ANNUAL 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 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Part I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Item 15. | ||||||||
Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | 825,515 | 9.43 % | $ | 350,311 | 4.00 % | $ | 437,889 | 5.00 % | ||||||||||||||||||||||||||
S&T Bank | 810,636 | 9.27 % | 349,739 | 4.00 % | 437,174 | 5.00 % | |||||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 796,515 | 11.33 % | 316,338 | 4.50 % | 456,933 | 6.50 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 315,792 | 4.50 % | 456,144 | 6.50 % | |||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 825,515 | 11.74 % | 421,784 | 6.00 % | 562,379 | 8.00 % | |||||||||||||||||||||||||||||
S&T Bank | 810,636 | 11.55 % | 421,056 | 6.00 % | 561,408 | 8.00 % | |||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | 944,686 | 13.44 % | 562,379 | 8.00 % | 702,974 | 10.00 % | |||||||||||||||||||||||||||||
S&T Bank | 922,007 | 13.14 % | 561,408 | 8.00 % | 701,760 | 10.00 % |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plan (1) | Approximate dollar value of shares that may yet be purchased under the plan | ||||||||||||||||||||||||||||
10/1/2020 - 10/31/2020 | — | $ | — | — | $ | 37,441,683 | ||||||||||||||||||||||||||
11/1/2020 - 11/30/2020 | — | — | — | 37,441,683 | ||||||||||||||||||||||||||||
12/1/2020 - 12/31/2020 | — | — | — | 37,441,683 | ||||||||||||||||||||||||||||
Total | — | $ | — | — | $ | 37,441,683 |
Period Ending | |||||||||||||||||||||||||||||||||||
Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | |||||||||||||||||||||||||||||
S&T Bancorp, Inc. | 100.00 | 130.40 | 135.91 | 132.27 | 144.82 | 93.56 | |||||||||||||||||||||||||||||
NASDAQ Composite(1) | 100.00 | 108.92 | 141.36 | 137.39 | 187.87 | 272.51 | |||||||||||||||||||||||||||||
NASDAQ Bank(2) | 100.00 | 137.97 | 145.50 | 121.96 | 151.69 | 140.31 |
December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Total assets | $ | 8,967,897 | $ | 8,764,649 | $ | 7,252,221 | $ | 7,060,255 | $ | 6,943,053 | |||||||||||||||||||
Securities, at fair value | 773,693 | 784,283 | 684,872 | 698,291 | 693,487 | ||||||||||||||||||||||||
Loans held for sale | 18,528 | 5,256 | 2,371 | 4,485 | 3,793 | ||||||||||||||||||||||||
Portfolio loans, net of unearned income | 7,225,860 | 7,137,152 | 5,946,648 | 5,761,449 | 5,611,419 | ||||||||||||||||||||||||
Goodwill | 373,424 | 371,621 | 287,446 | 291,670 | 291,670 | ||||||||||||||||||||||||
Total deposits | 7,420,538 | 7,036,576 | 5,673,922 | 5,427,891 | 5,272,377 | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 65,163 | 19,888 | 18,383 | 50,161 | 50,832 | ||||||||||||||||||||||||
Short-term borrowings | 75,000 | 281,319 | 470,000 | 540,000 | 660,000 | ||||||||||||||||||||||||
Long-term borrowings | 23,681 | 50,868 | 70,314 | 47,301 | 14,713 | ||||||||||||||||||||||||
Junior subordinated debt securities | 64,083 | 64,277 | 45,619 | 45,619 | 45,619 | ||||||||||||||||||||||||
Total shareholders’ equity | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 |
Years Ended December 31, | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Interest income | $ | 320,464 | $ | 320,484 | $ | 289,826 | $ | 260,642 | $ | 227,774 | |||||||||||||||||||
Interest expense | 41,076 | 73,693 | 55,388 | 34,909 | 24,515 | ||||||||||||||||||||||||
Provision for credit losses | 131,424 | 14,873 | 14,995 | 13,883 | 17,965 | ||||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 147,964 | 231,918 | 219,443 | 211,850 | 185,294 | ||||||||||||||||||||||||
Noninterest income | 59,719 | 52,558 | 49,181 | 55,462 | 54,635 | ||||||||||||||||||||||||
Noninterest expense | 186,644 | 167,116 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Net Income Before Taxes | 21,039 | 117,360 | 123,179 | 119,405 | 96,697 | ||||||||||||||||||||||||
Provision for income taxes | (1) | 19,126 | 17,845 | 46,437 | 25,305 | ||||||||||||||||||||||||
Net Income | $ | 21,040 | $ | 98,234 | $ | 105,334 | $ | 72,968 | $ | 71,392 | |||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share—basic | $ | 0.54 | $ | 2.84 | $ | 3.03 | $ | 2.10 | $ | 2.06 | ||||||||||||||||||||||||||||||||||
Earnings per common share—diluted | $ | 0.53 | $ | 2.82 | $ | 3.01 | $ | 2.09 | $ | 2.05 | ||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 1.12 | $ | 1.09 | $ | 0.99 | $ | 0.82 | $ | 0.77 | ||||||||||||||||||||||||||||||||||
Dividend payout ratio | 200.89 | % | 38.03 | % | 32.79 | % | 39.15 | % | 37.52 | % | ||||||||||||||||||||||||||||||||||
Common book value | $ | 29.38 | $ | 30.13 | $ | 26.98 | $ | 25.28 | $ | 24.12 | ||||||||||||||||||||||||||||||||||
Common tangible book value (non-GAAP) | $ | 19.71 | $ | 20.52 | $ | 18.63 | $ | 16.87 | $ | 15.67 | ||||||||||||||||||||||||||||||||||
Profitability Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Common return on average assets | 0.23 | % | 1.32 | % | 1.50 | % | 1.03 | % | 1.08 | % | ||||||||||||||||||||||||||||||||||
Common return on average equity | 1.80 | % | 9.98 | % | 11.60 | % | 8.37 | % | 8.67 | % | ||||||||||||||||||||||||||||||||||
Common return on average tangible common equity (non-GAAP) | 2.92 | % | 14.41 | % | 17.14 | % | 12.77 | % | 13.71 | % | ||||||||||||||||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Common equity/assets | 12.88 | % | 13.60 | % | 12.90 | % | 12.52 | % | 12.13 | % | ||||||||||||||||||||||||||||||||||
Tangible common equity/tangible assets (non-GAAP) | 9.02 | % | 9.68 | % | 9.28 | % | 8.72 | % | 8.23 | % | ||||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.43 | % | 10.29 | % | 10.05 | % | 9.17 | % | 8.98 | % | ||||||||||||||||||||||||||||||||||
Common equity tier 1 | 11.33 | % | 11.43 | % | 11.38 | % | 10.71 | % | 10.04 | % | ||||||||||||||||||||||||||||||||||
Risk-based capital—tier 1 | 11.74 | % | 11.84 | % | 11.72 | % | 11.06 | % | 10.39 | % | ||||||||||||||||||||||||||||||||||
Risk-based capital—total | 13.44 | % | 13.22 | % | 13.21 | % | 12.55 | % | 11.86 | % | ||||||||||||||||||||||||||||||||||
Asset Quality Ratios | ||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans/loans | 2.03 | % | 0.76 | % | 0.77 | % | 0.42 | % | 0.76 | % | ||||||||||||||||||||||||||||||||||
Nonperforming assets/loans plus OREO | 2.06 | % | 0.81 | % | 0.83 | % | 0.42 | % | 0.77 | % | ||||||||||||||||||||||||||||||||||
Allowance for credit losses/total portfolio loans | 1.63 | % | 0.87 | % | 1.03 | % | 0.98 | % | 0.94 | % | ||||||||||||||||||||||||||||||||||
Allowance for credit losses/nonperforming loans | 80 | % | 115 | % | 132 | % | 236 | % | 124 | % | ||||||||||||||||||||||||||||||||||
Net loan charge-offs/average loans | 1.40 | % | 0.22 | % | 0.18 | % | 0.18 | % | 0.25 | % |
December 31 | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Common tangible book value (non-GAAP) | |||||||||||||||||||||||||||||
Total shareholders' equity | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | 774,434 | 811,751 | 646,260 | 589,971 | 547,095 | ||||||||||||||||||||||||
Common shares outstanding | 39,298 | 39,560 | 34,684 | 34,972 | 34,913 | ||||||||||||||||||||||||
Common tangible book value (non-GAAP) | 19.71 | 20.52 | 18.63 | 16.87 | 15.67 | ||||||||||||||||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | |||||||||||||||||||||||||||||
Net income | 21,040 | 98,234 | 105,334 | 72,968 | 71,392 | ||||||||||||||||||||||||
Plus: amortization of intangibles | 2,532 | 836 | 861 | 1,233 | 1,615 | ||||||||||||||||||||||||
Tax effect of amortization of intangibles | (532) | (176) | (181) | (432) | (565) | ||||||||||||||||||||||||
Net income before amortization of intangibles | 23,040 | 98,894 | 106,014 | 73,769 | 72,442 | ||||||||||||||||||||||||
Total average shareholders’ equity (GAAP Basis) | 1,169,489 | 983,908 | 908,355 | 872,130 | 823,607 | ||||||||||||||||||||||||
Less: average goodwill and average other intangible assets | (382,907) | (298,228) | (290,380) | (295,937) | (297,377) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 2,061 | 639 | 614 | 1,493 | 1,992 | ||||||||||||||||||||||||
Tangible average common shareholders' equity (non-GAAP) | 788,643 | 686,319 | 618,589 | 577,686 | 528,222 | ||||||||||||||||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | 2.92 | % | 14.41 | % | 17.14 | % | 12.77 | % | 13.71 | % | |||||||||||||||||||
Efficiency Ratio (non-GAAP) | |||||||||||||||||||||||||||||
Noninterest expense | 186,644 | 167,116 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Less: merger related expenses | (2,342) | (11,350) | — | — | — | ||||||||||||||||||||||||
Noninterest expense excluding nonrecurring items | 184,302 | 155,766 | 145,445 | 147,907 | 143,232 | ||||||||||||||||||||||||
Net interest income per Consolidated Statements of Net Income | 279,388 | 246,791 | 234,438 | 225,733 | 203,259 | ||||||||||||||||||||||||
Plus: taxable equivalent adjustment | 3,202 | 3,757 | 3,804 | 7,493 | 7,043 | ||||||||||||||||||||||||
Noninterest income | 59,719 | 52,558 | 49,181 | 55,462 | 54,635 | ||||||||||||||||||||||||
Less: securities (gains) losses, net | (142) | 26 | — | (3,000) | — | ||||||||||||||||||||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | 342,167 | 303,132 | 287,423 | 285,688 | 264,938 | ||||||||||||||||||||||||
Efficiency ratio (non-GAAP) | 53.86 | % | 51.39 | % | 50.60 | % | 51.77 | % | 54.06 | % | |||||||||||||||||||
Tangible common equity (non-GAAP) | |||||||||||||||||||||||||||||
Total shareholders' equity (GAAP basis) | 1,154,711 | 1,191,998 | 935,761 | 884,031 | 841,956 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible common equity (non-GAAP) | 774,434 | 811,751 | 646,260 | 589,971 | 547,095 | ||||||||||||||||||||||||
Total assets (GAAP basis) | 8,967,897 | 8,764,649 | 7,252,221 | 7,060,255 | 6,943,053 | ||||||||||||||||||||||||
Less: goodwill and other intangible assets | (382,099) | (382,540) | (290,047) | (295,347) | (296,580) | ||||||||||||||||||||||||
Tax effect of other intangible assets | 1,822 | 2,293 | 546 | 1,287 | 1,719 | ||||||||||||||||||||||||
Tangible assets (non-GAAP) | 8,587,620 | 8,384,402 | 6,962,720 | 6,766,195 | 6,648,192 | ||||||||||||||||||||||||
Tangible common shareholders' equity/tangible assets (non-GAAP) | 9.02 | % | 9.68 | % | 9.28 | % | 8.72 | % | 8.23 | % |
December 31, | ||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||
Diluted Earnings Per Share | ||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | ||||||||||
Adjust for merger related expenses | 2,342 | 11,350 | ||||||||||||
Tax effect of merger related expenses | (492) | (2,106) | ||||||||||||
Net income excluding merger related expenses (non-GAAP) | $ | 22,890 | $ | 107,478 | ||||||||||
Average shares outstanding - diluted | 39,070 | 34,723 | ||||||||||||
Diluted adjusted earnings per share (non-GAAP) | $ | 0.59 | $ | 3.09 | ||||||||||
Common Return on Average Tangible Common Shareholders' Equity (non-GAAP) | ||||||||||||||
Net income | $ | 21,040 | $ | 98,234 | ||||||||||
Adjust for merger related expenses | 2,342 | 11,350 | ||||||||||||
Tax effect of merger related expenses | (492) | (2,106) | ||||||||||||
Net income excluding merger related expenses | 22,890 | 107,478 | ||||||||||||
Plus: amortization of intangibles | 2,532 | 836 | ||||||||||||
Tax effect of amortization of intangibles | (532) | (176) | ||||||||||||
Adjusted net income | 24,890 | 108,138 | ||||||||||||
Total average shareholders’ equity (GAAP Basis) | 1,169,489 | 983,908 | ||||||||||||
Less: average goodwill and average other intangible assets | (382,907) | (298,228) | ||||||||||||
Tax effect of other intangible assets | 2,061 | 639 | ||||||||||||
Tangible average common shareholders' equity (non-GAAP) | $ | 788,643 | $ | 686,319 | ||||||||||
Common return on average tangible common shareholders' equity (non-GAAP) | 3.16 | % | 15.76 | % | ||||||||||
Return on Average Assets (non-GAAP) | ||||||||||||||
Net income excluding merger related expenses | $ | 22,890 | $ | 107,478 | ||||||||||
Average total assets | 9,152,747 | 7,435,536 | ||||||||||||
Return on average assets (non-GAAP) | 0.25 | % | 1.45 | % | ||||||||||
Return on Average Shareholders' Equity (non-GAAP) | ||||||||||||||
Net income excluding merger related expenses | $ | 22,890 | $ | 107,478 | ||||||||||
Average total shareholders' equity | 1,169,489 | 983,908 | ||||||||||||
Return on average shareholders' equity (non-GAAP) | 1.96 | % | 10.92 | % |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Total interest income | $ | 320,464 | $ | 320,484 | $ | 289,826 | |||||||||||
Total interest expense | 41,076 | 73,693 | 55,388 | ||||||||||||||
Net interest income per Consolidated Statements of Net Income | 279,388 | 246,791 | 234,438 | ||||||||||||||
Adjustment to FTE basis | 3,202 | 3,757 | 3,803 | ||||||||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 282,590 | $ | 250,548 | $ | 238,241 | |||||||||||
Net interest margin | 3.34 | % | 3.58 | % | 3.58 | % | |||||||||||
Adjustment to FTE basis | 0.04 | 0.06 | 0.06 | ||||||||||||||
Net Interest Margin (FTE) (non-GAAP) | 3.38 | % | 3.64 | % | 3.64 | % |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 179,887 | $ | 515 | 0.29 | % | $ | 59,941 | $ | 1,233 | 2.06 | % | $ | 56,210 | $ | 1,042 | 1.85 | % | |||||||||||||||||||||||||||||||||||
Securities at fair value(2)(3) | 764,311 | 19,011 | 2.49 | % | 678,069 | 17,876 | 2.64 | % | 682,806 | 17,860 | 2.62 | % | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 5,105 | 160 | 3.13 | % | 2,169 | 84 | 3.88 | % | 1,515 | 85 | 5.60 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,347,234 | 140,288 | 4.19 | % | 2,945,278 | 144,877 | 4.92 | % | 2,779,096 | 132,139 | 4.75 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2,018,318 | 77,752 | 3.85 | % | 1,575,485 | 79,429 | 5.04 | % | 1,441,560 | 67,770 | 4.70 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | 442,088 | 16,702 | 3.78 | % | 278,665 | 14,237 | 5.11 | % | 314,265 | 15,067 | 4.79 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 5,807,640 | 234,742 | 4.04 | % | 4,799,428 | 238,543 | 4.97 | % | 4,534,921 | 214,976 | 4.74 | % | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 964,740 | 40,998 | 4.25 | % | 765,604 | 33,889 | 4.43 | % | 696,849 | 29,772 | 4.27 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity | 539,461 | 21,469 | 3.98 | % | 475,149 | 25,208 | 5.31 | % | 474,538 | 22,981 | 4.84 | % | |||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 80,032 | 5,248 | 6.56 | % | 72,283 | 5,173 | 7.16 | % | 67,047 | 4,594 | 6.85 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer construction | 13,484 | 594 | 4.40 | % | 10,896 | 593 | 5.44 | % | 5,336 | 267 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 1,597,717 | 68,309 | 4.28 | % | 1,323,932 | 64,863 | 4.90 | % | 1,243,770 | 57,614 | 4.63 | % | |||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | 7,405,357 | 303,051 | 4.09 | % | 6,123,360 | 303,406 | 4.95 | % | 5,778,691 | 272,590 | 4.72 | % | |||||||||||||||||||||||||||||||||||||||||
Total Loans(1)(2) | 7,410,462 | 303,211 | 4.09 | % | 6,125,529 | 303,490 | 4.95 | % | 5,780,206 | 272,675 | 4.72 | % | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 18,234 | 929 | 5.10 | % | 21,833 | 1,642 | 7.52 | % | 30,457 | 2,052 | 6.74 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-earning Assets | 8,372,894 | 304,140 | 3.87 | % | 6,885,372 | 324,241 | 4.71 | % | 6,549,679 | 293,629 | 4.48 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 779,853 | 550,164 | 494,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 9,152,747 | $ | 7,435,536 | $ | 7,043,828 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 961,823 | $ | 2,681 | 0.28 | % | $ | 641,403 | $ | 3,915 | 0.61 | % | $ | 570,459 | $ | 1,883 | 0.33 | % | |||||||||||||||||||||||||||||||||||
Money market | 2,040,116 | 11,645 | 0.57 | % | 1,691,910 | 30,236 | 1.79 | % | 1,299,185 | 18,228 | 1.40 | % | |||||||||||||||||||||||||||||||||||||||||
Savings | 899,717 | 972 | 0.11 | % | 766,142 | 1,928 | 0.25 | % | 836,747 | 1,773 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,517,643 | 20,688 | 1.36 | % | 1,396,706 | 26,947 | 1.93 | % | 1,328,985 | 18,972 | 1.43 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing deposits | 5,419,299 | 35,986 | 0.66 | % | 4,496,161 | 63,026 | 1.40 | % | 4,035,376 | 40,856 | 1.01 | % | |||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 57,673 | 169 | 0.29 | % | 16,863 | 110 | 0.65 | % | 45,992 | 221 | 0.48 | % | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 155,753 | 1,434 | 0.92 | % | 255,264 | 6,416 | 2.51 | % | 525,172 | 11,082 | 2.11 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 47,953 | 1,201 | 2.50 | % | 66,392 | 1,831 | 2.76 | % | 47,986 | 1,129 | 2.35 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 64,092 | 2,286 | 3.57 | % | 47,934 | 2,310 | 4.82 | % | 45,619 | 2,100 | 4.60 | % | |||||||||||||||||||||||||||||||||||||||||
Total borrowings | 325,471 | 5,090 | 1.56 | % | 386,453 | 10,667 | 2.76 | % | 664,769 | 14,532 | 2.19 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 5,744,770 | 41,076 | 0.72 | % | 4,882,614 | 73,693 | 1.51 | % | 4,700,145 | 55,388 | 1.18 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 2,238,488 | 1,569,014 | 1,435,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,169,489 | 983,908 | 908,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 9,152,747 | $ | 7,435,536 | $ | 7,043,828 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (2)(3) | $ | 282,590 | $ | 250,548 | $ | 238,241 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (2)(3) | 3.38 | % | 3.64 | % | 3.64 | % |
2020 Compared to 2019 Increase (Decrease) Due to | 2019 Compared to 2018 Increase (Decrease) Due to | ||||||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 2,467 | $ | (3,185) | $ | (718) | $ | 69 | $ | 122 | $ | 191 | |||||||||||
Securities at fair value(2)(3) | 2,274 | (1,139) | 1,135 | (124) | 140 | 16 | |||||||||||||||||
Loans held for sale | 114 | (38) | 76 | 37 | (38) | (1) | |||||||||||||||||
Commercial real estate | 19,772 | (24,361) | (4,589) | 7,902 | 4,836 | 12,738 | |||||||||||||||||
Commercial and industrial | 22,326 | (24,003) | (1,677) | 6,296 | 5,363 | 11,659 | |||||||||||||||||
Commercial construction | 8,349 | (5,884) | 2,465 | (1,707) | 877 | (830) | |||||||||||||||||
Total commercial loans | 50,447 | (54,248) | (3,801) | 12,491 | 11,076 | 23,567 | |||||||||||||||||
Residential mortgage | 8,815 | (1,706) | 7,109 | 2,937 | 1,180 | 4,117 | |||||||||||||||||
Home equity | 3,412 | (7,151) | (3,739) | 30 | 2,197 | 2,227 | |||||||||||||||||
Installment and other consumer | 555 | (480) | 75 | 359 | 220 | 579 | |||||||||||||||||
Consumer construction | 141 | (140) | 1 | 278 | 48 | 326 | |||||||||||||||||
Total consumer loans | 12,923 | (9,477) | 3,446 | 3,604 | 3,645 | 7,249 | |||||||||||||||||
Total portfolio loans | 63,370 | (63,725) | (355) | 16,095 | 14,721 | 30,816 | |||||||||||||||||
Total loans (1)(2) | 63,484 | (63,763) | (279) | 16,132 | 14,683 | 30,815 | |||||||||||||||||
Federal Home Loan Bank and other restricted stock | (271) | (442) | (713) | (581) | 171 | (410) | |||||||||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 67,954 | $ | (68,529) | $ | (575) | $ | 15,496 | $ | 15,116 | $ | 30,612 | |||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand | $ | 1,956 | $ | (3,190) | $ | (1,234) | $ | 234 | $ | 1,798 | $ | 2,032 | |||||||||||
Money market | 6,223 | (24,814) | (18,591) | 5,510 | 6,498 | 12,008 | |||||||||||||||||
Savings | 336 | (1,292) | (956) | (150) | 305 | 155 | |||||||||||||||||
Certificates of deposit | 2,333 | (8,592) | (6,259) | 967 | 7,008 | 7,975 | |||||||||||||||||
Total interest-bearing deposits | 10,848 | (37,888) | (27,040) | 6,561 | 15,609 | 22,170 | |||||||||||||||||
Securities sold under repurchase agreements | 266 | (207) | 59 | (140) | 29 | (111) | |||||||||||||||||
Short-term borrowings | (2,501) | (2,481) | (4,982) | (5,696) | 1,030 | (4,666) | |||||||||||||||||
Long-term borrowings | (509) | (121) | (630) | 433 | 269 | 702 | |||||||||||||||||
Junior subordinated debt securities | 779 | (803) | (24) | 107 | 103 | 210 | |||||||||||||||||
Total borrowings | (1,965) | (3,612) | (5,577) | (5,296) | 1,431 | (3,865) | |||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | $ | 8,883 | $ | (41,500) | $ | (32,617) | $ | 1,265 | $ | 17,040 | $ | 18,305 | |||||||||||
Change in Net Interest Income | $ | 59,071 | $ | (27,029) | $ | 32,042 | $ | 14,231 | $ | (1,924) | $ | 12,307 |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Securities gains, net | $ | 142 | $ | (26) | $ | 168 | NM | ||||||||||||||||
Debit and credit card | 15,093 | 13,405 | 1,688 | 12.6 | % | ||||||||||||||||||
Service charges on deposit accounts | 11,704 | 13,316 | (1,612) | (12.1) | % | ||||||||||||||||||
Mortgage banking | 10,923 | 2,491 | 8,432 | 338.5 | % | ||||||||||||||||||
Wealth management | 9,957 | 8,623 | 1,334 | 15.5 | % | ||||||||||||||||||
Commercial loan swap income | 4,740 | 5,503 | (763) | (13.9) | % | ||||||||||||||||||
Other | 7,160 | 9,246 | (2,086) | (22.6) | % | ||||||||||||||||||
Total Noninterest Income | $ | 59,719 | $ | 52,558 | $ | 7,161 | 13.6 | % |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Salaries and employee benefits | $ | 90,115 | $ | 83,986 | $ | 6,129 | 7.3 | % | |||||||||||||||
Data processing and information technology | 15,499 | 14,468 | 1,031 | 7.1 | % | ||||||||||||||||||
Net occupancy | 14,529 | 12,103 | 2,426 | 20.0 | % | ||||||||||||||||||
Merger-related expenses | 2,342 | 11,350 | (9,008) | NM | |||||||||||||||||||
Furniture, equipment and software | 11,050 | 8,958 | 2,092 | 23.4 | % | ||||||||||||||||||
Marketing | 5,996 | 4,631 | 1,365 | 29.5 | % | ||||||||||||||||||
Professional services and legal | 6,394 | 4,244 | 2,150 | 50.7 | % | ||||||||||||||||||
Other taxes | 6,622 | 3,364 | 3,258 | 96.8 | % | ||||||||||||||||||
FDIC insurance | 5,089 | 758 | 4,331 | 571.4 | % | ||||||||||||||||||
Other expenses: | |||||||||||||||||||||||
Loan related expenses | 5,044 | 3,250 | 1,794 | 55.2 | % | ||||||||||||||||||
Joint venture amortization | 3,215 | 2,648 | 567 | 21.4 | % | ||||||||||||||||||
Supplies | 1,318 | 1,159 | 159 | 13.7 | % | ||||||||||||||||||
Postage | 1,262 | 1,082 | 180 | 16.6 | % | ||||||||||||||||||
Amortization of intangibles | 2,531 | 836 | 1,695 | 202.8 | % | ||||||||||||||||||
Other | 15,638 | 14,279 | 1,359 | 9.5 | % | ||||||||||||||||||
Total Other Noninterest Expense | 29,008 | 23,254 | 5,754 | 24.7 | % | ||||||||||||||||||
Total Noninterest Expense | $ | 186,644 | $ | 167,116 | $ | 19,528 | 11.7 | % |
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2019 | 2018 | 2017 | ||||||||||||||
Total interest income | $ | 320,484 | $ | 289,826 | $ | 260,642 | |||||||||||
Total interest expense | 73,693 | 55,388 | 34,909 | ||||||||||||||
Net interest income per Consolidated Statements of Net Income | 246,791 | 234,438 | 225,733 | ||||||||||||||
Adjustment to FTE basis | 3,757 | 3,803 | 7,493 | ||||||||||||||
Net Interest Income (FTE) (non-GAAP) | $ | 250,548 | $ | 238,241 | $ | 233,226 | |||||||||||
Net interest margin | 3.58 | % | 3.58 | % | 3.45 | % | |||||||||||
Adjustment to FTE basis | 0.06 | 0.06 | 0.11 | ||||||||||||||
Net Interest Margin (FTE) (non-GAAP) | 3.64 | % | 3.64 | % | 3.56 | % |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Rate | Average Balance | Interest | Rate | Average Balance | Interest | Rate | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 59,941 | $ | 1,233 | 2.06 | % | $ | 56,210 | $ | 1,042 | 1.85 | % | $ | 56,344 | $ | 578 | 1.03 | % | |||||||||||||||||||||||||||||||||||
Securities, at fair value(1)(2) | 678,069 | 17,876 | 2.64 | % | 682,806 | 17,860 | 2.62 | % | 698,460 | 17,320 | 2.48 | % | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 2,169 | 84 | 3.88 | % | 1,515 | 85 | 5.60 | % | 14,607 | 581 | 3.98 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,945,278 | 144,877 | 4.92 | % | 2,779,096 | 132,139 | 4.75 | % | 2,638,766 | 114,484 | 4.34 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,575,485 | 79,429 | 5.04 | % | 1,441,560 | 67,770 | 4.70 | % | 1,425,421 | 61,976 | 4.35 | % | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | 278,665 | 14,237 | 5.11 | % | 314,265 | 15,067 | 4.79 | % | 426,574 | 17,384 | 4.08 | % | |||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 4,799,428 | 238,543 | 4.97 | % | 4,534,921 | 214,976 | 4.74 | % | 4,490,761 | 193,844 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 765,604 | 33,889 | 4.43 | % | 696,849 | 29,772 | 4.27 | % | 699,843 | 28,741 | 4.11 | % | |||||||||||||||||||||||||||||||||||||||||
Home equity | 475,149 | 25,208 | 5.31 | % | 474,538 | 22,981 | 4.84 | % | 484,023 | 20,866 | 4.31 | % | |||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 72,283 | 5,173 | 7.16 | % | 67,047 | 4,594 | 6.85 | % | 69,163 | 4,521 | 6.54 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer construction | 10,896 | 593 | 5.44 | % | 5,336 | 267 | 5.00 | % | 4,631 | 201 | 4.35 | % | |||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 1,323,932 | 64,863 | 4.90 | % | 1,243,770 | 57,614 | 4.63 | % | 1,257,660 | 54,329 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Total portfolio loans | 6,123,360 | 303,406 | 4.95 | % | 5,778,691 | 272,590 | 4.72 | % | 5,748,421 | 248,173 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Total Loans(1)(2) | 6,125,529 | 303,490 | 4.95 | % | 5,780,206 | 272,675 | 4.72 | % | 5,763,028 | 248,754 | 4.32 | % | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other restricted stock | 21,833 | 1,642 | 7.52 | % | 30,457 | 2,052 | 6.74 | % | 31,989 | 1,483 | 4.64 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-earning Assets | 6,885,372 | 324,241 | 4.71 | % | 6,549,679 | 293,629 | 4.48 | % | 6,549,821 | 268,135 | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 550,164 | 494,149 | 510,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 7,435,536 | $ | 7,043,828 | $ | 7,060,232 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 641,403 | $ | 3,915 | 0.61 | % | $ | 570,459 | $ | 1,883 | 0.33 | % | $ | 637,526 | $ | 1,418 | 0.22 | % | |||||||||||||||||||||||||||||||||||
Money market | 1,691,910 | 30,236 | 1.79 | % | 1,299,185 | 18,228 | 1.40 | % | 994,783 | 7,853 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||||
Savings | 766,142 | 1,928 | 0.25 | % | 836,747 | 1,773 | 0.21 | % | 988,504 | 2,081 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 1,396,706 | 26,947 | 1.93 | % | 1,328,985 | 18,972 | 1.43 | % | 1,439,711 | 13,978 | 0.97 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing deposits | 4,496,161 | 63,026 | 1.40 | % | 4,035,376 | 40,856 | 1.01 | % | 4,060,524 | 25,330 | 0.62 | % | |||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 16,863 | 110 | 0.65 | % | 45,992 | 221 | 0.48 | % | 46,662 | 54 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 255,264 | 6,416 | 2.51 | % | 525,172 | 11,082 | 2.11 | % | 644,864 | 7,399 | 1.15 | % | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 66,392 | 1,831 | 2.76 | % | 47,986 | 1,129 | 2.35 | % | 18,057 | 463 | 2.57 | % | |||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt securities | 47,934 | 2,310 | 4.82 | % | 45,619 | 2,100 | 4.60 | % | 45,619 | 1,663 | 3.65 | % | |||||||||||||||||||||||||||||||||||||||||
Total borrowings | 386,453 | 10,667 | 2.76 | % | 664,769 | 14,532 | 2.19 | % | 755,202 | 9,579 | 1.27 | % | |||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing Liabilities | 4,882,614 | 73,693 | 1.51 | % | 4,700,145 | 55,388 | 1.18 | % | 4,815,726 | 34,909 | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 1,569,014 | 1,435,328 | 1,372,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 983,908 | 908,355 | 872,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,435,536 | $ | 7,043,828 | $ | 7,060,232 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income (2)(3) | $ | 250,548 | $ | 238,241 | $ | 233,226 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin (2)(3) | 3.64 | % | 3.64 | % | 3.56 | % |
2019 Compared to 2018 Increase (Decrease) Due to | 2018 Compared to 2017 Increase (Decrease) Due to | ||||||||||||||||||||||
(dollars in thousands) | Volume(4) | Rate(4) | Net | Volume(4) | Rate(4) | Net | |||||||||||||||||
Interest earned on: | |||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 69 | $ | 122 | $ | 191 | $ | (1) | $ | 465 | $ | 464 | |||||||||||
Securities, at fair value(2)(3) | (124) | 140 | 16 | (388) | 928 | 540 | |||||||||||||||||
Loans held for sale | 37 | (38) | (1) | (521) | 25 | (496) | |||||||||||||||||
Commercial real estate | 7,902 | 4,836 | 12,738 | 6,088 | 11,567 | 17,655 | |||||||||||||||||
Commercial and industrial | 6,296 | 5,363 | 11,659 | 702 | 5,092 | 5,794 | |||||||||||||||||
Commercial construction | (1,707) | 877 | (830) | (4,577) | 2,260 | (2,317) | |||||||||||||||||
Total commercial loans | 12,491 | 11,076 | 23,567 | 2,213 | 18,919 | 21,132 | |||||||||||||||||
Residential mortgage | 2,937 | 1,180 | 4,117 | (123) | 1,154 | 1,031 | |||||||||||||||||
Home equity | 30 | 2,197 | 2,227 | (409) | 2,524 | 2,115 | |||||||||||||||||
Installment and other consumer | 359 | 220 | 579 | (138) | 211 | 73 | |||||||||||||||||
Consumer construction | 278 | 48 | 326 | 31 | 35 | 66 | |||||||||||||||||
Total consumer loans | 3,604 | 3,645 | 7,249 | (639) | 3,924 | 3,285 | |||||||||||||||||
Total portfolio loans | 16,095 | 14,721 | 30,816 | 1,574 | 22,843 | 24,417 | |||||||||||||||||
Total loans (1)(2) | 16,132 | 14,683 | 30,815 | 1,053 | 22,868 | 23,921 | |||||||||||||||||
Federal Home Loan Bank and other restricted stock | (581) | 171 | (410) | (71) | 640 | 569 | |||||||||||||||||
Change in Interest Earned on Interest-earning Assets | $ | 15,496 | $ | 15,116 | $ | 30,612 | $ | 593 | $ | 24,901 | $ | 25,494 | |||||||||||
Interest paid on: | |||||||||||||||||||||||
Interest-bearing demand | $ | 234 | $ | 1,798 | $ | 2,032 | $ | (149) | $ | 614 | $ | 465 | |||||||||||
Money market | 5,510 | 6,498 | 12,008 | 2,403 | 7,972 | 10,375 | |||||||||||||||||
Savings | (150) | 305 | 155 | (319) | 11 | (308) | |||||||||||||||||
Certificates of deposit | 967 | 7,008 | 7,975 | (1,075) | 6,069 | 4,994 | |||||||||||||||||
Total interest-bearing deposits | 6,561 | 15,609 | 22,170 | 860 | 14,666 | 15,526 | |||||||||||||||||
Securities sold under repurchase agreements | (140) | 29 | (111) | (1) | 168 | 167 | |||||||||||||||||
Short-term borrowings | (5,696) | 1,030 | (4,666) | (1,373) | 5,056 | 3,683 | |||||||||||||||||
Long-term borrowings | 433 | 269 | 702 | 767 | (101) | 666 | |||||||||||||||||
Junior subordinated debt securities | 107 | 103 | 210 | — | 437 | 437 | |||||||||||||||||
Total borrowings | (5,296) | 1,431 | (3,865) | (607) | 5,560 | 4,953 | |||||||||||||||||
Change in Interest Paid on Interest-bearing Liabilities | $ | 1,265 | $ | 17,040 | $ | 18,305 | $ | 253 | $ | 20,226 | $ | 20,479 | |||||||||||
Change in Net Interest Income | $ | 14,231 | $ | (1,924) | $ | 12,307 | $ | 340 | $ | 4,675 | $ | 5,015 |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||
Securities gains, net | $ | (26) | $ | — | $ | (26) | NM | ||||||||||||||||
Service charges on deposit accounts | 13,316 | 13,096 | 220 | 1.7 | % | ||||||||||||||||||
Debit and credit card | 13,405 | 12,679 | 726 | 5.7 | % | ||||||||||||||||||
Wealth management | 8,623 | 10,084 | (1,461) | (14.5) | % | ||||||||||||||||||
Commercial loan swap income | 5,503 | 1,225 | 4,278 | 349.2 | % | ||||||||||||||||||
Insurance | 355 | 505 | (150) | (29.7) | % | ||||||||||||||||||
Mortgage banking | 2,491 | 2,762 | (271) | (9.8) | % | ||||||||||||||||||
Gain on sale of a majority interest of insurance business | — | 1,873 | (1,873) | NM | |||||||||||||||||||
Other Income: | |||||||||||||||||||||||
Bank owned life insurance | 1,971 | 2,041 | (70) | (3.4) | % | ||||||||||||||||||
Letter of credit origination | 1,058 | 1,064 | (6) | (0.6) | % | ||||||||||||||||||
Other | 5,862 | 3,852 | 2,010 | 52.2 | % | ||||||||||||||||||
Total Other Noninterest Income | 8,891 | 6,957 | 1,934 | 27.8 | % | ||||||||||||||||||
Total Noninterest Income | $ | 52,558 | $ | 49,181 | $ | 3,377 | 6.9 | % |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||
Salaries and employee benefits | $ | 83,986 | $ | 76,108 | $ | 7,878 | 10.4 | % | |||||||||||||||
Data processing and information technology | 14,468 | 10,633 | 3,835 | 36.1 | % | ||||||||||||||||||
Net occupancy | 12,103 | 11,097 | 1,006 | 9.1 | % | ||||||||||||||||||
Merger-related expenses | 11,350 | — | 11,350 | NM | |||||||||||||||||||
