(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of class | Trading Symbol | Name of exchange on which registered | ||||||
Classes | Outstanding at August 4, 2020 | |||||||
Common Stock, par value $1 | ||||||||
PART I - | ||||||||
ITEM 1. | ||||||||
Page 3 | ||||||||
Page 12 | ||||||||
ITEM 2. | Page 57 | |||||||
ITEM 3. | Page 81 | |||||||
ITEM 4. | Page 81 | |||||||
PART II - | Page 82 | |||||||
ITEM 1. | Page 82 | |||||||
ITEM 1A. | Page 82 | |||||||
ITEM 2. | Page 85 | |||||||
ITEM 3. | Page 86 | |||||||
ITEM 4. | Page 86 | |||||||
ITEM 5. | Page 86 | |||||||
ITEM 6. | Page 87 |
(dollars in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest bearing deposits with banks | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Investment securities available for sale, at fair value (amortized cost of $ | ||||||||||||||
Investment securities held to maturity, at amortized cost (fair value of $ | ||||||||||||||
Investment securities, trading | ||||||||||||||
Loans held for sale | ||||||||||||||
Portfolio loans and leases, originated | ||||||||||||||
Portfolio loans and leases, acquired | ||||||||||||||
Total portfolio loans and leases | ||||||||||||||
Less: Allowance for credit losses on originated loans and leases | ( | ( | ||||||||||||
Less: Allowance for credit losses on acquired loans and leases | ( | ( | ||||||||||||
Total allowance for credit losses on loans and leases | ( | ( | ||||||||||||
Net portfolio loans and leases | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Mortgage servicing rights | ||||||||||||||
Bank owned life insurance | ||||||||||||||
Federal Home Loan Bank stock | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets | ||||||||||||||
Other investments | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | $ | ||||||||||||
Interest-bearing | ||||||||||||||
Total deposits | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term FHLB advances | ||||||||||||||
Subordinated notes | ||||||||||||||
Junior subordinated debentures | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Shareholders' equity | ||||||||||||||
Common stock, par value $ | ||||||||||||||
Paid-in capital in excess of par value | ||||||||||||||
Less: Common stock in treasury at cost - | ( | ( | ||||||||||||
Accumulated other comprehensive income, net of tax | ||||||||||||||
Retained earnings | ||||||||||||||
Total Bryn Mawr Bank Corporation shareholders' equity | ||||||||||||||
Noncontrolling interest | ( | ( | ||||||||||||
Total shareholders' equity | ||||||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands, except share and per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest and fees on loans and leases | $ | $ | $ | $ | |||||||||||||||||||
Interest on cash and cash equivalents | |||||||||||||||||||||||
Interest on investment securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Non-taxable | |||||||||||||||||||||||
Dividends | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | |||||||||||||||||||||||
Interest on short-term borrowings | |||||||||||||||||||||||
Interest on FHLB advances and other borrowings | |||||||||||||||||||||||
Interest on subordinated notes | |||||||||||||||||||||||
Interest on junior subordinated debentures | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses on loans and leases | |||||||||||||||||||||||
Net interest income after provision for credit losses on loans and leases | |||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Fees for wealth management services | |||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||
Capital markets revenue | |||||||||||||||||||||||
Service charges on deposits | |||||||||||||||||||||||
Loan servicing and other fees | |||||||||||||||||||||||
Net gain on sale of loans | |||||||||||||||||||||||
Net gain (loss) on sale of other real estate owned ("OREO") | ( | ||||||||||||||||||||||
Dividends on FHLB and FRB stock | |||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||
Salaries and wages | |||||||||||||||||||||||
Employee benefits | |||||||||||||||||||||||
Occupancy and bank premises | |||||||||||||||||||||||
Furniture, fixtures, and equipment | |||||||||||||||||||||||
Advertising | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Pennsylvania bank shares tax | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Total noninterest expenses | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net loss attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | |||||||||||||||||||||||
Dividends paid or accrued per common share | |||||||||||||||||||||||
Weighted-average basic shares outstanding | |||||||||||||||||||||||
Dilutive shares | |||||||||||||||||||||||
Adjusted weighted-average diluted shares |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Net change in unrealized gains on investment securities available for sale: | |||||||||||||||||||||||
Unrealized investment gains, net of tax expense of $ | |||||||||||||||||||||||
Net change in unfunded pension liability: | |||||||||||||||||||||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax expense of $ | |||||||||||||||||||||||
Total other comprehensive income | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Operating activities: | |||||||||||
Net income attributable to Bryn Mawr Bank Corporation | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses on loans and leases | |||||||||||
