Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary Of Significant Accounting Policies [Abstract]



(dollars in thousands, except per share data)	2019		2018		2017
Net income	$	41,555	$	41,573	$	35,122
Income allocated to participating securities (1)		—		115		128
Income allocated to common stockholders	$	41,555	$	41,458	$	34,994

Weighted average:
Common shares		24,663,726		25,293,698		24,219,813
Dilutive stock options and restricted stock units (1)		184,800		164,301		255,333
		24,848,526		25,457,999		24,475,146
Earnings per share:
Basic		$1.68		$1.64		$1.44
Diluted		$1.67		$1.63		$1.43

(1) RSUs awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, during 2018 and 2017, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the treasury stock method.

Components Of Other Comprehensive Income (Loss) And Related Tax Effects



(in thousands)	2019		2018		2017
Change in net unrealized holding gains (losses) on available-for-sale securities:
Change arising during the period	$	14,156	$	(18,891)	$	(236)
Reclassification adjustment for losses (gains) included in net income (1)		(14)		10,406		1,867
		14,142		(8,485)		1,631
Tax effect		4,242		(2,569)		685
		9,900		(5,916)		946
Change in funded status of pension plan:
Unrecognized net gain (loss) arising during the period		3,173		(4,316)		1,700
Amortization of net actuarial loss included in pension expense (2)		352		—		18
		3,525		(4,316)		1,718
Tax effect		1,083		(1,312)		514
		2,442		(3,004)		1,204
Change in unrealized loss on derivative instruments:
Amount of loss recognized during the period		(4,116)		(1,607)		—
Reclassification adjustment for net interest expense included in
net income (3)		827		477		—
		(3,289)		(1,130)		—
Tax effect		(982)		(341)		—
		(2,307)		(789)		—
Other comprehensive income (loss)	$	10,035	$	(9,709)	$	2,150

(1) Represents net realized gains and losses arising from the sale of available-for-sale securities. These net realized gains and losses are included in the consolidated statements of income in the line item “Net gains (losses) on sales of securities.” See “Note B – Investment Securities” for the income tax expense or benefit related to these net realized gains and losses, which is included in the consolidated statements of income in the line item “Income tax expense.”

(2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost (see “Note J – Retirement Plans”) and included in the consolidated statements of income in the line item “Other noninterest income.”

(3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.”

Components Of Accumulated Other Comprehensive Income (Loss), Net Of Tax



	Current Period Change due to
				Other
		Balance		Comprehensive		Balance
(in thousands)	12/31/18		Income (Loss)		12/31/19
Unrealized holding gains (losses) on available-for-sale securities	$	(2,955)	$	9,900	$	6,945
Unrealized actuarial losses on pension plan		(5,696)		2,442		(3,254)
Unrealized loss on derivative instruments		(789)		(2,307)		(3,096)
Accumulated other comprehensive income (loss), net of tax	$	(9,440)	$	10,035	$	595