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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 September 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—9,732,720 shares
Class B Common Stock—1,005,185 shares
(Number of shares outstanding, by class, as of October 31, 2019)



INDEX
 
 
 
Page No.
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
3
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
 
7
 
 
 
 
8
 
 
 
Item 2.
42
 
 
 
Item 3.
61
 
 
 
Item 4.
61
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
61
 
 
 
Item 1A.
61
 
 
 
Item 2.
61
 
 
 
Item 6.
62

2


PART I 
Item 1.
Financial Statements


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Balance Sheets

(Dollars in thousands, unaudited)
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and due from banks
$
288,933

 
$
327,440

Overnight investments
949,899

 
797,406

Investment in marketable equity securities (cost of $87,588 at September 30, 2019 and $73,809 at December 31, 2018)
116,854

 
92,599

Investment securities available for sale (cost of $4,898,771 at September 30, 2019 and $4,607,117 at December 31, 2018)
4,904,883

 
4,557,110

Investment securities held to maturity (fair value of $2,217,800 at September 30, 2019 and $2,201,502 at December 31, 2018)
2,145,943

 
2,184,653

Loans held for sale
83,256

 
45,505

Loans and leases
27,196,511

 
25,523,276

Allowance for loan and lease losses
(226,825
)
 
(223,712
)
Net loans and leases
26,969,686

 
25,299,564

Premises and equipment
1,222,659

 
1,204,179

Other real estate owned
46,253

 
48,030

Income earned not collected
117,123

 
109,903

Goodwill
296,764

 
236,347

Other intangible assets
65,147

 
72,298

Other assets
540,924

 
433,595

Total assets
$
37,748,324

 
$
35,408,629

Liabilities
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
12,966,890

 
$
11,882,670

Interest-bearing
19,776,387

 
18,789,790

Total deposits
32,743,277

 
30,672,460

Securities sold under customer repurchase agreements
522,195

 
543,936

Federal Home Loan Bank borrowings
192,672

 
193,556

Subordinated debentures
149,051

 
140,741

Other borrowings
112,153

 
13,921

FDIC shared-loss payable
110,586

 
105,618

Other liabilities
349,908

 
249,443

Total liabilities
34,179,842

 
31,919,675

Shareholders’ equity
 
 
 
Common stock:
 
 
 
Class A - $1 par value (16,000,000 shares authorized; 9,878,820 and 10,623,220 shares issued and outstanding at September 30, 2019 and December 31, 2018 respectively)
9,879

 
10,623

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

 
1,005

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

 

Surplus
168,790

 
493,962

Retained earnings
3,560,580

 
3,218,551

Accumulated other comprehensive loss
(171,772
)
 
(235,187
)
Total shareholders’ equity
3,568,482

 
3,488,954

Total liabilities and shareholders’ equity
$
37,748,324

 
$
35,408,629


See accompanying Notes to Consolidated Financial Statements.

3


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Income
 
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in thousands, except per share data, unaudited)
2019
 
2018
 
2019
 
2018
Interest income
 
 
 
 
 
 
 
Loans and leases
$
315,012

 
$
272,215

 
$
909,167

 
$
785,283

Investment securities interest and dividend income
40,155

 
38,770

 
119,976

 
110,969

Overnight investments
7,151

 
4,721

 
20,820

 
15,932

Total interest income
362,318

 
315,706

 
1,049,963

 
912,184

Interest expense
 
 
 
 
 
 
 
Deposits
21,737

 
5,147

 
53,821

 
13,424

Securities sold under customer repurchase agreements
542

 
398

 
1,516

 
1,175

Federal Home Loan Bank borrowings
1,316

 
1,099

 
4,187

 
4,335

Subordinated debentures
1,774

 
1,561

 
5,398

 
4,655

Other borrowings
524

 
139

 
796

 
577

Total interest expense
25,893

 
8,344

 
65,718

 
24,166

Net interest income
336,425

 
307,362

 
984,245

 
888,018

Provision for loan and lease losses
6,766

 
840

 
23,714

 
16,883

Net interest income after provision for loan and lease losses
329,659

 
306,522

 
960,531

 
871,135

Noninterest income
 
 
 