Depreciation of fixed assets | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Net amortization of investment premiums and discounts | |||||||||||
Net gain on sale of loans | ( | ( | |||||||||
Stock based compensation | |||||||||||
Amortization and net impairment of mortgage servicing rights | |||||||||||
Net accretion of fair value adjustments | ( | ( | |||||||||
Amortization of intangible assets | |||||||||||
Net (gain) loss on sale of OREO | ( | ||||||||||
Net increase in cash surrender value of bank owned life insurance ("BOLI") | ( | ( | |||||||||
Other, net | ( | ||||||||||
Loans originated for sale | ( | ( | |||||||||
Proceeds from loans sold | |||||||||||
Provision for deferred income taxes | |||||||||||
Change in income taxes payable/receivable, net | ( | ||||||||||
Change in accrued interest receivable | ( | ( | |||||||||
Change in accrued interest payable | |||||||||||
Change in operating lease liabilities | ( | ( | |||||||||
Change in other assets | ( | ( | |||||||||
Change in other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Purchases of investment securities available for sale | ( | ( | |||||||||
Purchases of investment securities held to maturity | ( | ( | |||||||||
Proceeds from maturity and paydowns of investment securities available for sale | |||||||||||
Proceeds from maturity and paydowns of investment securities held to maturity | |||||||||||
Net change in FHLB stock | ( | ||||||||||
Proceeds from calls of investment securities | |||||||||||
Net change in other investments | ( | ||||||||||
Purchase of customer relationships | ( | ||||||||||
Net portfolio loan and lease originations | ( | ( | |||||||||
Proceeds from sales of loans originally classified as portfolio loans and leases | |||||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Proceeds from sale of OREO | |||||||||||
Net cash provided by investing activities | |||||||||||
Financing activities: | |||||||||||
Change in deposits | |||||||||||
Change in short-term borrowings | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Change in long-term FHLB advances and other borrowings | ( | ( | |||||||||
Payment of contingent consideration for business combinations | ( | ( | |||||||||
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation | ( | ( | |||||||||
Net purchase of treasury stock for deferred compensation plans | ( | ( | |||||||||
Net purchase of treasury stock through publicly announced plans | ( | ( | |||||||||
Proceeds from exercise of stock options | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Cash paid during the year for: | |||||||||||
Income taxes | $ | $ | |||||||||
Interest | $ | $ | |||||||||
Non-cash information: | |||||||||||
Change in other comprehensive income | $ | $ | |||||||||
Change in deferred tax due to change in comprehensive income | $ | $ | |||||||||
Transfer of loans to OREO and repossessed assets | $ | $ | |||||||||
For the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Shares of Common Stock Issued | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interest | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||
Balance March 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
For the Three Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares of Common Stock Issued | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Noncontrolling Interest | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock through publicly announced plans | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | Shares of Common Stock Issued | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interest | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||
Balance December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock through publicly announced plans | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
For the Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares of Common Stock Issued | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Noncontrolling Interest | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2018 | $ | $ | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income attributable to Bryn Mawr Bank Corporation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends paid or accrued, $ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax expense of $ | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | ( | ( | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Net treasury stock activity for deferred compensation trusts | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock through publicly announced plans | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through share-based awards and options exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
January 1, 2020 | |||||||||||||||||||||||||||||
Pre-CECL Adoption | Reclassification to CECL Portfolio Segmentation | Pre-CECL Adoption Portfolio Segmentation | Post-CECL Adoption Portfolio Segmentation | Impact of CECL Adoption | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||
Commercial mortgage | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
CRE - nonowner-occupied | |||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||
Residential mortgage | ( | ||||||||||||||||||||||||||||
