Quarterly Report (10-q)

Date : 08/07/2019 @ 8:08PM
Source : Edgar (US Regulatory)
Stock : Seacoast Banking Corporation of Florida (SBCF)
Quote : 29.53  0.0 (0.00%) @ 12:00AM

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
 
FORM 10-Q
(Mark One)
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
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
 
Florida
 
59-2260678
 
 
(State or Other Jurisdiction of
Incorporation or Organization
 
(I.R.S. Employer
Identification No.)
 
815 COLORADO AVENUE,
STUART
FL
 
34994
(Address of Principal Executive Offices)
 
(Zip Code)
 
(772)
287-4000
 
(Registrant’s Telephone Number, Including Area Code)
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:  
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 
Common Stock
SBCF
Nasdaq Global Select Market

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 12 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 90 days.             Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 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 “large 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

Common Stock, $0.10 Par Value – 51,460,617 shares as of June 30, 2019
 
 
 



INDEX
 
SEACOAST BANKING CORPORATION OF FLORIDA
 
 
 
PAGE #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands, except per share data)
2019
 
2018
 
2019
 
2018
Interest and fees on loans
$
62,288

 
$
46,519

 
$
124,575

 
$
91,776

Interest and dividends on securities
9,076

 
9,605

 
18,346

 
19,209

Interest on interest bearing deposits and other investments
873

 
585

 
1,791

 
1,201

Total Interest Income
72,237

 
56,709

 
144,712

 
112,186

 
 
 
 
 
 
 
 
Interest on deposits
4,825

 
1,988

 
8,698

 
3,526

Interest on time certificates
5,724

 
2,629

 
10,683

 
4,808

Interest on borrowed money
1,552

 
1,885

 
4,421

 
3,883

Total Interest Expense
12,101

 
6,502

 
23,802

 
12,217

 
 
 
 
 
 
 
 
Net Interest Income
60,136

 
50,207

 
120,910

 
99,969

 
 
 
 
 
 
 
 
Provision for loan losses
2,551

 
2,529

 
3,948

 
3,614

 
 
 
 
 
 
 
 
Net Interest Income after Provision for Loan Losses
57,585

 
47,678

 
116,962

 
96,355

 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
Other income
14,043

 
12,769

 
26,888

 
25,167

Securities losses, net
(466
)
 
(48
)
 
(475
)
 
(150
)
Total Noninterest Income (Note I)
13,577

 
12,721

 
26,413

 
25,017

 
 
 
 
 
 
 
 
Total Noninterest Expenses (Note I)
41,000

 
38,246

 
84,099

 
75,410

Income Before Income Taxes
30,162

 
22,153

 
59,276

 
45,962

 
 
 
 
 
 
 
 
Provision for income taxes
6,909

 
5,189

 
13,318

 
10,971

Net Income
$
23,253

 
$
16,964

 
$
45,958

 
$
34,991

 
 
 
 
 
 
 
 
Share Data
 
 
 
 
 
 
 
Net income per share of common stock
 
 
 
 
 
 
 
Diluted
$
0.45

 
$
0.35

 
$
0.88

 
$
0.73

Basic
0.45

 
0.36

 
0.89

 
0.74

Average common shares outstanding
 
 
 
 
 
 
 
Diluted
51,952

 
47,974

 
51,998

 
47,828

Basic
51,446

 
47,165

 
51,403

 
47,059

See notes to unaudited condensed consolidated financial statements.
 



3


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
2019
 
2018
 
2019
 
2018
Net Income
$
23,253

 
$
16,964

 
$
45,958

 
$
34,991

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gains (losses) on securities available for sale
11,633

 
(5,995
)
 
24,309

 
(17,016
)
Reclassification of unrealized losses on securities transferred to available for sale upon adoption of new accounting pronouncement

 

 
(730
)
 

Amortization of unrealized losses on securities transferred to held to maturity, net
72

 
218

 
143

 
334

Reclassification adjustment for losses included in net income
556

 

 
643

 

(Provision) benefit for income taxes
(2,774
)
 
1,543

 
(6,035
)
 
4,439

Total other comprehensive income (loss)
9,487

 
(4,234
)
 
18,330

 
(12,243
)
Comprehensive Income
$
32,740


$
12,730

 
$
64,288

 
$
22,748

See notes to unaudited condensed consolidated financial statements.

