x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Pennsylvania | 25-1434426 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
800 Philadelphia Street, Indiana, PA | 15701 | |
(Address of principal executive offices) | (zip code) |
Large accelerated filer | x | 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. ¨ |
Page No. | ||
September 30, 2018 | December 31, 2017 | ||||||||
(dollars in thousands, except per share data) | (Unaudited) | (Audited) | |||||||
ASSETS | |||||||||
Cash and due from banks, including interest-bearing deposits of $68,018 and $61,965 at September 30, 2018 and December 31, 2017 | $ | 132,650 | $ | 117,152 | |||||
Securities, at fair value | 682,535 | 698,291 | |||||||
Loans held for sale | 4,207 | 4,485 | |||||||
Portfolio loans, net of unearned income | 5,807,807 | 5,761,449 | |||||||
Allowance for loan losses | (60,556 | ) | (56,390 | ) | |||||
Portfolio loans, net | 5,747,251 | 5,705,059 | |||||||
Bank owned life insurance | 73,626 | 72,150 | |||||||
Premises and equipment, net | 41,403 | 42,702 | |||||||
Federal Home Loan Bank and other restricted stock, at cost | 31,178 | 29,270 | |||||||
Goodwill | 287,446 | 291,670 | |||||||
Other intangible assets, net | 2,725 | 3,677 | |||||||
Other assets | 102,342 | 95,799 | |||||||
Total Assets | $ | 7,105,363 | $ | 7,060,255 | |||||
LIABILITIES | |||||||||
Deposits: | |||||||||
Noninterest-bearing demand | $ | 1,412,127 | $ | 1,387,712 | |||||
Interest-bearing demand | 561,191 | 603,141 | |||||||
Money market | 1,367,181 | 1,146,156 | |||||||
Savings | 817,545 | 893,119 | |||||||
Certificates of deposit | 1,309,465 | 1,397,763 | |||||||
Total Deposits | 5,467,509 | 5,427,891 | |||||||
Securities sold under repurchase agreements | 45,200 | 50,161 | |||||||
Short-term borrowings | 535,000 | 540,000 | |||||||
Long-term borrowings | 45,434 | 47,301 | |||||||
Junior subordinated debt securities | 45,619 | 45,619 | |||||||
Other liabilities | 46,820 | 65,252 | |||||||
Total Liabilities | 6,185,582 | 6,176,224 | |||||||
SHAREHOLDERS’ EQUITY | |||||||||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—36,130,480 shares at September 30, 2018 and December 31, 2017 Outstanding— 35,006,587 shares at September 30, 2018 and 34,971,929 shares at December 31, 2017 | 90,326 | 90,326 | |||||||
Additional paid-in capital | 209,685 | 216,106 | |||||||
Retained earnings | 684,361 | 628,107 | |||||||
Accumulated other comprehensive loss | (33,253 | ) | (18,427 | ) | |||||
Treasury stock (1,123,893 shares at September 30, 2018 and 1,158,551 shares at December 31, 2017, at cost) | (31,338 | ) | (32,081 | ) | |||||
Total Shareholders’ Equity | 919,781 | 884,031 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 7,105,363 | $ | 7,060,255 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(dollars in thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
INTEREST INCOME | |||||||||||||||||||
Loans, including fees | $ | 68,631 | $ | 62,450 | $ | 198,296 | $ | 179,908 | |||||||||||
Investment Securities: | |||||||||||||||||||
Taxable | 3,649 | 2,988 | 10,597 | 8,783 | |||||||||||||||
Tax-exempt | 857 | 896 | 2,603 | 2,744 | |||||||||||||||
Dividends | 490 | 389 | 1,741 | 1,352 | |||||||||||||||
Total Interest Income | 73,627 | 66,723 | 213,237 | 192,787 | |||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 10,871 | 6,748 | 27,883 | 18,103 | |||||||||||||||
Borrowings and junior subordinated debt securities | 3,494 | 2,519 | 10,758 | 6,779 | |||||||||||||||
Total Interest Expense | 14,365 | 9,267 | 38,641 | 24,882 | |||||||||||||||
NET INTEREST INCOME | 59,262 | 57,456 | 174,596 | 167,905 | |||||||||||||||
Provision for loan losses | 462 | 2,850 | 12,279 | 12,901 | |||||||||||||||
Net Interest Income After Provision for Loan Losses | 58,800 | 54,606 | 162,317 | 155,004 | |||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||
Net gain on sale of securities | — | — | — | 3,987 | |||||||||||||||
Service charges on deposit accounts | 3,351 | 3,207 | 9,765 | 9,218 | |||||||||||||||
Debit and credit card | 3,141 | 3,067 | 9,487 | 8,952 | |||||||||||||||
Wealth management | 2,483 | 2,406 | 7,782 | 7,237 | |||||||||||||||
Mortgage banking | 700 | 872 | 2,133 | 2,280 | |||||||||||||||
Insurance | 101 | 1,318 | 404 | 4,232 | |||||||||||||||
Gain on sale of a majority interest of insurance business | — | — | 1,873 | — | |||||||||||||||
Other | 2,266 | 2,681 | 6,642 | 6,906 | |||||||||||||||
Total Noninterest Income | 12,042 | 13,551 | 38,086 | 42,812 | |||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||
Salaries and employee benefits | 19,769 | 20,325 | 57,195 | 60,770 | |||||||||||||||
Data processing and information technology | 2,906 | 2,284 | 7,610 | 6,670 | |||||||||||||||
Net occupancy | 2,722 | 2,692 | 8,399 | 8,258 | |||||||||||||||
Furniture, equipment and software | 2,005 | 1,890 | 6,096 | 5,746 | |||||||||||||||
Other taxes | 1,341 | 1,208 | 4,928 | 3,268 | |||||||||||||||
Professional services and legal | 1,181 | 869 | 3,120 | 2,868 | |||||||||||||||
Marketing | 1,023 | 766 | 2,916 | 2,468 | |||||||||||||||
FDIC insurance | 746 | 1,152 | 2,592 | 3,461 | |||||||||||||||
Other | 5,392 | 5,367 | 16,174 | 16,451 | |||||||||||||||
Total Noninterest Expense | 37,085 | 36,553 | 109,030 | 109,960 | |||||||||||||||
Income Before Taxes | 33,757 | 31,604 | 91,373 | 87,856 | |||||||||||||||
Provision for income taxes | 2,876 | 8,883 | 12,893 | 24,182 | |||||||||||||||
Net Income | $ | 30,881 | $ | 22,721 | $ | 78,480 | $ | 63,674 | |||||||||||
Earnings per share—basic | $ | 0.89 | $ | 0.65 | $ | 2.26 | $ | 1.83 | |||||||||||
Earnings per share—diluted | $ | 0.88 | $ | 0.65 | $ | 2.24 | $ | 1.82 | |||||||||||
Dividends declared per share | $ | 0.25 | $ | 0.20 | $ | 0.72 | $ | 0.60 | |||||||||||
Comprehensive Income | $ | 28,573 | $ | 22,975 | $ | 67,943 | $ | 64,854 |
(dollars in thousands, except share and per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock | Total | |||||||||||||||||||||||
Balance at January 1, 2017 | $ | 90,326 | $ | 213,098 | $ | 585,891 | $ | (13,784 | ) | $ | (33,575 | ) | $ | 841,956 | |||||||||||||||
Net income for nine months ended September 30, 2017 | — | — | 63,674 | — | — | 63,674 | |||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 1,180 | — | 1,180 | |||||||||||||||||||||||
Cash dividends declared ($0.60 per share) | — | — | (20,899 | ) | — | — | (20,899 | ) | |||||||||||||||||||||
Treasury stock issued for restricted awards (90,115 shares, net of 23,946 forfeitures) | — | — | (2,383 | ) | — | 1,695 | (688 | ) | |||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 2,353 | — | — | — | 2,353 | |||||||||||||||||||||||
Balance at September 30, 2017 | $ | 90,326 | $ | 215,451 | $ | 626,283 | $ | (12,604 | ) | $ | (31,880 | ) | $ | 887,576 | |||||||||||||||
Balance at January 1, 2018 | $ | 90,326 | $ | 216,106 | $ | 628,107 | $ | (18,427 | ) | $ | (32,081 | ) | $ | 884,031 | |||||||||||||||
Net income for nine months ended September 30, 2018 | — | — | 78,480 | — | — | 78,480 | |||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (10,537 | ) | — | (10,537 | ) | |||||||||||||||||||||
Reclassification of tax effects from the Tax Act(1) | — | — | 3,427 | (3,427 | ) | — | — | ||||||||||||||||||||||
Reclassification of net unrealized gains on equity securities(2) | — | — | 862 | (862 | ) | — | — | ||||||||||||||||||||||
Cash dividends declared ($0.72 per share) | — | — | (25,115 | ) | — | — | (25,115 | ) | |||||||||||||||||||||
Treasury stock issued for restricted awards (75,608 shares, net of 40,950 forfeitures) | — | — | (1,400 | ) | — | 743 | (657 | ) | |||||||||||||||||||||
Repurchase of warrant | — | (7,652 | ) | — | — | — | (7,652 | ) | |||||||||||||||||||||
Recognition of restricted stock compensation expense | — | 1,231 | — | — | — | 1,231 | |||||||||||||||||||||||
Balance at September 30, 2018 | $ | 90,326 | $ | 209,685 | $ | 684,361 | $ | (33,253 | ) | $ | (31,338 | ) | $ | 919,781 |
Nine Months Ended September 30, | |||||||||
(dollars in thousands) | 2018 | 2017 | |||||||
OPERATING ACTIVITIES | |||||||||
Net income | $ | 78,480 | $ | 63,674 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Provision for loan losses | 12,279 | 12,901 | |||||||
Recovery for unfunded loan commitments | (39 | ) | (546 | ) | |||||
Net depreciation, amortization and accretion | 3,309 | 1,597 | |||||||
Net amortization of discounts and premiums on securities | 2,387 | 3,065 | |||||||
Stock-based compensation expense | 1,231 | 2,353 | |||||||
Gain on sale of securities | — | (3,987 | ) | ||||||
Mortgage loans originated for sale | (68,898 | ) | (66,535 | ) | |||||
Proceeds from the sale of mortgage loans | 70,371 | 66,604 | |||||||
Gain on the sale of mortgage loans, net | (1,195 | ) | (1,061 | ) | |||||
Gain on the sale of majority interest of insurance business | (1,873 | ) | — | ||||||
Pension contribution | (20,420 | ) | — | ||||||
Net increase in interest receivable | (1,506 | ) | (3,886 | ) | |||||
Net increase in interest payable | 803 | 448 | |||||||
Net decrease in other assets | 352 | 8,735 | |||||||
Net increase in other liabilities | 9,904 | 69 | |||||||
Net Cash Provided by Operating Activities | 85,185 | 83,431 | |||||||
INVESTING ACTIVITIES | |||||||||
Purchases of securities | (79,068 | ) | (69,699 | ) | |||||
Proceeds from maturities, prepayments and calls of securities | 71,433 | 58,601 | |||||||
Proceeds from sales of securities | — | 7,751 | |||||||
Net (purchases) sales of Federal Home Loan Bank stock | (1,909 | ) | 1,304 | ||||||
Net increase in loans | (64,387 | ) | (268,132 | ) | |||||
Proceeds from sale of loans not originated for resale | 7,695 | 3,581 | |||||||
Purchases of premises and equipment | (2,588 | ) | (3,646 | ) | |||||
Proceeds from the sale of premises and equipment | 135 | 376 | |||||||
Proceeds from the sale of majority interest of insurance business | 4,540 | — | |||||||
Net Cash Used in Investing Activities | (64,149 | ) | (269,864 | ) | |||||
FINANCING ACTIVITIES | |||||||||
Net increase in core deposits | 127,917 | 109,637 | |||||||
Net (decrease) increase in certificates of deposit | (88,203 | ) | 61,048 | ||||||
Net decrease in securities sold under repurchase agreements | (4,961 | ) | (10,909 | ) | |||||
Net (decrease) increase in short-term borrowings | (5,000 | ) | 25,000 | ||||||
Repayments of long-term borrowings | (1,867 | ) | (1,802 | ) | |||||
Treasury shares issued-net | (657 | ) | (688 | ) | |||||
Cash dividends paid to common shareholders | (25,115 | ) | (20,899 | ) | |||||
Repurchase of warrant | (7,652 | ) | — | ||||||
Net Cash (Used) Provided by Financing Activities | (5,538 | ) | 161,387 | ||||||
Net increase (decrease) in cash and cash equivalents | 15,498 | (25,046 | ) | ||||||
Cash and cash equivalents at beginning of period | 117,152 | 139,486 | |||||||
Cash and Cash Equivalents at End of Period | $ | 132,650 | $ | 114,440 | |||||
Supplemental Disclosures | |||||||||
Loans transferred to held for sale | $ | 7,695 | $ | 43,151 | |||||
Deposits transferred to held for sale | $ | — | $ | 38,960 | |||||
Interest paid | $ | 37,838 | $ | 24,682 | |||||
Income taxes paid, net of refunds | $ | 15,728 | $ | 21,096 | |||||
Transfer net assets to investment in insurance company partnership | $ | 1,917 | $ | — | |||||
Transfers of loans to other real estate owned | $ | 647 | $ | 2,116 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(in thousands, except share and per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
Numerator for Earnings per Share—Basic: | |||||||||||||||||||
Net income | $ | 30,881 | $ | 22,721 | $ | 78,480 | $ | 63,674 | |||||||||||
Less: Income allocated to participating shares | 87 | 73 | 229 | 214 | |||||||||||||||
Net Income Allocated to Shareholders | $ | 30,794 | $ | 22,648 | $ | 78,251 | $ | 63,460 | |||||||||||
Numerator for Earnings per Share—Diluted: | |||||||||||||||||||
Net income | $ | 30,881 | $ | 22,721 | $ | 78,480 | $ | 63,674 | |||||||||||
Net Income Available to Shareholders | $ | 30,881 | $ | 22,721 | $ | 78,480 | $ | 63,674 | |||||||||||
Denominators for Earnings per Share: | |||||||||||||||||||
Weighted Average Shares Outstanding—Basic | 34,799,174 | 34,751,266 | 34,783,175 | 34,722,370 | |||||||||||||||
Add: Potentially dilutive shares | 220,118 | 208,873 | 228,909 | 208,139 | |||||||||||||||
Denominator for Treasury Stock Method—Diluted | 35,019,292 | 34,960,139 | 35,012,084 | 34,930,509 | |||||||||||||||
Weighted Average Shares Outstanding—Basic | 34,799,174 | 34,751,266 | 34,783,175 | 34,722,370 | |||||||||||||||
Add: Average participating shares outstanding | 98,579 | 111,821 | 101,808 | 116,969 | |||||||||||||||
Denominator for Two-Class Method—Diluted | 34,897,753 | 34,863,087 | 34,884,983 | 34,839,339 | |||||||||||||||
Earnings per share—basic | $ | 0.89 | $ | 0.65 | $ | 2.26 | $ | 1.83 | |||||||||||
Earnings per share—diluted | $ | 0.88 | $ | 0.65 | $ | 2.24 | $ | 1.82 | |||||||||||
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019 (1) | 285,915 | 443,575 | 351,166 | 452,188 | |||||||||||||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | 113,451 | 92,577 | 113,390 | 95,707 |
September 30, 2018 | |||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
ASSETS | |||||||||||||||
Debt securities available-for-sale: | |||||||||||||||
U.S. Treasury securities | $ | — | $ | 9,556 | $ | — | $ | 9,556 | |||||||
Obligations of U.S. government corporations and agencies | — | 136,984 | — | 136,984 | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 137,660 | — | 137,660 | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 26,450 | — | 26,450 | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 244,596 | — | 244,596 | |||||||||||
Obligations of states and political subdivisions | — | 121,975 | — | 121,975 | |||||||||||
Total Debt Securities Available-for-Sale | — | 677,221 | — | 677,221 | |||||||||||
Marketable equity securities(1) | — | 5,314 | — | 5,314 | |||||||||||
Total Securities | — | 682,535 | — | 682,535 | |||||||||||
Trading securities held in a Rabbi Trust | 5,377 | — | — | 5,377 | |||||||||||
Derivative financial assets: | |||||||||||||||
Interest rate swaps | — | 7,448 | — | 7,448 | |||||||||||
Interest rate lock commitments | — | 229 | — | 229 | |||||||||||
Forward sale contracts - mortgage loans | — | 61 | — | 61 | |||||||||||
Total Assets | $ | 5,377 | $ | 690,273 | $ | — | $ | 695,650 | |||||||
LIABILITIES | |||||||||||||||
Derivative financial liabilities: | |||||||||||||||
Interest rate swaps | $ | — | $ | 7,483 | $ | — | $ | 7,483 | |||||||
Total Liabilities | $ | — | $ | 7,483 | $ | — | $ | 7,483 |
December 31, 2017 | |||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 19,789 | $ | — | $ | 19,789 | |||||||||||
Obligations of U.S. government corporations and agencies | — | 162,193 | — | 162,193 | |||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | 108,688 | — | 108,688 | |||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | 32,854 | — | 32,854 | |||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | 242,221 | — | 242,221 | |||||||||||||||
Obligations of states and political subdivisions | — | 127,402 | — | 127,402 | |||||||||||||||
Total Debt Securities Available-for-Sale | — | 693,147 | — | 693,147 | |||||||||||||||
Marketable equity securities | — | 5,144 | — | 5,144 | |||||||||||||||
Total Securities | — | 698,291 | — | 698,291 | |||||||||||||||
Trading securities held in a Rabbi Trust | 5,080 | — | — | 5,080 | |||||||||||||||
Derivative financial assets: | |||||||||||||||||||
Interest rate swaps | — | 3,074 | — | 3,074 | |||||||||||||||
Interest rate lock commitments | — | 226 | — | 226 | |||||||||||||||
Total Assets | $ | 5,080 | $ | 701,591 | $ | — | $ | 706,671 | |||||||||||
LIABILITIES | |||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||
Interest rate swaps | $ | — | $ | 3,055 | $ | — | $ | 3,055 | |||||||||||
Forward sale contracts | — | 5 | — | 5 | |||||||||||||||
Total Liabilities | $ | — | $ | 3,060 | $ | — | $ | 3,060 |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
ASSETS(1) | |||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 3,577 | $ | 3,577 | $ | — | $ | — | $ | 6,759 | $ | 6,759 | |||||||||||||||||||||||
Other real estate owned | — | — | 2,871 | 2,871 | — | — | 444 | 444 | |||||||||||||||||||||||||||||||
Mortgage servicing rights | — | — | 85 | 85 | — | — | 178 | 178 | |||||||||||||||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 6,533 | $ | 6,533 | $ | — | $ | — | $ | 7,381 | $ | 7,381 | |||||||||||||||||||||||
(1)This table presents only the nonrecurring items that are recorded at fair value in our financial statements. |
Carrying Value(1) | Fair Value Measurements at September 30, 2018 | ||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 132,650 | $ | 132,650 | $ | 132,650 | $ | — | $ | — | |||||||||
Securities | 682,535 | 682,535 | — | 682,535 | — | ||||||||||||||
Loans held for sale | 4,207 | 4,377 | — | — | 4,377 | ||||||||||||||
Portfolio loans, net | 5,747,251 | 5,585,934 | — | — | 5,585,934 | ||||||||||||||
Bank owned life insurance | 73,626 | 73,626 | — | 73,626 | — | ||||||||||||||
FHLB and other restricted stock | 31,178 | 31,178 | — | — | 31,178 | ||||||||||||||
Trading securities held in a Rabbi Trust | 5,377 | 5,377 | 5,377 | — | — | ||||||||||||||
Mortgage servicing rights | 4,421 | 5,456 | — | — | 5,456 | ||||||||||||||
Interest rate swaps | 7,448 | 7,448 | — | 7,448 | — | ||||||||||||||
Interest rate lock commitments | 229 | 229 | — | 229 | — | ||||||||||||||
Forward sale contracts - mortgage loans | 61 | 61 | — | 61 | — | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | 5,467,509 | $ | 5,451,776 | $ | — | $ | — | $ | 5,451,776 | |||||||||
Securities sold under repurchase agreements | 45,200 | 45,200 | — | — | 45,200 | ||||||||||||||
Short-term borrowings | 535,000 | 535,000 | — | — | 535,000 | ||||||||||||||
Long-term borrowings | 45,434 | 45,564 | — | — | 45,564 | ||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | ||||||||||||||
Interest rate swaps | 7,483 | 7,483 | — | 7,483 | — | ||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
Carrying Value(1) | Fair Value Measurements at December 31, 2017 | ||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | 117,152 | $ | 117,152 | $ | 117,152 | $ | — | $ | — | |||||||||
Securities | 698,291 | 698,291 | — | 698,291 | — | ||||||||||||||
Loans held for sale | 4,485 | 4,583 | — | — | 4,583 | ||||||||||||||
Portfolio loans, net | 5,705,059 | 5,690,292 | — | — | 5,690,292 | ||||||||||||||
Bank owned life insurance | 72,150 | 72,150 | — | 72,150 | — | ||||||||||||||
FHLB and other restricted stock | 29,270 | 29,270 | — | — | 29,270 | ||||||||||||||
Trading securities held in a Rabbi Trust | 5,080 | 5,080 | 5,080 | — | — | ||||||||||||||
Mortgage servicing rights | 4,133 | 4,571 | — | — | 4,571 | ||||||||||||||
Interest rate swaps | 3,074 | 3,074 | — | 3,074 | — | ||||||||||||||
Interest rate lock commitments | 226 | 226 | — | 226 | — | ||||||||||||||
LIABILITIES | |||||||||||||||||||
Deposits | $ | 5,427,891 | $ | 5,426,928 | $ | — | $ | — | $ | 5,426,928 | |||||||||
Securities sold under repurchase agreements | 50,161 | 50,161 | — | — | 50,161 | ||||||||||||||
Short-term borrowings | 540,000 | 540,000 | — | — | 540,000 | ||||||||||||||
Long-term borrowings | 47,301 | 47,618 | — | — | 47,618 | ||||||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | — | 45,619 | ||||||||||||||
Interest rate swaps | 3,055 | 3,055 | — | 3,055 | — | ||||||||||||||
Forward sales contracts | 5 | 5 | — | 5 | — | ||||||||||||||
(1) As reported in the Consolidated Balance Sheets |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||||
Debt securities available-for-sale | $ | 677,221 | $ | 693,147 | |||||
Marketable equity securities | 5,314 | 5,144 | |||||||
Total Securities | $ | 682,535 | $ | 698,291 |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 9,956 | $ | — | $ | (400 | ) | $ | 9,556 | $ | 19,943 | $ | — | $ | (154 | ) | $ | 19,789 | |||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 139,272 | — | (2,288 | ) | 136,984 | 162,045 | 341 | (193 | ) | 162,193 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 141,283 | — | (3,623 | ) | 137,660 | 109,916 | 93 | (1,321 | ) | 108,688 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 26,837 | 219 | (606 | ) | 26,450 | 32,388 | 679 | (213 | ) | 32,854 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies (1) | 253,090 | — | (8,494 | ) | 244,596 | 244,018 | 247 | (2,044 | ) | 242,221 | |||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 120,396 | 1,741 | (162 | ) | 121,975 | 123,159 | 4,285 | (42 | ) | 127,402 | |||||||||||||||||||||||||||||
Total Debt Securities Available-for-Sale | 690,834 | 1,960 | (15,573 | ) | 677,221 | 691,469 | 5,645 | (3,967 | ) | 693,147 | |||||||||||||||||||||||||||||
Total equity securities (2) | — | — | — | — | 3,815 | 1,330 | (1 | ) | 5,144 | ||||||||||||||||||||||||||||||
Total Securities | $ | 690,834 | $ | 1,960 | $ | (15,573 | ) | $ | 677,221 | $ | 695,284 | $ | 6,975 | $ | (3,968 | ) | $ | 698,291 |
September 30, 2018 | ||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | 9,556 | $ | (400 | ) | 1 | $ | 9,556 | $ | (400 | ) | |||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 17 | 135,988 | (2,280 | ) | 1 | 995 | (8 | ) | 18 | 136,983 | (2,288 | ) | ||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 10 | 64,732 | (1,365 | ) | 8 | 48,308 | (2,258 | ) | 18 | 113,040 | (3,623 | ) | ||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 4 | 9,361 | (182 | ) | 2 | 7,194 | (424 | ) | 6 | 16,555 | (606 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 17 | 148,398 | (4,474 | ) | 10 | 96,198 | (4,020 | ) | 27 | 244,596 | (8,494 | ) | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 7 | 28,998 | (162 | ) | — | — | — | 7 | 28,998 | (162 | ) | |||||||||||||||||||||||||||
Total Temporarily Impaired Debt Securities | 55 | $ | 387,477 | $ | (8,463 | ) | 22 | $ | 162,251 | $ | (7,110 | ) | 77 | $ | 549,728 | $ | (15,573 | ) |