Residential mortgage - first liens | |||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Commercial & Industrial | ( | ||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
ACL on loans and leases | |||||||||||||||||||||||||||||
Commercial mortgage | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
CRE - nonowner-occupied | ( | ||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||
Home equity lines of credit | ( | ||||||||||||||||||||||||||||
Residential mortgage | ( | ||||||||||||||||||||||||||||
Residential mortgage - first liens | |||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||
Construction | ( | ||||||||||||||||||||||||||||
Commercial & Industrial | ( | ( | |||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Total ACL on loans and leases | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
ACL on OBS credit exposures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total ACL | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Retained earnings: | |||||||||||||||||||||||||||||
Total increase in ACL | $ | ||||||||||||||||||||||||||||
Balance sheet reclassification | ( | ||||||||||||||||||||||||||||
Total pre-tax impact | |||||||||||||||||||||||||||||
Tax effect | ( | ||||||||||||||||||||||||||||
Decrease to retained earnings | $ |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of the U.S. government and agencies | ( | ||||||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of the U.S. government and agencies | ( | ||||||||||||||||||||||
Obligations of state and political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | ( | ||||||||||||||||||||||
Collateralized mortgage obligations | ( | ||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Obligations of the U.S. government and agencies | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Obligations of the U.S. government and agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||
Mortgage-related securities(1) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ |
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | $ |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | ( | $ | $ | $ | $ | ( |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Mortgage-backed securities(1) | $ | $ | $ | $ |
Loans and Leases | |||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Loans and Leases | Originated | Acquired | Total Loans and Leases | |||||||||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate (CRE) - nonowner-occupied | |||||||||||||||||||||||||||||||||||
Commercial real estate (CRE) - owner-occupied | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | |||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans with fixed rates | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Loans with adjustable or floating rates | |||||||||||||||||||||||||||||||||||
Total loans and leases | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net deferred loan origination fees (costs) included in the above loan table | $ | $ | $ | $ | ( | $ | $ | ( |
Components of Net Investment in Leases | |||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Leases | Originated | Acquired | Total Leases | |||||||||||||||||||||||||||||
Minimum lease payments receivable | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Unearned lease income | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Initial direct costs and deferred fees | |||||||||||||||||||||||||||||||||||
Total Leases | $ | $ | $ | $ | $ | $ |
Nonperforming Loans and Leases | |||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Originated | Acquired | Total Loans and Leases | Originated | Acquired | Total Loans and Leases | |||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||
Total non-performing loans and leases | $ | $ | $ | $ | $ | $ |
Payment Status of All Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
Payment Status of All Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
Payment Status of Originated Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
Payment Status of Originated Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
Payment Status of Acquired Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
Payment Status of Acquired Portfolio Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Accruing Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2019 | 30 – 59 Days Past Due | 60 – 89 Days Past Due | Over 89 Days Past Due | Total Past Due | Current | Total Accruing Loans and Leases | Nonaccrual Loans and Leases | Total Loans and Leases | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | CRE - nonowner-occupied | CRE - owner-occupied | Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | CRE - nonowner-occupied | CRE - owner-occupied | Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 Prior to Adoption of ASC 326 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Adopting ASC 326 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(dollars in thousands) | CRE - nonowner-occupied | CRE - owner-occupied | Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Roll-Forward of ACL on Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | CRE - nonowner-occupied | CRE - owner-occupied | Home equity lines of credit | Residential mortgage - 1st liens | Residential mortgage - junior liens | Construction | Commercial & Industrial | Consumer | Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases charged-off | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries collected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCL on loans and leases | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis by Origination Year(1) | Amortized Cost Basis | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Risk Rating | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Revolving Lines of Credit | Revolving Lines of Credit Converted to Term Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