 



4


SEACOAST BANKING CORPORTATION OF FLORIDA AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
 
June 30,
 
December 31,
(In thousands, except share data)
2019
 
2018
Assets
 

 
 

Cash and due from banks
$
97,792

 
$
92,242

Interest bearing deposits with other banks
61,987

 
23,709

Total cash and cash equivalents
159,779

 
115,951

 
 
 
 
Time deposits with other banks
4,980

 
8,243

 
 
 
 
Debt securities:
 
 
 
Securities available for sale (at fair value)
914,615

 
865,831

Securities held to maturity (fair value $288,450 at June 30, 2019 and $349,895 at December 31, 2018)
287,302

 
357,949

Total debt securities
1,201,917

 
1,223,780

 
 
 
 
Loans held for sale (at fair value)
17,513

 
11,873

 
 
 
 
Loans
4,888,139

 
4,825,214

Less: Allowance for loan losses
(33,505
)
 
(32,423
)
Loans, net of allowance for loan losses
4,854,634

 
4,792,791

 
 
 
 
Bank premises and equipment, net
68,738

 
71,024

Other real estate owned
11,043

 
12,802

Goodwill
205,260

 
204,753

Other intangible assets, net
22,672

 
25,977

Bank owned life insurance
125,233

 
123,394

Net deferred tax assets
19,353

 
28,954

Other assets
133,764

 
128,117

Total Assets
$
6,824,886

 
$
6,747,659

 
 
 
 
Liabilities
 
 
 
Deposits
$
5,541,209

 
$
5,177,240

Securities sold under agreements to repurchase, maturing within 30 days
82,015

 
214,323

Federal Home Loan Bank (FHLB) borrowings
140,000

 
380,000

Subordinated debt
70,944

 
70,804

Other liabilities
60,479

 
41,025

Total Liabilities
5,894,647

 
5,883,392

 
 
 
 
Shareholders' Equity
 
 
 
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 51,711,513 and outstanding 51,460,617 at June 30, 2019, and authorized 120,000,000, issued 51,514,734 and outstanding 51,361,079 shares at December 31, 2018
5,146

 
5,136

Other shareholders' equity
925,093

 
859,131

Total Shareholders' Equity
930,239

 
864,267

Total Liabilities and Shareholders' Equity
$
6,824,886

 
$
6,747,659

  See notes to unaudited condensed consolidated financial statements.


5


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 
Six Months Ended June 30,
(In thousands)
2019
 
2018
Cash Flows from Operating Activities
 

 
 

Net income
$
45,958

 
$
34,991

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
3,308

 
3,134

Amortization of premiums and discounts on securities, net
1,223

 
1,732

Amortization of operating lease right-of-use assets
2,041

 

Other amortization and accretion, net
(1,632
)
 
225

Stock based compensation
4,027

 
3,622

Origination of loans designated for sale
(139,219
)
 
(159,991
)
Sale of loans designated for sale
138,961

 
173,385

Provision for loan losses
3,948

 
3,614

Deferred income taxes
3,736

 
4,559

    Losses on sale of securities
643

 

Gains on sale of loans
(3,980
)
 
(5,277
)
(Gains) losses on sale and write-downs of other real estate owned
(408
)
 
298

Losses on disposition of fixed assets
464

 
231

Changes in operating assets and liabilities, net of effects from acquired companies:
 
 
 
Net increase in other assets
(21
)
 
(2,103
)
Net (decrease) increase in other liabilities
(9,623
)
 