December 31, 2017 | |||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
(dollars in thousands) | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | ||||||||||||||||||||
U.S. Treasury securities | 3 | $ | 19,789 | $ | (154 | ) | — | $ | — | $ | — | 3 | $ | 19,789 | $ | (154 | ) | ||||||||||||
Obligations of U.S. government corporations and agencies | 9 | 63,635 | (144 | ) | 1 | 10,017 | (49 | ) | 10 | 73,652 | (193 | ) | |||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 7 | 47,465 | (248 | ) | 7 | 45,809 | (1,073 | ) | 14 | 93,274 | (1,321 | ) | |||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 1 | 2,333 | (10 | ) | 2 | 8,638 | (203 | ) | 3 | 10,971 | (213 | ) | |||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 14 | 128,300 | (775 | ) | 5 | 48,746 | (1,269 | ) | 19 | 177,046 | (2,044 | ) | |||||||||||||||||
Obligations of states and political subdivisions | 2 | 10,330 | (42 | ) | — | — | — | 2 | 10,330 | (42 | ) | ||||||||||||||||||
Total Temporarily Impaired Debt Securities | 36 | $ | 271,852 | $ | (1,373 | ) | 15 | $ | 113,210 | $ | (2,594 | ) | 51 | $ | 385,062 | $ | (3,967 | ) |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized (Losses)/Gains | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains/(Losses) | |||||||||||||||||
Total unrealized gains/(losses) on debt securities available-for-sale (1) | $ | 1,960 | $ | (15,573 | ) | $ | (13,613 | ) | $ | 5,645 | $ | (3,967 | ) | $ | 1,678 | ||||||||
Income tax (expense) benefit | (416 | ) | 3,307 | 2,891 | (1,982 | ) | 1,393 | (589 | ) | ||||||||||||||
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss | $ | 1,544 | $ | (12,266 | ) | $ | (10,722 | ) | $ | 3,663 | $ | (2,574 | ) | $ | 1,089 | ||||||||
(1) Gross unrealized gains and losses of $862 at December 31, 2017 have been restated to reflect the reclassifications from OCI to retained earnings due to the adoption of ASU No. 2016-01 |
September 30, 2018 | |||||||
(dollars in thousands) | Amortized Cost | Fair Value | |||||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | |||||||
Due in one year or less | $ | 20,871 | $ | 20,878 | |||
Due after one year through five years | 147,573 | 146,653 | |||||
Due after five years through ten years | 72,590 | 71,938 | |||||
Due after ten years | 28,590 | 29,046 | |||||
Debt Securities Available-for-Sale With Maturities | 269,624 | 268,515 | |||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 141,283 | 137,660 | |||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 26,837 | 26,450 | |||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 253,090 | 244,596 | |||||
Total Debt Securities Available-for-Sale | $ | 690,834 | $ | 677,221 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Marketable Equity Securities | |||||||||||||||
Net market (losses)/gains recognized | $ | (111 | ) | $ | 318 | $ | 171 | $ | 5,542 | ||||||
Less: Net gains recognized for equity securities sold | — | — | — | 3,987 | |||||||||||
Unrealized (Losses)/Gains on Equity Securities Still Held | $ | (111 | ) | $ | 318 | $ | 171 | $ | 1,555 |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||
Commercial | |||||||
Commercial real estate | $ | 2,826,372 | $ | 2,685,994 | |||
Commercial and industrial | 1,451,371 | 1,433,266 | |||||
Commercial construction | 283,783 | 384,334 | |||||
Total Commercial Loans | 4,561,526 | 4,503,594 | |||||
Consumer | |||||||
Residential mortgage | 699,867 | 698,774 | |||||
Home equity | 472,451 | 487,326 | |||||
Installment and other consumer | 67,542 | 67,204 | |||||
Consumer construction | 6,421 | 4,551 | |||||
Total Consumer Loans | 1,246,281 | 1,257,855 | |||||
Total Portfolio Loans | 5,807,807 | 5,761,449 | |||||
Loans held for sale | 4,207 | 4,485 | |||||
Total Loans | $ | 5,812,014 | $ | 5,765,934 |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | Performing TDRs | Nonperforming TDRs | Total TDRs | |||||||||||||||||
Commercial real estate | $ | 2,095 | $ | 1,152 | $ | 3,247 | $ | 2,579 | $ | 967 | $ | 3,546 | |||||||||||
Commercial and industrial | 11,874 | 2,260 | 14,134 | 3,946 | 3,197 | 7,143 | |||||||||||||||||
Commercial construction | 2,400 | 408 | 2,808 | 2,420 | 2,413 | 4,833 | |||||||||||||||||
Residential mortgage | 2,229 | 1,913 | 4,142 | 2,039 | 3,585 | 5,624 | |||||||||||||||||
Home equity | 3,612 | 1,404 | 5,016 | 3,885 | 979 | 4,864 | |||||||||||||||||
Installment and other consumer | 16 | 6 | 22 | 32 | 9 | 41 | |||||||||||||||||
Total | $ | 22,226 | $ | 7,143 | $ | 29,369 | $ | 14,901 | $ | 11,150 | $ | 26,051 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||||||||
Totals by Loan Segment | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Maturity date extension | 1 | $ | 256 | $ | 250 | $ | (6 | ) | 1 | $ | 400 | $ | 400 | $ | — | ||||||||||||||
Total Commercial Real Estate | 1 | 256 | 250 | (6 | ) | 1 | 400 | 400 | — | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Maturity date extension | — | — | — | — | 1 | 274 | 816 | 542 | |||||||||||||||||||||
Total Commercial and Industrial | — | — | — | — | 1 | 274 | 816 | 542 | |||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 2 | 188 | 186 | (2 | ) | 1 | 148 | — | (148 | ) | |||||||||||||||||||
Total Residential Mortgage | 2 | 188 | 186 | (2 | ) | 1 | 148 | — | (148 | ) | |||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 6 | 193 | 191 | (2 | ) | 4 | 72 | 70 | (2 | ) | |||||||||||||||||||
Total Home Equity | 6 | 193 | 191 | (2 | ) | 4 | 72 | 70 | (2 | ) | |||||||||||||||||||
Installment and other consumer | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | 12 | 6 | (6 | ) | 8 | 200 | 185 | (15 | ) | |||||||||||||||||||
Total Installment and Other Consumer | 1 | 12 | 6 | (6 | ) | 8 | 200 | 185 | (15 | ) | |||||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||||||||
Maturity date extension | 1 | 256 | 250 | (6 | ) | 2 | 674 | 1,216 | 542 | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 9 | 393 | 383 | (10 | ) | 13 | 420 | 255 | (165 | ) | |||||||||||||||||||
Total | 10 | $ | 649 | $ | 633 | $ | (16 | ) | 15 | $ | 1,094 | $ | 1,471 | $ | 377 | ||||||||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. |
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
(dollars in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(1) | Total Difference in Recorded Investment | |||||||||||||||||||||
Totals by Loan Segment | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Maturity date extension | 1 | $ | 256 | $ | 250 | $ | (6 | ) | 1 | $ | 400 | $ | 400 | $ | — | ||||||||||||||
Principal deferral | — | — | — | — | 1 | 100 | 100 | — | |||||||||||||||||||||
Total Commercial Real Estate | 1 | 256 | 250 | (6 | ) | 2 | 500 | 500 | — | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Maturity date extension | 2 | 768 | 657 | (111 | ) | 1 | 274 | 816 | 542 | ||||||||||||||||||||
Maturity date extension and interest rate reduction | — | — | — | — | 2 | 1,799 | 1,799 | — | |||||||||||||||||||||
Principal deferral | 3 | 4,815 | 4,466 | (349 | ) | 1 | 429 | 429 | — | ||||||||||||||||||||
Principal deferral and maturity date extension | 6 | 5,355 | 5,225 | (130 | ) | — | — | — | — | ||||||||||||||||||||
Total Commercial and Industrial | 11 | 10,938 | 10,348 | (590 | ) | 4 | 2,502 | 3,044 | 542 | ||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 5 | 387 | 380 | (7 | ) | 2 | 181 | 32 | (149 | ) | |||||||||||||||||||
Total Residential Mortgage | 5 | 387 | 380 | (7 | ) | 2 | 181 | 32 | (149 | ) | |||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 17 | 798 | 668 | (130 | ) | 13 | 380 | 375 | (5 | ) | |||||||||||||||||||
Maturity date extension | — | — | — | — | 1 | 231 | 231 | — | |||||||||||||||||||||
Maturity date extension and interest rate reduction | 2 | 47 | 47 | — | 1 | 173 | 120 | (53 | ) | ||||||||||||||||||||
Total Home Equity | 19 | 845 | 715 | (130 | ) | 15 | 784 | 726 | (58 | ) | |||||||||||||||||||
Installment and other consumer | |||||||||||||||||||||||||||||
Chapter 7 bankruptcy(2) | 1 | 12 | 6 | (6 | ) | 10 | 237 | 220 | (17 | ) | |||||||||||||||||||
Total Installment and Other Consumer | 1 | 12 | 6 | (6 | ) | 10 | 237 | 220 | (17 | ) | |||||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||||||||
Maturity date extension | 3 | 1,024 | 907 | (117 | ) | 3 | 905 | 1,447 | 542 | ||||||||||||||||||||
Principal deferral | 3 | 4,815 | 4,466 | (349 | ) | 2 | 529 | 529 | — | ||||||||||||||||||||
Principal deferral and maturity date extension | 6 | 5,355 | 5,225 | (130 | ) | — | — | — | — | ||||||||||||||||||||
Maturity date extension and interest rate reduction | 2 | 47 | 47 | — | 3 | 1,972 | 1,919 | (53 | ) | ||||||||||||||||||||
Chapter 7 bankruptcy(2) | 23 | 1,197 | 1,054 | (143 | ) | 25 | 798 | 627 | (171 | ) | |||||||||||||||||||
Total | 37 | $ | 12,438 | $ | 11,699 | $ | (739 | ) | 33 | $ | 4,204 | $ | 4,522 | $ | 318 | ||||||||||||||
(1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. |
Nonperforming Assets | |||||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||||
Nonperforming Assets | |||||||||
Nonaccrual loans | $ | 13,596 | $ | 12,788 | |||||
Nonaccrual TDRs | 7,143 | 11,150 | |||||||
Total Nonaccrual Loans | 20,739 | 23,938 | |||||||
OREO | 3,068 | 469 | |||||||
Total Nonperforming Assets | $ | 23,807 | $ | 24,407 |
September 30, 2018 | |||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||
Commercial real estate | $ | 2,820,689 | $ | 664 | $ | 424 | $ | 4,595 | $ | 5,683 | $ | 2,826,372 | |||||||||||
Commercial and industrial | 1,445,433 | 1,400 | 171 | 4,367 | 5,938 | 1,451,371 | |||||||||||||||||
Commercial construction | 282,489 | 66 | — | 1,228 | 1,294 | 283,783 | |||||||||||||||||
Residential mortgage | 689,464 | 2,242 | 1,440 | 6,721 | 10,403 | 699,867 | |||||||||||||||||
Home equity | 465,625 | 2,590 | 453 | 3,783 | 6,826 | 472,451 | |||||||||||||||||
Installment and other consumer | 67,291 | 135 | 71 | 45 | 251 | 67,542 | |||||||||||||||||
Consumer construction | 6,421 | — | — | — | — | 6,421 | |||||||||||||||||
Loans held for sale | 4,207 | — | — | — | — | 4,207 | |||||||||||||||||
Total | $ | 5,781,619 | $ | 7,097 | $ | 2,559 | $ | 20,739 | $ | 30,395 | $ | 5,812,014 |
December 31, 2017 | |||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | Non - performing | Total Past Due Loans | Total Loans | |||||||||||||||||
Commercial real estate | $ | 2,681,395 | $ | 997 | $ | 134 | $ | 3,468 | $ | 4,599 | $ | 2,685,994 | |||||||||||
Commercial and industrial | 1,426,754 | 420 | 446 | 5,646 | 6,512 | 1,433,266 | |||||||||||||||||
Commercial construction | 377,968 | 2,473 | 20 | 3,873 | 6,366 | 384,334 | |||||||||||||||||
Residential mortgage | 687,195 | 2,975 | 1,439 | 7,165 | 11,579 | 698,774 | |||||||||||||||||
Home equity | 480,956 | 2,065 | 590 | 3,715 | 6,370 | 487,326 | |||||||||||||||||
Installment and other consumer | 66,770 | 193 | 170 | 71 | 434 | 67,204 | |||||||||||||||||
Consumer construction | 4,551 | — | — | — | — | 4,551 | |||||||||||||||||
Loans held for sale | 4,485 | — | — | — | — | 4,485 | |||||||||||||||||
Total | $ | 5,730,074 | $ | 9,123 | $ | 2,799 | $ | 23,938 | $ | 35,860 | $ | 5,765,934 |
September 30, 2018 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||
Pass | $ | 2,665,516 | 94.3 | % | $ | 1,356,159 | 93.4 | % | $ | 256,227 | 90.3 | % | $ | 4,277,902 | 93.8 | % | |||||||
Special mention | 76,906 | 2.7 | % | 38,306 | 2.6 | % | 9,914 | 3.5 | % | 125,126 | 2.7 | % | |||||||||||
Substandard | 83,950 | 3.0 | % | 56,906 | 4.0 | % | 17,642 | 6.2 | % | 158,498 | 3.5 | % | |||||||||||
Total | $ | 2,826,372 | 100.0 | % | $ | 1,451,371 | 100.0 | % | $ | 283,783 | 100.0 | % | $ | 4,561,526 | 100.0 | % | |||||||
December 31, 2017 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||
Pass | $ | 2,588,847 | 96.4 | % | $ | 1,345,810 | 93.9 | % | $ | 368,105 | 95.8 | % | $ | 4,302,762 | 95.5 | % | |||||||
Special mention | 66,436 | 2.5 | % | 54,320 | 3.8 | % | 9,345 | 2.4 | % | 130,101 | 2.9 | % | |||||||||||
Substandard | 30,711 | 1.1 | % | 33,136 | 2.3 | % | 6,884 | 1.8 | % | 70,731 | 1.6 | % | |||||||||||
Total | $ | 2,685,994 | 100.0 | % | $ | 1,433,266 | 100.0 | % | $ | 384,334 | 100.0 | % | $ | 4,503,594 | 100.0 | % |
September 30, 2018 | |||||||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and Other Consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | |||||||||||||||||||
Performing | $ | 693,146 | 99.0 | % | $ | 468,668 | 99.2 | % | $ | 67,497 | 99.9 | % | $ | 6,421 | 100.0 | % | $ | 1,235,732 | 99.2 | % | |||||||||
Nonperforming | 6,721 | 1.0 | % | 3,783 | 0.8 | % | 45 | 0.1 | % | — | — | % | 10,549 | 0.8 | % | ||||||||||||||
Total | $ | 699,867 | 100.0 | % | $ | 472,451 | 100.0 | % | $ | 67,542 | 100.0 | % | $ | 6,421 | 100.0 | % | $ | 1,246,281 | 100.0 | % | |||||||||
December 31, 2017 | |||||||||||||||||||||||||||||
(dollars in thousands) | Residential Mortgage | % of Total | Home Equity | % of Total | Installment and Other Consumer | % of Total | Consumer Construction | % of Total | Total | % of Total | |||||||||||||||||||
Performing | $ | 691,609 | 99.0 | % | $ | 483,611 | 99.2 | % | $ | 67,133 | 99.9 | % | $ | 4,551 | 100.0 | % | $ | 1,246,904 | 99.1 | % | |||||||||
Nonperforming | 7,165 | 1.0 | % | 3,715 | 0.8 | % | 71 | 0.1 | % | — | — | % | 10,951 | 0.9 | % | ||||||||||||||
Total | $ | 698,774 | 100.0 | % | $ | 487,326 | 100.0 | % | $ | 67,204 | 100.0 | % | $ | 4,551 | 100.0 | % | $ | 1,257,855 | 100.0 | % |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Commercial and industrial | — | — | — | 1,735 | 1,787 | 29 | |||||||||||||||||
Commercial construction | 490 | 489 | 268 | — | — | — | |||||||||||||||||
Consumer real estate | 15 | 15 | 10 | 21 | 21 | 21 | |||||||||||||||||
Other consumer | 15 | 16 | 16 | 27 | 27 | 27 | |||||||||||||||||
Total with a Related Allowance Recorded | 520 | 520 | 294 | 1,783 | 1,835 | 77 | |||||||||||||||||
Without a related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 3,703 | 4,069 | — | 3,546 | 3,811 | — | |||||||||||||||||
Commercial and industrial | 14,548 | 16,271 | — | 5,549 | 7,980 | — | |||||||||||||||||
Commercial construction | 2,808 | 4,318 | — | 5,464 | 8,132 | — | |||||||||||||||||
Consumer real estate | 9,142 | 10,138 | — | 10,467 | 11,357 | — | |||||||||||||||||
Other consumer | 7 | 15 | — | 14 | 22 | — | |||||||||||||||||
Total without a Related Allowance Recorded | 30,208 | 34,811 | — | 25,040 | 31,302 | — | |||||||||||||||||
Total: | |||||||||||||||||||||||
Commercial real estate | 3,703 | 4,069 | — | 3,546 | 3,811 | — | |||||||||||||||||
Commercial and industrial | 14,548 | 16,271 | — | 7,284 | 9,767 | 29 | |||||||||||||||||
Commercial construction | 3,298 | 4,807 | 268 | 5,464 | 8,132 | — | |||||||||||||||||
Consumer real estate | 9,157 | 10,153 | 10 | 10,488 | 11,378 | 21 | |||||||||||||||||
Other consumer | 22 | 31 | 16 | 41 | 49 | 27 | |||||||||||||||||
Total | $ | 30,728 | $ | 35,331 | $ | 294 | $ | 26,823 | $ | 33,137 | $ | 77 |
Three Months Ended | |||||||||||||||
September 30, 2018 | September 30, 2017 | ||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||
With a related allowance recorded: | |||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | |||||||
Commercial and industrial | — | — | 2,406 | 37 | |||||||||||
Commercial construction | 496 | — | — | — | |||||||||||
Consumer real estate | 15 | — | 23 | 1 | |||||||||||
Other consumer | 17 | 1 | 32 | 2 | |||||||||||
Total with a Related Allowance Recorded | 528 | 1 | 2,461 | 40 | |||||||||||
Without a related allowance recorded: | |||||||||||||||
Commercial real estate | 3,744 | 41 | 6,415 | 105 | |||||||||||
Commercial and industrial | 14,412 | 73 | 9,074 | 130 | |||||||||||
Commercial construction | 2,809 | 61 | 7,140 | 154 | |||||||||||
Consumer real estate | 9,320 | 112 | 11,149 | 250 | |||||||||||
Other consumer | 13 | — | 28 | — | |||||||||||
Total without a Related Allowance Recorded | 30,298 | 287 | 33,806 | 639 | |||||||||||
Total: | |||||||||||||||
Commercial real estate | 3,744 | 41 | 6,415 | 105 | |||||||||||
Commercial and industrial | 14,412 | 73 | 11,480 | 167 | |||||||||||
Commercial construction | 3,305 | 61 | 7,140 | 154 | |||||||||||
Consumer real estate | 9,335 | 112 | 11,172 | 251 | |||||||||||
Other consumer | 30 | 1 | 60 | 2 | |||||||||||
Total | $ | 30,826 | $ | 288 | $ | 36,267 | $ | 679 |
Nine Months Ended | |||||||||||||||
September 30, 2018 | September 30, 2017 | ||||||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||
With a related allowance recorded: | |||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | — | |||||||
Commercial and industrial | — | — | 1,218 | 44 | |||||||||||
Commercial construction | 585 | — | — | — | |||||||||||
Consumer real estate | 16 | 1 | 24 | 1 | |||||||||||
Other consumer | 21 | 1 | 35 | 1 | |||||||||||
Total with a Related Allowance Recorded | 622 | 2 | 1,277 | 46 | |||||||||||
Without a related allowance recorded: | |||||||||||||||
Commercial real estate | 3,895 | 126 | 6,577 | 140 | |||||||||||
Commercial and industrial | 11,567 | 232 | 11,001 | 164 | |||||||||||
Commercial construction | 2,813 | 134 | 7,222 | 194 | |||||||||||
Consumer real estate | 10,031 | 370 | 11,488 | 382 | |||||||||||
Other consumer | 15 | — | 33 | 1 | |||||||||||
Total without a Related Allowance Recorded | 28,321 | 862 | 36,321 | 881 | |||||||||||
Total: | |||||||||||||||
Commercial real estate | 3,895 | 126 | 6,577 | 140 | |||||||||||
Commercial and industrial | 11,567 | 232 | 12,219 | 208 | |||||||||||
Commercial construction | 3,398 | 134 | 7,222 | 194 | |||||||||||
Consumer real estate | 10,047 | 371 | 11,512 | 383 | |||||||||||
Other consumer | 36 | 1 | 68 | 2 | |||||||||||
Total | $ | 28,943 | $ | 864 | $ | 37,598 | $ | 927 |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 31,232 | $ | 10,874 | $ | 11,676 | $ | 5,241 | $ | 1,494 | $ | 60,517 | |||||||||||
Charge-offs | (141 | ) | (181 | ) | — | (487 | ) | (425 | ) | (1,234 | ) | ||||||||||||
Recoveries | 64 | 504 | 4 | 70 | 169 | 811 | |||||||||||||||||
Net (Charge-offs)/ Recoveries | (77 | ) | 323 | 4 | (417 | ) | (256 | ) | (423 | ) | |||||||||||||
Provision for loan losses | 1,735 | (971 | ) | (765 | ) | 214 | 249 | 462 | |||||||||||||||
Balance at End of Period | $ | 32,890 | $ | 10,226 | $ | 10,915 | $ | 5,038 | $ | 1,487 | $ | 60,556 | |||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 24,358 | $ | 9,256 | $ | 13,944 | $ | 5,803 | $ | 1,990 | $ | 55,351 | |||||||||||
Charge-offs | (37 | ) | (644 | ) | (1,453 | ) | (101 | ) | (425 | ) | (2,660 | ) | |||||||||||
Recoveries | 182 | 243 | 473 | 91 | 182 | 1,171 | |||||||||||||||||
Net (Charge-offs)/ Recoveries | 145 | (401 | ) | (980 | ) | (10 | ) | (243 | ) | (1,489 | ) | ||||||||||||
Provision for loan losses | 472 | 859 | 1,951 | (262 | ) | (170 | ) | 2,850 | |||||||||||||||
Balance at End of Period | $ | 24,975 | $ | 9,714 | $ | 14,915 | $ | 5,531 | $ | 1,577 | $ | 56,712 | |||||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 27,235 | $ | 8,966 | $ | 13,167 | $ | 5,479 | $ | 1,543 | $ | 56,390 | |||||||||||
Charge-offs | (373 | ) | (8,403 | ) | (321 | ) | (916 | ) | (1,298 | ) | (11,311 | ) | |||||||||||
Recoveries | 293 | 985 | 1,134 | 393 | 393 | 3,198 | |||||||||||||||||
Net (Charge-offs)/Recoveries | (80 | ) | (7,418 | ) | 813 | (523 | ) | (905 | ) | (8,113 | ) | ||||||||||||
Provision for loan losses | 5,735 | 8,678 | (3,065 | ) | 82 | 849 | 12,279 | ||||||||||||||||
Balance at End of Period | $ | 32,890 | $ | 10,226 | $ | 10,915 | $ | 5,038 | $ | 1,487 | $ | 60,556 | |||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total Loans | |||||||||||||||||
Balance at beginning of period | $ | 19,976 | $ | 10,810 | $ | 13,999 | $ | 6,095 | $ | 1,895 | $ | 52,775 | |||||||||||
Charge-offs | (2,100 | ) | (4,041 | ) | (2,097 | ) | (1,957 | ) | (1,228 | ) | (11,423 | ) | |||||||||||
Recoveries | 415 | 499 | 842 | 270 | 433 | 2,459 | |||||||||||||||||
Net Charge-offs | (1,685 | ) | (3,542 | ) | (1,255 | ) | (1,687 | ) | (795 | ) | (8,964 | ) | |||||||||||
Provision for loan losses | 6,684 | 2,446 | 2,171 | 1,123 | 477 | 12,901 | |||||||||||||||||
Balance at End of Period | $ | 24,975 | $ | 9,714 | $ | 14,915 | $ | 5,531 | $ | 1,577 | $ | 56,712 |
September 30, 2018 | |||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||
Commercial real estate | $ | — | $ | 32,890 | $ | 32,890 | $ | 3,703 | $ | 2,822,669 | $ | 2,826,372 | |||||||||||
Commercial and industrial | — | 10,226 | 10,226 | 14,548 | 1,436,823 | 1,451,371 | |||||||||||||||||
Commercial construction | 268 | 10,647 | 10,915 | 3,298 | 280,485 | 283,783 | |||||||||||||||||
Consumer real estate | 10 | 5,028 | 5,038 | 9,157 | 1,169,582 | 1,178,739 | |||||||||||||||||
Other consumer | 16 | 1,471 | 1,487 | 22 | 67,520 | 67,542 | |||||||||||||||||
Total | $ | 294 | $ | 60,262 | $ | 60,556 | $ | 30,728 | $ | 5,777,079 | $ | 5,807,807 | |||||||||||
December 31, 2017 | |||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||
Commercial real estate | $ | — | $ | 27,235 | $ | 27,235 | $ | 3,546 | $ | 2,682,448 | $ | 2,685,994 | |||||||||||
Commercial and industrial | 29 | 8,937 | 8,966 | 7,284 | 1,425,982 | 1,433,266 | |||||||||||||||||
Commercial construction | — | 13,167 | 13,167 | 5,464 | 378,870 | 384,334 | |||||||||||||||||
Consumer real estate | 21 | 5,458 | 5,479 | 10,488 | 1,180,163 | 1,190,651 | |||||||||||||||||
Other consumer | 27 | 1,516 | 1,543 | 41 | 67,163 | 67,204 | |||||||||||||||||
Total | $ | 77 | $ | 56,313 | $ | 56,390 | $ | 26,823 | $ | 5,734,626 | $ | 5,761,449 | |||||||||||
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||||
Interest Rate Swap Contracts - Commercial Loans | |||||||||||||||||||
Fair value | $ | 7,448 | $ | 3,074 | $ | 7,483 | $ | 3,055 | |||||||||||
Notional amount | 247,817 | 263,841 | 247,817 | 263,841 | |||||||||||||||
Collateral received/posted | 5,530 | — | — | 1,448 | |||||||||||||||
Interest Rate Lock Commitments - Mortgage Loans | |||||||||||||||||||
Fair value | 229 | 226 | — | — | |||||||||||||||
Notional amount | 9,084 | 6,860 | — | — | |||||||||||||||
Forward Sale Contracts - Mortgage Loans | |||||||||||||||||||
Fair value | 61 | — | — | 5 | |||||||||||||||