Furniture, equipment and software | 8,958 | 8,083 | 875 | 10.8 | % | ||||||||||||||||||
Marketing | 4,631 | 4,192 | 439 | 10.5 | % | ||||||||||||||||||
Professional services and legal | 4,244 | 4,132 | 112 | 2.7 | % | ||||||||||||||||||
Other taxes | 3,364 | 6,183 | (2,819) | (45.6) | % | ||||||||||||||||||
FDIC Insurance | 758 | 3,238 | (2,480) | (76.6) | % | ||||||||||||||||||
Other expenses: | |||||||||||||||||||||||
Loan related expenses | 3,250 | 2,268 | 982 | 43.3 | % | ||||||||||||||||||
Joint venture amortization | 2,648 | 2,701 | (53) | (2.0) | % | ||||||||||||||||||
Supplies | 1,159 | 1,080 | 79 | 7.3 | % | ||||||||||||||||||
Postage | 1,082 | 1,077 | 5 | 0.5 | % | ||||||||||||||||||
Amortization of intangibles | 836 | 846 | (10) | (1.2) | % | ||||||||||||||||||
Other | 14,279 | 13,807 | 472 | 3.4 | % | ||||||||||||||||||
Total Other Noninterest Expense | 23,254 | 21,779 | 1,475 | 6.8 | % | ||||||||||||||||||
Total Noninterest Expense | $ | 167,116 | $ | 145,445 | $ | 21,671 | 14.9 | % |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | Balance | Weighted-Average Yield | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 10,282 | 1.87 | % | $ | 10,040 | 1.87 | % | $ | 9,736 | 1.87 | % | |||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 82,904 | 2.28 | % | 157,697 | 2.20 | % | 128,261 | 2.30 | % | ||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | 209,296 | 2.23 | % | 189,348 | 2.68 | % | 148,659 | 2.71 | % | ||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | 67,778 | 1.26 | % | 22,418 | 2.95 | % | 24,350 | 3.43 | % | ||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | 273,681 | 2.41 | % | 275,870 | 2.42 | % | 246,784 | 2.38 | % | ||||||||||||||||||||||||||
Corporate securities | 2,025 | 3.90 | % | 7,627 | 4.35 | % | — | — | % | ||||||||||||||||||||||||||
Obligations of states and political subdivisions (1) | 124,427 | 3.49 | % | 116,133 | 3.45 | % | 122,266 | 3.43 | % | ||||||||||||||||||||||||||
Marketable equity securities | 3,300 | 2.90 | % | 5,150 | 2.77 | % | 4,816 | 3.02 | % | ||||||||||||||||||||||||||
Total Securities | $ | 773,693 | 2.42 | % | $ | 784,283 | 2.56 | % | $ | 684,872 | 2.65 | % |
Maturing | ||||||||||||||||||||||||||||||||||||||||||||
Within One Year | After One But within Five Years | After Five But Within Ten Years | After Ten Years | No Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | — | — | % | $ | 10,282 | 1.87 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 10,152 | 2.17 | % | 72,752 | 2.29 | % | — | — | % | — | — | % | — | —% | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | — | — | % | 13,947 | 2.51 | % | 89,887 | 2.80 | % | 105,462 | 1.71 | % | — | —% | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | — | — | % | 744 | 5.06 | % | 5,400 | 2.70 | % | 61,634 | 1.09 | % | — | —% | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | — | % | 190,345 | 2.47 | % | 83,336 | 2.28 | % | — | — | — | —% | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions (1) | 30,854 | 3.90 | % | 26,009 | 3.25 | % | 43,765 | 3.51 | % | 23,799 | 3.13 | % | — | — | % | |||||||||||||||||||||||||||||
Corporate Bonds | 18 | 8.25 | % | 499 | 3.42 | % | 1,508 | 4.01 | % | — | — | % | — | —% | ||||||||||||||||||||||||||||||
Marketable equity securities | — | — | % | — | — | % | — | — | % | — | — | % | 3,300 | 2.90 | % | |||||||||||||||||||||||||||||
Total | $ | 41,024 | $ | 314,578 | $ | 223,896 | $ | 190,895 | $ | 3,300 | ||||||||||||||||||||||||||||||||||
Weighted Average Yield | 3.47 | % | 2.48 | % | 2.75 | % | 1.69 | % | 2.90 | % |
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 3,244,974 | 44.91 | % | $ | 3,416,518 | 47.87 | % | $ | 2,921,832 | 49.13 | % | $ | 2,685,994 | 44.62 | % | $ | 2,498,476 | 44.53 | % | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1,954,453 | 27.05 | % | 1,720,833 | 24.11 | % | 1,493,416 | 25.11 | % | 1,433,266 | 24.88 | % | 1,401,035 | 24.97 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 474,280 | 6.56 | % | 375,445 | 5.26 | % | 257,197 | 4.33 | % | 384,334 | 6.67 | % | 455,884 | 8.12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial Loans | 5,673,707 | 78.52 | % | 5,512,796 | 77.24 | % | 4,672,445 | 78.57 | % | 4,503,594 | 78.17 | % | 4,355,395 | 77.62 | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 918,398 | 12.71 | % | 998,585 | 13.99 | % | 726,679 | 12.22 | % | 698,774 | 12.13 | % | 701,982 | 12.51 | % | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 535,165 | 7.41 | % | 538,348 | 7.54 | % | 471,562 | 7.93 | % | 487,326 | 8.46 | % | 482,284 | 8.59 | % | ||||||||||||||||||||||||||||||||||||||||||||
Installment and other consumer | 80,915 | 1.11 | % | 79,033 | 1.10 | % | 67,546 | 1.13 | % | 67,204 | 1.17 | % | 65,852 | 1.17 | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer construction | 17,675 | 0.24 | % | 8,390 | 0.12 | % | 8,416 | 0.14 | % | 4,551 | 0.08 | % | 5,906 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Consumer Loans | 1,552,153 | 21.48 | % | 1,624,356 | 22.76 | % | 1,274,203 | 21.43 | % | 1,257,855 | 21.83 | % | 1,256,024 | 22.38 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Loans | $ | 7,225,860 | 100.00 | % | $ | 7,137,152 | 100.00 | % | $ | 5,946,648 | 100.00 | % | $ | 5,761,449 | 100.00 | % | $ | 5,611,419 | 100.00 | % |
Maturity | |||||||||||||||||||||||
(dollars in thousands) | Within One Year | After One But Within Five Years | After Five Years | Total | |||||||||||||||||||
Fixed interest rates | $ | 593,709 | $ | 790,383 | $ | 401,829 | $ | 1,785,921 | |||||||||||||||
Variable interest rates | 784,722 | 1,549,532 | 1,553,533 | 3,887,787 | |||||||||||||||||||
Total Commercial Loans | $ | 1,378,431 | $ | 2,339,915 | $ | 1,955,362 | $ | 5,673,708 | |||||||||||||||
Fixed interest rates | 65,145 | 190,800 | 279,026 | 534,971 | |||||||||||||||||||
Variable interest rates | 462,809 | 111,106 | 443,266 | 1,017,181 | |||||||||||||||||||
Total Consumer Loans | $ | 527,954 | $ | 301,906 | $ | 722,292 | $ | 1,552,152 | |||||||||||||||
Total Portfolio Loans | $ | 1,906,385 | $ | 2,641,821 | $ | 2,677,654 | $ | 7,225,860 |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Nonperforming Loans | |||||||||||||||||||||||||||||
Commercial real estate | $ | 87,951 | $ | 22,427 | $ | 11,085 | $ | 2,501 | $ | 15,526 | |||||||||||||||||||
Commercial and industrial | 13,430 | 13,287 | 5,763 | 2,449 | 3,578 | ||||||||||||||||||||||||
Commercial construction | 384 | 737 | 11,780 | 1,460 | 4,497 | ||||||||||||||||||||||||
Residential mortgage | 11,567 | 6,697 | 3,543 | 3,580 | 4,850 | ||||||||||||||||||||||||
Home equity | 4,057 | 1,961 | 2,719 | 2,736 | 2,485 | ||||||||||||||||||||||||
Installment and other consumer | 96 | 36 | 33 | 62 | 101 | ||||||||||||||||||||||||
Consumer construction | — | — | — | — | — | ||||||||||||||||||||||||
Total Nonperforming Loans | 117,485 | 45,145 | 34,923 | 12,788 | 31,037 | ||||||||||||||||||||||||
Nonperforming Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Commercial real estate | 17,062 | 6,713 | 967 | 646 | 3,548 | ||||||||||||||||||||||||
Commercial and industrial | 9,907 | 695 | 3,197 | 4,493 | 1,570 | ||||||||||||||||||||||||
Commercial construction | — | — | 2,413 | 430 | 1,265 | ||||||||||||||||||||||||
Residential mortgage | 1,441 | 822 | 3,585 | 5,068 | 665 | ||||||||||||||||||||||||
Home Equity | 879 | 678 | 979 | 954 | 523 | ||||||||||||||||||||||||
Installment and other consumer | — | 4 | 9 | 7 | 88 | ||||||||||||||||||||||||
Total Nonperforming Troubled Debt Restructurings | 29,289 | 8,912 | 11,150 | 11,598 | 7,659 | ||||||||||||||||||||||||
Total Nonperforming Loans | 146,774 | 54,057 | 46,073 | 24,386 | 38,696 | ||||||||||||||||||||||||
OREO | 2,155 | 3,525 | 3,092 | 469 | 679 | ||||||||||||||||||||||||
Total Nonperforming Assets | $ | 148,929 | $ | 57,582 | $ | 49,165 | $ | 24,855 | $ | 39,375 | |||||||||||||||||||
Nonperforming loans as a percent of total loans | 2.03 | % | 0.76 | % | 0.77 | % | 0.42 | % | 0.76 | % | |||||||||||||||||||
Nonperforming assets as a percent of total loans plus OREO | 2.06 | % | 0.81 | % | 0.83 | % | 0.42 | % | 0.77 | % |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | Amount | % of Loans | ||||||||||||||||||||||||||||||||||
90 days or more: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 105,014 | 3.24 | % | $ | 29,140 | 0.85 | % | $ | 12,052 | 0.41 | % | $ | 3,468 | 0.13 | % | $ | 16,172 | 0.65 | % | ||||||||||||||||||||||||
Commercial and Industrial | 23,337 | 1.19 | % | 13,982 | 0.81 | % | 8,960 | 0.60 | % | 5,646 | 0.39 | % | 8,071 | 0.58 | % | |||||||||||||||||||||||||||||
Commercial construction | 384 | 0.08 | % | 737 | 0.20 | % | 14,193 | 5.52 | % | 3,873 | 1.01 | % | 4,927 | 1.08 | % | |||||||||||||||||||||||||||||
Residential mortgage | 13,008 | 1.42 | % | 7,519 | 0.75 | % | 7,128 | 0.98 | % | 7,165 | 1.03 | % | 9,918 | 1.41 | % | |||||||||||||||||||||||||||||
Home equity | 4,935 | 0.92 | % | 2,639 | 0.49 | % | 3,698 | 0.78 | % | 3,715 | 0.76 | % | 3,439 | 0.71 | % | |||||||||||||||||||||||||||||
Installment and other consumer | 96 | 0.12 | % | 40 | 0.05 | % | 42 | 0.06 | % | 71 | 0.11 | % | 108 | 0.16 | % | |||||||||||||||||||||||||||||
Consumer construction | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Total Loans | $ | 146,774 | 2.03 | % | $ | 54,057 | 0.76 | % | $ | 46,073 | 0.77 | % | $ | 23,938 | 0.42 | % | $ | 42,635 | 0.74 | % | ||||||||||||||||||||||||
30 to 89 days: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 415 | 0.01 | % | $ | 10,311 | 0.28 | % | $ | 5,783 | 0.20 | % | $ | 1,131 | 0.04 | % | $ | 2,791 | 0.11 | % | ||||||||||||||||||||||||
Commercial and industrial | 1,161 | 0.04 | % | 4,886 | 0.17 | % | 1,983 | 0.13 | % | 866 | 0.06 | % | 1,488 | 0.11 | % | |||||||||||||||||||||||||||||
Commercial construction | 3,641 | 0.01 | % | 2,119 | 0.25 | % | — | — | % | 2,493 | 0.65 | % | 547 | 0.12 | % | |||||||||||||||||||||||||||||
Residential mortgage | 2,156 | 0.05 | % | 3,743 | 0.20 | % | 2,104 | 0.29 | % | 4,414 | 0.63 | % | 2,429 | 0.35 | % | |||||||||||||||||||||||||||||
Home equity | 1,274 | 0.18 | % | 2,200 | 0.38 | % | 2,712 | 0.58 | % | 2,655 | 0.54 | % | 1,979 | 0.41 | % | |||||||||||||||||||||||||||||
Installment and other consumer | 205 | 0.21 | % | 718 | 0.54 | % | 223 | 0.33 | % | 363 | 0.54 | % | 220 | 0.33 | % | |||||||||||||||||||||||||||||
Consumer construction | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Loans held for sale | — | — | % | — | — | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||
Total Loans | $ | 8,852 | 0.12 | % | $ | 23,977 | 0.34 | % | $ | 12,805 | 0.22 | % | $ | 11,922 | 0.21 | % | $ | 9,454 | 0.16 | % |
Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019(1) | 2018(1) | 2017(1) | |||||||||||||||||||
ACL Balance at Beginning of Year: | $ | 62,224 | $ | 60,996 | $ | 56,390 | $ | 52,775 | |||||||||||||||
Charge-offs: | |||||||||||||||||||||||
(27,512) | (3,664) | (372) | (2,304) | ||||||||||||||||||||
Commercial and industrial | (75,408) | (8,928) | (8,574) | (4,709) | |||||||||||||||||||
Commercial construction | (454) | (406) | (2,630) | (2,571) | |||||||||||||||||||
Consumer real estate | (1,101) | (1,353) | (1,319) | (2,274) | |||||||||||||||||||
Other consumer | (1,890) | (1,838) | (1,694) | (1,638) | |||||||||||||||||||
Total | (106,365) | (16,189) | (14,589) | (13,496) | |||||||||||||||||||
Recoveries: | |||||||||||||||||||||||
Commercial real estate | 348 | 137 | 309 | 810 | |||||||||||||||||||
Commercial and industrial | 1,733 | 1,388 | 1,723 | 654 | |||||||||||||||||||
Commercial construction | 183 | 5 | 1,135 | 851 | |||||||||||||||||||
Consumer real estate | 233 | 637 | 541 | 342 | |||||||||||||||||||
Other consumer | 489 | 377 | 492 | 571 | |||||||||||||||||||
Total | 2,986 | 2,544 | 4,200 | 3,228 | |||||||||||||||||||
Net Charge-offs | (103,379) | (13,645) | (10,389) | (10,268) | |||||||||||||||||||
Impact of CECL adoption | 27,346 | — | — | — | |||||||||||||||||||
Provision for credit losses | 131,421 | 14,873 | 14,995 | 13,883 | |||||||||||||||||||
ACL Balance at End of Year: | $ | 117,612 | $ | 62,224 | $ | 60,996 | $ | 56,390 |
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Commercial real estate | 0.81 | % | 0.10 | % | NM | 0.06 | % | 0.10 | % | ||||||||||||||||||||
Commercial and industrial | 3.65 | % | 0.44 | % | 0.48 | % | 0.28 | % | 0.45 | % | |||||||||||||||||||
Commercial construction | 0.06 | % | 0.11 | % | 0.48 | % | 0.40 | % | 0.46 | % | |||||||||||||||||||
Consumer real estate | 0.06 | % | 0.05 | % | 0.07 | % | 0.16 | % | 0.11 | % | |||||||||||||||||||
Other consumer | 1.75 | % | 1.85 | % | 1.79 | % | 1.54 | % | 2.69 | % | |||||||||||||||||||
Net charge-offs to average loans outstanding | 1.40 | % | 0.22 | % | 0.18 | % | 0.18 | % | 0.25 | % | |||||||||||||||||||
Allowance for credit losses as a percentage of total portfolio loans | 1.63 | % | 0.87 | % | 1.03 | % | 0.98 | % | 0.94 | % | |||||||||||||||||||
Allowance for credit losses as a percentage of total portfolio loans excluding PPP | 1.74 | % | — | % | — | % | — | % | — | % | |||||||||||||||||||
Allowance for credit losses to total nonperforming loans | 80 | % | 115 | % | 132 | % | 236 | % | 124 | % | |||||||||||||||||||
Provision for credit losses as a percentage of net loan charge-offs | 127 | % | 109 | % | 144 | % | 135 | % | 135 | % |
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 65,656 | 56 | % | $ | 30,577 | 49 | % | $ | 33,707 | 55 | % | $ | 27,235 | 48 | % | $ | 19,976 | 38 | % | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 16,100 | 14 | % | 15,681 | 25 | % | 11,596 | 19 | % | 8,966 | 16 | % | 10,810 | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | 7,239 | 6 | % | 7,900 | 13 | % | 7,983 | 13 | % | 13,167 | 23 | % | 13,999 | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||
Business banking | 15,917 | 14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 10,014 | 9 | % | 6,337 | 10 | % | 6,187 | 10 | % | 5,479 | 10 | % | 6,095 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 2,686 | 2 | % | 1,729 | 3 | % | 1,523 | 3 | % | 1,543 | 3 | % | 1,895 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | 117,612 | 100 | % | 62,224 | 100 | % | 60,996 | 100 | % | 56,390 | 100 | % | 52,775 | 100 | % |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Collectively Evaluated | $ | 104,048 | $ | 60,024 | $ | 59,233 | $ | 56,313 | $ | 51,977 | |||||||||||||||||||
Individually Evaluated | 13,564 | 2,200 | 1,763 | 77 | 798 | ||||||||||||||||||||||||
Total Allowance for Credit Losses | $ | 117,612 | $ | 62,224 | $ | 60,996 | $ | 56,390 | $ | 52,775 |
(dollars in thousands) | 2020 | 2019 | $ Change | ||||||||||||||
Customer deposits | |||||||||||||||||
Noninterest-bearing demand | $ | 2,261,994 | $ | 1,698,082 | $ | 563,912 | |||||||||||
Interest-bearing demand | 864,510 | 762,111 | 102,399 | ||||||||||||||
Money market | 1,887,051 | 1,849,684 | 37,367 | ||||||||||||||
Savings | 969,508 | 830,919 | 138,589 | ||||||||||||||
Certificates of deposit | 1,369,239 | 1,535,305 | (166,066) | ||||||||||||||
Total customer deposits | 7,352,302 | 6,676,101 | 676,201 | ||||||||||||||
Brokered deposits | |||||||||||||||||
Interest-bearing demand | — | 200,220 | (200,220) | ||||||||||||||
Money market | 50,012 | 100,127 | (50,115) | ||||||||||||||
Certificates of deposit | 18,224 | 60,128 | (41,904) | ||||||||||||||
Total brokered deposits | 68,236 | 360,475 | (292,239) | ||||||||||||||
Total Deposits | $ | 7,420,538 | $ | 7,036,576 | $ | 383,962 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 2,072,310 | $ | 1,475,960 | $ | 1,376,329 | |||||||||||||||||||||||||||||
Interest-bearing demand | 844,331 | 0.19 | % | 561,756 | 0.41 | % | 565,273 | 0.31 | % | ||||||||||||||||||||||||||
Money market | 1,960,741 | 0.57 | % | 1,474,841 | 1.69 | % | 1,040,214 | 1.24 | % | ||||||||||||||||||||||||||
Savings | 899,717 | 0.11 | % | 766,142 | 0.25 | % | 836,747 | 0.21 | % | ||||||||||||||||||||||||||
Certificates of deposit | 1,482,127 | 1.34 | % | 1,322,643 | 1.91 | % | 1,202,781 | 1.37 | % | ||||||||||||||||||||||||||
Brokered deposits | 232,384 | 1.02 | % | 370,779 | 2.32 | % | 390,360 | 2.05 | % | ||||||||||||||||||||||||||
Total | $ | 7,491,610 | 0.48 | % | $ | 5,972,121 | 1.06 | % | $ | 5,411,704 | 0.76 | % |
(dollars in thousands) | 2020 | ||||
Three months or less | $ | 276,548 | |||
Over three through six months | 207,059 | ||||
Over six through twelve months | 135,482 | ||||
Over twelve months | 69,089 | ||||
Total | $ | 688,178 |
(dollars in thousands) | 2020 | 2019 | $ Change | ||||||||||||||
Securities sold under repurchase agreements, retail | $ | 65,163 | $ | 19,888 | $ | 45,275 | |||||||||||
Short-term borrowings | 75,000 | 281,319 | (206,319) | ||||||||||||||
Long-term borrowings | 23,681 | 50,868 | (27,187) | ||||||||||||||
Junior subordinated debt securities | 64,083 | 64,277 | (194) | ||||||||||||||
Total Borrowings | $ | 227,927 | $ | 416,352 | $ | (188,425) |
Securities Sold Under Repurchase Agreements | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 65,163 | $ | 19,888 | $ | 18,383 | |||||||||||
Average balance during the year | $ | 57,673 | $ | 16,863 | $ | 45,992 | |||||||||||
Average interest rate during the year | 0.29 | % | 0.65 | % | 0.48 | % | |||||||||||
Maximum month-end balance during the year | $ | 92,159 | $ | 23,427 | $ | 54,579 | |||||||||||
Average interest rate at December 31 | 0.25 | % | 0.74 | % | 0.46 | % |
Short-Term Borrowings | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 75,000 | $ | 281,319 | $ | 470,000 | |||||||||||
Average balance during the year | $ | 155,753 | $ | 255,264 | $ | 525,172 | |||||||||||
Average interest rate during the year | 0.92 | % | 2.51 | % | 2.11 | % | |||||||||||
Maximum month-end balance during the year | $ | 410,240 | $ | 425,000 | $ | 690,000 | |||||||||||
Average interest rate at December 31 | 0.19 | % | 1.84 | % | 2.65 | % |
Long-Term Borrowings | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 23,681 | $ | 50,868 | $ | 70,314 | |||||||||||
Average balance during the year | 47,953 | $ | 66,392 | $ | 47,986 | ||||||||||||
Average interest rate during the year | $ | — | $ | — | $ | — | |||||||||||
Maximum month-end balance during the year | $ | 50,635 | $ | 70,418 | $ | 70,314 | |||||||||||
Average interest rate at December 31 | 2.03 | % | 2.61 | % | 2.84 | % | |||||||||||
Junior Subordinated Debt Securities | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at December 31 | $ | 64,083 | $ | 64,277 | $ | 45,619 | |||||||||||
Average balance during the year | $ | 64,092 | $ | 47,934 | $ | 45,619 | |||||||||||
Average interest rate during the year | 3.57 | % | 4.82 | % | 3.65 | % | |||||||||||
Maximum month-end balance during the year | $ | 64,848 | $ | 64,277 | $ | 45,619 | |||||||||||
Average interest rate at December 31 | 3.01 | % | 4.42 | % | 5.25 | % |
Payments Due In | |||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2022-2023 | 2024-2025 | Later Years | Total | ||||||||||||||||||||||||
Deposits without a stated maturity(1) | $ | 6,033,075 | $ | — | $ | — | $ | — | $ | 6,033,075 | |||||||||||||||||||
Certificates of deposit(1) | 1,182,938 | 150,421 | 50,564 | 3,540 | 1,387,463 | ||||||||||||||||||||||||
Securities sold under repurchase agreements(1) | 65,163 | — | — | — | 65,163 | ||||||||||||||||||||||||
Short-term borrowings(1) | 75,000 | — | — | — | 75,000 | ||||||||||||||||||||||||
Long-term borrowings(1) | 1,251 | 8,153 | 13,461 | 816 | 23,681 | ||||||||||||||||||||||||
Junior subordinated debt securities(1) | — | — | — | 64,083 | 64,083 | ||||||||||||||||||||||||
Operating and capital leases | 5,058 | 9,968 | 9,801 | 67,554 | 92,381 | ||||||||||||||||||||||||
Purchase obligations | 20,643 | 38,141 | 42,619 | — | 101,403 | ||||||||||||||||||||||||
Total | $ | 7,383,128 | $ | 206,683 | $ | 116,445 | $ | 135,993 | $ | 7,842,249 |
(dollars in thousands) | 2020 | 2019 | |||||||||
Commitments to extend credit | $ | 2,185,752 | $ | 1,910,805 | |||||||
Standby letters of credit | 89,095 | 80,040 | |||||||||
Total | $ | 2,274,847 | $ | 1,990,845 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
1 - 12 Months | 13 - 24 Months | 1 - 12 Months | 13 - 24 Months | |||||||||||||||||||||||||||||
Change in Interest Rate (basis points) | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in EVE | % Change in Pretax Net Interest Income | % Change in Pretax Net Interest Income | % Change in EVE | ||||||||||||||||||||||||||
400 | 15.8 | % | 28.5 | % | 28.5 | % | 9.6 | % | 14.4 | % | (1.8) | % | ||||||||||||||||||||
300 | 11.7 | 21.3 | 29.0 | 7.2 | 10.8 | 2.8 | ||||||||||||||||||||||||||
200 | 7.7 | 14.3 | 25.6 | 5.0 | 7.6 | 5.5 | ||||||||||||||||||||||||||
100 | 4.4 | 8.0 | 17.7 | 2.7 | 4.2 | 5.1 | ||||||||||||||||||||||||||
(100) | (2.8) | (5.7) | (28.2) | (4.3) | (6.4) | (10.8) |
December 31, | |||||||||||||||||
(in thousands, except share and per share data) | 2020 | 2019 | |||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks, including interest-bearing deposits of $ | $ | $ | |||||||||||||||
Securities, at fair value | |||||||||||||||||
Loans held for sale | |||||||||||||||||
Portfolio loans, net of unearned income | |||||||||||||||||
Allowance for credit losses | ( | ( | |||||||||||||||
Portfolio loans, net | |||||||||||||||||
Bank owned life insurance | |||||||||||||||||
Premises and equipment, net | |||||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | |||||||||||||||||
Goodwill | |||||||||||||||||
Other intangible assets, net | |||||||||||||||||
Other assets | |||||||||||||||||
Total Assets | $ | $ | |||||||||||||||
LIABILITIES | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | $ | |||||||||||||||
Interest-bearing demand | |||||||||||||||||
Money market | |||||||||||||||||
Savings | |||||||||||||||||
Certificates of deposit | |||||||||||||||||
Total Deposits | |||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||
Short-term borrowings | |||||||||||||||||
Long-term borrowings | |||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||
Other liabilities | |||||||||||||||||
Total Liabilities | |||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||
Common stock ($ Authorized— Issued— Outstanding— | |||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||||||||
Treasury stock— | ( | ( | |||||||||||||||
Total Shareholders’ Equity | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||
Loans, including fees | $ | $ | $ | ||||||||||||||
Investment securities: | |||||||||||||||||
Taxable | |||||||||||||||||
Tax-exempt | |||||||||||||||||
Dividends | |||||||||||||||||
Total Interest and Dividend Income | |||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||
Deposits | |||||||||||||||||
Borrowings and junior subordinated debt securities | |||||||||||||||||
Total Interest Expense | |||||||||||||||||
NET INTEREST INCOME | |||||||||||||||||
Provision for credit losses | |||||||||||||||||
Net Interest Income After Provision for Credit Losses | |||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||
Net gain (loss) on sale of securities | ( | ||||||||||||||||
Debit and credit card | |||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||
Mortgage banking | |||||||||||||||||
Wealth management | |||||||||||||||||
Commercial loan swap income | |||||||||||||||||
Gain on sale of majority interest of insurance business | |||||||||||||||||
Other | |||||||||||||||||
Total Noninterest Income | |||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||
Salaries and employee benefits | |||||||||||||||||
Data processing and information technology | |||||||||||||||||
Net occupancy | |||||||||||||||||
Furniture, equipment and software | |||||||||||||||||
Other taxes | |||||||||||||||||
Professional services and legal | |||||||||||||||||
Marketing | |||||||||||||||||
FDIC insurance | |||||||||||||||||
Merger related expenses | |||||||||||||||||
Other | |||||||||||||||||
Total Noninterest Expense | |||||||||||||||||
Income Before Taxes | |||||||||||||||||
Income taxes (benefit) expense | ( | ||||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Earnings per common share—basic | $ | $ | $ | ||||||||||||||
Earnings per common share—diluted | $ | $ | $ | ||||||||||||||
Dividends declared per common share | $ | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities (1) | ( | ||||||||||||||||
Net available-for-sale securities losses reclassified into earnings (2) | |||||||||||||||||
Adjustment to funded status of employee benefit plans | ( | ||||||||||||||||
Other Comprehensive Income (Loss), Before Tax | ( | ||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income | ( | ( | |||||||||||||||
Other Comprehensive Income (Loss), After Tax | ( | ||||||||||||||||
Comprehensive Income | $ | $ | $ |
(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 December 31, 2017 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net Income for 2018 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of certain tax effects from accumulated other comprehensive income(1) | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized gains on equity securities(2) | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of warrant | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net Income for 2019 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance cost | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued in acquisition ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income for 2020 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
— | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock repurchased ( | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock issued ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of restricted stock compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | |||||||||||||||||
Provision for unfunded loan commitments | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Net amortization of discounts and premiums | |||||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Securities (gains) losses | ( | ||||||||||||||||
Deferred income taxes | ( | ( | |||||||||||||||
(Gain) Loss on sale of fixed assets | ( | ( | |||||||||||||||
Gain on the sale of loans, net | ( | ( | ( | ||||||||||||||
Gain on the sale of majority interest of insurance business | ( | ||||||||||||||||
Pension Contribution | ( | ( | |||||||||||||||
Net change in: | |||||||||||||||||
Mortgage loans originated for sale | ( | ( | ( | ||||||||||||||
Proceeds from sale of mortgage loans | |||||||||||||||||
Net increase in interest receivable | ( | ( | ( | ||||||||||||||
Net (decrease) increase in interest payable | ( | ( | |||||||||||||||
Net (increase) decrease in other assets | ( | ( | |||||||||||||||
Net increase in other liabilities | |||||||||||||||||
Net Cash Provided by Operating Activities | |||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Purchases of securities available-for-sale | ( | ( | ( | ||||||||||||||
Proceeds from maturities, prepayments and calls of securities available-for-sale | |||||||||||||||||
Proceeds from sales of securities available-for-sale | |||||||||||||||||
Net proceeds from (purchases of) the redemption of Federal Home Loan Bank stock | ( | ||||||||||||||||
Net increase in loans | ( | ( | ( | ||||||||||||||
Proceeds from the sale of loans not originated for resale | |||||||||||||||||
Purchases of premises and equipment | ( | ( | ( | ||||||||||||||
Proceeds from the sale of premises and equipment | |||||||||||||||||
Net cash acquired from bank acquisitions | |||||||||||||||||
Proceeds from the sale of majority interest of insurance business | |||||||||||||||||
Net Cash Used in Investing Activities | ( | ( | ( | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net increase in core deposits | |||||||||||||||||
Net (decrease) increase in certificates of deposit | ( | ( | |||||||||||||||
Net increase (decrease) in securities sold under repurchase agreements | ( | ||||||||||||||||
Net decrease in short-term borrowings | ( | ( | ( | ||||||||||||||
Proceeds from long-term borrowings | |||||||||||||||||
Repayments of long-term borrowings | ( | ( | ( | ||||||||||||||
Treasury shares issued - net | ( | ( | ( | ||||||||||||||
Sale of treasury shares | ( | ( | ( | ||||||||||||||
Costs to issue equity securities | ( | ||||||||||||||||
Cash dividends paid to common shareholders | ( | ( | ( | ||||||||||||||
Repurchase warrant | ( | ||||||||||||||||
Net Cash Provided by Financing Activities | |||||||||||||||||
Net increase in cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Supplemental Disclosures | |||||||||||||||||
Interest paid | $ | $ | $ | ||||||||||||||
Income taxes paid, net of refunds | $ | $ | $ | ||||||||||||||
Loans transferred to held for sale | $ | $ | $ | ||||||||||||||
Loans transferred to portfolio from held for sale | $ | $ | $ | ||||||||||||||
Leased right-of-use operating assets and lease liabilities added to Balance Sheet | $ | $ | $ | ||||||||||||||
Transfer net asset to investment in insurance company partnership | $ | $ | $ | ||||||||||||||
Net assets (liabilities) from acquisitions, excluding cash and cash equivalents | $ | $ | $ | ||||||||||||||
Transfers to other real estate owned and other repossessed assets | $ | $ | $ | ||||||||||||||
1) Land and Land Improvements | Non-depreciating assets | |||||||
2) Buildings | ||||||||
3) Furniture and Fixtures | ||||||||
4) Computer Equipment and Software | ||||||||
5) Other Equipment | ||||||||
6) Vehicles | ||||||||
7) Leasehold Improvements | Lesser of estimated useful life of the asset (generally |
January 1, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | As Reported Under ASU 2016-13 | Pre-ASU 2016-13 | Impact of ASU 2016-13 Adoption | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Loans held for investment (outstanding balance) | ||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | ( | ||||||||||||||||||||||
Commercial and industrial | ( | |||||||||||||||||||||||||
Commercial construction | ( | |||||||||||||||||||||||||
Business banking | ||||||||||||||||||||||||||
Consumer real estate | ( | |||||||||||||||||||||||||
Other consumer | ( | |||||||||||||||||||||||||
Allowance for credit losses on loans | ( | ( | ( | |||||||||||||||||||||||
Total loans held for investment, net | $ | $ | $ | ( | ||||||||||||||||||||||
Net deferred tax asset | $ | $ | $ | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Allowance for credit losses on unfunded loan commitments | $ | $ | $ | |||||||||||||||||||||||
Equity: | ||||||||||||||||||||||||||
Retained earnings | $ | $ | $ | ( |
November 30, 2019 | November 30, 2020 | ||||||||||||||||||||||||||||
As Recorded by DNB | Fair Value Adjustments | As Recorded by S&T | Measurement Period Adjustments | As Recorded by S&T | |||||||||||||||||||||||||
Fair Value of Assets Acquired | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | — | $ | $ | — | $ | ||||||||||||||||||||||
Securities and other investments | — | ||||||||||||||||||||||||||||
Loans | ( | ( | |||||||||||||||||||||||||||
Allowance for credit losses | ( | — | |||||||||||||||||||||||||||
Goodwill | ( | — | — | — | |||||||||||||||||||||||||
Premises and equipment | |||||||||||||||||||||||||||||
Accrued interest receivable | — | — | |||||||||||||||||||||||||||
Deferred income taxes | ( | ( | ( | ||||||||||||||||||||||||||
Core deposits and other intangible assets | ( | — | — | — | |||||||||||||||||||||||||
Other assets | ( | ( | |||||||||||||||||||||||||||
Total Assets Acquired | ( | ( | |||||||||||||||||||||||||||
Fair Value of Liabilities Assumed | |||||||||||||||||||||||||||||
Deposits | — | ||||||||||||||||||||||||||||
Borrowings | ( | ( | |||||||||||||||||||||||||||
Accrued interest payable and other liabilities | ( | ( | |||||||||||||||||||||||||||
Total Liabilities Assumed | ( | ( | |||||||||||||||||||||||||||
Total Net Assets Acquired | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Core Deposit Intangible Asset | $ | $ | $ | ||||||||||||||||||||||||||
Wealth Management Intangible Asset | |||||||||||||||||||||||||||||
Total Fair Value of Net Assets Acquired and Identified | $ | $ | ( | $ | |||||||||||||||||||||||||
Consideration Paid | |||||||||||||||||||||||||||||
Cash | $ | $ | — | $ | |||||||||||||||||||||||||
Common stock | — | ||||||||||||||||||||||||||||
Fair Value of Total Consideration | $ | $ | — | $ | |||||||||||||||||||||||||
Goodwill | $ | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands, except share and per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Numerator for Earnings per Common Share—Basic: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Less: Income allocated to participating shares | |||||||||||||||||