 
 
 
 
Cardholder services, net
15,957

 
14,678

 
51,069

 
44,385

Merchant services, net
6,034

 
5,857

 
18,324

 
18,512

Service charges on deposit accounts
27,112

 
25,994

 
77,967

 
78,489

Wealth management services
25,212

 
24,459

 
74,786

 
73,543

Realized gains on investment securities available for sale, net
1,136

 

 
6,855

 

Marketable equity securities (losses) gains, net
(967
)
 
3,854

 
13,505

 
9,265

Other service charges and fees
8,237

 
7,651

 
23,823

 
22,887

Mortgage income
7,438

 
4,123

 
16,134

 
13,063

Insurance commissions
2,960

 
2,755

 
9,105

 
9,471

ATM income
1,635

 
1,919

 
4,771

 
6,307

Gain on extinguishment of debt

 
703

 

 
26,517

Other
6,176

 
2,538

 
15,129

 
15,703

Total noninterest income
100,930

 
94,531

 
311,468

 
318,142

Noninterest expense
 
 
 
 
 
 
 
Salaries and wages
137,841

 
133,867

 
406,788

 
392,911

Employee benefits
28,358

 
28,850

 
91,090

 
90,656

Occupancy expense
28,163

 
26,632

 
82,810

 
80,686

Equipment expense
28,770

 
25,880

 
83,999

 
76,021

Processing fees paid to third parties
7,250

 
7,297

 
20,980

 
23,383

FDIC insurance expense
2,440

 
5,186

 
7,857

 
16,411

Collection and foreclosure-related expenses
3,044

 
4,269

 
9,725

 
12,389

Merger-related expenses
3,892

 
1,126

 
9,695

 
4,136

Other
30,667

 
34,430

 
98,535

 
105,000

Total noninterest expense
270,425

 
267,537

 
811,479

 
801,593

Income before income taxes
160,164

 
133,516

 
460,520

 
387,684

Income taxes
35,385

 
16,198

 
105,023

 
76,844

Net income
$
124,779

 
$
117,318

 
$
355,497

 
$
310,840

Weighted average shares outstanding
11,060,462

 
11,971,460

 
11,286,984

 
11,997,281

Net income per share
$
11.27

 
$
9.80

 
$
31.50

 
$
25.91


See accompanying Notes to Consolidated Financial Statements.

4


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

 
Three months ended September 30
 
Nine months ended September 30
(Dollars in thousands, unaudited)
2019
 
2018
 
2019
 
2018
Net income
$
124,779

 
$
117,318

 
$
355,497

 
$
310,840

Other comprehensive income (loss)
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale:
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale arising during the period
3,932

 
(13,810
)
 
62,974

 
(9,656
)
Tax effect
(906
)
 
3,175

 
(14,485
)
 
2,221

Reclassification adjustment for realized gains on securities available for sale included in income before income taxes
(1,136
)
 

 
(6,855
)
 

Tax effect
262

 

 
1,577

 

Net unrealized gains (losses) on securities available for sale arising during the period
2,152

 
(10,635
)
 
43,211

 
(7,435
)
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
)
Tax effect

 

 

 
25,186

Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity
6,095

 
6,502

 
18,004

 
10,975

Tax effect
(1,402
)
 
(1,495
)
 
(4,141
)
 
(2,523
)
Total change in unrealized losses on securities available for sale transferred to held to maturity, net of tax
4,693

 
5,007

 
13,863

 
(75,869
)
Change in pension obligation:
 
 
 
 
 
 
 
Amortization of actuarial losses and prior service cost
2,745

 
3,495

 
8,235

 
10,486

Tax effect
(631
)
 
(804
)
 
(1,894
)
 
(2,412
)
Total change in pension obligation, net of tax
2,114

 
2,691

 
6,341

 
8,074

Other comprehensive income (loss)
8,959

 
(2,937
)
 
63,415

 
(75,230
)
Total comprehensive income
$
133,738

 
$
114,381

 
$
418,912

 
$
235,610



See accompanying Notes to Consolidated Financial Statements.