Notional amount | $ | 11,250 | $ | — | $ | — | $ | 6,580 |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | September 30, 2018 | December 31, 2017 | |||||||||||||||
Derivatives not Designated as Hedging Instruments: | |||||||||||||||||||
Gross amounts recognized | $ | 8,188 | $ | 4,974 | $ | 8,223 | $ | 4,955 | |||||||||||
Gross amounts offset | (740 | ) | (1,900 | ) | (740 | ) | (1,900 | ) | |||||||||||
Net Amounts Presented in the Consolidated Balance Sheets | 7,448 | 3,074 | 7,483 | 3,055 | |||||||||||||||
Gross amounts not offset(1) | (5,530 | ) | — | — | (1,448 | ) | |||||||||||||
Net Amount | $ | 1,918 | $ | 3,074 | $ | 7,483 | $ | 1,607 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||
Interest rate swap contracts—commercial loans | $ | 31 | $ | 9 | $ | (55 | ) | $ | 25 | ||||||||||
Interest rate lock commitments—mortgage loans | (169 | ) | (4 | ) | 3 | 216 | |||||||||||||
Forward sale contracts—mortgage loans | 99 | (30 | ) | 66 | 10 | ||||||||||||||
Total Derivatives (Loss)/Gain | $ | (39 | ) | $ | (25 | ) | $ | 14 | $ | 251 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
(dollars in thousands) | Balance | Weighted Average Rate | Balance | Weighted Average Rate | |||||||||||
Short-term Borrowings | |||||||||||||||
Securities sold under repurchase agreements | $ | 45,200 | 0.50 | % | $ | 50,161 | 0.39 | % | |||||||
Short-term borrowings | 535,000 | 2.37 | % | 540,000 | 1.47 | % | |||||||||
Total Short-term Borrowings | 580,200 | 2.22 | % | 590,161 | 1.38 | % | |||||||||
Long-term Borrowings | |||||||||||||||
Long-term borrowings | 45,434 | 2.39 | % | 47,301 | 1.88 | % | |||||||||
Junior subordinated debt securities | 45,619 | 4.79 | % | 45,619 | 3.78 | % | |||||||||
Total Long-term Borrowings | 91,053 | 3.59 | % | 92,920 | 2.81 | % | |||||||||
Total Borrowings | $ | 671,253 | 2.41 | % | $ | 683,081 | 1.57 | % |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||||
Commitments to extend credit | $ | 1,430,863 | $ | 1,420,428 | |||||
Standby letters of credit | 72,758 | 80,918 | |||||||
Total | $ | 1,503,621 | $ | 1,501,346 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale (1) | $ | (3,521 | ) | $ | 748 | $ | (2,773 | ) | $ | (148 | ) | $ | 52 | $ | (96 | ) | |||||||||||||
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | — | — | — | — | — | — | |||||||||||||||||||||||
Adjustment to funded status of employee benefit plans | 590 | (125 | ) | 465 | 539 | (189 | ) | 350 | |||||||||||||||||||||
Other Comprehensive (Loss)/Income | $ | (2,931 | ) | $ | 623 | $ | (2,308 | ) | $ | 391 | $ | (137 | ) | $ | 254 | ||||||||||||||
(1) Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018. The prior period data was not restated; as such, the change in unrealized gains on marketable securities is combined with the change in net unrealized gains on debt securities for the period ended September 30, 2017. | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | |||||||||||||||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale (1) | $ | (15,291 | ) | $ | 3,247 | $ | (12,044 | ) | $ | 4,186 | $ | (1,470 | ) | $ | 2,716 | ||||||||||||||
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income (2) | — | — | — | (3,987 | ) | 1,400 | (2,587 | ) | |||||||||||||||||||||
Adjustment to funded status of employee benefit plans | 1,913 | (406 | ) | 1,507 | 1,617 | (566 | ) | 1,051 | |||||||||||||||||||||
Other Comprehensive (Loss)/Income | $ | (13,378 | ) | $ | 2,841 | $ | (10,537 | ) | $ | 1,816 | $ | (636 | ) | $ | 1,180 | ||||||||||||||
(1) Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018. The prior period data was not restated; as such, the change in unrealized gains on marketable securities is combined with the change in net unrealized gains on debt securities for the period ended September 30, 2017. | |||||||||||||||||||||||||||||
(2) Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income/(loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows: the pre-tax amount is included in securities gains/losses-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
Components of Net Periodic Pension Cost | |||||||||||||||||||
Interest cost on projected benefit obligation | $ | 978 | $ | 1,025 | $ | 2,912 | $ | 3,075 | |||||||||||
Expected return on plan assets | (1,566 | ) | (1,582 | ) | (4,700 | ) | (4,746 | ) | |||||||||||
Net amortization | 512 | 475 | 1,601 | 1,424 | |||||||||||||||
Net Periodic Pension Expense | $ | (76 | ) | $ | (82 | ) | $ | (187 | ) | $ | (247 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
Total interest income | $ | 73,627 | $ | 66,723 | $ | 213,237 | $ | 192,787 | |||||||||||
Total interest expense | 14,365 | 9,267 | 38,641 | 24,882 | |||||||||||||||
Net Interest Income per Consolidated Statements of Comprehensive Income | 59,262 | 57,456 | 174,596 | 167,905 | |||||||||||||||
Adjustment to FTE basis | 951 | 1,867 | 2,830 | 5,614 | |||||||||||||||
Net Interest Income on an FTE Basis (Non-GAAP) | $ | 60,213 | $ | 59,323 | $ | 177,426 | $ | 173,519 | |||||||||||
Net interest margin | 3.62 | % | 3.48 | % | 3.58 | % | 3.44 | % | |||||||||||
Adjustment to FTE basis | 0.05 | % | 0.11 | % | 0.05 | % | 0.11 | % | |||||||||||
Net Interest Margin on an FTE Basis (Non-GAAP) | 3.67 | % | 3.59 | % | 3.63 | % | 3.55 | % |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||
ASSETS | |||||||||||||||||||
Interest-bearing deposits with banks | $ | 57,012 | $ | 303 | 2.13 | % | $ | 53,794 | $ | 168 | 1.25 | % | |||||||
Securities, at fair value(2) | 680,464 | 4,479 | 2.63 | % | 690,986 | 4,255 | 2.46 | % | |||||||||||
Loans held for sale | 1,571 | 18 | 4.71 | % | 15,789 | 152 | 3.88 | % | |||||||||||
Commercial real estate | 2,779,019 | 33,668 | 4.81 | % | 2,678,835 | 29,554 | 4.38 | % | |||||||||||
Commercial and industrial | 1,432,936 | 17,298 | 4.79 | % | 1,404,047 | 15,750 | 4.45 | % | |||||||||||
Commercial construction | 291,512 | 3,734 | 5.08 | % | 425,228 | 4,574 | 4.27 | % | |||||||||||
Total Commercial Loans | 4,503,467 | 54,700 | 4.82 | % | 4,508,110 | 49,878 | 4.39 | % | |||||||||||
Residential mortgage | 696,267 | 7,517 | 4.30 | % | 702,702 | 7,223 | 4.10 | % | |||||||||||
Home equity | 472,466 | 5,877 | 4.94 | % | 485,501 | 5,354 | 4.37 | % | |||||||||||
Installment and other consumer | 66,693 | 1,162 | 6.92 | % | 70,118 | 1,161 | 6.57 | % | |||||||||||
Consumer construction | 5,846 | 74 | 5.04 | % | 4,486 | 51 | 4.49 | % | |||||||||||
Total Consumer Loans | 1,241,272 | 14,630 | 4.69 | % | 1,262,807 | 13,789 | 4.34 | % | |||||||||||
Total Portfolio Loans | 5,744,739 | 69,330 | 4.79 | % | 5,770,917 | 63,667 | 4.38 | % | |||||||||||
Total Loans(1)(2) | 5,746,310 | 69,348 | 4.79 | % | 5,786,706 | 63,819 | 4.38 | % | |||||||||||
Federal Home Loan Bank and other restricted stock | 28,512 | 448 | 6.28 | % | 30,184 | 348 | 4.61 | % | |||||||||||
Total Interest-earning Assets | 6,512,298 | 74,578 | 4.55 | % | 6,561,670 | 68,590 | 4.15 | % | |||||||||||
Noninterest-earning assets | 496,268 | 510,681 | |||||||||||||||||
Total Assets | $ | 7,008,566 | $ | 7,072,351 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Interest-bearing demand | $ | 566,579 | $ | 514 | 0.36 | % | $ | 647,442 | $ | 406 | 0.25 | % | |||||||
Money market | 1,330,489 | 4,932 | 1.47 | % | 999,892 | 2,200 | 0.87 | % | |||||||||||
Savings | 823,215 | 424 | 0.20 | % | 979,767 | 525 | 0.21 | % | |||||||||||
Certificates of deposit | 1,310,526 | 5,001 | 1.51 | % | 1,457,649 | 3,617 | 0.98 | % | |||||||||||
Total Interest-bearing Deposits | 4,030,809 | 10,871 | 1.07 | % | 4,084,750 | 6,748 | 0.66 | % | |||||||||||
Securities sold under repurchase agreements | 42,183 | 55 | 0.52 | % | 45,158 | 18 | 0.16 | % | |||||||||||
Short-term borrowings | 455,689 | 2,616 | 2.28 | % | 600,893 | 1,975 | 1.30 | % | |||||||||||
Long-term borrowings | 45,699 | 272 | 2.36 | % | 13,162 | 99 | 3.01 | % | |||||||||||
Junior subordinated debt securities | 45,619 | 551 | 4.79 | % | 45,619 | 427 | 3.71 | % | |||||||||||
Total Borrowings | 589,190 | 3,494 | 2.35 | % | 704,832 | 2,519 | 1.42 | % | |||||||||||
Total Interest-bearing Liabilities | 4,619,999 | 14,365 | 1.23 | % | 4,789,582 | 9,267 | 0.77 | % | |||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Noninterest-bearing liabilities | 1,475,059 | 1,401,755 | |||||||||||||||||
Shareholders’ equity | 913,508 | 881,014 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,008,566 | $ | 7,072,351 | |||||||||||||||
Net Interest Income (2)(3) | $ | 60,213 | $ | 59,323 | |||||||||||||||
Net Interest Margin (2) (3) | 3.67 | % | 3.59 | % |
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | |||||||||||||
ASSETS | |||||||||||||||||||
Interest-bearing deposits with banks | $ | 56,015 | $ | 754 | 1.80 | % | $ | 56,126 | $ | 418 | 0.99 | % | |||||||
Securities, at fair value(2) | 684,146 | 13,282 | 2.59 | % | 699,150 | 12,918 | 2.46 | % | |||||||||||
Loans held for sale | 1,681 | 74 | 5.90 | % | 7,734 | 210 | 3.63 | % | |||||||||||
Commercial real estate | 2,748,620 | 96,592 | 4.70 | % | 2,623,360 | 84,559 | 4.31 | % | |||||||||||
Commercial and industrial | 1,432,133 | 49,485 | 4.62 | % | 1,415,941 | 45,588 | 4.30 | % | |||||||||||
Commercial construction | 330,219 | 11,767 | 4.76 | % | 433,748 | 13,030 | 4.02 | % | |||||||||||
Total Commercial Loans | 4,510,972 | 157,844 | 4.68 | % | 4,473,049 | 143,177 | 4.28 | % | |||||||||||
Residential mortgage | 694,075 | 22,071 | 4.24 | % | 700,996 | 21,520 | 4.10 | % | |||||||||||
Home equity | 475,450 | 16,852 | 4.74 | % | 482,336 | 15,514 | 4.30 | % | |||||||||||
Installment and other consumer | 66,913 | 3,404 | 6.80 | % | 69,401 | 3,377 | 6.51 | % | |||||||||||
Consumer construction | 4,749 | 173 | 4.86 | % | 4,807 | 156 | 4.33 | % | |||||||||||
Total Consumer Loans | 1,241,187 | 42,500 | 4.57 | % | 1,257,540 | 40,567 | 4.31 | % | |||||||||||
Total Portfolio Loans | 5,752,159 | 200,344 | 4.66 | % | 5,730,589 | 183,744 | 4.29 | % | |||||||||||
Total Loans(1)(2) | 5,753,840 | 200,418 | 4.66 | % | 5,738,323 | 183,954 | 4.29 | % | |||||||||||
Federal Home Loan Bank and other restricted stock | 31,277 | 1,613 | 6.88 | % | 31,977 | 1,111 | 4.63 | % | |||||||||||
Total Interest-earning Assets | 6,525,278 | 216,067 | 4.43 | % | 6,525,576 | 198,401 | 4.06 | % | |||||||||||
Noninterest-earning assets | 492,428 | 509,750 | |||||||||||||||||
Total Assets | $ | 7,017,706 | $ | 7,035,326 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Interest-bearing demand | $ | 571,040 | $ | 1,320 | 0.31 | % | $ | 643,423 | $ | 1,034 | 0.21 | % | |||||||
Money market | 1,259,071 | 12,191 | 1.29 | % | 958,619 | 5,295 | 0.74 | % | |||||||||||
Savings | 849,558 | 1,289 | 0.20 | % | 1,013,318 | 1,599 | 0.21 | % | |||||||||||
Certificates of deposit | 1,320,374 | 13,083 | 1.32 | % | 1,439,715 | 10,175 | 0.94 | % | |||||||||||
Total Interest-bearing Deposits | 4,000,043 | 27,883 | 0.93 | % | 4,055,075 | 18,103 | 0.60 | % | |||||||||||
Securities sold under repurchase agreements | 46,292 | 151 | 0.44 | % | 48,031 | 26 | 0.07 | % | |||||||||||
Short-term borrowings | 556,017 | 8,304 | 2.00 | % | 651,494 | 5,224 | 1.07 | % | |||||||||||
Long-term borrowings | 46,313 | 762 | 2.20 | % | 13,759 | 305 | 2.96 | % | |||||||||||
Junior subordinated debt securities | 45,619 | 1,541 | 4.52 | % | 45,619 | 1,224 | 3.59 | % | |||||||||||
Total Borrowings | 694,241 | 10,758 | 2.07 | % | 758,903 | 6,779 | 1.19 | % | |||||||||||
Total Interest-bearing Liabilities | 4,694,284 | 38,641 | 1.10 | % | 4,813,978 | 24,882 | 0.69 | % | |||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||
Noninterest-bearing liabilities | 1,421,276 | 1,355,636 | |||||||||||||||||
Shareholders’ equity | 902,146 | 865,712 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,017,706 | $ | 7,035,326 | |||||||||||||||
Net Interest Income(2)(3) | $ | 177,426 | $ | 173,519 | |||||||||||||||
Net Interest Margin(2)(3) | 3.63 | % | 3.55 | % |
Three Months Ended September 30, 2018 compared to September 30, 2017 | Nine Months Ended September 30, 2018 compared to September 30, 2017 | ||||||||||||||||||
(dollars in thousands) | Volume (4) | Rate (4) | Total | Volume (4) | Rate (4) | Total | |||||||||||||
Interest earned on: | |||||||||||||||||||
Interest-bearing deposits with banks | $ | 10 | $ | 125 | $ | 135 | $ | (1 | ) | $ | 337 | $ | 336 | ||||||
Securities, at fair value(2)(3) | (65 | ) | 289 | 224 | (277 | ) | 641 | 364 | |||||||||||
Loans held for sale | (137 | ) | 3 | (134 | ) | (164 | ) | 28 | (136 | ) | |||||||||
Commercial real estate | 1,105 | 3,009 | 4,114 | 4,038 | 7,995 | 12,033 | |||||||||||||
Commercial and industrial | 324 | 1,224 | 1,548 | 521 | 3,376 | 3,897 | |||||||||||||
Commercial construction | (1,438 | ) | 598 | (840 | ) | (3,110 | ) | 1,847 | (1,263 | ) | |||||||||
Total Commercial Loans | (9 | ) | 4,831 | 4,822 | 1,449 | 13,218 | 14,667 | ||||||||||||
Residential mortgage | (66 | ) | 360 | 294 | (212 | ) | 763 | 551 | |||||||||||
Home equity | (144 | ) | 667 | 523 | (221 | ) | 1,559 | 1,338 | |||||||||||
Installment and other consumer | (57 | ) | 58 | 1 | (121 | ) | 148 | 27 | |||||||||||
Consumer construction | 15 | 8 | 23 | (2 | ) | 19 | 17 | ||||||||||||
Total Consumer Loans | (251 | ) | 1,092 | 841 | (557 | ) | 2,489 | 1,932 | |||||||||||
Total Portfolio Loans | (260 | ) | 5,923 | 5,663 | 892 | 15,707 | 16,599 | ||||||||||||
Total Loans (1)(2) | (397 | ) | 5,926 | 5,529 | 728 | 15,735 | 16,463 | ||||||||||||
Federal Home Loan Bank and other restricted stock | (19 | ) | 119 | 100 | (24 | ) | 526 | 502 | |||||||||||
Change in Interest Earned on Interest-earning Assets | $ | (471 | ) | $ | 6,459 | $ | 5,988 | $ | 426 | $ | 17,239 | $ | 17,665 | ||||||
Interest paid on: | |||||||||||||||||||
Interest-bearing demand | $ | (51 | ) | $ | 159 | $ | 108 | ($116 | ) | $402 | $286 | ||||||||
Money market | 727 | 2,005 | 2,732 | 1,660 | 5,236 | 6,896 | |||||||||||||
Savings | (84 | ) | (17 | ) | (101 | ) | (258 | ) | (52 | ) | (310 | ) | |||||||
Certificates of deposit | (365 | ) | 1,749 | 1,384 | (843 | ) | 3,751 | 2,908 | |||||||||||
Total Interest-bearing Deposits | 227 | 3,896 | 4,123 | 441 | 9,340 | 9,781 | |||||||||||||
Securities sold under repurchase agreements | (1 | ) | 38 | 37 | (1 | ) | 126 | 125 | |||||||||||
Short-term borrowings | (477 | ) | 1,118 | 641 | (766 | ) | 3,846 | 3,080 | |||||||||||
Long-term borrowings | 245 | (72 | ) | 173 | 722 | (265 | ) | 457 | |||||||||||
Junior subordinated debt securities | — | 124 | 124 | — | 317 | 317 | |||||||||||||
Total Borrowings | (233 | ) | 1,208 | 975 | (45 | ) | 4,024 | 3,979 | |||||||||||
Change in Interest Paid on Interest-bearing Liabilities | (6 | ) | 5,104 | 5,098 | 396 | 13,364 | 13,760 | ||||||||||||
Change in Net Interest Income | $ | (465 | ) | $ | 1,355 | $ | 890 | $ | 30 | $ | 3,875 | $ | 3,905 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | |||||||||||||||||||||||
Net gain on sale of securities | $ | — | $ | — | $ | — | — | % | $ | — | $ | 3,987 | $ | (3,987 | ) | (100.0 | )% | ||||||||||||||
Service charges on deposit accounts | 3,351 | 3,207 | 144 | 4.5 | 9,765 | 9,218 | 547 | 5.9 | |||||||||||||||||||||||
Debit and credit card | 3,141 | 3,067 | 74 | 2.4 | 9,487 | 8,952 | 535 | 6.0 | |||||||||||||||||||||||
Wealth management | 2,483 | 2,406 | 77 | 3.2 | 7,782 | 7,237 | 545 | 7.5 | |||||||||||||||||||||||
Mortgage banking | 700 | 872 | (172 | ) | (19.7 | ) | 2,133 | 2,280 | (147 | ) | (6.4 | ) | |||||||||||||||||||
Insurance | 101 | 1,318 | (1,217 | ) | (92.3 | ) | 404 | 4,232 | (3,828 | ) | (90.5 | ) | |||||||||||||||||||
Gain on sale of a majority interest of insurance business | — | — | — | — | 1,873 | — | 1,873 | NM | |||||||||||||||||||||||
Other | 2,266 | 2,681 | (415 | ) | (15.5 | ) | 6,642 | 6,906 | (264 | ) | (3.8 | ) | |||||||||||||||||||
Total Noninterest Income | $ | 12,042 | $ | 13,551 | $ | (1,509 | ) | (11.1 | )% | $ | 38,086 | $ | 42,812 | $ | (4,726 | ) | (11.0 | )% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
(dollars in thousands) | 2018 | 2017 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | |||||||||||||||||||||||
Salaries and employee benefits | $ | 19,769 | $ | 20,325 | $ | (556 | ) | (2.7 | )% | $ | 57,195 | $ | 60,770 | $ | (3,575 | ) | (5.9 | )% | |||||||||||||
Data processing and information technology | 2,906 | 2,284 | 622 | 27.2 | 7,610 | 6,670 | 940 | 14.1 | |||||||||||||||||||||||
Net occupancy | 2,722 | 2,692 | 30 | 1.1 | 8,399 | 8,258 | 141 | 1.7 | |||||||||||||||||||||||
Furniture, equipment and software | 2,005 | 1,890 | 115 | 6.1 | 6,096 | 5,746 | 350 | 6.1 | |||||||||||||||||||||||
Other taxes | 1,341 | 1,208 | 133 | 11.0 | 4,928 | 3,268 | 1,660 | 50.8 | |||||||||||||||||||||||
Professional services and legal | 1,181 | 869 | 312 | 35.9 | 3,120 | 2,868 | 252 | 8.8 | |||||||||||||||||||||||
Marketing | 1,023 | 766 | 257 | 33.6 | 2,916 | 2,468 | 448 | 18.2 | |||||||||||||||||||||||
FDIC insurance | 746 | 1,152 | (406 | ) | (35.2 | ) | 2,592 | 3,461 | (869 | ) | (25.1 | ) | |||||||||||||||||||
Other | 5,392 | 5,367 | 25 | 0.5 | 16,174 | 16,451 | (277 | ) | (1.7 | ) | |||||||||||||||||||||
Total Noninterest Expense | $ | 37,085 | $ | 36,553 | $ | 532 | 1.5 | % | $ | 109,030 | $ | 109,960 | $ | (930 | ) | (0.8 | )% |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | $ Change | |||||||||||
U.S. treasury securities | $ | 9,556 | $ | 19,789 | $ | (10,233 | ) | |||||||
Obligations of U.S. government corporations and agencies | 136,984 | 162,193 | (25,209 | ) | ||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 137,660 | 108,688 | 28,972 | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 26,450 | 32,854 | (6,404 | ) | ||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 244,596 | 242,221 | 2,375 | |||||||||||
Obligations of states and political subdivisions | 121,975 | 127,402 | (5,427 | ) | ||||||||||
Debt Securities Available-for-Sale | 677,221 | 693,147 | (15,926 | ) | ||||||||||
Marketable equity securities | 5,314 | 5,144 | 170 | |||||||||||
Total Securities | $ | 682,535 | $ | 698,291 | $ | (15,756 | ) |
September 30, 2018 | December 31, 2017 | |||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | ||||||||
Commercial | ||||||||||||
Commercial real estate | $ | 2,826,372 | 48.67 | % | $ | 2,685,994 | 46.62 | % | ||||
Commercial and industrial | 1,451,371 | 24.99 | 1,433,266 | 24.88 | ||||||||
Construction | 283,783 | 4.89 | 384,334 | 6.67 | ||||||||
Total Commercial Loans | 4,561,526 | 78.55 | % | 4,503,594 | 78.17 | % | ||||||
Consumer | ||||||||||||
Residential mortgage | 699,867 | 12.05 | % | 698,774 | 12.13 | % | ||||||
Home equity | 472,451 | 8.13 | 487,326 | 8.46 | ||||||||
Installment and other consumer | 67,542 | 1.16 | 67,204 | 1.16 | ||||||||
Construction | 6,421 | 0.11 | 4,551 | 0.08 | ||||||||
Total Consumer Loans | 1,246,281 | 21.45 | % | 1,257,855 | 21.83 | % | ||||||
Total Portfolio Loans | 5,807,807 | 100.00 | % | 5,761,449 | 100.00 | % | ||||||
Loans Held for Sale | 4,207 | 4,485 | ||||||||||
Total Loans | $ | 5,812,014 | $ | 5,765,934 |
September 30, 2018 | |||||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 32,890 | $ | 32,890 | $ | 3,703 | $ | 2,822,669 | $ | 2,826,372 | |||||||||||||||||
Commercial and industrial | — | 10,226 | 10,226 | 14,548 | 1,436,823 | 1,451,371 | |||||||||||||||||||||||
Commercial construction | 268 | 10,647 | 10,915 | 3,298 | 280,485 | 283,783 | |||||||||||||||||||||||
Consumer real estate | 10 | 5,028 | 5,038 | 9,157 | 1,169,582 | 1,178,739 | |||||||||||||||||||||||
Other consumer | 16 | 1,471 | 1,487 | 22 | 67,520 | 67,542 | |||||||||||||||||||||||
Total | $ | 294 | $ | 60,262 | $ | 60,556 | $ | 30,728 | $ | 5,777,079 | $ | 5,807,807 |
December 31, 2017 | |||||||||||||||||||||||||||||
Allowance for Loan Losses | Portfolio Loans | ||||||||||||||||||||||||||||
(dollars in thousands) | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | Total | |||||||||||||||||||||||
Commercial real estate | $ | — | $ | 27,235 | $ | 27,235 | $ | 3,546 | $ | 2,682,448 | $ | 2,685,994 | |||||||||||||||||
Commercial and industrial | 29 | 8,937 | 8,966 | 7,284 | 1,425,982 | 1,433,266 | |||||||||||||||||||||||
Commercial construction | — | 13,167 | 13,167 | 5,464 | 378,870 | 384,334 | |||||||||||||||||||||||
Consumer real estate | 21 | 5,458 | 5,479 | 10,488 | 1,180,163 | 1,190,651 | |||||||||||||||||||||||
Other consumer | 27 | 1,516 | 1,543 | 41 | 67,163 | 67,204 | |||||||||||||||||||||||
Total | $ | 77 | $ | 56,313 | $ | 56,390 | $ | 26,823 | $ | 5,734,626 | $ | 5,761,449 |
September 30, 2018 | December 31, 2017 | ||||
Ratio of net charge-offs to average loans outstanding | 0.19 | % | * | 0.18 | % |
Allowance for loan losses as a percentage of total loans | 1.04 | % | 0.98 | % | |
Allowance for loan losses to nonperforming loans | 292 | % | 236 | % |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | $ Change | |||||||||||
Nonperforming Loans | ||||||||||||||
Commercial real estate | $ | 3,443 | $ | 2,501 | $ | 942 | ||||||||
Commercial and industrial | 2,107 | 2,449 | (342 | ) | ||||||||||
Commercial construction | 820 | 1,460 | (640 | ) | ||||||||||
Residential mortgage | 4,808 | 3,580 | 1,228 | |||||||||||
Home equity | 2,379 | 2,736 | (357 | ) | ||||||||||
Installment and other consumer | 39 | 62 | (23 | ) | ||||||||||
Consumer construction | — | — | — | |||||||||||
Total Nonperforming Loans | 13,596 | 12,788 | 808 | |||||||||||
Nonperforming Troubled Debt Restructurings | ||||||||||||||
Commercial real estate | 1,152 | 967 | 185 | |||||||||||
Commercial and industrial | 2,260 | 3,197 | (937 | ) | ||||||||||
Commercial construction | 408 | 2,413 | (2,005 | ) | ||||||||||
Residential mortgage | 1,913 | 3,585 | (1,672 | ) | ||||||||||
Home equity | 1,404 | 979 | 425 | |||||||||||
Installment and other consumer | 6 | 9 | (3 | ) | ||||||||||
Total Nonperforming Troubled Debt Restructurings | 7,143 | 11,150 | (4,007 | ) | ||||||||||
Total Nonperforming Loans | 20,739 | 23,938 | (3,199 | ) | ||||||||||
OREO | 3,068 | 469 | 2,599 | |||||||||||
Total Nonperforming Assets | $ | 23,807 | $ | 24,407 | $ | (600 | ) | |||||||
