.50 | |||||||||||||||
|
Effect of goodwill and other intangibles
|
.04 | .04 | .02 | .03 | .02 | |||||||||||||||
|
Equity to assets (GAAP)
|
9.86 | % | 9.76 | % | 9.85 | % | 9.61 | % | 9.52 | % | ||||||||||
|
Tangible common equity to risk-weighted assets reconciliation
(1)
|
||||||||||||||||||||
|
Tangible common equity to risk-weighted assets
|
13.53 | % | 13.82 | % | 14.10 | % | 13.92 | % | 13.63 | % | ||||||||||
|
Effect of other comprehensive income
|
.19 | .35 | .34 | .53 | .36 | |||||||||||||||
|
Effect of deferred tax limitation
|
(2.86 | ) | (3.11 | ) | (3.39 | ) | (3.74 | ) | (3.92 | ) | ||||||||||
|
Effect of trust preferred
|
.67 | 1.00 | 1.02 | 1.04 | 1.03 | |||||||||||||||
|
Tier I capital ratio (Regulatory)
|
11.53 | % | 12.06 | % | 12.07 | % | 11.75 | % | 11.10 | % | ||||||||||
Net Interest Revenue (Taxable Equivalent)
Net interest revenue (the difference between the interest earned on assets and the interest paid on deposits and borrowed funds) is the single largest component of total revenue. United actively manages the balance sheet to provide optimal levels of revenue while balancing interest rate, credit and liquidity risks. Taxable equivalent net interest revenue for the first quarter of 2015 was $57.6 million, up $3.45 million from the first quarter of 2014. The combination of growth in the loan portfolio, a higher yield on the securities portfolio and lower interest costs on deposits and borrowed funds were responsible for the increase in net interest revenue. United continues to focus on loan and deposit pricing in an effort to maintain a steady level of net interest revenue.
| 40 |
| 41 |
|
Table 2 - Average Consolidated Balance Sheets and Net Interest Analysis
|
||||||||||||||||||||||||
|
For the Three Months Ended March 31,
|
||||||||||||||||||||||||
| 2015 | 2014 | |||||||||||||||||||||||
|
Average
|
Avg.
|
Average
|
Avg.
|
|||||||||||||||||||||
|
(dollars in thousands, taxable equivalent)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Loans, net of unearned income
(1)(2)
|
$ | 4,725,304 | $ | 49,865 | 4.28 | % | $ | 4,355,572 | $ | 47,868 | 4.46 | % | ||||||||||||
|
Taxable securities
(3)
|
2,186,756 | 11,900 | 2.18 | 2,300,316 | 11,419 | 1.99 | ||||||||||||||||||
|
Tax-exempt securities
(1)(3)
|
16,236 | 259 | 6.38 | 20,173 | 308 | 6.11 | ||||||||||||||||||
|
Federal funds sold and other interest-earning assets
|
141,414 | 885 | 2.50 | 150,841 | 900 | 2.39 | ||||||||||||||||||
|
Total interest-earning assets
|
7,069,710 | 62,909 | 3.60 | 6,826,902 | 60,495 | 3.58 | ||||||||||||||||||
|
Non-interest-earning assets:
|
||||||||||||||||||||||||
|
Allowance for loan losses
|
(72,192 | ) | (77,491 | ) | ||||||||||||||||||||
|
Cash and due from banks
|
79,025 | 62,054 | ||||||||||||||||||||||
|
Premises and equipment
|
159,502 | 162,788 | ||||||||||||||||||||||
|
Other assets
(3)
|
381,300 | 410,175 | ||||||||||||||||||||||
|
Total assets
|
$ | 7,617,345 | $ | 7,384,428 | ||||||||||||||||||||
|
Liabilities and Shareholders’ Equity:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Interest-bearing deposits:
|
||||||||||||||||||||||||
|
NOW
|
$ | 1,475,913 | 394 | .11 | $ | 1,416,119 | 440 | .13 | ||||||||||||||||
|
Money market
|
1,466,913 | 673 | .19 | 1,376,993 | 563 | .17 | ||||||||||||||||||
|
Savings
|
300,344 | 20 | .03 | 259,548 | 20 | .03 | ||||||||||||||||||
|
Time less than $100,000
|
737,254 | 724 | .40 | 877,695 | 1,013 | .47 | ||||||||||||||||||
|
Time greater than $100,000
|
494,451 | 664 | .54 | 578,190 | 918 | .64 | ||||||||||||||||||
|
Brokered time deposits
|
273,327 | (279 | ) | (.41 | ) | 287,979 | (160 | ) | (.23 | ) | ||||||||||||||
|
Total interest-bearing deposits
|
4,748,202 | 2,196 | .19 | 4,796,524 | 2,794 | .24 | ||||||||||||||||||
|
Federal funds purchased and other borrowings
|
36,145 | 98 | 1.10 | 112,583 | 840 | 3.03 | ||||||||||||||||||
|
Federal Home Loan Bank advances
|
239,181 | 392 | .66 | 125,069 | 58 | .19 | ||||||||||||||||||
|
Long-term debt
|
127,740 | 2,606 | 8.27 | 129,865 | 2,634 | 8.23 | ||||||||||||||||||
|
Total borrowed funds
|
403,066 | 3,096 | 3.12 | 367,517 | 3,532 | 3.90 | ||||||||||||||||||
|
Total interest-bearing liabilities
|
5,151,268 | 5,292 | .42 | 5,164,041 | 6,326 | .50 | ||||||||||||||||||
|
Non-interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Non-interest-bearing deposits
|
1,620,984 | 1,400,619 | ||||||||||||||||||||||
|
Other liabilities
|
94,207 | 116,667 | ||||||||||||||||||||||
|
Total liabilities
|
6,866,459 | 6,681,327 | ||||||||||||||||||||||
|
Shareholders’ equity
|
750,886 | 703,101 | ||||||||||||||||||||||
|
Total liabilities and shareholders’ equity
|
$ | 7,617,345 | $ | 7,384,428 | ||||||||||||||||||||
|
Net interest revenue
|
$ | 57,617 | $ | 54,169 | ||||||||||||||||||||
|
Net interest-rate spread
|
3.18 | % | 3.08 | % | ||||||||||||||||||||
|
Net interest margin
(4)
|
3.31 | % | 3.21 | % | ||||||||||||||||||||
| (1) |
Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate
used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
|
| (2) |
Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued and loans that are held for sale.
|
| (3) |
Securities available for sale are shown at amortized cost. Pretax unrealized gains of $10.8 million in 2015 and pretax unrealized losses of $4.63
million in 2014 are included in other assets for purposes of this presentation.
|
| (4) |
Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets.
|
| 42 |
|
Table 3 - Change in Interest Revenue and Expense on a Taxable Equivalent Basis
|
||||||||||||
|
(in thousands)
|
||||||||||||
|
Three Months Ended March 31, 2015
|
||||||||||||
|
Compared to 2014
|
||||||||||||
|
Increase (decrease)
|
||||||||||||
|
Due to Changes in
|
||||||||||||
|
Volume
|
Rate
|
Total
|
||||||||||
|
Interest-earning assets:
|
|
|||||||||||
|
Loans
|
$ | 3,953 | $ | (1,956 | ) | $ | 1,997 | |||||
|
Taxable securities
|
(582 | ) | 1,063 | 481 | ||||||||
|
Tax-exempt securities
|
(62 | ) | 13 | (49 | ) | |||||||
|
Federal funds sold and other interest-earning assets
|
(58 | ) | 43 | (15 | ) | |||||||
|
