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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
FORM 10-Q
____________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
or
  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-16715
____________________________________________________
First Citizens BancShares Inc /DE/
(Exact name of Registrant as specified in its charter)
____________________________________________________
Delaware
56-1528994
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
 
 
 
 
4300 Six Forks Road
Raleigh
North Carolina
27609
(Address of principle executive offices)
(Zip code)
 
 
 
 
 
 
(919)
716-7000
(Registrant’s telephone number, including area code)
____________________________________________________
Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, Par Value $1
FCNCA
NASDAQ Global Select Market

Securities Registered Pursuant to Section 12(g) of the Securities Exchange Act of 1934.
Class B Common Stock, Par Value $1
(Title of class)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety days.     Yes       No  
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the Registrant was required to submit and post such files)     Yes        No  
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “larger accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  
Class A Common Stock— 10,105,120 shares
Class B Common Stock— 1,005,185 shares
(Number of shares outstanding, by class, as of August 2, 2019 )



INDEX
 
 
 
Page No.
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.

2


PART I  
Item 1.
Financial Statements


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Balance Sheets

(Dollars in thousands, unaudited)
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and due from banks
$
284,147

 
$
327,440

Overnight investments
1,640,264

 
797,406

Investment in marketable equity securities (cost of $80,542 at June 30, 2019 and $73,809 at December 31, 2018)
111,489

 
92,599

Investment securities available for sale (cost of $4,362,725 at June 30, 2019 and $4,607,117 at December 31, 2018)
4,366,041

 
4,557,110

Investment securities held to maturity (fair value of $2,285,283 at June 30, 2019 and $2,201,502 at December 31, 2018)
2,218,048

 
2,184,653

Loans held for sale
52,837

 
45,505

Loans and leases
26,728,237

 
25,523,276

Allowance for loan and lease losses
(226,583
)
 
(223,712
)
Net loans and leases
26,501,654

 
25,299,564

Premises and equipment
1,213,296

 
1,204,179

Other real estate owned
46,236

 
48,030

Income earned not collected
115,303

 
109,903

Goodwill
296,764

 
236,347

Other intangible assets
69,575

 
72,298

Other assets
739,440

 
433,595

Total assets
$
37,655,094

 
$
35,408,629

Liabilities
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
12,950,394

 
$
11,882,670

Interest-bearing
19,769,277

 
18,789,790

Total deposits
32,719,671

 
30,672,460

Securities sold under customer repurchase agreements
544,527

 
543,936

Federal Home Loan Bank borrowings
197,131

 
193,556

Subordinated debentures
154,277

 
140,741

Other borrowings
18,446

 
13,921

FDIC shared-loss payable
108,892

 
105,618

Other liabilities
337,537

 
249,443

Total liabilities
34,080,481

 
31,919,675

Shareholders’ equity
 
 
 
Common stock:
 
 
 
Class A - $1 par value (16,000,000 shares authorized; 10,174,720 and 10,623,220 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively)
10,175

 
10,623

Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at June 30, 2019 and December 31, 2018)
1,005

 
1,005

Preferred stock - $0.01 par value (10,000,000 shares authorized; no shares issued and outstanding at June 30, 2019 and December 31, 2018)

 

Surplus
303,880

 
493,962

Retained earnings
3,440,284

 
3,218,551

Accumulated other comprehensive loss
(180,731
)
 
(235,187
)
Total shareholders’ equity
3,574,613

 
3,488,954

Total liabilities and shareholders’ equity
$
37,655,094

 
$
35,408,629


See accompanying Notes to Consolidated Financial Statements.

3


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Income
 
 
Three months ended June 30
 
Six months ended June 30
(Dollars in thousands, except per share data, unaudited)
2019
 
2018
 
2019
 
2018
Interest income
 
 
 
 
 
 
 
Loans and leases
$
303,233

 
$
261,086

 
$
594,155

 
$
513,068

Investment securities interest and dividend income
40,209

 
37,179

 
79,821

 
72,199

Overnight investments
7,279

 
5,612

 
13,669

 
11,211

Total interest income
350,721

 
303,877

 
687,645

 
596,478

Interest expense
 
 
 
 
 
 
 
Deposits
19,158

 
4,521

 
32,084

 
8,277

Securities sold under customer repurchase agreements
515

 
373

 
974

 
777

Federal Home Loan Bank borrowings
1,586

 
852

 
2,871

 
3,236

Subordinated debentures
1,952

 
1,653

 
3,624

 
3,094

Other borrowings
162

 
259

 
272

 
438

Total interest expense
23,373

 
7,658

 
39,825

 
15,822

Net interest income
327,348

 
296,219

 
647,820

 
580,656

Provision for loan and lease losses
5,198

 
8,438

 
16,948

 
16,043

Net interest income after provision for loan and lease losses
322,150

 
287,781

 
630,872

 
564,613

Noninterest income
 
 
 
 
 
 
 
Cardholder services, net
18,479

 
14,925

 
35,112

 
29,707

Merchant services, net
6,455

 
6,478

 
12,290

 
12,655

Service charges on deposit accounts
25,790

 
25,952

 
50,855

 
52,495

Wealth management services
24,573

 
25,515

 
49,574

 
49,084

Securities gains, net
5,719

 