5


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
 
Three months ended September 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 June 30, 2018
$
11,005

 
$
1,005

 
$
658,918

 
$
3,020,596

 
$
(244,638
)
 
$
3,446,886

Net income

 

 

 
117,318

 

 
117,318

Other comprehensive loss, net of tax

 

 

 

 
(2,937
)
 
(2,937
)
Repurchase of 125,000 shares of Class A common stock
(125
)
 

 
(57,961
)
 

 

 
(58,086
)
Cash dividends declared ($0.35 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(3,817
)
 

 
(3,817
)
Class B common stock

 

 

 
(351
)
 

 
(351
)
Balance at September 30, 2018
$
10,880

 
$
1,005

 
$
600,957

 
$
3,133,746

 
$
(247,575
)
 
$
3,499,013

 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
$
10,175

 
$
1,005

 
$
303,880

 
$
3,440,284

 
$
(180,731
)
 
$
3,574,613

Net income

 

 

 
124,779

 

 
124,779

Other comprehensive income, net of tax

 

 

 

 
8,959

 
8,959

Repurchase of 295,900 shares of Class A common stock
(296
)
 

 
(135,090
)
 

 

 
(135,386
)
Cash dividends declared ($0.40 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(4,081
)
 

 
(4,081
)
Class B common stock

 

 

 
(402
)
 

 
(402
)
Balance at September 30, 2019
$
9,879

 
$
1,005

 
$
168,790

 
$
3,560,580

 
$
(171,772
)
 
$
3,568,482

 
Nine months ended September 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

 

 

 
310,840

 

 
310,840

Other comprehensive loss, net of tax

 

 

 

 
(75,230
)
 
(75,230
)
Repurchase of 125,000 shares of Class A common stock
(125
)
 

 
(57,961
)
 

 

 
(58,086
)
Cash dividends declared ($1.05 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(11,520
)
 

 
(11,520
)
Class B common stock

 

 

 
(1,055
)
 

 
(1,055
)
Balance at September 30, 2018
$
10,880

 
$
1,005

 
$
600,957

 
$
3,133,746

 
$
(247,575
)
 
$
3,499,013

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
10,623

 
$
1,005

 
$
493,962

 
$
3,218,551

 
$
(235,187
)
 
$
3,488,954

Net income

 

 

 
355,497

 

 
355,497

Other comprehensive income, net of tax

 

 

 

 
63,415

 
63,415

Repurchase of 744,400 shares of Class A common stock
(744
)
 

 
(325,172
)
 

 

 
(325,916
)
Cash dividends declared ($1.20 per share)
 
 
 
 
 
 
 
 
 
 
 
Class A common stock

 

 

 
(12,262
)
 

 
(12,262
)
Class B common stock

 

 

 
(1,206
)
 

 
(1,206
)
Balance at September 30, 2019
$
9,879

 
$
1,005

 
$
168,790

 
$
3,560,580

 
$
(171,772
)
 
$
3,568,482

See accompanying Notes to Consolidated Financial Statements.