CRE - nonowner-occupied | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
CRE - owner-occupied | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - 1st liens | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - junior liens | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Pass-Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total portfolio loans and leases | $ | $ | $ | $ | $ | $ | $ | $ | $ |
As of June 30, 2020 | |||||||||||||||||
(dollars in thousands) | Nonaccrual with No ACL | Nonaccrual with ACL | Loans Past Due Over 89 Days Still Accruing | ||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | ||||||||||||||
CRE - owner-occupied | |||||||||||||||||
Home equity lines of credit | |||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||
Construction | |||||||||||||||||
Commercial & Industrial | |||||||||||||||||
Consumer | |||||||||||||||||
Leases | |||||||||||||||||
Total non-performing loans and leases | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Nonaccrual with No ACL | Nonaccrual with ACL | Loans Past Due Over 89 Days Still Accruing | ||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | ||||||||||||||
CRE - owner-occupied | |||||||||||||||||
Home equity lines of credit | |||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||
Construction | |||||||||||||||||
Commercial & Industrial | |||||||||||||||||
Consumer | |||||||||||||||||
Leases | |||||||||||||||||
Total non-performing loans and leases | $ | $ | $ |
As of June 30, 2020 | |||||||||||||||||
(dollars in thousands) | Real Estate Collateral | Non-Real Estate Collateral | Individually Evaluated ACL | ||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | ||||||||||||||
CRE - owner-occupied | |||||||||||||||||
Home equity lines of credit | |||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||
Construction | |||||||||||||||||
Commercial & Industrial | |||||||||||||||||
Consumer | |||||||||||||||||
Leases | |||||||||||||||||
Total collateral-dependent loans and leases | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||
(dollars in thousands) | Real Estate Collateral | Non-Real Estate Collateral | Individually Evaluated ACL | ||||||||||||||
CRE - nonowner-occupied | $ | $ | $ | ||||||||||||||
CRE - owner-occupied | |||||||||||||||||
Home equity lines of credit | |||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Residential mortgage - junior liens | |||||||||||||||||
Construction | |||||||||||||||||
Commercial & Industrial | |||||||||||||||||
Consumer | |||||||||||||||||
Leases | |||||||||||||||||
Total collateral-dependent loans and leases | $ | $ | $ |
Troubled Debt Restructurings(1) | |||||||||||
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
TDRs included in nonperforming loans and leases | $ | $ | |||||||||
TDRs in compliance with modified terms | |||||||||||
Total TDRs | $ | $ |
Troubled Debt Restructurings(1) | |||||||||||||||||
For the Three Months Ended June 30, 2020 | |||||||||||||||||
(dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
CRE - nonowner-occupied | $ | $ | |||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Construction | |||||||||||||||||
Leases | |||||||||||||||||
Total | $ | $ |
Troubled Debt Restructurings(1) | |||||||||||||||||
For the Six Months Ended June 30, 2020 | |||||||||||||||||
(dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||
CRE - nonowner-occupied | $ | $ | |||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||
Construction | |||||||||||||||||
Leases | |||||||||||||||||
Total | $ | $ |
Troubled Debt Restructurings(1) | |||||||||||||||||||||||||||||
Number of Contracts for the Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Loan Term Extension | Interest Rate Change and Term Extension | Interest Rate Change and/or Interest-Only Period | Contractual Payment Reduction (Leases only) | Temporary Payment Deferral | |||||||||||||||||||||||||
CRE - nonowner-occupied | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Total |
Troubled Debt Restructurings(1) | |||||||||||||||||||||||||||||
Number of Contracts for the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Loan Term Extension | Interest Rate Change and Term Extension | Interest Rate Change and/or Interest-Only Period | Contractual Payment Reduction (Leases only) | Temporary Payment Deferral | |||||||||||||||||||||||||
CRE - nonowner-occupied | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | |||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Total |
Three Months Ended June 30, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Balance, beginning of period | $ | $ | |||||||||
Additions | |||||||||||
Amortization | ( | ( | |||||||||
Impairment | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Fair value | $ | $ | |||||||||
Residential mortgage loans serviced for others | $ | $ |