 
5,719

 

Marketable equity securities gains, net
3,144

 
4,440

 
14,472

 
5,411

Other service charges and fees
8,164

 
7,756

 
15,586

 
15,236

Mortgage income
5,038

 
4,703

 
8,696

 
8,940

Insurance commissions
2,854

 
2,940

 
6,145

 
6,716

ATM income
1,625

 
2,217

 
3,136

 
4,388

Gain on extinguishment of debt

 

 

 
25,814

Other
5,034

 
6,001

 
8,953

 
13,165

Total noninterest income
106,875

 
100,927

 
210,538

 
223,611

Noninterest expense
 
 
 
 
 
 
 
Salaries and wages
136,526

 
129,841

 
268,947

 
259,044

Employee benefits
30,197

 
29,715

 
62,732

 
61,806

Occupancy expense
26,886

 
26,100

 
54,647

 
54,054

Equipment expense
28,489

 
25,167

 
55,229

 
50,141

Processing fees paid to third parties
6,641

 
7,890

 
13,730

 
16,086

FDIC insurance expense
2,757

 
5,492

 
5,417

 
11,225

Collection and foreclosure-related expenses
3,659

 
3,974

 
6,681

 
8,120

Merger-related expenses
4,084

 
2,412

 
5,803

 
3,010

Other
34,158

 
35,402

 
67,868

 
70,570

Total noninterest expense
273,397

 
265,993

 
541,054

 
534,056

Income before income taxes
155,628

 
122,715

 
300,356

 
254,168

Income taxes
36,269

 
29,424

 
69,638

 
60,646

Net income
$
119,359

 
$
93,291

 
$
230,718

 
$
193,522

Weighted average shares outstanding
11,286,520

 
12,010,405

 
11,402,122

 
12,010,405

Net income per share
$
10.56

 
$
7.77

 
$
20.23

 
$
16.11


See accompanying Notes to Consolidated Financial Statements.

4


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income

 
Three months ended June 30
 
Six months ended June 30
(Dollars in thousands, unaudited)
2019
 
2018
 
2019
 
2018
Net income
$
119,359

 
$
93,291

 
$
230,718

 
$
193,522

Other comprehensive income (loss)
 
 
 
 
 
 
 
Unrealized gains on securities available for sale:
 
 
 
 
 
 
 
Change in unrealized gains on securities available for sale arising during period
30,971

 
82,789

 
59,042

 
4,154

Tax effect
(7,123
)
 
(19,042
)
 
(13,579
)
 
(954
)
Reclassification adjustment for gains included in income before income taxes
(5,719
)
 

 
(5,719
)
 

Tax effect
1,315

 

 
1,315

 

Total change in unrealized gains on securities available for sale, net of tax
19,444

 
63,747

 
41,059

 
3,200

Unrealized losses on securities available for sale transferred to held to maturity:
 
 
 
 
 
 
 
Unrealized losses on securities available for sale transferred to held to maturity

 
(109,507
)
 

 
(109,507
)
Tax effect

 
25,186

 

 
25,186

Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity
5,947

 
4,473

 
11,909

 
4,473

Tax effect
(1,368
)
 
(1,028
)
 
(2,739
)
 
(1,028
)
Total change in unrealized losses on securities available for sale transferred to held to maturity, net of tax
4,579

 
(80,876
)
 
9,170

 
(80,876
)
Change in pension obligation:
 
 
 
 
 
 
 
Amortization of actuarial losses and prior service cost
2,735

 
3,654

 
5,490

 
6,991

Tax effect
(629
)
 
(840
)
 
(1,263
)
 
(1,608
)
Total change in pension obligation, net of tax
2,106

 
2,814

 
4,227

 
5,383

Other comprehensive income (loss)
26,129

 
(14,315
)
 
54,456

 
(72,293
)
Total comprehensive income
$
145,488

 
$
78,976

 
$
285,174

 
$
121,229



See accompanying Notes to Consolidated Financial Statements.


5


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity

 
Three months ended June 30
(Dollars in thousands, unaudited)
Class A
Common Stock
 
Class B
Common Stock
 
Surplus
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
Balance at March 31, 2018
$
11,005

 
$
1,005

 
$
658,918

 
$
2,931,509

 
$
(230,323
)
 
$
3,372,114

Net income

 

 

 
93,291

 

 
93,291

Other comprehensive loss, net of tax

 

 

 

 
(14,315
)
 
(14,315
)
Cash dividends declared ($0.35 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(3,852
)
 

 
(3,852
)
Class B common stock

 

 

 
(352
)
 

 
(352
)
Balance at June 30, 2018
$
11,005

 
$
1,005

 
$
658,918

 
$
3,020,596

 
$
(244,638
)
 
$
3,446,886

 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
$
10,380

 
$
1,005

 
$
393,449

 
$
3,325,335

 
$
(206,860
)
 
$
3,523,309

Net income

 

 

 
119,359

 

 
119,359

Other comprehensive income, net of tax

 

 

 

 
26,129

 
26,129

Repurchase of 205,500 shares of Class A common stock
(205
)
 