3,184

Net cash provided by operating activities
49,426

 
61,604

 
 
 
 
Cash Flows from Investing Activities
 
 
 
Maturities and repayments of debt securities available for sale
41,564

 
77,860

Maturities and repayments of debt securities held to maturity
16,935

 
34,360

    Proceeds from sale of debt securities available for sale
73,297

 

Purchases of debt securities available for sale
(87,433
)
 
(101,354
)
Maturities of time deposits with other banks
3,263

 
1,991

Net new loans and principal repayments
(12,017
)
 
(161,038
)
Purchases of loans held for investment
(50,562
)
 

Proceeds from sale of other real estate owned
2,722

 
5,184

Proceeds from sale of FHLB and Federal Reserve Bank Stock
29,070

 
20,570

Purchase of FHLB and Federal Reserve Bank Stock
(22,648
)
 
(23,055
)
Proceeds from sale of Visa Class B Stock

 
21,333

Redemption of bank owned life insurance
12,378

 
4,232

Additions to bank premises and equipment
(1,485
)
 
(2,475
)
Net cash provided by (used in) investing activities
5,084

 
(122,392
)
  See notes to unaudited condensed consolidated financial statements.

 

6




SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 
Six Months Ended June 30,
(In thousands)
2019
 
2018
Cash Flows from Financing Activities
 

 
 

Net increase in deposits
$
363,969

 
$
104,720

Net decrease in federal funds purchased and repurchase agreements
(132,308
)
 
(16,044
)
Net decrease in FHLB borrowings with original maturities of three months or less
(177,000
)
 
(66,000
)
Repayments of FHLB borrowings with original maturities of more than three months
(63,000
)
 

Proceeds from FHLB borrowings with original maturities of more than three months

 
60,000

Stock based employee benefit plans
(2,343
)
 
129

Dividends paid

 

Net cash (used in) provided by financing activities
(10,682
)
 
82,805

Net increase in cash and cash equivalents
43,828

 
22,017

Cash and cash equivalents at beginning of period
115,951

 
109,504

Cash and cash equivalents at end of period
$
159,779

 
$
131,521

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Cash paid during the period for interest
$
23,200

 
$
11,919

Cash paid during the period for taxes
6,000

 
6,200

Initial recognition of operating lease right-of-use assets
29,077

 

Initial recognition of operating lease liabilities
33,403

 

 
 
 
 
Supplemental disclosure of non cash investing activities:
 
 
 
Transfer of debt securities from held to maturity to available for sale
$
52,796

 
$

Transfers from loans to other real estate owned
555

 
4,207

Transfers from bank premises to other real estate owned

 
2,052

See notes to unaudited condensed consolidated financial statements.
 

7


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at March 31, 2019
 
51,414

 
$
5,141

 
$
780,680

 
$
119,779

 
$
(4,959
)
 
$
(4,217
)
 
$
896,424

Comprehensive income
 

 

 

 
23,253

 

 
9,487

 
32,740

Stock based compensation expense
 

 

 
1,899

 

 

 

 
1,899

Common stock issued for stock based employee benefit plans
 
22

 
2

 
(12
)
 

 
(1,178
)
 

 
(1,188
)
Common stock issued for stock options
 
25

 
3

 
361

 

 

 

 
364

Three months ended June 30, 2019
 
47

 
5

 
2,248

 
23,253

 
(1,178
)
 
9,487

 
33,815

Balance at June 30, 2019
 
51,461

 
$
5,146

 
$
782,928

 
$
143,032

 
$
(6,137
)
 
$
5,270

 
$
930,239

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at March 31, 2018
 
46,983

 
$
4,698

 
$
663,727

 
$
47,826

 
$
(2,279
)
 
$
(12,110
)
 
$
701,862

Comprehensive income
 

 

 

 
16,964

 

 
(4,234
)
 
12,730

Stock based compensation expense
 

 

 
2,167

 

 