Total interest-earning assets
|
3,251 | (837 | ) | 2,414 | ||||||||
|
Interest-bearing liabilities:
|
||||||||||||
|
NOW accounts
|
18 | (64 | ) | (46 | ) | |||||||
|
Money market accounts
|
38 | 72 | 110 | |||||||||
|
Savings deposits
|
3 | (3 | ) | - | ||||||||
|
Time deposits less than $100,000
|
(150 | ) | (139 | ) | (289 | ) | ||||||
|
Time deposits greater than $100,000
|
(123 | ) | (131 | ) | (254 | ) | ||||||
|
Brokered deposits
|
9 | (128 | ) | (119 | ) | |||||||
|
Total interest-bearing deposits
|
(205 | ) | (393 | ) | (598 | ) | ||||||
|
Federal funds purchased & other borrowings
|
(383 | ) | (359 | ) | (742 | ) | ||||||
|
Federal Home Loan Bank advances
|
88 | 246 | 334 | |||||||||
|
Long-term debt
|
(43 | ) | 15 | (28 | ) | |||||||
|
Total borrowed funds
|
(338 | ) | (98 | ) | (436 | ) | ||||||
|
Total interest-bearing liabilities
|
(543 | ) | (491 | ) | (1,034 | ) | ||||||
|
Increase in net interest revenue
|
$ | 3,794 | $ | (346 | ) | $ | 3,448 | |||||
| 43 |
|
Table 4 - Fee Revenue
|
|
|||||||||||||||
|
(in thousands)
|
||||||||||||||||
|
Three Months Ended
|
||||||||||||||||
|
March 31,
|
Change
|
|||||||||||||||
|
2015
|
2014
|
Amount
|
Percent
|
|||||||||||||
|
Overdraft fees
|
$ | 2,598 | $ | 2,920 | $ | (322 | ) | (11 | ) | |||||||
|
ATM and debit card fees
|
3,638 | 3,531 | 107 | 3 | ||||||||||||
|
Other service charges and fees
|
1,379 | 1,447 | (68 | ) | (5 | ) | ||||||||||
|
Service charges and fees
|
7,615 | 7,898 | (283 | ) | (4 | ) | ||||||||||
|
Mortgage loan and related fees
|
2,755 | 1,354 | 1,401 | 103 | ||||||||||||
|
Brokerage fees
|
1,551 | 1,177 | 374 | 32 | ||||||||||||
|
Gains on sales of SBA loans
|
1,141 | - | 1,141 | 100 | ||||||||||||
|
Customer derivatives
|
363 | 57 | 306 | 537 | ||||||||||||
|
Securities gains, net
|
1,539 | 217 | 1,322 | |||||||||||||
|
Losses from prepayment of debt
|
(1,038 | ) | - | (1,038 | ) | |||||||||||
|
Other
|
1,756 | 1,473 | 283 | 19 | ||||||||||||
|
Total fee revenue
|
$ | 15,682 | $ | 12,176 | $ | 3,506 | 29 | |||||||||
| 44 |
|
Three Months Ended
|
||||||||||||||||
|
March 31,
|
Change
|
|||||||||||||||
|
2015
|
2014
|
Amount
|
Percent
|
|||||||||||||
|
Salaries and employee benefits
|
$ | 26,446 | $ | 24,396 | $ | 2,050 | 8 | |||||||||
|
Communications and equipment
|
3,271 | 3,239 | 32 | 1 | ||||||||||||
|
Occupancy
|
3,278 | 3,378 | (100 | ) | (3 | ) | ||||||||||
|
Advertising and public relations
|
750 | 626 | 124 | 20 | ||||||||||||
|
Postage, printing and supplies
|
938 | 776 | 162 | 21 | ||||||||||||
|
Professional fees
|
1,919 | 1,427 | 492 | 34 | ||||||||||||
|
FDIC assessments and other regulatory charges
|
1,209 | 1,353 | (144 | ) | (11 | ) | ||||||||||
|
Amortization of intangibles
|
242 | 387 | (145 | ) | (37 | ) | ||||||||||
|
Other
|
5,008 | 3,468 | 1,540 | 44 | ||||||||||||
|
Total operating expenses
|
$ | 43,061 | $ | 39,050 | $ | 4,011 | 10 | |||||||||
| 45 |
|
Table 6 - Loans Outstanding
|
||||||||||||
|
(in thousands)
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2015
|
2014
|
2014
|
||||||||||
|
