|
|
|
Maryland
|
|
20-0154352
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(State
or other jurisdiction
|
|
(I.R.S.
Employer
|
of
incorporation or organization)
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|
Identification
No.)
|
|
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|
1525 Pointer Ridge Place
|
|
|
Bowie, Maryland
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|
20716
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(Address
of principal executive offices)
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|
(Zip
Code)
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|
|
Large
accelerated filer ☐
|
Accelerated
filer ☒
|
Non-accelerated
filer ☐ (Do not check if a smaller reporting
company)
|
Smaller
reporting company ☐
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|
Emerging
growth company ☐
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Page
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|||
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Number
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|||
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PART I.
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FINANCIAL
INFORMATION
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3
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|||
|
|
|
|||
Item
1.
|
Financial
Statements
|
|
|||
|
|
|
|||
|
Consolidated
Balance Sheets as of June 30, 2017 (Unaudited) and
December 31, 2016
|
3
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|||
|
|
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|||
|
Consolidated
Statements of Income (Unaudited) for the Three and Six Months Ended
June 30, 2017 and 2016
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4
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|||
|
|
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|||
|
Consolidated
Statements of Comprehensive Income (Unaudited) for the Three and
Six Months Ended June 30, 2017 and 2016
|
5
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|||
|
|
|
|||
|
Consolidated
Statements of Changes in Stockholders’ Equity (Unaudited) for
the Six Months Ended June 30, 2017
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6
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|||
|
|
|
|||
|
Consolidated
Statements of Cash Flows (Unaudited) for the Six Months Ended June
30, 2017 and 2016
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7
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|||
|
|
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|||
|
Notes
to Consolidated Financial Statements (Unaudited)
|
8
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|||
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|
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|||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
34
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|||
|
|
|
|||
Item
3.
|
Quantitative and
Qualitative Disclosures about Market Risk
|
62
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|||
|
|
|
|||
Item
4.
|
Controls and
Procedures
|
63
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|||
|
|
|
|||
PART II.
|
|
|
|||
|
|
|
|||
Item
1.
|
Legal
Proceedings
|
63
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|||
|
|
|
|||
Item
1A.
|
Risk
Factors
|
63
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|||
|
|
|
|||
Item
2.
|
Unregistered Sales
of Equity Securities and Use of Proceeds
|
64
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|||
|
|
|
|||
Item
3.
|
Defaults Upon
Senior Securities
|
64
|
|||
|
|
|
|||
Item
4.
|
Mine
Safety Disclosures
|
64
|
|||
|
|
|
|||
Item
5.
|
Other
Information
|
64
|
|||
|
|
|
|||
Item
6.
|
Exhibits
65
|
64
|
|||
|
|
|
|||
Signatures
|
|
65
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|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
(Unaudited)
|
|
Assets
|
||
Cash
and due from banks
|
$25,025,269
|
$22,062,912
|
Interest
bearing accounts
|
1,136,343
|
1,151,917
|
Federal
funds sold
|
302,970
|
248,342
|
Total
cash and cash equivalents
|
26,464,582
|
23,463,171
|
Investment
securities available for sale-at fair value
|
198,372,453
|
199,505,204
|
Loans
held for sale, fair value of $6,857,924 and $8,707,516
|
6,615,208
|
8,418,435
|
Loans
held for investment (net of allowance for loan losses of $5,911,842
and $6,195,469, respectively)
|
1,446,573,249
|
1,361,175,206
|
Equity
securities at cost
|
9,972,744
|
8,303,347
|
Premises
and equipment
|
36,999,988
|
36,744,704
|
Accrued
interest receivable
|
4,144,803
|
4,278,229
|
Deferred
income taxes
|
7,323,124
|
9,578,350
|
Bank
owned life insurance
|
38,025,982
|
37,557,566
|
Other
real estate owned
|
2,895,893
|
2,746,000
|
Goodwill
|
9,786,357
|
9,786,357
|
Core
deposit intangible
|
3,141,162
|
3,520,421
|
Other
assets
|
4,001,391
|
3,942,640
|
Total
assets
|
$1,794,316,936
|
$1,709,019,630
|
|
|
|
Liabilities and Stockholders’ Equity
|
||
Deposits
|
|
|
Non-interest
bearing
|
$366,468,569
|
$331,331,263
|
Interest
bearing
|
1,012,960,448
|
994,549,269
|
Total
deposits
|
1,379,429,017
|
1,325,880,532
|
Short
term borrowings
|
203,781,308
|
183,433,892
|
Long
term borrowings
|
37,974,308
|
37,842,567
|
Accrued
interest payable
|
1,340,591
|
1,269,356
|
Supplemental
executive retirement plan
|
5,753,527
|
5,613,799
|
Income
taxes payable
|
1,357,159
|
18,706
|
Other
liabilities
|
3,633,602
|
4,293,993
|
Total
liabilities
|
1,633,269,512
|
1,558,352,845
|
Stockholders’
equity
|
|
|
Common
stock, par value $0.01 per share; 25,000,000 shares authorized;
10,956,130 and 10,910,915 shares issued and outstanding in 2017 and
2016, respectively
|
109,561
|
109,109
|
Additional
paid-in capital
|
107,333,216
|
106,692,958
|
Retained
earnings
|
55,032,717
|
48,842,026
|
Accumulated
other comprehensive loss
|
(1,428,070)
|
(4,977,308)
|
Total
Old Line Bancshares, Inc. stockholders’
equity
|
161,047,424
|
150,666,785
|
Total
liabilities and stockholders’ equity
|
$1,794,316,936
|
$1,709,019,630
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Interest Income
|
|
|
|
|
Loans,
including fees
|
$15,765,250
|
$13,562,643
|
$31,130,904
|
$26,619,823
|
U.S.
treasury securities
|
6,847
|
4,997
|
11,914
|
8,774
|
U.S.
government agency securities
|
67,333
|
85,686
|
115,837
|
211,418
|
Corporate
bonds
|
121,042
|
—
|
238,878
|
—
|
Mortgage
backed securities
|
554,411
|
494,145
|
1,108,840
|
1,007,450
|
Municipal
securities
|
410,801
|
371,596
|
846,355
|
731,032
|
Federal
funds sold
|
971
|
376
|
1,583
|
1,501
|
Other
|
127,116
|
94,297
|
234,794
|
192,068
|
Total
interest income
|
17,053,771
|
14,613,740
|
33,689,105
|
28,772,066
|
Interest expense
|
|
|
|
|
Deposits
|
1,706,993
|
1,309,379
|
3,248,050
|
2,579,811
|
Borrowed
funds
|
1,094,133
|
328,613
|
2,027,021
|
604,272
|
Total
interest expense
|
2,801,126
|
1,637,992
|
5,275,071
|
3,184,083
|
Net
interest income
|
14,252,645
|
12,975,748
|
28,414,034
|
25,587,983
|
Provision for loan losses
|
278,916
|
300,000
|
719,407
|
1,078,611
|
Net
interest income after provision for loan losses
|
13,973,729
|
12,675,748
|
27,694,627
|
24,509,372
|
Non-interest income
|
|
|
|
|
Service
charges on deposit accounts
|
434,272
|
433,498
|
846,431
|
844,835
|
Gain
on sales or calls of investment securities
|
19,581
|
823,214
|
35,258
|
900,212
|
Earnings
on bank owned life insurance
|
282,100
|
282,358
|
563,456
|
564,544
|
Gain
on disposal of assets
|
—
|
22,784
|
112,594
|
22,784
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
—
|
Rental
Income
|
169,862
|
208,556
|
310,455
|
417,135
|
Income
on marketable loans
|
726,647
|
587,030
|
1,357,577
|
964,168
|
Other
fees and commissions
|
268,443
|
206,244
|
529,868
|
833,659
|
Total
non-interest income
|
1,995,619
|
2,563,684
|
3,850,353
|
4,547,337
|
Non-interest expense
|
|
|
|
|
Salaries
and benefits
|
5,050,635
|
5,079,143
|
9,918,166
|
10,455,695
|
Severence
expense
|
—
|
393,495
|
—
|
393,495
|
Occupancy
and equipment
|
1,655,270
|
1,647,490
|
3,308,683
|
3,372,043
|
Data
processing
|
361,546
|
383,689
|
718,194
|
781,481
|
FDIC
insurance and State of Maryland assessments
|
256,513
|
285,630
|
518,113
|
520,914
|
Merger
and integration
|
—
|
301,538
|
—
|
661,019
|
Core
deposit premium amortization
|
181,357
|
200,998
|
379,258
|
427,239
|
Gain
on sales of other real estate owned
|
—
|
(48,099)
|
(17,689)
|
(52,307)
|
OREO
expense
|
27,634
|
63,192
|
55,211
|
218,158
|
Directors
Fees
|
159,700
|
162,900
|
336,900
|
331,700
|
Network
services
|
164,232
|
146,334
|
303,839
|
283,230
|
Telephone
|
186,159
|
201,141
|
380,301
|
419,775
|
Other
operating
|
1,886,405
|
1,735,287
|
3,560,605
|
3,364,815
|
Total
non-interest expense
|
9,929,451
|
10,552,738
|
19,461,581
|
21,177,257
|
|
|
|
|
|
Income
before income taxes
|
6,039,897
|
4,686,694
|
12,083,399
|
7,879,452
|
Income
tax expense
|
2,070,488
|
1,554,000
|
4,140,208
|
2,597,366
|
Net
income
|
3,969,409
|
3,132,694
|
7,943,191
|
5,282,086
|
Less:
Net loss attributable to the non-controlling interest
|
—
|
1,728
|
—
|
62
|
Net income available to common stockholders
|
$3,969,409
|
$3,130,966
|
$7,943,191
|
$5,282,024
|
|
|
|
|
|
Basic
earnings per common share
|
$0.36
|
$0.29
|
$0.73
|
$0.49
|
Diluted
earnings per common share
|
$0.36
|
$0.28
|
$0.71
|
$0.48
|
Dividend
per common share
|
$0.08
|
$0.06
|
$0.16
|
$0.12
|
Three Months Ended June 30,
|
2017
|
2016
|
Net
income
|
$3,969,409
|
$3,132,694
|
|
|
|
Other
comprehensive income:
|
|
|
Unrealized gain on
securities available for sale, net of taxes of $1,610,802, and
$514,611, respectively
|
2,472,861
|
790,018
|
Reclassification
adjustment for realized gain on securities available for sale
included in net income, net of taxes of $7,724 and $324,717,
respectively
|
(11,857)
|
(498,497)
|
Other
comprehensive income
|
2,461,004
|
291,521
|
Comprehensive
income
|
6,430,413
|
3,424,215
|
Comprehensive
loss attributable to the non-controlling interest
|
—
|
1,728
|
Comprehensive
income available to common stockholders
|
$6,430,413
|
$3,422,487
|
Six Months Ended June 30,
|
2017
|
2016
|
Net
income
|
$7,943,191
|
$5,282,086
|
|
|
|
Other
comprehensive income:
|
|
|
Unrealized gain on
securities available for sale, net of taxes of $2,325,851 and
$987,721, respectively
|
3,570,588
|
1,516,325
|
Reclassification
adjustment for realized gain on securities available for sale
included in net income, net of taxes of $13,908 and $355,089,
respectively
|
(21,350)
|
(545,123)
|
Other
comprehensive income
|
3,549,238
|
971,202
|
Comprehensive
income
|
11,492,429
|
6,253,288
|
Comprehensive
income attributable to the non-controlling interest
|
—
|
62
|
Comprehensive
income available to common stockholders
|
$11,492,429
|
$6,253,226
|
|
|
|
|
|
Accumulated
|
|
|
|
|
Additional
|
|
other
|
Total
|
|
Common stock
|
paid-in
|
Retained
|
comprehensive
|
Stockholders’
|
|
|
Shares
|
Par value
|
capital
|
earnings
|
loss
|
Equity
|
|
|
|
|
|
|
|
Balance
December 31, 2016
|
10,910,915
|
$109,109
|
$106,692,958
|
$48,842,026
|
$(4,977,308)
|
$150,666,785
|
Net
income attributable to Old Line Bancshares, Inc.