Net Income Allocated to Common Shareholders | $ | $ | $ | ||||||||||||||
Numerator for Earnings per Common Share—Diluted: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Denominators: | |||||||||||||||||
Weighted Average Common Shares Outstanding—Basic | |||||||||||||||||
Add: Dilutive potential common shares | |||||||||||||||||
Denominator for Treasury Stock Method—Diluted | |||||||||||||||||
Weighted Average Common Shares Outstanding—Basic | |||||||||||||||||
Add: Average participating shares outstanding | |||||||||||||||||
Denominator for Two-Class Method—Diluted | |||||||||||||||||
Earnings per common share—basic | $ | $ | $ | ||||||||||||||
Earnings per common share—diluted | $ | $ | $ | ||||||||||||||
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $ | |||||||||||||||||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares |
December 31, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Total Debt Securities Available-for-Sale | |||||||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Total Securities | |||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Forward sale contracts | |||||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||
Corporate obligations | |||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||
Total Debt Securities Available-for-Sale | |||||||||||||||||||||||
Marketable equity securities | |||||||||||||||||||||||
Total Securities | |||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||
Forward sale contracts | |||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
December 31, 2020 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) (3) | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | Collateral method | Appraisal adjustment | - | |||||||||||||||||||||||||||||||
Other real estate owned | Collateral method | Costs to sell | - | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow method | Discount rate | - | ||||||||||||||||||||||||||||||||
Constant prepayment rates | - | ||||||||||||||||||||||||||||||||||
Loans held for sale | Collateral method | none | NA | NA | |||||||||||||||||||||||||||||||
Total Assets | $ | ||||||||||||||||||||||||||||||||||
December 31, 2019 | Valuation Technique | Significant Unobservable Inputs | Range | Weighted Average (1) (2) (3) | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Loans individually evaluated | $ | Collateral method | Appraisal adjustment | - | |||||||||||||||||||||||||||||||
Discounted cash flow method | Discount rate | - | |||||||||||||||||||||||||||||||||
Other real estate owned | Collateral method | Costs to sell | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow method | Discount rate | - | ||||||||||||||||||||||||||||||||
Constant prepayment rates | - | ||||||||||||||||||||||||||||||||||
Total Assets | $ | ||||||||||||||||||||||||||||||||||
(1)Weighted averages for loans individually evaluated were weighted by loan amounts. (2)Weighted averages for other real estate owned were weighted by OREO balances. (3)Weighted averages for mortgage services rights discount rate and prepayment rates were weighted based on note rate tranches. |
Fair Value Measurements at December 31, 2020 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Portfolio loans, net | |||||||||||||||||||||||||||||
Bank owned life insurance | |||||||||||||||||||||||||||||
FHLB and other restricted stock | |||||||||||||||||||||||||||||
Collateral receivable | |||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
Forward sale contracts |
Fair Value Measurements at December 31, 2019 | |||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value(1) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks, including interest-bearing deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Portfolio loans, net | |||||||||||||||||||||||||||||
Bank owned life insurance | |||||||||||||||||||||||||||||
FHLB and other restricted stock | |||||||||||||||||||||||||||||
Securities held in a deferred compensation plan | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
Interest rate lock commitments | |||||||||||||||||||||||||||||
Forward sale contracts | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities sold under repurchase agreements | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||||||||
Junior subordinated debt securities | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||||||||
Debt securities available-for-sale | $ | $ | |||||||||||||||
Marketable equity securities | |||||||||||||||||
Total Securities | $ | $ |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Debt Securities Available-for-Sale | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ |
Years ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Gross realized gains | $ | $ | $ | |||||||||||||||||||||||
Gross realized losses | ( | ( | ||||||||||||||||||||||||
Net Realized Gains/(Losses) | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Obligations (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||
(1) Unrealized loss on Corporate Obligations rounded to less than one thousand dollars. |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | Gross Unrealized Gains | Gross Unrealized Losses | Net Unrealized Gains (Losses) | |||||||||||||||||||||||||||||
Total unrealized gains/(losses) on debt securities available-for-sale | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) | $ | $ | ( | $ | $ | $ | ( | $ |
December 31, 2020 | |||||||||||
(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 | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Debt Securities Available-for-Sale With Maturities | |||||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies | |||||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies | |||||||||||
Corporate Obligations | |||||||||||
Total Debt Securities Available-for-Sale | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Marketable Equity Securities | |||||||||||||||||
Net market (losses)/gains recognized | $ | ( | $ | $ | ( | ||||||||||||
Less: Net gains recognized for equity securities sold | |||||||||||||||||
Unrealized (Losses)/Gains on Equity Securities Still Held | $ | ( | $ | $ | ( |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Commercial | |||||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Business banking | |||||||||||
Total Commercial Loans | |||||||||||
Consumer | |||||||||||
Consumer Real Estate | |||||||||||
Other Consumer | |||||||||||
Total Consumer Loans | |||||||||||
Total Portfolio Loans | |||||||||||
Loans held for sale | |||||||||||
Total Loans(1) | $ | $ |
December 31, 2020 | |||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | ||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
Commercial and industrial | |||||||||||||||||
Commercial construction | |||||||||||||||||
Business banking | |||||||||||||||||
Consumer real estate | |||||||||||||||||
Other consumer | |||||||||||||||||
Total(1) | $ | $ | $ |
December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Performing TDRs | Nonperforming TDRs | Total TDRs | ||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
Commercial and industrial | |||||||||||||||||
Commercial construction | |||||||||||||||||
Residential mortgage | |||||||||||||||||
Home equity | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ | $ |
2020 | |||||||||||||||||||||||
(dollars in thousands) | 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 | |||||||||||||||||||||||
Payment deferral | ( | ||||||||||||||||||||||
Total Commercial Real Estate | ( | ||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||
Maturity date extension | ( | ||||||||||||||||||||||
Total Business Banking | ( | ||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Maturity date extension | ( | ||||||||||||||||||||||
Maturity date extension and interest rate reduction | |||||||||||||||||||||||
Payment delay and below market interest rate | ( | ||||||||||||||||||||||
Payment deferral | ( | ||||||||||||||||||||||
Total Commercial and Industrial | ( | ||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||
Maturity date extension | ( | ||||||||||||||||||||||
Total Commercial Construction | ( | ||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Maturity date extension and reduction in payment | ( | ||||||||||||||||||||||
Payment deferral | ( | ||||||||||||||||||||||
Total Consumer Real Estate | ( | ||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Total Other Consumer | $ | $ | $ | ( | |||||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||
Payment deferral | ( | ||||||||||||||||||||||
Maturity date extension | ( | ||||||||||||||||||||||
Maturity date extension and interest rate reduction | |||||||||||||||||||||||
Payment delay and below market interest rate | ( | ||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Maturity date extension and reduction in payment | ( | ||||||||||||||||||||||
Total(3) | $ | $ | $ | ( | |||||||||||||||||||
(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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
2019 | |||||||||||||||||||||||
(dollars in thousands) | 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 and interest rate reduction | ( | ||||||||||||||||||||||
Principal deferral | ( | ||||||||||||||||||||||
Principal deferral and maturity date extension | |||||||||||||||||||||||
Below market interest rate | |||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||
Maturity date extension and interest rate reduction | ( | ||||||||||||||||||||||
Principal deferral | |||||||||||||||||||||||
Principal deferral and maturity date extension | ( | ||||||||||||||||||||||
Total Commercial and Industrial | ( | ||||||||||||||||||||||
Residential Mortgage | |||||||||||||||||||||||
Principal deferral and maturity date extension | |||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Total Residential Mortgage | ( | ||||||||||||||||||||||
Home equity | |||||||||||||||||||||||
Principal deferral and maturity date extension | |||||||||||||||||||||||
Interest rate reduction | ( | ||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Total Home Equity | ( | ||||||||||||||||||||||
Installment and Other Consumer | |||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Total Installment and Other Consumer | $ | $ | $ | ( | |||||||||||||||||||
Totals by Concession Type | |||||||||||||||||||||||
Maturity date extension and interest rate reduction | ( | ||||||||||||||||||||||
Principal deferral | ( | ||||||||||||||||||||||
Principal deferral and Maturity date extension | ( | ||||||||||||||||||||||
Interest rate reduction | ( | ||||||||||||||||||||||
Below market interest rate | |||||||||||||||||||||||
Consumer bankruptcy(2) | ( | ||||||||||||||||||||||
Total(3) | $ | $ | $ | ( | |||||||||||||||||||
(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) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Nonperforming Assets | |||||||||||
Nonaccrual loans | $ | $ | |||||||||
Nonaccrual TDRs | |||||||||||
Total nonaccrual loans | |||||||||||
OREO | |||||||||||
Total Nonperforming Assets | $ | $ |
2020 | 2019 | ||||||||||
Balance at beginning of year | $ | $ | |||||||||
New loans | |||||||||||
Repayments or no longer considered a related party | ( | ( | |||||||||
Balance at end of year | $ | $ |
Risk Rating | |||||||||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving | Revolving-Term | Total | ||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial and Industrial | |||||||||||||||||||||||||||||
Commercial Construction | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Commercial Construction | |||||||||||||||||||||||||||||
Business Banking | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Business Banking | |||||||||||||||||||||||||||||
Consumer Real Estate | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Consumer Real Estate | |||||||||||||||||||||||||||||
Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Other Consumer | |||||||||||||||||||||||||||||
Performing | |||||||||||||||||||||||||||||
Nonperforming | |||||||||||||||||||||||||||||
Total Loan Balance | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020(2) | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days + Past Due(1) | Non- performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days + Past Due | Non- performing | Total Past Due Loans | Total Loans | ||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||
December 31, 2020 | For the twelve months ended | ||||||||||||||||||||||||||||
(dollars in thousands) | Beginning of Period Nonaccrual | End of Period Nonaccrual | Nonaccrual With No Related Allowance | Past Due 90+ Days Still Accruing | Interest Income Recognized on Nonaccrual(1) | ||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||
Business banking | |||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Type of Collateral | |||||||||||||||||||||||
(dollars in thousands) | Real Estate | Blanket Lien | Investment/Cash | Other | |||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||
Business banking | |||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial (2) | Commercial Construction | Business Banking(1) | Consumer Real Estate | Other Consumer | Total Loans | ||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Impact of CECL adoption | ( | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Net (Charge-offs)/Recoveries | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | % of Total | Commercial and Industrial | % of Total | Commercial Construction | % of Total | Total | % of Total | |||||||||||||||||||||||||||||||||||||||
Pass | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Special mention | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Substandard | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % | $ | % |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | % | $ | % | $ | % | $ | % | $ | % |
December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||
With a related allowance recorded: | |||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||
Commercial and industrial | |||||||||||||||||
Commercial construction | |||||||||||||||||
Consumer real estate | |||||||||||||||||
Other consumer | |||||||||||||||||
Total with a Related Allowance Recorded | |||||||||||||||||
Without a related allowance recorded: | |||||||||||||||||
Commercial real estate | — | ||||||||||||||||
Commercial and industrial | — | ||||||||||||||||
Commercial construction | — | ||||||||||||||||
Consumer real estate | — | ||||||||||||||||
Other consumer | — | ||||||||||||||||
Total without a Related Allowance Recorded | — | ||||||||||||||||
Total: | |||||||||||||||||
Commercial real estate | |||||||||||||||||
Commercial and industrial | |||||||||||||||||
Commercial construction | |||||||||||||||||
Consumer real estate | |||||||||||||||||
Other consumer | |||||||||||||||||
Total | $ | $ | $ |
For the Year Ended | |||||||||||
December 31, 2019 | |||||||||||
(dollars in thousands) | Average Recorded Investment | Interest Income Recognized | |||||||||
With a related allowance recorded: | |||||||||||
Commercial real estate | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Consumer real estate | |||||||||||
Other consumer | |||||||||||
Total with a Related Allowance Recorded | |||||||||||
Without a related allowance recorded: | |||||||||||
Commercial real estate | |||||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Consumer real estate | |||||||||||
Other consumer | |||||||||||
Total without a Related Allowance Recorded | |||||||||||
Total: | |||||||||||
Commercial real estate | |||||||||||
Commercial and industrial | |||||||||||
Commercial construction | |||||||||||
Consumer real estate | |||||||||||
Other consumer | |||||||||||
Total | $ | $ |
2019 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Consumer Real Estate | Other Consumer | Total | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Net (Charge-offs) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Provision for loan losses | |||||||||||||||||||||||||||||||||||
Balance at End of Year | $ | $ | $ | $ | $ | $ |
2019 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Commercial construction | |||||||||||||||||||||||||||||||||||
Consumer real estate | |||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Operating lease expense | $ | $ | $ | |||||||||||||||||
Amortization of ROU assets - finance leases | ||||||||||||||||||||
Interest on lease liabilities - finance leases (1) | ||||||||||||||||||||
Total Lease Expense | $ | $ | $ | |||||||||||||||||
(1) Included in borrowings interest expense in our Consolidated Statements of Net Income. All other lease costs in this table are included in net occupancy expense. | ||||||||||||||||||||
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31: | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
Operating Leases | ||||||||||||||||||||
ROU assets | $ | $ | ||||||||||||||||||
Operating cash flows | $ | $ | ||||||||||||||||||
Finance Leases | ||||||||||||||||||||
ROU assets | $ | $ | ||||||||||||||||||
Operating cash flows | $ | $ | ||||||||||||||||||
Financing cash flows | $ | $ | ||||||||||||||||||
Weighted Average Lease Term - Years | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Finance leases | ||||||||||||||||||||
Weighted Average Discount Rate | ||||||||||||||||||||
Operating leases | % | % | ||||||||||||||||||
Finance leases | % | % |
(dollars in thousands) | ||||||||||||||||||||
Maturity Analysis | Finance | Operating | Total | |||||||||||||||||
2021 | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total | ||||||||||||||||||||
Less: Present value discount | ( | ( | ( | |||||||||||||||||
Lease Liabilities | $ | $ | $ |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Land | $ | $ | |||||||||
Premises | |||||||||||
Furniture and equipment | |||||||||||
Leasehold improvements | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total | $ | $ |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Balance at beginning of year | $ | $ | |||||||||
Additions | |||||||||||
Balance at End of Year | $ | $ |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Gross carrying amount at beginning of year | $ | $ | |||||||||
Additions | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Balance at End of Year | $ | $ |
(dollars in thousands) | Amount | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||
Interest Rate Swap Contracts—Commercial Loans | |||||||||||||||||||||||
Fair value | $ | $ | $ | $ | |||||||||||||||||||
Notional amount | |||||||||||||||||||||||
Collateral posted | |||||||||||||||||||||||
Interest Rate Lock Commitments—Mortgage Loans | |||||||||||||||||||||||
Fair value | |||||||||||||||||||||||
Notional amount | |||||||||||||||||||||||
Forward Sale Contracts—Mortgage Loans | |||||||||||||||||||||||
Fair value | |||||||||||||||||||||||
Notional amount |
Derivatives (included in Other Assets) | Derivatives (included in Other Liabilities) | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||||||||
Gross amounts recognized | $ | $ | $ | $ | |||||||||||||||||||
Gross amounts offset | ( | ( | ( | ( | |||||||||||||||||||
Net amounts presented in the Consolidated Balance Sheets | |||||||||||||||||||||||
Gross amounts not offset(1) | ( | ( | |||||||||||||||||||||
Net Amount | $ | $ | $ | $ | ( |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||||
Interest rate swap contracts—commercial loans | $ | ( | $ | ( | $ | ||||||||||||
Interest rate lock commitments—mortgage loans | |||||||||||||||||
Forward sale contracts—mortgage loans | ( | ||||||||||||||||
Total Derivative (Loss)/Gain | $ | $ | ( | $ |
(dollars in thousands) | Servicing Rights | Valuation Allowance | Net Carrying Value | ||||||||||||||
Balance at December 31, 2018 | $ | $ | ( | $ | |||||||||||||
Additions | — | ||||||||||||||||
Amortization | ( | — | ( | ||||||||||||||
Temporary recapture | — | ( | ( | ||||||||||||||
Balance at December 31, 2019 | $ | $ | ( | $ | |||||||||||||
Additions | — | ||||||||||||||||
Amortization | ( | — | ( | ||||||||||||||
Temporary (impairment) | — | ( | ( | ||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | |||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest-bearing demand | |||||||||||||||||||||||||||||||||||
Money market | |||||||||||||||||||||||||||||||||||
Savings | |||||||||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | Amount | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | Balance | Weighted Average Interest Rate | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||
REPOs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Short-term Borrowings | $ | $ | $ | $ | $ | $ |
(dollars in thousand) | 2020 | 2019 | 2018 | ||||||||||||||
Long-term borrowings | $ | $ | $ | ||||||||||||||
Weighted average interest rate | % | % | % | ||||||||||||||
Interest expense | $ | $ | $ |
(dollars in thousands) | Balance | Average Rate | |||||||||
2021 | $ | % | |||||||||
2022 | % | ||||||||||
2023 | % | ||||||||||
2024 | % | ||||||||||
2025 | % | ||||||||||
Thereafter | % | ||||||||||
Total | $ | % |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Interest Expense | Balance | Interest Expense | Balance | Interest Expense | |||||||||||||||||||||||||||||
Junior subordinated debt | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Junior subordinated debt—trust preferred securities | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | 2001 Trust Preferred Securities | 2005 Trust Preferred Securities | 2015 Junior Subordinated Debt | 2006 Junior Subordinated Debt | 2008 Trust Preferred Securities | ||||||||||||||||||||||||
Junior Subordinated Debt | $— | $— | $ | $ | $— | ||||||||||||||||||||||||
Trust Preferred Securities | — | — | |||||||||||||||||||||||||||
Stated Maturity Date | |||||||||||||||||||||||||||||
Optional redemption date at par | |||||||||||||||||||||||||||||
Regulatory Capital | |||||||||||||||||||||||||||||
Interest Rate | 6 Month LIBOR plus | 3 Month LIBOR plus | fixed at | 3 month LIBOR plus | 3 month LIBOR plus | ||||||||||||||||||||||||
Interest Rate at December 31, 2020 |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Commitments to extend credit | $ | $ | |||||||||
Standby letters of credit | |||||||||||
Total | $ | $ |
(dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||||||||
Balance at beginning of period | $ | $ | |||||||||||||||
Impact of adopting ASU 2016-13 at January 1, 2020 | |||||||||||||||||
Balance after adoption of ASU 2016-13 | |||||||||||||||||
Provision for credit losses | |||||||||||||||||
Total | $ | $ |
Years ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Revenue Streams (1) | Point of Revenue Recognition | |||||||||||||||||||
Service charges on deposit accounts | Over a period of time | $ | $ | $ | ||||||||||||||||
At a point in time | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Debit and credit card | Over a period time | $ | $ | $ | ||||||||||||||||
At a point in time | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Wealth management | Over a period of time | $ | $ | $ | ||||||||||||||||
At a point in time | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Other fee revenue | At a point in time | $ | $ | $ |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Federal | |||||||||||||||||
Current | $ | $ | $ | ||||||||||||||
Deferred | ( | ( | |||||||||||||||
Total Federal | ( | ||||||||||||||||
State | |||||||||||||||||
Current | |||||||||||||||||
Deferred | ( | ( | |||||||||||||||
Total State | |||||||||||||||||
Total Federal and State | $ | ( | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Statutory tax rate | % | % | % | ||||||||||||||
Low income housing tax credits | ( | % | ( | % | ( | % | |||||||||||
Tax-exempt interest | ( | % | ( | % | ( | % | |||||||||||
Bank owned life insurance | ( | % | ( | % | ( | % | |||||||||||
Gain on sale of a majority interest of insurance business | % | % | % | ||||||||||||||
Merger related expenses | % | % | % | ||||||||||||||
Other | % | % | % | ||||||||||||||
Impact of the Tax Act | % | % | ( | % | |||||||||||||
Effective Tax Rate | % | % | % |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Deferred Tax Assets: | |||||||||||
Allowance for credit losses | $ | $ | |||||||||
Lease liabilities | |||||||||||
State net operating loss carryforwards | |||||||||||
Net adjustment to funded status of pension | |||||||||||
Low income housing partnerships | |||||||||||
Other employee benefits | |||||||||||
Other | |||||||||||
Gross Deferred Tax Assets | |||||||||||
Less: Valuation allowance | ( | ( | |||||||||
Total Deferred Tax Assets | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Right-of-use lease assets | ( | ( | |||||||||
Net unrealized gains on securities available-for-sale | ( | ( | |||||||||
Deferred loan income | ( | ( | |||||||||
Prepaid pension | ( | ( | |||||||||
Purchase accounting adjustments | ( | ( | |||||||||
Depreciation on premises and equipment | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total Deferred Tax liabilities | ( | ( | |||||||||
Net Deferred Tax Asset | $ | $ |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Prior period tax positions | ( | ( | ( | ||||||||||||||
Current period tax positions | |||||||||||||||||
Balance at End of Year | $ | $ | $ | ||||||||||||||
Amount That Would Impact the Effective Tax Rate if Recognized | $ | $ | $ |
(dollars in thousands) | Pre-Tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||
2020 | |||||||||||||||||
Net change in unrealized gains on debt securities available-for sale | $ | $ | ( | $ | |||||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | |||||||||||||||||
Adjustment to funded status of employee benefit plans | ( | ||||||||||||||||
Other Comprehensive Income | $ | $ | ( | $ | |||||||||||||
2019 | |||||||||||||||||
Net change in unrealized gains on securities available-for-sale | $ | $ | ( | $ | |||||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | ( | ||||||||||||||||
Adjustment to funded status of employee benefit plans | ( | ( | |||||||||||||||
Other Comprehensive Income | $ | $ | ( | $ | |||||||||||||
2018 | |||||||||||||||||
Net change in unrealized losses on securities available-for-sale (1) | $ | ( | $ | $ | ( | ||||||||||||
Net available-for-sale securities (gains) losses reclassified into earnings | |||||||||||||||||
Adjustment to funded status of employee benefit plans | ( | ||||||||||||||||
Other Comprehensive Loss | $ | ( | $ | $ | ( |
(dollars in thousands) | 2020 | 2019 | |||||||||
Change in Projected Benefit Obligation | |||||||||||
Projected benefit obligation at beginning of year | $ | $ | |||||||||
Interest cost | |||||||||||
Actuarial gain/(loss) | |||||||||||
Acquisitions - DNB merger | |||||||||||
Benefits paid | ( | ( | |||||||||
Projected Benefit Obligation at End of Year | $ | $ | |||||||||
Change in Plan Assets | |||||||||||
Fair value of plan assets at beginning of year | $ | $ | |||||||||
Actual return on plan assets | |||||||||||
Employer contributions | |||||||||||
Acquisitions - DNB merger | |||||||||||
Benefits paid | ( | ( | |||||||||
Fair Value of Plan Assets at End of Year | $ | $ | |||||||||
Funded Status | $ | $ |
(dollars in thousands) | 2020 | 2019 | |||||||||
Net actuarial loss | ( | ( | |||||||||
Total (Before Tax Effects) | $ | ( | $ | ( |
2020 | 2019 | ||||||||||
Discount rate | % | ||||||||||
Rate of compensation increase(1) | % |
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Components of Net Periodic Pension Cost | |||||||||||||||||
Interest cost on projected benefit obligation | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||
Amortization of prior service credit - DNB merger | |||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||
Settlement charge | |||||||||||||||||
Net Periodic Pension Expense | $ | $ | $ | ( | |||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | |||||||||||||||||
Net actuarial loss/(gain) | $ | ( | $ | $ | ( | ||||||||||||
Recognized net actuarial loss | ( | ( | ( | ||||||||||||||
Settlement loss recognized | ( | ||||||||||||||||
Recognized prior service credit | |||||||||||||||||
Total (Before Tax Effects) | $ | ( | $ | $ | ( | ||||||||||||
Total Recognized in Net Benefit Cost and Other Comprehensive Income/(Loss) (Before Tax Effects) | $ | ( | $ | $ | ( |
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | % | % | |||||||||||||||
Rate of compensation increase(1) | % | % | |||||||||||||||
Expected return on assets | % | % |
(dollars in thousands) | Amount | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 - 2030 |
December 31, 2020 | |||||||||||||||||||||||
Fair Value Asset Classes(1) | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash equivalents(2) | $ | $ | $ | $ | |||||||||||||||||||
Fixed income(3) | |||||||||||||||||||||||
Equities: | |||||||||||||||||||||||
Equity index mutual funds—international(4) | |||||||||||||||||||||||
Domestic individual equities(5) | |||||||||||||||||||||||
Total Assets at Fair Value | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||
Fair Value Asset Classes(1) | |||||||||||||||||||||||
(dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash and cash equivalents(2) | $ | $ | $ | $ | |||||||||||||||||||
Fixed income(3) | |||||||||||||||||||||||
Equities: | |||||||||||||||||||||||
Equity index mutual funds—international(4) | |||||||||||||||||||||||
Domestic individual equities(5) | |||||||||||||||||||||||
Total Assets at Fair Value | $ | $ | $ | $ |
Restricted Stock | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at December 31, 2018 | $ | ||||||||||
Granted | |||||||||||
Vested | |||||||||||
Forfeited | |||||||||||
Non-vested at December 31, 2019 | $ | ||||||||||
Granted | |||||||||||
Vested | |||||||||||
Forfeited | |||||||||||
Non-vested at December 31, 2020 | $ |
December 31, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
ASSETS | |||||||||||
Cash | $ | $ | |||||||||
Investments in: | |||||||||||
Bank subsidiary | |||||||||||
Non-bank subsidiaries | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Long-term debt | $ | $ | |||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
Total Shareholders’ Equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Dividends from subsidiaries | $ | $ | $ | ||||||||||||||
Investment income | |||||||||||||||||
Total Income | |||||||||||||||||
Interest expense on long-term debt | |||||||||||||||||
Other expenses | |||||||||||||||||
Total Expense | |||||||||||||||||
Income before income tax and undistributed net income of subsidiaries | |||||||||||||||||
Income tax benefit | ( | ( | ( | ||||||||||||||
Income before undistributed net income of subsidiaries | |||||||||||||||||
Equity in undistributed net income (distribution in excess of net income) of: | |||||||||||||||||
Bank subsidiary | ( | ||||||||||||||||
Non-bank subsidiaries | ( | ( | |||||||||||||||
Net Income | $ | $ | $ |
Years ended December 31, | |||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Equity in undistributed (earnings) losses of subsidiaries | ( | ( | |||||||||||||||
Other | ( | ||||||||||||||||
Net Cash Provided by Operating Activities | |||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Net investments in subsidiaries | |||||||||||||||||
Acquisitions | ( | ||||||||||||||||
Net Cash Provided by Investing Activities | |||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Sale of treasury shares, net | ( | ( | ( | ||||||||||||||
Purchase of treasury shares | ( | ( | ( | ||||||||||||||
Cash dividends paid to common shareholders | ( | ( | ( | ||||||||||||||
Payment to repurchase of warrant | ( | ||||||||||||||||
Net Cash Used in Financing Activities | ( | ( | ( | ||||||||||||||
Net decrease in cash | ( | ( | ( | ||||||||||||||
Cash at beginning of year | |||||||||||||||||
Cash at End of Year | $ | $ | $ |
Actual | Minimum Regulatory Capital Requirements | To be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | $ | $ | ||||||||||||||||||||||||||||||||
S&T Bank | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | |||||||||||||||||||||||||||||||||||
S&T Bank | |||||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | |||||||||||||||||||||||||||||||||||
S&T Bank | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | |||||||||||||||||||||||||||||||||||
S&T Bank | |||||||||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
S&T | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
S&T Bank | % | % | % | ||||||||||||||||||||||||||||||||