6


First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
 
Nine months ended September 30
(Dollars in thousands, unaudited)
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
355,497

 
$
310,840

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Provision for loan and lease losses
23,714

 
16,883

Deferred tax expense
43,939

 
13,642

Net change in current taxes
(33,433
)
 
(21,266
)
Depreciation
77,024

 
71,484

Net increase (decrease) in accrued interest payable
14,147

 
(1,552
)
Net increase in income earned not collected
(3,567
)
 
(7,650
)
Realized gains on investment securities available for sale, net
(6,855
)
 

Marketable equity securities gains, net
(13,505
)
 
(9,265
)
Gain on extinguishment of debt

 
(26,517
)
Origination of loans held for sale
(518,894
)
 
(456,193
)
Proceeds from sale of loans held for sale
490,261

 
468,705

Gain on sale of loans held for sale
(10,308
)
 
(8,640
)
Gain on sale of portfolio loans
(299
)
 

Net write-downs/losses on other real estate owned
1,924

 
3,156

Losses on premises and equipment
1,082

 
1,480

Net accretion of premiums and discounts
(29,737
)
 
(22,965
)
Amortization of intangible assets
17,934

 
17,580

Net change in FDIC payable for shared-loss agreements
4,968

 
3,234

Net change in mortgage servicing rights
(3,770
)
 
(4,026
)
Net change in other assets
1,454

 
34,851

Net change in other liabilities
(12,416
)
 
(53,708
)
Net cash provided by operating activities
399,160

 
330,073

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Net increase in loans outstanding
(629,705
)
 
(702,356
)
Purchases of investment securities available for sale
(3,706,949
)
 
(979,495
)
Purchases of investment securities held to maturity
(223,353
)
 
(68,699
)
Purchases of marketable equity securities
(23,238
)
 
(2,818
)
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity
305,479

 
196,146

Proceeds from maturities, calls, and principal repayments of investment securities available for sale
1,690,277

 
1,046,293

Proceeds from sales of investment securities available for sale
1,746,099

 
327,737

Proceeds from sales of marketable equity securities
12,739

 
9,503

Net (increase) decrease in overnight investments
(150,006
)
 
455,295

Proceeds from sales of portfolio loans
24,247

 

Proceeds from sales of other real estate owned
18,892

 
23,488

Proceeds from sales of premises and equipment
128

 
1,648

Purchases of premises and equipment
(89,219
)
 
(91,200
)
Business acquisitions, net of cash acquired
(73,792
)
 
(106,298
)
Net cash (used in) provided by investing activities
(1,098,401
)
 
109,244

CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Net increase (decrease) in time deposits
376,596

 
(218,826
)
Net increase in demand and other interest-bearing deposits
701,426

 
496,499

Net decrease in short-term borrowings
(138,741
)
 
(127,547
)
Repayment of long-term obligations
(43,545
)
 
(717,370
)
Origination of long-term obligations
100,000

 
125,000

Repurchase of common stock
(321,263
)
 
(58,086
)
Cash dividends paid
(13,739
)
 
(12,612
)
Net cash provided by (used in) financing activities
660,734

 
(512,942
)
Change in cash and due from banks
(38,507
)
 
(73,625
)
Cash and due from banks at beginning of period
327,440

 
336,150

Cash and due from banks at end of period
$
288,933

 
$
262,525

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Transfers of loans to other real estate
$
13,242

 
$
17,013

Dividends declared but not paid
4,397

 
4,168

Net reclassification of portfolio loans to (from) loans held for sale
22,758

 
(2,016
)
Transfers of premises and equipment to other real estate
2,184

 

Transfer of investment securities available for sale to held to maturity

 
2,485,761

Unsettled common stock repurchases
4,653

 