Six Months Ended June 30, | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Balance, beginning of period | $ | $ | |||||||||
Additions | |||||||||||
Amortization | ( | ( | |||||||||
Impairment | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Fair value amount of MSRs | $ | $ | |||||||||
Weighted average life (in years) | |||||||||||
Prepayment speeds (constant prepayment rate)(1) | % | % | |||||||||
Impact on fair value: | |||||||||||
10% adverse change | $ | ( | $ | ( | |||||||
20% adverse change | ( | ( | |||||||||
Discount rate | % | % | |||||||||
Impact on fair value: | |||||||||||
10% adverse change | $ | ( | $ | ( | |||||||
20% adverse change | ( | ( |
(dollars in thousands) | Balance December 31, 2019 | Additions | Amortization | Balance June 30, 2020 | Amortization Period | ||||||||||||||||||||||||
Goodwill – Wealth | $ | $ | $ | — | $ | Indefinite | |||||||||||||||||||||||
Goodwill – Banking | — | Indefinite | |||||||||||||||||||||||||||
Goodwill – Insurance | — | Indefinite | |||||||||||||||||||||||||||
Total Goodwill | — | ||||||||||||||||||||||||||||
Core deposit intangible | ( | ||||||||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||||||||
Non-compete agreements | ( | ||||||||||||||||||||||||||||
Trade name | ( | ||||||||||||||||||||||||||||
Domain name | — | Indefinite | |||||||||||||||||||||||||||
Total Intangible Assets | ( | ||||||||||||||||||||||||||||
Total Goodwill and Intangible Assets | $ | $ | $ | ( | $ |
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Interest-bearing demand | $ | $ | |||||||||
Money market | |||||||||||
Savings | |||||||||||
Retail time deposits | |||||||||||
Wholesale non-maturity deposits | |||||||||||
Wholesale time deposits | |||||||||||
Total interest-bearing deposits | |||||||||||
Noninterest-bearing deposits | |||||||||||
Total deposits | $ | $ |
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Repurchase agreements(1) – commercial customers | $ | $ | |||||||||
Short-term FHLB advances | |||||||||||
Total short-term borrowings | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Balance at period-end | $ | $ | $ | $ | |||||||||||||||||||
Maximum amount outstanding at any month end | |||||||||||||||||||||||
Average balance outstanding during the period | |||||||||||||||||||||||
Weighted-average interest rate: | |||||||||||||||||||||||
As of the period-end | % | % | % | % | |||||||||||||||||||
Paid during the period | % | % | % | % |
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Within one year | $ | $ | |||||||||
Over one year through five years | |||||||||||
Total | $ | $ |
Maturity Range(1) | Weighted Average Rate(1) | Coupon Rate(1) | Balance at | ||||||||||||||||||||||||||||||||||||||
Description | From | To | From | To | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Bullet maturity – fixed rate | 12/9/2020 | 11/12/2021 | % | % | % | $ | $ | ||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(dollars in thousands) | Balance | Rate(1)(2) | Balance | Rate(1)(2) | |||||||||||||||||||
Subordinated notes – due 2027 | $ | % | $ | % | |||||||||||||||||||
Subordinated notes – due 2025 | |||||||||||||||||||||||
Total subordinated notes | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | |||||||||||||||||||
Short term lease expense | |||||||||||||||||||||||
Variable lease expense | |||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | |||||||||||||||||||
Total lease expense | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
(dollars in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
ROU assets obtained in exchange for lease liabilities |
June 30, 2020 | |||||
(dollars in thousands) | |||||
2020 | $ | ||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 and thereafter | |||||
Total lease payments | |||||
Less: imputed interest | |||||
Present value of operating lease liabilities | $ |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
(dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
As of June 30, 2020: | |||||||||||||||||||||||
Customer derivatives – interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
FX forwards | |||||||||||||||||||||||
RPAs sold | |||||||||||||||||||||||
RPAs purchased | |||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ | |||||||||||||||||||
As of December 31, 2019: | |||||||||||||||||||||||
Customer derivatives – interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
RPAs sold | |||||||||||||||||||||||
RPAs purchased | |||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
(dollars in thousands) | Net Change in Unrealized Gains on Available-for- Sale Investment Securities | Net Change in Unfunded Pension Liability | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance, March 31, 2020 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income | |||||||||||||||||
Balance, June 30, 2020 | $ | $ | ( | $ | |||||||||||||
Balance, March 31, 2019 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income | |||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ |
(dollars in thousands) | Net Change in Unrealized Gains on Available-for- Sale Investment Securities | Net Change in Unfunded Pension Liability | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance, December 31, 2019 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income | |||||||||||||||||
Balance, June 30, 2020 | $ | $ | ( | $ | |||||||||||||