 
(89,569
)
 

 

 
(89,774
)
Cash dividends declared ($0.40 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(4,008
)
 

 
(4,008
)
Class B common stock

 

 

 
(402
)
 

 
(402
)
Balance at June 30, 2019
$
10,175

 
$
1,005

 
$
303,880

 
$
3,440,284

 
$
(180,731
)
 
$
3,574,613

 
Six months ended June 30
(Dollars in thousands, unaudited)
Class A
Common Stock
 
Class B
Common Stock
 
Surplus
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
Balance at December 31, 2017
$
11,005

 
$
1,005

 
$
658,918

 
$
2,785,430

 
$
(122,294
)
 
$
3,334,064

Cumulative effect of adoption of ASU 2016-01

 

 

 
18,715

 
(18,715
)
 

Cumulative effect of adoption of ASU 2018-02

 

 

 
31,336

 
(31,336
)
 

Net income

 

 

 
193,522

 

 
193,522

Other comprehensive loss, net of tax

 

 

 

 
(72,293
)
 
(72,293
)
Cash dividends declared ($0.70 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(7,703
)
 

 
(7,703
)
Class B common stock

 

 

 
(704
)
 

 
(704
)
Balance at June 30, 2018
$
11,005

 
$
1,005

 
$
658,918

 
$
3,020,596

 
$
(244,638
)
 
$
3,446,886

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
10,623

 
$
1,005

 
$
493,962

 
$
3,218,551

 
$
(235,187
)
 
$
3,488,954

Net income

 

 

 
230,718

 

 
230,718

Other comprehensive income, net of tax

 

 

 

 
54,456

 
54,456

Repurchase of 448,500 shares of Class A common stock
(448
)
 

 
(190,082
)
 

 

 
(190,530
)
Cash dividends declared ($0.80 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(8,181
)
 

 
(8,181
)
Class B common stock

 

 

 
(804
)
 

 
(804
)
Balance at June 30, 2019
$
10,175

 
$
1,005

 
$
303,880

 
$
3,440,284

 
$
(180,731
)
 
$
3,574,613

See accompanying Notes to Consolidated Financial Statements.

6


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
Six months ended June 30
(Dollars in thousands, unaudited)
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
230,718

 
$
193,522

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Provision for loan and lease losses
16,948

 
16,043

Deferred tax expense (benefit)
5,126

 
(2,835
)
Net change in current taxes
(23,826
)
 
(16,609
)
Depreciation
50,574

 
47,343

Net increase (decrease) in accrued interest payable
10,485

 
(2,043
)
Net increase in income earned not collected
(1,747
)
 
(1,601
)
Securities gains, net
(5,719
)
 

Marketable equity securities gains, net
(14,472
)
 
(5,411
)
Gain on extinguishment of debt

 
(25,814
)
Origination of loans held for sale
(328,481
)
 
(304,580
)
Proceeds from sale of loans held for sale
326,640

 
302,766

Gain on sale of loans held for sale
(6,096
)
 
(5,610
)
Gain on sale of portfolio loans
(299
)
 

Net write-downs/losses on other real estate
1,417

 
2,698

Losses on premises and equipment
716

 
991

Net accretion of premiums and discounts
(19,765
)
 
(17,240
)
Amortization of intangible assets
12,019

 
11,562

Net change in FDIC payable for shared-loss agreements
3,274

 
2,145

Net change in mortgage servicing rights
(2,283
)
 
(2,630
)
Net change in other assets
(13,091
)
 
313,265

Net change in other liabilities
(22,373
)
 
14,998

Net cash provided by operating activities
219,765

 
520,960

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Net increase in loans outstanding
(168,572
)
 
(360,764
)
Purchases of investment securities available for sale
(1,553,876
)
 
(920,357
)
Purchases of investment securities held to maturity
(183,288
)
 

Purchases of marketable equity securities
(14,108
)
 
(2,818
)
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity
190,644

 
78,384

Proceeds from maturities, calls, and principal repayments of investment securities available for sale
1,061,895

 
797,739

Proceeds from sales of investment securities available for sale
610,787

 
119,273

Proceeds from sales of marketable equity securities
10,694

 
8,493

Net (increase) decrease in overnight investments
(840,371
)
 
175,009

Proceeds from sales of portfolio loans
24,247

 

Proceeds from sales of other real estate
11,884

 
15,769

Proceeds from sales of premises and equipment
75

 
198

Purchases of premises and equipment
(54,873
)
 
(60,594
)
Business acquisitions, net of cash acquired
(73,792
)
 
(106,298
)
Net cash used in investing activities
(978,654
)
 
(255,966
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Net increase (decrease) in time deposits
291,930

 
(181,889
)
Net increase in demand and other interest-bearing deposits
762,021

 
704,909

Net decrease in short-term borrowings
(109,109
)
 
(201,303
)
Repayment of long-term obligations
(33,008
)
 
(653,929
)
Repurchase of common stock
(186,995
)
 

Cash dividends paid
(9,243
)
 
(8,407
)
Net cash provided by (used in) financing activities
715,596

 
(340,619
)
Change in cash and due from banks
(43,293
)
 