|
—
|
—
|
—
|
7,943,191
|
—
|
7,943,191
|
Other comprehensive
income, net of income tax of $2,311,943
|
—
|
—
|
—
|
—
|
3,549,238
|
3,549,238
|
Stock
based compensation awards
|
—
|
—
|
262,031
|
—
|
—
|
262,031
|
Stock
options exercised
|
20,800
|
208
|
378,471
|
—
|
—
|
378,679
|
Restricted
stock issued
|
24,415
|
244
|
(244)
|
—
|
—
|
—
|
Common
stock cash dividends $0.16 per share
|
—
|
—
|
—
|
(1,752,500)
|
—
|
(1,752,500)
|
Balance
June 30, 2017
|
10,956,130
|
$109,561
|
$107,333,216
|
$55,032,717
|
$(1,428,070)
|
$161,047,424
|
|
Six Months Ended June 30,
|
|
|
2017
|
2016
|
Cash flows from operating activities
|
|
|
Net
income
|
$7,943,191
|
$5,282,086
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
Depreciation
and amortization
|
1,221,445
|
1,320,718
|
Provision
for loan losses
|
719,407
|
1,078,611
|
Change
in deferred loan fees net of costs
|
(75,162)
|
47,952
|
Gain
on sales or calls of securities
|
(35,258)
|
(900,212)
|
Amortization
of premiums and discounts
|
510,194
|
445,587
|
Origination
of loans held for sale
|
(51,745,329)
|
(38,982,301)
|
Proceeds
from sale of loans held for sale
|
53,548,556
|
40,982,984
|
Income
on marketable loans
|
(1,357,577)
|
(964,168)
|
Gain
on sales of other real estate owned
|
(17,689)
|
(52,307)
|
Gain
on sale of loans
|
(94,714)
|
—
|
Gain
on sale of fixed assets
|
(112,594)
|
(22,784)
|
Amortization
of intangible assets
|
379,259
|
427,239
|
Deferred
income taxes
|
(56,718)
|
521,555
|
Stock
based compensation awards
|
262,031
|
262,080
|
Increase
(decrease) in
|
|
|
Accrued
interest payable
|
71,235
|
31,720
|
Income
tax payable
|
1,338,453
|
1,802,946
|
Supplemental
executive retirement plan
|
139,728
|
143,333
|
Other
liabilities
|
(660,391)
|
(424,794)
|
Decrease
(increase) in
|
|
|
Accrued
interest receivable
|
133,426
|
110,259
|
Bank
owned life insurance
|
(468,416)
|
(475,533)
|
Other
assets
|
985,294
|
84,057
|
Net
cash provided by operating activities
|
$12,628,371
|
$10,719,028
|
Cash flows from investing activities
|
|
|
Purchase
of investment securities available for sale
|
(21,167,506)
|
(88,943,976)
|
Proceeds
from disposal of investment securities
|
|
|
Available
for sale at maturity, call or paydowns
|
14,686,479
|
7,934,077
|
Available
for sale sold
|
13,000,024
|
87,476,437
|
Loans
made, net of principal collected
|
(85,012,845)
|
(95,145,250)
|
Proceeds
from sale of other real estate owned
|
290,644
|
80,808
|
Change
in equity securities
|
(1,669,397)
|
(2,362,300)
|
Purchase
of premises and equipment
|
(2,520,774)
|
(1,689,968)
|
Proceeds
from the sale of premises and equipment
|
112,594
|
—
|
Net
cash used in investing activities
|
(82,280,781)
|
(92,650,172)
|
Cash flows from financing activities
|
|
|
Net
increase (decrease) in
|
|
|
Time
deposits
|
15,239,072
|
5,654,458
|
Other
deposits
|
38,309,413
|
21,356,195
|
Short
term borrowings
|
20,347,416
|
46,194,479
|
Long
term borrowings
|
131,741
|
(34,300)
|
Proceeds
from stock options exercised
|
378,679
|
—
|
Cash
dividends paid-common stock
|
(1,752,500)
|
(1,297,384)
|
Net
cash provided by financing activities
|
72,653,821
|
71,873,448
|
|
|
|
Net
increase (decrease) in cash and cash equivalents
|
3,001,411
|
(10,057,696)
|
|
|
|
Cash
and cash equivalents at beginning of period
|
23,463,171
|
43,700,692
|
Cash
and cash equivalents at end of period
|
$26,464,582
|
$33,642,996
|
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$4,716,692
|
$2,743,048
|
Income
taxes
|
$2,728,000
|
$885,000
|
Supplemental Disclosure of Non-Cash Flow Operating
Activities:
|
|
|
Loans
transferred to other real estate owned
|
$422,848
|
$261,700
|
|
June 30,
|
December 31,
|
Balance Sheets
|
2017
|
2016
|
|
|
|
Current
assets
|
$86,941
|
$257,438
|
Non-current
assets
|
6,104,146
|
6,164,486
|
Liabilities
|
18,640
|
13,974
|
Equity
|
6,172,447
|
6,407,950
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
Statements of Income
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Revenue
|
$3,175
|
$251,300
|
$6,351
|
$502,374
|
Expenses
|
105,637
|
246,691
|
241,854
|
502,210
|
Net
income (loss)
|
$(102,462)
|
$4,609
|
$(235,503)
|
$164
|
|
|
Gross
|
Gross
|
|
|
Amortized
|
unrealized
|
unrealized
|
Estimated
|
|
cost
|
gains
|
losses
|
fair value
|
June 30, 2017
|
|
|
|
|
Available for sale
|
|
|
|
|
U.S.
treasury
|
$3,019,443
|
$—
|
$(6,084)
|
$3,013,359
|
U.S.
government agency
|
18,438,208
|
67,505
|
(160,941)
|
18,344,772
|
Corporate
bonds
|
9,100,000
|
142,887
|
—
|
9,242,887
|
Municipal
securities
|
67,047,540
|
289,060
|
(862,311)
|
66,474,289
|
Mortgage
backed securities:
|
|
|
|
|
FHLMC
certificates
|
21,321,085
|
5,481
|
(369,834)
|
20,956,732
|
FNMA
certificates
|
68,152,342
|
11,144
|
(1,246,977)
|
66,916,509
|
GNMA
certificates
|
13,652,136
|
—
|
(228,231)
|
13,423,905
|
|
$200,730,754
|
$516,077
|
$(2,874,378)
|
$198,372,453
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
Available for sale
|
|
|
|
|
U.S.
treasury
|
$2,999,483
|
$27
|
$(3,728)
|
$2,995,782
|
U.S.
government agency
|
7,653,595
|
—
|
(387,280)
|
7,266,315
|
Corporate
bonds
|
8,100,000
|
90,477
|
(18,840)
|
8,171,637
|
Municipal
securities
|
71,103,969
|
170,512
|
(3,587,676)
|
67,686,805
|
Mortgage
backed securities
|
|
|
|
|
FHLMC
certificates
|
22,706,185
|
11,712
|
(917,543)
|
21,800,354
|
FNMA
certificates
|
73,425,200
|
—
|
(2,976,384)
|
70,448,816
|
GNMA
certificates
|
21,736,255
|
3,506
|
(604,266)
|
21,135,495
|
|
$207,724,687
|
$276,234
|
$(8,495,717)
|
$199,505,204
|
|
June 30, 2017
|
|||||
|
Less than 12 months
|
12 Months or More
|
Total
|
|||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
value
|
losses
|
value
|
losses
|
value
|
losses
|
U.S.
treasury
|
$3,013,359
|
$6,084
|
$—
|
$—
|
$3,013,359
|
$6,084
|
U.S.
government agency
|
13,382,939
|
160,941
|
—
|
—
|
13,382,939
|
160,941
|
Municipal
securities
|
32,234,681
|
785,478
|
2,500,197
|
76,833
|
34,734,878
|
862,311
|
Mortgage
backed securities
|
|
|
|
|
|
|
FHLMC
certificates
|
19,120,575
|
326,452
|
1,645,932
|
43,382
|
20,766,507
|
369,834
|
FNMA
certificates
|
50,323,982
|
879,626
|
15,126,935
|
367,351
|
65,450,917
|
1,246,977
|
GNMA
certificates
|
10,425,797
|
171,715
|
2,998,109
|
56,516
|
13,423,906
|
228,231
|
Total
|
$128,501,333
|
$2,330,296
|
$22,271,173
|
$544,082
|
$150,772,506
|
$2,874,378
|
|
December 31, 2016
|
|||||
|
Less than 12 months
|
12 Months or More
|
Total
|
|||
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|
value
|
losses
|
value
|
losses
|
value
|
losses
|
U.S.
treasury
|
$1,496,016
|
$3,728
|
$—
|
$—
|
$1,496,016
|
$3,728
|
U.S.