Asset Quality Ratios: | ||||||||||||||
Nonperforming loans as a percent of total loans | 0.36 | % | 0.42 | % | ||||||||||
Nonperforming assets as a percent of total loans plus OREO | 0.41 | % | 0.42 | % |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | $ Change | |||||||||||
Customer Deposits | ||||||||||||||
Noninterest-bearing demand | $ | 1,412,127 | $ | 1,387,712 | $ | 24,415 | ||||||||
Interest-bearing demand | 554,667 | 599,986 | (45,319 | ) | ||||||||||
Money market | 1,120,225 | 880,330 | 239,895 | |||||||||||
Savings | 817,545 | 893,119 | (75,574 | ) | ||||||||||
Certificates of deposit | 1,159,133 | 1,286,988 | (127,855 | ) | ||||||||||
Total Customer Deposits | 5,063,697 | 5,048,135 | 15,562 | |||||||||||
Brokered Deposits | ||||||||||||||
Interest-bearing demand | 6,524 | 3,155 | 3,369 | |||||||||||
Money market | 246,956 | 265,826 | (18,870 | ) | ||||||||||
Certificates of deposit | 150,332 | 110,775 | 39,557 | |||||||||||
Total Brokered Deposits | 403,812 | 379,756 | 24,056 | |||||||||||
Total Deposits | $ | 5,467,509 | $ | 5,427,891 | $ | 39,618 |
(dollars in thousands) | September 30, 2018 | December 31, 2017 | $ Change | |||||||||||
Securities sold under repurchase agreements | $ | 45,200 | $ | 50,161 | $ | (4,961 | ) | |||||||
Short-term borrowings | 535,000 | 540,000 | (5,000 | ) | ||||||||||
Long-term borrowings | 45,434 | 47,301 | (1,867 | ) | ||||||||||
Junior subordinated debt securities | 45,619 | 45,619 | — | |||||||||||
Total Borrowings | $ | 671,253 | $ | 683,081 | $ | (11,828 | ) |
Securities Sold Under Repurchase Agreements | |||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||
Balance at the period end | $ | 45,200 | $ | 50,161 | |||
Average balance during the period | 46,292 | 46,662 | |||||
Average interest rate during the period | 0.44 | % | 0.12 | % | |||
Maximum month-end balance during the period | $ | 54,579 | $ | 53,609 | |||
Average interest rate at the period end | 0.50 | % | 0.39 | % | |||
Short-Term Borrowings | |||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||
Balance at the period end | $ | 535,000 | $ | 540,000 | |||
Average balance during the period | 556,017 | 644,864 | |||||
Average interest rate during the period | 2.00 | % | 1.15 | % | |||
Maximum month-end balance during the period | $ | 690,000 | $ | 734,600 | |||
Average interest rate at the period end | 2.37 | % | 1.47 | % |
Long-Term Borrowings | |||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||
Balance at the period end | $ | 45,434 | $ | 47,301 | |||
Average balance during the period | 46,313 | 18,057 | |||||
Average interest rate during the period | 2.20 | % | 2.57 | % | |||
Maximum month-end balance during the period | $ | 47,096 | $ | 47,505 | |||
Average interest rate at the period end | 2.39 | % | 1.88 | % | |||
Junior Subordinated Debt Securities | |||||||
(dollars in thousands) | September 30, 2018 | December 31, 2017 | |||||
Balance at the period end | $ | 45,619 | $ | 45,619 | |||
Average balance during the period | 45,619 | 45,619 | |||||
Average interest rate during the period | 4.52 | % | 3.65 | % | |||
Maximum month-end balance during the period | $ | 45,619 | $ | 45,619 | |||
Average interest rate at the period end | 4.79 | % | 3.78 | % |
(dollars in thousands) | Adequately Capitalized | Well- Capitalized | September 30, 2018 | December 31, 2017 | ||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
S&T Bancorp, Inc. | ||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 683,865 | 10.13 | % | $ | 628,876 | 9.17 | % | ||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 663,865 | 11.42 | % | 608,876 | 10.71 | % | ||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 683,865 | 11.76 | % | 628,876 | 11.06 | % | ||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 771,575 | 13.27 | % | 713,056 | 12.55 | % | ||||||
S&T Bank | ||||||||||||||||
Tier 1 leverage | 4.00 | % | 5.00 | % | $ | 644,719 | 9.57 | % | $ | 582,929 | 8.52 | % | ||||
Common equity tier 1 to risk-weighted assets | 4.50 | % | 6.50 | % | 644,719 | 11.12 | % | 582,929 | 10.29 | % | ||||||
Tier 1 capital to risk-weighted assets | 6.00 | % | 8.00 | % | 644,719 | 11.12 | % | 582,929 | 10.29 | % | ||||||
Total capital to risk-weighted assets | 8.00 | % | 10.00 | % | 732,429 | 12.64 | % | 666,560 | 11.76 | % |
September 30, 2018 | December 31, 2017 | ||||||||||||||||
1 - 12 Months | 13 - 24 Months | % Change in EVE | 1 - 12 Months | 13 - 24 Months | % Change in EVE | ||||||||||||
Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | |||||||||||||
400 | 10.9 | % | 13.4 | % | (11.2 | )% | 5.5 | % | 12.4 | % | (9.2 | )% | |||||
300 | 8.1 | 9.9 | (5.8 | ) | 4.2 | 9.3 | (3.6 | ) | |||||||||
200 | 5.6 | 6.7 | (1.7 | ) | 2.4 | 5.9 | 0.3 | ||||||||||
100 | 2.8 | 3.6 | 0.8 | 1.3 | 3.2 | 1.9 | |||||||||||
(100) | (4.3 | ) | (5.8 | ) | (7.0 | ) | (3.6 | ) | (6.5 | ) | (8.0 | ) | |||||
(200) | (9.1 | ) | (12.4 | ) | (15.7 | ) | NA | NA | NA |
Rule 13a-14(a) Certification of the Chief Executive Officer. | Filed herewith | |
Rule 13a-14(a) Certification of the Chief Financial Officer. | Filed herewith | |
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer. | Filed herewith | |
101 | The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 is formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Balance Sheet at September 30, 2018 and Audited Consolidated Balance Sheet at December 31, 2017, (ii) Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2018 and 2017, (iii) Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months ended September 30, 2018 and 2017, (iv) Unaudited Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2018 and 2017 and (v) Notes to Unaudited Consolidated Financial Statements. | Filed herewith |
S&T Bancorp, Inc. (Registrant) | |
October 31, 2018 | /s/ Mark Kochvar |
Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory) |
1. | I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Todd D. Brice |
Todd D. Brice, Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Mark Kochvar |
Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and period covered by the report. |
/s/ Todd D. Brice | /s/ Mark Kochvar | |
Todd D. Brice, Chief Executive Officer (Principal Executive Officer) | Mark Kochvar, Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 31, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | S&T BANCORP INC | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 35,006,587 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cash and due from banks, interest-bearing amounts | $ 68,018 | $ 61,965 |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 36,130,480 | 36,130,480 |
Common stock, shares outstanding (in shares) | 35,006,587 | 34,971,929 |
Treasury stock, shares (in shares) | 1,123,893 | 1,158,551 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss)/Income |
Reclassifications Related to Funded Status of Pension |
Reclassifications Related to Unrealized Gains on Available for Sale Securities |
Treasury Stock |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2016 | $ 841,956,000 | $ 90,326,000 | $ 213,098,000 | $ 585,891,000 | $ (13,784,000) | $ (33,575,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 63,674,000 | 63,674,000 | |||||||||||
Other comprehensive income, net of tax | 1,180,000 | 1,180,000 | |||||||||||
Cash dividends declared ($0.72 and $0.60 per share) | (20,899,000) | (20,899,000) | |||||||||||
Treasury stock issued for restricted awards (75,608 shares, net of 40,950 forfeitures and 90,115 shares, net of 23,946 forfeitures) | (688,000) | (2,383,000) | 1,695,000 | ||||||||||
Recognition of restricted stock compensation expense | 2,353,000 | 2,353,000 | |||||||||||
Ending Balance at Sep. 30, 2017 | 887,576,000 | 90,326,000 | 215,451,000 | 626,283,000 | (12,604,000) | (31,880,000) | |||||||
Effect of new accounting pronouncement on Consolidated Financial Statements | ASU No. 2018-02 | 0 | ||||||||||||
Effect of new accounting pronouncement on Consolidated Financial Statements | ASU No. 2016-01 | [1] | 862,000 | (862,000) | ||||||||||
Beginning Balance at Dec. 31, 2017 | 884,031,000 | 90,326,000 | 216,106,000 | 628,107,000 | (18,427,000) | (32,081,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 78,480,000 | 78,480,000 | |||||||||||
Other comprehensive income, net of tax | (10,537,000) | (10,537,000) | |||||||||||
Reclassification of tax effects from the Tax Act | ASU No. 2018-02 | [2] | 3,427,000 | (3,427,000) | $ (3,660,000) | $ 233,000 | ||||||||
Cash dividends declared ($0.72 and $0.60 per share) | (25,115,000) | (25,115,000) | |||||||||||
Treasury stock issued for restricted awards (75,608 shares, net of 40,950 forfeitures and 90,115 shares, net of 23,946 forfeitures) | (657,000) | (1,400,000) | 743,000 | ||||||||||
Repurchase of warrant | (7,652,000) | (7,652,000) | |||||||||||
Recognition of restricted stock compensation expense | 1,231,000 | 1,231,000 | |||||||||||
Ending Balance at Sep. 30, 2018 | $ 919,781,000 | $ 90,326,000 | $ 209,685,000 | $ 684,361,000 | $ (33,253,000) | $ (31,338,000) | |||||||
|
CONCOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Dividends declared per share (in dollars per share) | $ 0.72 | $ 0.60 |
Retained Earnings | ||
Dividends declared per share (in dollars per share) | $ 0.72 | $ 0.60 |
Treasury stock issued for restricted awards, net of forfeitures (in shares) | 75,608 | 90,115 |
Forfeitures of restricted stock (in shares) | 40,950 | 23,946 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission, or SEC, on March 1, 2018. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. On January 1, 2018, we sold a 70 percent majority interest in the assets of our wholly-owned subsidiary S&T Evergreen Insurance, LLC. We transferred our remaining 30 percent ownership interest in the net assets of S&T Evergreen Insurance, LLC to a new entity for a 30 percent ownership interest in a new insurance entity (see Note 13: Sale of a Majority Interest of Insurance Business). We use the equity method of accounting to recognize our partial ownership interest in the new entity. Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Revenue from Contracts with Customers We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their services agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized over the period in which the service is provided. Other fees are earned based on specific transactions or customer activity within the customers' deposit accounts. These are earned at the time the transaction or customer activity occurs. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Wealth management services - Wealth management services is primarily comprised of fees earned from the management and administration of trusts, assets under management, brokerage and other financial advisory services. Fees are earned over a period of time per the related fee schedules. The fees are based on a fixed amount or a scale based on the level of services provided or assets under management. Recently Adopted Accounting Standards Updates, or ASU or Update Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update allow a reclassification from accumulated other comprehensive income, or AOCI, to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, or Tax Act. The amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users and will require certain disclosures about the stranded tax effects. This Update is effective for all entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not been issued or made available for issuance. We have elected to reclassify all tax effects related to the Tax Act from AOCI to retained earnings as of January 1, 2018. As such, we have early adopted this Update and reclassified $3.4 million for the release of stranded income tax effects relating to unrealized gains and losses on our securities portfolio and our pension plan from AOCI to retained earnings as of March 31, 2018. The adoption of this ASU had no impact on our Consolidated Statements of Comprehensive Income. Our policy for releasing income tax effects from AOCI is to release them as investments are sold or mature and liabilities are extinguished. Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Post Retirement Benefit Costs In March 2017, the FASB issued ASU No. 2017-07, Compensation Retirement Benefits - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Post Retirement Benefit Costs (Topic 715). The main objective of this ASU is to provide financial statement users with clearer and disaggregated information related to the components of net periodic benefit cost and improve transparency of the presentation of net periodic benefit cost in the financial statements. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. Effective March 31, 2016, our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan; as such, the adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets - Clarifying the Scope of Assets Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). The main objective of this ASU is to provide greater detail on what types of transactions should be accounted for as partial sales of nonfinancial assets. This ASU, as originally issued in ASU No. 2014-09, is intended to reduce the complexity of current GAAP requirements by clarifying which accounting guidance applies to various types of contracts that transfer assets or ownership interests to another entity. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 which is the same time that ASU No. 2014-09 was effective. Early adoption was permitted, but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The adoption of this ASU was applied to the partial sale of our insurance subsidiary in January 2018. As such, the subsidiary is no longer included in our Consolidated Financial Statements and we recognized a $1.9 million gain on the transaction. Business Combinations - Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business (Topic 805). The main objective of this ASU is to help financial statement preparers evaluate whether a set of transferred assets and activities (either acquired or disposed of) is a business under Topic 805, Business Combinations by changing the definition of a business. The revised definition results in fewer acquisitions being accounted for as business combinations than under previous guidance. The definition of a business is significant because it affects the accounting for acquisitions, the identification of reporting units, consolidation evaluations and the accounting for dispositions. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted for transactions not yet reflected in financial statements that have been issued or made available for issuance. The adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. The main objective of this ASU is to require companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. This represents a change from previous guidance, which required companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The new guidance requires companies to defer the income tax effects only of intercompany transfers of inventory. This Update was effective for annual periods beginning after December 15, 2017. Early adoption was permitted as of the beginning of an annual period. If an entity chose to early adopt the amendments in the ASU, it had to do so in the first interim period of its annual financial statements. That is, an entity could not have adopted the amendments in the ASU in a later interim period and apply them as if they were in effect as of the beginning of the year. The adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance (BOLI) policies, distributions received from equity method investments, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted, provided that all of the amendments are adopted in the same period. The adoption of this ASU had no material impact to the presentation of activities in our Consolidated Statements of Cash Flows. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This revenue pronouncement established a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most previous revenue recognition guidance in GAAP. We adopted the new standard as of January 1, 2018. Our primary sources of revenue are derived from interest and dividends earned on loans, investment securities and other financial instruments that are not within the scope of ASU No. 2014-09. We evaluated the nature of our contracts with customers and related revenue streams, including service charges on deposit accounts, debit and credit cards and wealth management and determined that revenue recognition did not change significantly from current practice. We evaluated certain costs related to these revenue streams to determine whether such costs should be presented as expenses or contra-revenue. The adoption of this ASU had no material impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Accounting for Financial Instruments - Overall: Classification and Measurement In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement (Subtopic 825-10). The amendments in this ASU address the following: 1. require equity investments to be measured at fair value with changes in fair value recognized in net income; 2. simplify the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment; 3. eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4. require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5. require separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements; and 7. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This ASU was effective for annual and interim periods in fiscal years beginning after December 15, 2017. We adopted ASU No. 2016-01 as of January 1, 2018 and have concluded that the provisions of this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. The new guidance resulted in a change in the fair value measurement of our loan portfolio as of March 31, 2018 using an exit price notion (see Note 3: Fair Value Measurements). The new guidance also resulted in a cumulative-effect adjustment of $0.9 million from AOCI to retained earnings at January 1, 2018 for net unrealized gains on our marketable equities portfolio. As a result of the new guidance, we recognized $0.1 million of net unrealized losses during the three months ended September 30, 2018 and $0.2 million of net unrealized gains during the nine months ended September 30, 2018 on our marketable equity securities portfolio in our Consolidated Statements of Comprehensive Income. Accounting Standards Issued But Not Yet Adopted 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 In August 2018, the FASB issued ASU No. 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. The amendments in this ASU apply to entities that are a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g. implementation, setup and other upfront costs.) These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which cost to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify and/or require additional disclosures. The amendments in this Update will require us to change our Fair Value disclosures beginning with our Form 10-Q for the period ended March 31, 2020. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Leases - Land Easement Practical Expedient for Transition to Topic 842 In January 2018, the FASB issued ASU No. 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842. The amendments in this ASU permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that existed or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner than under the current guidance. This Update is effective for any interim and annual impairment tests in reporting periods in 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 are evaluating the provisions of this ASU; however, we do not anticipate that this ASU will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have created a CECL Committee to govern the implementation of these amendments consisting of key stakeholders from Credit Administration, Finance, Risk Management and Internal Audit. We have engaged a third-party to assist us in developing our CECL methodology. We continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income. Leases - Section A-Amendments to the FASB Accounting Standards Codification, Section B-Conforming Amendments Related to Leases and Section C-Background Information and Basis for Conclusions In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases on the balance sheet. Lessor accounting remains substantially similar to current GAAP. ASU No. 2016-02 supersedes Topic 840, Leases. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU No. 2016-02 mandates a modified retrospective transition method for all entities. Early adoption of this ASU is permitted. We anticipate that this ASU will impact our financial statements as it relates to the recognition of right-to-use assets and lease obligations on our Consolidated Balance Sheets. We have approximately 50 lease agreements for our branch and loan production offices, which are currently accounted for as operating leases. We expect the new guidance will require recognition of right-to-use assets and corresponding lease liabilities in the range of $30 million to $35 million on our Consolidated Balance Sheets in the first quarter of 2019. We expect that these changes to our Consolidated Balance Sheets will have a minor impact to our regulatory capital ratios. We have compiled a preliminary inventory of our leases and continue to evaluate the standard as additional lease accounting guidance continues to be released. We anticipate that this ASU will impact total assets and total liabilities presented on our Balance Sheets; however, we do not believe that it will materially impact our Consolidated Statements of Comprehensive Income. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. For both the three months and nine months ended September 30, 2018, the treasury stock method is more dilutive and was used to determine diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented.