 

 
2,167

Common stock issued for stock based employee benefit plans
 
(6
)
 
17

 
(11
)
 

 
(605
)
 

 
(599
)
Common stock issued for stock options
 
187

 
1

 
2

 

 

 

 
3

Three months ended June 30, 2018
 
181

 
18

 
2,158

 
16,964

 
(605
)
 
(4,234
)
 
14,301

Balance at June 30, 2018
 
47,164

 
$
4,716

 
$
665,885

 
$
64,790

 
$
(2,884
)
 
$
(16,344
)
 
$
716,163

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2018
 
51,361

 
$
5,136

 
$
778,501

 
$
97,074

 
$
(3,384
)
 
$
(13,060
)
 
$
864,267

Comprehensive income
 

 

 

 
45,958

 

 
18,330

 
64,288

Stock based compensation expense
 

 

 
4,028

 

 

 

 
4,028

Common stock issued for stock based employee benefit plans
 
71

 
7

 
(26
)
 

 
(2,753
)
 

 
(2,772
)
Common stock issued for stock options
 
29

 
3

 
425

 

 

 

 
428

Six months ended June 30, 2019
 
100

 
10

 
4,427

 
45,958

 
(2,753
)
 
18,330

 
65,972

Balance at June 30, 2019
 
51,461

 
$
5,146

 
$
782,928

 
$
143,032

 
$
(6,137
)
 
$
5,270

 
$
930,239

 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other
 
 
 
 
Common Stock
 
Paid-in
 
Retained
 
Treasury
 
Comprehensive
 
 
(In thousands)
 
Shares
 
Amount
 
Capital
 
Earnings
 
Stock
 
Income (Loss)
 
Total
Balance at December 31, 2017
 
46,918

 
$
4,693

 
$
661,632

 
$
29,914

 
$
(2,359
)
 
$
(4,216
)
 
$
689,664

Comprehensive income
 

 

 

 
34,991

 

 
(12,243
)
 
22,748

Reclassification of unrealized losses on equity investment upon adoption of new accounting pronouncement
 

 

 

 
(115
)
 

 
115

 

Stock based compensation expense
 

 

 
3,622

 

 

 

 
3,622

Common stock issued for stock based employee benefit plans
 
(3
)
 
17

 
(13
)
 

 
(525
)
 

 
(521
)
Common stock issued for stock options
 
249

 
6

 
644

 

 

 

 
650

Six months ended June 30, 2018
 
246

 
23

 
4,253

 
34,876

 
(525
)
 
(12,128
)
 
26,499

Balance at June 30, 2018
 
47,164

 
$
4,716

 
$
665,885

 
$
64,790

 
$
(2,884
)
 
$
(16,344
)
 
$
716,163

  See notes to unaudited condensed consolidated financial statements.

8


SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 
Note A – Basis of Presentation
 
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.

Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 .
 
Adoption of new accounting pronouncements: On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, “Leases”, and all the related amendments (collectively, Accounting Standards Codification “ASC” Topic 842) through a cumulative-effect adjustment.

The new guidance requires a lessee to recognize at the transition date right-of-use assets ("ROUA") and lease liabilities for all operating leases. Upon adoption, the Company recognized ROUAs of $29 million and lease liabilities of $33 million . Operating lease liabilities are measured based on the present value of lease payments over the lease term. At the transition date, ROUA was determined by adjusting lease liabilities for the carrying balances of deferred rent under ASC Topic 840 Leases , cease-use liabilities under ASC Topic 420 Exit or Disposal Cost Obligations , and assets and liabilities recognized under ASC Topic 805 Business Combinations for acquired operating leases, which aggregated to $4 million .