government agency
|
7,266,315
|
387,280
|
—
|
—
|
7,266,315
|
387,280
|
Corporate
bonds
|
1,981,160
|
18,840
|
—
|
—
|
1,981,160
|
18,840
|
Municipal
securities
|
50,722,187
|
3,587,676
|
—
|
—
|
50,722,187
|
3,587,676
|
Mortgage
backed securities
|
|
|
|
|
|
|
FHLMC
certificates
|
21,413,620
|
917,543
|
—
|
—
|
21,413,620
|
917,543
|
FNMA
certificates
|
70,448,817
|
2,976,384
|
—
|
—
|
70,448,817
|
2,976,384
|
GNMA
certificates
|
16,403,268
|
475,022
|
4,227,210
|
129,244
|
20,630,479
|
604,266
|
Total
|
$169,731,383
|
$8,366,473
|
$4,227,210
|
$129,244
|
$173,958,594
|
$8,495,717
|
|
Available for Sale
|
|
|
Amortized
|
Fair
|
June 30, 2017
|
cost
|
value
|
|
|
|
Maturing
|
|
|
Within
one year
|
$3,019,443
|
$3,013,359
|
Over
one to five years
|
2,265,522
|
2,271,340
|
Over
five to ten years
|
41,915,898
|
42,012,426
|
Over
ten years
|
153,529,891
|
151,075,328
|
|
$200,730,754
|
$198,372,453
|
Pledged
securities
|
$39,637,225
|
$39,043,138
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy (1)
|
Acquired
|
Total
|
Legacy (1)
|
Acquired
|
Total
|
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$266,686,058
|
$45,923,998
|
$312,610,056
|
$238,220,475
|
$53,850,612
|
$292,071,087
|
Investment
|
453,597,514
|
32,857,002
|
486,454,516
|
414,012,709
|
37,687,804
|
451,700,513
|
Hospitality
|
157,457,044
|
6,814,105
|
164,271,149
|
141,611,858
|
11,193,427
|
152,805,285
|
Land
and A&D
|
44,742,020
|
5,452,470
|
50,194,490
|
51,323,297
|
6,015,813
|
57,339,110
|
Residential
Real Estate
|
|
|
|
|
|
|
First
Lien-Investment
|
81,285,353
|
20,860,372
|
102,145,725
|
72,150,512
|
23,623,660
|
95,774,172
|
First
Lien-Owner Occupied
|
61,719,823
|
40,800,994
|
102,520,817
|
54,732,604
|
42,443,767
|
97,176,371
|
Residential
Land and A&D
|
43,290,769
|
5,012,688
|
48,303,457
|
39,667,222
|
5,558,232
|
45,225,454
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
and Industrial
|
149,943,871
|
4,823,533
|
154,767,404
|
136,259,560
|
5,733,904
|
141,993,464
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
4,868,909
|
139,966
|
5,008,875
|
|
1,285,819,500
|
164,986,317
|
1,450,805,817
|
1,177,232,361
|
188,880,903
|
1,366,113,264
|
Allowance
for loan losses
|
(5,807,254)
|
(104,588)
|
(5,911,842)
|
(6,084,478)
|
(110,991)
|
(6,195,469)
|
Deferred
loan costs, net
|
1,679,274
|
—
|
1,679,274
|
1,257,411
|
—
|
1,257,411
|
|
$1,281,691,520
|
$164,881,729
|
$1,446,573,249
|
$1,172,405,294
|
$188,769,912
|
$1,361,175,206
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy
|
Acquired
|
Total
|
Legacy
|
Acquired
|
Total
|
Current
|
$1,279,091,477
|
$160,607,927
|
$1,439,699,404
|
$1,167,380,870
|
$185,631,054
|
$1,353,011,924
|
Accruing
past due loans:
|
|
|
|
|
|
|
30-89
days past due
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
4,864,845
|
717,930
|
5,582,775
|
2,799,802
|
—
|
2,799,802
|
Investment
|
—
|
769,539
|
769,539
|
—
|
794,037
|
794,037
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
461,119
|
515,168
|
976,287
|
517,498
|
397,944
|
915,442
|
First
Lien-Owner Occupied
|
233,891
|
1,134,676
|
1,368,567
|
—
|
879,718
|
879,718
|
HELOC
and Jr. Liens
|
136,820
|
—
|
136,820
|
99,946
|
—
|
99,946
|
Commercial
and Industrial
|
353,665
|
—
|
353,665
|
325,161
|
—
|
325,161
|
Consumer
|
—
|
550
|
550
|
—
|
—
|
—
|
Total
30-89 days past due
|
6,050,340
|
3,137,863
|
9,188,203
|
3,742,407
|
2,071,699
|
5,814,106
|
90
or more days past due
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
—
|
—
|
—
|
634,290
|
634,290
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
—
|
3,360
|
3,360
|
—
|
250,000
|
250,000
|
Commercial
|
19,159
|
—
|
19,159
|
—
|
—
|
—
|
Consumer
|
—
|
—
|
—
|
19,242
|
—
|
19,242
|
Total
90 or more days past due
|
19,159
|
3,360
|
22,519
|
19,242
|
884,290
|
903,532
|
Total
accruing past due loans
|
6,069,499
|
3,141,223
|
9,210,722
|
3,761,649
|
2,955,989
|
6,717,638
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
225,432
|
225,432
|
2,370,589
|
—
|
2,370,589
|
Hospitality
|
—
|
—
|
—
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
192,382
|
192,382
|
77,395
|
194,567
|
271,962
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
233,759
|
—
|
233,759
|
312,061
|
99,293
|
411,354
|
First
Lien-Owner Occupied
|
222,237
|
819,353
|
1,041,590
|
222,237
|
—
|
222,237
|
Commercial
and Industrial
|
202,528
|
—
|
202,528
|
1,760,824
|
—
|
1,760,824
|
Non-accruing
loans:
|
658,524
|
1,237,167
|
1,895,691
|
6,089,842
|
293,860
|
6,383,702
|
Total
Loans
|
$1,285,819,500
|
$164,986,317
|
$1,450,805,817
|
$1,177,232,361
|
$188,880,903
|
$1,366,113,264
|
|
Impaired at June 30, 2017
|
|
|
|
|
||
|
|
|
|
Three months June 30, 2017
|
Six Months June 30, 2017
|
||
|
Unpaid
|
|
|
Average
|
Interest
|
Average
|
Interest
|
|
Principal
|
Recorded
|
Related
|
Recorded
|
Income
|
Recorded
|
Income
|
|
Balance
|
Investment
|
Allowance
|
Investment
|
Recognized
|
Investment
|
Recognized
|
Legacy
|
|
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
$1,825,757
|
$1,825,757
|
$—
|
$1,825,757
|
$19,303
|
$1,967,633
|
$32431
|
Investment
|
1,183,812
|
1,183,812
|
—
|
1,183,812
|
9,070
|
1,196,978
|
26,001
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Investment
|
41,258
|
41,258
|
—
|
41,258
|
—
|
41,258
|
—
|
First
Lien-Owner Occupied
|
222,237
|
222,237
|
—
|
222,237
|
—
|
222,237
|
—
|
Commercial
|
405,368
|
405,368
|
—
|
405,368
|
3,700
|
345,972
|
23,130
|
With
an allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
—
|
—
|
—
|
—
|
—
|
|
|
Investment
|
601,535
|
601,535
|
28,803
|
601,535
|
7,739
|
605,929
|
15,364
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Investment
|
192,501
|
192,501
|
20,263
|
192,501
|
—
|
192,501
|
—
|
Commercial
|
300,234
|
300,234
|
300,234
|
300,234
|
1,255
|
300,806
|
2,493
|
Total
legacy impaired
|
4,772,702
|
4,772,702
|
349,300
|
4,772,702
|
41,067
|
4,873,314
|
99,419
|
Acquired(1)
|
|
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
252,687
|
252,687
|
—
|
252,687
|
—
|
252,743
|
2,155
|
Residential
Real Estate:
|
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
1,581,891
|
1,469,632
|
—
|
1,581,653
|
8,526
|
1,587,209
|
21,844
|
First
Lien-Investment
|
132,715
|
71,348
|
—
|
132,715
|
1,106
|
133,367
|
2,194
|
Land
and A&D
|
334,271
|
45,000
|
—
|
334,271
|
—
|
334,271
|
—
|
With
an allowance recorded:
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
Land
and A&D
|
150,430
|
150,430
|
80,072
|
155,611
|
—
|
155,780
|
823
|
Commercial
|
74,197
|
74,197
|
24,516
|
73,898
|
948
|
75,077
|
1900
|
Total
acquired impaired
|
2,526,191
|
2,063,294
|
104,588
|
2,530,835
|
10,580
|
2,538,447
|
28,916
|
Total
impaired
|
$7,298,893
|
$6,835,996
|
$453,888
|
$7,303,537
|
$51,647
|
$7,411,761
|
$128,335
|
Impaired Loans
|
|||||
December 31, 2016
|
|||||
|
Unpaid
|
|
|
Average
|
Interest
|
|
Principal
|
Recorded
|
Related
|
Recorded
|
Income
|
|
Balance
|
Investment
|
Allowance
|
Investment
|
Recognized
|
Legacy
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Owner
Occupied
|
$566,973
|
$566,973
|
$—
|
$1,223,360
|
$12,759
|
Investment
|
1,212,771
|
1,212,771
|
—
|
1,208,240
|
54,531
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
222,237
|
222,237
|
—
|
243,699
|
5,440
|
Commercial
|
843,809
|
843,809
|
—
|
3,338,295
|
3,761
|
With
an allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Owner
Occupied
|
2,048,989
|
2,048,989
|
443,489
|
6,605,858
|
50,348
|
Investment
|
610,485
|
610,485
|
33,335
|
610,373
|
46,550
|
Hospitality
|
1,346,736
|
1,346,736
|
134,674
|
4,199,162
|
20,959
|
Land
and A&D
|
77,395
|
77,395
|
15,860
|
82,587
|
4,729
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
312,061
|
312,061
|
45,505
|
547,024
|
9,348
|
Commercial
|
1,016,479
|
1,016,479
|
609,152
|
1,976,689
|
4,476
|
Total
legacy impaired
|
8,257,935
|
8,257,935
|
1,282,015
|
20,035,287
|
212,901
|
Acquired(1)
|
|
|
|
|
|
With
no related allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Land
and A&D
|
255,716
|
91,669
|
—
|
255,661
|
13,686
|
Residential
Real Estate:
|
|
|
|
|
|
First
Lien-Owner Occupied
|
662,835
|
662,835
|
—
|
1,408,689
|
19,899
|
First
Lien-Investment
|
292,349
|
171,348
|
—
|
233,133
|
4,383
|
Land
and A&D
|
334,271
|
45,000
|
—
|
334,271
|
—
|
With
an allowance recorded:
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
Land
and A&D
|
151,634
|
151,634
|
83,784
|
161,622
|
5,264
|
Commercial
|
76,243
|
76,243
|
27,207
|
83,049
|
3,992
|
Total
acquired impaired
|
1,773,048
|
1,198,729
|
110,991
|
2,476,425
|
47,224
|
Total
impaired
|
$10,030,983
|
$9,456,664
|
$1,393,006
|
$22,511,712
|
$260,125
|
|
Loans Modified as a TDR for the three
months ended
|
|||||
|
June 30, 2017
|
June 30, 2016
|
||||
|
|
Pre-
|
Post
|
|
Pre-
|
Post
|
|
|
Modification
|
Modification
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Outstanding
|
Outstanding
|
Troubled Debt Restructurings—
|
# of
|
Recorded
|
Recorded
|
# of
|
Recorded
|
Recorded
|
(Dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
Legacy
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
—
|
—
|
—
|
Commercial
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
legacy TDR's
|
—
|
—
|
—
|
—
|
—
|
—
|
Acquired
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
—
|
—
|
—
|
Commercial
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
acquired TDR's
|
—
|
—
|
—
|
—
|
—
|
—
|
Total
Troubled Debt Restructurings
|
—
|
$—
|
$—
|
—
|
$—
|
$—
|
|
Loans Modified as a TDR for the six
months ended
|
|||||
|
June 30, 2017
|
June 30, 2016
|
||||
|
|
Pre-
|
Post
|
|
Pre-
|
Post
|
|
|
Modification
|
Modification
|
|
Modification
|
Modification
|
|
|
Outstanding
|
Outstanding
|
|
Outstanding
|
Outstanding
|
Troubled Debt Restructurings—
|
# of
|
Recorded
|
Recorded
|
# of
|
Recorded
|
Recorded
|
(Dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
Legacy
|
|
|
|
|
|
|
Commercial
Real Estate
|
1
|
1,596,740
|
1,584,913
|
—
|
—
|
—
|
Commercial
|
1
|
414,324
|
405,328
|
—
|
—
|
—
|
Total
legacy TDR's
|
2
|
2,011,064
|
1,990,241
|
—
|
—
|
—
|
Acquired
|
|
|
|
|
|
|
Commercial
Real Estate
|
—
|
—
|
—
|
1
|
256,669
|
91,929
|
Residential
Real Estate Non-Owner Occupied
|
—
|
—
|
—
|
1
|
136,173
|
66,453
|
Total
acquired TDR's
|
—
|
—
|
—
|
2
|
392,842
|
158,382
|
Total