Common Equity Tier 1 (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | % | % | % | ||||||||||||||||||||||||||||||||
S&T Bank | % | % | % | ||||||||||||||||||||||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | % | % | % | ||||||||||||||||||||||||||||||||
S&T Bank | % | % | % | ||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | |||||||||||||||||||||||||||||||||||
S&T | % | % | % | ||||||||||||||||||||||||||||||||
S&T Bank | % | % | % |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) (unaudited) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter (1) | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income After Provision For Credit Losses | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Security gains (losses), net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Income Before Taxes | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||||||||||||||
Common earnings per share—diluted | $ | $ | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | |||||||||||||||||||||||||||||||||||||||||||||||
Common book value |
Description of the Matter | On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments, which resulted in an increase to the allowance for credit losses (ACL) from retained earnings of $22.6 million. At December 31, 2020, the Company’s gross portfolio of loans was $7.2 billion with an associated ACL of $117.6 million. As discussed in Note 1 to the consolidated financial statements, the ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers historical loss experience, current conditions and forecasts of future economic conditions. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and an individual assessment of loans that do not share risk characteristics with other loans to determine if a specific reserve or a charge-off is appropriate. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. Management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. The reasonable and supportable forecast adjustment is based on forecasted unemployment. The qualitative adjustments for current conditions are based upon value of underlying collateral for collateral dependent loans and the existence of and changes in concentrations for the commercial loan portfolios. Auditing the ACL involves a high degree of subjectivity due to the qualitative adjustments. Management’s identification and measurement of the qualitative adjustments is highly judgmental and could have a significant effect on the ACL. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the ACL process, which include, among others, management’s review and approval controls designed to assess the need for and level of qualitative adjustments and the reliability of the data utilized to support management’s assessment. | ||||
To test the qualitative adjustments, we evaluated the appropriateness of management’s methodology and assessed the basis for the adjustments and whether all relevant risks were reflected in the ACL. Regarding the measurement of the qualitative adjustments, we evaluated the completeness, accuracy and relevance of the underlying internal and external data utilized in management’s estimate and considered the existence of additional or contrary information. We evaluated the overall ACL, inclusive of the qualitative adjustments, and whether the amount appropriately reflects a reasonable estimate of lifetime losses by comparing the overall ACL to historical losses and ACL reserves established by peer banking institutions. |
(a) | (b) | (c) | ||||||||||||||||||||||||
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a)) | |||||||||||||||||||||||
Equity compensation plan approved by shareholders(1) | 101,306 | (2) | 126,260 | |||||||||||||||||||||||
Equity compensation plans not approved by shareholders | — | — | — | |||||||||||||||||||||||
Total | 101,306 | $ | — | 126,260 |
(b) Exhibits | ||||||||
2.2 | ||||||||
3.1 | Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit B to Form S-4 Registration Statement (No. 2-83565) of S&T Bancorp, Inc., dated May 5, 1983, and incorporated herein by reference. | |||||||
3.2 | Amendment to Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit 3.2 to Form S-4 Registration Statement (No. 33-02600) of S&T Bancorp, Inc. dated January 15, 1986, and incorporated herein by reference. | |||||||
— | Amended and Restated By-laws of S&T Bancorp, Inc. Filed as Exhibit 3.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on December 23, 2020, and incorporated herein by reference. | |||||||
The Company has certain long-term debt but has not filed the instruments evidencing such debt as Exhibit 4 as none of such instruments authorize the issuance of debt exceeding 10 percent of the Companies total consolidated assets. The Company agrees to furnish a copy of each such agreement to the Securities and Exchange Commission upon request. | ||||||||
10.5 | Letter Agreement, dated as of October 2, 2020, by and between S&T Bancorp, Inc. and Todd D. Brice. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 2, 2020, and incorporated herein by reference.* |
(b) Exhibits | ||||||||
— | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated October 14, 2020, by and between David G. Antolik and S&T Bancorp, Inc. Filed as Exhibit 10.3 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 16, 2020, and incorporated herein by reference.* | |||||||
— | Restricted Stock Award Agreement David G. Antolik, dated October 12, 2020. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 16, 2020, and incorporated herein by reference.* | |||||||
— | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated October 14, 2020, by and between Mark Kochvar and S&T Bancorp, Inc. Filed as Exhibit 10.4 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 16, 2020. | |||||||
— | Restricted Stock Award Agreement Mark Kochvar, dated October 12, 2020. Filed as Exhibit 10.2 to S&T Bancorp, Inc. Current Report on Form 8-K filed on October 16, 2020, and incorporated herein by reference.* | |||||||
10.10 | S&T Bancorp, Inc. 2014 Incentive Plan. Filed as Exhibit 10.9 to S&T Bancorp, Inc. Annual Report on Form 10-K for the year ended December 31, 2013, and incorporated herein by reference. * | |||||||
10.11 | Severance and General Release Agreement, dated August 4, 2020, by and between David P. Ruddock and S&T Bancorp, Inc., S&T Bank and any of their subsidiaries or affiliated business. Filed as Exhibit 10.1 to S&T Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and incorporated herein by reference * | |||||||
10.12 | Confidentiality, Trade Secrets, Non-Solicitation and Severance Agreement, dated November 2, 2020, by and between Ernest J. Draganza and S&T Bancorp, Inc., S&T Bank and their subsidiaries and affiliated companies. Filed as Exhibit 10.2 to S&T Bancorp, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and incorporated herein by reference.* | |||||||
Subsidiaries of the Registrant. | ||||||||
Consent of Ernst & Young LLP, S&T Bancorp, Inc.'s Current Independent Registered Public Accounting Firm. | ||||||||
Rule 13a-14(a) Certification of the Principal Executive Officer. | ||||||||
Rule 13a-14(a) Certification of the Principal Financial Officer. | ||||||||
Rule 13a-14(b) Certification of the Chief Executive Officer and Principal Financial Officer. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Interactive Data File ((formatted as Inline XBRL and contained in Exhibits 101)) |
S&T BANCORP, INC. (Registrant) | ||||||||
/s/ Todd D. Brice | 2/26/2021 | |||||||
Todd D. Brice Chief Executive Officer (Principal Executive Officer) | Date | |||||||
/s/ Mark Kochvar | 2/26/2021 | |||||||
Mark Kochvar Senior Executive Vice President, Chief Financial Officer (Principal Financial Officer) | Date |
SIGNATURE | TITLE | DATE | ||||||||||||
/s/ Todd D. Brice | Chief Executive Officer and Director (Principal Executive Officer) | 2/26/2021 | ||||||||||||
Todd D. Brice | ||||||||||||||
/s/ Mark Kochvar | Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer) | 2/26/2021 | ||||||||||||
Mark Kochvar | ||||||||||||||
/s/ Melanie Lazzari | Executive Vice President, Controller | 2/26/2021 | ||||||||||||
Melanie Lazzari | ||||||||||||||
/s/ David G. Antolik | President and Director | 2/26/2021 | ||||||||||||
David G. Antolik | ||||||||||||||
/s/ Christine J. Toretti | Chair of the Board and Director | 2/26/2021 | ||||||||||||
Christine J. Toretti | ||||||||||||||
Director | 2/26/2021 | |||||||||||||
Lewis W. Adkins Jr. | ||||||||||||||
/s/ Peter R. Barsz | Director | 2/26/2021 | ||||||||||||
Peter R. Barsz | ||||||||||||||
SIGNATURE | TITLE | DATE | ||||||||||||
/s/ Christina A. Cassotis | Director | 2/26/2021 | ||||||||||||
Christina A. Cassotis | ||||||||||||||
/s/ Michael J. Donnelly | Director | 2/26/2021 | ||||||||||||
Michael J. Donnelly | ||||||||||||||
/s/ James T. Gibson | Director | 2/26/2021 | ||||||||||||
James T. Gibson | ||||||||||||||
/s/ Jeffrey D. Grube | Director | 2/26/2021 | ||||||||||||
Jeffrey D. Grube | ||||||||||||||
/s/ William J. Hieb | Director | 2/26/2021 | ||||||||||||
William J. Hieb | ||||||||||||||
Director | 2/26/2021 | |||||||||||||
Jerry D. Hostetter | ||||||||||||||
/s/ Robert E. Kane | Director | 2/26/2021 | ||||||||||||
Robert E. Kane | ||||||||||||||
Director | 2/26/2021 | |||||||||||||
James C. Miller | ||||||||||||||
/s/ Frank J. Palermo, Jr. | Director | 2/26/2021 | ||||||||||||
Frank J. Palermo, Jr. | ||||||||||||||
/s/ Steven J. Weingarten | Director | 2/26/2021 | ||||||||||||
Steven J. Weingarten |
Subsidiary | State or Jurisdiction of Organization | ||||
S&T Bank | Pennsylvania | ||||
9th Street Holdings, Inc. | Delaware | ||||
S&T Bancholdings, Inc. | Delaware | ||||
S&T Insurance Group, LLC | Pennsylvania | ||||
S&T Professional Resources Group, LLC | Pennsylvania | ||||
S&T-Evergreen Insurance, LLC (sold 1/1/2018) | Pennsylvania | ||||
S&T Settlement Services, LLC | Pennsylvania | ||||
Stewart Capital Advisors, LLC | Pennsylvania | ||||
STBA Capital Trust I | Delaware | ||||
Commonwealth Trust Credit Life Insurance Company | Arizona | ||||
DNB Capital Trust I | Delaware | ||||
DNB Capital Trust II | Delaware | ||||
DNB Financial Services, Inc. | Pennsylvania | ||||
Downco, Inc. | Pennsylvania | ||||
DN Acquisition Company, Inc. | Pennsylvania |
/s/ Ernst & Young LLP | ||
Pittsburgh, Pennsylvania | ||
February 26, 2021 |
Date: February 26, 2021 | ||
/s/ Todd D. Brice | ||
Todd D. Brice, Chief Executive Officer |
Date: February 26, 2021 | ||
/s/ Mark Kochvar | ||
Mark Kochvar, Senior Executive Vice President, Chief Financial Officer |
Date: February 26, 2021 | ||||||||
/s/ Todd D. Brice | /s/ Mark Kochvar | |||||||
Todd D. Brice, | Mark Kochvar, | |||||||
Chief Executive Officer | Senior Executive Vice President, Chief Financial Officer |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 158,903 | $ 124,491 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in USD per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, shares outstanding (in shares) | 39,298,007 | 39,560,304 |
Treasury stock, shares (in shares) | 2,151,437 | 1,889,140 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
Statement of Comprehensive Income [Abstract] | |||||||
Net Income | $ 21,040 | $ 98,234 | $ 105,334 | ||||
Other Comprehensive Income (Loss), Before Tax: | |||||||
Net change in unrealized gains (losses) on available-for-sale securities | [1] | 22,683 | 15,793 | (6,794) | |||
Net available-for-sale securities losses reclassified into earnings | [2] | 0 | 26 | 0 | |||
Adjustment to funded status of employee benefit plans | 3,549 | (1,282) | 6,297 | ||||
Other Comprehensive Income (Loss), Before Tax | 26,232 | 14,537 | (497) | ||||
Income tax (expense) benefit related to items of other comprehensive income | (5,591) | (3,100) | 106 | ||||
Other Comprehensive Income (Loss), After Tax | 20,641 | 11,437 | (391) | ||||
Comprehensive Income | $ 41,681 | $ 109,671 | $ 104,943 | ||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
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 |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
|
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income
|
[1] | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 884,031 | $ 90,326 | $ 216,106 | $ 628,107 | $ (18,427) | $ (32,081) | |||||||||||||
Beginning balance (ASU No. 2016-01) at Dec. 31, 2017 | $ 0 | $ 862 | [1] | $ (862) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 105,334 | 105,334 | |||||||||||||||||
Other comprehensive income (loss), net of tax | (391) | (391) | |||||||||||||||||
Reclassification of tax effects from the Tax Act | 0 | 3,427 | [2] | (3,427) | [2] | ||||||||||||||
Reclassification of tax effects from the Tax Act | ASU No. 2018-02 | $ (3,660) | $ 233 | |||||||||||||||||
Repurchase of warrant | (7,652) | (7,652) | |||||||||||||||||
Cash dividends declared | (34,539) | (34,539) | |||||||||||||||||
Treasury stock repurchased | (12,256) | (12,256) | |||||||||||||||||
Treasury stock issued | (657) | (1,372) | 715 | ||||||||||||||||
Recognition of restricted stock compensation expense | 1,891 | 1,891 | |||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 935,761 | 90,326 | 210,345 | 701,819 | (23,107) | (43,622) | 167 | 167 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||||||||||
Net Income | $ 98,234 | 98,234 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 11,437 | 11,437 | |||||||||||||||||
Cash dividends declared | (37,360) | (37,360) | |||||||||||||||||
Common stock issuance cost | (176) | (176) | |||||||||||||||||
Common stock issued in acquisition | 200,631 | 13,297 | 187,334 | ||||||||||||||||
Treasury stock repurchased | (18,222) | (18,222) | |||||||||||||||||
Treasury stock issued | (915) | (1,777) | 862 | ||||||||||||||||
Recognition of restricted stock compensation expense | 2,441 | 2,441 | |||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 1,191,998 | 103,623 | 399,944 | 761,083 | (11,670) | (60,982) | $ (22,590) | $ (22,590) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||
Net Income | $ 21,040 | 21,040 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 20,641 | 20,641 | |||||||||||||||||
Cash dividends declared | (43,949) | (43,949) | |||||||||||||||||
Treasury stock repurchased | (12,559) | (12,559) | |||||||||||||||||
Treasury stock issued | (594) | (5,523) | 4,929 | ||||||||||||||||
Recognition of restricted stock compensation expense | 724 | 724 | |||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 1,154,711 | $ 103,623 | $ 400,668 | $ 710,061 | $ 8,971 | $ (68,612) | |||||||||||||
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share (in USD per share) | $ 1.12 | $ 1.09 | $ 0.99 |
Common stock issued in acquisition (in shares) | 5,318,962 | ||
Treasury stock repurchased (in shares) | 411,430 | 470,708 | 321,731 |
Treasury stock issued, net (in shares) | 149,133 | 28,174 | 33,676 |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has five active direct wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II. DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger on November 30, 2019. We own a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. We are presently engaged in non-banking activities through the following eight entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC; Stewart Capital Advisors, LLC.; Downco Inc.; DN Acquisition, Inc.; and DNB Financial Services, Inc. 9th Street Holdings, Inc. and S&T Bancholdings, Inc. are investment holding companies. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions. Downco Inc. and DN Acquisition Company, Inc. were acquired with the DNB merger and were incorporated for the purpose of acquiring and holding Other Real Estate Owned acquired through foreclosure or deed in-lieu-of foreclosure, as well as Bank-occupied real estate. DNB Financial Services was also acquired with the DNB merger and is a Pennsylvania licensed insurance agency, which, through a third-party marketing agreement with Cetera Investment Services, LLC, sells a variety of insurance and investment products. On June 5, 2019 we entered into an agreement to acquire DNB Financial Corporation, or DNB, and the transaction was completed on November 30, 2019. The transaction was valued at $201.0 million and added total assets of $1.1 billion, including $909.0 million in loans, $84.2 million in goodwill and $967.3 million in deposits. 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. Refer to Note 28 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. Accounting Policies Our financial statements have been prepared in accordance with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. Our significant accounting policies are described below. Principles of Consolidation The Consolidated Financial Statements include the accounts of 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. Reclassification Amounts in prior years' financial statements and footnotes are reclassified whenever necessary to conform to the current year’s presentation. Reclassifications had no effect on our results of operations or financial condition. Business Combinations We account for business combinations using the acquisition method of accounting. All identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognized and measured as of the acquisition date at fair value. We record goodwill for the excess of the purchase price over the fair value of net assets acquired. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related allowance for credit losses, or ACL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we considered a number of factors including loss rates, internal risk rating, delinquency status, loan type, loan term, prepayment rates, recovery periods and the current interest rate environment. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield basis over the remaining life of the loans. Acquired loans, including those acquired in a business combination, are evaluated to determine if they have experienced more-than-insignificant deterioration in credit quality since origination. When the condition exists, these loans are referred to as purchased credit deteriorated, or PCD. An allowance is recognized for a PCD loan by adding it to the purchase price or fair value in a business combination. There is no provision for credit losses, or PCL, recognized upon acquisition of a PCD loan since the initial allowance is established through the purchase accounting. After initial recognition, the accounting for a PCD loan follows the credit loss model that applies to that type of asset. Purchased financial loans that do not have a more-than-significant deterioration in credit quality since origination are accounted for in a manner consistent with originated loans. An ACL is recorded with a corresponding charge to PCL. Subsequent to the acquisition date, the methods utilized to estimate the required ACL for these loans is similar to the method used for originated loans. Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the methods utilized to estimate the required allowance for loan losses, or ALL for acquired loans was similar to the method used for originated loans; however, we recorded a provision for credit losses only when the required allowance exceeded the remaining fair value adjustment. Acquired loans were considered impaired if there was evidence of credit deterioration since origination and if it was probable at time of acquisition that all contractually required payments would not be collected. Fair Value Measurements We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities 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, individually assessed 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 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 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 condition databases, and extensive quality control programs. Equity Securities Marketable equity securities with quoted prices in active markets for identical assets are classified as Level 1. Marketable equity securities in markets that are not active and are based on other observable information for comparable assets are classified as Level 2. Marketable equity securities that are not traded in active markets and use unobservable assumptions in the market are classified as Level 3. Securities Held in a Deferred Compensation Plan We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Net Income. These 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 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. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following 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. 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. 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 mortgage banking in noninterest income in the Consolidated Statements of Net 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 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 and federal funds sold approximate fair value. Loans Our methodology to fair value loans includes an exit price notion. 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. Collateral Receivable The carrying amount included in other assets on our Consolidated Balance Sheets approximates fair 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. Cash and Cash Equivalents We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents. Securities We determine the appropriate classification of securities at the time of purchase. Debt securities are classified as available-for-sale with the intent to hold for an indefinite period of time, but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. A determination will be made on whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in Other Comprehensive Income, or OCI, net of applicable taxes. Credit-related impairment is recognized as an ACL on the balance sheet with a corresponding adjustment in noninterest income in the Consolidated Statements of Net Income. Both the allowance and the adjustment to net income can be reversed if conditions change. Our policy for credit impairment within the debt securities portfolio is based upon a number of factors, including but not limited to, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery of any decline in its estimated fair value. Realized gains and losses on the sale of these securities are determined using the specific-identification method and are recorded within noninterest income in the Consolidated Statements of Net Income. Bond premiums are amortized to the call date and bond discounts are accreted to the maturity date, both on a level yield basis. Equity securities are measured at fair value with net unrealized gains and losses recognized in noninterest income in the Consolidated Statements of Net Income. 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. If a loan is transferred from the loan portfolio to the held for sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to noninterest income. When a loan is placed in the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held for sale are included in other noninterest income in the Consolidated Statements of Net Income. Loans Loans are reported at the principal amount outstanding net of unearned income, unamortized premiums or discounts and deferred origination fees and costs. We defer certain nonrefundable loan origination and commitment fees. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the respective lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income or expense. Interest is accrued and interest income is recognized on loans as earned. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ACL. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we consider a number of factors including the loan term, internal risk rating, delinquency status, prepayment rates, recovery periods, estimated value of the underlying collateral and the current interest rate environment. Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. Generally, consumer loans are charged off against the ACL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. Nonaccrual or Nonperforming Loans We stop accruing interest on a loan when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when we have doubt about the borrower’s ability to comply with contractual repayment terms, even if payment is not past due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. Interest income is recognized on nonaccrual loans on a cash basis if recovery of the remaining principal is reasonably assured. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. Troubled Debt Restructurings Troubled debt restructurings, or TDRs, are loans where we, for economic or legal reasons related to a borrower’s financial difficulties, grant a concession to the borrower. We strive to identify borrowers with financial difficulty early and work with them to come to a mutual resolution to modify the terms of their loan before the loan reaches nonaccrual status. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. 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 TDRs. 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. Allowance for Credit Losses The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Construction, 2) Commercial Real Estate, or CRE, 3) Commercial and Industrial, or C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral and our internal risk rating system for the commercial segments and type of collateral, lien position, and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. Our quantitative model uses historic data back to the second quarter of 2009. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $0.5 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) any commercial TDR, or any loan reasonably expected to become a TDR whether on accrual or nonaccrual status and 4) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 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 when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Our ACL Committee meets quarterly to verify the overall appropriateness of the ACL. Additionally, on an annual basis, the ACL Committee meets to validate our ACL methodology. This validation includes reviewing the loan segmentation, critical model assumptions, forecast and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ACL to be responsive to the economic environment. Although we believe our process for determining the ACL appropriately considers all the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provision for credit losses could be required and could adversely affect our earnings or financial position in future periods. Allowance for Loan Losses Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, we calculated our ALL using an incurred loan loss methodology. The following policy related to the ALL in prior periods. The ALL reflects our estimates of probable credit losses inherent within the loan portfolio as of the balance sheet date, and it is presented as a reserve against loans in the Consolidated Balance Sheets. Determination of an appropriate ALL is inherently subjective and may be subject to significant changes from period to period. The methodology for determining the ALL has two main components: evaluation and impairment tests of individual loans and evaluation and impairment tests of certain groups of homogeneous loans with similar risk characteristics. 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. We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. 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. Specific reserves are established 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. Our impairment evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the impaired loan is less than the recorded investment in the loan balance. The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. In conjunction with our annual review of the ALL assumptions for 2019, we have updated our analysis of LEPs for our Commercial and Consumer loan portfolio segments using our loan charge-off history. Based on our updated analysis, we shortened our LEP over the construction portfolio from 4 years to 3 years and made no other changes. We estimate an LEP of 3 years for CRE, 3 years for construction and 1.25 years for C&I. We estimate an LEP of 2.75 years for Consumer Real Estate and 1.25 years for Other Consumer. Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We used 10.5 years for our LBP for all portfolio segments which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. After consideration of the historic loss calculations, management applies qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ALL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we considered a number of factors including the loan term, internal risk rating, delinquency status, prepayment rates, recovery periods, estimated value of the underlying collateral and the current interest rate environment. Loans acquired with evidence of credit deterioration were evaluated and not considered to be significant. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield or straight-line basis over the remaining contractual life of the loans. Additional credit deterioration on acquired loans, in excess of the original credit discount embedded in the fair value determination on the date of acquisition, will be recognized in the ALL through the provision for loan losses. Our ALL Committee meets quarterly to verify the overall appropriateness of the ALL. Additionally, on an annual basis, the ALL Committee meets to validate our ALL methodology. This validation includes reviewing the loan segmentation, LEP, LBP and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ALL to be responsive to the economic environment. Although we believe our process for determining the ALL appropriately considers all of the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provisions for loan losses could be required and could adversely affect our earnings or financial position in future periods. Bank Owned Life Insurance We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income or expense in the Consolidated Statements of Net Income. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Depreciation expense is included in net occupancy on the Consolidated Statements of Net Income. Management reviews long-lived assets using events and circumstances to determine if and when an asset is evaluated for recoverability. The estimated useful lives for the various asset categories are as follows:
Right-of-Use Assets and Lease Liabilities We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as right-of-use, or ROU, assets and related lease liabilities. Finance ROU assets are included in property and equipment and related finance lease liabilities are included in long-term borrowings. Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities. Our lease liability is calculated as the present value of the lease payments over the lease term discounted using our estimated incremental borrowing rate with similar terms at commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest and amortization expenses are recognized for finance leases over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term in net occupancy on our Consolidated Statements of Net Income. Refer to Note 10 Right-of-Use Assets and Lease Liabilities for more details. Restricted Investment in Bank Stock FHLB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the member's asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for impairment when events and circumstance indicate that impairment could exist. Atlantic Community Bankers’ Bank, or ACBB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the carrying value. We do not currently use their membership products and services. We acquired ACBB stock through various mergers of banks that were ACBB members. ACBB stock is evaluated for impairment when events and circumstance indicate that impairment could exist. Goodwill and Other Intangible Assets As a result of acquisitions, we have recorded goodwill and identifiable intangible assets in our Consolidated Balance Sheets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. We have one reporting unit, Community Banking. Existing goodwill relates to value inherent in the Community Banking reporting unit and that value is dependent upon our ability to provide quality, cost-effective services in the face of competition from other market participants. This ability relies upon continuing investments in processing systems, the development of value-added service features and the ease of use of our services. As such, goodwill value is supported ultimately by profitability that is driven by the volume of business transacted. A decline in earnings as a result of a lack of growth or the inability to deliver cost-effective services over sustained periods can lead to impairment of goodwill, which could adversely impact our earnings in the period in which impairment occurs. The carrying value of goodwill is tested annually for impairment each October 1st or more frequently if events and circumstances indicate that it may be impaired. We test for impairment by comparing the fair value of our Community Banking reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The fair value of the reporting unit is determined by using both a discounted cash flow model and a market based model. The discounted cash flow model has many assumptions including future earnings projections, a long-term growth rate and discount rate. The market based model calculates fair value based on observed price multiples for similar companies. The fair values of each method are then weighted based on relevance and reliability in the current economic environment. We determine the amount of identifiable intangible assets based upon independent core deposit and insurance contract valuations at the time of acquisition. Intangible assets with finite useful lives, consisting primarily of core deposit and customer list intangibles, are amortized using straight-line or accelerated methods over their estimated weighted average useful lives, ranging from 10 to 20 years. Intangible assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. No such events or changes in circumstances occurred during the years ended December 31, 2020, 2019 and 2018. The financial services industry and securities markets can be adversely affected by declining values. If economic conditions result in a prolonged period of economic weakness in the future, our business may be adversely affected. In the event that we determine that our goodwill is impaired, recognition of an impairment charge could have a significant adverse impact on our financial position or results of operations in the period in which the impairment occurs. Variable Interest Entities Variable interest entities, or VIEs, are legal entities that generally either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. When an enterprise has both the power to direct the economic activities of the VIE and the obligation to absorb losses of the VIE or the right to receive benefits of the VIE, the entity has a controlling financial interest in the VIE. A VIE often holds financial assets, including loans, receivables or other property. The company with a controlling financial interest, the primary beneficiary, is required to consolidate the VIE into its Consolidated Balance Sheets. S&T has three wholly-owned trust subsidiaries, STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II, or the Trusts, for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. The DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger. At inception, these Trusts issued floating rate trust preferred securities to the Trustees and used the proceeds from the sale to invest in junior subordinated debt securities issued by us. The Trusts pay dividends on the trust preferred securities at the same rate as the interest we pay on the junior subordinated debt held by the Trusts. The Trusts are VIEs with the third-party investors as their primary beneficiaries, and accordingly, the Trusts and their net assets are not included in our Consolidated Financial Statements. However, the junior subordinated debt securities issued by S&T are included in our Consolidated Balance Sheets. Joint Ventures We have made investments directly in Low Income Housing Tax Credit, or LIHTC, partnerships formed with third parties. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. These investments are amortized over a maximum of 10 years, which represents the period over which the tax credits will be utilized. Our investments in Low Income Housing Partnerships, or LIHPs, represent unconsolidated variable interest entities, or VIEs, and the assets and liabilities of the partnerships are not recorded on our balance sheet. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the economic performance of the partnership and have both the obligation to absorb expected losses and the right to receive benefits. We use the cost method to account for these partnerships. These investments are recorded in other assets on our balance sheet. Amortization expense is included in other noninterest expense in the Consolidated Statements of Net Income. OREO and Other Repossessed Assets OREO and other repossessed assets are included in other assets in the Consolidated Balance Sheets and are comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of a foreclosure. At the time of foreclosure or acceptance of a deed in lieu of foreclosure, these properties are recorded at the lower of the recorded investment in the loan or fair value less cost to sell. Loan losses arising from the acquisition of any such property initially are charged against the ACL. Subsequently, these assets are carried at the lower of carrying value or current fair value less cost to sell. Gains or losses realized upon disposition of these assets are recorded in other expenses in the Consolidated Statements of Net Income. Mortgage Servicing Rights MSRs are recognized as separate assets when commitments to fund a loan to be sold are made. Upon commitment, the MSR is established, which represents the then current estimated fair value of future net cash flows expected to be realized for performing the servicing activities. The estimated fair value of the MSRs is estimated 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. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. In determining the estimated fair value of MSRs, mortgage interest rates, which are used to determine prepayment rates, are held constant over the estimated life of the portfolio. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Net Income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. MSRs are regularly evaluated for impairment based on the estimated fair value of those rights. MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no longer exists for a particular tranche, the valuation allowance is reduced. 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 in accordance with our credit policy. 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 Net 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 Net Income. Allowance for Unfunded 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. The allowance for unfunded commitments is determined using a similar methodology as our ACL methodology except that we apply a probability to fund assumption. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The reserve is calculated by applying historical loss rates and qualitative adjustments to our unfunded commitments. The provision for unfunded commitments is included in the provision for credit losses on the Consolidated Statement of Net Income. Treasury Stock The repurchase of our common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from previous treasury share transactions exists. Any deficiency is charged to retained earnings. Revenue Recognition - 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 service 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 at a point in time or over time when the services are 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. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time and fee revenue is recognized when the services are provided or the transaction is settled. Wealth Management Fees Assets held in a fiduciary capacity by our subsidiary bank, S&T Bank, are not our assets and are therefore not included in our Consolidated Financial Statements. Wealth management fee income is reported in the Consolidated Statements of Net Income on an accrual basis. Stock-Based Compensation Stock-based compensation includes restricted stock which is measured using the fair value method of accounting. The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award. Compensation expense for time-based restricted stock is recognized ratably over the period of service, generally the entire vesting period, based on fair value on the grant date. Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period once the likelihood of meeting the performance measure is probable, based on the fair value on the grant date. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Pensions The expense for S&T Bank’s qualified and nonqualified defined benefit pension plans is actuarially determined using the projected unit credit actuarial cost method. It requires us to make economic assumptions regarding future interest rates and asset returns and various demographic assumptions. We estimate the discount rate used to measure benefit obligations by applying the projected cash flow for future benefit payments to a yield curve of high-quality corporate bonds available in the marketplace and by employing a model that matches bonds to our pension cash flows. The expected return on plan assets is an estimate of the long-term rate of return on plan assets, which is determined based on the current asset mix and estimates of return by asset class. We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as other comprehensive income (loss) in the period in which they occur. To the extent that such gains or losses exceed 10 percent of the greater of the projected benefit obligation or plan assets, they are recognized as a component of pension costs over the future service periods of actively employed plan participants. The funding policy for the qualified plan is to contribute an amount each year that is at least equal to the minimum required contribution as determined under the Pension Protection Act of 2006 and the Bipartisan Budget Act of 2015, but not more than the maximum amount permissible for taxable plan sponsors. Our nonqualified plans are unfunded. On January 25, 2016, the Board of Directors approved an amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. As a result, no additional benefits are earned by participants in those plans based on service or pay after March 31, 2016. The plan was previously closed to new participants effective December 31, 2007. Marketing Costs We expense all marketing-related costs, including advertising costs, as incurred. Income Taxes We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business. On a quarterly basis, management assesses the reasonableness of our effective tax rate based upon our current estimate of the amount and components of net income, tax credits and the applicable statutory tax rates expected for the full year. We classify interest and penalties as an element of tax expense. Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and recognizes enacted changes in tax rate and laws. When deferred tax assets are recognized, they are subject to a valuation allowance based on management’s judgment as to whether realization is more likely than not. Accrued taxes represent the net estimated amount due to taxing jurisdictions and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. We evaluate and assess the relative risks and appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent and other information and maintain tax accruals consistent with the evaluation of these relative risks and merits. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance. These changes, when they occur, can affect deferred taxes, accrued taxes, and the current period’s income tax expense and can be significant to our operating results. Tax positions are recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Earnings Per Share Basic earnings per share, or EPS, is calculated using the two-class method to determine income allocated to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period. Potentially dilutive securities are excluded from the basic EPS calculation. Diluted EPS is calculated under the more dilutive of either the treasury stock method or the two-class method. Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares. For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class. Potentially dilutive common shares are related to restricted stock. Recently Adopted Accounting Standards Updates, or ASU or Update 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 Financial Accounting Standards Board, or 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 an entity that is 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 costs 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. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Net 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 disclosures and/or require additional disclosures. We adopted this ASU on January 1, 2020. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Net Income. Refer to Note 4 Fair Value Measurements. 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. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Net Income. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and ACL, with an expected loss methodology that is referred to as the CECL model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities will be measured in a manner similar to the present guidance, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income. The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial. In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 9 Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards. The following table details the impact of ASU 2016-13 and the reclassification of loans for the identification of new portfolio loan segments under CECL:
The adoption of ASU 2016-13 resulted in an increase to our ACL of $27.4 million on January 1, 2020. The increase included $8.2 million for S&T legacy loans and $9.3 million for acquired loans from the DNB merger. Under the previously applicable accounting guidance, a credit reserve was not recorded for acquired loans upon acquisition, however, ASU 2016-13 requires an ACL to be recognized for acquired loans similar to originated loans. We also recorded a day one adjustment of $9.9 million primarily related to a C&I relationship that was charged off in the first quarter of 2020. We obtained information on the relationship subsequent to filing our December 31, 2019 Form 10-K, but before the end of the first quarter of 2020. The updated information supported a loss existed at January 1, 2020. As of January 1, 2020, we recorded a cumulative-effect adjustment of $22.6 million to decrease retained earnings related to the adoption of ASU 2016-13. Accounting Standards Issued But Not Yet Adopted 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 Financial Statements. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU were effective on January 1, 2021 and will have no impact on our Consolidated Financial Statements. Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of the reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in these ASUs are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of these ASUs and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our Consolidated Financial Statements. Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization of Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU were effective on January 1, 2021 and did not materially impact our Consolidated Financial Statements.
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Business Combinations |
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BUSINESS COMBINATIONS | BUSINESS COMBINATIONS On November 30, 2019, we completed our acquisition of DNB Financial Corporation, or DNB, and DNB First National Association, its wholly-owned bank subsidiary, located in Downingtown, Pennsylvania. The acquisition of DNB expanded our Eastern Pennsylvania market by adding 14 banking locations, in an all-stock transaction structured as a merger of DNB with and into S&T, with S&T being the surviving entity. The related systems conversion of DNB into S&T Bank occurred on February 7, 2020. DNB shareholders received, without interest, 1.22 shares of S&T common stock for each share of DNB common stock. The total purchase price was approximately $201.0 million, which included $0.4 million of cash and 5,318,964 S&T common shares at a fair value of $37.72 per share. The fair value of $37.72 per share of S&T common stock was based on the November 30, 2019 closing price. The Merger was accounted for under the acquisition method of accounting and our Consolidated Financial Statements include all DNB Bank transactions beginning on December 1, 2019. Goodwill of $86.0 million at December 31, 2020 was calculated as the excess of the consideration exchanged over the fair value of the identifiable net assets acquired. All of the goodwill was assigned to our Community Banking segment. The goodwill recognized is not deductible for tax purposes. Measurement period adjustments were $1.8 million as of November 30, 2020 which reflect facts and circumstances in existence as of the closing date of the acquisition. These measurement period adjustments primarily related to a $2.4 million reduction in the fair value of loans, a $0.3 million reduction in the fair value of borrowings, a $0.1 million reduction of other liabilities, a $0.1 million reduction in other assets and a $0.3 million increase in deferred income tax assets. The accounting for the acquisition was finalized on November 30, 2020. The following table presents the fair value adjustments and the measurement period adjustments as of the dates presented:
Loans acquired in the Merger were recorded at fair value with no carryover of the related ACL from DNB. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The fair value of the loans acquired was estimated at $909.0 million, net of a $10.5 million discount. The discount is accreted to interest income over the remaining contractual life of the loans. During the measurement period ended November 30, 2020, the fair value of acquired loans was reduced by $2.4 million as we finalized our evaluation of the loan portfolio to reflect facts and circumstances in existence as of the acquisition date. As of December 31, 2020, direct costs related to the DNB merger of $13.7 million were recognized and expensed as incurred. During the year ended December 31, 2020, we recognized $2.3 million of merger related expenses including $0.2 million in legal and professional fees, $1.4 million in severance payments and stay-bonuses, $0.4 million for data processing and $0.3 million in other expenses. As of December 31, 2019, we recognized $11.4 million of merger related expenses, including $4.7 million for data processing contract termination and system conversion costs, $2.8 million in legal and professional expenses, $3.4 million in severance payments and $0.5 million in other expenses.
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Earnings Per Share |
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EARNINGS PER SHARE | 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 reported diluted earnings per share. The two-class method was more dilutive in 2020 and 2019 and was used to determine reported diluted earnings per share. In 2018, the treasury stock method was more dilutive and was used to determine reported diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted EPS:
(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.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2020 and 2019. Interest rate lock commitments to borrowers were transferred from Level 2 to Level 3 during the year ended December 31, 2020 due to pull-through factors being a significant unobservable input. There were no transfers between levels for items measured at fair value on a recurring basis at December 31, 2019.
Assets Recorded at Fair Value on a Nonrecurring Basis 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 December 31, 2020 or December 31, 2019. For Level 3 assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:
NA - not applicable
The carrying values and fair values of our financial instruments at December 31, 2020 and 2019 are presented in the following tables:
(1)As reported in the Consolidated Balance Sheets
(1)As reported in the Consolidated Balance Sheets
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Restrictions on Cash and Due from Bank Accounts |
12 Months Ended |
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Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTS | RESTRICTIONS ON CASH AND DUE FROM BANK ACCOUNTSThe Board of Governors of the Federal Reserve System, or the Federal Reserve, imposes certain reserve requirements on all depository institutions. These reserves are maintained in the form of vault cash or as an interest-bearing balance with the Federal Reserve. The required reserves averaged $15.5 million for 2020, $43.9 million for 2019 and $38.8 million for 2018. The decrease in the required reserve average from 2019 to 2020 was due to the Federal Reserve reducing the reserve requirement ratio to zero percent effective on March 26, 2020. The Federal Reserve maintained this reserve requirement ratio for the remainder of 2020. |
Dividend and Loan Restrictions |
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Dec. 31, 2020 | |
Equity [Abstract] | |
DIVIDEND AND LOAN RESTRICTIONS | DIVIDEND AND LOAN RESTRICTIONS S&T is a legal entity separate and distinct from its banking and other subsidiaries. A substantial portion of our revenues consist of dividend payments we receive from S&T Bank. S&T Bank, in turn, is subject to state laws and regulations that limit the amount of dividends it can pay to us. In addition, both S&T and S&T Bank are subject to various general regulatory policies relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The Federal Reserve has indicated that banking organizations should generally pay dividends only if (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality and overall financial condition. In connection with our reduced net income and our inability to fully fund the dividend from earnings over the prior year, due in substantial part to the customer fraud that occurred in the second quarter of 2020, we received non-objection letters from the Federal Reserve to continue to pay our dividends declared in the third and fourth quarter of 2020. Thus, under certain circumstances based upon our financial condition, our ability to declare and pay quarterly dividends may require consultation with the Federal Reserve and may be prohibited by applicable Federal Reserve Board guidance. Federal law prohibits us from borrowing from S&T Bank unless such loans are collateralized by specific obligations. Further, such loans are limited to 10 percent of S&T Bank’s capital stock and surplus.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | 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 December 31, 2020 and December 31, 2019:
The following table shows the composition of gross and net realized gains and losses for the periods presented:
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 evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit loss or other factors. We do not believe any individual unrealized loss as of December 31, 2020 represents an impairment. At December 31, 2020, there were 3 debt securities and at December 31, 2019 there were 27 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 the issuers. All debt securities are 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. We concluded that the ACL for debt securities was immaterial at December 31, 2020. Prior to the adoption of ASU 2016-13 there was no other than temporary impairment, or OTTI, recorded during the year ended December 31, 2019. The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:
The amortized cost and fair value of debt securities available-for-sale at December 31, 2020 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 December 31, 2020 and 2019, debt securities with carrying values of $308 million and $286 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:
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Loans and Loans Held for Sale |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $16.0 million and $4.6 million at December 31, 2020 and 2019 and net of a discount related to purchase accounting fair value adjustments of $8.6 million and $12.3 million at December 31, 2020 and December 31, 2019. The following table summarizes the composition of originated and acquired loans as of the dates presented:
(1) Excludes interest receivable of $24.7 million at December 31, 2020 and $22.1 million at December 31, 2019. Interest receivable is included in other assets in the Consolidated Balance Sheets. Commercial and industrial loans, or C&I, included $465 million of loans originated under the Paycheck Protection Program, or PPP, at December 31, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security, or CARES Act was signed into law. The CARES Act included the PPP, a program designed to aid small and medium sized businesses through federally guaranteed loans distributed through banks. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted expenses in accordance with the requirements of the PPP. The loans are 100 percent guaranteed by the Small Business Administration, or SBA. These loans carry a fixed rate of 1.00 percent and a term of two years, or five years for loans approved by the SBA, on or after June 5, 2020. Payments are deferred for at least six months of the loan. The SBA pays us a processing fee ranging from 1.0 percent to 5.0 percent based on the size of the loan. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income over the contractual life of the loan using the level yield method. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs will be immediately recognized into income. 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 December 31, 2020 and 77 percent at December 31, 2019. Within our commercial portfolio, the CRE and Commercial Construction portfolios combined comprised $3.7 billion or 66 percent of total commercial loans and 51 percent of total portfolio loans at December 31, 2020 and comprised $3.8 billion or 69 percent of total commercial loans and 53 percent of total portfolio loans at December 31, 2019. Further segmentation of the CRE and Commercial Construction portfolios by collateral type reveals no concentration in excess of 15 percent of both total CRE and Commercial Construction loans at December 31, 2020 and 11 percent at December 31, 2019. We lend primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this geography, resulting in a 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. We also use subscription services for additional geographic and industry specific information. Our CRE and Commercial Construction portfolios have exposure outside this geography of 5.9 percent of the combined portfolios at December 31, 2020 and 5.4 percent at December 31, 2019. Exposure of total portfolio loans was 3.0 percent at December 31, 2020 compared to 2.9 percent of total portfolio loans at December 31, 2019. The following table summarizes our restructured loans as of the dates presented:
(1) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
The significant increase in nonperforming TDRs at December 31, 2020 compared to December 31, 2019 was primarily related to a $21.3 million CRE relationship that went nonaccrual in the first quarter of 2020 and was charged down by $10.0 million in the third quarter of 2020, leaving a remaining outstanding balance of $11.3 million and an $11.2 million C&I relationship that went nonaccrual and was charged down by $1.6 million during the fourth quarter of 2020 leaving a remaining outstanding balance of $9.6 million. Both relationships experienced continued deterioration as a result of the COVID-19 pandemic. The following tables present the restructured loans by loan segment and by type of concession for the years ended December 31:
In response to the coronavirus, or COVID-19, pandemic and its economic impact on our customers, we implemented a short-term modification program that complies with the CARES Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. This program allows for a deferral of payments for 90 days and up to a maximum of 180 days for our commercial customers. The customer remains responsible for deferred payments along with any additional interest accrued during the deferral period. For our consumer customers, interest does not accrue during the deferral period and the maturity date is extended by the length of the deferral period. Under the applicable guidance, none of these loans were considered restructured during 2020. We had 52 loans that were modified totaling $195.6 million at December 31, 2020. We had 20 commitments for $0.8 million to lend additional funds on TDRs at December 31, 2020 compared to 24 commitments for $4.6 million at December 31, 2019. We had one TDR with a total loan balance of $0.1 million that returned to accruing status during 2020. We returned six TDRs totaling $0.5 million to accruing status during 2019. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place that were restructured within the last 12 months prior to defaulting. There were six TDRs totaling $11.8 million that defaulted during the year ended December 31, 2020 compared to no TDRs that defaulted during 2019. The increase in defaulted TDRs was primarily related to a $21.3 million CRE relationship that went nonaccrual in the first quarter of 2020 and charged down by $10.0 million in the third quarter of 2020, leaving a remaining outstanding balance of $11.3 million. The relationship experienced continued deterioration as a result of the COVID-19 pandemic. The following table is a summary of nonperforming assets as of the dates presented:
NPAs increased $91.3 million to $148.9 million during 2020 compared to $57.6 million at December 31, 2019. The significant increase in nonperforming loans primarily related to the addition of $56.3 million of hotel loans that moved to nonperforming during the fourth quarter of 2020 as a result of continued deterioration due to the COVID-19 pandemic. Also moving to nonperforming during 2020 were $11.3 million and $6.7 million CRE relationships that experienced financial deterioration that led to cash flow shortfalls, a $5.9 million CRE relationship that was associated with the customer fraud and a $15.1 million C&I relationship that experienced financial deterioration that led to cash flow shortfalls. The following table presents a summary of the aggregate amount of loans to certain officers, directors of S&T or any affiliates of such persons as of December 31:
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) 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, retail, multifamily and health care. The primary sources of repayment for these loans are the operations of the individual projects and global cash flows of the debtors. 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. The primary source of repayment for these loans is cash flow from the operations of the company. 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. Business Banking—Commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. 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 business. 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. 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. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We 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. 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. Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of December 31, 2020:
We monitor the delinquent status of the commercial and consumer portfolios 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 table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2020:
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
(1) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at December 31, 2020. (2) We had 52 loans that were modified totaling $195.6 million under the CARES Act at December 31, 2020. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans.