(75,625
)
Cash and due from banks at beginning of period
327,440

 
336,150

Cash and due from banks at end of period
$
284,147

 
$
260,525

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Transfers of loans to other real estate
$
5,710

 
$
11,868

Dividends declared but not paid
4,410

 
4,204

Unsettled maturities of investment securities
150,122

 

Unsettled purchases of investment securities
1,126

 

Reclassification of portfolio loans to loans held for sale
23,948

 

Reclassification of loans held for sale to portfolio
605

 

Transfers of premises and equipment to other real estate
2,184

 

Transfer of investment securities available for sale to held to maturity

 
2,486,761

Unsettled common stock repurchases
3,535

 

Initial recognition of operating lease assets
70,652

 

Initial recognition of operating lease liabilities
71,793

 

See accompanying Notes to Consolidated Financial Statements.

7


First Citizens BancShares, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements

NOTE A - ACCOUNTING POLICIES AND BASIS OF PRESENTATION

First Citizens BancShares, Inc. (BancShares) is a financial holding company organized under the laws of Delaware and conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (FCB), which is headquartered in Raleigh, North Carolina.
General
These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (GAAP). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and consolidated results of operations have been made. The unaudited interim consolidated financial statements included in this Form 10-Q should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements included in BancShares' Annual Report on Form 10-K for the year ended December 31, 2018 .
Reclassifications
In certain instances, amounts reported in prior years' consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, shareholders' equity or net income.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. The estimates that BancShares considers significant are the allowance for loan and lease losses, fair value measurements, Federal Deposit Insurance Corporation (FDIC) shared-loss payable, pension plan assumptions, goodwill and other intangible assets, and income taxes.
Share Repurchases
In October 2018, BancShares' Board of Directors (Board) authorized the repurchase of up to 800,000 of BancShares' Class A common stock for the period November 1, 2018 through October 31, 2019. The authorization does not obligate BancShares to repurchase any particular amount of shares, and repurchases may be suspended or discontinued at any time. During the second quarter of 2019, BancShares repurchased 205,500 shares of Class A common stock for $89.8 million at an average cost per share of $436.81 . During the first six months of 2019, BancShares repurchased a total of 448,500 shares of Class A common stock for $190.5 million at an average cost per share of $424.77 . As of June 30, 2019, a total of 630,500 shares have been repurchased under the current Board authority. There were no share repurchases made during the comparable periods in 2018.
In April 2019, the Board authorized the repurchase of up to 800,000 of BancShares' Class A common stock for the period July 1, 2019 through June 30, 2020. This authorization was effective July 1, 2019 and supersedes the authorization approved in October 2018. Under this authorization and subsequent to quarter-end through August 2, 2019 , BancShares repurchased an additional 69,600 shares of Class A common stock for $31.7 million at an average cost per share of $455.94 .
Recently Adopted Accounting Pronouncements
Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases (Topic 842)
This ASU increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The key difference between prior standards and this ASU is the requirement for lessees to recognize all lease contracts on their balance sheet. This ASU requires lessees to classify leases as either operating or finance leases, which are substantially similar to the previous operating and capital leases classifications. The distinction between these two classifications under the new standard does not relate to balance sheet treatment, but relates to treatment in the statements of income and cash flows. Lessor guidance remains largely unchanged with the exception of how a lessor determines the appropriate lease classification for each lease to better align the lessor guidance with revised lessee classification guidance.
We adopted this standard, as of January 1, 2019, using the effective date method that allows for entities to initially apply the new leases standard at the adoption date. In addition, we made several policy elections permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We determined that most renewal options would not be reasonably determinable in estimating the expected lease term.

8


We made the policy election available under Topic 842 to combine lease and non-lease components and applied this practical expedient to leases in effect prior to the date of adoption. We will continue to apply the practical expedient to all leases entered into going forward.
The adoption of the new standard had an impact on our Consolidated Balance Sheet as of January 1, 2019, with the recording of operating Right-of-Use (ROU) assets and operating lease liabilities of $70.7 million and $71.8 million , respectively. The operating lease liability includes a $1.1 million fair value adjustment for leases assumed in the acquisition of HomeBancorp, Inc. (HomeBancorp). In addition, at the adoption date we had finance lease ROU assets and finance lease liabilities, previously classified as capital leases, of $9.1 million and $8.3 million , respectively.  The Company did not have a cumulative-effect adjustment to the opening balance of retained earnings at commencement. The Company has no related party lease agreements.  This ASU did not have a material impact on our Consolidated Statements of Income. See Note N in the Consolidated Financial Statements for additional disclosures.
Recently Issued Accounting Pronouncements
FASB ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract
This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include internal-use software license). This ASU requires entities to use the guidance in FASB ASC 350-40, Intangibles - Goodwill and Other - Internal Use Software, to determine whether to capitalize or expense implementation costs related to the service contract. This ASU also requires entities to (1) expense capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement (2) present the expense related to the capitalized implementation costs in the same line item on the income statement as fees associated with the hosting element of the arrangement (3) classify payments for capitalized implementation costs in the statement of cash flows in the same manner as payments made for fees associated with the hosting element (4) present the capitalized implementation costs in the same balance sheet line item that a prepayment for the fees associated with the hosting arrangement would be presented.
The amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. BancShares adopted this standard effective July 1, 2019 on a prospective basis. BancShares is currently evaluating the impact of this ASU adoption, but does not anticipate a material impact on our Consolidated Financial Statements.
FASB ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and adding a requirement to disclose an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period.
The amendments in this ASU are effective for public entities for fiscal years ending after December 15, 2020. Early adoption is permitted for all entities. BancShares will adopt all applicable amendments and update the disclosures as appropriate during the first quarter of 2021.
FASB ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
This ASU modifies the disclosure requirements on fair value measurements by eliminating the requirements to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. This ASU also added specific disclosure requirements for fair value measurements for public business entities including the requirement to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements.
The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2019, and all interim periods within those fiscal years. Early adoption is permitted upon issuance of the ASU. Entities are permitted to early adopt amendments that remove or modify disclosures and delay the adoption of the additional disclosures until their effective date. BancShares will adopt all applicable amendments and update the disclosures as appropriate during the first quarter of 2020.