Troubled Debt Restructurings
|
2
|
$2,011,064
|
$1,990,241
|
2
|
$392,842
|
$158,382
|
|
June 30, 2017
|
June 30, 2016
|
Balance
at beginning of period
|
$(22,980)
|
$276,892
|
Accretion
of fair value discounts
|
(51,722)
|
(44,967)
|
Payoff
of acquired loans
|
—
|
(390,990)
|
Reclassification
from non-accretable discount
|
52,807
|
352,714
|
Balance
at end of period
|
$(21,895)
|
$193,649
|
|
Contractually
|
|
|
Required Payments
|
|
|
Receivable
|
Carrying Amount
|
At
June 30, 2017
|
$8,311,088
|
$6,643,878
|
At
December 31, 2016
|
9,597,703
|
7,558,415
|
At
June 30, 2016
|
12,798,858
|
10,099,810
|
At
December 31, 2015
|
14,875,352
|
10,675,943
|
June 30, 2017
|
Legacy
|
Acquired
|
Total
|
Risk
Rating
|
|
|
|
Pass(1
- 5)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
$259,552,188
|
$40,967,683
|
$300,519,871
|
Investment
|
450,729,071
|
31,408,378
|
482,137,449
|
Hospitality
|
157,457,044
|
5,409,549
|
162,866,593
|
Land
and A&D
|
42,304,057
|
5,269,440
|
47,573,497
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
80,284,280
|
19,451,885
|
99,736,165
|
First
Lien-Owner Occupied
|
61,193,426
|
36,843,774
|
98,037,200
|
Land
and A&D
|
40,849,195
|
4,076,796
|
44,925,991
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
Commercial
|
146,413,343
|
4,692,996
|
151,106,339
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
|
1,265,879,652
|
150,561,656
|
1,416,441,308
|
Special
Mention(6)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
4,503,876
|
3,538,877
|
8,042,753
|
Investment
|
1,083,096
|
1,057,944
|
2,141,040
|
Hospitality
|
—
|
1,404,556
|
1,404,556
|
Land
and A&D
|
2,437,963
|
138,031
|
2,575,994
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
491,815
|
1,051,720
|
1,543,535
|
First
Lien-Owner Occupied
|
304,160
|
1,852,090
|
2,156,250
|
Land
and A&D
|
2,441,574
|
678,778
|
3,120,352
|
Commercial
|
1,420,075
|
56,868
|
1,476,943
|
|
12,682,559
|
9,778,864
|
22,461,423
|
Substandard(7)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
2,629,993
|
1,417,438
|
4,047,431
|
Investment
|
1,785,347
|
390,679
|
2,176,026
|
Land
and A&D
|
—
|
45,000
|
45,000
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
509,258
|
356,767
|
866,025
|
First
Lien-Owner Occupied
|
222,237
|
2,105,131
|
2,327,368
|
Land
and A&D
|
—
|
257,114
|
257,114
|
Commercial
|
2,110,454
|
73,668
|
2,184,122
|
|
7,257,289
|
4,645,797
|
11,903,086
|
Doubtful(8)
|
—
|
—
|
—
|
Loss(9)
|
—
|
—
|
—
|
Total
|
$1,285,819,500
|
$164,986,317
|
$1,450,805,817
|
At December 31, 2016
|
Legacy
|
Acquired
|
Total
|
Risk
Rating
|
|
|
|
Pass(1
- 5)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
$231,985,682
|
$48,069,046
|
$280,054,728
|
Investment
|
408,875,014
|
35,130,038
|
444,005,052
|
Hospitality
|
140,265,123
|
9,781,737
|
150,046,860
|
Land
and A&D
|
48,817,229
|
5,815,572
|
54,632,801
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
70,980,640
|
21,898,603
|
92,879,243
|
First
Lien-Owner Occupied
|
54,201,816
|
39,011,487
|
93,213,303
|
Land
and A&D
|
36,910,902
|
4,299,830
|
41,210,732
|
HELOC
and Jr. Liens
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
|
132,518,224
|
5,460,820
|
137,979,044
|
Consumer
|
4,868,909
|
139,966
|
5,008,875
|
|
1,153,808,754
|
172,240,817
|
1,326,049,571
|
Special
Mention(6)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
2,799,801
|
4,572,278
|
7,372,079
|
Investment
|
400,228
|
1,776,837
|
2,177,065
|
Hospitality
|
—
|
1,411,689
|
1,411,689
|
Land
and A&D
|
2,506,068
|
155,241
|
2,661,309
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
577,767
|
1,248,453
|
1,826,220
|
First
Lien-Owner Occupied
|
308,552
|
1,882,182
|
2,190,734
|
Land
and A&D
|
2,678,925
|
791,399
|
3,470,324
|
Commercial
|
456,093
|
197,383
|
653,476
|
|
9,727,434
|
12,035,462
|
21,762,896
|
Substandard(7)
|
|
|
|
Commercial
Real Estate:
|
|
|
|
Owner
Occupied
|
3,434,990
|
1,209,289
|
4,644,279
|
Investment
|
4,737,465
|
780,929
|
5,518,394
|
Hospitality
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
45,000
|
45,000
|
Residential
Real Estate:
|
|
|
|
First
Lien-Investment
|
592,106
|
476,603
|
1,068,709
|
First
Lien-Owner Occupied
|
222,237
|
1,550,098
|
1,772,335
|
Land
and A&D
|
77,395
|
467,004
|
544,399
|
Commercial
|
3,285,244
|
75,701
|
3,360,945
|
Consumer
|
—
|
—
|
—
|
|
13,696,173
|
4,604,624
|
18,300,797
|
Doubtful(8)
|
—
|
—
|
—
|
Loss(9)
|
—
|
—
|
—
|
Total
|
$1,177,232,361
|
$188,880,903
|
$1,366,113,264
|
|
|
Commercial
|
Residential
|
|
|
Three Months Ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,233,152
|
$3,683,260
|
$684,541
|
$8,836
|
$5,609,789
|
Provision
for loan losses
|
84,583
|
105,746
|
109,254
|
(20,667)
|
278,916
|
Recoveries
|
512
|
417
|
—
|
22,208
|
23,137
|
|
1,318,247
|
3,789,423
|
793,795
|
10,377
|
5,911,842
|
Loans
charged off
|
—
|
—
|
—
|
—
|
—
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
Six Months Ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Provision
for loan losses
|
514,972
|
238,360
|
(28,357)
|
(5,568)
|
719,407
|
Recoveries
|
1,563
|
833
|
900
|
25,532
|
28,828
|
|
1,888,770
|
4,229,345
|
796,063
|
29,526
|
6,943,704
|
Loans
charged off
|
(570,523)
|
(439,922)
|
(2,268)
|
(19,149)
|
(1,031,862)
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$300,234
|
$28,803
|
$20,262
|
$—
|
$349,299
|
Other
loans not individually evaluated
|
993,496
|
3,760,620
|
693,461
|
10,377
|
5,457,954
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
24,517
|
—
|
80,072
|
—
|
104,589
|
Ending
balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
Three Months Ended June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$989,005
|
$3,801,163
|
$904,204
|
$11,485
|
$5,705,857
|
Provision
for loan losses
|
146,461
|
138,069
|
14,615
|
855
|
300,000
|
Recoveries
|
7,386
|
—
|
11,308
|
3,212
|
21,906
|
|
1,142,852
|
3,939,232
|
930,127
|
15,552
|
6,027,763
|
Loans
charged off
|
—
|
—
|
(3,055)
|
(5,785)
|
(8,840)
|
Ending
Balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
|
|
|
|
|
|
|
|
Commercial
|
Residential
|
|
|
Six Months Ended June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,168,529
|
$3,046,714
|
$682,962
|
$11,613
|
$4,909,818
|
Provision
for loan losses
|
(35,490)
|
892,518
|
227,996
|
(6,413)
|
1,078,611
|
Recoveries
|
14,285
|
—
|
19,169
|
10,853
|
44,307
|
|
1,147,324
|
3,939,232
|
930,127
|
16,053
|
6,032,736
|
Loans
charged off
|
(4,472)
|
—
|
(3,055)
|
(6,286)
|
(13,813)
|
Ending
Balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$550,046
|
$676,747
|
$—
|
$—
|
$1,226,793
|
Other
loans not individually evaluated
|
592,806
|
3,262,485
|
611,006
|
9,767
|
4,476,064
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
—
|
—
|
316,066
|
—
|
316,066
|
Ending
balance
|
$1,142,852
|
$3,939,232
|
$927,072
|
$9,767
|
$6,018,923
|
|
|
Commercial
|
Residential
|
|
|
June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Legacy loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve
|
$300,234
|
$601,535
|
$192,501
|
$—
|
$1,094,270
|
Individually
evaluated for impairment without specific reserve
|
405,368
|
3,009,569
|
263,495
|
—
|
3,678,432
|
Other
loans not individually evaluated
|
149,238,270
|
918,871,531
|
208,531,955
|
4,405,042
|
1,281,046,798
|
Acquired loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve subsequent to
acquisition (ASC 310-20 at acquisition)
|
74,197
|
150,430
|
—
|
—
|
224,627
|
Individually
evaluated for impairment without specific reserve (ASC 310-20 at
acquisition)
|
—
|
252,687
|
1,585,980
|
—
|
1,838,667
|
Individually
evaluated for impairment without specific reserve (ASC 310-30 at
acquisition)
|
—
|
3,515,652
|
3,128,226
|
—
|
6,643,878
|
Collectively
evaluated for impairment without reserve (ASC 310-20 at
acquisition)
|
4,749,336
|
87,128,806
|
64,312,307
|
88,696
|
156,279,145
|
Ending
balance
|
$154,767,405
|
$1,013,530,210
|
$278,014,464
|
$4,493,738
|
$1,450,805,817
|
|
|
Commercial
|
Residential
|
|
|
June 30, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Legacy loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve
|
$1,009,512
|
$3,495,551
|
$—
|
$—
|
$4,505,063
|
Individually
evaluated for impairment without specific reserve
|
885,570
|
1,814,606
|
—
|
—
|
2,700,176
|
Other
loans not individually evaluated
|
110,924,558
|
718,453,673
|
185,608,582
|
5,386,911
|
1,020,373,724
|
Acquired loans:
|
|
|
|
|
|
Individually
evaluated for impairment with specific reserve subsequent to
acquisition (ASC 310-20 at acquisition)
|
—
|
—
|
377,212
|
—
|
377,212
|
Individually
evaluated for impairment without specific reserve (ASC 310-20 at
acquisition)
|
952,002
|
616,862
|
1,954,409
|
—
|
3,523,273
|
Individually
evaluated for impairment without specific reserve (ASC 310-30 at
acquisition)
|
—
|
5,789,245
|
4,310,565
|
—
|
10,099,810
|
Collectively
evaluated for impairment without reserve (ASC 310-20 at
acquisition)
|
7,010,584
|
118,600,602
|
79,468,134
|
171,324
|
205,250,644
|
Ending
balance
|
$120,782,226
|
$848,770,539
|
$271,718,902
|
$5,558,235
|
$1,246,829,902
|
Six Months Ended June 30, 2017
|
Legacy
|
Acquired
|
Total
|
Beginning
balance
|
$425,000
|
$2,321,000
|
$2,746,000
|
Real
estate acquired through foreclosure of loans
|
321,600
|
101,248
|
422,848
|
Sales/deposit
on sales
|
—
|
(290,644)
|
(290,644)
|
Net
realized gain on sale of real estate owned
|
—
|
17,689
|
17,689
|
Ending
balance
|
$746,600
|
$2,149,293
|
$2,895,893
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Weighted
average number of shares
|
10,951,464
|
10,816,429
|
10,938,892
|
10,812,314
|
Dilutive
average number of shares
|
11,165,814
|
10,989,854
|
11,152,901
|
10,980,534
|
|
At June 30, 2017 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Available-for-sale:
|
|
|
|
|
Treasury
securities
|
$3,013
|
$3,013
|
$—
|
$—
|
U.S.
government agency
|
18,345
|
—
|
18,345
|
—
|
Corporate
bonds
|
9,243
|
—
|
—
|
9,243
|
Municipal
securities
|
66,474
|
—
|
66,474
|
—
|
FHLMC
MBS
|
20,957
|
—
|
20,957
|
—
|
FNMA
MBS
|
66,916
|
—
|
66,916
|
—
|
GNMA
MBS
|
13,424
|
—
|
13,424
|
—
|
Total
recurring assets at fair value
|
$198,372
|
$3,013
|
$186,116
|
$9,243
|
|
At December 31, 2016 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Available-for-sale:
|
|
|
|
|
Treasury
securities
|
$2,996
|
$2,996
|
$—
|
$—
|
U.S.