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 the 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.
During the third quarter of 2019, the Company identified items in the prior period related to unsettled investment activity that had been reported as cash flows from operating activities and should have been presented as investing activities. The Company corrected the previously presented cash flows for this activity and in doing so, decreased net cash flows from operating activities with an offsetting increase in net cash flows from investing activities. The Company has evaluated the effect of the incorrect presentation, both qualitatively and quantitatively, and concluded that it was immaterial.
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
During the third quarter of 2019, BancShares repurchased 295,900 shares of Class A common stock for $135.4 million at an average cost per share of $457.50. During the first nine months of 2019, BancShares repurchased a total of 744,400 shares of Class A common stock for $325.9 million at an average cost per share of $437.84. During the three and nine months ended September 30, 2018, BancShares repurchased a total of 125,000 shares of Class A common stock for $58.1 million at an average cost per share of $464.68. All Class A common stock repurchases completed in 2019 and 2018 were consummated under previously approved authorizations.
The shares repurchases in the third quarter of 2019 included 50,000 shares of Class A common stock purchased from Ella Ann Holding, as trustee of her revocable trust. Mrs. Holding is the widow of BancShares’ former Executive Vice Chairman, Frank B. Holding, and the mother of Frank B. Holding, Jr. and Hope H. Bryant, BancShares’ Chairman and Chief Executive Officer and Vice Chairman, respectively. Pursuant to the existing share purchase authorization, the board’s independent Audit Committee reviewed and approved the repurchase of up to 250,000 shares held by Mrs. Holding on or before April 30, 2020, pursuant to BancShares’ related person transaction policy.
Subsequent to quarter-end through October 31, 2019, BancShares repurchased an additional 146,100 shares of Class A common stock for $69.1 million at an average cost per share of $472.94, which included 50,000 shares repurchased from Mrs. Holding.
On October 29, 2019, the Board authorized share repurchases of up to 500,000 of BancShares' Class A common stock for the period November 1, 2019 through January 31, 2020. This authority will supersede all previously approved authorities.

8


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.
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 included 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.
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. As of September 30, 2019, $3.7 million of deferred implementation costs related to cloud computing arrangements were recorded in other assets. These costs are expensed over the fixed, noncancellable term of the arrangement and are recorded to processing fees paid to third parties, consistent with the line item of the income statement where fees paid for the associated hosted service are recorded.

9


Recently Issued Accounting Pronouncements
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 2020.
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.
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.
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 initial current expected credit losses (CECL) models and accounting interpretations. We continue to refine and test our models, estimation techniques, operational processes and controls to be used in preparing CECL loss estimates and related financial statement disclosures. We have also begun evaluating our debt securities portfolio to determine the impact of adoption of CECL. We expect a significant portion of our securities portfolio to have an expectation of zero losses and therefore have no initial impact at adoption.

10


The CECL calculated losses on the loan portfolio are derived using estimated probability of default and loss given default models based on historical loss experience, borrower characteristics, forecasts of relevant economic conditions and other factors. Bancshares intends to use a two-year reasonable and supportable forecast period that incorporates one economic forecast, with a 12-month straight-line reversion period to historical averages. The outstanding loans are bifurcated between commercial and non-commercial portfolios and then further segmented into pools with similar risk characteristics. The commercial portfolio, comprising the majority of Bancshares’ total loans, primarily consists of loans with short contractual maturities that are expected to result in a reduction to the allowance for credit losses. This reduction is expected to be partially offset by an increase in the allowance for credit losses in the non-commercial portfolio given its longer contractual maturities. The Company is still evaluating the credit loss models for purchase credit impaired loans (PCI) to determine the appropriate amount required to be added to the allowance for credit losses.
BancShares continues to evaluate the impact of this standard on its consolidated financial statements but the total magnitude of this impact is still being finalized. The final impact will be dependent on, among other items, loan and debt security portfolio composition and credit quality at the adoption date, as well as economic conditions, financial models used and forecasts in place at that time. Based on current factors, the overall allowance for credit losses is expected to decrease in aggregate, but the magnitude of the change is not anticipated to be material in relation to total assets, retained earnings or regulatory capital.
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 using a modified retrospective approach with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption.

NOTE B - BUSINESS COMBINATIONS

Community Financial Holding Co. Inc.
On September 24, 2019, FCB and Community Financial Holding Co. Inc. (Community Financial) entered into a definitive merger agreement for the acquisition by FCB of Duluth, Georgia-based Community Financial and its bank subsidiary, Gwinnett Community Bank. Under the terms of the agreement, total cash consideration of $2.3 million will paid to the shareholders of Community Financial. The transaction is anticipated to close during the first quarter of 2020, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. As of September 30, 2019, Community Financial reported $223.5 million in consolidated assets, $211.3 million in deposits and $147.0 million in loans.
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 or first quarter of 2020, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. FCB will be required to divest certain branches or other assets and liabilities in order to obtain regulatory approval for the transactions contemplated by the merger agreement. Any divestiture plan is subject to approval by the Federal Reserve Board in conjunction with the Department of Justice and has not been finalized as of the date of this filing. As of September 30, 2019, Entegra Bank reported $1.70 billion in total assets, $1.28 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.
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.