9


FASB ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
This ASU eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative test.
This ASU will be effective for BancShares' annual or interim goodwill impairment tests for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We expect to adopt the guidance for our annual impairment test in fiscal year 2020. BancShares does not anticipate any impact to our consolidated financial position or consolidated results of operations as a result of the adoption.
FASB ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
This ASU introduces a new credit loss methodology which requires earlier recognition of credit losses, replacing multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. The amendments in this ASU require loss estimates be determined over the lifetime of the asset and broaden the information that an entity must consider in developing its expected credit losses. The ASU does not specify a method for measuring expected credit losses and allows an entity to apply methods that reasonably reflect its expectations of the credit loss estimate based on the entity's size, complexity and risk profile. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination.
For BancShares, the standard will apply to loans, unfunded loan commitments and debt securities. A cross-functional team co-led by Corporate Finance and Risk Management is in place to implement the new standard. We have completed preliminary current expected credit losses (CECL) accounting interpretations, and continue to refine and test our models, estimation techniques, data, operational processes and controls to be used in preparing CECL loss estimates. During the remainder of 2019, we expect to address any gaps in our interpretations, including review of subsequent ASUs announced by the FASB regarding Topic 326, methodology, data and operational processes based upon our reviews and tests. BancShares continues to evaluate the impact of this standard on its consolidated financial statements but the magnitude of this impact has not been determined. The final impact will be dependent on, among other items, loan portfolio composition and credit quality at the adoption date, as well as economic conditions, financial models used and forecasts in place at that time.
The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. BancShares will adopt the guidance in the first quarter of 2020 with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.
NOTE B - BUSINESS COMBINATIONS
Entegra Financial Corp.
On April 23, 2019, FCB and Entegra Financial Corp. (Entegra) entered into a definitive merger agreement for the acquisition by FCB of Franklin, North Carolina-based Entegra and its bank subsidiary, Entegra Bank. Under the terms of the agreement, cash consideration of $30.18 per share will be paid to the shareholders of Entegra for each share of common stock and for each restricted stock unit after conversion to common stock, and each option to purchase Entegra common stock will be canceled and each option holder will receive a cash payment.The total transaction value is estimated to be approximately $219.8 million . The transaction is anticipated to close during the fourth quarter of 2019, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. As of June 30, 2019, Entegra reported $1.66 billion in consolidated assets, $1.25 billion in deposits and $1.09 billion in loans.
First South Bancorp, Inc.
On May 1, 2019, FCB completed the merger of Spartanburg, South Carolina-based First South Bancorp, Inc. (First South Bancorp) and its bank subsidiary, First South Bank. Under the terms of the agreement, cash consideration of $1.15 per share was paid to the shareholders of First South Bancorp for each share of common stock, totaling approximately $37.5 million . The merger allows FCB to expand its presence in South Carolina.

10


The First South Bancorp transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair values becomes available.
The fair value of the assets acquired was $239.2 million , including $162.8 million in non-purchased credit impaired (non-PCI) loans, $16.4 million in purchased credit impaired (PCI) loans and $2.3 million in a core deposit intangible. Liabilities assumed were $215.6 million , of which $207.6 million were deposits. As a result of the transaction, FCB recorded $13.9 million of goodwill. The amount of goodwill represents the excess purchase price over the estimated fair value of the net assets acquired. The premium paid reflects the increased market share and related synergies that are expected to result from the acquisition. None of the goodwill was deductible for income tax purposes as the merger was accounted for as a qualified stock purchase.
Based on such credit factors as past due status, nonaccrual status, loan-to-value, credit scores, and other quantitative and qualitative considerations, the acquired loans were separated into loans with evidence of credit deterioration, which are accounted for under ASC 310-30 (PCI loans), and loans that do not meet this criteria, which are accounted for under ASC 310-20 (non-PCI loans).
The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values:
(Dollars in thousands)
As recorded by FCB
Purchase price
 
 
$
37,486

Assets
 
 
 
Cash and due from banks
$
4,633

 
 
Overnight investments
3,188

 
 