Balance, December 31, 2018 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income | |||||||||||||||||
Balance, June 30, 2019 | $ | $ | ( | $ |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Description of Accumulated Other Comprehensive Income (Loss) Component | Three Months Ended June 30, | Affected Income Statement Category | ||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Unfunded pension liability: | ||||||||||||||||||||
Amortization of net loss included in net periodic pension costs(1) | $ | $ | Other operating expenses | |||||||||||||||||
Income tax effect | ( | ( | Income tax expense | |||||||||||||||||
Net of income tax | $ | $ | Net income |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Description of Accumulated Other Comprehensive Income (Loss) Component | Six Months Ended June 30, | Affected Income Statement Category | ||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Unfunded pension liability: | ||||||||||||||||||||
Amortization of net loss included in net periodic pension costs(1) | $ | $ | Other operating expenses | |||||||||||||||||
Income tax effect | ( | ( | Income tax expense | |||||||||||||||||
Net of income tax | $ | $ | Net income |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands except share and per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator for basic earnings per share – weighted average shares outstanding | |||||||||||||||||||||||
Effect of dilutive common shares | |||||||||||||||||||||||
Denominator for diluted earnings per share – adjusted weighted average shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||
Antidilutive shares excluded from computation of average dilutive earnings per share |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking | Wealth Management | Consolidated | Banking | Wealth Management | Consolidated | |||||||||||||||||||||||||||||
Fees for wealth management services | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||||||||||||||
Capital markets revenue(1) | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||||||||||||||
Loan servicing and other fees(1) | |||||||||||||||||||||||||||||||||||
Net gain on sale of loans(1) | |||||||||||||||||||||||||||||||||||
Dividends on FHLB and FRB stock(1) | |||||||||||||||||||||||||||||||||||
Other operating income(2) | |||||||||||||||||||||||||||||||||||
Total noninterest income | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking | Wealth Management | Consolidated | Banking | Wealth Management | Consolidated | |||||||||||||||||||||||||||||
Fees for wealth management services | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||||||||||||||
Capital markets revenue(1) | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||||||||||||||
Loan servicing and other fees(1) | |||||||||||||||||||||||||||||||||||
Net gain on sale of loans(1) | |||||||||||||||||||||||||||||||||||
Net gain (loss) on sale of OREO | ( | ( | |||||||||||||||||||||||||||||||||
Dividends on FHLB and FRB stock(1) | |||||||||||||||||||||||||||||||||||
Other operating income(2) | |||||||||||||||||||||||||||||||||||
Total noninterest income | $ | $ | $ | $ | $ | $ |
Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | |||||||||||||||
Options outstanding, March 31, 2020 | $ | $ | |||||||||||||||
Forfeited | |||||||||||||||||
Expired | |||||||||||||||||
Exercised | |||||||||||||||||
Options outstanding, June 30, 2020 |
Shares | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | |||||||||||||||
Options outstanding, December 31, 2019 | $ | $ | |||||||||||||||
Forfeited | |||||||||||||||||
Expired | |||||||||||||||||
Exercised | ( | ||||||||||||||||
Options outstanding, June 30, 2020 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Proceeds from exercise of stock options | $ | $ | $ | $ | |||||||||||||||||||
Related tax benefit recognized | |||||||||||||||||||||||
Net proceeds of options exercised | $ | $ | $ | $ | |||||||||||||||||||
Intrinsic value of options exercised | $ | $ | $ | $ |
(dollars in thousands, except share data and exercise price) | Outstanding | Exercisable | |||||||||
Number of shares | |||||||||||
Weighted average exercise price | $ | $ | |||||||||
Aggregate intrinsic value | $ | $ | |||||||||
Weighted average remaining contractual term in years |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Beginning balance | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Ending balance |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Beginning balance | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Vested | |||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Ending balance |
As of June 30, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government & agencies | |||||||||||||||||||||||
Obligations of state & political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||
Total investment securities available for sale | |||||||||||||||||||||||
Investment securities trading: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
RPAs purchased | |||||||||||||||||||||||
FX forwards | |||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||
Total recurring fair value measurements | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||||||||||
Obligations of U.S. government & agencies | |||||||||||||||||||||||