government agency
|
7,266
|
—
|
7,266
|
—
|
Corporate
bonds
|
8,172
|
—
|
—
|
8,172
|
Municipal
securities
|
67,687
|
—
|
67,687
|
—
|
FHLMC
MBS
|
21,800
|
—
|
21,800
|
—
|
FNMA
MBS
|
70,449
|
—
|
70,449
|
—
|
GNMA
MBS
|
21,135
|
—
|
21,135
|
—
|
Total
recurring assets at fair value
|
$199,505
|
$2,996
|
$188,337
|
$8,172
|
(in
thousands)
|
Level 3
|
Investment
available-for-sale
|
|
Balance
as of January 1, 2017
|
$8,172
|
Realized
and unrealized gains (losses)
|
|
Included
in earnings
|
—
|
Included
in other comprehensive income
|
71
|
Purchases,
issuances, sales and settlements
|
1,000
|
Transfers
into or out of level 3
|
—
|
Balance
at June 30, 2017
|
$9,243
|
|
At June 30, 2017 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Impaired
Loans
|
|
|
|
|
Legacy:
|
$4,423
|
—
|
—
|
$4,423
|
Acquired:
|
1,959
|
—
|
—
|
1,959
|
Total
Impaired Loans
|
6,382
|
—
|
—
|
6,382
|
|
|
|
|
|
Other
real estate owned:
|
|
|
|
|
Legacy:
|
$747
|
—
|
—
|
$747
|
Acquired:
|
2,149
|
—
|
—
|
2,149
|
Total
other real estate owned:
|
2,896
|
—
|
—
|
2,896
|
Total
|
$9,278
|
$—
|
$—
|
$9,278
|
|
At December 31, 2016 (In thousands)
|
|||
|
|
Quoted Prices in
|
Other
|
Significant
|
|
|
Active Markets for
|
Observable
|
Unobservable
|
|
|
Identical Assets
|
Inputs
|
Inputs
|
|
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Impaired
Loans
|
|
|
|
|
Legacy:
|
$6,976
|
—
|
—
|
$6,976
|
Acquired:
|
1,088
|
—
|
—
|
1,088
|
Total
Impaired Loans
|
8,064
|
—
|
—
|
8,064
|
|
|
|
|
|
Other
real estate owned:
|
|
|
|
|
Legacy:
|
$425
|
—
|
—
|
$425
|
Acquired:
|
2,321
|
—
|
—
|
2,321
|
Total
other real estate owned:
|
2,746
|
—
|
—
|
2,746
|
Total
|
$10,810
|
$—
|
$—
|
$10,810
|
|
June 30, 2017 (In thousands)
|
||||
|
|
|
Quoted Prices
|
Significant
|
Significant
|
|
|
Total
|
in Active
|
Other
|
Other
|
|
Carrying
|
Estimated
|
Markets for
|
Observable
|
Unobservable
|
|
Amount
|
Fair
|
Identical Assets
|
Inputs
|
Inputs
|
|
(000’s)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Assets:
|
|
|
|
|
|
Cashand
cash equivalents$
|
26,465
|
$26,465
|
$26,465
|
$—
|
$—
|
Loans
receivable, net
|
1,446,573
|
1,443,615
|
—
|
—
|
1,443,615
|
Loans
held for sale
|
6,615
|
6,858
|
—
|
6,858
|
—
|
Investment
securities available for sale
|
198,372
|
198,372
|
3,013
|
186,116
|
9,243
|
Equity
Securities at cost
|
9,973
|
9,973
|
—
|
9,973
|
—
|
Bank
Owned Life Insurance
|
38,026
|
38,026
|
—
|
38,026
|
—
|
Accrued
interest receivable
|
4,145
|
4,145
|
—
|
936
|
3,209
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest-bearing
|
366,469
|
366,469
|
—
|
366,469
|
—
|
Interest
bearing
|
1,012,960
|
1,016,434
|
—
|
1,016,434
|
—
|
Short
term borrowings
|
203,781
|
203,781
|
—
|
203,781
|
—
|
Long
term borrowings
|
37,974
|
37,974
|
—
|
37,974
|
—
|
Accrued
Interest payable
|
1,341
|
1,341
|
—
|
1,341
|
—
|
|
December 31, 2016 (In thousands)
|
||||
|
|
|
Quoted Prices
|
Significant
|
Significant
|
|
|
Total
|
in Active
|
Other
|
Other
|
|
Carrying
|
Estimated
|
Markets for
|
Observable
|
Unobservable
|
|
Amount
|
Fair
|
Identical Assets
|
Inputs
|
Inputs
|
|
(000’s)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Assets:
|
|
|
|
|
|
Cashand
cash equivalents$
|
23,463
|
$23,463
|
$23,463
|
$—
|
$—
|
Loans
receivable, net
|
1,361,175
|
1,364,361
|
—
|
—
|
1,364,361
|
Loans
held for sale
|
8,418
|
8,707
|
—
|
8,707
|
—
|
Investment
securities available for sale
|
199,505
|
199,505
|
2,996
|
188,337
|
8,172
|
Equity
Securities at cost
|
8,303
|
8,303
|
—
|
8,303
|
—
|
Bank
Owned Life Insurance
|
37,558
|
37,558
|
—
|
37,558
|
—
|
Accrued
interest receivable
|
4,278
|
4,278
|
—
|
991
|
3,287
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest-bearing
|
331,331
|
331,331
|
—
|
331,331
|
—
|
Interest
bearing
|
994,549
|
998,489
|
—
|
998,489
|
—
|
Short
term borrowings
|
183,434
|
183,434
|
—
|
183,434
|
—
|
Long
term borrowings
|
37,843
|
37,843
|
—
|
37,843
|
—
|
Accrued
Interest payable
|
1,269
|
1,269
|
—
|
1,269
|
—
|
|
Three months ended June 30,
|
|||
|
(Dollars in thousands)
|
|||
|
2017
|
2016
|
$ Change
|
% Change
|
|
|
|
|
|
Net
income available to common stockholders
|
$3,969
|
$3,131
|
$838
|
26.76%
|
Interest
income
|
17,054
|
14,614
|
2,440
|
16.70
|
Interest
expense
|
2,801
|
1,638
|
1,163
|
71.00
|
Net
interest income before provision for loan losses
|
14,253
|
12,976
|
1,277
|
9.84
|
Provision
for loan losses
|
279
|
300
|
(21)
|
(7.00)
|
Non-interest
income
|
1,996
|
2,564
|
(568)
|
(22.15)
|
Non-interest
expense
|
9,929
|
10,553
|
(624)
|
(5.91)
|
Average
total loans
|
1,439,841
|
1,214,193
|
225,648
|
18.58
|
Average
interest earning assets
|
1,648,820
|
1,402,850
|
245,970
|
17.53
|
Average
total interest bearing deposits
|
1,010,827
|
916,952
|
93,875
|
10.24
|
Average
non-interest bearing deposits
|
357,710
|
313,709
|
44,001
|
14.03
|
Net
interest margin
|
3.60%
|
3.85%
|
|
(6.49)
|
Return
on average equity
|
9.37%
|
8.63%
|
|
8.57
|
Basic
earnings per common share
|
$0.36
|
$0.29
|
$0.07
|
24.14
|
Diluted
earnings per common share
|
0.36
|
0.28
|
0.08
|
28.57
|
|
Six months ended June 30,
|
|||
|
(Dollars in thousands)
|
|||
|
2017
|
2016
|
$ Change
|
% Change
|
|
|
|
|
|
Net
income available to common stockholders
|
$7,943
|
$5,282
|
$2,661
|
50.37%
|
Interest
income
|
33,689
|
28,772
|
4,917
|
17.09
|
Interest
expense
|
5,275
|
3,184
|
2,091
|
65.65
|
Net
interest income before provision for loan losses
|
28,414
|
25,588
|
2,826
|
11.04
|
Provision
for loan losses
|
719
|
1,079
|
(360)
|
(33.36)
|
Non-interest
income
|
3,850
|
4,547
|
(697)
|
(15.33)
|
Non-interest
expense
|
19,462
|
21,177
|
(1,715)
|
(8.10)
|
Average
total loans
|
1,411,251
|
1,193,476
|
217,775
|
18.25
|
Average
interest earning assets
|
1,621,318
|
1,385,537
|
235,781
|
17.02
|
Average
total interest bearing deposits
|
999,834
|
912,731
|
87,103
|
9.54
|
Average
non-interest bearing deposits
|
347,236
|
319,979
|
27,257
|
8.52
|
Net
interest margin
|
3.66%
|
3.85%
|
|
(4.94)
|
Return
on average equity
|
9.50%
|
7.41%
|
|
28.21
|
Basic
earnings per common share
|
$0.73
|
$0.49
|
$0.24
|
48.98
|
Diluted
earnings per common share
|
0.71
|
0.48
|
0.23
|
47.92
|
|
Three months ended June 30,
|
|||
|
2017
|
2016
|
||
|
|
% Impact on
|
|
% Impact on
|
|
Accretion
|
Net Interest
|
Accretion
|
Net Interest
|
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Commercial
loans
|
$(6,028)
|
—%
|
$(479)
|
—%
|
Mortgage
loans
|
302,687
|
0.07
|
127,100
|
0.04
|
Consumer
loans
|
5,038
|
—
|
10,963
|
—
|
Interest
bearing deposits
|
29,538
|
0.01
|
68,569
|
0.02
|
Total
accretion (amortization)
|
$331,235
|
0.08%
|
$206,153
|
0.06%
|
|
Average Balances, Interest and Yields
|
|||||
|
2017
|
2016
|
||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
Three months ended June 30,
|
balance
|
Interest
|
Rate
|
balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Federal
funds sold (1)
|
$334,761
|
$996
|
1.19%
|
$327,683
|
$379
|
0.47%
|
Interest
bearing deposits (1)
|
1,139,932
|
4
|
—
|
1,520,554
|
3
|
—
|
Investment
securities (1)(2)
|
|
|
|
|
|
|
U.S.