Investment securities
23,512

 
 
Loans
179,243

 
 
Premises and equipment
4,944

 
 
Other real estate owned
1,567

 
 
Income earned not collected
604

 
 
Intangible assets
2,268

 
 
Other assets
19,192

 
 
Total assets acquired
239,151

 
 
Liabilities
 
 
 
Deposits
207,556

 
 
Borrowings
5,155

 
 
Other liabilities
2,850

 
 
Total liabilities assumed
$
215,561

 
 
Fair value of net assets acquired
 
 
23,590

Goodwill recorded for First South Bancorp
 
 
$
13,896


Merger-related expenses of $1.2 million and $1.4 million were recorded in the Consolidated Statements of Income for the three and six months ended June 30, 2019 , respectively. Loan-related interest income generated from First South Bancorp was approximately $1.7 million since the acquisition date. The ongoing contributions of this transaction to BancShares' financial statements is not considered material, and therefore pro forma financial data is not included.
Biscayne Bancshares, Inc.
On April 2, 2019 , FCB completed the merger of Coconut Grove, Florida-based Biscayne Bancshares, Inc. (Biscayne Bancshares) and its bank subsidiary, Biscayne Bank. Under the terms of the agreement, cash consideration of $25.05 per share was paid to the shareholders of Biscayne Bancshares for each share of common stock, totaling approximately $118.9 million . The merger will allow FCB to expand its presence in Florida and enhance banking efforts in South Florida.
The Biscayne Bancshares transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair values becomes available.
The fair value of the assets acquired was $1.03 billion , including $850.4 million in non-purchased credit impaired (non-PCI) loans, $13.0 million in purchased credit impaired (PCI) loans and $4.7 million in a core deposit intangible. Liabilities assumed were $956.8 million , of which $786.5 million were deposits. As a result of the transaction, FCB recorded $46.5 million of goodwill. The amount of goodwill represents the excess purchase price over the estimated fair value of the net assets acquired. The premium paid reflects the increased market share and related synergies that are expected to result from the acquisition. None of the goodwill was deductible for income tax purposes as the merger was accounted for as a qualified stock purchase.

11


Based on such credit factors as past due status, nonaccrual status, loan-to-value, credit scores, and other quantitative and qualitative considerations, the acquired loans were separated into loans with evidence of credit deterioration, which are accounted for under ASC 310-30 (PCI loans), and loans that do not meet this criteria, which are accounted for under ASC 310-20 (non-PCI loans).
The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values:
(Dollars in thousands)
As recorded by FCB
Purchase price
 
 
$
118,949

Assets
 
 
 
Cash and due from banks
$
78,010

 
 
Overnight investments
306

 
 
Investment securities held to maturity
34,539

 
 
Loans
863,384

 
 
Premises and equipment
1,533

 
 
Other real estate owned
2,046

 
 
Income earned not collected
3,049

 
 
Intangible assets
4,745

 
 
Other assets
41,572

 
 
Total assets acquired
1,029,184

 
 
Liabilities
 
 
 
Deposits
786,512

 
 
Borrowings
157,415

 
 
Other liabilities
12,829

 
 
Total liabilities assumed
$
956,756

 
 
Fair value of net assets acquired
 
 
72,428

Goodwill recorded for Biscayne Bancshares
 
 
$
46,521


Merger-related expenses of $2.2 million and $3.0 million were recorded in the Consolidated Statements of Income for the three and six months ended June 30, 2019 , respectively. Loan-related interest income generated from Biscayne Bancshares was approximately $11.5 million since the acquisition date. The ongoing contributions of this transaction to BancShares' financial statements is not considered material, and therefore pro forma financial data is not included.

12


NOTE C - INVESTMENTS
The amortized cost and fair value of investment securities at June 30, 2019 and December 31, 2018 , were as follows:
 
June 30, 2019
(Dollars in thousands)
Cost
 
Gross
unrealized
gains
 
Gross unrealized
losses
 
Fair
value
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
946,859

 
$
1,625

 
$
82

 
$
948,402

Government agency
533,269

 
1,724

 
189

 
534,804

Mortgage-backed securities
2,734,696

 
7,420

 
8,418

 
2,733,698

Corporate bonds
147,901

 
1,591

 
355

 
149,137

Total investment securities available for sale
4,362,725

 
12,360

 
9,044

 
4,366,041

Investment in marketable equity securities
80,542

 
31,163

 
216

 
111,489

Investment securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities
2,182,500

 
67,235

 

 
2,249,735

Other
35,548

 

 

 
35,548

Total investment securities held to maturity
2,218,048

 
67,235

 

 
2,285,283

Total investment securities
$
6,661,315

 
$
110,758

 
$
9,260

 
$
6,762,813

 
 
 
 
 
 
 
 
 
December 31, 2018
(Dollars in thousands)
Cost
 
Gross
unrealized
gains
 
Gross unrealized
losses
 
Fair
value
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
1,249,243

 
$
633

 
$
2,166

 
$
1,247,710

Government agency
257,252

 
222

 
639

 
256,835

Mortgage-backed securities
2,956,793

 
5,309

 
52,763

 
2,909,339

Corporate bonds
143,829

 
261

 
864

 
143,226

Total investment securities available for sale
4,607,117

 
6,425

 
56,432

 
4,557,110

Investment in marketable equity securities
73,809

 
19,010

 
220

 
92,599

Investment securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities
2,184,653