(1)We repurchased our outstanding warrant on September 11, 2018 for $7.7 million. Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities, trading assets and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Debt Securities Available-for-Sale We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provide us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market valuation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, vast descriptive terms and conditions databases, and extensive quality control programs. Equity Securities Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Trading Assets We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Rabbi Trust assets are reported in other assets in the Consolidated Balance Sheets. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans With the adoption of ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement, on January 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio to use the exit price notion as required by the standard. The guidance was applied on a prospective basis resulting in prior periods no longer being comparable. The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Deposits The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2018 and December 31, 2017. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
(1)ASU No. 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities.
We classify financial instruments as Level 3 when valuation models are used because significant inputs are not observable in the market. We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either September 30, 2018 or December 31, 2017. The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
The carrying values and fair values of our financial instruments at September 30, 2018 and December 31, 2017 are presented in the following tables:
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | The following table presents the fair values of our securities portfolio at the dates presented:
Debt Securities Available-for-Sale The following tables present the amortized cost and fair value of debt securities available-for-sale as of September 30, 2018 and debt and equity securities available-for-sale as of December 31, 2017:
(1) Includes a $5.9 million security purchase that was pending settlement as of December 31, 2017. (2) ASU No. 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities. The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented:
We do not believe any individual unrealized loss as of September 30, 2018 represents an other than temporary impairment, or OTTI. At September 30, 2018 there were 77 debt securities and at December 31, 2017 there were 51 debt securities in an unrealized loss position. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of these securities. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive loss, for the periods presented:
The amortized cost and fair value of debt securities available-for-sale at September 30, 2018 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
At September 30, 2018 and December 31, 2017, debt securities with carrying values of $270 million and $249 million were pledged for various regulatory and legal requirements. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
Prior to January 1, 2018, net unrealized gains and losses, net of tax, on marketable equity securities were included in AOCI for the periods presented. Net unrealized gains and losses, net of tax, on marketable equity securities of $0.9 million were reclassified from AOCI to retained earnings at January 1, 2018. As of January 1, 2018, gains and losses on marketable equity securities are included in other noninterest income on the Consolidated Statements of Comprehensive Income. |
Loans and Loans Held for Sale |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND LOANS HELD FOR SALE | Loans are presented net of unearned income of $5.4 million and $5.2 million at September 30, 2018 and December 31, 2017. The following table indicates the composition of loans as of the dates presented:
We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 79 percent of total portfolio loans at September 30, 2018 and 78 percent at December 31, 2017. Within our commercial portfolio, the Commercial Real Estate, or CRE, and Commercial Construction portfolios combined comprised $3.1 billion or 68 percent of total commercial loans at both September 30, 2018 and December 31, 2017 and 54 percent of total portfolio loans at September 30, 2018 and 53 percent at December 31, 2017. Further segmentation of the CRE and Commercial Construction portfolios by collateral type reveals no concentration in excess of 14 percent of both total CRE and Commercial Construction loans at September 30, 2018 and December 31, 2017. Our market area includes Pennsylvania and the contiguous states of Ohio, West Virginia, New York and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this market area, resulting in a geographic concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data and information supplied by our customers. Our CRE and Commercial Construction portfolios have out-of-market exposure of 5.5 percent of their combined portfolios and 2.9 percent of total portfolio loans at September 30, 2018. This compares to 5.2 percent of their combined portfolios and 2.8 percent of total portfolio loans at December 31, 2017. We individually evaluate all substandard commercial loans that have experienced a forbearance or change in terms agreement, and all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan, to determine if they should be designated as troubled debt restructurings, or TDRs. All TDRs are considered to be impaired loans and will be reported as impaired loans for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. Further, all impaired loans are reported as nonaccrual loans unless the loan is a TDR that has met the requirements to be returned to accruing status. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. The following table summarizes restructured loans as of the dates presented:
There were no TDRs that returned to accruing status during the three and nine months ended September 30, 2018. There were no TDRs that returned to accruing status during the three months ended September 30, 2017 and one TDR that returned to accruing status totaling $2.0 million during the nine months ended September 30, 2017. The following tables present the restructured loans by loan segment and by type of concession for the three and nine months ended September 30, 2018 and 2017:
As of September 30, 2018, we had 12 commitments to lend an additional $6.5 million on TDRs. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. There were no TDRs that defaulted during the three and nine months ended September 30, 2018 and 2017 that were restructured within the last 12 months prior to defaulting. The following table is a summary of nonperforming assets as of the dates presented:
Other real estate owned, or OREO increased $2.6 million since December 31, 2017. The increase in OREO relates to land lots owned by us that are no longer intended to be future branch locations for $2.5 million. These land lots were reclassified from other assets to OREO during the three months ended March 31, 2018. |
Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ALLOWANCE FOR LOAN LOSSES We maintain an allowance for loan losses, or ALLL, at a level determined to be adequate to absorb estimated probable credit losses inherent within the loan portfolio as of the balance sheet date. We develop and document a systematic ALLL methodology based on the following portfolio segments: 1) CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, strip malls and apartments. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. We further assess risk within each portfolio segment by pooling loans with similar risk characteristics. For the commercial loan classes, the most important indicator of risk is the internally assigned risk rating, including pass, special mention and substandard. Consumer loans are pooled by type of collateral, lien position and loan to value, or LTV, for Consumer Real Estate loans. Historical loss rates are applied to these loan pools to determine the reserve for loans collectively evaluated for impairment. The ALLL methodology for groups of loans collectively evaluated for impairment is comprised of both a quantitative and qualitative analysis. A key assumption in the quantitative component of the reserve is the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. Another key assumption is the look-back period which represents the historical data period utilized to calculate loss rates. Management monitors various credit quality indicators for both the commercial and consumer loan portfolios, including delinquency, nonperforming status and changes in risk ratings on a monthly basis. The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
We continually monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Economic and market conditions, beyond the borrower’s control, may in the future necessitate this classification. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented:
Substandard loans increased $87.8 million from December 31, 2017 mainly due to the receipt of updated financial information from the borrowers that resulted in the loans being downgraded. We monitor the delinquent status of the consumer portfolio on a monthly basis. Loans are considered nonperforming when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented:
We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. Loans are considered to be impaired when based upon current information and events it is probable that we will be unable to collect all principal and interest payments due according to the original contractual terms of the loan agreement. A TDR will be reported as an impaired loan for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is expected that the remaining principal and interest will be fully collected according to the restructured agreement. For each TDR or other impaired loan, we conduct further analysis to determine the probable loss and assign a specific reserve to the loan if deemed appropriate. The following table summarizes investments in loans considered to be impaired and related information on those impaired loans as of the dates presented:
The following tables summarize average recorded investment in and interest income recognized on loans considered to be impaired for the periods presented:
The following tables detail activity in the ALLL for the periods presented:
Net charge-offs and provision for loan losses for the nine months ended September 30, 2018 were significantly impacted by a $5.2 million loan charge-off in the second quarter of 2018 for a commercial customer arising from a participation loan agreement with a lead bank and other participating banks. The loss resulted from fraudulent activities believed to be perpetrated by one or more executives employed by the borrower and its related entities. S&T’s total exposure consisted of the participation loan of $4.9 million and a direct exposure of $950 thousand which is secured by vehicles and equipment liens. During the third quarter of 2018, we received a $0.1 million recovery on this relationship and do not expect to incur any further charge-offs. The following tables present the ALLL and recorded investments in loans by category as of the periods presented:
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Comprehensive Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Comprehensive Income. The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Presenting offsetting derivatives that are subject to legally enforceable netting arrangements with the same party is permitted. For example, we may have a derivative asset and a derivative liability with the same counterparty to a swap transaction and are permitted to offset the asset position and the liability position resulting in a net presentation. The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented:
(1) Amounts represent collateral received for the periods presented. The following table indicates the gain or loss recognized in income on derivatives for the periods presented:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BORROWINGS | BORROWINGS Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs, and Federal Home Loan Bank, or FHLB, advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and, therefore, the REPOs are accounted for as secured borrowings. Mortgage-backed securities with amortized cost of $52.8 million and carrying value of $50.9 million at September 30, 2018 and amortized cost of $57.5 million and carrying value of $56.8 million at December 31, 2017 were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $7.3 million at a fixed rate and $38.1 million at a variable rate at September 30, 2018, excluding our capital lease. Information pertaining to borrowings is summarized in the table below as of the dates presented:
We had total borrowings at September 30, 2018 and December 31, 2017 at the FHLB of Pittsburgh of $581 million and $587 million. The $581 million at September 30, 2018 consisted of $535 million in short-term borrowings and $45.4 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.5 billion at September 30, 2018. We utilized $746 million of our borrowing capacity at September 30, 2018 consisting of $581 million for borrowings and $165 million for letters of credit to collateralize public funds. Our remaining borrowing availability at September 30, 2018 is $1.7 billion. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Our allowance for unfunded commitments totaled $2.2 million at both September 30, 2018 and December 31, 2017. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The allowance for unfunded commitments is determined using a similar methodology as our ALLL methodology. The reserve is calculated by applying historical loss rates and qualitative adjustments to our unfunded commitments. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following table sets forth our commitments and letters of credit as of the dates presented:
Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME | The following tables present the change in components of other comprehensive loss for the periods presented, net of tax effects.
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Employee Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFITS | Our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plan, as well as income from expected investment returns on pension assets. Since the plans have been frozen, no service costs are included in net periodic pension expense. The expected long-term rate of return on plan assets is 7.50 percent. We made a $20.4 million contribution to our qualified defined benefit plan on September 7, 2018. The fair value of the plan was not re-measured for the impact of the contribution. The pension contribution was deducted on our 2017 Consolidated Federal Income Tax Return and we recognized a return to provision discrete tax benefit of $2.9 million due to the decrease in the federal statutory rate of 35 percent to 21 percent resulting from tax legislation in December 2017. The following table summarizes the components of net periodic pension cost for the periods presented:
The components of net periodic pension expense are included in salaries and employee benefits on the Consolidated Statements of Comprehensive Income. |
Qualified Affordable Housing Projects |
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Sep. 30, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING PROJECTS | QUALIFIED AFFORDABLE HOUSING PROJECTS We invest in affordable housing projects primarily to satisfy our Community Reinvestment Act requirements. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. Our total investment in qualified affordable housing projects was $6.7 million at September 30, 2018 and $8.7 million at December 31, 2017. Amortization expense, included in other noninterest expense in the Consolidated Statements of Comprehensive Income, was $0.7 million and $2.0 million for the three and nine months ended September 30, 2018 and $0.8 million and $2.3 million for the three and nine months ended September 30, 2017. The amortization expense was offset by tax credits of $0.8 million and $2.3 million for the three and nine months ended September 30, 2018 and $0.9 million and $2.6 million for the three and nine months ended September 30, 2017 as a reduction to our federal tax provision. |
Sale of a Majority Interest of Insurance Business |
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Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS | SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS On November 9, 2017, we entered into an asset purchase agreement to sell a 70 percent ownership interest in the assets of our subsidiary, S&T Evergreen Insurance, LLC. The partial sale was accounted for as the sale of a business. At the date of the sale, January 1, 2018, we ceased to have a controlling financial interest, deconsolidated the subsidiary and recognized a gain of $1.9 million. We transferred our remaining 30 percent share of net assets from S&T Evergreen Insurance, LLC to a new entity for a 30 percent partnership interest in a new insurance entity. We use the equity method of accounting to recognize changes in the value of our investment in the new insurance entity for our proportional share of income and losses of the new insurance entity. |
Share Repurchase Plan |
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Equity [Abstract] | |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLAN On March 19, 2018, our Board of Directors authorized a $50 million share repurchase plan. This repurchase authorization, which is effective through August 31, 2019, permits us to repurchase from time to time up to $50 million in aggregate value of shares of our common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at our discretion and will depend on a variety of factors, including general market conditions, the trading price of the common stock, legal and contractual requirements and our financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. There were no open market repurchases under the plan during the three or nine months ended September 30, 2018. |
Basis of Presentation (Policies) |
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Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission, or SEC, on March 1, 2018. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. |
Reclassification | Reclassification Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Revenue from Contracts with Customer | Revenue from Contracts with Customers We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their services agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized over the period in which the service is provided. Other fees are earned based on specific transactions or customer activity within the customers' deposit accounts. These are earned at the time the transaction or customer activity occurs. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Wealth management services - Wealth management services is primarily comprised of fees earned from the management and administration of trusts, assets under management, brokerage and other financial advisory services. Fees are earned over a period of time per the related fee schedules. The fees are based on a fixed amount or a scale based on the level of services provided or assets under management. |
Recently Adopted Accounting Standards Updates, or ASU or Update and Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Update Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this Update allow a reclassification from accumulated other comprehensive income, or AOCI, to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, or Tax Act. The amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users and will require certain disclosures about the stranded tax effects. This Update is effective for all entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not been issued or made available for issuance. We have elected to reclassify all tax effects related to the Tax Act from AOCI to retained earnings as of January 1, 2018. As such, we have early adopted this Update and reclassified $3.4 million for the release of stranded income tax effects relating to unrealized gains and losses on our securities portfolio and our pension plan from AOCI to retained earnings as of March 31, 2018. The adoption of this ASU had no impact on our Consolidated Statements of Comprehensive Income. Our policy for releasing income tax effects from AOCI is to release them as investments are sold or mature and liabilities are extinguished. Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Post Retirement Benefit Costs In March 2017, the FASB issued ASU No. 2017-07, Compensation Retirement Benefits - Improving the Presentation of Net Periodic Pension Costs and Net Periodic Post Retirement Benefit Costs (Topic 715). The main objective of this ASU is to provide financial statement users with clearer and disaggregated information related to the components of net periodic benefit cost and improve transparency of the presentation of net periodic benefit cost in the financial statements. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted as of the beginning of an annual period for which financial statements have not been issued or made available for issuance. Effective March 31, 2016, our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan; as such, the adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets - Clarifying the Scope of Assets Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). The main objective of this ASU is to provide greater detail on what types of transactions should be accounted for as partial sales of nonfinancial assets. This ASU, as originally issued in ASU No. 2014-09, is intended to reduce the complexity of current GAAP requirements by clarifying which accounting guidance applies to various types of contracts that transfer assets or ownership interests to another entity. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 which is the same time that ASU No. 2014-09 was effective. Early adoption was permitted, but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The adoption of this ASU was applied to the partial sale of our insurance subsidiary in January 2018. As such, the subsidiary is no longer included in our Consolidated Financial Statements and we recognized a $1.9 million gain on the transaction. Business Combinations - Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations - Clarifying the Definition of a Business (Topic 805). The main objective of this ASU is to help financial statement preparers evaluate whether a set of transferred assets and activities (either acquired or disposed of) is a business under Topic 805, Business Combinations by changing the definition of a business. The revised definition results in fewer acquisitions being accounted for as business combinations than under previous guidance. The definition of a business is significant because it affects the accounting for acquisitions, the identification of reporting units, consolidation evaluations and the accounting for dispositions. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted for transactions not yet reflected in financial statements that have been issued or made available for issuance. The adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. The main objective of this ASU is to require companies to recognize the income tax effects of intercompany sales and transfers of assets other than inventory in the period in which the transfer occurs. This represents a change from previous guidance, which required companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The new guidance requires companies to defer the income tax effects only of intercompany transfers of inventory. This Update was effective for annual periods beginning after December 15, 2017. Early adoption was permitted as of the beginning of an annual period. If an entity chose to early adopt the amendments in the ASU, it had to do so in the first interim period of its annual financial statements. That is, an entity could not have adopted the amendments in the ASU in a later interim period and apply them as if they were in effect as of the beginning of the year. The adoption of this ASU had no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The main objective of this ASU is to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this Update provide guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of bank-owned life insurance (BOLI) policies, distributions received from equity method investments, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This Update was effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. Early adoption was permitted, provided that all of the amendments are adopted in the same period. The adoption of this ASU had no material impact to the presentation of activities in our Consolidated Statements of Cash Flows. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This revenue pronouncement established a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most previous revenue recognition guidance in GAAP. We adopted the new standard as of January 1, 2018. Our primary sources of revenue are derived from interest and dividends earned on loans, investment securities and other financial instruments that are not within the scope of ASU No. 2014-09. We evaluated the nature of our contracts with customers and related revenue streams, including service charges on deposit accounts, debit and credit cards and wealth management and determined that revenue recognition did not change significantly from current practice. We evaluated certain costs related to these revenue streams to determine whether such costs should be presented as expenses or contra-revenue. The adoption of this ASU had no material impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Accounting for Financial Instruments - Overall: Classification and Measurement In January 2016, the FASB issued ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement (Subtopic 825-10). The amendments in this ASU address the following: 1. require equity investments to be measured at fair value with changes in fair value recognized in net income; 2. simplify the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment; 3. eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4. require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5. require separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6. require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or in the accompanying notes to the financial statements; and 7. clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This ASU was effective for annual and interim periods in fiscal years beginning after December 15, 2017. We adopted ASU No. 2016-01 as of January 1, 2018 and have concluded that the provisions of this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. The new guidance resulted in a change in the fair value measurement of our loan portfolio as of March 31, 2018 using an exit price notion (see Note 3: Fair Value Measurements). The new guidance also resulted in a cumulative-effect adjustment of $0.9 million from AOCI to retained earnings at January 1, 2018 for net unrealized gains on our marketable equities portfolio. As a result of the new guidance, we recognized $0.1 million of net unrealized losses during the three months ended September 30, 2018 and $0.2 million of net unrealized gains during the nine months ended September 30, 2018 on our marketable equity securities portfolio in our Consolidated Statements of Comprehensive Income. Accounting Standards Issued But Not Yet Adopted 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 In August 2018, the FASB issued ASU No. 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. The amendments in this ASU apply to entities that are a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g. implementation, setup and other upfront costs.) These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which cost to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify and/or require additional disclosures. The amendments in this Update will require us to change our Fair Value disclosures beginning with our Form 10-Q for the period ended March 31, 2020. The amendments in this ASU will have no impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Leases - Land Easement Practical Expedient for Transition to Topic 842 In January 2018, the FASB issued ASU No. 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842. The amendments in this ASU permit an entity to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that existed or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. We are evaluating the amendments in this ASU; however, we do not anticipate that these amendments will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner than under the current guidance. This Update is effective for any interim and annual impairment tests in reporting periods in 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 are evaluating the provisions of this ASU; however, we do not anticipate that this ASU will materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments of this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to form credit loss estimates. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as CECL, or current expected credit loss, model. This Update is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We have created a CECL Committee to govern the implementation of these amendments consisting of key stakeholders from Credit Administration, Finance, Risk Management and Internal Audit. We have engaged a third-party to assist us in developing our CECL methodology. We continue to evaluate the provisions of this ASU to determine the potential impact on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income. Leases - Section A-Amendments to the FASB Accounting Standards Codification, Section B-Conforming Amendments Related to Leases and Section C-Background Information and Basis for Conclusions In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases on the balance sheet. Lessor accounting remains substantially similar to current GAAP. ASU No. 2016-02 supersedes Topic 840, Leases. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU No. 2016-02 mandates a modified retrospective transition method for all entities. Early adoption of this ASU is permitted. We anticipate that this ASU will impact our financial statements as it relates to the recognition of right-to-use assets and lease obligations on our Consolidated Balance Sheets. We have approximately 50 lease agreements for our branch and loan production offices, which are currently accounted for as operating leases. We expect the new guidance will require recognition of right-to-use assets and corresponding lease liabilities in the range of $30 million to $35 million on our Consolidated Balance Sheets in the first quarter of 2019. We expect that these changes to our Consolidated Balance Sheets will have a minor impact to our regulatory capital ratios. We have compiled a preliminary inventory of our leases and continue to evaluate the standard as additional lease accounting guidance continues to be released. We anticipate that this ASU will impact total assets and total liabilities presented on our Balance Sheets; however, we do not believe that it will materially impact our Consolidated Statements of Comprehensive Income. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities, trading assets and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, impaired loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Debt Securities Available-for-Sale We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing service which provide us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market valuation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, vast descriptive terms and conditions databases, and extensive quality control programs. Equity Securities Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Trading Assets We use quoted market prices to determine the fair value of our trading assets. Our trading assets are held in a Rabbi Trust under a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Rabbi Trust assets are reported in other assets in the Consolidated Balance Sheets. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Impaired Loans Impaired loans are carried at the lower of carrying value or fair value. Fair value is determined as the recorded investment balance less any specific reserve. We establish specific reserves based on the following three impairment methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Impaired loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Like impaired loans, appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. The valuation model includes significant unobservable inputs; therefore, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans With the adoption of ASU No. 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement, on January 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio to use the exit price notion as required by the standard. The guidance was applied on a prospective basis resulting in prior periods no longer being comparable. The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Deposits The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. |
Allowance for Loans Losses | We maintain an allowance for loan losses, or ALLL, at a level determined to be adequate to absorb estimated probable credit losses inherent within the loan portfolio as of the balance sheet date. We develop and document a systematic ALLL methodology based on the following portfolio segments: 1) CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. The following are key risks within each portfolio segment: CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, strip malls and apartments. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Consumer Real Estate—Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. We further assess risk within each portfolio segment by pooling loans with similar risk characteristics. For the commercial loan classes, the most important indicator of risk is the internally assigned risk rating, including pass, special mention and substandard. Consumer loans are pooled by type of collateral, lien position and loan to value, or LTV, for Consumer Real Estate loans. Historical loss rates are applied to these loan pools to determine the reserve for loans collectively evaluated for impairment. The ALLL methodology for groups of loans collectively evaluated for impairment is comprised of both a quantitative and qualitative analysis. A key assumption in the quantitative component of the reserve is the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from the point at which a loss is incurred on a loan to the point at which the loss is confirmed. Another key assumption is the look-back period which represents the historical data period utilized to calculate loss rates. Management monitors various credit quality indicators for both the commercial and consumer loan portfolios, including delinquency, nonperforming status and changes in risk ratings on a monthly basis. |
Loans Credit Risk Rating | We continually monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass—The loan is currently performing and is of high quality. Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Economic and market conditions, beyond the borrower’s control, may in the future necessitate this classification. Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. |
Derivative Financial Instruments | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Comprehensive Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives, but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Comprehensive Income. |
Earnings Per Share (Tables) |
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Schedule of Reconciliation of Numerators and Denominators of Basic Earnings Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented.