The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
(1) Represents only cash payments received and applied to interest on nonaccrual loans. The following table presents collateral-dependent loans by class of loan:
The following table presents activity in the ACL for year ended December 31, 2020:
(1) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, commercial construction, consumer real estate and other consumer. The business banking allowance balance at the beginning of period is included in the other segments and reclassified to business banking through the impact of CECL adoption line. (2) During the three months ended June 30, 2020, we experienced a pre-tax loss of $58.7 million related to a customer fraud resulting from a check kiting scheme. The adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments resulted in an increase to our ACL of $27.4 million on January 1, 2020. The increase included $8.2 million for S&T legacy loans and $9.3 million for acquired loans from the DNB merger. We also recorded a day one adjustment of $9.9 million primarily related to a C&I relationship that was charged off in the first quarter of 2020. We obtained information on the relationship subsequent to filing our December 31, 2019 10-K, but before the end of the first quarter of 2020. The updated information supported a loss existed at January 1, 2020. We recognized a charge-off of $58.7 million related to a customer fraud from a check kiting scheme during the second quarter of 2020. The fraud was perpetrated by a single business customer and the customer has plead guilty in an ongoing criminal investigation. We continue to pursue all available sources of recovery to mitigate the loss. The customer also had a lending relationship of $14.8 million, including a $14.0 million commercial real estate loan and an $0.8 million line of credit which resulted in an additional $8.9 million charge-off in 2020. At December 31, 2020, $5.9 million remains outstanding as a nonperforming loan that has been fully charged down to the estimated sale price of the collateral. The impact of COVID-19 was captured in our quantitative reserve as certain impacted loans were downgraded to special mention and substandard and in our qualitative reserve through our economic forecast and other qualitative adjustments. Commercial special mention, substandard and doubtful loans increased $281 million to $571 million compared to $290 million at December 31, 2019, with an increase of $162 million in substandard loans, $113 million in special mention loans and $11.4 million in doubtful loans. The increase in both special mention and substandard loans was mainly due to downgrades in our hotel portfolio. Specific reserves on loans individually assessed increased $11.3 million to $13.5 million compared to $2.2 million in 2019. Included in the $13.5 million of specific reserves was $6.7 million for loans in our hotel portfolio. Specific reserves for hotels were based on liquidation values from appraisals received in the fourth quarter of 2020. Our qualitative reserve increased $14.1 million in 2020 which included $8.6 million for the economic forecast, $3.2 million for portfolio allocations made in our hotel, business banking and C&I portfolios due to the COVID-19 pandemic, and $2.3 million for current conditions. The change in reserve attributed to the economic forecast reflected reductions in the second and third quarters due to an improved economic forecast. Our forecast covers a period of two years and is driven primarily by national unemployment data. The change attributed to the portfolio allocations was primarily due to $3.0 million of ACL added for our business banking portfolio. The C&I portfolio included $465.0 million of loans originated under the PPP at December 31, 2020. The loans are 100 percent guaranteed by the SBA, therefore, we have not assigned any ACL to these loans at December 31, 2020. Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, we calculated our allowance for loan losses using an incurred loan loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. The following table presents the recorded investment in commercial loan classes by internally assigned risk ratings as of the date presented:
The following table presents the recorded investment in consumer loan classes by performing and nonperforming status as of the date presented:
The following table presents investments in loans considered to be impaired and related information on those impaired loans as of December 31, 2019:
The following table summarizes average recorded investment and interest income recognized on loans considered to be impaired for the year presented:
The following table details activity in the ALL for the period presented:
Loans acquired in the DNB merger were recorded at fair value of $909.0 million with no carryover of the related ALL. The following table presents the ALL and recorded investments in loans by category as of December 31:
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Right-Of-Use Assets and Lease Liabilities |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 51 lease contracts, including 48 operating leases and three finance leases. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2020, 2019 and 2018. The following table presents our lease expense for finance and operating leases for the years ended December 31:
Leases acquired from the DNB merger were remeasured at the acquisition date resulting in a ROU asset of $10.9 million at December 31, 2019. As of December 31, 2020, two operating leases were considered abandoned due to branch closures and the right-of-use asset values were reduced by $0.5 million to zero and the related liabilities were reduced by $0.2 million. We recognized additional expense of $0.3 million at the date of abandonment for these two leases. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2020:
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RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 51 lease contracts, including 48 operating leases and three finance leases. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2020, 2019 and 2018. The following table presents our lease expense for finance and operating leases for the years ended December 31:
Leases acquired from the DNB merger were remeasured at the acquisition date resulting in a ROU asset of $10.9 million at December 31, 2019. As of December 31, 2020, two operating leases were considered abandoned due to branch closures and the right-of-use asset values were reduced by $0.5 million to zero and the related liabilities were reduced by $0.2 million. We recognized additional expense of $0.3 million at the date of abandonment for these two leases. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2020:
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Premises and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT The following table is a summary of premises and equipment as of the dates presented:
Certain banking facilities are leased under finance leases and are included in total premises and equipment. We have one right-of-use asset for land in the amount of $0.2 million and two right-of use assets for buildings totaling $1.1 million. Additional information relating to leased right-of-use assets is included in Note 10 Right-of-Use Assets and Lease Liabilities. Depreciation expense related to premises and equipment was $6.7 million in 2020, $5.4 million in 2019 and $5.0 million in 2018.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents goodwill as of the dates presented:
Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Additional goodwill of $1.8 million and $84.2 million was recorded during 2020 and 2019 related to our acquisition of DNB. Refer to Note 2 Business Combinations for further details on the DNB merger. Goodwill is reviewed for impairment annually or more frequently if it is determined that a triggering event has occurred. In response to the current economic environment as a result of the COVID-19 pandemic, we completed an interim quantitative goodwill impairment analysis as of August 31, 2020 and updated this analysis as of October 1, 2020, our annual goodwill impairment evaluation date. Additionally, we completed an interim quantitative goodwill impairment analysis as of November 30, 2020 and updated this analysis as of December 31, 2020. Based upon our impairment analysis, we determined that our goodwill of $373.4 million was not impaired at December 31, 2020. The following table presents a summary of intangible assets as of the dates presented:
Intangible assets of $8.7 million at December 31, 2020 relate to core deposit and wealth management customer relationships resulting from acquisitions. The $0.3 million addition during 2020 related to acquired wealth management customer relationships. We determined the amount of identifiable intangible assets for our core deposits based upon an independent valuation. Other intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. There were no triggering events in 2020 requiring an impairment analysis to be completed. Amortization expense on finite-lived intangible assets totaled $2.5 million, $0.8 million and $0.9 million for 2020, 2019 and 2018. The following is a summary of the expected amortization expense for finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2020 and thereafter:
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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 | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table indicates the amounts representing the value of derivative assets and derivative liabilities at December 31:
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 at December 31:
(1)Amounts represent collateral posted for the periods presented. The following table indicates the gain or loss recognized in income on derivatives for the years ended December 31:
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Mortgage Servicing Rights |
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Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MORTGAGE SERVICING RIGHTS | MORTGAGE SERVICING RIGHTS For the years ended December 31, 2020, 2019 and 2018, the 1-4 family mortgage loans that were sold to Fannie Mae amounted to $345.1 million, $94.5 million and $79.3 million. At December 31, 2020, 2019 and 2018 our servicing portfolio totaled $718.2 million, $509.2 million and $473.7 million. The following table indicates MSRs and the net carrying values:
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Qualified Affordable Housing |
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Dec. 31, 2020 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING | QUALIFIED AFFORDABLE HOUSING As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in Low Income Housing partnerships, or LIHPs. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Our maximum exposure to loss associated with these investments consists of the investments' fair value plus any unfunded commitments as well as the denial of the tax credits if the project is deemed non-compliant. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. Our investments in LIHPs represent unconsolidated variable interest entities, or VIEs, and the assets and liabilities of the partnerships are not recorded on our Consolidated Balance Sheets. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the economic performance of the partnership and have both the obligation to absorb expected losses and the right to receive benefits. Our total investment in qualified affordable housing projects was $8.4 million at December 31, 2020 and $4.8 million at December 31, 2019. Amortization expense was $3.2 million, $2.6 million and $2.7 million as of December 31, 2020, 2019 and 2018. The amortization expense was offset by tax credits of $2.2 million, $4.2 million and $3.4 million as of December 31, 2020, 2019 and 2018 as a reduction to our federal tax provision. On September 11, 2019, we entered into a new qualified affordable housing project and committed to an investment of $10.2 million. As of December 31, 2020, we have invested $7.1 million in this new project. No amortization expense or tax credits will be recognized for this new project until it is complete.
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Deposits |
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Deposits, by Component, Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | DEPOSITS The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31:
The aggregate of all certificates of deposits over $100,000, including brokered CDs, was $688.4 million and $754.8 million at December 31, 2020 and 2019. Certificates of deposits over $250,000, including brokered CDs, were $329.7 million and $347.5 million at December 31, 2020 and 2019. The following table indicates the scheduled maturities of certificates of deposit at December 31, 2020:
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Short-Term Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under REPOs and 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 $65.1 million and carrying value of $68.4 million at December 31, 2020 and amortized cost of $22.7 million and carrying value of $23.0 million at December 31, 2019 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. The following table presents the composition of short-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
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Long-Term Borrowings and Subordinated Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM BORROWINGS AND SUBORDINATED DEBT | LONG-TERM BORROWINGS AND SUBORDINATED DEBT Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, capital leases and junior subordinated debt securities. Our long-term borrowings at the Pittsburgh FHLB were $22.3 million as of December 31, 2020 and $49.3 million as of December 31, 2019. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. Total loans pledged as collateral at the FHLB were $4.1 billion at December 31, 2020. We were eligible to borrow up to an additional $2.5 billion based on qualifying collateral and up to a maximum borrowing capacity of $2.9 billion at December 31, 2020. The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2020 and thereafter are as follows:
Junior Subordinated Debt Securities The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31:
The following table summarizes the key terms of our junior subordinated debt securities:
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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. 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:
Allowance for Credit Losses on Unfunded Loan Commitments We maintain an ACL on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss in these arrangements. The activity in the unfunded loan commitments reserve is summarized as of the dates presented:
The increase in the reserve for unfunded commitments at December 31, 2020 was primarily related to the adoption of ASU 2016-13 on January 1, 2020. 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.
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Revenue From Contracts With Customers |
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REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams are excluded such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP.
(1) Refer to Note 1 Summary of Significant Accounting Policies for the types of revenue streams that are included within each category.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The following table presents the composition of income tax (benefit) expense for the years ended December 31:
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. We ordinarily generate an annual effective tax rate that is less than the statutory rate of 21 percent primarily due to benefits resulting from certain partnership investments, such as low income housing and historic rehabilitation projects, tax-exempt interest, excludable dividend income and tax-exempt income on BOLI. The state tax provision is due to taxable business activities conducted at our loan production office in New York. On December 22, 2017, H.R.1, originally known as the Tax Cuts and Jobs Act, or Tax Act, was signed into law. The Tax Act resulted in significant changes to the U.S. corporate tax system including a federal corporate rate reduction from 35 percent to 21 percent. The Tax Act also established new tax laws that became effective January 1, 2018. GAAP requires us to record the effects of a tax law change in the period of enactment. As a result, in 2017 we re-measured our deferred tax assets and liabilities and recorded a provisional adjustment of $13.4 million. This re-measurement adjustment was recognized as an increase to our income tax expense in the fourth quarter of 2017. The calculation over the income tax effects of the Tax Act was completed in the third quarter of 2018. We recognized a $3.0 million income tax benefit as a result of finalizing the calculation. The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:
The following table presents significant components of our temporary differences as of the dates presented:
We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the deferred tax assets. Except for Pennsylvania net operating losses, or NOLs, we have determined that no valuation allowance is needed for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The valuation allowance is reviewed quarterly and adjusted based on management’s assessments of realizable deferred tax assets. Gross deferred tax assets were reduced by a valuation allowance of $5.5 million in 2020 and $5.1 million in 2019 related to Pennsylvania income tax NOLs. The Pennsylvania NOL carryforwards total $54.9 million and will expire in the years 2021-2041. Unrecognized Tax Benefits The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:
We classify interest and penalties as an element of tax expense. We monitor changes in tax statutes and regulations to determine if significant changes will occur over the next 12 months. As of December 31, 2020, no significant changes to UTB are projected; however, tax audit examinations are possible. As of December 31, 2020, all income tax returns filed for the tax years 2017 - 2019 remain subject to examination by the Internal Revenue Service. The Bank's income tax returns for the audit years, January 1, 2016 through December 31, 2018 are currently under audit by the New York Department of Taxation. This audit has remained open as of December 31, 2020.
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Tax Effects on Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) | TAX EFFECTS ON OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the tax effects of the components of other comprehensive income (loss) for the years ended December 31:
(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.
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Employee Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS We maintain a qualified defined benefit pension plan, or Plan, covering substantially all employees hired prior to January 1, 2008. The benefits are based on years of service and the employee’s compensation for the highest consecutive years in the last ten years through March 31, 2016 when the Plan was frozen. Contributions are intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. 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 3.45 percent. The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:
The following table sets forth the amounts recognized in accumulated other comprehensive income at December 31:
Below are the actuarial weighted average assumptions used in determining the benefit obligation:
(1)Rate of compensation increase is not applicable for 2020 and 2019 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
(1)Rate of compensation increase is not applicable for 2020, 2019, and 2018 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The accumulated benefit obligation for the Plan was $117.5 million at December 31, 2020 and $113.7 million at December 31, 2019. We consider many factors when setting the assumed rate of return on Plan assets. As a general guideline the assumed rate of return is equal to the weighted average of the expected returns for each asset category and is estimated based on historical returns as well as expected future returns. The weighted average discount rate is derived from corporate yield curves. S&T Bank’s Retirement Plan Committee determines the investment policy for the Plan. In general, the targeted asset allocation is 5 percent to 15 percent equities and alternatives and 85 percent to 95 percent fixed income. A strategic allocation within each asset class is based on the Plan’s duration, time horizon, risk tolerances, performance expectations, and asset class preferences. Investment managers have discretion to invest in any equity or fixed-income asset class, subject to the securities guidelines of the Plan’s Investment Policy Statement. At this time, S&T Bank is not required to make a cash contribution to the Plan in 2021. The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
We also have nonqualified supplemental executive pension plans, or SERPs, for certain key employees. The SERPs are unfunded. The projected benefit obligations related to the SERPs were $5.6 million and $5.3 million at December 31, 2020 and 2019. These amounts also represent the net amount recognized in the statement of financial position for the SERPs. Net periodic benefit costs for the SERPs were $0.7 million for the year ended December 31, 2020 and $0.4 million for the year ended December 31, 2019 and 0.5 million for the year ended December 31, 2018. Additionally, $2.4 million before tax was reflected in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 and $1.9 million at December 31, 2018, in relation to the SERPs. Net periodic benefit cost of $0.7 million for the year ended December 31, 2020 included a settlement charge of $0.2 million. The actuarial assumptions used for the SERPs are the same as those used for the Plan. We maintain a Thrift Plan, a qualified defined contribution plan, in which substantially all employees are eligible to participate. We make matching contributions to the Thrift Plan up to 3.5 percent of participants’ eligible compensation and may make additional profit-sharing contributions as provided by the Thrift Plan. Expense related to these contributions amounted to $2.4 million in 2020, $2.0 million in 2019 and $1.7 million in 2018. Fair Value Measurements The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2020 and 2019. During the years ended December 31, 2020 and 2019 there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2020 or 2019.
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
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Incentive and Restricted Stock Plan and Dividend Reinvestment Plan |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN | INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN We adopted an Incentive Stock Plan in 2014 that provides for cash performance awards and for granting incentive stock options, nonstatutory stock options, restricted stock, restricted stock units and appreciation rights. A maximum of 750,000 shares of our common stock are available for awards granted under the 2014 Incentive Plan and the plan expires ten years from the date of board approval. Previously granted but forfeited shares are added to the shares available for issuance. As of December 31, 2020, 760,636 restricted shares have been granted of which 136,896 were forfeited shares for a total of 623,740 restricted shares granted under the 2014 Incentive Plan. As of December 31, 2020, no nonstatutory stock options were outstanding under the 2014 Stock Plan. Restricted Stock We periodically issue restricted stock to employees and directors pursuant to our 2014 Stock Plan. During 2020, 2019 and 2018, we granted 23,153, 11,231 and 9,264 restricted shares of common stock to outside directors under the 2014 Stock Plan. The grants are part of the compensation arrangement approved by the Compensation and Benefits Committee whereby the directors receive compensation in the form of both cash and restricted shares of common stock. These shares fully vest one year after the date of grant. During 2020, 2019 and 2018, we granted 207,550, 73,651 and 66,733 restricted shares of common stock to senior management under our Long Term Incentive Plan, or LTIP, within the 2014 Stock Plan. The restricted shares granted under the LTIP consist of both time and performance-based awards. The awards were granted in accordance with performance levels set by the Compensation and Benefits Committee. Vesting for the time-based awards is 50 percent after two years and the remaining 50 percent at the end of the third year. The performance-based awards vest at the end of the three-year period. During the vesting period, if the recipient leaves S&T before the end of the vesting period, shares will be forfeited except in the case of retirement, disability or death where accelerated vesting provisions are defined within the awards agreement. Included in the 2020 grant of 207,550 restricted shares were 83,669 shares of common stock to three Senior Executive Officers. On October 2, 2020, The 2014 Incentive Stock Plan was modified in connection with the announcement that our Chief Executive Officer will retire on March 31, 2021. Upon retirement, he will transition to an advisory service role for a three year period. According to the terms of the Letter Agreement, any unvested equity awards held at retirement will vest according to the original terms during the consulting period and subject to the terms of Letter Agreement. Original awards of 20,916 restricted shares were forfeited and new awards were granted and revalued. Compensation expense decreased $0.3 million as a result of the modification agreement. Also in 2020, 62,753 restricted shares of common stock were granted to two other Senior Executive Officers with an increase to compensation expense of $1.3 million. Pursuant to the restricted stock award agreements, these awards will vest 33 percent on October 12, 2021, 33 percent on October 12, 2022 and 34 percent on October 12, 2023. During 2020, 2019 and 2018, we recognized compensation expense of $0.7 million, $2.4 million and $1.9 million and realized a tax benefit of $0.2 million, $0.5 million and $0.4 million related to restricted stock grants. The following table provides information about restricted stock granted under the 2014 Stock Plan for the years ended December 31:
As of December 31, 2020, there was $4.2 million of total unrecognized compensation cost related to restricted stock that will be recognized as compensation expense over a weighted average period of 2.16 years. Dividend Reinvestment Plan We also sponsor a Dividend Reinvestment and Stock Purchase Plan, or Dividend Plan, where shareholders may purchase shares of S&T common stock at the average fair value with reinvested dividends and voluntary cash contributions. The plan administrator and transfer agent may purchase shares directly from us from shares held in treasury or purchase shares in the open market to fulfill the Dividend Plan’s needs.
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Parent Company Condensed Financial Information |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | PARENT COMPANY CONDENSED FINANCIAL INFORMATION The following condensed financial statements summarize the financial position of S&T Bancorp, Inc. as of December 31, 2020 and 2019 and the results of its operations and cash flows for each of the three years ended December 31, 2020, 2019 and 2018. BALANCE SHEETS
STATEMENTS OF NET INCOME
STATEMENTS OF CASH FLOWS
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Regulatory Matters |
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Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY MATTERS | REGULATORY MATTERS We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our Consolidated Financial Statements. Under capital guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classification are also subject to qualitative judgments by the regulators about risk weightings and other factors. The most recent notifications from the Federal Reserve and the FDIC categorized S&T and S&T Bank as well capitalized under the regulatory framework for corrective action. There have been no conditions or events that we believe have changed S&T's or S&T Bank’s status during 2020 and 2019. Common equity tier 1 capital includes common stock and related surplus plus retained earnings, less goodwill and intangible assets subject to a limitation and certain deferred tax assets subject to a limitation. In addition, we made a one-time permanent election to exclude accumulated other comprehensive income from capital. For regulatory purposes, trust preferred securities totaling $29.0 million, issued by an unconsolidated trust subsidiary of S&T underlying junior subordinated debt, are included in Tier 1 capital for S&T. Total capital consists of Tier 1 capital plus junior subordinated debt and the ACL subject to limitation. We currently have $32.8 million in junior subordinated debt which is included in Tier 2 capital for S&T in accordance with current regulatory reporting requirements. Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. As of December 31, 2020 and 2019, we met all capital adequacy requirements to which we are subject. The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank:
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED FINANCIAL DATA | SELECTED FINANCIAL DATA The following table presents selected financial data for the most recent eight quarters.
(1) The DNB Merger is included in our Consolidated Financial Statements beginning on December 1, 2019.
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Sale of a Majority Interest of Insurance Business |
12 Months Ended |
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Dec. 31, 2020 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESS | SALE OF A MAJORITY INTEREST OF INSURANCE BUSINESSOn 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 |
12 Months Ended |
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Dec. 31, 2020 | |
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 was effective through August 31, 2019, permitted 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. As of December 31, 2018, we repurchased 321,731 common shares at a total cost of $12.3 million, or an average of $38.10 per share. In 2019, we repurchased 470,708 common shares at a total cost of $18.2 million, or an average of $38.71 per share. Under the March 19, 2018 plan, we repurchased 792,439 common shares at a total cost of $30.5 million, or an average of $38.46 per share. On September 16, 2019, our Board of Directors authorized a new $50 million share repurchase plan. This repurchase authorization, which is effective through March 31, 2021, permits S&T to repurchase from time to time up to $50 million in aggregate value of shares of S&T's common stock through a combination of open market and privately negotiated repurchases. No common shares were repurchased under the new repurchase plan as of December 31, 2019. As of December 31, 2020, we repurchased 411,430 common shares at a total cost of $12.6 million, or an average of $30.52 per share under the September 16, 2019 plan. Repurchase activity was suspended in March of 2020 due to the impact of the COVID-19 pandemic. 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 common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations | Nature of Operations S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has five active direct wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II. DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger on November 30, 2019. We own a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. We are presently engaged in non-banking activities through the following eight entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC; Stewart Capital Advisors, LLC.; Downco Inc.; DN Acquisition, Inc.; and DNB Financial Services, Inc. 9th Street Holdings, Inc. and S&T Bancholdings, Inc. are investment holding companies. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions. Downco Inc. and DN Acquisition Company, Inc. were acquired with the DNB merger and were incorporated for the purpose of acquiring and holding Other Real Estate Owned acquired through foreclosure or deed in-lieu-of foreclosure, as well as Bank-occupied real estate. DNB Financial Services was also acquired with the DNB merger and is a Pennsylvania licensed insurance agency, which, through a third-party marketing agreement with Cetera Investment Services, LLC, sells a variety of insurance and investment products. On June 5, 2019 we entered into an agreement to acquire DNB Financial Corporation, or DNB, and the transaction was completed on November 30, 2019. The transaction was valued at $201.0 million and added total assets of $1.1 billion, including $909.0 million in loans, $84.2 million in goodwill and $967.3 million in deposits. 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. Refer to Note 28 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.
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Accounting Policies | Accounting PoliciesOur financial statements have been prepared in accordance with GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the balance sheets and revenues and expenses for the periods then ended. Actual results could differ from those estimates. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of 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.
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Reclassification | Reclassification Amounts in prior years' financial statements and footnotes are reclassified whenever necessary to conform to the current year’s presentation. Reclassifications had no effect on our results of operations or financial condition.
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Business Combinations | Business Combinations We account for business combinations using the acquisition method of accounting. All identifiable assets acquired, liabilities assumed and any non-controlling interest in the acquiree are recognized and measured as of the acquisition date at fair value. We record goodwill for the excess of the purchase price over the fair value of net assets acquired. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related allowance for credit losses, or ACL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we considered a number of factors including loss rates, internal risk rating, delinquency status, loan type, loan term, prepayment rates, recovery periods and the current interest rate environment. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield basis over the remaining life of the loans. Acquired loans, including those acquired in a business combination, are evaluated to determine if they have experienced more-than-insignificant deterioration in credit quality since origination. When the condition exists, these loans are referred to as purchased credit deteriorated, or PCD. An allowance is recognized for a PCD loan by adding it to the purchase price or fair value in a business combination. There is no provision for credit losses, or PCL, recognized upon acquisition of a PCD loan since the initial allowance is established through the purchase accounting. After initial recognition, the accounting for a PCD loan follows the credit loss model that applies to that type of asset. Purchased financial loans that do not have a more-than-significant deterioration in credit quality since origination are accounted for in a manner consistent with originated loans. An ACL is recorded with a corresponding charge to PCL. Subsequent to the acquisition date, the methods utilized to estimate the required ACL for these loans is similar to the method used for originated loans. Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the methods utilized to estimate the required allowance for loan losses, or ALL for acquired loans was similar to the method used for originated loans; however, we recorded a provision for credit losses only when the required allowance exceeded the remaining fair value adjustment. Acquired loans were considered impaired if there was evidence of credit deterioration since origination and if it was probable at time of acquisition that all contractually required payments would not be collected.
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Fair Value Measurements | Fair Value Measurements We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities 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, individually assessed 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 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 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 condition databases, and extensive quality control programs. Equity Securities Marketable equity securities with quoted prices in active markets for identical assets are classified as Level 1. Marketable equity securities in markets that are not active and are based on other observable information for comparable assets are classified as Level 2. Marketable equity securities that are not traded in active markets and use unobservable assumptions in the market are classified as Level 3. Securities Held in a Deferred Compensation Plan We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Net Income. These 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 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. Loans Individually Evaluated Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following 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. 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. 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 mortgage banking in noninterest income in the Consolidated Statements of Net 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 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 and federal funds sold approximate fair value. Loans Our methodology to fair value loans includes an exit price notion. 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. Collateral Receivable The carrying amount included in other assets on our Consolidated Balance Sheets approximates fair 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.
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash and due from banks, interest-bearing deposits with banks and federal funds sold as cash and cash equivalents.
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Securities | Securities We determine the appropriate classification of securities at the time of purchase. Debt securities are classified as available-for-sale with the intent to hold for an indefinite period of time, but may be sold in response to changes in interest rates, prepayment risk, liquidity needs or other factors. A determination will be made on whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in Other Comprehensive Income, or OCI, net of applicable taxes. Credit-related impairment is recognized as an ACL on the balance sheet with a corresponding adjustment in noninterest income in the Consolidated Statements of Net Income. Both the allowance and the adjustment to net income can be reversed if conditions change. Our policy for credit impairment within the debt securities portfolio is based upon a number of factors, including but not limited to, the financial condition of the underlying issuer, the ability of the issuer to meet contractual obligations, the likelihood of the security’s ability to recover any decline in its estimated fair value and whether management intends to sell the security or if it is more likely than not that management will be required to sell the investment security prior to the security’s recovery of any decline in its estimated fair value. Realized gains and losses on the sale of these securities are determined using the specific-identification method and are recorded within noninterest income in the Consolidated Statements of Net Income. Bond premiums are amortized to the call date and bond discounts are accreted to the maturity date, both on a level yield basis. Equity securities are measured at fair value with net unrealized gains and losses recognized in noninterest income in the Consolidated Statements of Net Income.
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Loans Held for Sale | 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. If a loan is transferred from the loan portfolio to the held for sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a charge-off against the ACL. Subsequent declines in fair value are recognized as a charge to noninterest income. When a loan is placed in the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. Gains and losses on sales of loans held for sale are included in other noninterest income in the Consolidated Statements of Net Income.
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Loans, Nonaccrual or Nonperforming Loans, and Troubled Debt Restructurings | Loans Loans are reported at the principal amount outstanding net of unearned income, unamortized premiums or discounts and deferred origination fees and costs. We defer certain nonrefundable loan origination and commitment fees. Accretion of discounts and amortization of premiums on loans are included in interest income in the Consolidated Statements of Net Income. Loan origination fees and direct loan origination costs are deferred and amortized as an adjustment of loan yield over the respective lives of the loans without consideration of anticipated prepayments. If a loan is paid off, the remaining unaccreted or unamortized net origination fees and costs are immediately recognized into income or expense. Interest is accrued and interest income is recognized on loans as earned. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ACL. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we consider a number of factors including the loan term, internal risk rating, delinquency status, prepayment rates, recovery periods, estimated value of the underlying collateral and the current interest rate environment. Closed-end installment loans, amortizing loans secured by real estate and any other loans with payments scheduled monthly are reported past due when the borrower is in arrears two or more monthly payments. Other multi-payment obligations with payments scheduled other than monthly are reported past due when one scheduled payment is due and unpaid for 30 days or more. Generally, consumer loans are charged off against the ACL upon the loan reaching 90 days past due. Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists. Nonaccrual or Nonperforming Loans We stop accruing interest on a loan when the borrower’s payment is 90 days past due. Loans are also placed on nonaccrual status when we have doubt about the borrower’s ability to comply with contractual repayment terms, even if payment is not past due. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. Interest income is recognized on nonaccrual loans on a cash basis if recovery of the remaining principal is reasonably assured. As a general rule, a nonaccrual loan may be restored to accrual status when its principal and interest is paid current and the bank expects repayment of the remaining contractual principal and interest, or when the loan otherwise becomes well secured and in the process of collection. Troubled Debt Restructurings Troubled debt restructurings, or TDRs, are loans where we, for economic or legal reasons related to a borrower’s financial difficulties, grant a concession to the borrower. We strive to identify borrowers with financial difficulty early and work with them to come to a mutual resolution to modify the terms of their loan before the loan reaches nonaccrual status. These modified terms generally include extensions of maturity dates at a stated interest rate lower than the current market rate for a new loan with similar risk characteristics, reductions in contractual interest rates or principal deferment. While unusual, there may be instances of principal forgiveness. These modifications are generally for longer term periods that would not be considered insignificant. Additionally, we classify loans where the debt obligation has been discharged through a Chapter 7 Bankruptcy and not reaffirmed as TDRs. 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 TDRs. 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.