 
17,339

 
490

 
2,201,502

Total investment securities
$
6,865,579

 
$
42,774

 
$
57,142

 
$
6,851,211


Investments in mortgage-backed securities represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Investments in government agency securities represent securities issued by the United States Small Business Administration. Investments in corporate bonds and marketable equity securities represent positions in securities of other financial institutions. Other available for sale investments include trust preferred securities of financial institutions. Other held to maturity investments include certificates of deposit with other financial institutions, acquired in the Biscayne Bancshares acquisition. BancShares also holds approximately 298,000 shares of Visa Class B common stock. BancShares' Visa Class B shares are not considered to have a readily determinable fair value and are included in the Consolidated Balance Sheet with no fair value.

13


The following table provides the amortized cost and fair value by contractual maturity for investment securities available for sale and held to maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities are dependent on the repayments of the underlying loan balances, while repayments of certain corporate bonds are subject to call provisions that can be exercised by the issuer at their discretion.
 
June 30, 2019
 
December 31, 2018
(Dollars in thousands)
Cost
 
Fair value
 
Cost
 
Fair value
Investment securities available for sale
 
 
 
 
 
 
 
Non-amortizing securities maturing in:
 
 
 
 
 
 
 
One year or less
$
897,407

 
$
898,632

 
$
1,049,253

 
$
1,047,380

One through five years
54,935

 
55,320

 
205,526

 
205,805

Five through 10 years
138,484

 
139,462

 
134,370

 
133,626

Over 10 years
3,934

 
4,125

 
3,923

 
4,125

Government agency
533,269

 
534,804

 
257,252

 
256,835

Mortgage-backed securities
2,734,696

 
2,733,698

 
2,956,793

 
2,909,339

Total investment securities available for sale
$
4,362,725

 
$
4,366,041

 
$
4,607,117

 
$
4,557,110

Investment securities held to maturity
 
 
 
 
 
 
 
Non-amortizing securities maturing in:
 
 
 
 
 
 
 
One year or less
34,550

 
34,550

 

 

One through five years
998

 
998

 

 

Mortgage-backed securities
2,182,500

 
2,249,735

 
2,184,653

 
2,201,502

Total investment securities held to maturity
$
2,218,048

 
$
2,285,283

 
$
2,184,653

 
$
2,201,502


There were gross gains of $5.7 million on sales of investment securities available for sale for the three and six months ended June 30, 2019 . There were no gross losses on sales of investment securities available for sale during this period. There were no gross gains or losses on sales of investment securities available for sale for the six months ended June 30, 2018 .
The following table provides the realized and unrealized gains on marketable equity securities for the three and six months ended June 30, 2019 :
 
Three months ended June 30
 
Six months ended June 30
(Dollars in thousands)
2019
 
2018
 
2019
 
2018
Marketable equity securities gains, net
$
3,144

 
$
4,440

 
$
14,472

 
$
5,411

Less net gains recognized on marketable equity securities sold
2,271

 
139

 
2,315

 
235

Unrealized gains recognized on marketable equity securities held
$
873

 
$
4,301

 
$
12,157

 
$
5,176



14


The following table provides information regarding securities with unrealized losses as of June 30, 2019 and December 31, 2018 :
 
June 30, 2019
 
Less than 12 months
 
12 months or more
 
Total
(Dollars in thousands)
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
Investment securities available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$

 
$

 
$
150,248

 
$
82

 
$
150,248

 
$
82

Government agency
39,456

 
25

 
58,879

 
164

 
98,335

 
189

Mortgage-backed securities
109,521

 
288

 
1,448,894

 
8,130

 
1,558,415

 
8,418

Corporate bonds
31,090

 
222

 
7,560

 
133

 
38,650

 
355

Total
$
180,067

 
$
535

 
$
1,665,581

 
$
8,509

 
$
1,845,648

 
$
9,044

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
Less than 12 months
 
12 months or more
 
Total
(Dollars in thousands)
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
Investment securities available for sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
248,983