Treasury
|
3,023,053
|
7,578
|
1.01
|
2,997,364
|
5,285
|
0.71
|
U.S.
government agency
|
10,852,617
|
71,214
|
2.63
|
23,454,182
|
90,625
|
1.55
|
Corporate
bonds
|
9,100,000
|
121,042
|
5.34
|
—
|
—
|
—
|
Mortgage
backed securities
|
113,281,791
|
554,411
|
1.96
|
104,087,876
|
494,145
|
1.91
|
Municipal
securities
|
67,296,987
|
646,047
|
3.85
|
55,881,307
|
591,467
|
4.26
|
Other
equity securities
|
9,730,114
|
132,793
|
5.47
|
6,231,432
|
97,728
|
6.31
|
Total
investment securities
|
213,284,562
|
1,533,085
|
2.88
|
192,652,161
|
1,279,250
|
2.67
|
Loans(1)
|
|
|
|
|
|
|
Commercial
|
179,581,927
|
1,723,985
|
3.85
|
145,376,806
|
1,458,969
|
4.04
|
Mortgage
real estate
|
1,255,389,706
|
14,264,687
|
4.56
|
1,061,962,806
|
12,236,782
|
4.63
|
Consumer
|
4,869,487
|
62,228
|
5.13
|
6,853,629
|
87,168
|
5.12
|
Total
loans
|
1,439,841,120
|
16,050,900
|
4.47
|
1,214,193,241
|
13,782,919
|
4.57
|
Allowance
for loan losses
|
5,780,277
|
—
|
|
5,844,078
|
—
|
|
Total
loans, net of allowance
|
1,434,060,843
|
16,050,900
|
4.49
|
1,208,349,163
|
13,782,919
|
4.59
|
Total
interest earning assets(1)
|
1,648,820,098
|
17,584,985
|
4.28
|
1,402,849,561
|
15,062,551
|
4.32
|
Non-interest
bearing cash
|
29,113,718
|
|
|
43,063,212
|
|
|
Premises
and equipment
|
37,054,746
|
|
|
36,183,279
|
|
|
Other
assets
|
75,941,367
|
|
|
73,789,163
|
|
|
Total
assets(1)
|
1,790,929,929
|
|
|
1,555,885,215
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
Interest
bearing deposits
|
|
|
|
|
|
|
Savings
|
105,199,972
|
31,542
|
0.12
|
102,310,829
|
30,739
|
0.12
|
Money
market and NOW
|
434,279,367
|
422,991
|
0.39
|
381,648,262
|
227,643
|
0.24
|
Time
deposits
|
471,347,240
|
1,252,460
|
1.07
|
432,992,550
|
1,050,997
|
0.98
|
Total
interest bearing deposits
|
1,010,826,579
|
1,706,993
|
0.68
|
916,951,641
|
1,309,379
|
0.57
|
Borrowed
funds
|
241,256,198
|
1,094,133
|
1.82
|
165,943,308
|
328,613
|
0.80
|
Total
interest bearing liabilities
|
1,252,082,777
|
2,801,126
|
0.90
|
1,082,894,949
|
1,637,992
|
0.61
|
Non-interest
bearing deposits
|
357,709,853
|
|
|
313,709,097
|
|
|
|
1,609,792,630
|
|
|
1,396,604,046
|
|
|
Other
liabilities
|
11,261,452
|
|
|
13,171,739
|
|
|
Non-controlling
interest
|
—
|
|
|
257,582
|
|
|
Stockholders’
equity
|
169,875,847
|
|
|
145,851,848
|
|
|
Total
liabilities and stockholders’ equity
|
$1,790,929,929
|
|
|
$1,555,885,215
|
|
|
Net interest
spread(1)
|
|
|
3.38
|
|
|
3.71
|
Net interest
margin(1)
|
|
$14,783,859
|
3.60%
|
|
$13,424,559
|
3.85%
|
|
Three months ended June 30,
|
||
|
2017 compared to 2016
|
||
|
Variance due to:
|
||
|
Total
|
Rate
|
Volume
|
|
|
|
|
Interest earning assets:
|
|
|
|
Federal
funds sold(1)
|
$617
|
$615
|
$2
|
Interest
bearing deposits
|
1
|
2
|
(1)
|
Investment
Securities(1)
|
|
|
|
U.S.
treasury
|
2,293
|
2,281
|
12
|
U.S.
government agency
|
(19,411)
|
65,575
|
(84,986)
|
Corporate
bonds
|
121,042
|
—
|
121,042
|
Mortgage
backed securities
|
60,266
|
33,780
|
26,486
|
Municipal
securities
|
54,580
|
(122,432)
|
177,012
|
Other
|
35,065
|
(36,411)
|
71,476
|
Loans:(1)
|
|
|
|
Commercial
|
265,016
|
(186,181)
|
451,197
|
Mortgage
|
2,027,905
|
(653,221)
|
2,681,126
|
Consumer
|
(24,940)
|
700
|
(25,640)
|
Total
interest income (1)
|
2,522,434
|
(895,292)
|
3,417,726
|
|
|
|
|
Interest bearing
liabilities
|
|
|
|
Savings
|
803
|
(379)
|
1,182
|
Money
market and NOW
|
195,348
|
185,216
|
10,132
|
Time
deposits
|
201,463
|
162,370
|
39,093
|
Borrowed
funds
|
765,520
|
703,526
|
61,994
|
Total
interest expense
|
1,163,134
|
1,050,733
|
112,401
|
|
|
|
|
Net
interest income(1)
|
$1,359,300
|
$(1,946,025)
|
$3,305,325
|
|
Three months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Service
charges on deposit accounts
|
$434,272
|
$433,498
|
$774
|
0.18%
|
Gain
on sales or calls of investment securities
|
19,581
|
823,214
|
(803,633)
|
(97.62)
|
Earnings
on bank owned life insurance
|
282,100
|
282,358
|
(258)
|
(0.09)
|
Gain
on disposal of assets
|
—
|
22,784
|
(22,784)
|
(100.00)
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
100.00
|
Rental
income
|
169,862
|
208,556
|
(38,694)
|
(18.55)
|
Income
on marketable loans
|
726,647
|
587,030
|
139,617
|
23.78
|
Other
fees and commissions
|
268,443
|
206,244
|
62,199
|
30.16
|
Total non-interest income
|
$1,995,619
|
$2,563,684
|
$(568,065)
|
(22.16)%
|
|
Three months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Salaries
and benefits
|
$5,050,635
|
$5,079,143
|
$(28,508)
|
(0.56)%
|
Severance
expense
|
—
|
393,495
|
(393,495)
|
(100.00)
|
Occupancy
and equipment
|
1,655,270
|
1,647,490
|
7,780
|
0.47
|
Data
processing
|
361,546
|
383,689
|
(22,143)
|
(5.77)
|
FDIC
insurance and State of Maryland assessments
|
256,513
|
285,630
|
(29,117)
|
(10.19)
|
Merger
and integration
|
—
|
301,538
|
(301,538)
|
(100.00)
|
Core
deposit premium amortization
|
181,357
|
200,998
|
(19,641)
|
(9.77)
|
Gain
on sale of other real estate owned
|
—
|
(48,099)
|
48,099
|
(100.00)
|
OREO
expense
|
27,634
|
63,192
|
(35,558)
|
(56.27)
|
Director
fees
|
159,700
|
162,900
|
(3,200)
|
(1.96)
|
Network
services
|
164,232
|
146,334
|
17,898
|
12.23
|
Telephone
|
186,159
|
201,141
|
(14,982)
|
(7.45)
|
Other
operating
|
1,886,405
|
1,735,287
|
151,118
|
8.71
|
Total non-interest expenses
|
$9,929,451
|
$10,552,738
|
$(623,287)
|
(5.91)%
|
|
Six months ended June 30,
|
|||
|
2017
|
2016
|
||
|
|
% Impact on
|
|
% Impact on
|
|
Accretion
|
Net Interest
|
Accretion
|
Net Interest
|
|
Dollars
|
Margin
|
Dollars
|
Margin
|
Commercial
loans
|
$3,699
|
—%
|
$26,925
|
—%
|
Mortgage
loans
|
588,169
|
0.07
|
306,650
|
0.04
|
Consumer
loans
|
10,315
|
—
|
22,516
|
—
|
Interest
bearing deposits
|
64,574
|
0.01
|
161,402
|
0.02
|
Total
accretion (amortization)
|
$666,757
|
0.08%
|
$517,493
|
0.06%
|
|
Average Balances, Interest and Yields
|
|||||
|
2017
|
2016
|
||||
|
Average
|
|
Yield/
|
Average
|
|
Yield/
|
Six months ended June 30,
|
balance
|
Interest
|
Rate
|
balance
|
Interest
|
Rate
|
Assets:
|
|
|
|
|
|
|
Federal
funds sold (1)
|
$293,027
|
$1,619
|
1.11%
|
$644,457
|
$1,509
|
0.47%
|
Interest
bearing deposits (1)
|
1,143,800
|
4
|
—
|
1,549,022
|
11
|
—
|
Investment
securities (1)(2)
|
|
|
|
|
|
|
U.S.
Treasury
|
3,028,386
|
12,948
|
0.86
|
3,006,641
|
9,285
|
0.62
|
U.S.
government agency
|
9,604,138
|
122,514
|
2.57
|
29,694,920
|
223,604
|
1.51
|
Corporate
bonds
|
8,995,028
|
238,878
|
5.36
|
—
|
—
|
—
|
Mortgage
backed securities
|
115,082,500
|
1,108,840
|
1.94
|
102,632,817
|
1,007,450
|
1.97
|
Municipal
securities
|
68,626,297
|
1,329,131
|
3.91
|
53,748,864
|
1,166,576
|
4.36
|
Other
equity securities
|
9,249,015
|
245,062
|
5.34
|
6,231,432
|
199,207
|
6.43
|
Total
investment securities
|
214,585,364
|
3,057,373
|
2.87
|
195,314,674
|
2,606,122
|
2.68
|
Loans(1)
|
|
|
|
|
|
|
Commercial
|
173,597,006
|
3,358,105
|
3.90
|
144,593,771
|
2,905,008
|
4.04
|
Mortgage
real estate
|
1,232,592,239
|
28,193,171
|
4.61
|
1,041,826,785
|
23,993,295
|
4.63
|
Consumer
|
5,062,059
|
126,281
|
5.03
|
7,055,492
|
180,515
|
5.15
|
Total
loans
|
1,411,251,304
|
31,677,557
|
4.53
|
1,193,476,048
|
27,078,818
|
4.56
|
Allowance
for loan losses
|
5,955,492
|
—
|
|
5,447,403
|
—
|
|
Total
loans, net of allowance
|
1,405,295,812
|
31,677,557
|
4.55
|
1,188,028,645
|
27,078,818
|
4.58
|
Total
interest earning assets(1)
|
1,621,318,003
|
34,736,553
|
4.32
|
1,385,536,798
|
29,686,460
|
4.31
|
Non-interest
bearing cash
|
28,955,509
|
|
|
43,437,395
|
|
|
Premises
and equipment
|
36,160,555
|
|
|
36,172,478
|
|
|
Other
assets
|
77,133,846
|
|
|
72,086,270
|
|
|
Total
assets(1)
|
1,763,567,913
|
|
|
1,537,232,941
|
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
Interest
bearing deposits
|
|
|
|
|
|
|
Savings
|
103,454,948
|
61,892
|
0.12
|
100,253,407
|
60,371
|
0.12
|
Money
market and NOW
|
431,589,356
|
766,543
|
0.36
|
377,385,565
|
452,838
|
0.24
|
Time
deposits
|
464,789,750
|
2,419,616
|
1.05
|
435,091,908
|
2,066,603
|
0.96
|
Total
interest bearing deposits
|
999,834,054
|
3,248,051
|
0.66
|
912,730,880
|
2,579,812
|
0.57
|
Borrowed
funds
|
236,796,669
|
2,027,021
|
1.73
|
147,692,134
|
604,272
|
0.82
|
Total
interest bearing liabilities
|
1,236,630,723
|
5,275,072
|
0.86
|
1,060,423,014
|
3,184,084
|
0.60
|
Non-interest
bearing deposits
|
347,235,809
|
|
|
319,978,869
|
|
|
|
1,583,866,532
|
|
|
1,380,401,883
|
|
|
Other
liabilities
|
11,073,953
|
|
|
13,151,052
|
|
|
Non-controlling
interest
|
—
|
|
|
256,956
|
|
|
Stockholders’
equity
|
168,627,428
|
|
|
143,423,050
|
|
|
Total
liabilities and stockholders’ equity
|
$1,763,567,913
|
|
|
$1,537,232,941
|
|
|
Net interest
spread(1)
|
|
|
3.46
|
|
|
3.71
|
Net interest
margin(1)
|
|
$29,461,481
|
3.66%
|
|
$26,502,376
|
3.85%
|
|
Six months ended June 30,
|
||
|
2017 compared to 2016
|
||
|
Variance due to:
|
||
|
Total
|
Rate
|
Volume
|
|
|
|
|
Interest earning assets:
|
|
|
|
Federal
funds sold(1)
|
$110
|
$1,467
|
$(1,357)
|
Interest
bearing deposits
|
(7)
|
(6)
|
(1)
|
Investment
Securities(1)
|
|
|
|
U.S.