By Loan Type
|
||||||||||||
|
Owner occupied commercial real estate
|
$ | 1,166,916 | $ | 1,163,480 | $ | 1,141,791 | ||||||
|
Income producing commercial real estate
|
636,107 | 598,537 | 623,830 | |||||||||
|
Commercial & industrial
|
716,281 | 710,256 | 495,178 | |||||||||
|
Commercial construction
|
229,920 | 196,030 | 148,454 | |||||||||
|
Total commercial
|
2,749,224 | 2,668,303 | 2,409,253 | |||||||||
|
Residential mortgage
|
863,311 | 865,789 | 866,615 | |||||||||
|
Home equity lines of credit
|
465,474 | 465,872 | 446,705 | |||||||||
|
Residential construction
|
291,259 | 298,627 | 317,749 | |||||||||
|
Consumer installment
|
102,585 | 104,899 | 106,991 | |||||||||
|
Indirect auto
|
315,836 | 268,629 | 208,395 | |||||||||
|
Total loans
|
$ | 4,787,689 | $ | 4,672,119 | $ | 4,355,708 | ||||||
|
As a percentage of total loans:
|
||||||||||||
|
Owner occupied commercial real estate
|
24 | % | 25 | % | 26 | % | ||||||
|
Income producing commercial real estate
|
13 | 13 | 15 | |||||||||
|
Commercial & industrial
|
15 | 15 | 12 | |||||||||
|
Commercial construction
|
5 | 4 | 3 | |||||||||
|
Total commercial
|
57 | 57 | 56 | |||||||||
|
Residential mortgage
|
18 | 19 | 20 | |||||||||
|
Home equity lines of credit
|
10 | 10 | 10 | |||||||||
|
Residential construction
|
6 | 6 | 7 | |||||||||
|
Consumer installment
|
2 | 2 | 2 | |||||||||
|
Indirect auto
|
7 | 6 | 5 | |||||||||
|
Total
|
100 | % | 100 | % | 100 | % | ||||||
|
By Geographic Location
|
||||||||||||
|
North Georgia
|
$ | 1,149,660 | $ | 1,163,479 | $ | 1,204,672 | ||||||
|
Atlanta MSA
|
1,295,649 | 1,281,753 | 1,289,630 | |||||||||
|
North Carolina
|
539,307 | 552,766 | 563,317 | |||||||||
|
Coastal Georgia
|
476,128 | 455,709 | 424,654 | |||||||||
|
Gainesville MSA
|
255,064 | 257,449 | 261,616 | |||||||||
|
East Tennessee
|
281,146 | 280,312 | 272,493 | |||||||||
|
South Carolina / Specialized Lending
|
474,899 | 412,022 | 130,931 | |||||||||
|
Other (Indirect Auto)
|
315,836 | 268,629 | 208,395 | |||||||||
|
Total loans
|
$ | 4,787,689 | $ | 4,672,119 | $ | 4,355,708 | ||||||
| 46 |
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||
|
2015
|
2014
|
2014
|
2014
|
2014
|
||||||||||||||||
|
By Category
|
||||||||||||||||||||
|
Owner occupied commercial real estate
|
$ | 43,887 | $ | 46,401 | $ | 49,857 | $ | 48,222 | $ | 47,526 | ||||||||||
|
Income producing commercial real estate
|
19,881 | 20,560 | 22,215 | 24,633 | 36,799 | |||||||||||||||
|
Commercial & industrial
|
6,704 | 7,863 | 7,498 | 5,647 | 8,141 | |||||||||||||||
|
Commercial construction
|
3,528 | 3,566 | 3,847 | 4,406 | 5,281 | |||||||||||||||
|
Total commercial
|
74,000 | 78,390 | 83,417 | 82,908 | 97,747 | |||||||||||||||
|
Residential mortgage
|
30,382 | 31,831 | 42,981 | 41,856 | 43,572 | |||||||||||||||
|
Home equity
|
5,734 | 5,296 | 8,073 | 7,562 | 7,662 | |||||||||||||||
|
Residential construction
|
9,504 | 10,920 | 11,755 | 12,872 | 12,977 | |||||||||||||||
|
Consumer installment
|
1,301 | 1,382 | 2,062 | 1,776 | 2,310 | |||||||||||||||
|
Indirect auto
|