 
$
113

 
$
848,622

 
$
2,053

 
$
1,097,605

 
$
2,166

Government agency
115,273

 
601

 
2,310

 
38

 
117,583

 
639

Mortgage-backed securities
262,204

 
2,387

 
1,940,695

 
50,376

 
2,202,899

 
52,763

Corporate bonds
79,066

 
842

 
5,000

 
22

 
84,066

 
864

Total
$
705,526

 
$
3,943

 
$
2,796,627

 
$
52,489

 
$
3,502,153

 
$
56,432

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
$
5,111

 
$
181

 
$
10,131

 
$
309

 
$
15,242

 
$
490


As of June 30, 2019 , there were 200 investment securities available for sale that had continuous losses for more than 12 months of which 197 were government sponsored enterprise-issued mortgage-backed securities or government agency securities, one was a U.S. Treasury security and two were corporate bonds.
None of the unrealized losses identified as of June 30, 2019 or December 31, 2018 relate to the marketability of the securities or the issuers' ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the debt securities were purchased. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Therefore, none of the securities were deemed to be other than temporarily impaired.
Debt securities having an aggregate carrying value of $3.75 billion at June 30, 2019 and $4.03 billion at December 31, 2018 were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law.
NOTE D - LOANS AND LEASES
BancShares' accounting methods for loans and leases differ depending on whether they are non-purchased credit impaired (Non-PCI) or purchased credit impaired (PCI). Loans that were originated by FCB, as well as loans that are performing under their contractual obligations at acquisition, are classified as Non-PCI. Loans that reflect credit deterioration since origination, such that it is probable at acquisition that FCB will be unable to collect all contractually required payments, are classified as PCI. Additionally, at the date of acquisition, all acquired loans are recorded at fair value with no corresponding allowance for loan and lease losses.

15


Loans and leases outstanding included the following at June 30, 2019 and December 31, 2018 :
(Dollars in thousands)
June 30, 2019
 
December 31, 2018
Non-PCI loans and leases:
 
 
 
Commercial:
 
 
 
Construction and land development
$
719,534

 
$
757,854

Commercial mortgage
11,336,684

 
10,717,234

Other commercial real estate
506,760

 
426,985

Commercial and industrial and leases
3,980,504

 
3,938,730

Other
301,346

 
296,424

Total commercial loans
16,844,828

 
16,137,227

Noncommercial:
 
 
 
Residential mortgage
4,790,636

 
4,265,687

Revolving mortgage
2,470,653

 
2,542,975

Construction and land development
315,071

 
257,030

Consumer
1,755,602

 
1,713,781

Total noncommercial loans
9,331,962

 
8,779,473

Total non-PCI loans and leases
26,176,790

 
24,916,700

PCI loans:
 
 
 
Total PCI loans
551,447

 
606,576

Total loans and leases
$
26,728,237

 
$
25,523,276


At June 30, 2019 , $9.16 billion in non-PCI loans with a lendable collateral value of $6.45 billion were used to secure $183.7 million in Federal Home Loan Bank (FHLB) of Atlanta advances and $13.5 million in FHLB of Chicago advances, resulting in additional borrowing capacity of $6.26 billion . At December 31, 2018 , $9.12 billion in non-PCI loans with a lendable collateral value of $6.36 billion were used to secure $175.2 million in FHLB of Atlanta advances, resulting in additional borrowing capacity of $6.18 billion .
At June 30, 2019 , $2.73 billion in non-PCI loans with a lendable collateral value of $2.09 billion were used to secure additional borrowing capacity at the Federal Reserve Bank (FRB). At December 31, 2018 , $2.94 billion in non-PCI loans with a lendable collateral value of $2.19 billion were used to secure additional borrowing capacity at the FRB.
Certain residential real estate loans are originated to be sold to investors and are recorded in loans held for sale at fair value. In addition, we may change our strategy for certain portfolio loans and decide to sell them in the secondary market. At that time, portfolio loans are transferred to loans held for sale at fair value. Since December 31, 2018 , $23.9 million in portfolio loans were transfered to held for sale and subsequently sold. Loans held for sale totaled $52.8 million and $45.5 million at June 30, 2019 and December 31, 2018 , respectively.
Net deferred fees on non-PCI loans and leases, including unearned income as well as unamortized costs and fees, were $0.5 million and $0.1 million at June 30, 2019 and December 31, 2018 , respectively. The net unamortized discount related to purchased non-PCI loans and leases was $35.7 million at June 30, 2019 and $33.3 million at December 31, 2018 . During the three months ended June 30, 2019 and June 30, 2018 , accretion income on purchased non-PCI loans and leases was $3.3 million and $4.1 million , respectively. During the six months ended June 30, 2019 and June 30, 2018 , accretion income on purchased non-PCI loans and leases was $6.5 million and $7.0 million , respectively.

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Credit quality indicators
Loans and leases are monitored for credit quality on a recurring basis. Commercial and noncommercial loans and leases have different credit quality indicators as a result of the unique characteristics of the loan segments being evaluated. The credit quality indicators for non-PCI and PCI commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated periodically with more frequent evaluations done on criticized loans. Commercial credit cards are included in the Commercial and industrial and leases segment, but are not specifically graded as with other commercial loans. The indicators as of the date presented are based on the most recent assessment performed and are defined below:
Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification.
Special mention – A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.
Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected.
Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values.
Loss – Assets classified as loss are considered uncollectible and of such little value that it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather that it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future.
Ungraded – Ungraded loans represent loans that are not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at June 30, 2019 and December 31, 2018 relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit. The remaining balance is comprised of a small amount of commercial mortgage, lease financing and other commercial real estate loans.
The credit quality indicators for non-PCI and PCI noncommercial loans are based on delinquency status of the borrower as of the date presented. As the borrower becomes more delinquent, the likelihood of loss increases.

17


Non-PCI loans and leases outstanding at June 30, 2019 and December 31, 2018 by credit quality indicator are provided below:
 
June 30, 2019
(Dollars in thousands)
Non-PCI commerc