We determine if an arrangement is a lease at the inception of a lease. ROUAs represent our right to use the underlying asset and lease liabilities represent our obligation to make lease payments for the lease term. Operating lease ROUAs and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the appropriate term and information available at commencement date in determining the present value of lease payments. The lease term may include options to extend the lease when it is reasonably certain that we will exercise that option. ROUAs and operating lease liabilities are reported in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company elected certain practical expedients offered by the FASB for all classes of leased assets. As a result, the Company has not reassessed whether existing contracts are or contain leases, nor has the Company reassessed the classification of existing leases. The Company elected not to separate lease and non-lease components and instead accounts for them as a single lease component. The Company also elected to exclude short-term leases from the recognition of right-of-use assets and lease liabilities. Therefore, if the lease term is equal to or less than twelve months (including the renewal options that we are reasonably certain to exercise) and we are not reasonably certain to exercise any available purchase options in the lease, we do not apply the new lease accounting guidance for those leases. The Company did not elect the hindsight practical expedient, which allows entities to use hindsight when determining lease term and impairment of ROUAs.
On January 1, 2019, we adopted ASU 2017-12 “Derivatives and Hedging" (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Upon adoption, we reclassified certain debt securities from held to maturity to available for sale. The following table summarizes the impact:

9


 
 
January 1, 2019
(In thousands)
 
Amortized Cost
 
Net Unrealized Gain (Loss) Reflected in OCI
 
Fair Value
Private mortgage-backed securities and collateralized mortgage obligations
 
$
21,526

 
$
147

 
$
21,673

Collateralized loan obligations
 
32,000

 
(877
)
 
31,123

Totals
 
$
53,526

 
$
(730
)
 
$
52,796


Use of Estimates:  The preparation of these condensed consolidated financial statements requires management to make judgments in the application of certain of its accounting policies that involve significant estimates and assumptions. We have established policies and control procedures that are intended to ensure valuation methods are well controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include determination of the allowance for loan losses, acquisition accounting and purchased loans, intangible assets and impairment testing, other fair value adjustments, other than temporary impairment of securities, income taxes and realization of deferred tax assets and contingent liabilities.

Note B – Recently Issued Accounting Standards, Not Yet Adopted

The following provides a brief description of accounting standards that have been issued but are not yet adopted that could have a material effect on the Company's financial statements:
ASU 2016-13, Financial Instruments –Credit Losses (Topic 326)
Description
In June 2016, FASB issued guidance to replace the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (i.e. loan commitments, standby letters of credit, financial guarantees and other similar instruments).
Date of Adoption
This amendment is effective for SEC registrants that are not Smaller Reporting Companies, including the Company, for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods after December 15, 2018, including interim reporting periods within that period.
Effect on the Consolidated Financial Statements
The Company continues to validate and refine the credit loss estimation techniques and related processes that have been developed. Updates to business processes and the documentation of accounting policy decisions are ongoing. The Company expects to recognize an increase in the allowance for credit losses upon adoption, which will be recorded as a one-time cumulative adjustment to retained earnings at the adoption date, January 1, 2020. However, the magnitude of the impact on the Company's consolidated financial statements has not yet been determined.



ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Description
In January 2017, the FASB amended the existing guidance to simplify the goodwill impairment measurement test by eliminating Step 2. The amendment requires the Company to perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value. Additionally, an entity should consider the tax effects from any tax deductible goodwill on the carrying amount when measuring the impairment loss.
Date of Adoption
This amendment is effective for public business entities for reporting periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted on annual goodwill impairment tests performed after January 1, 2017.
Effect on the Consolidated Financial Statements
The impact to the Company's consolidated financial statements from the adoption of this pronouncement is not expected to be material.


Note C – Earnings per Share
 
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For both the three and six months ended June 30, 2019 , options to purchase 494,000 shares were antidilutive in each period and, accordingly, were excluded in the computation of diluted earnings per share, compared to 479,000 and 378,000 shares, respectively, for the three and six months ended June 30, 2018 .