796 | 574 | 684 | 562 | 597 | |||||||||||||||
|
Total
|
$ | 121,717 | $ | 128,393 | $ | 148,972 | $ | 147,536 | $ | 164,865 | ||||||||||
|
By Market
|
||||||||||||||||||||
|
North Georgia
|
$ | 52,652 | $ | 55,821 | $ | 66,780 | $ | 66,709 | $ | 69,584 | ||||||||||
|
Atlanta MSA
|
32,281 | 31,596 | 34,699 | 32,975 | 32,008 | |||||||||||||||
|
North Carolina
|
13,871 | 16,479 | 18,465 | 19,619 | 21,735 | |||||||||||||||
|
Coastal Georgia
|
14,355 | 15,642 | 17,368 | 17,427 | 18,354 | |||||||||||||||
|
Gainesville MSA
|
1,009 | 1,109 | 2,016 | 2,832 | 14,911 | |||||||||||||||
|
East Tennessee
|
5,936 | 5,933 | 7,643 | 7,412 | 7,676 | |||||||||||||||
|
South Carolina / Specialized Lending
|
817 | 1,239 | 1,317 | - | - | |||||||||||||||
|
Indirect auto
|
796 | 574 | 684 | 562 | 597 | |||||||||||||||
|
Total loans
|
$ | 121,717 | $ | 128,393 | $ | 148,972 | $ | 147,536 | $ | 164,865 | ||||||||||
| 47 |
|
Three Months Ended March 31,
|
||||||||
|
2015
|
2014
|
|||||||
|
Allowance for loan losses at beginning of period
|
$ | 71,619 | $ | 76,762 | ||||
|
Charge-offs:
|
||||||||
|
Owner occupied commercial real estate
|
368 | 341 | ||||||
|
Income producing commercial real estate
|
248 | 231 | ||||||
|
Commercial & industrial
|
469 | 963 | ||||||
|
Commercial construction
|
22 | - | ||||||
|
Residential mortgage
|
578 | 1,581 | ||||||
|
Home equity lines of credit
|
73 | 1,003 | ||||||
|
Residential construction
|
1,140 | 304 | ||||||
|
Consumer installment
|
326 | 676 | ||||||
|
Indirect auto
|
128 | 77 | ||||||
|
Total loans charged-off
|
3,352 | 5,176 | ||||||
|
Recoveries:
|
||||||||
|
Owner occupied commercial real estate
|
11 | 89 | ||||||
|
Income producing commercial real estate
|
7 | - | ||||||
|
Commercial & industrial
|
128 | 541 | ||||||
|
Commercial construction
|
- | - | ||||||
|
Residential mortgage
|
162 | 66 | ||||||
|
Home equity lines of credit
|
14 | 10 | ||||||
|
Residential construction
|
79 | 93 | ||||||
|
Consumer installment
|
376 | 327 | ||||||
|
Indirect auto
|
13 | 11 | ||||||
|
Total recoveries
|
790 | 1,137 | ||||||
|
Net charge-offs
|
2,562 | 4,039 | ||||||
|
Provision for loan losses
|
950 | 2,500 | ||||||
|
Allowance for loan losses at end of period
|
$ | 70,007 | $ | 75,223 | ||||
|
Allowance for unfunded commitments at beginning of period
|
$ | 1,930 | $ | 2,165 | ||||
|
Provision for losses on unfunded commitments
|
850 | - | ||||||
|
Allowance for unfunded commitments at end of period
|
2,780 | 2,165 | ||||||
|
Allowance for credit losses
|
$ | 72,787 | $ | 77,388 | ||||
|
Total loans:
|
||||||||
|
At period-end
|
$ | 4,787,689 | $ | 4,355,708 | ||||
|
Average
|
4,725,304 | 4,335,724 | ||||||
|
Allowance for loan losses as a percentage of period-end loans
|
1.46 | % | 1.73 | % | ||||
|
As a percentage of average loans (annualized):
|
||||||||
|
Net charge-offs
|
.22 | .38 | ||||||
|
Provision for loan losses
|
.08 | .23 | ||||||
| 48 |
|
Table 9 - Nonperforming Assets
|
||||||||||||
|
(in thousands)
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
|
2015
|
2014
|