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Allowance for Credit Losses and Allowance for Loan Losses | Allowance for Credit Losses The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Construction, 2) Commercial Real Estate, or CRE, 3) Commercial and Industrial, or C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral and our internal risk rating system for the commercial segments and type of collateral, lien position, and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. Our quantitative model uses historic data back to the second quarter of 2009. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $0.5 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) any commercial TDR, or any loan reasonably expected to become a TDR whether on accrual or nonaccrual status and 4) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 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 when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Our ACL Committee meets quarterly to verify the overall appropriateness of the ACL. Additionally, on an annual basis, the ACL Committee meets to validate our ACL methodology. This validation includes reviewing the loan segmentation, critical model assumptions, forecast and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ACL to be responsive to the economic environment. Although we believe our process for determining the ACL appropriately considers all the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provision for credit losses could be required and could adversely affect our earnings or financial position in future periods. Allowance for Loan Losses Prior to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, we calculated our ALL using an incurred loan loss methodology. The following policy related to the ALL in prior periods. The ALL reflects our estimates of probable credit losses inherent within the loan portfolio as of the balance sheet date, and it is presented as a reserve against loans in the Consolidated Balance Sheets. Determination of an appropriate ALL is inherently subjective and may be subject to significant changes from period to period. The methodology for determining the ALL has two main components: evaluation and impairment tests of individual loans and evaluation and impairment tests of certain groups of homogeneous loans with similar risk characteristics. 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. We individually evaluate all substandard and nonaccrual commercial loans greater than $0.5 million for impairment. 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. Specific reserves are established 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. Our impairment evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the impaired loan is less than the recorded investment in the loan balance. The ALL for homogeneous loans is calculated using a systematic methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ALL model is comprised of five distinct portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Consumer Real Estate and 5) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further assess and monitor risk and performance at a more disaggregated level which includes our internal risk rating system for the commercial segments and type of collateral, lien position and loan-to-value, or LTV, for the consumer segments. We first apply historical loss rates to pools of loans with similar risk characteristics. Loss rates are calculated by historical charge-offs that have occurred within each pool of loans over the loss emergence period, or LEP. The LEP is an estimate of the average amount of time from when an event happens that causes the borrower to be unable to pay on a loan until the loss is confirmed through a loan charge-off. In conjunction with our annual review of the ALL assumptions for 2019, we have updated our analysis of LEPs for our Commercial and Consumer loan portfolio segments using our loan charge-off history. Based on our updated analysis, we shortened our LEP over the construction portfolio from 4 years to 3 years and made no other changes. We estimate an LEP of 3 years for CRE, 3 years for construction and 1.25 years for C&I. We estimate an LEP of 2.75 years for Consumer Real Estate and 1.25 years for Other Consumer. Another key assumption is the look-back period, or LBP, which represents the historical data period utilized to calculate loss rates. We used 10.5 years for our LBP for all portfolio segments which encompasses our loss experience during the Financial Crisis, and our more recent improved loss experience. After consideration of the historic loss calculations, management applies qualitative adjustments so that the ALL is reflective of the inherent losses that exist in the loan portfolio at the balance sheet date. Qualitative adjustments are made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio, changes in lending management, results of internal loan reviews, asset quality trends, collateral values, concentrations of credit risk and other external factors. The evaluation of the various components of the ALL requires considerable judgment in order to estimate inherent loss exposures. Acquired loans are recorded at fair value on the date of acquisition with no carryover of the related ALL. Determining the fair value of acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. In estimating the fair value of our acquired loans, we considered a number of factors including the loan term, internal risk rating, delinquency status, prepayment rates, recovery periods, estimated value of the underlying collateral and the current interest rate environment. Loans acquired with evidence of credit deterioration were evaluated and not considered to be significant. The premium or discount estimated through the loan fair value calculation is recognized into interest income on a level yield or straight-line basis over the remaining contractual life of the loans. Additional credit deterioration on acquired loans, in excess of the original credit discount embedded in the fair value determination on the date of acquisition, will be recognized in the ALL through the provision for loan losses. Our ALL Committee meets quarterly to verify the overall appropriateness of the ALL. Additionally, on an annual basis, the ALL Committee meets to validate our ALL methodology. This validation includes reviewing the loan segmentation, LEP, LBP and the qualitative framework. As a result of this ongoing monitoring process, we may make changes to our ALL to be responsive to the economic environment. Although we believe our process for determining the ALL appropriately considers all of the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provisions for loan losses could be required and could adversely affect our earnings or financial position in future periods.We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) 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, retail, multifamily and health care. The primary sources of repayment for these loans are the operations of the individual projects and global cash flows of the debtors. 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. The primary source of repayment for these loans is cash flow from the operations of the company. 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. Business Banking—Commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. 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 business. 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. 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. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We 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. 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. Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.
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Bank Owned Life Insurance | Bank Owned Life Insurance We have purchased life insurance policies on certain executive officers and employees. We receive the cash surrender value of each policy upon its termination or benefits are payable to us upon the death of the insured. Changes in net cash surrender value are recognized in noninterest income or expense in the Consolidated Statements of Net Income.
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Premises and Equipment | Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset. Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets. Depreciation expense is included in net occupancy on the Consolidated Statements of Net Income. Management reviews long-lived assets using events and circumstances to determine if and when an asset is evaluated for recoverability. The estimated useful lives for the various asset categories are as follows:
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Right-of-Use Assets and Lease Liabilities | Right-of-Use Assets and Lease Liabilities We determine if a contract is or contains a lease at inception. Leases are classified as either finance or operating leases. We recognize leases on our Consolidated Balance Sheets as right-of-use, or ROU, assets and related lease liabilities. Finance ROU assets are included in property and equipment and related finance lease liabilities are included in long-term borrowings. Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities. Our lease liability is calculated as the present value of the lease payments over the lease term discounted using our estimated incremental borrowing rate with similar terms at commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term for operating leases. Interest and amortization expenses are recognized for finance leases over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term in net occupancy on our Consolidated Statements of Net Income. Refer to Note 10 Right-of-Use Assets and Lease Liabilities for more details.
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Restricted Investment in Bank Stock | Restricted Investment in Bank Stock FHLB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the par value. We hold FHLB stock because we are a member of the FHLB of Pittsburgh. The FHLB requires members to purchase and hold a specified level of FHLB stock based upon on the member's asset value, level of borrowings and participation in other programs offered. Stock in the FHLB is non-marketable and is redeemable at the discretion of the FHLB. Members do not purchase stock in the FHLB for the same reasons that traditional equity investors acquire stock in an investor-owned enterprise. Rather, members purchase stock to obtain access to the low-cost products and services offered by the FHLB. Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value. Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income. FHLB stock is evaluated for impairment when events and circumstance indicate that impairment could exist. Atlantic Community Bankers’ Bank, or ACBB, stock is carried at cost and evaluated for impairment based on the ultimate recoverability of the carrying value. We do not currently use their membership products and services. We acquired ACBB stock through various mergers of banks that were ACBB members. ACBB stock is evaluated for impairment when events and circumstance indicate that impairment could exist.
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As a result of acquisitions, we have recorded goodwill and identifiable intangible assets in our Consolidated Balance Sheets. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. We have one reporting unit, Community Banking. Existing goodwill relates to value inherent in the Community Banking reporting unit and that value is dependent upon our ability to provide quality, cost-effective services in the face of competition from other market participants. This ability relies upon continuing investments in processing systems, the development of value-added service features and the ease of use of our services. As such, goodwill value is supported ultimately by profitability that is driven by the volume of business transacted. A decline in earnings as a result of a lack of growth or the inability to deliver cost-effective services over sustained periods can lead to impairment of goodwill, which could adversely impact our earnings in the period in which impairment occurs. The carrying value of goodwill is tested annually for impairment each October 1st or more frequently if events and circumstances indicate that it may be impaired. We test for impairment by comparing the fair value of our Community Banking reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions. The fair value of the reporting unit is determined by using both a discounted cash flow model and a market based model. The discounted cash flow model has many assumptions including future earnings projections, a long-term growth rate and discount rate. The market based model calculates fair value based on observed price multiples for similar companies. The fair values of each method are then weighted based on relevance and reliability in the current economic environment. We determine the amount of identifiable intangible assets based upon independent core deposit and insurance contract valuations at the time of acquisition. Intangible assets with finite useful lives, consisting primarily of core deposit and customer list intangibles, are amortized using straight-line or accelerated methods over their estimated weighted average useful lives, ranging from 10 to 20 years. Intangible assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. No such events or changes in circumstances occurred during the years ended December 31, 2020, 2019 and 2018. The financial services industry and securities markets can be adversely affected by declining values. If economic conditions result in a prolonged period of economic weakness in the future, our business may be adversely affected. In the event that we determine that our goodwill is impaired, recognition of an impairment charge could have a significant adverse impact on our financial position or results of operations in the period in which the impairment occurs.
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Variable Interest Entities | Variable Interest Entities Variable interest entities, or VIEs, are legal entities that generally either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. When an enterprise has both the power to direct the economic activities of the VIE and the obligation to absorb losses of the VIE or the right to receive benefits of the VIE, the entity has a controlling financial interest in the VIE. A VIE often holds financial assets, including loans, receivables or other property. The company with a controlling financial interest, the primary beneficiary, is required to consolidate the VIE into its Consolidated Balance Sheets. S&T has three wholly-owned trust subsidiaries, STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II, or the Trusts, for which it does not absorb a majority of expected losses or receive a majority of the expected residual returns. The DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger. At inception, these Trusts issued floating rate trust preferred securities to the Trustees and used the proceeds from the sale to invest in junior subordinated debt securities issued by us. The Trusts pay dividends on the trust preferred securities at the same rate as the interest we pay on the junior subordinated debt held by the Trusts. The Trusts are VIEs with the third-party investors as their primary beneficiaries, and accordingly, the Trusts and their net assets are not included in our Consolidated Financial Statements. However, the junior subordinated debt securities issued by S&T are included in our Consolidated Balance Sheets.
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Joint Ventures | Joint Ventures We have made investments directly in Low Income Housing Tax Credit, or LIHTC, partnerships formed with third parties. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. These investments are amortized over a maximum of 10 years, which represents the period over which the tax credits will be utilized. Our investments in Low Income Housing Partnerships, or LIHPs, represent unconsolidated variable interest entities, or VIEs, and the assets and liabilities of the partnerships are not recorded on our balance sheet. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the economic performance of the partnership and have both the obligation to absorb expected losses and the right to receive benefits. We use the cost method to account for these partnerships. These investments are recorded in other assets on our balance sheet. Amortization expense is included in other noninterest expense in the Consolidated Statements of Net Income.
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OREO and Other Repossessed Assets | OREO and Other Repossessed Assets OREO and other repossessed assets are included in other assets in the Consolidated Balance Sheets and are comprised of properties acquired through foreclosure proceedings or acceptance of a deed in lieu of a foreclosure. At the time of foreclosure or acceptance of a deed in lieu of foreclosure, these properties are recorded at the lower of the recorded investment in the loan or fair value less cost to sell. Loan losses arising from the acquisition of any such property initially are charged against the ACL. Subsequently, these assets are carried at the lower of carrying value or current fair value less cost to sell. Gains or losses realized upon disposition of these assets are recorded in other expenses in the Consolidated Statements of Net Income.
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Mortgage Servicing Rights | Mortgage Servicing Rights MSRs are recognized as separate assets when commitments to fund a loan to be sold are made. Upon commitment, the MSR is established, which represents the then current estimated fair value of future net cash flows expected to be realized for performing the servicing activities. The estimated fair value of the MSRs is estimated 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. Increases in mortgage loan prepayments reduce estimated future net servicing cash flows because the life of the underlying loan is reduced. In determining the estimated fair value of MSRs, mortgage interest rates, which are used to determine prepayment rates, are held constant over the estimated life of the portfolio. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into noninterest income in the Consolidated Statements of Net Income in proportion to, and over the period of, the estimated future net servicing income of the underlying mortgage loans. MSRs are regularly evaluated for impairment based on the estimated fair value of those rights. MSRs are stratified by certain risk characteristics, primarily loan term and note rate. If temporary impairment exists within a risk stratification tranche, a valuation allowance is established through a charge to income equal to the amount by which the carrying value exceeds the estimated fair value. If it is later determined that all or a portion of the temporary impairment no longer exists for a particular tranche, the valuation allowance is reduced.
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Derivative Financial Instruments | 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 in accordance with our credit policy. 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 Net 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 Net Income.
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Allowance for Unfunded Commitments | Allowance for Unfunded 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. The allowance for unfunded commitments is determined using a similar methodology as our ACL methodology except that we apply a probability to fund assumption. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The reserve is calculated by applying historical loss rates and qualitative adjustments to our unfunded commitments. The provision for unfunded commitments is included in the provision for credit losses on the Consolidated Statement of Net Income.
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Treasury Stock | Treasury Stock The repurchase of our common stock is recorded at cost. At the time of reissuance, the treasury stock account is reduced using the average cost method. Gains and losses on the reissuance of common stock are recorded in additional paid-in capital, to the extent additional paid-in capital from previous treasury share transactions exists. Any deficiency is charged to retained earnings.
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Revenue Recognition - Contracts with Customers | Revenue Recognition - 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 service 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 at a point in time or over time when the services are 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. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time and fee revenue is recognized when the services are provided or the transaction is settled.
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Wealth Management Fees | Wealth Management Fees Assets held in a fiduciary capacity by our subsidiary bank, S&T Bank, are not our assets and are therefore not included in our Consolidated Financial Statements. Wealth management fee income is reported in the Consolidated Statements of Net Income on an accrual basis.
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Stock-Based Compensation | Stock-Based CompensationStock-based compensation includes restricted stock which is measured using the fair value method of accounting. The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award. Compensation expense for time-based restricted stock is recognized ratably over the period of service, generally the entire vesting period, based on fair value on the grant date. Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period once the likelihood of meeting the performance measure is probable, based on the fair value on the grant date. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions | Pensions The expense for S&T Bank’s qualified and nonqualified defined benefit pension plans is actuarially determined using the projected unit credit actuarial cost method. It requires us to make economic assumptions regarding future interest rates and asset returns and various demographic assumptions. We estimate the discount rate used to measure benefit obligations by applying the projected cash flow for future benefit payments to a yield curve of high-quality corporate bonds available in the marketplace and by employing a model that matches bonds to our pension cash flows. The expected return on plan assets is an estimate of the long-term rate of return on plan assets, which is determined based on the current asset mix and estimates of return by asset class. We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as other comprehensive income (loss) in the period in which they occur. To the extent that such gains or losses exceed 10 percent of the greater of the projected benefit obligation or plan assets, they are recognized as a component of pension costs over the future service periods of actively employed plan participants. The funding policy for the qualified plan is to contribute an amount each year that is at least equal to the minimum required contribution as determined under the Pension Protection Act of 2006 and the Bipartisan Budget Act of 2015, but not more than the maximum amount permissible for taxable plan sponsors. Our nonqualified plans are unfunded. On January 25, 2016, the Board of Directors approved an amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. As a result, no additional benefits are earned by participants in those plans based on service or pay after March 31, 2016. The plan was previously closed to new participants effective December 31, 2007.
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Marketing Costs | Marketing Costs We expense all marketing-related costs, including advertising costs, as incurred.
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Income Taxes | Income Taxes We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business. On a quarterly basis, management assesses the reasonableness of our effective tax rate based upon our current estimate of the amount and components of net income, tax credits and the applicable statutory tax rates expected for the full year. We classify interest and penalties as an element of tax expense. Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities and recognizes enacted changes in tax rate and laws. When deferred tax assets are recognized, they are subject to a valuation allowance based on management’s judgment as to whether realization is more likely than not. Accrued taxes represent the net estimated amount due to taxing jurisdictions and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets. We evaluate and assess the relative risks and appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent and other information and maintain tax accruals consistent with the evaluation of these relative risks and merits. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance. These changes, when they occur, can affect deferred taxes, accrued taxes, and the current period’s income tax expense and can be significant to our operating results. Tax positions are recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
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Earnings Per Share | Earnings Per Share Basic earnings per share, or EPS, is calculated using the two-class method to determine income allocated to common shareholders. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method. Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period. Potentially dilutive securities are excluded from the basic EPS calculation. Diluted EPS is calculated under the more dilutive of either the treasury stock method or the two-class method. Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares. For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class. Potentially dilutive common shares are related to restricted stock.
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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 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 Financial Accounting Standards Board, or 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 an entity that is 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 costs 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. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Net 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 disclosures and/or require additional disclosures. We adopted this ASU on January 1, 2020. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Net Income. Refer to Note 4 Fair Value Measurements. 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. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Net Income. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and ACL, with an expected loss methodology that is referred to as the CECL model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities will be measured in a manner similar to the present guidance, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income. The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial. In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 9 Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards. The adoption of ASU 2016-13 resulted in an increase to our ACL of $27.4 million on January 1, 2020. The increase included $8.2 million for S&T legacy loans and $9.3 million for acquired loans from the DNB merger. Under the previously applicable accounting guidance, a credit reserve was not recorded for acquired loans upon acquisition, however, ASU 2016-13 requires an ACL to be recognized for acquired loans similar to originated loans. We also recorded a day one adjustment of $9.9 million primarily related to a C&I relationship that was charged off in the first quarter of 2020. We obtained information on the relationship subsequent to filing our December 31, 2019 Form 10-K, but before the end of the first quarter of 2020. The updated information supported a loss existed at January 1, 2020. As of January 1, 2020, we recorded a cumulative-effect adjustment of $22.6 million to decrease retained earnings related to the adoption of ASU 2016-13. Accounting Standards Issued But Not Yet Adopted 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 Financial Statements. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU were effective on January 1, 2021 and will have no impact on our Consolidated Financial Statements. Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of the reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in these ASUs are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of these ASUs and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our Consolidated Financial Statements. Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization of Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU were effective on January 1, 2021 and did not materially impact our Consolidated Financial Statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives for Various Asset | The estimated useful lives for the various asset categories are as follows:
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Impact of ASU 2016-13 | The following table details the impact of ASU 2016-13 and the reclassification of loans for the identification of new portfolio loan segments under CECL:
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Business Combinations (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Consideration, Assets Acquired and Liabilities Assumed | The following table presents the fair value adjustments and the measurement period adjustments as of the dates presented:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciles Numerators and Denominators of Basic Earnings Per Share and Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted EPS:
(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.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2020 and 2019. Interest rate lock commitments to borrowers were transferred from Level 2 to Level 3 during the year ended December 31, 2020 due to pull-through factors being a significant unobservable input. There were no transfers between levels for items measured at fair value on a recurring basis at December 31, 2019.
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Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019, the significant unobservable inputs used in the fair value measurements were as follows:
NA - not applicable
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Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at December 31, 2020 and 2019 are presented in the following tables:
(1)As reported in the Consolidated Balance Sheets
(1)As reported in the Consolidated Balance Sheets
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Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented:
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Schedule of Composition of Securities | The following tables present the amortized cost and fair value of debt securities available-for-sale as of December 31, 2020 and December 31, 2019:
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Schedule of Gross and Net Realized Gains and Losses on Sale of Securities | The following table shows the composition of gross and net realized gains and losses for the periods presented:
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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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Unrealized Gain (Loss) on Investments | The following table presents net unrealized gains and losses, net of tax, on debt securities available-for-sale included in accumulated other comprehensive income/(loss), for the periods presented:
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Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of debt securities available-for-sale at December 31, 2020 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) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Loans | The following table summarizes the composition of originated and acquired loans as of the dates presented:
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Restructured Loans for Periods Presented and Type of Concession | The following table summarizes our restructured loans as of the dates presented:
The following tables present the restructured loans by loan segment and by type of concession for the years ended December 31:
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Schedule of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
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Summary of Aggregate Amount of Loans to Officers and Directors | The following table presents a summary of the aggregate amount of loans to certain officers, directors of S&T or any affiliates of such persons as of December 31:
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Allowance for Credit Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings | The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of December 31, 2020:
The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of December 31, 2020:
The following table presents collateral-dependent loans by class of loan:
The following table presents the recorded investment in commercial loan classes by internally assigned risk ratings as of the date presented:
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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:
(1) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at December 31, 2020. (2) We had 52 loans that were modified totaling $195.6 million under the CARES Act at December 31, 2020. These customers were not considered past due as a result of their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans.
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Schedule of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented:
The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan:
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
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Schedule of Allowance for Credit Loss | The following table presents activity in the ACL for year ended December 31, 2020:
(1) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, commercial construction, consumer real estate and other consumer. The business banking allowance balance at the beginning of period is included in the other segments and reclassified to business banking through the impact of CECL adoption line. (2) During the three months ended June 30, 2020, we experienced a pre-tax loss of $58.7 million related to a customer fraud resulting from a check kiting scheme.
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Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status | The following table presents the recorded investment in consumer loan classes by performing and nonperforming status as of the date presented:
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Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following table presents investments in loans considered to be impaired and related information on those impaired loans as of December 31, 2019:
The following table summarizes average recorded investment and interest income recognized on loans considered to be impaired for the year presented:
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Summary of Allowance for Loan Losses | The following table details activity in the ALL for the period presented:
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Summary of Allowance for Loan Losses and Recorded Investments | The following table presents the ALL and recorded investments in loans by category as of December 31:
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Right-Of-Use Assets and Lease Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance and Operating Lease Details | The following table presents our lease expense for finance and operating leases for the years ended December 31:
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Finance and Operating Lease Details | The following table presents our lease expense for finance and operating leases for the years ended December 31:
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Maturity Analysis of Lease Liabilities for Operating Leases | The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2020:
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Maturity Analysis of Lease Liabilities for Finance Leases | The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2020:
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Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Premises and Equipment | The following table is a summary of premises and equipment as of the dates presented:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents goodwill as of the dates presented:
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Summary of Intangible Assets | The following table presents a summary of intangible assets as of the dates presented:
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Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets | The following is a summary of the expected amortization expense for finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2020 and thereafter:
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Derivative Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities at December 31:
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Schedule of Gross Amounts of 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 at December 31:
(1)Amounts represent collateral posted for the periods presented.
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Schedule of Gross Amounts of Derivative 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 at December 31:
(1)Amounts represent collateral posted for the periods presented.
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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 years ended December 31:
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Mortgage Servicing Rights (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage Servicing Rights at Net Carrying Value | The following table indicates MSRs and the net carrying values:
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits, by Component, Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities, Type | The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31:
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Time Deposit Maturities | The following table indicates the scheduled maturities of certificates of deposit at December 31, 2020:
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Short-Term Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of Short-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table presents the composition of short-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
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Long-Term Borrowings and Subordinated Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Borrowings, Interest Expense and Weighted Average Interest Rate | The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
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Schedule of Annual Maturities and Average Interest Rate of Long-Term Debt | Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2020 and thereafter are as follows:
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Schedule of Junior Subordinated Debt Securities and Interest Expense | The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31:
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Schedule of Junior Subordinated Debt Securities | The following table summarizes the key terms of our junior subordinated debt securities:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Unfunded Loan Commitments, Allowance For Credit Loss | The activity in the unfunded loan commitments reserve is summarized as of the dates presented:
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Revenue From Contracts With Customers (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams are excluded such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP.
(1) Refer to Note 1 Summary of Significant Accounting Policies for the types of revenue streams that are included within each category.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Expense (Benefit) | The following table presents the composition of income tax (benefit) expense for the years ended December 31:
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Schedule of Statutory to Effective Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:
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Schedule of Significant Components of Temporary Differences | The following table presents significant components of our temporary differences as of the dates presented:
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Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:
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Tax Effects on Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects of Components of Other Comprehensive Income (Loss) | The following tables present the tax effects of the components of other comprehensive income (loss) for the years ended December 31:
(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.
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Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities | The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:
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Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts recognized in accumulated other comprehensive income at December 31:
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Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
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Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation | Below are the actuarial weighted average assumptions used in determining the benefit obligation:
(1)Rate of compensation increase is not applicable for 2020 and 2019 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
(1)Rate of compensation increase is not applicable for 2020, 2019, and 2018 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.
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Schedule of Expected Benefit Payments | The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
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Pension Plan Assets Measured at Fair Value on Recurring Basis | The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2020 and 2019. During the years ended December 31, 2020 and 2019 there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2020 or 2019.
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
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Incentive and Restricted Stock Plan and Dividend Reinvestment Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Non-Vested Restricted Stock | The following table provides information about restricted stock granted under the 2014 Stock Plan for the years ended December 31:
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Parent Company Condensed Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheets of S&T Bancorp, Inc. | BALANCE SHEETS
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Statements of Net Income of S&T Bancorp, Inc. | STATEMENTS OF NET INCOME
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Statements of Cash Flows of S&T Bancorp, Inc. | STATEMENTS OF CASH FLOWS
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Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Risk-Based Capital Amounts and Ratios | The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank:
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Selected Financial Data (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Selected Financial Data | The following table presents selected financial data for the most recent eight quarters.