10


 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in thousands, except per share data)
2019
 
2018
 
2019
 
2018
Basic earnings per share
 
 
 
 
 
 
 
Net income
$
23,253

 
$
16,964

 
$
45,958

 
$
34,991

Average common shares outstanding
51,446

 
47,165

 
51,403

 
47,059

Net income per share
$
0.45

 
$
0.36

 
$
0.89

 
$
0.74

 
 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
 
Net income
$
23,253

 
$
16,964

 
$
45,958

 
$
34,991

Average common shares outstanding
51,446

 
47,165

 
51,403

 
47,059

Add: Dilutive effect of employee restricted stock and stock options
506

 
809

 
595

 
769

Average diluted shares outstanding
51,952

 
47,974

 
51,998

 
47,828

Net income per share
$
0.45

 
$
0.35

 
$
0.88

 
$
0.73




Note D – Securities
 
The amortized cost, gross unrealized gains and losses and fair value of securities available for sale and held to maturity at June 30, 2019 and December 31, 2018 are summarized as follows:
 
 
June 30, 2019
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
$
10,781

 
$
240

 
$

 
$
11,021

Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
554,889

 
7,072

 
(1,610
)
 
560,351

Private mortgage-backed securities and collateralized mortgage obligations
64,224

 
1,692

 
(5
)
 
65,911

Collateralized loan obligations
242,702

 
2

 
(1,133
)
 
241,571

Obligations of state and political subdivisions
34,837

 
1,035

 
(111
)
 
35,761

Totals
$
907,433

 
$
10,041


$
(2,859
)

$
914,615

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. Government Sponsored Entities
$
287,302

 
$
2,910

 
$
(1,762
)
 
$
288,450

Totals
$
287,302


$
2,910


$
(1,762
)

$
288,450

 

11


 
December 31, 2018
(In thousands)
Amortized
Cost
 
Gross Unrealized
Gains
 
Gross Unrealized
Losses
 
Fair
Value
Debt securities available for sale
 

 
 

 
 

 
 

U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
$
7,200

 
$
106

 
$
(6
)
 
$
7,300

Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
567,753

 
300

 
(14,047
)
 
554,006

Private mortgage-backed securities and collateralized mortgage obligations
55,569

 
560

 
(401
)
 
55,728

Collateralized loan obligations
212,807

 
1

 
(3,442
)
 
209,366

Obligations of state and political subdivisions
39,543

 
339

 
(451
)
 
39,431

Totals
$
882,872

 
$
1,306

 
$
(18,347
)
 
$
865,831

 
 
 
 
 
 
 
 
Debt securities held to maturity
 
 
 
 
 
 
 
Mortgage-backed securities of U.S. Government Sponsored Entities
$
304,423

 
$

 
$
(7,324
)
 
$
297,099

Private mortgage-backed securities and collateralized mortgage obligations
21,526

 
277

 
(130
)
 
21,673

Collateralized loan obligations
32,000

 

 
(877
)
 
31,123

Totals
$
357,949

 
$
277

 
$
(8,331
)
 
$
349,895


Proceeds from sales of securities during the three and six months ended June 30, 2019 were $38.2 million and $73.3 million , respectively. Included in "Securities losses, net" for the three months ended June 30, 2019 are gross losses of $0.6 million , and for the six months ended June 30, 2019 , are gross gains of $0.3 million and gross losses of $0.9 million . Also included in “Securities losses, net” for the three and six months ended June 30, 2019 is an increase of $0.1 million and $0.2 million , respectively, in the value of an investment in shares of a mutual fund that invests primarily in CRA-qualified debt securities.

There were no sales of securities during the three and six months ended June 30, 2018 . Included in “Securities losses, net” for the three and six months ended June 30, 2018 , is a decrease of $0.1 million and $0.2 million , respectively, in the value of the CRA-qualified mutual fund investment.

On January 1, 2019, the Company adopted ASU 2017-12 and subsequently transferred held to maturity debt securities with an amortized cost basis of $53.5 million to available for sale. Those securities had unrealized losses of $0.7 million that was recorded in other comprehensive income on the date of transfer.