2014
|
||||||||||
|
Nonperforming loans
|
$ | 19,015 | $ | 17,881 | $ | 25,250 | ||||||
|
Foreclosed properties (OREO)
|
1,158 | 1,726 | 5,594 | |||||||||
|
Total nonperforming assets
|
$ | 20,173 | $ | 19,607 | $ | 30,844 | ||||||
|
Nonperforming loans as a percentage of total loans
|
.40 | % | .38 | % | .58 | % | ||||||
|
Nonperforming assets as a percentage of total loans and OREO
|
.42 | .42 | .71 | |||||||||
|
Nonperforming assets as a percentage of total assets
|
.26 | .26 | .42 | |||||||||
| 49 |
|
Table 10 - Nonperforming Assets by Quarter
|
||||||||||||||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||
|
March 31, 2015
|
December 31, 2014
|
March 31, 2014
|
||||||||||||||||||||||||||||||||||
|
Nonaccrual
|
Foreclosed
|
Total
|
Nonaccrual
|
Foreclosed
|
Total
|
Nonaccrual
|
Foreclosed
|
Total
|
||||||||||||||||||||||||||||
|
Loans
|
Properties
|
NPAs
|
Loans
|
Properties
|
NPAs
|
Loans
|
Properties
|
NPAs
|
||||||||||||||||||||||||||||
|
BY CATEGORY
|
||||||||||||||||||||||||||||||||||||
|
Owner occupied commercial
real estate |
$ | 4,360 | $ | 173 | $ | 4,533 | $ | 4,133 | $ | 355 | $ | 4,488 | $ | 3,868 | $ | 1,167 | $ | 5,035 | ||||||||||||||||||
|
Income producing commercial real estate
|
835 | - | 835 | 717 | - | 717 | 1,278 | 1,645 | 2,923 | |||||||||||||||||||||||||||
|
Commercial & industrial
|
1,629 | - | 1,629 | 1,571 | - | 1,571 | 822 | - | 822 | |||||||||||||||||||||||||||
|
Commercial construction
|
60 | - | 60 | 83 | 15 | 98 | 479 | - | 479 | |||||||||||||||||||||||||||
|
Total commercial
|
6,884 | 173 | 7,057 | 6,504 | 370 | 6,874 | 6,447 | 2,812 | 9,259 | |||||||||||||||||||||||||||
|
Residential mortgage
|
8,669 | 796 | 9,465 | 8,196 | 1,183 | 9,379 | 13,307 | 2,146 | 15,453 | |||||||||||||||||||||||||||
|
Home equity
|
693 | 50 | 743 | 695 | 40 | 735 | 1,106 | 362 | 1,468 | |||||||||||||||||||||||||||
|
Residential construction
|
2,127 | 139 | 2,266 | 2,006 | 133 | 2,139 | 3,805 | 274 | 4,079 | |||||||||||||||||||||||||||
|
Consumer installment
|
142 | - | 142 | 134 | - | 134 | 291 | - | 291 | |||||||||||||||||||||||||||
|
Indirect auto
|
500 | - | 500 | 346 | - | 346 | 294 | - | 294 | |||||||||||||||||||||||||||
|
Total NPAs
|
$ | 19,015 | $ | 1,158 | $ | 20,173 | $ | 17,881 | $ | 1,726 | $ | 19,607 | $ | 25,250 | $ | 5,594 | $ | 30,844 | ||||||||||||||||||
|
Balance as a % of
|
||||||||||||||||||||||||||||||||||||
|
Unpaid Principal
|
72.0 | % | 56.6 | % | 70.9 | % | 69.9 | % | 54.1 | % | 68.1 | % | 65.8 | % | 53.9 | % | 63.2 | % | ||||||||||||||||||
|
BY MARKET
|
||||||||||||||||||||||||||||||||||||
|
North Georgia
|
$ | 6,101 | $ | 662 | $ | 6,763 | $ | 5,669 | $ | 711 | $ | 6,380 | $ | 12,166 | $ | 2,058 | $ | 14,224 | ||||||||||||||||||
|
Atlanta MSA
|
1,903 | 227 | 2,130 | 1,837 | 372 | 2,209 | 2,916 | 904 | 3,820 | |||||||||||||||||||||||||||
|
North Carolina
|
5,321 | 159 | 5,480 | 5,221 | 234 | 5,455 | 6,501 | 866 | 7,367 | |||||||||||||||||||||||||||
|
Coastal Georgia
|
901 | - | 901 | 799 | 105 | 904 | 800 | 1,607 | 2,407 | |||||||||||||||||||||||||||