11


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 $2.5 million and $3.9 million were recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively. Loan-related interest income generated from First South Bancorp was approximately $4.0 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.
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).

12


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 $0.6 million and $3.5 million were recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively. Loan-related interest income generated from Biscayne Bancshares was approximately $22.6 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.


13


NOTE C - INVESTMENTS

The amortized cost and fair value of investment securities at September 30, 2019 and December 31, 2018, were as follows:
 
September 30, 2019
(Dollars in thousands)
Cost
 
Gross
unrealized
gains
 
Gross unrealized
losses
 
Fair
value
Investment securities available for sale
 
 
 
 
 
 
 
U.S. Treasury
$
748,206

 
$
1,114

 
$
2

 
$
749,318

Government agency
666,029

 
1,404

 
1,812

 
665,621

Mortgage-backed securities
3,329,593

 
10,369

 
7,343

 
3,332,619

Corporate bonds
154,943

 
2,707

 
325

 
157,325

Total investment securities available for sale
4,898,771

 
15,594

 
9,482

 
4,904,883

Investment in marketable equity securities
87,588

 
29,605

 
339

 
116,854

Investment securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities
2,115,141

 
71,857

 

 
2,186,998

Other
30,802

 

 

 
30,802

Total investment securities held to maturity
2,145,943

 
71,857

 

 
2,217,800

Total investment securities
$
7,132,302

 
$
117,056

 
$
9,821

 
$
7,239,537

 
 
 
 
 
 
 
 
 
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 held to maturity investments include certificates of deposit with other financial institutions. 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.

14


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 and government agency securities are dependent on the repayments of the underlying loan balances. Repayments of certain corporate bonds are subject to call provisions that can be exercised by the issuer at their discretion.
 
September 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
$
748,206

 
$
749,318

 
$
1,049,253

 
$
1,047,380

One through five years
13,364

 
13,795

 
205,526

 
205,805

Five through 10 years
137,638

 
139,430

 
134,370

 
133,626

Over 10 years
3,941

 
4,100

 
3,923

 
4,125

Government agency
666,029

 
665,621

 
257,252

 
256,835

Mortgage-backed securities
3,329,593

 
3,332,619

 
2,956,793

 
2,909,339

Total investment securities available for sale
$
4,898,771

 
$
4,904,883

 
$
4,607,117

 
$
4,557,110

Investment securities held to maturity
 
 
 
 
 
 
 
Non-amortizing securities maturing in:
 
 
 
 
 
 
 
One year or less
30,552

 
30,552

 

 

One through five years
250

 
250

 

 

Mortgage-backed securities
2,115,141

 
2,186,998

 
2,184,653

 
2,201,502

Total investment securities held to maturity
$
2,145,943

 
$
2,217,800

 
$
2,184,653

 
$
2,201,502


There were gross gains of $1.3 million and $7.0 million on sales of investment securities available for sale for the three and nine months ended September 30, 2019, respectively. There were gross losses of $190.0 thousand on sales of investment securities available for sale during the three and nine month periods ended September 30, 2019. There were no gross gains or losses on sales of investment securities available for sale for the three and nine months ended September 30, 2018.
The following table provides the realized and unrealized gains and losses on marketable equity securities for the three and nine months ended September 30, 2019 and September 30, 2018:
 