(1) The DNB Merger is included in our Consolidated Financial Statements beginning on December 1, 2019.
|
Summary of Significant Accounting Policies - Estimated Useful Lives for Various Asset (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 25 years |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 5 years |
Computer Equipment and Software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 5 years |
Other Equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 5 years |
Vehicles | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives (in years) | 15 years |
Earnings Per Share - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 11, 2018 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Sep. 10, 2018 |
|
Numerator for Earnings per Common Share-Basic: | |||||||||||||
Net Income | $ 24,176 | $ 16,705 | $ (33,072) | $ 13,231 | $ 22,269 | $ 26,936 | $ 26,101 | $ 22,929 | $ 21,040 | $ 98,234 | $ 105,334 | ||
Less: Income allocated to participating shares | 68 | 260 | 304 | ||||||||||
Net Income Allocated to Common Shareholders | 20,972 | 97,974 | 105,030 | ||||||||||
Numerator for Earnings per Common Share—Diluted: | |||||||||||||
Net Income | $ 24,176 | $ 16,705 | $ (33,072) | $ 13,231 | $ 22,269 | $ 26,936 | $ 26,101 | $ 22,929 | $ 21,040 | $ 98,234 | $ 105,334 | ||
Denominators: | |||||||||||||
Weighted Average Common Shares Outstanding-Basic (in shares) | 39,070,439 | 34,628,191 | 34,775,784 | ||||||||||
Add: Dilutive potential common shares (in shares) | 43,193 | 94,763 | 199,625 | ||||||||||
Denominator for Treasury Stock Method-Diluted (in shares) | 39,113,632 | 34,722,954 | 34,975,409 | ||||||||||
Weighted Average Common Shares Outstanding-Basic (in shares) | 39,070,439 | 34,628,191 | 34,775,784 | ||||||||||
Add: Average participating shares outstanding (in shares) | 2,780 | 51,287 | 100,733 | ||||||||||
Denominator for Two-Class Method-Diluted (in shares) | 39,073,219 | 34,679,478 | 34,876,517 | ||||||||||
Earnings per common share—basic (in USD per share) | $ 0.54 | $ 2.84 | $ 3.03 | ||||||||||
Earnings per common share—diluted (in USD per share) | $ 0.62 | $ 0.43 | $ (0.85) | $ 0.34 | $ 0.62 | $ 0.79 | $ 0.76 | $ 0.66 | $ 0.53 | $ 2.82 | $ 3.01 | ||
Repurchase of warrant | $ 7,700 | $ 0 | $ 0 | $ 7,652 | |||||||||
Number of shares of common stock that holder of warrants have right to purchase (in shares) | 517,012 | ||||||||||||
Warrants exercise price (in USD per share) | $ 31.53 | $ 31.53 | $ 31.53 | $ 31.53 | $ 31.53 | $ 31.53 | |||||||
Warrants | |||||||||||||
Denominators: | |||||||||||||
Anti-dilutive securities excluded from dilutive potential common shares | 0 | 0 | 267,106 | ||||||||||
Restricted Stock | |||||||||||||
Denominators: | |||||||||||||
Anti-dilutive securities excluded from dilutive potential common shares | 1,242 | 12,686 | 81,587 |
Restrictions on Cash and Due from Bank Accounts - Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Cash and Cash Equivalents [Abstract] | |||
Reserved cash maintained at Federal Reserve | $ 15.5 | $ 43.9 | $ 38.8 |
Dividend and Loan Restrictions (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Equity [Abstract] | |
Percentage of collateralized loans | 10.00% |
Securities - Gross and Net Realized Gains and Losses on Sale of Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 219 | $ 41 | $ 0 |
Gross realized losses | (77) | (67) | 0 |
Net Realized Gains/(Losses) | $ 142 | $ (26) | $ 0 |
Securities - Additional Information (Details) $ in Millions |
Dec. 31, 2020
USD ($)
security
|
Dec. 31, 2019
USD ($)
security
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities in unrealized loss position | security | 3 | 27 |
Securities pledged for regulatory and legal requirements | $ | $ 308 | $ 286 |
Securities - Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Total unrealized gains/(losses) on debt securities available-for-sale | ||
Gross Unrealized Gains | $ 33,478 | $ 11,659 |
Gross Unrealized Losses | (90) | (953) |
Net Unrealized Gains (Losses) | 33,388 | 10,706 |
Income tax (expense) benefit, Gross Unrealized Gains | (7,128) | (2,486) |
Income tax (expense) benefit, Gross Unrealized Losses | 19 | 203 |
Income tax (expense) benefit, Net Unrealized (Losses)/Gains | (7,109) | (2,283) |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Gains | 26,350 | 9,173 |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Gross Unrealized Losses | (71) | (750) |
Net unrealized gains/(losses), net of tax included in accumulated other comprehensive income/(loss), Net Unrealized Gains/(Losses) | $ 26,279 | $ 8,423 |
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Net market (losses)/gains recognized | $ (500) | $ 334 | $ (328) |
Less: Net gains recognized for equity securities sold | 142 | 0 | 0 |
Unrealized (Losses)/Gains on Equity Securities Still Held | $ (642) | $ 334 | $ (328) |
Loans and Loans Held for Sale - Summary of Nonperforming Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Nonperforming Assets | ||
Nonaccrual loans | $ 117,485 | $ 45,145 |
Nonaccrual TDRs | 29,289 | 8,912 |
Total nonaccrual loans | 146,774 | 54,057 |
OREO | 2,155 | 3,525 |
Total Nonperforming Assets | $ 148,929 | $ 57,582 |
Loans and Loans Held for Sale - Summary of Aggregate Amount of Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Loans Receivable from Officers and Directors [Roll Forward] | ||
Balance at beginning of year | $ 8,225 | $ 8,682 |
New loans | 3,343 | 2,442 |
Repayments or no longer considered a related party | (5,239) | (2,899) |
Balance at end of year | $ 6,329 | $ 8,225 |
Right-Of-Use Assets and Lease Liabilities - Narrative (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
director
lease
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Lessee, Lease, Description [Line Items] | |||
Number of lease contracts | lease | 51 | ||
Number of operating lease agreements | lease | 48 | ||
Number of financing leases | lease | 3 | ||
Operating lease expense | $ 5,711 | $ 4,221 | $ 3,850 |
Number of operating leases considered abandoned | lease | 2 | ||
Reduction of right-of-use asset value | $ 500 | ||
Right-of-use asset value after reduction | 0 | ||
Reduction of operating lease liability | 200 | ||
Expense recognized from lease abandonment | $ 300 | ||
Related party, lease with S&T Director | |||
Lessee, Lease, Description [Line Items] | |||
Number of directors | director | 1 | ||
Operating lease expense | $ 200 | 200 | $ 200 |
DNB | |||
Lessee, Lease, Description [Line Items] | |||
ROU asset acquired from DNB merger | $ 10,900 |
Right-Of-Use Assets and Lease Liabilities - Operating Leases and Finance Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Leases [Abstract] | |||
Operating lease expense | $ 5,711 | $ 4,221 | $ 3,850 |
Amortization of ROU assets - finance leases | 224 | 101 | 44 |
Interest on lease liabilities - finance leases | 84 | 74 | 11 |
Total Lease Expense | 6,019 | 4,396 | $ 3,905 |
Operating Lease, Assets And Liabilities, Lessee [Abstract] | |||
ROU assets | 46,245 | 47,686 | |
Operating cash flows | 6,489 | 5,028 | |
Finance Leases | |||
ROU assets | 1,278 | 1,513 | |
Operating cash flows | 84 | 47 | |
Financing cash flows | $ 180 | $ 57 | |
Weighted Average Lease Term - Years | |||
Operating leases | 18 years 8 months 12 days | 19 years 2 months 4 days | |
Finance leases | 12 years 1 month 2 days | 12 years 1 month 28 days | |
Weighted Average Discount Rate | |||
Operating leases | 5.90% | 5.94% | |
Finance leases | 5.81% | 5.73% |
Right-Of-Use Assets and Lease Liabilities - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Finance | ||
2021 | $ 269 | |
2022 | 225 | |
2023 | 129 | |
2024 | 130 | |
2025 | 132 | |
Thereafter | 1,145 | |
Total | 2,030 | |
Less: Present value discount | (636) | |
Lease Liabilities | $ 1,394 | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLongTermDebt | us-gaap:OtherLongTermDebt |
Operating | ||
2021 | $ 4,789 | |
2022 | 4,855 | |
2023 | 4,759 | |
2024 | 4,752 | |
2025 | 4,787 | |
Thereafter | 66,409 | |
Total | 90,351 | |
Less: Present value discount | (38,402) | |
Lease Liabilities | $ 51,949 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Total | ||
2021 | $ 5,058 | |
2022 | 5,080 | |
2023 | 4,888 | |
2024 | 4,882 | |
2025 | 4,919 | |
Thereafter | 67,554 | |
Total | 92,381 | |
Less: Present value discount | (39,038) | |
Lease Liabilities | $ 53,343 |
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 127,083 | $ 122,788 |
Accumulated depreciation | (71,469) | (65,848) |
Total | 55,614 | 56,940 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 8,651 | 9,018 |
Premises | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 61,299 | 60,767 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 45,072 | 41,713 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 12,061 | $ 11,290 |
Premises and Equipment - Additional Information (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
right_of_use_asset
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Property, Plant and Equipment [Line Items] | |||
Financing leases, ROU assets | $ 1,278 | $ 1,513 | |
Depreciation expense | $ 6,700 | $ 5,400 | $ 5,000 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Number of right of use assets | right_of_use_asset | 1 | ||
Financing leases, ROU assets | $ 200 | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Number of right of use assets | right_of_use_asset | 2 | ||
Financing leases, ROU assets | $ 1,100 |
Goodwill and Other Intangible Assets - Roll Forward of Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 371,621 | $ 287,446 |
Additions | 1,803 | 84,175 |
Balance at End of Year | $ 373,424 | $ 371,621 |
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Nov. 30, 2020 |
Nov. 30, 2019 |
|
Goodwill [Line Items] | |||||
Goodwill acquired | $ 1,803 | $ 84,175 | |||
Goodwill | 373,424 | 371,621 | |||
Amortization expense on finite-lived intangible assets | 2,500 | 800 | $ 900 | ||
DNB | |||||
Goodwill [Line Items] | |||||
Goodwill acquired | 1,800 | $ 84,200 | |||
Goodwill | 86,000 | $ 85,978 | $ 84,175 | ||
Identifiable Intangible Assets | 8,700 | ||||
DNB | Wealth management | |||||
Goodwill [Line Items] | |||||
Identifiable Intangible Assets | $ 300 | $ 1,772 | $ 1,772 |
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount at beginning of year | $ 31,052 | $ 21,898 |
Additions | 288 | 9,154 |
Accumulated amortization | (22,665) | (20,133) |
Balance at End of Year | $ 8,675 | $ 10,919 |
Goodwill and Other Intangible Assets - Summary of Expected Amortization Expense for Finite-Lived Intangibles Assets (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 1,780 |
2022 | 1,518 |
2023 | 1,319 |
2024 | 1,151 |
2025 | 820 |
Thereafter | 2,087 |
Total | $ 8,675 |
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Assets | ||
Derivatives (included in Other Assets) | ||
Gross amounts recognized | $ 82,655 | $ 26,146 |
Gross amounts offset | (4,336) | (499) |
Net amounts presented in the Consolidated Balance Sheets | 78,319 | 25,647 |
Gross amounts not offset | 0 | 0 |
Net Amount | 78,319 | 25,647 |
Other Liabilities | ||
Derivatives (included in Other Liabilities) | ||
Gross amounts recognized | 82,626 | 26,114 |
Gross amounts offset | (3,593) | (499) |
Net amounts presented in the Consolidated Balance Sheets | 79,033 | 25,615 |
Gross amounts not offset | (77,930) | (26,127) |
Net Amount | $ 1,103 | $ (512) |
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative (Loss)/Gain | $ 1,447 | $ (116) | $ 230 |
Interest Rate Swap Contracts—Commercial Loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative (Loss)/Gain | (746) | (132) | 145 |
Interest Rate Lock Commitments—Mortgage Loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative (Loss)/Gain | 1,715 | 70 | 25 |
Forward Sale Contracts—Mortgage Loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total Derivative (Loss)/Gain | $ 478 | $ (54) | $ 60 |
Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans | $ 357,613 | $ 109,082 | $ 93,793 |
Total servicing portfolio | 718,200 | 509,200 | 473,700 |
Fannie Mae | |||
Mortgage Loan Activity [Line Items] | |||
Sale of 1-4 family mortgage loans | $ 345,100 | $ 94,500 | $ 79,300 |
Mortgage Servicing Rights - Net Carrying Values (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Servicing Rights | ||
Beginning Balance | $ 4,939 | $ 4,518 |
Additions | 2,887 | 1,086 |
Amortization | (1,206) | (665) |
Ending Balance | 6,620 | 4,939 |
Valuation Allowance | ||
Beginning Balance | (277) | (54) |
Temporary recapture (impairment) | (1,354) | (223) |
Ending Balance | (1,631) | (277) |
Net Carrying Value | ||
Beginning balance | 4,662 | 4,464 |
Additions | 2,887 | 1,086 |
Amortization | (1,206) | (665) |
Temporary recapture (impairment) | (1,354) | (223) |
Ending balance | $ 4,989 | $ 4,662 |
Deposits - Composition of Deposits and Interest Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Time Deposits [Line Items] | |||
Balance | $ 7,420,538 | $ 7,036,576 | $ 5,673,922 |
Interest Expense | 35,986 | 63,026 | 40,856 |
Noninterest-bearing demand | |||
Time Deposits [Line Items] | |||
Balance | 2,261,994 | 1,698,082 | 1,421,156 |
Interest Expense | 0 | 0 | 0 |
Interest-bearing demand | |||
Time Deposits [Line Items] | |||
Balance | 864,510 | 962,331 | 573,693 |
Interest Expense | 2,681 | 3,915 | 93 |
Money market | |||
Time Deposits [Line Items] | |||
Balance | 1,937,063 | 1,949,811 | 1,482,065 |
Interest Expense | 11,645 | 30,236 | 20,018 |
Savings | |||
Time Deposits [Line Items] | |||
Balance | 969,508 | 830,919 | 784,970 |
Interest Expense | 972 | 1,928 | 1,773 |
Certificates of deposit | |||
Time Deposits [Line Items] | |||
Balance | 1,387,463 | 1,595,433 | 1,412,038 |
Interest Expense | $ 20,688 | $ 26,947 | $ 18,972 |
Deposits - Additional Information (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits, by Component, Alternative [Abstract] | ||
Certificates of deposits over $100,000, including brokered CDs | $ 688.4 | $ 754.8 |
Certificates of deposits over $250,000, including brokered CDs | $ 329.7 | $ 347.5 |
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits, by Component, Alternative [Abstract] | ||
2021 | $ 1,182,938 | |
2022 | 122,596 | |
2023 | 27,825 | |
2024 | 17,415 | |
2025 | 33,149 | |
Thereafter | 3,540 | |
Total | $ 1,387,463 | $ 1,595,433 |
Short-Term Borrowings - Additional Information (Details) - Mortgage Backed Securities - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Short-term Debt [Line Items] | ||
Amortized cost of securities pledged as collateral | $ 65.1 | $ 22.7 |
Carrying value of securities pledged as collateral | $ 68.4 | $ 23.0 |
Short-Term Borrowings - Balance, Weighted Average and Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Short-term Debt [Line Items] | |||
Balance | $ 140,163 | $ 301,207 | $ 488,383 |
Weighted Average Interest Rate | 0.22% | 1.76% | 2.57% |
Interest Expense | $ 1,603 | $ 6,526 | $ 11,304 |
REPOs | |||
Short-term Debt [Line Items] | |||
Balance | $ 65,163 | $ 19,888 | $ 18,383 |
Weighted Average Interest Rate | 0.25% | 0.74% | 0.46% |
Interest Expense | $ 169 | $ 110 | $ 222 |
FHLB advances | |||
Short-term Debt [Line Items] | |||
Balance | $ 75,000 | $ 281,319 | $ 470,000 |
Weighted Average Interest Rate | 0.19% | 1.84% | 2.65% |
Interest Expense | $ 1,434 | $ 6,416 | $ 11,082 |
Long-Term Borrowings and Subordinated Debt - Additional Information (Details) |
Dec. 31, 2020
USD ($)
numberOfPrivatePlacements
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Debt Disclosure [Abstract] | ||
Long-term borrowings at FHLB | $ 22,300,000 | $ 49,300,000 |
Loans pledged as collateral at FHLB | 4,100,000,000 | |
Maximum eligible borrowing based on qualifying collateral at FHLB | 2,500,000,000 | |
Maximum borrowing capacity at FHLB | $ 2,900,000,000 | |
Number of completed private placements of trust preferred securities | numberOfPrivatePlacements | 3 | |
Percentage of equity owned | 100.00% |
Long-Term Borrowings and Subordinated Debt - Interest Expense and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Disclosure [Abstract] | |||
Long-term borrowings | $ 23,681 | $ 50,868 | $ 70,314 |
Weighted average interest rate | 2.03% | 2.60% | 2.84% |
Interest expense | $ 1,201 | $ 1,831 | $ 1,129 |
Long-Term Borrowings and Subordinated Debt - Scheduled Annual Maturities and Average Interest Rates (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Balance | |||
2021 | $ 1,251 | ||
2022 | 7,689 | ||
2023 | 464 | ||
2024 | 13,381 | ||
2025 | 80 | ||
Thereafter | 816 | ||
Total | $ 23,681 | $ 50,868 | $ 70,314 |
Average Rate | |||
2021 | 3.67% | ||
2022 | 2.27% | ||
2023 | 5.72% | ||
2024 | 1.35% | ||
2025 | 5.82% | ||
Thereafter | 6.02% | ||
Total | 2.03% |
Long-Term Borrowings and Subordinated Debt - Junior Subordinated Debt Securities and Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Junior Subordinated Debentures [Line Items] | |||
Balance | $ 64,083 | $ 64,277 | $ 45,619 |
Interest Expense | 2,286 | 2,310 | 2,100 |
Junior Subordinated Debt | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 34,750 | 34,753 | 25,000 |
Interest Expense | 1,007 | 1,059 | 951 |
Junior subordinated debt—trust preferred securities | |||
Junior Subordinated Debentures [Line Items] | |||
Balance | 29,333 | 29,524 | 20,619 |
Interest Expense | $ 1,279 | $ 1,251 | $ 1,149 |
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Commitment And Contingencies [Line Items] | ||
Total Commitments | $ 2,274,847 | $ 1,990,845 |
Standby letters of credit | ||
Commitment And Contingencies [Line Items] | ||
Total Commitments | 89,095 | 80,040 |
Commitments to extend credit | ||
Commitment And Contingencies [Line Items] | ||
Total Commitments | $ 2,185,752 | $ 1,910,805 |
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2020 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 3,112 | $ 2,139 | |
Impact of adopting ASU 2016-13 at January 1, 2020 | 3,112 | 3,112 | $ 3,113 |
Provision for credit losses | 6 | 973 | |
Balance at end of period | 4,467 | 3,112 | |
Impact of ASU 2016-13 Adoption | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 1,349 | 0 | |
Impact of adopting ASU 2016-13 at January 1, 2020 | 1,349 | 0 | 1,349 |
Balance at end of period | 1,349 | ||
Adjusted Balance | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 4,461 | 2,139 | |
Impact of adopting ASU 2016-13 at January 1, 2020 | $ 4,461 | 2,139 | $ 4,462 |
Balance at end of period | $ 4,461 |
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Federal | |||||||||||
Current | $ 4,256 | $ 18,918 | $ 13,616 | ||||||||
Deferred | (4,273) | (406) | 3,517 | ||||||||
Total Federal | (17) | 18,512 | 17,133 | ||||||||
State | |||||||||||
Current | 145 | 589 | 720 | ||||||||
Deferred | (129) | 25 | (8) | ||||||||
Total State | 16 | 614 | 712 | ||||||||
Total Federal and State | $ 5,702 | $ 3,323 | $ (11,793) | $ 2,767 | $ 5,091 | $ 4,743 | $ 5,070 | $ 4,222 | $ (1) | $ 19,126 | $ 17,845 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Schedule Of Income Taxes [Line Items] | ||||
Income tax expense due to re-measurement of deferred tax assets and liabilities as result of changes in federal tax rate | $ 13,400 | |||
Income tax benefit | $ 3,000 | |||
Valuation allowance related to gross deferred tax assets | $ 5,489 | $ 5,134 | ||
Deferred tax assets, net operating loss carry forwards | 54,900 | |||
PENNSYLVANIA | ||||
Schedule Of Income Taxes [Line Items] | ||||
Valuation allowance related to gross deferred tax assets | $ 5,500 | $ 5,100 |
Income Taxes - Statutory to Effective Tax Rate Reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Low income housing tax credits | (11.10%) | (3.30%) | (2.50%) |
Tax-exempt interest | (11.90%) | (2.10%) | (2.10%) |
Bank owned life insurance | (1.80%) | (0.40%) | (0.40%) |
Gain on sale of a majority interest of insurance business | 0.00% | 0.00% | 0.70% |
Merger related expenses | 0.00% | 0.30% | 0.00% |
Other | 3.80% | 0.80% | 0.30% |
Impact of the Tax Act | 0.00% | 0.00% | (2.50%) |
Effective Tax Rate | 0.00% | 16.30% | 14.50% |
Income Taxes - Significant Components of Temporary Differences (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Deferred Tax Assets: | |||
Allowance for credit losses | $ 26,051 | $ 13,798 | |
Lease liabilities | 11,368 | 11,257 | |
State net operating loss carryforwards | 5,489 | 5,134 | |
Net adjustment to funded status of pension | 4,692 | 5,438 | |
Low income housing partnerships | 3,996 | 3,494 | |
Other employee benefits | 2,050 | 3,039 | |
Other | 3,798 | 1,856 | |
Gross Deferred Tax Assets | 57,444 | 44,016 | |
Less: Valuation allowance | (5,489) | (5,134) | |
Total Deferred Tax Assets | 51,955 | 38,882 | |
Deferred Tax Liabilities: | |||
Right-of-use lease assets | (10,141) | (10,476) | |
Net unrealized gains on securities available-for-sale | (7,125) | (2,570) | |
Deferred loan income | (6,796) | (3,555) | |
Prepaid pension | (5,209) | (5,971) | |
Purchase accounting adjustments | (1,971) | (1,269) | |
Depreciation on premises and equipment | (1,275) | (592) | |
Other | (1,245) | (1,243) | |
Total Deferred Tax liabilities | (33,762) | (25,676) | |
Net Deferred Tax Asset | $ 18,193 | $ 13,206 | $ 13,206 |
Income Taxes - Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,051 | $ 768 | $ 909 |
Prior period tax positions | (18) | (10) | (251) |
Current period tax positions | 244 | 293 | 110 |
Balance at End of Year | 1,277 | 1,051 | 768 |
Amount That Would Impact the Effective Tax Rate if Recognized | $ 1,027 | $ 848 | $ 607 |
Employee Benefits - Benefit Obligation and Plan Assets Deriving Funded Status (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 113,679 | $ 95,200 | |
Interest cost | 3,456 | 3,987 | $ 3,882 |
Actuarial gain/(loss) | 10,525 | 13,996 | |
Acquisitions - DNB merger | 0 | 6,778 | |
Benefits paid | (10,154) | (6,282) | |
Projected Benefit Obligation at End of Year | 117,506 | 113,679 | 95,200 |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | 116,652 | 101,765 | |
Actual return on plan assets | 15,731 | 16,358 | |
Employer contributions | 115 | 0 | |
Acquisitions - DNB merger | 0 | 4,811 | |
Benefits paid | (10,154) | (6,282) | |
Fair Value of Plan Assets at End of Year | 122,344 | 116,652 | $ 101,765 |
Funded Status | $ 4,838 | $ 2,973 |
Employee Benefits - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Retirement Benefits [Abstract] | ||
Net actuarial loss | $ (19,572) | $ (23,106) |
Total (Before Tax Effects) | $ (19,572) | $ (23,106) |
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Retirement Benefits [Abstract] | ||
Discount rate | 2.48% | 3.25% |
Rate of compensation increase | 0.00% | 0.00% |
Employee Benefits - Actuarial Weighted Average Assumptions Used in Determining Net Periodic Pension Cost (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Retirement Benefits [Abstract] | |||
Discount rate | 3.25% | 4.31% | 3.75% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on assets | 3.45% | 4.80% | 7.50% |
Employee Benefits - Estimated Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Retirement Benefits [Abstract] | |
2021 | $ 8,200 |
2022 | 7,535 |
2023 | 7,364 |
2024 | 7,548 |
2025 | 7,020 |
2026-2030 | $ 32,237 |
Incentive and Restricted Stock Plan and Dividend Reinvestment Plan - Non-vested Restricted Stock Granted (Details) - 2014 Stock Plan - Restricted Stock - $ / shares |
12 Months Ended | 84 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2020 |
|
Restricted Stock | ||||
Non-vested at beginning of the year (in shares) | 182,035 | 206,395 | ||
Granted (in shares) | 230,703 | 84,882 | 760,636 | |
Vested (in shares) | 77,317 | 76,014 | ||
Forfeited (in shares) | 58,741 | 33,228 | 136,896 | |
Non-vested at end of the year (in shares) | 276,680 | 182,035 | 206,395 | 276,680 |
Weighted Average Grant Date Fair Value | ||||
Non-vested at beginning of the year (in USD per share) | $ 24.54 | $ 34.06 | $ 30.70 | $ 24.54 |
Granted (in USD per share) | 23.43 | 38.67 | ||
Vested (in USD per share) | 37.39 | 30.75 | ||
Forfeited (in USD per share) | 32.77 | 32.50 | ||
Non-vested at end of the year (in USD per share) | $ 24.54 | $ 34.06 | $ 30.70 | $ 24.54 |
Parent Company Condensed Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
ASSETS | ||||
Cash | $ 229,666 | $ 197,823 | ||
Other assets | 304,716 | 159,429 | ||
Total Assets | 8,967,897 | 8,764,649 | ||
LIABILITIES | ||||
Other liabilities | 164,721 | 119,723 | ||
Total Liabilities | 7,813,186 | 7,572,651 | ||
Total Shareholders’ Equity | 1,154,711 | 1,191,998 | $ 935,761 | $ 884,031 |
Total Liabilities and Shareholders’ Equity | 8,967,897 | 8,764,649 | ||
Parent Company | ||||
ASSETS | ||||
Cash | 6,585 | 7,509 | ||
Investments in bank subsidiary | 1,168,831 | 1,198,964 | ||
Investments in nonbank subsidiaries | 10,493 | 16,393 | ||
Other assets | 8,614 | 9,741 | ||
Total Assets | 1,194,523 | 1,232,607 | ||
LIABILITIES | ||||
Long-term debt | 39,317 | 39,277 | ||
Other liabilities | 495 | 1,332 | ||
Total Liabilities | 39,812 | 40,609 | ||
Total Shareholders’ Equity | 1,154,711 | 1,191,998 | ||
Total Liabilities and Shareholders’ Equity | $ 1,194,523 | $ 1,232,607 |
Parent Company Condensed Financial Information - Statements of Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Condensed Income Statements, Captions [Line Items] | |||||||||||
Total Interest and Dividend Income | $ 75,548 | $ 76,848 | $ 80,479 | $ 87,589 | $ 82,457 | $ 79,813 | $ 79,624 | $ 78,590 | $ 320,464 | $ 320,484 | $ 289,826 |
Interest expense on long-term debt | 1,201 | 1,831 | 1,129 | ||||||||
Income tax benefit | 5,702 | 3,323 | (11,793) | 2,767 | 5,091 | 4,743 | 5,070 | 4,222 | (1) | 19,126 | 17,845 |
Net Income | $ 24,176 | $ 16,705 | $ (33,072) | $ 13,231 | $ 22,269 | $ 26,936 | $ 26,101 | $ 22,929 | 21,040 | 98,234 | 105,334 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 59,315 | 59,490 | 44,988 | ||||||||
Investment income | 0 | 1 | 24 | ||||||||
Total Interest and Dividend Income | 59,315 | 59,491 | 45,012 | ||||||||
Interest expense on long-term debt | 1,696 | 1,285 | 1,149 | ||||||||
Other expenses | 4,464 | 4,325 | 3,988 | ||||||||
Total Expense | 6,160 | 5,610 | 5,137 | ||||||||
Income before income tax and undistributed net income of subsidiaries | 53,155 | 53,881 | 39,875 | ||||||||
Income tax benefit | (1,315) | (1,189) | (1,093) | ||||||||
Income before undistributed net income of subsidiaries | 54,470 | 55,070 | 40,968 | ||||||||
Equity in undistributed net income (distribution in excess of net income) of bank subsidiary | (27,529) | 42,683 | 68,385 | ||||||||
Equity in undistributed net income (distribution in excess of net income) of nonbank subsidiaries | (5,901) | 481 | (4,019) | ||||||||
Net Income | $ 21,040 | $ 98,234 | $ 105,334 |
Regulatory Matters - Additional Information (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Total trust preferred securities | $ 29.0 |
Junior subordinated debt, included in Tier 2 capital | $ 32.8 |
Selected Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 75,548 | $ 76,848 | $ 80,479 | $ 87,589 | $ 82,457 | $ 79,813 | $ 79,624 | $ 78,590 | $ 320,464 | $ 320,484 | $ 289,826 |
Interest expense | 5,620 | 7,572 | 10,331 | 17,553 | 18,045 | 18,617 | 18,797 | 18,234 | 41,076 | 73,693 | 55,388 |
Provision for credit losses | 7,130 | 17,485 | 86,759 | 20,050 | 2,105 | 4,913 | 2,205 | 5,649 | 131,424 | 14,873 | 14,995 |
Net Interest Income After Provision for Credit Losses | 62,798 | 51,791 | (16,611) | 49,986 | 62,307 | 56,283 | 58,622 | 54,707 | 147,964 | 231,918 | 219,443 |
Security gains (losses), net | 0 | 0 | 142 | 0 | (26) | 0 | 0 | 0 | 142 | (26) | 0 |
Noninterest income | 15,609 | 16,483 | 15,082 | 12,403 | 15,257 | 13,063 | 12,901 | 11,363 | |||
Noninterest expense | 48,529 | 48,246 | 43,478 | 46,391 | 50,178 | 37,667 | 40,352 | 38,919 | 186,644 | 167,116 | 145,445 |
Income Before Taxes | 29,878 | 20,028 | (44,865) | 15,998 | 27,360 | 31,679 | 31,171 | 27,151 | |||
Income taxes (benefit) expense | 5,702 | 3,323 | (11,793) | 2,767 | 5,091 | 4,743 | 5,070 | 4,222 | (1) | 19,126 | 17,845 |
Net Income | $ 24,176 | $ 16,705 | $ (33,072) | $ 13,231 | $ 22,269 | $ 26,936 | $ 26,101 | $ 22,929 | $ 21,040 | $ 98,234 | $ 105,334 |
Per Share Data | |||||||||||
Common earnings per share-diluted (in USD per share) | $ 0.62 | $ 0.43 | $ (0.85) | $ 0.34 | $ 0.62 | $ 0.79 | $ 0.76 | $ 0.66 | $ 0.53 | $ 2.82 | $ 3.01 |
Dividends declared per common share (in USD per share) | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.27 | $ 1.12 | $ 1.09 | $ 0.99 |
Common book value (in USD per share) | $ 29.38 | $ 29.10 | $ 28.93 | $ 30.06 | $ 30.13 | $ 28.69 | $ 28.11 | $ 27.47 |
Sale of a Majority Interest of Insurance Business (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of majority interest of insurance business | $ 0 | $ 0 | $ 1,873 | |
Percentage of equity owned | 100.00% | |||
New Partnership | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of equity owned | 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 majority interest of insurance business | $ 1,900 |
Share Repurchase Plan (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Sep. 16, 2019 |
Mar. 19, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchased common shares (in shares) | 411,430 | 470,708 | 321,731 | ||
Cost to repurchase common shares | $ 12,559,000 | $ 18,222,000 | $ 12,256,000 | ||
March 19, 2018 Plan | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Repurchased common shares (in shares) | 792,439 | 470,708 | 321,731 | ||
Cost to repurchase common shares | $ 30,500,000 | $ 18,200,000 | $ 12,300,000 | ||
Cost to repurchase common shares (in dollars per share) | $ 38.46 | $ 38.71 | $ 38.10 | ||
September 16, 2019 Plan | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Repurchased common shares (in shares) | 411,430 | 0 | |||
Cost to repurchase common shares | $ 12,600,000 | ||||
Cost to repurchase common shares (in dollars per share) | $ 30.52 |
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