|
Gainesville MSA
|
781 | 22 | 803 | 1,310 | 81 | 1,391 | 1,145 | - | 1,145 | |||||||||||||||||||||||||||
|
East Tennessee
|
1,808 | 30 | 1,838 | 1,414 | 201 | 1,615 | 1,428 | 159 | 1,587 | |||||||||||||||||||||||||||
|
South Carolina / Specialized Lending
|
1,700 | 58 | 1,758 | 1,285 | 22 | 1,307 | - | - | - | |||||||||||||||||||||||||||
|
Indirect auto
|
500 | - | 500 | 346 | - | 346 | 294 | - | 294 | |||||||||||||||||||||||||||
|
Total NPAs
|
$ | 19,015 | $ | 1,158 | $ | 20,173 | $ | 17,881 | $ | 1,726 | $ | 19,607 | $ | 25,250 | $ | 5,594 | $ | 30,844 | ||||||||||||||||||
| 50 |
|
Table 11 - Activity in Nonperforming Assets
|
||||||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||
|
First Quarter 2015
|
First Quarter 2014
|
|||||||||||||||||||||||
|
Nonaccrual
|
Foreclosed
|
Total
|
Nonaccrual
|
Foreclosed
|
Total
|
|||||||||||||||||||
|
Loans
|
Properties
|
NPAs
|
Loans
|
Properties
|
NPAs
|
|||||||||||||||||||
|
Beginning Balance
|
$ | 17,881 | $ | 1,726 | $ | 19,607 | $ | 26,819 | $ | 4,221 | $ | 31,040 | ||||||||||||
|
Loans placed on non-accrual
|
5,944 | - | 5,944 | 9,303 | - | 9,303 | ||||||||||||||||||
|
Payments received
|
(1,513 | ) | - | (1,513 | ) | (1,666 | ) | - | (1,666 | ) | ||||||||||||||
|
Loan charge-offs
|
(2,838 | ) | - | (2,838 | ) | (4,839 | ) | - | (4,839 | ) | ||||||||||||||
|
Foreclosures
|
(459 | ) | 459 | - | (4,367 | ) | 4,367 | - | ||||||||||||||||
|
Property sales
|
- | (1,108 | ) | (1,108 | ) | - | (3,238 | ) | (3,238 | ) | ||||||||||||||
|
Write downs
|
- | (166 | ) | (166 | ) | - | (277 | ) | (277 | ) | ||||||||||||||
|
Net gains on sales
|
- | 247 | 247 | - | 521 | 521 | ||||||||||||||||||
|
Ending Balance
|
$ | 19,015 | $ | 1,158 | $ | 20,173 | $ | 25,250 | $ | 5,594 | $ | 30,844 | ||||||||||||
| 51 |
| 52 |
|
Table 12 - Interest Sensitivity
|
||||||||||||
|
Increase (Decrease) in Net Interest Revenue from Base Scenario at
March 31, |
||||||||||||
|
2015
|
2014
|
|||||||||||
|
Change in Rates
|
Shock
|
Ramp
|
Shock
|
Ramp
|
||||||||
|
200 basis point increase
|
2.5 | % | 2.6 | % | 5.8 | % | 5.6 | % | ||||
| 53 |
| 54 |
|
Table 14 - Capital Ratios
|
|||||||||||||||
|
(dollars in thousands)
|
|||||||||||||||
|
|
March 31, 2015
|
||||||||||||||
|
Basel III Guidelines
|
United
|
United
|
|||||||||||||
|
Well
|
Community
|
Community
|
|||||||||||||
| Minimum |
Capitalized
|
Bank
|
Banks, Inc.
|
||||||||||||
|
Risk-based ratios:
|
|||||||||||||||
|
Common equity tier 1 capital
|
4.5 | % |
6.5
|
%
|
11.53
|
%
|
11.82
|
%
|
|||||||
|
Tier I capital
|
6.0 |
8.0
|
11.53
|
11.82
|
|||||||||||
|
Total capital
|
8.0 |
10.0
|
12.81
|
13.09
|
|||||||||||
|
Tier 1 leverage ratio
|
4.0 |
5.0
|
8.67
|
8.90
|
|||||||||||
|
Common equity tier 1 capital
|
$
|
646,250
|
$
|
661,072
|
|||||||||||
|
Tier I capital
|
646,250
|
661,072
|
|||||||||||||
|
Total capital
|
717,772
|
732,097
|
|||||||||||||
|
Risk-weighted assets
|
5,603,738
|
5,591,545
|
|||||||||||||
|
Average total assets
|
7,451,498
|
7,431,276
|
|||||||||||||
| 55 |
|
Basel I
|
United Community Banks, Inc.