(1)We repurchased our outstanding warrant on September 11, 2018 for $7.7 million. Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise. |
Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2018 and December 31, 2017. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.
(1)ASU No. 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities.
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Schedule of Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy | The following table presents our assets that are measured at fair value on a nonrecurring basis by the fair value hierarchy level as of the dates presented:
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Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at September 30, 2018 and December 31, 2017 are presented in the following tables:
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Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Securities | The following table presents the fair values of our securities portfolio at the dates presented:
Debt Securities Available-for-Sale The following tables present the amortized cost and fair value of debt securities available-for-sale as of September 30, 2018 and debt and equity securities available-for-sale as of December 31, 2017:
(1) Includes a $5.9 million security purchase that was pending settlement as of December 31, 2017. (2) ASU No. 2016-01 was adopted January 1, 2018, resulting in separate classification of our marketable equity securities previously included in available-for-sale securities. |
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Schedule of Temporally Impaired Debt Securities | The following tables present the fair value and the age of gross unrealized losses on debt securities available-for-sale by investment category as of the dates presented:
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Schedule of Unrealized Gains and Losses, Net of Tax, of Debt Securities Available-for-Sale | The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive loss, for the periods presented:
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Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities | The amortized cost and fair value of debt securities available-for-sale at September 30, 2018 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Unrealized Gains and Losses on Marketable Equity Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented:
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Loans and Loans Held for Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Loans | The following table indicates the composition of loans as of the dates presented:
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Schedule of Restructured Loans for Periods Presented | The following tables present the restructured loans by loan segment and by type of concession for the three and nine months ended September 30, 2018 and 2017:
The following table summarizes restructured loans as of the dates presented:
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Schedule of Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
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Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
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Schedule of Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings | The following tables present the recorded investment in commercial loan classes by internally assigned risk ratings as of the dates presented:
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Schedule of Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status | The following tables present the recorded investment in consumer loan classes by performing and nonperforming status as of the dates presented:
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Schedule of Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following tables summarize average recorded investment in and interest income recognized on loans considered to be impaired for the periods presented:
The following table summarizes investments in loans considered to be impaired and related information on those impaired loans as of the dates presented:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Allowance for Loan Losses | The following tables detail activity in the ALLL for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the ALLL and recorded investments in loans by category as of the periods presented:
|
Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Derivative Assets | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented:
(1) Amounts represent collateral received for the periods presented. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Liabilities | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented:
(1) Amounts represent collateral received for the periods presented. |
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Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the periods presented:
|
Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information Pertaining to Borrowings | Information pertaining to borrowings is summarized in the table below as of the dates presented:
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented:
|
Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects of Components of Other Comprehensive Loss | The following tables present the change in components of other comprehensive loss for the periods presented, net of tax effects.
|
Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit | The following table summarizes the components of net periodic pension cost for the periods presented:
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 11, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 10, 2018 |
|||
Numerator for Earnings per Share Basic and Diluted: | ||||||||
Net income | $ 30,881 | $ 22,721 | $ 78,480 | $ 63,674 | ||||
Less: Income allocated to participating shares | 87 | 73 | 229 | 214 | ||||
Net Income Allocated to Shareholders | $ 30,794 | $ 22,648 | $ 78,251 | $ 63,460 | ||||
Denominators for Earnings per Share: | ||||||||
Weighted Average Shares Outstanding—Basic (in shares) | 34,799,174 | 34,751,266 | 34,783,175 | 34,722,370 | ||||
Add: Potentially dilutive shares (in shares) | 220,118 | 208,873 | 228,909 | 208,139 | ||||
Denominator for Treasury Stock Method—Diluted (in shares) | 35,019,292 | 34,960,139 | 35,012,084 | 34,930,509 | ||||
Weighted Average Shares Outstanding—Basic (in shares) | 34,799,174 | 34,751,266 | 34,783,175 | 34,722,370 | ||||
Add: Average participating shares outstanding (in shares) | 98,579 | 111,821 | 101,808 | 116,969 | ||||
Denominator for Two-Class Method—Diluted (in shares) | 34,897,753 | 34,863,087 | 34,884,983 | 34,839,339 | ||||
Earnings per share—basic (in dollars per share) | $ 0.89 | $ 0.65 | $ 2.26 | $ 1.83 | ||||
Net Income Available to Shareholders | $ 30,881 | $ 22,721 | $ 78,480 | $ 63,674 | ||||
Earnings per share—diluted (in dollars per share) | $ 0.88 | $ 0.65 | $ 2.24 | $ 1.82 | ||||
Repurchase of warrant | $ 7,700 | $ 7,652 | $ 0 | |||||
Number of shares of common stock that holder of warrants have right to purchase (in shares) | 517,012 | |||||||
Anti-dilutive warrants—exercise price (in dollars per share) | $ 31.53 | $ 31.53 | $ 31.53 | |||||
Warrants | ||||||||
Denominators for Earnings per Share: | ||||||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | [1] | 285,915 | 443,575 | 351,166 | 452,188 | |||
Restricted Stock | ||||||||
Denominators for Earnings per Share: | ||||||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | 113,451 | 92,577 | 113,390 | 95,707 | ||||
|
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
||||||
---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Transfers between Level 1 to Level 2 | $ 0 | $ 0 | ||||||
ASSETS | ||||||||
Debt securities available-for-sale | 677,221,000 | 693,147,000 | ||||||
Marketable equity securities | 5,314,000 | 5,144,000 | ||||||
U.S. Treasury securities | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 9,556,000 | 19,789,000 | ||||||
Obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 136,984,000 | 162,193,000 | ||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 137,660,000 | 108,688,000 | ||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 26,450,000 | 32,854,000 | ||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 244,596,000 | 242,221,000 | [1] | |||||
Obligations of states and political subdivisions | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 121,975,000 | 127,402,000 | ||||||
Fair Value Measurements, Recurring | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 677,221,000 | 693,147,000 | ||||||
Marketable equity securities | [2] | 5,314,000 | 5,144,000 | |||||
Total securities | 682,535,000 | 698,291,000 | ||||||
Trading securities held in a Rabbi Trust | 5,377,000 | 5,080,000 | ||||||
Total Assets | 695,650,000 | 706,671,000 | ||||||
LIABILITIES | ||||||||
Total Liabilities | 7,483,000 | 3,060,000 | ||||||
Fair Value Measurements, Recurring | U.S. Treasury securities | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 9,556,000 | 19,789,000 | ||||||
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 136,984,000 | 162,193,000 | ||||||
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 137,660,000 | 108,688,000 | ||||||
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 26,450,000 | 32,854,000 | ||||||
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 244,596,000 | 242,221,000 | ||||||
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 121,975,000 | 127,402,000 | ||||||
Fair Value Measurements, Recurring | Interest rate swaps | ||||||||
ASSETS | ||||||||
Derivative financial assets | 7,448,000 | 3,074,000 | ||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 7,483,000 | 3,055,000 | ||||||
Fair Value Measurements, Recurring | Interest rate lock commitments | ||||||||
ASSETS | ||||||||
Derivative financial assets | 229,000 | 226,000 | ||||||
Fair Value Measurements, Recurring | Forward sale contracts—mortgage loans | ||||||||
ASSETS | ||||||||
Derivative financial assets | 61,000 | |||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 5,000 | |||||||
Fair Value Measurements, Recurring | Level 1 | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Marketable equity securities | [2] | 0 | 0 | |||||
Total securities | 0 | 0 | ||||||
Trading securities held in a Rabbi Trust | 5,377,000 | 5,080,000 | ||||||
Total Assets | 5,377,000 | 5,080,000 | ||||||
LIABILITIES | ||||||||
Total Liabilities | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps | ||||||||
ASSETS | ||||||||
Derivative financial assets | 0 | 0 | ||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Interest rate lock commitments | ||||||||
ASSETS | ||||||||
Derivative financial assets | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts—mortgage loans | ||||||||
ASSETS | ||||||||
Derivative financial assets | 0 | |||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 0 | |||||||
Fair Value Measurements, Recurring | Level 2 | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 677,221,000 | 693,147,000 | ||||||
Marketable equity securities | [2] | 5,314,000 | 5,144,000 | |||||
Total securities | 682,535,000 | 698,291,000 | ||||||
Trading securities held in a Rabbi Trust | 0 | 0 | ||||||
Total Assets | 690,273,000 | 701,591,000 | ||||||
LIABILITIES | ||||||||
Total Liabilities | 7,483,000 | 3,060,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 9,556,000 | 19,789,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 136,984,000 | 162,193,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 137,660,000 | 108,688,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 26,450,000 | 32,854,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 244,596,000 | 242,221,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 121,975,000 | 127,402,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps | ||||||||
ASSETS | ||||||||
Derivative financial assets | 7,448,000 | 3,074,000 | ||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 7,483,000 | 3,055,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||||||||
ASSETS | ||||||||
Derivative financial assets | 229,000 | 226,000 | ||||||
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts—mortgage loans | ||||||||
ASSETS | ||||||||
Derivative financial assets | 61,000 | |||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 5,000 | |||||||
Fair Value Measurements, Recurring | Level 3 | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Marketable equity securities | [2] | 0 | 0 | |||||
Total securities | 0 | 0 | ||||||
Trading securities held in a Rabbi Trust | 0 | 0 | ||||||
Total Assets | 0 | 0 | ||||||
LIABILITIES | ||||||||
Total Liabilities | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||||||||
ASSETS | ||||||||
Debt securities available-for-sale | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps | ||||||||
ASSETS | ||||||||
Derivative financial assets | 0 | 0 | ||||||
LIABILITIES | ||||||||
Derivative financial liabilities | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Interest rate lock commitments | ||||||||
ASSETS | ||||||||
Derivative financial assets | 0 | 0 | ||||||
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts—mortgage loans | ||||||||
ASSETS | ||||||||
Derivative financial assets | $ 0 | |||||||
LIABILITIES | ||||||||
Derivative financial liabilities | $ 0 | |||||||
|
Fair Value Measurements - Assets Measured at Estimated Fair Value on Nonrecurring Basis by Fair Value Hierarchy (Details) - Fair Value, Measurements, Nonrecurring - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |||
ASSETS | |||||
Impaired loans | [1] | 3,577,000 | 6,759,000 | ||
Other real estate owned | [1] | 2,871,000 | 444,000 | ||
Mortgage servicing rights | [1] | 85,000 | 178,000 | ||
Total Assets | [1] | 6,533,000 | 7,381,000 | ||
Level 1 | |||||
ASSETS | |||||
Impaired loans | [1] | 0 | 0 | ||
Other real estate owned | [1] | 0 | 0 | ||
Mortgage servicing rights | [1] | 0 | 0 | ||
Total Assets | [1] | 0 | 0 | ||
Level 2 | |||||
ASSETS | |||||
Impaired loans | [1] | 0 | 0 | ||
Other real estate owned | [1] | 0 | 0 | ||
Mortgage servicing rights | [1] | 0 | 0 | ||
Total Assets | [1] | 0 | 0 | ||
Level 3 | |||||
ASSETS | |||||
Impaired loans | [1] | 3,577,000 | 6,759,000 | ||
Other real estate owned | [1] | 2,871,000 | 444,000 | ||
Mortgage servicing rights | [1] | 85,000 | 178,000 | ||
Total Assets | [1] | $ 6,533,000 | $ 7,381,000 | ||
|
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
ASSETS | |||||
Securities, at fair value | $ 682,535 | $ 698,291 | |||
Portfolio loans, net | 5,747,251 | 5,705,059 | |||
FHLB and other restricted stock | 31,178 | 29,270 | |||
Carrying Value | |||||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | [1] | 132,650 | 117,152 | ||
Securities, at fair value | [1] | 682,535 | 698,291 | ||
Loans held for sale | [1] | 4,207 | 4,485 | ||
Portfolio loans, net | [1] | 5,747,251 | 5,705,059 | ||
Bank owned life insurance | [1] | 73,626 | 72,150 | ||
FHLB and other restricted stock | [1] | 31,178 | 29,270 | ||
Trading securities held in a Rabbi Trust | [1] | 5,377 | 5,080 | ||
Mortgage servicing rights | [1] | 4,421 | 4,133 | ||
LIABILITIES | |||||
Deposits | [1] | 5,467,509 | 5,427,891 | ||
Securities sold under repurchase agreements | [1] | 45,200 | 50,161 | ||
Short-term borrowings | [1] | 535,000 | 540,000 | ||
Long-term borrowings | [1] | 45,434 | 47,301 | ||
Junior subordinated debt securities | [1] | 45,619 | 45,619 | ||
Carrying Value | Interest rate swaps | |||||
ASSETS | |||||
Derivative financial assets | [1] | 7,448 | 3,074 | ||
LIABILITIES | |||||
Derivative financial liabilities | [1] | 7,483 | 3,055 | ||
Carrying Value | Interest rate lock commitments | |||||
ASSETS | |||||
Derivative financial assets | [1] | 229 | 226 | ||
Carrying Value | Forward sale contracts—mortgage loans | |||||
ASSETS | |||||
Derivative financial assets | [1] | 61 | |||
LIABILITIES | |||||
Derivative financial liabilities | [1] | 5 | |||
Fair Value Measurements | |||||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | 132,650 | 117,152 | |||
Securities, at fair value | 682,535 | 698,291 | |||
Loans held for sale | 4,377 | 4,583 | |||
Portfolio loans, net | 5,585,934 | 5,690,292 | |||
Bank owned life insurance | 73,626 | 72,150 | |||
FHLB and other restricted stock | 31,178 | 29,270 | |||
Trading securities held in a Rabbi Trust | 5,377 | 5,080 | |||
Mortgage servicing rights | 5,456 | 4,571 | |||
LIABILITIES | |||||
Deposits | 5,451,776 | 5,426,928 | |||
Securities sold under repurchase agreements | 45,200 | 50,161 | |||
Short-term borrowings | 535,000 | 540,000 | |||
Long-term borrowings | 45,564 | 47,618 | |||
Junior subordinated debt securities | 45,619 | 45,619 | |||
Fair Value Measurements | Interest rate swaps | |||||
ASSETS | |||||
Derivative financial assets | 7,448 | 3,074 | |||
LIABILITIES | |||||
Derivative financial liabilities | 7,483 | 3,055 | |||
Fair Value Measurements | Interest rate lock commitments | |||||
ASSETS | |||||
Derivative financial assets | 229 | 226 | |||
Fair Value Measurements | Forward sale contracts—mortgage loans | |||||
ASSETS | |||||
Derivative financial assets | 61 | ||||
LIABILITIES | |||||
Derivative financial liabilities | 5 | ||||
Fair Value Measurements | Level 1 | |||||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | 132,650 | 117,152 | |||
Securities, at fair value | 0 | 0 | |||
Loans held for sale | 0 | 0 | |||
Portfolio loans, net | 0 | 0 | |||
Bank owned life insurance | 0 | 0 | |||
FHLB and other restricted stock | 0 | 0 | |||
Trading securities held in a Rabbi Trust | 5,377 | 5,080 | |||
Mortgage servicing rights | 0 | 0 | |||
LIABILITIES | |||||
Deposits | 0 | 0 | |||
Securities sold under repurchase agreements | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Junior subordinated debt securities | 0 | 0 | |||
Fair Value Measurements | Level 1 | Interest rate swaps | |||||
ASSETS | |||||
Derivative financial assets | 0 | 0 | |||
LIABILITIES | |||||
Derivative financial liabilities | 0 | 0 | |||
Fair Value Measurements | Level 1 | Interest rate lock commitments | |||||
ASSETS | |||||
Derivative financial assets | 0 | 0 | |||
Fair Value Measurements | Level 1 | Forward sale contracts—mortgage loans | |||||
ASSETS | |||||
Derivative financial assets | 0 | ||||
LIABILITIES | |||||
Derivative financial liabilities | 0 | ||||
Fair Value Measurements | Level 2 | |||||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |||
Securities, at fair value | 682,535 | 698,291 | |||
Loans held for sale | 0 | 0 | |||
Portfolio loans, net | 0 | 0 | |||
Bank owned life insurance | 73,626 | 72,150 | |||
FHLB and other restricted stock | 0 | 0 | |||
Trading securities held in a Rabbi Trust | 0 | 0 | |||
Mortgage servicing rights | 0 | 0 | |||
LIABILITIES | |||||
Deposits | 0 | 0 | |||
Securities sold under repurchase agreements | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term borrowings | 0 | 0 | |||
Junior subordinated debt securities | 0 | 0 | |||
Fair Value Measurements | Level 2 | Interest rate swaps | |||||
ASSETS | |||||
Derivative financial assets | 7,448 | 3,074 | |||
LIABILITIES | |||||
Derivative financial liabilities | 7,483 | 3,055 | |||
Fair Value Measurements | Level 2 | Interest rate lock commitments | |||||
ASSETS | |||||
Derivative financial assets | 229 | 226 | |||
Fair Value Measurements | Level 2 | Forward sale contracts—mortgage loans | |||||
ASSETS | |||||
Derivative financial assets | 61 | ||||
LIABILITIES | |||||
Derivative financial liabilities | 5 | ||||
Fair Value Measurements | Level 3 | |||||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |||
Securities, at fair value | 0 | 0 | |||
Loans held for sale | 4,377 | 4,583 | |||
Portfolio loans, net | 5,585,934 | 5,690,292 | |||
Bank owned life insurance | 0 | 0 | |||
FHLB and other restricted stock | 31,178 | 29,270 | |||
Trading securities held in a Rabbi Trust | 0 | 0 | |||
Mortgage servicing rights | 5,456 | 4,571 | |||
LIABILITIES | |||||
Deposits | 5,451,776 | 5,426,928 | |||
Securities sold under repurchase agreements | 45,200 | 50,161 | |||
Short-term borrowings | 535,000 | 540,000 | |||
Long-term borrowings | 45,564 | 47,618 | |||
Junior subordinated debt securities | 45,619 | 45,619 | |||
Fair Value Measurements | Level 3 | Interest rate swaps | |||||
ASSETS | |||||
Derivative financial assets | 0 | 0 | |||
LIABILITIES | |||||
Derivative financial liabilities | 0 | 0 | |||
Fair Value Measurements | Level 3 | Interest rate lock commitments | |||||
ASSETS | |||||
Derivative financial assets | 0 | 0 | |||
Fair Value Measurements | Level 3 | Forward sale contracts—mortgage loans | |||||
ASSETS | |||||
Derivative financial assets | $ 0 | ||||
LIABILITIES | |||||
Derivative financial liabilities | $ 0 | ||||
|
Securities - Fair Values and Amortized Costs Securities (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | $ 690,834 | ||||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 1,960 | $ 5,645 | [1] | ||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (15,573) | (3,967) | [1] | ||||||||
Debt Securities, Available-for-Sale, Fair Value | 677,221 | 693,147 | |||||||||
Equity Securities, Fair Value | 5,314 | 5,144 | |||||||||
Total Securities, Amortized Cost | 695,284 | ||||||||||
Total Securities, Gross Unrealized Gains | 6,975 | ||||||||||
Total Securities, Gross Unrealized Losses | (3,968) | ||||||||||
Total Securities, Fair Value | 682,535 | 698,291 | |||||||||
U.S. Treasury securities | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 9,956 | 19,943 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 0 | 0 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (400) | (154) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 9,556 | 19,789 | |||||||||
Obligations of U.S. government corporations and agencies | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 139,272 | 162,045 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 0 | 341 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (2,288) | (193) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 136,984 | 162,193 | |||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 141,283 | 109,916 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 0 | 93 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (3,623) | (1,321) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 137,660 | 108,688 | |||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 26,837 | 32,388 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 219 | 679 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (606) | (213) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 26,450 | 32,854 | |||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 253,090 | 244,018 | [2] | ||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 0 | 247 | [2] | ||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (8,494) | (2,044) | [2] | ||||||||
Debt Securities, Available-for-Sale, Fair Value | 244,596 | 242,221 | [2] | ||||||||
Securities purchased pending settlement | 5,900 | ||||||||||
Obligations of states and political subdivisions | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 120,396 | 123,159 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 1,741 | 4,285 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (162) | (42) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 121,975 | 127,402 | |||||||||
Total Debt Securities Available-for-Sale | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Debt Securities, Available-for-Sale, Amortized Cost | 690,834 | 691,469 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 1,960 | 5,645 | |||||||||
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (15,573) | (3,967) | |||||||||
Debt Securities, Available-for-Sale, Fair Value | 677,221 | 693,147 | |||||||||
Marketable equity securities | |||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||
Equity Securities, FV-NI, Cost | [3] | 0 | 3,815 | ||||||||
Equity Securities, FV-NI, Unrealized Gain | [3] | 0 | $ 1,330 | ||||||||
Equity Securities, FV-NI, Unrealized Loss | [3] | 0 | $ (1) | ||||||||
Equity Securities, Fair Value | [3] | $ 0 | $ 5,144 | ||||||||
|
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
security
|
Dec. 31, 2017
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 55 | 36 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 387,477 | $ 271,852 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (8,463) | $ (1,373) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 22 | 15 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 162,251 | $ 113,210 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (7,110) | $ (2,594) |
Temporarily Impaired Debt Securities, Number of Securities | security | 77 | 51 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 549,728 | $ 385,062 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (15,573) | $ (3,967) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 3 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 19,789 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (154) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 1 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 9,556 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (400) | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 1 | 3 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 9,556 | $ 19,789 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (400) | $ (154) |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 17 | 9 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 135,988 | $ 63,635 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (2,280) | $ (144) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 995 | $ 10,017 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (8) | $ (49) |