Obligations of state & political subdivisions | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Other investment securities | |||||||||||||||||||||||
Total investment securities available for sale | |||||||||||||||||||||||
Investment securities trading: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
RPAs purchased | |||||||||||||||||||||||
Total derivatives | |||||||||||||||||||||||
Total recurring fair value measurements | $ | $ | $ | $ |
As of June 30, 2020 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
MSRs | $ | $ | $ | $ | |||||||||||||||||||
Collateral-dependent loans and leases | |||||||||||||||||||||||
Total non-recurring fair value measurements | $ | $ | $ | $ |
As of December 31, 2019 | |||||||||||||||||||||||
(dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
MSRs | $ | $ | $ | $ | |||||||||||||||||||
Impaired loans and leases | |||||||||||||||||||||||
Total non-recurring fair value measurements | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
(dollars in thousands) | Fair Value Hierarchy Level(1) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | $ | $ | $ | ||||||||||||||||||||||||
Investment securities - available for sale | See Note 19 | ||||||||||||||||||||||||||||
Investment securities - trading | See Note 19 | ||||||||||||||||||||||||||||
Investment securities – held to maturity | Level 2 | ||||||||||||||||||||||||||||
Loans held for sale | Level 2 | ||||||||||||||||||||||||||||
Net portfolio loans and leases | Level 3 | ||||||||||||||||||||||||||||
MSRs | Level 3 | ||||||||||||||||||||||||||||
Interest rate swaps | Level 2 | ||||||||||||||||||||||||||||
FX forwards | Level 2 | ||||||||||||||||||||||||||||
RPAs purchased | Level 2 | ||||||||||||||||||||||||||||
Other assets | Level 3 | ||||||||||||||||||||||||||||
Total financial assets | $ | $ | $ | $ | |||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | Level 2 | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term borrowings | Level 2 | ||||||||||||||||||||||||||||
Long-term FHLB advances | Level 2 | ||||||||||||||||||||||||||||
Subordinated notes | Level 2 | ||||||||||||||||||||||||||||
Junior subordinated debentures | Level 2 | ||||||||||||||||||||||||||||
Interest rate swaps | Level 2 | ||||||||||||||||||||||||||||
FX forwards | Level 2 | ||||||||||||||||||||||||||||
RPAs sold | Level 2 | ||||||||||||||||||||||||||||
Other liabilities | Level 3 | ||||||||||||||||||||||||||||
Total financial liabilities | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking | Wealth Management | Consolidated | Banking | Wealth Management | Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
PCL on loans and leases | |||||||||||||||||||||||||||||||||||
Net interest income after PCL on loans and leases | |||||||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Fees for wealth management services | |||||||||||||||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||||||||||||||
Capital markets revenue | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||||||||||||||
Loan servicing and other fees | |||||||||||||||||||||||||||||||||||
Net gain on sale of loans | |||||||||||||||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Salaries & wages | |||||||||||||||||||||||||||||||||||
Employee benefits | |||||||||||||||||||||||||||||||||||
Occupancy and bank premises | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Total noninterest expenses | |||||||||||||||||||||||||||||||||||
Segment profit | |||||||||||||||||||||||||||||||||||
Intersegment (revenues) expenses(1) | ( | ( | |||||||||||||||||||||||||||||||||
Pre-tax segment profit after eliminations | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
% of segment pre-tax profit after eliminations | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Segment assets (dollars in millions) | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Banking | Wealth Management | Consolidated | Banking | Wealth Management | Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
PCL on loans and leases | |||||||||||||||||||||||||||||||||||
Net interest income after PCL on loans and leases | |||||||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||
Fees for wealth management services | |||||||||||||||||||||||||||||||||||
Insurance commissions | |||||||||||||||||||||||||||||||||||
Capital markets revenue | |||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||||||||||||||
Loan servicing and other fees | |||||||||||||||||||||||||||||||||||
Net gain on sale of loans | |||||||||||||||||||||||||||||||||||
Net gain (loss) on sale of OREO | ( | ( | |||||||||||||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||||||||||||||
Total noninterest income | |||||||||||||||||||||||||||||||||||
Noninterest expenses: | |||||||||||||||||||||||||||||||||||
Salaries & wages | |||||||||||||||||||||||||||||||||||
Employee benefits | |||||||||||||||||||||||||||||||||||
Occupancy and bank premises | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||||||||||||||
Total noninterest expenses | |||||||||||||||||||||||||||||||||||
Segment (loss) profit | ( | ||||||||||||||||||||||||||||||||||
Intersegment (revenues) expenses(1) | ( | ( | |||||||||||||||||||||||||||||||||
Pre-tax segment profit after eliminations | $ | ( | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||