|
|||||||||||||||||||||||
|
Guidelines
|
(Consolidated)
|
United Community Bank
|
||||||||||||||||||||||
|
Well
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
||||||||||||||||||||
|
Minimum
|
Capitalized
|
2014
|
2014
|
2014
|
2014
|
|||||||||||||||||||
|
Risk-based ratios:
|
||||||||||||||||||||||||
|
Tier I capital
|
4.0 | % | 6.0 | % | 12.05 | % | 11.10 | % | 12.84 | % | 12.64 | % | ||||||||||||
|
Total capital
|
8.0 | 10.0 | 13.30 | 12.36 | 14.09 | 13.90 | ||||||||||||||||||
|
Leverage ratio
|
3.0 | 5.0 | 8.69 | 7.96 | 9.25 | 9.07 | ||||||||||||||||||
|
Tier I capital
|
$ | 642,663 | $ | 571,419 | $ | 683,332 | $ | 650,609 | ||||||||||||||||
|
Total capital
|
709,408 | 635,916 | 749,927 | 715,089 | ||||||||||||||||||||
|
Risk-weighted assets
|
5,332,822 | 5,146,851 | 5,320,615 | 5,145,663 | ||||||||||||||||||||
|
Average total assets
|
7,396,450 | 7,180,132 | 7,385,048 | 7,171,861 | ||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||||||||||||||
|
High
|
Low
|
Close
|
Avg Daily
Volume
|
High
|
Low
|
Close
|
Avg Daily
Volume
|
|||||||||||||||||||||||||
|
First quarter
|
$ | 19.53 | $ | 16.48 | $ | 18.88 | 234,966 | $ | 20.28 | $ | 15.74 | $ | 19.41 | 494,205 | ||||||||||||||||||
|
Second quarter
|
19.87 | 14.86 | 16.37 | 308,486 | ||||||||||||||||||||||||||||
|
Third quarter
|
18.42 | 15.42 | 16.46 | 331,109 | ||||||||||||||||||||||||||||
|
Fourth quarter
|
19.50 | 15.16 | 18.94 | 262,598 | ||||||||||||||||||||||||||||
| 56 |
| 57 |
| Exhibit No. |
Description
|
||
|
3.1
|
Restated
Articles of Incorporation of United Community Banks, Inc., as amended.
|
||
|
3.2
|
Amended and Restated Bylaws of United Community Banks, Inc., as amended.
|
||
|
4
|
See
Exhibits 3.1 and 3.2 for provisions of the Restated Articles of Incorporation of United Community Banks, Inc., as amended,
and the Amended and Restated Bylaws of United Community Banks, Inc., as amended, which define the rights of
security holders.
|
||
|
31.1
|
Certification by Jimmy C. Tallent, Chairman and Chief Executive Officer of United Community Banks, Inc., as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
||
|
31.2
|
Certification by Rex S. Schuette, Executive Vice President and Chief Financial Officer of United Community Banks, Inc., as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
||
|
32
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
|
101.INS
|
XBRL Instance Document
|
||
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
||
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
||
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
||
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
||
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
||
| 58 |
|
UNITED COMMUNITY BANKS, INC.
|
||
|
/
s/ Jimmy C. Tallent
|
||
|
Jimmy C. Tallent
|
||
|
Chairman and Chief Executive Officer
|
||
|
(Principal Executive Officer)
|
||
|
/s/ Rex S. Schuette
|
||
|
Rex S. Schuette
|
||
|
Executive Vice President and
|
||
|
Chief Financial Officer
|
||
|
(Principal Financial Officer)
|
||
|
/s/ Alan H. Kumler
|
||
|
Alan H. Kumler
|
||
|
Senior Vice President and
Chief Accounting Officer
|
||
|
(Principal Accounting Officer)
|
||
|
Date: May 8, 2015
|
| 59 |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|