At June 30, 2019 , debt securities with a fair value of $93.6 million were pledged as collateral for United States Treasury deposits, other public deposits and trust deposits. Debt securities with a fair value of $106.4 million were pledged as collateral for repurchase agreements.
 
The amortized cost and fair value of debt securities held to maturity and available for sale at June 30, 2019 , by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 

12


 
Held to Maturity
 
Available for Sale
(In thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in less than one year
$

 
$

 
$
8,262

 
$
8,288

Due after one year through five years

 

 
120,813

 
120,747

Due after five years through ten years

 

 
150,800

 
150,501

Due after ten years

 

 
8,445

 
8,817

 

 

 
288,320

 
288,353

Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
287,302

 
288,450

 
554,889

 
560,351

Private mortgage-backed securities and collateralized mortgage obligations

 

 
64,224

 
65,911

   Totals
$
287,302

 
$
288,450

 
$
907,433

 
$
914,615


 
The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flows analyses, using observable market data where available. The tables below indicate the fair value of debt securities with unrealized losses and the period of time for which these losses were outstanding at June 30, 2019 and December 31, 2018 , respectively.
 
 
June 30, 2019
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(In thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
$
54,200

 
$
(236
)
 
$
221,222

 
$
(3,136
)
 
$
275,422

 
$
(3,372
)
Private mortgage-backed securities and collateralized mortgage obligations
11,343

 
(5
)
 

 

 
11,343

 
(5
)
Collateralized loan obligations
183,452

 
(635
)
 
53,002

 
(498
)
 
236,454

 
(1,133
)
Obligations of state and political subdivisions

 

 
3,577

 
(111
)
 
3,577

 
(111
)
   Totals
$
248,995

 
$
(876
)
 
$
277,801

 
$
(3,745
)
 
$
526,796

 
$
(4,621
)
 
December 31, 2018
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(In thousands)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury securities and obligations of U.S. Government Sponsored Entities
$
99

 
$
(1
)
 
$
642

 
$
(5
)
 
$
741

 
$
(6
)
Mortgage-backed securities and collateralized mortgage obligations of U.S. Government Sponsored Entities
200,184

 
(2,235
)
 
623,420

 
(19,136
)
 
823,604

 
(21,371
)
Private mortgage-backed securities and collateralized mortgage obligations
20,071

 
(344
)
 
12,739

 
(187
)
 
32,810

 
(531
)
Collateralized loan obligations
238,894

 
(4,319
)
 

 

 
238,894

 
(4,319
)
Obligations of state and political subdivisions
19,175

 
(241
)
 
9,553

 
(210
)
 
28,728

 
(451
)
   Totals
$
478,423

 
$
(7,140
)
 
$
646,354

 
$
(19,538
)
 
$
1,124,777

 
$
(26,678
)

 
The two tables above include debt securities held to maturity that were transferred from available for sale into held to maturity during 2014. Those securities had unrealized losses of $3.1 million at the date of transfer, and at June 30, 2019 , the unamortized balance was $0.4 million .


13


At June 30, 2019 , the Company had $3.4 million of unrealized losses on mortgage-backed securities and collateralized mortgage obligations of government sponsored entities having a fair value of $275.4 million that were attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The contractual cash flows for these securities are guaranteed by U.S. government agencies and U.S. government-sponsored enterprises. Based on the assessment of these mitigating factors, management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Management expects to recover the entire amortized cost basis of these securities.
 
At June 30, 2019 , the Company had unrealized losses of $1.1 million on collateralized loan obligations with a fair value of $236.5 million . The collateral for these securities is first lien senior secured corporate debt. The Company holds senior tranches rated credit A or higher. Management expects to recover the entire amortized cost basis of these securities.

At June 30, 2019 , the Company does not intend to sell debt securities that are in an unrealized loss position and it is not more than likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis. Therefore, management does not consider any investment to be other-than-temporarily impaired at June 30, 2019 .
  