Temporarily Impaired Debt Securities, Number of Securities | security | 18 | 10 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 136,983 | $ 73,652 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (2,288) | $ (193) |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 10 | 7 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 64,732 | $ 47,465 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (1,365) | $ (248) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 8 | 7 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 48,308 | $ 45,809 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (2,258) | $ (1,073) |
Temporarily Impaired Debt Securities, Number of Securities | security | 18 | 14 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 113,040 | $ 93,274 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (3,623) | $ (1,321) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 4 | 1 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 9,361 | $ 2,333 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (182) | $ (10) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 2 | 2 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 7,194 | $ 8,638 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (424) | $ (203) |
Temporarily Impaired Debt Securities, Number of Securities | security | 6 | 3 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 16,555 | $ 10,971 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (606) | $ (213) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 17 | 14 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 148,398 | $ 128,300 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (4,474) | $ (775) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 10 | 5 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 96,198 | $ 48,746 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ (4,020) | $ (1,269) |
Temporarily Impaired Debt Securities, Number of Securities | security | 27 | 19 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 244,596 | $ 177,046 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (8,494) | $ (2,044) |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 7 | 2 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 28,998 | $ 10,330 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (162) | $ (42) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 7 | 2 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 28,998 | $ 10,330 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (162) | $ (42) |
Securities - Additional Information (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
security
|
Jan. 01, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
security
|
|||
---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of debt securities in unrealized loss position | security | 77 | 51 | ||||
Securities pledged for regulatory and legal requirements | $ 270,000 | $ 249,000 | ||||
ASU No. 2016-01 | Accumulated Other Comprehensive (Loss)/Income | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Reclassification of net unrealized gains on equity securities (from) AOCI to Retained Earnings | $ (900) | (862) | [1] | |||
ASU No. 2016-01 | Retained Earnings | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Reclassification of net unrealized gains on equity securities (from) AOCI to Retained Earnings | $ 900 | $ 862 | [1] | |||
|
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||||||||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 1,960 | $ 5,645 | [1] | |||||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (15,573) | (3,967) | [1] | |||||
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized (Losses)/Gains | (13,613) | 1,678 | [1] | |||||
Income tax (expense) benefit, Gross Unrealized Gains | (416) | (1,982) | ||||||
Income tax (expense) benefit, Gross Unrealized Losses | 3,307 | 1,393 | ||||||
Income tax (expense) benefit, Net Unrealized (Losses)/Gains | 2,891 | (589) | ||||||
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Gains | 1,544 | 3,663 | ||||||
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Losses | (12,266) | (2,574) | ||||||
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss, Net Unrealized (Losses)/Gains | $ (10,722) | 1,089 | ||||||
Retained Earnings | ASU No. 2016-01 | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Reclassification of net unrealized gains on equity securities (from) AOCI to Retained Earnings | $ 900 | 862 | [2] | |||||
AOCI | ASU No. 2016-01 | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Reclassification of net unrealized gains on equity securities (from) AOCI to Retained Earnings | $ (900) | $ (862) | [2] | |||||
|
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Amortized Cost | |||||
Debt Securities, Available-for-Sale, Amortized Cost | $ 690,834 | ||||
Fair Value | |||||
Debt Securities, Available-for-Sale, Fair Value | 677,221 | $ 693,147 | |||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions | |||||
Amortized Cost | |||||
Due in one year or less | 20,871 | ||||
Due after one year through five years | 147,573 | ||||
Due after five years through ten years | 72,590 | ||||
Due after ten years | 28,590 | ||||
Debt Securities Available-for-sale, Maturity, Amortized Cost | 269,624 | ||||
Fair Value | |||||
Due in one year or less | 20,878 | ||||
Due after one year through five years | 146,653 | ||||
Due after five years through ten years | 71,938 | ||||
Due after ten years | 29,046 | ||||
Debt Securities Available-for-sale, Maturity, Fair Value | 268,515 | ||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||
Amortized Cost | |||||
Debt Securities Available-for-Sale With Maturities | 141,283 | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 141,283 | 109,916 | |||
Fair Value | |||||
Debt Securities Available-for-Sale With Maturities | 137,660 | ||||
Debt Securities, Available-for-Sale, Fair Value | 137,660 | 108,688 | |||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||
Amortized Cost | |||||
Debt Securities Available-for-Sale With Maturities | 26,837 | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 26,837 | 32,388 | |||
Fair Value | |||||
Debt Securities Available-for-Sale With Maturities | 26,450 | ||||
Debt Securities, Available-for-Sale, Fair Value | 26,450 | 32,854 | |||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||
Amortized Cost | |||||
Debt Securities Available-for-Sale With Maturities | 253,090 | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 253,090 | 244,018 | [1] | ||
Fair Value | |||||
Debt Securities Available-for-Sale With Maturities | 244,596 | ||||
Debt Securities, Available-for-Sale, Fair Value | $ 244,596 | $ 242,221 | [1] | ||
|
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net market (losses)/gains recognized | $ (111) | $ 318 | $ 171 | $ 5,542 |
Less: Net gains recognized for equity securities sold | 0 | 0 | 0 | 3,987 |
Unrealized (Losses)/Gains on Equity Securities Still Held | $ (111) | $ 318 | $ 171 | $ 1,555 |
Loans and Loans Held for Sale - Additional Information (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
loan
|
Mar. 31, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
loan
|
Sep. 30, 2018
USD ($)
loan
|
Sep. 30, 2017
USD ($)
loan
|
Dec. 31, 2017
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, net of unearned income | $ 5,400,000 | $ 5,400,000 | $ 5,200,000 | |||
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | |||||
Number of troubled debt restructuring loans returned to accruing status | loan | 0 | 0 | 0 | 1 | ||
Amount of trouble debt restructuring loans returned to accruing status | $ 0 | $ 0 | $ 0 | $ 2,000,000 | ||
Number of commitments to lend additional funds on TDRs | loan | 12 | 12 | ||||
Commitments to lend additional funds on TDRs | $ 6,500,000 | $ 6,500,000 | ||||
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | |||||
Number of defaulted TDRs that were restructured within the last twelve months prior to defaulting | loan | 0 | 0 | 0 | 0 | ||
Increase in other real estate | $ 2,600,000 | |||||
Land lots | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Increase in other real estate | $ 2,500,000 | |||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of commercial loans in total portfolio loans | 79.00% | 79.00% | 78.00% | |||
Commercial loans | $ 4,561,526,000 | $ 4,561,526,000 | $ 4,503,594,000 | |||
Commercial real estate and commercial construction | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial loans | $ 3,100,000,000 | $ 3,100,000,000 | $ 3,100,000,000 | |||
Combined percentage of commercial real estate and commercial construction in total commercial loans | 68.00% | 68.00% | 68.00% | |||
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 54.00% | 54.00% | 53.00% | |||
Concentration risk percentage of commercial real estate and commercial construction | 0.00% | 0.00% | ||||
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 14.00% | 14.00% | 14.00% | |||
Out of market exposure of combined portfolio (percent) | 5.50% | 5.50% | 5.20% | |||
Percentage of total loans out-of-state excluding contiguous states | 2.90% | 2.90% | 2.80% |
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 5,807,807 | $ 5,761,449 |
Loans held for sale | 4,207 | 4,485 |
Total Loans | 5,812,014 | 5,765,934 |
Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,685,994 | |
Total Loans | 2,826,372 | 2,685,994 |
Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,433,266 | |
Total Loans | 1,451,371 | 1,433,266 |
Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 384,334 | |
Total Loans | 283,783 | 384,334 |
Residential mortgage | ||
Composition of the loans | ||
Total Loans | 699,867 | 698,774 |
Home equity | ||
Composition of the loans | ||
Total Loans | 472,451 | 487,326 |
Installment and other consumer | ||
Composition of the loans | ||
Total Loans | 67,542 | 67,204 |
Consumer construction | ||
Composition of the loans | ||
Total Loans | 6,421 | 4,551 |
Commercial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 4,561,526 | 4,503,594 |
Commercial | Commercial real estate | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 2,826,372 | 2,685,994 |
Commercial | Commercial and industrial | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,451,371 | 1,433,266 |
Commercial | Commercial construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 283,783 | 384,334 |
Consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 1,246,281 | 1,257,855 |
Consumer | Residential mortgage | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 699,867 | 698,774 |
Consumer | Home equity | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 472,451 | 487,326 |
Consumer | Installment and other consumer | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | 67,542 | 67,204 |
Consumer | Consumer construction | ||
Composition of the loans | ||
Portfolio loans, net of unearned income | $ 6,421 | $ 4,551 |
Loans and Loans Held for Sale - Summary of Restructured Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | $ 633 | $ 1,471 | $ 11,699 | $ 4,522 | |||
Commercial real estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | 250 | 400 | 250 | 500 | |||
Commercial and industrial | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | 0 | 816 | 10,348 | 3,044 | |||
Residential mortgage | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | 186 | 0 | 380 | 32 | |||
Home equity | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | 191 | 70 | 715 | 726 | |||
Installment and other consumer | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | [1] | $ 6 | $ 185 | 6 | $ 220 | |||
Performing TDRs | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 22,226 | $ 14,901 | ||||||
Performing TDRs | Commercial real estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 2,095 | 2,579 | ||||||
Performing TDRs | Commercial and industrial | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 11,874 | 3,946 | ||||||
Performing TDRs | Commercial construction | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 2,400 | 2,420 | ||||||
Performing TDRs | Residential mortgage | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 2,229 | 2,039 | ||||||
Performing TDRs | Home equity | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 3,612 | 3,885 | ||||||
Performing TDRs | Installment and other consumer | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 16 | 32 | ||||||
Nonperforming TDRs | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 7,143 | 11,150 | ||||||
Nonperforming TDRs | Commercial real estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 1,152 | 967 | ||||||
Nonperforming TDRs | Commercial and industrial | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 2,260 | 3,197 | ||||||
Nonperforming TDRs | Commercial construction | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 408 | 2,413 | ||||||
Nonperforming TDRs | Residential mortgage | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 1,913 | 3,585 | ||||||
Nonperforming TDRs | Home equity | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 1,404 | 979 | ||||||
Nonperforming TDRs | Installment and other consumer | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 6 | 9 | ||||||
Total TDRs | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 29,369 | 26,051 | ||||||
Total TDRs | Commercial real estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 3,247 | 3,546 | ||||||
Total TDRs | Commercial and industrial | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 14,134 | 7,143 | ||||||
Total TDRs | Commercial construction | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 2,808 | 4,833 | ||||||
Total TDRs | Residential mortgage | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 4,142 | 5,624 | ||||||
Total TDRs | Home equity | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | 5,016 | 4,864 | ||||||
Total TDRs | Installment and other consumer | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
Restructured loans | $ 22 | $ 41 | ||||||
|
Loans and Loans Held for Sale - Restructured Loans By Segment and Type of Concession (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
loan
|
Sep. 30, 2017
USD ($)
loan
|
Sep. 30, 2018
USD ($)
loan
|
Sep. 30, 2017
USD ($)
loan
|
|||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 10 | 15 | 37 | 33 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 649 | $ 1,094 | $ 12,438 | $ 4,204 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 633 | 1,471 | 11,699 | 4,522 | |||||
Total Difference in Recorded Investment | $ (16) | $ 377 | $ (739) | $ 318 | ||||||
Maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 1 | 2 | 3 | 3 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 256 | $ 674 | $ 1,024 | $ 905 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 250 | 1,216 | 907 | 1,447 | |||||
Total Difference in Recorded Investment | $ (6) | $ 542 | $ (117) | $ 542 | ||||||
Principal deferral | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 3 | 2 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,815 | $ 529 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,466 | 529 | |||||||
Total Difference in Recorded Investment | $ (349) | $ 0 | ||||||||
Principal deferral and maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 6 | 0 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,355 | $ 0 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 5,225 | 0 | |||||||
Total Difference in Recorded Investment | $ (130) | $ 0 | ||||||||
Maturity date extension and interest rate reduction | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 2 | 3 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 47 | $ 1,972 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 47 | 1,919 | |||||||
Total Difference in Recorded Investment | $ 0 | $ (53) | ||||||||
Chapter 7 bankruptcy | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | [2] | 9 | 13 | 23 | 25 | |||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 393 | $ 420 | $ 1,197 | $ 798 | |||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 383 | 255 | 1,054 | 627 | |||||
Total Difference in Recorded Investment | [2] | $ (10) | $ (165) | $ (143) | $ (171) | |||||
Commercial real estate | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 1 | 1 | 1 | 2 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 256 | $ 400 | $ 256 | $ 500 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 250 | 400 | 250 | 500 | |||||
Total Difference in Recorded Investment | $ (6) | $ 0 | $ (6) | $ 0 | ||||||
Commercial real estate | Maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 1 | 1 | 1 | 1 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 256 | $ 400 | $ 256 | $ 400 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 250 | 400 | 250 | 400 | |||||
Total Difference in Recorded Investment | $ (6) | $ 0 | $ (6) | $ 0 | ||||||
Commercial real estate | Principal deferral | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 0 | 1 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 100 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 100 | |||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||||||||
Commercial and industrial | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 0 | 1 | 11 | 4 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 274 | $ 10,938 | $ 2,502 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 816 | 10,348 | 3,044 | |||||
Total Difference in Recorded Investment | $ 0 | $ 542 | $ (590) | $ 542 | ||||||
Commercial and industrial | Maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 0 | 1 | 2 | 1 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 274 | $ 768 | $ 274 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 816 | 657 | 816 | |||||
Total Difference in Recorded Investment | $ 0 | $ 542 | $ (111) | $ 542 | ||||||
Commercial and industrial | Principal deferral | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 3 | 1 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 4,815 | $ 429 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 4,466 | 429 | |||||||
Total Difference in Recorded Investment | $ (349) | $ 0 | ||||||||
Commercial and industrial | Principal deferral and maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 6 | 0 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 5,355 | $ 0 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 5,225 | 0 | |||||||
Total Difference in Recorded Investment | $ (130) | $ 0 | ||||||||
Commercial and industrial | Maturity date extension and interest rate reduction | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 0 | 2 | ||||||||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,799 | [1] | |||||||
Post-Modification Outstanding Recorded Investment | 0 | 1,799 | [1] | |||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||||||||
Residential mortgage | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 2 | 1 | 5 | 2 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 188 | $ 148 | $ 387 | $ 181 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 186 | 0 | 380 | 32 | |||||
Total Difference in Recorded Investment | $ (2) | $ (148) | $ (7) | $ (149) | ||||||
Residential mortgage | Chapter 7 bankruptcy | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | [2] | 2 | 1 | 5 | 2 | |||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 188 | $ 148 | $ 387 | $ 181 | |||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 186 | 0 | 380 | 32 | |||||
Total Difference in Recorded Investment | [2] | $ (2) | $ (148) | $ (7) | $ (149) | |||||
Home equity | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 6 | 4 | 19 | 15 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 193 | $ 72 | $ 845 | $ 784 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 191 | 70 | 715 | 726 | |||||
Total Difference in Recorded Investment | $ (2) | $ (2) | $ (130) | $ (58) | ||||||
Home equity | Maturity date extension | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 0 | 1 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 231 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 0 | 231 | |||||||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||||||||
Home equity | Maturity date extension and interest rate reduction | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 2 | 1 | ||||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 47 | $ 173 | |||||||
Post-Modification Outstanding Recorded Investment | [1] | 47 | 120 | |||||||
Total Difference in Recorded Investment | $ 0 | $ (53) | ||||||||
Home equity | Chapter 7 bankruptcy | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | [2] | 6 | 4 | 17 | 13 | |||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 193 | $ 72 | $ 798 | $ 380 | |||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 191 | 70 | 668 | 375 | |||||
Total Difference in Recorded Investment | [2] | $ (2) | $ (2) | $ (130) | $ (5) | |||||
Installment and other consumer | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | 1 | 8 | 1 | 10 | ||||||
Pre-Modification Outstanding Recorded Investment | [1] | $ 12 | $ 200 | $ 12 | $ 237 | |||||
Post-Modification Outstanding Recorded Investment | [1] | 6 | 185 | 6 | 220 | |||||
Total Difference in Recorded Investment | $ (6) | $ (15) | $ (6) | $ (17) | ||||||
Installment and other consumer | Chapter 7 bankruptcy | ||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||
Number of Loans | loan | [2] | 1 | 8 | 1 | 10 | |||||
Pre-Modification Outstanding Recorded Investment | [1],[2] | $ 12 | $ 200 | $ 12 | $ 237 | |||||
Post-Modification Outstanding Recorded Investment | [1],[2] | 6 | 185 | 6 | 220 | |||||
Total Difference in Recorded Investment | [2] | $ (6) | $ (15) | $ (6) | $ (17) | |||||
|
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Nonperforming Assets | ||
Nonaccrual loans | $ 13,596 | $ 12,788 |
Nonaccrual TDRs | 7,143 | 11,150 |
Total Nonaccrual Loans | 20,739 | 23,938 |
OREO | 3,068 | 469 |
Total Nonperforming Assets | $ 23,807 | $ 24,407 |
Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 5,781,619 | $ 5,730,074 |
Non - performing | 20,739 | 23,938 |
Past due | 30,395 | 35,860 |
Total Loans | 5,812,014 | 5,765,934 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,820,689 | 2,681,395 |
Non - performing | 4,595 | 3,468 |
Past due | 5,683 | 4,599 |
Total Loans | 2,826,372 | 2,685,994 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,445,433 | 1,426,754 |
Non - performing | 4,367 | 5,646 |
Past due | 5,938 | 6,512 |
Total Loans | 1,451,371 | 1,433,266 |
Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 282,489 | 377,968 |
Non - performing | 1,228 | 3,873 |
Past due | 1,294 | 6,366 |
Total Loans | 283,783 | 384,334 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 689,464 | 687,195 |
Non - performing | 6,721 | 7,165 |
Past due | 10,403 | 11,579 |
Total Loans | 699,867 | 698,774 |
Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 465,625 | 480,956 |
Non - performing | 3,783 | 3,715 |
Past due | 6,826 | 6,370 |
Total Loans | 472,451 | 487,326 |
Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 67,291 | 66,770 |
Non - performing | 45 | 71 |
Past due | 251 | 434 |
Total Loans | 67,542 | 67,204 |
Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,421 | 4,551 |
Non - performing | 0 | 0 |
Past due | 0 | 0 |
Total Loans | 6,421 | 4,551 |
Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,207 | 4,485 |
Non - performing | 0 | 0 |
Past due | 0 | 0 |
Total Loans | 4,207 | 4,485 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 7,097 | 9,123 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 664 | 997 |
30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,400 | 420 |
30 to 59 Days Past Due | Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 66 | 2,473 |
30 to 59 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,242 | 2,975 |
30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,590 | 2,065 |
30 to 59 Days Past Due | Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 135 | 193 |
30 to 59 Days Past Due | Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
30 to 59 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,559 | 2,799 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 424 | 134 |
60 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 171 | 446 |
60 to 89 Days Past Due | Commercial construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 20 |
60 to 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,440 | 1,439 |
60 to 89 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 453 | 590 |
60 to 89 Days Past Due | Installment and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 71 | 170 |
60 to 89 Days Past Due | Consumer construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
60 to 89 Days Past Due | Loans Held for Sale | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 0 | $ 0 |
Allowance for Loan Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Details) - Commercial - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,561,526 | $ 4,503,594 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 4,277,902 | $ 4,302,762 |