treasury
|
3,663
|
3,629
|
34
|
U.S.
government agency
|
(101,090)
|
135,555
|
(236,645)
|
Corporate
bond
|
238,878
|
—
|
238,878
|
Mortgage
backed securities
|
101,390
|
(29,465)
|
130,855
|
Municipal
securities
|
162,555
|
(208,871)
|
371,426
|
Other
|
45,855
|
(60,505)
|
106,360
|
Loans:(1)
|
|
|
|
Commercial
|
453,097
|
(182,546)
|
635,643
|
Mortgage
|
4,199,876
|
(195,108)
|
4,394,984
|
Consumer
|
(54,234)
|
(7,431)
|
(46,803)
|
Total
interest income (1)
|
5,050,093
|
(543,281)
|
5,593,374
|
|
|
|
|
Interest bearing
liabilities
|
|
|
|
Savings
|
1,521
|
(447)
|
1,968
|
Money
market and NOW
|
313,705
|
273,482
|
40,223
|
Time
deposits
|
353,013
|
463,106
|
(110,093)
|
Borrowed
funds
|
1,422,749
|
1,118,103
|
304,646
|
Total
interest expense
|
2,090,988
|
1,854,244
|
236,744
|
|
|
|
|
Net
interest income(1)
|
$2,959,105
|
$(2,397,525)
|
$5,356,630
|
|
Six months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Service
charges on deposit accounts
|
$846,431
|
$844,835
|
$1,596
|
0.19%
|
Gain
on sales or calls of investment securities
|
35,258
|
900,212
|
(864,954)
|
(96.08)
|
Earnings
on bank owned life insurance
|
563,456
|
564,544
|
(1,088)
|
(0.19)
|
Gain
on disposal of assets
|
112,594
|
22,784
|
89,810
|
394.18
|
Gain
on sale of loans
|
94,714
|
—
|
94,714
|
100.00
|
Rental
income
|
310,455
|
417,135
|
(106,680)
|
(25.57)
|
Income
on marketable loans
|
1,357,577
|
964,168
|
393,409
|
40.80
|
Other
fees and commissions
|
529,866
|
833,659
|
(303,793)
|
(36.44)
|
Total non-interest income
|
$3,850,351
|
$4,547,337
|
$(696,986)
|
(15.33)%
|
|
Six months ended June 30,
|
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
Salaries
and benefits
|
$9,918,166
|
$10,455,695
|
$(537,529)
|
(5.14)%
|
Severance
expense
|
—
|
393,495
|
(393,495)
|
(100.00)
|
Occupancy
and equipment
|
3,308,683
|
3,372,043
|
(63,360)
|
(1.88)
|
Data
processing
|
718,194
|
781,481
|
(63,287)
|
(8.10)
|
FDIC
insurance and State of Maryland assessments
|
518,113
|
520,914
|
(2,801)
|
(0.54)
|
Merger
and integration
|
—
|
661,019
|
(661,019)
|
(100.00)
|
Core
deposit premium amortization
|
379,258
|
427,239
|
(47,981)
|
(11.23)
|
Gain
on sale of other real estate owned
|
(17,689)
|
(52,307)
|
34,618
|
(66.18)
|
OREO
expense
|
55,211
|
218,158
|
(162,947)
|
(74.69)
|
Director
fees
|
336,900
|
331,700
|
5,200
|
1.57
|
Network
services
|
303,839
|
283,230
|
20,609
|
7.28
|
Telephone
|
380,301
|
419,775
|
(39,474)
|
(9.40)
|
Other
operating
|
3,560,605
|
3,364,815
|
195,790
|
5.82
|
Total non-interest expenses
|
$19,461,581
|
$21,177,257
|
$(1,715,676)
|
(8.10)%
|
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy(1)
|
Acquired
|
Total
|
Legacy(1)
|
Acquired
|
Total
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$266,686,058
|
$45,923,998
|
$312,610,056
|
$238,220,475
|
$53,850,612
|
$292,071,087
|
Investment
|
453,597,514
|
32,857,002
|
486,454,516
|
414,012,709
|
37,687,804
|
451,700,513
|
Hospitality
|
157,457,044
|
6,814,105
|
164,271,149
|
141,611,858
|
11,193,427
|
152,805,285
|
Land
and A&D
|
44,742,020
|
5,452,470
|
50,194,490
|
51,323,297
|
6,015,813
|
57,339,110
|
Residential
Real Estate
|
|
|
|
|
|
|
First
Lien-Investment
|
81,285,353
|
20,860,372
|
102,145,725
|
72,150,512
|
23,623,660
|
95,774,172
|
First
Lien-Owner Occupied
|
61,719,823
|
40,800,994
|
102,520,817
|
54,732,604
|
42,443,767
|
97,176,371
|
Residential
Land and A&D
|
43,290,769
|
5,012,688
|
48,303,457
|
39,667,222
|
5,558,232
|
45,225,454
|
HELOC
and Jr. Liens
|
22,692,006
|
2,352,459
|
25,044,465
|
24,385,215
|
2,633,718
|
27,018,933
|
Commercial
and Industrial
|
149,943,871
|
4,823,533
|
154,767,404
|
136,259,560
|
5,733,904
|
141,993,464
|
Consumer
|
4,405,042
|
88,696
|
4,493,738
|
4,868,909
|
139,966
|
5,008,875
|
|
1,285,819,500
|
164,986,317
|
1,450,805,817
|
1,177,232,361
|
188,880,903
|
1,366,113,264
|
Allowance
for loan losses
|
(5,807,254)
|
(104,588)
|
(5,911,842)
|
(6,084,478)
|
(110,991)
|
(6,195,469)
|
Deferred
loan costs, net
|
1,679,274
|
—
|
1,679,274
|
1,257,411
|
—
|
1,257,411
|
|
$1,281,691,520
|
$164,881,729
|
$1,446,573,249
|
$1,172,405,294
|
$188,769,912
|
$1,361,175,206
|
|
June 30,
|
December 31,
|
|
|
|
2017
|
2016
|
$ Change
|
% Change
|
|
(Dollars in thousands)
|
|||
Certificates
of deposit
|
$475,833
|
$460,595
|
$15,238
|
3.31%
|
Interest
bearing checking
|
430,095
|
433,195
|
(3,100)
|
(0.72)
|
Savings
|
107,032
|
100,759
|
6,273
|
6.23
|
Total
|
$1,012,960
|
$994,549
|
$18,411
|
1.85%
|
|
|
|
Minimum capital
|
To be well
|
||
|
Actual
|
adequacy
|
capitalized
|
|||
June 30, 2017
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
(Dollars in 000’s)
|
|||||
Common
equity tier 1 (to risk-weighted assets)
|
$172,548
|
10.84%
|
$71,609
|
4.5%
|
$103,435
|
6.5
|
Total
capital (to risk weighted assets)
|
$178,522
|
11.22%
|
$127,305
|
8%
|
$159,132
|
10
|
Tier
1 capital (to risk weighted assets)
|
$172,548
|
10.84%
|
$95,479
|
6%
|
$127,305
|
8
|
Tier
1 leverage (to average assets)
|
$172,548
|
9.79%
|
$70,504
|
4%
|
$88,130
|
5
|
|
Nonperforming Assets
|
|||||
|
June 30, 2017
|
December 31, 2016
|
||||
|
Legacy
|
Acquired
|
Total
|
Legacy
|
Acquired
|
Total
|
Accruing
loans 90 or more days past due
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$—
|
$—
|
$—
|
$—
|
$634,290
|
$634,290
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Owner Occupied
|
—
|
3,360
|
3,360
|
—
|
250,000
|
250,000
|
Commercial
|
19,159
|
—
|
19,159
|
—
|
—
|
—
|
Consumer
|
—
|
—
|
—
|
19,242
|
—
|
19,242
|
Total
accruing loans 90 or more days past due
|
19,159
|
3,360
|
22,519
|
19,242
|
884,290
|
903,532
|
Non-accruing
loans:
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$—
|
$225,432
|
$225,432
|
$2,370,589
|
$—
|
$2,370,589
|
Hospitality
|
—
|
—
|
—
|
1,346,736
|
—
|
1,346,736
|
Land
and A&D
|
—
|
192,382
|
192,382
|
77,395
|
194,567
|
271,962
|
Residential
Real Estate:
|
|
|
|
|
|
|
First
Lien-Investment
|
233,759
|
—
|
233,759
|
312,061
|
99,293
|
411,354
|
First
Lien-Owner Occupied
|
222,237
|
819,353
|
1,041,590
|
222,237
|
—
|
222,237
|
Commercial
and Industrial
|
202,528
|
—
|
202,528
|
1,760,824
|
—
|
1,760,824
|
Total
Non-accruing loans:
|
658,524
|
1,237,167
|
1,895,691
|
6,089,842
|
293,860
|
6,383,702
|
|
|
|
|
|
|
|
Other
real estate owned (“OREO”)
|
746,600
|
2,149,293
|
2,895,893
|
425,000
|
2,321,000
|
2,746,000
|
|
|
|
|
|
|
|
Total
nonperforming assets
|
$1,424,283
|
$3,389,820
|
$4,814,103
|
$6,534,084
|
$3,499,150
|
$10,033,234
|
|
|
|
|
|
|
|
Accruing
Troubled Debt Restructurings
|
|
|
|
|
|
|
Commercial
Real Estate
|
|
|
|
|
|
|
Owner
Occupied
|
$1,584,912
|
$—
|
$1,584,912
|
$—
|
$—
|
$—
|
Residential
Real Estate:
|
|
|
|
|
|
|
Land
and A&D
|
—
|
—
|
—
|
—
|
91,669
|
91,669
|
First
Lien-Investment
|
—
|
132,715
|
132,715
|
—
|
67,397
|
67,397
|
First
Lien-Owner Occupied
|
—
|
653,501
|
653,501
|
—
|
662,661
|
662,661
|
Commercial
and Industrial
|
405,368
|
74,197
|
479,565
|
—
|
75,701
|
75,701
|
Total
Accruing Troubled Debt Restructurings
|
$1,990,280
|
$860,413
|
$2,850,693
|
$—
|
$897,428
|
$897,428
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
Ratios, Excluding Acquired
Assets
|
|
|
Total
nonperforming assets as a percentage of total loans held for
investment and OREO
|
0.11%
|
0.55%
|
Total
nonperforming assets as a percentage of total assets
|
0.09%
|
0.43%
|
Total
nonperforming assets as a percentage of total loans held for
investment
|
0.11%
|
0.56%
|
|
|
|
Ratios, Including Acquired
Assets
|
|
|
Total
nonperforming assets as a percentage of total loans held for
investment and OREO
|
0.33%
|
0.73%
|
Total
nonperforming assets as a percentage of total assets
|
0.27%
|
0.59%
|
Total
nonperforming assets as a percentage of total loans held for
investment
|
0.33%
|
0.73%
|
|
June 30, 2017
|
December 31, 2016
|
||||||
|
|
Unpaid
|
|
Interest
|
|
Unpaid
|
|
|
|
# of
|
Principal
|
Recorded
|
Not
|
# of
|
Principal
|
Recorded
|
Interest Not
|
|
Contracts
|
Balance
|
Investment
|
Accrued
|
Contracts
|
Balance
|
Investment
|
Accrued
|
Legacy
|
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
|
Owner
Occupied
|
1
|
$252,687
|
$225,432
|
$—
|
3
|
$2,370,589
|
$2,370,589
|
$89,204
|
Investment
|
—
|
—
|
—
|
—
|
1
|
77,395
|
77,395
|
2,290
|
Hospitality
|
—
|
—
|
—
|
—
|
1
|
1,346,736
|
1,346,736
|
61,937
|
Land
and A & D
|
2
|
484,701
|
192,382
|
—
|
—
|
—
|
—
|
—
|
Residential
Real Estate
|
|
|
|
|
|
|
|
|
First
Lien-Investment
|
4
|