Three months ended September 30
 
Nine months ended September 30
(Dollars in thousands)
2019
 
2018
 
2019
 
2018
Marketable equity securities (losses) gains, net
$
(967
)
 
$
3,854

 
$
13,505

 
$
9,265

Less net gains recognized on marketable equity securities sold
714

 
946

 
3,029

 
1,181

Unrealized (losses) gains recognized on marketable equity securities held
$
(1,681
)
 
$
2,908

 
$
10,476

 
$
8,084



15


The following table provides information regarding securities with unrealized losses as of September 30, 2019 and December 31, 2018:
 
September 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
$
49,867

 
$
2

 
$

 
$

 
$
49,867

 
$
2

Government agency
323,470

 
1,471

 
66,278

 
341

 
389,748

 
1,812

Mortgage-backed securities
1,413,342

 
4,165

 
477,249

 
3,178

 
1,890,591

 
7,343

Corporate bonds
31,168

 
203

 
6,563

 
122

 
37,731

 
325

Total
$
1,817,847

 
$
5,841

 
$
550,090

 
$
3,641

 
$
2,367,937

 
$
9,482

 
 
 
 
 
 
 
 
 
 
 
 
 
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 September 30, 2019, there were 108 investment securities available for sale that had continuous losses for more than 12 months of which 107 were government sponsored enterprise-issued mortgage-backed securities or government agency securities and one was a corporate bond.
None of the unrealized losses identified as of September 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 $3.40 billion at September 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.

16


Loans and leases outstanding included the following at September 30, 2019 and December 31, 2018:
(Dollars in thousands)
September 30, 2019
 
December 31, 2018
Non-PCI loans and leases:
 
 
 
Commercial:
 
 
 
Construction and land development
$
943,747

 
$
757,854

Commercial mortgage
11,453,353

 
10,717,234

Other commercial real estate
491,063

 
426,985

Commercial and industrial and leases
4,129,384

 
3,938,730

Other
301,791

 
296,424

Total commercial loans
17,319,338

 
16,137,227

Noncommercial:
 
 
 
Residential mortgage
4,869,562

 
4,265,687

Revolving mortgage
2,414,884

 
2,542,975

Construction and land development
321,903

 
257,030

Consumer
1,757,235

 
1,713,781

Total noncommercial loans
9,363,584

 
8,779,473

Total non-PCI loans and leases
26,682,922

 
24,916,700

PCI loans:
 
 
 
Total PCI loans
513,589

 
606,576

Total loans and leases
$
27,196,511

 
$
25,523,276


At September 30, 2019, $9.33 billion in non-PCI loans with a lendable collateral value of $6.54 billion were used to secure $181.7 million in Federal Home Loan Bank (FHLB) of Atlanta advances, resulting in additional borrowing capacity of $6.35 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 September 30, 2019, $3.47 billion in non-PCI loans with a lendable collateral value of $2.78 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 transferred to held for sale and subsequently sold. Loans held for sale totaled $83.3 million and $45.5 million at September 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 $0.2 million and $0.1 million at September 30, 2019 and December 31, 2018, respectively. The net unamortized discount related to purchased non-PCI loans and leases was $32.2 million at September 30, 2019 and $33.3 million at December 31, 2018. During the three months ended September 30, 2019 and September 30, 2018, accretion income on purchased non-PCI loans and leases was $3.5 million and $2.9 million, respectively. During the nine months ended September 30, 2019 and September 30, 2018, accretion income on purchased non-PCI loans and leases was $10.0 million and $9.9 million, respectively.

17


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 September 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.

18


Non-PCI loans and leases outstanding at September 30, 2019 and December 31, 2018 by credit quality indicator are provided below:
 
September 30, 2019
(Dollars in thousands)
Non-PCI commercial loans and leases
Grade:
Construction and
land
development
 
Commercial mortgage
 
Other commercial real estate
 
Commercial and industrial and leases
 
Other
 
Total non-PCI commercial loans and leases
Pass
$
935,478

 
$
11,217,849

 
$
486,331

 
$
3,974,806