Total percentage of recorded investment in commercial loan | 93.80% | 95.50% |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 125,126 | $ 130,101 |
Total percentage of recorded investment in commercial loan | 2.70% | 2.90% |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 158,498 | $ 70,731 |
Total percentage of recorded investment in commercial loan | 3.50% | 1.60% |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,826,372 | $ 2,685,994 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 2,665,516 | $ 2,588,847 |
Total percentage of recorded investment in commercial loan | 94.30% | 96.40% |
Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 76,906 | $ 66,436 |
Total percentage of recorded investment in commercial loan | 2.70% | 2.50% |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 83,950 | $ 30,711 |
Total percentage of recorded investment in commercial loan | 3.00% | 1.10% |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,451,371 | $ 1,433,266 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial and industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,356,159 | $ 1,345,810 |
Total percentage of recorded investment in commercial loan | 93.40% | 93.90% |
Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 38,306 | $ 54,320 |
Total percentage of recorded investment in commercial loan | 2.60% | 3.80% |
Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 56,906 | $ 33,136 |
Total percentage of recorded investment in commercial loan | 4.00% | 2.30% |
Commercial construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 283,783 | $ 384,334 |
Total percentage of recorded investment in commercial loan | 100.00% | 100.00% |
Commercial construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 256,227 | $ 368,105 |
Total percentage of recorded investment in commercial loan | 90.30% | 95.80% |
Commercial construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 9,914 | $ 9,345 |
Total percentage of recorded investment in commercial loan | 3.50% | 2.40% |
Commercial construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 17,642 | $ 6,884 |
Total percentage of recorded investment in commercial loan | 6.20% | 1.80% |
Allowance for Loan Losses - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans considered nonperforming (in days) | 90 days | ||||
Threshold for evaluation for impairment of substandard and nonaccrual commercial loans | $ 500,000.0 | $ 500,000.0 | |||
Change-off arising from participation loan agreement | 1,234,000 | $ 2,660,000 | 11,311,000 | $ 11,423,000 | |
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Change-off arising from participation loan agreement | 141,000 | 37,000 | 373,000 | 2,100,000 | |
Other consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Change-off arising from participation loan agreement | 425,000 | $ 425,000 | 1,298,000 | $ 1,228,000 | |
Other consumer | Vehicles and Equipment Liens | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Change-off arising from participation loan agreement | $ 5,200,000 | ||||
Participating loans, total exposure | 4,900,000 | ||||
Participating loans, direct exposure | $ 950,000 | ||||
Participating loans, recoveries | $ 100,000 | ||||
Substandard | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase in substandard loans resulted in loans downgraded | $ 87,800,000 |
Allowance for Loan Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Details) - Consumer - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,246,281 | $ 1,257,855 |
Percentage of Total | 100.00% | 100.00% |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 1,235,732 | $ 1,246,904 |
Percentage of Total | 99.20% | 99.10% |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 10,549 | $ 10,951 |
Percentage of Total | 0.80% | 0.90% |
Residential mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 699,867 | $ 698,774 |
Percentage of Total | 100.00% | 100.00% |
Residential mortgage | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 693,146 | $ 691,609 |
Percentage of Total | 99.00% | 99.00% |
Residential mortgage | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 6,721 | $ 7,165 |
Percentage of Total | 1.00% | 1.00% |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 472,451 | $ 487,326 |
Percentage of Total | 100.00% | 100.00% |
Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 468,668 | $ 483,611 |
Percentage of Total | 99.20% | 99.20% |
Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 3,783 | $ 3,715 |
Percentage of Total | 0.80% | 0.80% |
Installment and other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 67,542 | $ 67,204 |
Percentage of Total | 100.00% | 100.00% |
Installment and other consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 67,497 | $ 67,133 |
Percentage of Total | 99.90% | 99.90% |
Installment and other consumer | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 45 | $ 71 |
Percentage of Total | 0.10% | 0.10% |
Consumer construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 6,421 | $ 4,551 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 6,421 | $ 4,551 |
Percentage of Total | 100.00% | 100.00% |
Consumer construction | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivables, recorded investment | $ 0 | $ 0 |
Percentage of Total | 0.00% | 0.00% |
Allowance for Loan Losses - Investments in Loans Considered to be Impaired and Related Information on Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | $ 520 | $ 520 | $ 1,783 | ||
With a related allowance recorded, Unpaid Principal Balance | 520 | 520 | 1,835 | ||
Impaired financing receivable, Related Allowance | 294 | 294 | 77 | ||
Without a related allowance recorded, Recorded Investment | 30,208 | 30,208 | 25,040 | ||
Without a related allowance, Unpaid Principal Balance | 34,811 | 34,811 | 31,302 | ||
Impaired Financing Receivable, Recorded Investment, Total | 30,728 | 30,728 | 26,823 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 35,331 | 35,331 | 33,137 | ||
With a related allowance recorded, Average Recorded Investment | 528 | $ 2,461 | 28,321 | $ 36,321 | |
With a related allowance recorded, Interest Income Recognized | 1 | 40 | 862 | 881 | |
Without a related allowance recorded, Average Recorded Investment | 30,298 | 33,806 | 622 | 1,277 | |
Without a related allowance recorded, Interest Income Recognized | 287 | 639 | 2 | 46 | |
Impaired financing receivable, Average Recorded Investment, Total | 30,826 | 36,267 | 28,943 | 37,598 | |
Impaired financing Receivable, Interest Income Recognized, Total | 288 | 679 | 864 | 927 | |
Commercial real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Impaired financing receivable, Related Allowance | 0 | 0 | 0 | ||
Without a related allowance recorded, Recorded Investment | 3,703 | 3,703 | 3,546 | ||
Without a related allowance, Unpaid Principal Balance | 4,069 | 4,069 | 3,811 | ||
Impaired Financing Receivable, Recorded Investment, Total | 3,703 | 3,703 | 3,546 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 4,069 | 4,069 | 3,811 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 0 | 3,895 | 6,577 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 126 | 140 | |
Without a related allowance recorded, Average Recorded Investment | 3,744 | 6,415 | 0 | 0 | |
Without a related allowance recorded, Interest Income Recognized | 41 | 105 | 0 | 0 | |
Impaired financing receivable, Average Recorded Investment, Total | 3,744 | 6,415 | 3,895 | 6,577 | |
Impaired financing Receivable, Interest Income Recognized, Total | 41 | 105 | 126 | 140 | |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 0 | 0 | 1,735 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | 0 | 1,787 | ||
Impaired financing receivable, Related Allowance | 0 | 0 | 29 | ||
Without a related allowance recorded, Recorded Investment | 14,548 | 14,548 | 5,549 | ||
Without a related allowance, Unpaid Principal Balance | 16,271 | 16,271 | 7,980 | ||
Impaired Financing Receivable, Recorded Investment, Total | 14,548 | 14,548 | 7,284 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 16,271 | 16,271 | 9,767 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 2,406 | 11,567 | 11,001 | |
With a related allowance recorded, Interest Income Recognized | 0 | 37 | 232 | 164 | |
Without a related allowance recorded, Average Recorded Investment | 14,412 | 9,074 | 0 | 1,218 | |
Without a related allowance recorded, Interest Income Recognized | 73 | 130 | 0 | 44 | |
Impaired financing receivable, Average Recorded Investment, Total | 14,412 | 11,480 | 11,567 | 12,219 | |
Impaired financing Receivable, Interest Income Recognized, Total | 73 | 167 | 232 | 208 | |
Commercial construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 490 | 490 | 0 | ||
With a related allowance recorded, Unpaid Principal Balance | 489 | 489 | 0 | ||
Impaired financing receivable, Related Allowance | 268 | 268 | 0 | ||
Without a related allowance recorded, Recorded Investment | 2,808 | 2,808 | 5,464 | ||
Without a related allowance, Unpaid Principal Balance | 4,318 | 4,318 | 8,132 | ||
Impaired Financing Receivable, Recorded Investment, Total | 3,298 | 3,298 | 5,464 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 4,807 | 4,807 | 8,132 | ||
With a related allowance recorded, Average Recorded Investment | 496 | 0 | 2,813 | 7,222 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | 134 | 194 | |
Without a related allowance recorded, Average Recorded Investment | 2,809 | 7,140 | 585 | 0 | |
Without a related allowance recorded, Interest Income Recognized | 61 | 154 | 0 | 0 | |
Impaired financing receivable, Average Recorded Investment, Total | 3,305 | 7,140 | 3,398 | 7,222 | |
Impaired financing Receivable, Interest Income Recognized, Total | 61 | 154 | 134 | 194 | |
Consumer real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 15 | 15 | 21 | ||
With a related allowance recorded, Unpaid Principal Balance | 15 | 15 | 21 | ||
Impaired financing receivable, Related Allowance | 10 | 10 | 21 | ||
Without a related allowance recorded, Recorded Investment | 9,142 | 9,142 | 10,467 | ||
Without a related allowance, Unpaid Principal Balance | 10,138 | 10,138 | 11,357 | ||
Impaired Financing Receivable, Recorded Investment, Total | 9,157 | 9,157 | 10,488 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 10,153 | 10,153 | 11,378 | ||
With a related allowance recorded, Average Recorded Investment | 15 | 23 | 10,031 | 11,488 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | 370 | 382 | |
Without a related allowance recorded, Average Recorded Investment | 9,320 | 11,149 | 16 | 24 | |
Without a related allowance recorded, Interest Income Recognized | 112 | 250 | 1 | 1 | |
Impaired financing receivable, Average Recorded Investment, Total | 9,335 | 11,172 | 10,047 | 11,512 | |
Impaired financing Receivable, Interest Income Recognized, Total | 112 | 251 | 371 | 383 | |
Other consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
With a related allowance recorded, Recorded Investment | 15 | 15 | 27 | ||
With a related allowance recorded, Unpaid Principal Balance | 16 | 16 | 27 | ||
Impaired financing receivable, Related Allowance | 16 | 16 | 27 | ||
Without a related allowance recorded, Recorded Investment | 7 | 7 | 14 | ||
Without a related allowance, Unpaid Principal Balance | 15 | 15 | 22 | ||
Impaired Financing Receivable, Recorded Investment, Total | 22 | 22 | 41 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 31 | 31 | $ 49 | ||
With a related allowance recorded, Average Recorded Investment | 17 | 32 | 15 | 33 | |
With a related allowance recorded, Interest Income Recognized | 1 | 2 | 0 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 13 | 28 | 21 | 35 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 0 | 1 | 1 | |
Impaired financing receivable, Average Recorded Investment, Total | 30 | 60 | 36 | 68 | |
Impaired financing Receivable, Interest Income Recognized, Total | $ 1 | $ 2 | $ 1 | $ 2 |
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | $ 60,517 | $ 55,351 | $ 56,390 | $ 52,775 |
Charge-offs | (1,234) | (2,660) | (11,311) | (11,423) |
Recoveries | 811 | 1,171 | 3,198 | 2,459 |
Net (Charge-offs)/ Recoveries | (423) | (1,489) | (8,113) | (8,964) |
Provision for loan losses | 462 | 2,850 | 12,279 | 12,901 |
Balance at End of Period | 60,556 | 56,712 | 60,556 | 56,712 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 31,232 | 24,358 | 27,235 | 19,976 |
Charge-offs | (141) | (37) | (373) | (2,100) |
Recoveries | 64 | 182 | 293 | 415 |
Net (Charge-offs)/ Recoveries | (77) | 145 | (80) | (1,685) |
Provision for loan losses | 1,735 | 472 | 5,735 | 6,684 |
Balance at End of Period | 32,890 | 24,975 | 32,890 | 24,975 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 10,874 | 9,256 | 8,966 | 10,810 |
Charge-offs | (181) | (644) | (8,403) | (4,041) |
Recoveries | 504 | 243 | 985 | 499 |
Net (Charge-offs)/ Recoveries | 323 | (401) | (7,418) | (3,542) |
Provision for loan losses | (971) | 859 | 8,678 | 2,446 |
Balance at End of Period | 10,226 | 9,714 | 10,226 | 9,714 |
Commercial construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 11,676 | 13,944 | 13,167 | 13,999 |
Charge-offs | 0 | (1,453) | (321) | (2,097) |
Recoveries | 4 | 473 | 1,134 | 842 |
Net (Charge-offs)/ Recoveries | 4 | (980) | 813 | (1,255) |
Provision for loan losses | (765) | 1,951 | (3,065) | 2,171 |
Balance at End of Period | 10,915 | 14,915 | 10,915 | 14,915 |
Consumer real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 5,241 | 5,803 | 5,479 | 6,095 |
Charge-offs | (487) | (101) | (916) | (1,957) |
Recoveries | 70 | 91 | 393 | 270 |
Net (Charge-offs)/ Recoveries | (417) | (10) | (523) | (1,687) |
Provision for loan losses | 214 | (262) | 82 | 1,123 |
Balance at End of Period | 5,038 | 5,531 | 5,038 | 5,531 |
Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,494 | 1,990 | 1,543 | 1,895 |
Charge-offs | (425) | (425) | (1,298) | (1,228) |
Recoveries | 169 | 182 | 393 | 433 |
Net (Charge-offs)/ Recoveries | (256) | (243) | (905) | (795) |
Provision for loan losses | 249 | (170) | 849 | 477 |
Balance at End of Period | $ 1,487 | $ 1,577 | $ 1,487 | $ 1,577 |
Allowance for Loan Losses - Summary of Allowance for Loan Losses and Recorded Investments (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 294 | $ 77 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 60,262 | 56,313 | ||||
Total Allowance for Loan Losses | 60,556 | $ 60,517 | 56,390 | $ 56,712 | $ 55,351 | $ 52,775 |
Portfolio Loans, Individually Evaluated for Impairment | 30,728 | 26,823 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 5,777,079 | 5,734,626 | ||||
Total Portfolio Loans | 5,807,807 | 5,761,449 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 32,890 | 27,235 | ||||
Total Allowance for Loan Losses | 32,890 | 31,232 | 27,235 | 24,975 | 24,358 | 19,976 |
Portfolio Loans, Individually Evaluated for Impairment | 3,703 | 3,546 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 2,822,669 | 2,682,448 | ||||
Total Portfolio Loans | 2,685,994 | |||||
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 29 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 10,226 | 8,937 | ||||
Total Allowance for Loan Losses | 10,226 | 10,874 | 8,966 | 9,714 | 9,256 | 10,810 |
Portfolio Loans, Individually Evaluated for Impairment | 14,548 | 7,284 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,436,823 | 1,425,982 | ||||
Total Portfolio Loans | 1,433,266 | |||||
Commercial construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 268 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 10,647 | 13,167 | ||||
Total Allowance for Loan Losses | 10,915 | 11,676 | 13,167 | 14,915 | 13,944 | 13,999 |
Portfolio Loans, Individually Evaluated for Impairment | 3,298 | 5,464 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 280,485 | 378,870 | ||||
Total Portfolio Loans | 384,334 | |||||
Consumer real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 10 | 21 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,028 | 5,458 | ||||
Total Allowance for Loan Losses | 5,038 | 5,241 | 5,479 | 5,531 | 5,803 | 6,095 |
Portfolio Loans, Individually Evaluated for Impairment | 9,157 | 10,488 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,169,582 | 1,180,163 | ||||
Total Portfolio Loans | 1,178,739 | 1,190,651 | ||||
Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 16 | 27 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,471 | 1,516 | ||||
Total Allowance for Loan Losses | 1,487 | $ 1,494 | 1,543 | $ 1,577 | $ 1,990 | $ 1,895 |
Portfolio Loans, Individually Evaluated for Impairment | 22 | 41 | ||||
Portfolio Loans, Collectively Evaluated for Impairment | $ 67,520 | 67,163 | ||||
Total Portfolio Loans | $ 67,204 |
Derivative Instruments and Hedging Activities - Additional Information (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments | 60 days |
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Assets | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | $ 7,448 | $ 3,074 |
Other Assets | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 7,448 | 3,074 |
Notional amount, Derivatives (included in Other Assets) | 247,817 | 263,841 |
Collateral received/posted, Derivatives | 5,530 | 0 |
Other Assets | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 229 | 226 |
Notional amount, Derivatives (included in Other Assets) | 9,084 | 6,860 |
Other Assets | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Assets) | 61 | 0 |
Notional amount, Derivatives (included in Other Assets) | 11,250 | 0 |
Other Liabilities | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 7,483 | 3,055 |
Other Liabilities | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 7,483 | 3,055 |
Notional amount, Derivatives (included in Other Liabilities) | 247,817 | 263,841 |
Collateral received/posted, Derivatives | 0 | 1,448 |
Other Liabilities | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 0 | 0 |
Notional amount, Derivatives (included in Other Liabilities) | 0 | 0 |
Other Liabilities | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value, Derivatives (included in Other Liabilities) | 0 | 5 |
Notional amount, Derivatives (included in Other Liabilities) | $ 0 | $ 6,580 |
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Other Assets | |||||
Derivatives (included in Other Assets) | |||||
Gross amounts recognized | $ 8,188 | $ 4,974 | |||
Gross amounts offset | (740) | (1,900) | |||
Net Amounts Presented in the Consolidated Balance Sheets | 7,448 | 3,074 | |||
Gross amounts not offset | [1] | (5,530) | 0 | ||
Net Amount | 1,918 | 3,074 | |||
Other Liabilities | |||||
Derivatives (included in Other Liabilities) | |||||
Gross amounts recognized | 8,223 | 4,955 | |||
Gross amounts offset | (740) | (1,900) | |||
Net Amounts Presented in the Consolidated Balance Sheets | 7,483 | 3,055 | |||
Gross amounts not offset | [1] | 0 | (1,448) | ||
Net Amount | $ 7,483 | $ 1,607 | |||
|
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives (Loss)/Gain | $ (39) | $ (25) | $ 14 | $ 251 |
Interest rate swap contracts—commercial loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives (Loss)/Gain | 31 | 9 | (55) | 25 |
Interest rate lock commitments—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives (Loss)/Gain | (169) | (4) | 3 | 216 |
Forward sale contracts—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives (Loss)/Gain | $ 99 | $ (30) | $ 66 | $ 10 |
Borrowings - Additional Information (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Long Term And Short Term Debt [Line Items] | ||
Total long-term debt outstanding at a fixed rate | $ 7,300,000 | |
Total long-term debt outstanding at a variable rate | 38,100,000 | |
Federal Home Loan Bank Advance | ||
Long Term And Short Term Debt [Line Items] | ||
Total borrowings | 581,000,000 | $ 587,000,000 |
Short-term borrowings | 535,000,000 | |
Long-term borrowings | 45,400,000 | |
Maximum borrowing capacity | 2,500,000,000.0 | |
Borrowing capacity utilized | 746,000,000 | |
Letter of credit to collateralize public funds | 165,000,000 | |
Remaining borrowing capacity | 1,700,000,000 | |
Mortgage Backed Securities | ||
Long Term And Short Term Debt [Line Items] | ||
Amortized cost of securities pledged as collateral | 52,800,000 | 57,500,000 |
Carrying value of securities pledged as collateral | $ 50,900,000 | $ 56,800,000 |
Borrowings - Summary of Information Pertaining to Borrowings (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 580,200 | $ 590,161 |
Long-term borrowings, Balance | 91,053 | 92,920 |
Total Borrowings, Balance | $ 671,253 | $ 683,081 |
Short-term borrowings, Weighted Average Rate | 2.22% | 1.38% |
Long-term borrowings, Weighted Average Rate | 3.59% | 2.81% |
Total Borrowings, Weighted Average Rate | 2.41% | 1.57% |
Securities sold under repurchase agreements | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 45,200 | $ 50,161 |
Short-term borrowings, Weighted Average Rate | 0.50% | 0.39% |
Short-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 535,000 | $ 540,000 |
Short-term borrowings, Weighted Average Rate | 2.37% | 1.47% |
Long-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 45,434 | $ 47,301 |
Long-term borrowings, Weighted Average Rate | 2.39% | 1.88% |
Junior subordinated debt securities | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 45,619 | $ 45,619 |
Long-term borrowings, Weighted Average Rate | 4.79% | 3.78% |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Allowance for unfunded commitments | $ 2.2 | $ 2.2 |
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 1,503,621 | $ 1,501,346 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 1,430,863 | 1,420,428 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 72,758 | $ 80,918 |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||||
Pre-Tax Amount | |||||||||||
Other Comprehensive (Loss)/Income, Pre-Tax Amount | $ (2,931) | $ 391 | $ (13,378) | $ 1,816 | |||||||
Tax (Expense) Benefit | |||||||||||
Other Comprehensive (Loss)/Income, Tax (Expense) Benefit | 623 | (137) | 2,841 | (636) | |||||||
Net of Tax Amount | |||||||||||
Other Comprehensive (Loss)/Income, Net of Tax Amount | (2,308) | 254 | (10,537) | 1,180 | |||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent | |||||||||||
Pre-Tax Amount | |||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale | [1] | (3,521) | (148) | (15,291) | 4,186 | ||||||
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | 0 | [2] | (3,987) | [2] | |||||
Tax (Expense) Benefit | |||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale | [1] | 748 | 52 | 3,247 | (1,470) | ||||||
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | 0 | [2] | 1,400 | [2] | |||||
Net of Tax Amount | |||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale | [1] | (2,773) | (96) | (12,044) | 2,716 | ||||||
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | 0 | [2] | (2,587) | [2] | |||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | |||||||||||
Pre-Tax Amount | |||||||||||
Other Comprehensive (Loss)/Income, Pre-Tax Amount | 590 | 539 | 1,913 | 1,617 | |||||||
Tax (Expense) Benefit | |||||||||||
Other Comprehensive (Loss)/Income, Tax (Expense) Benefit | (125) | (189) | (406) | (566) | |||||||
Net of Tax Amount | |||||||||||
Other Comprehensive (Loss)/Income, Net of Tax Amount | $ 465 | $ 350 | $ 1,507 | $ 1,051 | |||||||
|
Employee Benefits - Additional Information (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 07, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Retirement Benefits [Abstract] | |||
Service costs included in net periodic pension expense | $ 0 | ||
Expected long-term rate of return on plan assets | 7.50% | ||
Pension contribution | $ 20,400,000 | ||
Return to provision discrete tax benefit due to decrease in federal statutory tax rate | $ 2,900,000 |
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Components of Net Periodic Pension Cost | ||||
Interest cost on projected benefit obligation | $ 978 | $ 1,025 | $ 2,912 | $ 3,075 |
Expected return on plan assets | (1,566) | (1,582) | (4,700) | (4,746) |
Net amortization | 512 | 475 | 1,601 | 1,424 |
Net Periodic Pension Expense | $ (76) | $ (82) | $ (187) | $ (247) |
Qualified Affordable Housing Projects (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Investments in Affordable Housing Projects [Abstract] | |||||
Investment in qualified affordable housing projects | $ 6.7 | $ 6.7 | $ 8.7 | ||
Amortization expense included in noninterest expense | 0.7 | $ 0.8 | 2.0 | $ 2.3 | |
Tax credits | $ 0.8 | $ 0.9 | $ 2.3 | $ 2.6 |
Sale of a Majority Interest of Insurance Business (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 01, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of a majority interest of insurance business | $ 0 | $ 0 | $ 1,873 | $ 0 | |
New Partnership | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Equity method investment, ownership percentage | 30.00% | ||||
S&T Evergreen Insurance LLC | Subsidiaries | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of ownership in subsidiary sold | 70.00% | ||||
Gain on sale of a majority interest of insurance business | $ 1,900 |
Share Repurchase Plan (Details) |
Mar. 19, 2018
USD ($)
|
---|---|
Equity [Abstract] | |
Stock repurchase program, authorized amount | $ 50,000,000 |
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