928,391
|
819,353
|
11,794
|
3
|
312,061
|
312,061
|
12,229
|
First
Lien-Owner Occupied
|
—
|
—
|
—
|
—
|
1
|
222,237
|
222,237
|
5,436
|
Commercial
|
—
|
—
|
—
|
—
|
24
|
1,760,824
|
1,760,824
|
264,259
|
Total
non-accrual loans
|
7
|
1,665,779
|
1,237,167
|
11,794
|
33
|
6,089,842
|
6,089,842
|
435,355
|
Acquired(1)
|
|
|
|
|
|
|
|
|
Commercial
Real Estate:
|
|
|
|
|
|
|
|
|
Land
and A & D
|
—
|
—
|
—
|
—
|
2
|
485,905
|
194,567
|
5,503
|
Residential
Real Estate
|
|
|
|
|
|
|
|
|
First
Lien-Investment
|
2
|
233,759
|
233,759
|
17,856
|
—
|
—
|
—
|
—
|
First
Lien-Owner Occupied
|
2
|
222,237
|
222,237
|
10,671
|
|
|
|
|
Commercial
|
2
|
202,528
|
202,528
|
22,799
|
1
|
158,224
|
99,293
|
22,130
|
Total
non-accrual loans
|
6
|
$658,524
|
$658,524
|
$51,326
|
3
|
$644,129
|
$293,860
|
$27,633
|
Total
all non-accrual loans
|
13
|
$2,324,303
|
$1,895,691
|
$63,120
|
36
|
$6,733,971
|
$6,383,702
|
$462,988
|
|
|
Commercial
|
Residential
|
|
|
Six months ended June 30, 2017
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Provision
for loan losses
|
514,972
|
238,360
|
(28,357)
|
(5,568)
|
719,407
|
Recoveries
|
1,563
|
833
|
900
|
25,532
|
28,828
|
|
1,888,770
|
4,229,345
|
796,063
|
29,526
|
6,943,704
|
Loans
charged off
|
(570,523)
|
(439,922)
|
(2,268)
|
(19,149)
|
(1,031,862)
|
Ending
Balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$300,234
|
$28,803
|
$20,262
|
$—
|
$349,299
|
Other
loans not individually evaluated
|
993,496
|
3,760,620
|
693,461
|
10,377
|
5,457,954
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
24,517
|
—
|
80,072
|
—
|
104,589
|
Ending
balance
|
$1,318,247
|
$3,789,423
|
$793,795
|
$10,377
|
$5,911,842
|
|
|
Commercial
|
Residential
|
|
|
At December 31, 2016
|
Commercial
|
Real Estate
|
Real Estate
|
Consumer
|
Total
|
Beginning
balance
|
$1,161,318
|
$3,053,925
|
$682,962
|
$11,613
|
$4,909,818
|
Provision
for loan losses
|
172,059
|
936,227
|
486,935
|
(10,679)
|
1,584,542
|
Recoveries
|
43,330
|
—
|
49,464
|
18,482
|
111,276
|
|
1,376,707
|
3,990,152
|
1,219,361
|
19,416
|
6,605,636
|
Loans
charged off
|
(4,472)
|
—
|
(395,841)
|
(9,854)
|
(410,167)
|
Ending
Balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
Amount
allocated to:
|
|
|
|
|
|
Legacy
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
$609,152
|
$611,498
|
$61,365
|
$—
|
$1,282,015
|
Other
loans not individually evaluated
|
735,876
|
3,378,654
|
678,371
|
9,562
|
4,802,463
|
Acquired
Loans:
|
|
|
|
|
|
Individually
evaluated for impairment
|
27,207
|
—
|
83,784
|
—
|
110,991
|
Ending
balance
|
$1,372,235
|
$3,990,152
|
$823,520
|
$9,562
|
$6,195,469
|
|
|
|
|
|
|
|
June 30, 2017
|
December 31, 2016
|
Ratio
of allowance for loan losses to:
|
|
|
Total
gross loans held for investment
|
0.41%
|
0.45%
|
Non-accrual
loans
|
311.86%
|
97.05%
|
Net
charge-offs to average loans
|
0.08%
|
0.02%
|
|
June 30, 2017
|
December 31, 2016
|
|
(Dollars in thousands)
|
|
|
|
|
Commitments
to extend credit and available credit lines:
|
|
|
Commercial
|
$102,951
|
$92,263
|
Real
estate-undisbursed development and construction
|
127,726
|
134,944
|
Consumer
|
23,816
|
26,204
|
|
$254,493
|
$253,411
|
Standby
letters of credit
|
$18,422
|
$18,907
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$14,252,645
|
3.47%
|
3.25%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
25
|
—
|
—
|
Investment
securities
|
245,539
|
0.06
|
0.06
|
Loans
|
285,650
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
531,214
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$14,783,859
|
3.60%
|
3.38%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$12,975,748
|
3.72%
|
3.58%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
3
|
—
|
—
|
Investment
securities
|
228,532
|
0.07
|
0.07
|
Loans
|
220,276
|
0.06
|
0.06
|
Total
tax equivalent adjustment
|
448,811
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$13,424,559
|
3.85%
|
3.71%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$28,414,034
|
3.53%
|
3.33%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
36
|
—
|
—
|
Investment
securities
|
500,759
|
0.06
|
0.06
|
Loans
|
546,652
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
1,047,447
|
0.13
|
0.13
|
Tax
equivalent interest yield
|
$29,461,481
|
3.66%
|
3.46%
|
|
|
|
Net
|
|
Net Interest
|
|
Interest
|
|
Income
|
Yield
|
Spread
|
GAAP
net interest income
|
$25,587,983
|
3.71%
|
3.57%
|
Tax
equivalent adjustment
|
|
|
|
Federal
funds sold
|
8
|
—
|
—
|
Investment
securities
|
455,393
|
0.07
|
0.07
|
Loans
|
458,992
|
0.07
|
0.07
|
Total
tax equivalent adjustment
|
914,393
|
0.14
|
0.14
|
Tax
equivalent interest yield
|
$26,502,376
|
3.85%
|
3.71%
|
|
Interest Sensitivity Analysis
|
||||
|
June 30, 2017
|
||||
|
Maturing or Repricing
|
||||
|
Within
|
4 - 12
|
1 - 5
|
Over
|
|
|
3 Months
|
Months
|
Years
|
5 Years
|
Total
|
|
(Dollars in thousands)
|
||||
Interest
Earning Assets:
|
|
|
|
|
|
Interest
bearing accounts
|
$30
|
$—
|
$—
|
$—
|
$30
|
Time
deposits in other banks
|
—
|
—
|
—
|
—
|
—
|
Federal
funds sold
|
303
|
—
|
—
|
—
|
303
|
Investment
securities
|
—
|
3,013
|
2,771
|
193,088
|
198,872
|
Loans
|
247,262
|
89,069
|
623,492
|
490,982
|
1,450,805
|
Total
interest earning assets
|
247,595
|
92,082
|
625,763
|
684,070
|
1,649,510
|
Interest
Bearing Liabilities:
|
|
|
|
|
|
Interest-bearing
transaction deposits
|
284,102
|
145,994
|
—
|
—
|
430,096
|
Savings
accounts
|
35,677
|
35,677
|
35,677
|
—
|
107,031
|
Time
deposits
|
73,300
|
207,993
|
194,540
|
—
|
475,833
|
Total
interest-bearing deposits
|
393,079
|
389,664
|
230,217
|
—
|
1,012,960
|
FHLB
advances
|
185,000
|
—
|
—
|
—
|
185,000
|
Other
borrowings
|
18,781
|
—
|
—
|
37,974
|
56,755
|
Total
interest-bearing liabilities
|
596,860
|
389,664
|
230,217
|
37,974
|
1,254,715
|
Period
Gap
|
$(349,265)
|
$(297,582)
|
$395,546
|
$646,096
|
$394,795
|
Cumulative
Gap
|
$(349,265)
|
$(646,847)
|
$(251,301)
|
$394,795
|
|
Cumulative
Gap/Total Assets
|
(19.47)%
|
(36.05)%
|
(14.01)%
|
22.00%
|
|
|
Interest Sensitivity Analysis
|
||||
|
December 31, 2016
|
||||
|
Maturing or Repricing
|
||||
|
Within
|
4 - 12
|
1 - 5
|
Over
|
|
|
3 Months
|
Months
|
Years
|
5 Years
|
Total
|
|
(Dollars in thousands)
|
||||
Interest
Earning Assets:
|
|
|
|
|
|
Interest
bearing accounts
|
$30
|
$—
|
$—
|
$—
|
$30
|
Time
deposits in other banks
|
—
|
—
|
—
|
—
|
—
|
Federal
funds sold
|
248
|
—
|
—
|
—
|
248
|
Investment
securities
|
1,500
|
—
|
4,801
|
193,204
|
199,505
|
Loans
|
229,057
|
87,073
|
681,793
|
368,191
|
1,366,114
|
Total
interest earning assets
|
230,835
|
87,073
|
686,594
|
561,395
|
1,565,897
|
Interest
Bearing Liabilities:
|
|
|
|
|
|
Interest-bearing
transaction deposits
|
288,797
|
144,398
|
—
|
—
|
433,195
|
Savings
accounts
|
33,586
|
33,586
|
33,586
|
—
|
100,758
|
Time
deposits
|
68,952
|
182,481
|
209,163
|
—
|
460,596
|
Total
interest-bearing deposits
|
391,335
|
360,465
|
242,749
|
—
|
994,549
|
FHLB
advances
|
150,000
|
—
|
—
|
—
|
150,000
|
Other
borrowings
|
33,434
|
—
|
—
|
37,843
|
71,277
|
Total
interest-bearing liabilities
|
574,769
|
360,465
|
242,749
|
37,843
|
1,215,826
|
Period
Gap
|
$(343,934)
|
$(273,392)
|
$443,845
|
$523,552
|
$350,071
|
Cumulative
Gap
|
$(343,934)
|
$(617,326)
|
$(173,481)
|
$350,071
|
|
Cumulative
Gap/Total Assets
|
(20.12)%
|
(36.12)%
|
(10.15)%
|
20.48%
|
|
|
|
|
|
|
|
|
|
|
Shares Purchased during the period:
|
|
Total number of shares repurchased
|
|
Average Pricepaid per share
|
|
Total number ofshare purchased aspart of publicly
announced program(1)
|
|
Maximum number of shares that may yet be
purchased under the program (1)
|
|
|
|
|
|
|
|
|
|
April 1 - June 30, 2017
|
|
—
|
|
—
|
|
339,237
|
|
160,763
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
31.1
|
Rule 13a-14(a) Certification
of Chief Executive Officer
|
|
|
31.2
|
Rule 13a-14(a) Certification
of Chief Financial Officer
|
|
|
32
|
Section 1350
Certification of Chief Executive Officer and Chief Financial
Officer
|
|
|
101
|
Interactive
Data Files pursuant to Rule 405 of Regulation
S-T.
|
|
|
|
|
Old
Line Bancshares, Inc.
|
|
|
|
|
|
|
|
Date:
August 4, 2017
|
By:
|
/s/
James W. Cornelsen
|
|
|
James
W. Cornelsen, President and Chief Executive Officer
|
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
Date:
August 4, 2017
|
By:
|
/s/
Elise M. Hubbard
|
|
|
Elise
M. Hubbard, Senior Vice President and Chief Financial
Officer
|
|
|
(Principal
Accounting and Financial Officer)
|