Included in other assets at June 30, 2019 is $36.8 million of Federal Home Loan Bank and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Also included in other assets is a $6.4 million investment in a CRA-qualified mutual fund carried at fair value.
  
The Company holds 11,330 shares of Visa Class B stock, which following resolution of Visa litigation will be converted to Visa Class A shares. Under the current conversion ratio that became effective June 28, 2018, the Company would receive 1.6298 shares of Class A stock for each share of Class B stock for a total of 18,465 shares of Visa Class A stock. Our ownership of Visa stock is related to prior ownership in Visa's network, while Visa operated as a cooperative. This ownership is recorded on our financial records at zero basis.

Note E – Loans
 
Information pertaining to portfolio loans, purchased credit impaired (“PCI”) loans, and purchased unimpaired loans (“PUL”) is as follows:
 
 
June 30, 2019
(In thousands)
Portfolio Loans
 
PCI Loans
 
PULs
 
Total
Construction and land development
$
300,182

 
$
155

 
$
79,654

 
$
379,991

Commercial real estate
1,552,024

 
10,324

 
627,937

 
2,190,285

Residential real estate
1,153,951

 
2,468

 
243,765

 
1,400,184

Commercial and financial
605,237

 
634

 
95,876

 
701,747

Consumer
205,964

 

 
9,968

 
215,932

   Totals 1
$
3,817,358

 
$
13,581

 
$
1,057,200

 
$
4,888,139

 
 
December 31, 2018
(In thousands)
Portfolio Loans
 
PCI Loans
 
PULs
 
Total
Construction and land development
$
301,473

 
$
151

 
$
141,944

 
$
443,568

Commercial real estate
1,437,989

 
10,828

 
683,249

 
2,132,066

Residential real estate
1,055,525

 
2,718

 
266,134

 
1,324,377

Commercial and financial
603,057

 
737

 
118,528

 
722,322

Consumer
190,207

 

 
12,674

 
202,881

   Totals 1
$
3,588,251

 
$
14,434

 
$
1,222,529

 
$
4,825,214

1 Net loan balances as of June 30, 2019 and December 31, 2018 include deferred costs of $18.2 million and $16.9 million for each period, respectively.
 
  The following tables present the contractual delinquency of the recorded investment by class of loans as of:

14


 
 
June 30, 2019
(In thousands)
Current
 
Accruing
30-59 Days
Past Due
 
Accruing
60-89 Days
Past Due
 
Accruing
Greater
Than
90 Days
 
Nonaccrual
 
Total
Financing
Receivables
Portfolio Loans
 

 
 

 
 

 
 

 
 

 
 

Construction and land development
$
295,828

 
$

 
$
4,328

 
$

 
$
26

 
$
300,182

Commercial real estate
1,543,584

 
1,098

 
1,423

 

 
5,919

 
1,552,024

Residential real estate
1,143,397

 
2,686

 
121

 

 
7,747

 
1,153,951

Commercial and financial
597,048

 
5,764

 
221

 
172

 
2,032

 
605,237

Consumer
205,157

 
374

 
306

 
41

 
86

 
205,964

 Total Portfolio Loans
3,785,014

 
9,922

 
6,399

 
213

 
15,810

 
3,817,358

 
 
 
 
 
 
 
 
 
 
 
 
Purchased Unimpaired Loans
 
 
 
 
 
 
 
 
 
 
 
Construction and land development
78,693

 
387

 

 

 
574

 
79,654

Commercial real estate
625,472

 
166

 
326

 

 
1,973

 
627,937

Residential real estate
242,698

 

 
131

 

 
936

 
243,765

Commercial and financial
95,311

 

 

 

 
565

 
95,876

Consumer
9,938

 

 

 

 
30

 
9,968

 Total PULs
1,052,112

 
553

 
457

 

 
4,078

 
1,057,200