% of segment pre-tax profit after eliminations | ( | % | % | % | % | % | % | ||||||||||||||||||||||||||||
Segment assets (dollars in millions) | $ | $ | $ | $ | $ | $ |
(dollars in millions) | June 30, 2020 | December 31, 2019 | |||||||||
Assets under management, administration, supervision and brokerage | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Return on average equity | 10.07 | % | 10.89 | % | 1.28 | % | 9.25 | % | |||||||||||||||
Return on average assets | 1.16 | 1.36 | 0.15 | 1.16 | |||||||||||||||||||
Tax-equivalent net interest margin | 3.22 | 3.55 | 3.30 | 3.65 | |||||||||||||||||||
Equity to assets ratio | 11.49 | 12.50 | 12.07 | 12.54 | |||||||||||||||||||
Basic earnings per share | $ | 0.75 | $ | 0.78 | $ | 0.19 | $ | 1.31 | |||||||||||||||
Diluted earnings per share | 0.75 | 0.78 | 0.19 | 1.31 | |||||||||||||||||||
Dividends paid or accrued per share | 0.26 | 0.25 | 0.52 | 0.50 | |||||||||||||||||||
Dividends paid or accrued per share to net income per basic common share | 34.7 | % | 32.1 | % | 273.7 | % | 38.2 | % |
(dollars in millions, except per share amounts) | June 30, 2020 | December 31, 2019 | |||||||||
Book value per share | $ | 30.29 | $ | 30.42 | |||||||
ACL on loans and leases as a percentage of portfolio loans and leases | 1.48 | % | 0.61 | % | |||||||
Tier I capital to risk weighted assets | 11.27 | 11.42 | |||||||||
Loan to deposit ratio | 87.7 | 96.0 | |||||||||
Wealth assets under management, administration, supervision and brokerage | $ | 17,012.9 | $ | 16,548.1 | |||||||
Portfolio loans and leases | 3,722.2 | 3,689.3 | |||||||||
Total assets | 5,271.3 | 5,263.3 | |||||||||
Total shareholders’ equity | 603.7 | 612.2 |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 195,966 | $ | 37 | 0.08 | % | $ | 37,843 | $ | 73 | 0.77 | % | ||||||||||||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||
Taxable | 516,823 | 2,775 | 2.16 | 560,999 | 3,400 | 2.43 | ||||||||||||||||||||||||||||||||
Tax-exempt(4) | 4,572 | 26 | 2.29 | 7,530 | 43 | 2.29 | ||||||||||||||||||||||||||||||||
Total investment securities – available for sale | 521,395 | 2,801 | 2.16 | 568,529 | 3,443 | 2.43 | ||||||||||||||||||||||||||||||||
Investment securities – held to maturity | 13,126 | 73 | 2.24 | 10,417 | 71 | 2.73 | ||||||||||||||||||||||||||||||||
Investment securities – trading | 7,800 | 24 | 1.24 | 8,572 | 24 | 1.12 | ||||||||||||||||||||||||||||||||
Loans and leases(1)(2)(3)(4) | 3,940,032 | 40,779 | 4.16 | 3,524,219 | 44,903 | 5.11 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 4,678,319 | 43,714 | 3.76 | 4,149,580 | 48,514 | 4.69 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 16,263 | 13,725 | ||||||||||||||||||||||||||||||||||||
ACL on loans and leases | (54,113) | (20,844) | ||||||||||||||||||||||||||||||||||||
Other assets | 585,605 | 509,164 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,226,074 | $ | 4,651,625 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings, NOW, and market rate accounts | $ | 2,313,150 | $ | 2,341 | 0.41 | $ | 1,928,755 | $ | 5,040 | 1.05 | ||||||||||||||||||||||||||||
Wholesale deposits | 245,052 | 486 | 0.80 | 345,782 | 2,143 | 2.49 | ||||||||||||||||||||||||||||||||
Retail time deposits | 410,911 | 1,649 | 1.61 | 520,317 | 2,472 | 1.91 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,969,113 | 4,476 | 0.61 | 2,794,854 | 9,655 | 1.39 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 136,816 | 232 | 0.68 | 68,529 | 357 | 2.09 | ||||||||||||||||||||||||||||||||
Long-term FHLB advances | 46,161 | 155 | 1.35 | 52,397 | 269 | 2.06 | ||||||||||||||||||||||||||||||||
Subordinated notes | 98,770 | 1,144 | 4.66 | 98,587 | 1,144 | 4.65 | ||||||||||||||||||||||||||||||||
Junior subordinated debt | 21,814 | 229 | 4.22 | 21,637 | 352 | 6.53 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,272,674 | 6,236 | 0.77 | 3,036,004 | 11,777 | 1.56 | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,126,139 | 909,945 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 226,698 | 124,211 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,352,837 | 1,034,156 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 4,625,511 | 4,070,160 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 600,563 | 581,465 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,226,074 | $ | 4,651,625 | ||||||||||||||||||||||||||||||||||
Net interest spread | 2.99 | 3.13 | ||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.23 | 0.42 | ||||||||||||||||||||||||||||||||||||
Net interest income/margin on earning assets(4) | $ | 37,478 | 3.22 | $ | 36,737 | 3.55 | ||||||||||||||||||||||||||||||||
Tax-equivalent adjustment(4) | $ | 93 | 0.01 | % | $ | 126 | 0.01 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/ Paid | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 123,148 | $ | 148 | 0.24 | % | $ | 35,306 | $ | 205 | 1.17 | % | ||||||||||||||||||||||||||
Investment securities - available for sale: | ||||||||||||||||||||||||||||||||||||||
Taxable | 516,534 | 5,840 | 2.27 | 552,391 | 6,763 | 2.47 | ||||||||||||||||||||||||||||||||
Tax-exempt(4) | 4,740 | 54 | 2.29 | 8,656 | 98 | 2.28 | ||||||||||||||||||||||||||||||||
Total investment securities – available for sale | 521,274 | 5,894 | 2.27 | 561,047 | 6,861 | 2.47 | ||||||||||||||||||||||||||||||||
Investment securities – held to maturity | 13,160 | 160 | 2.44 | 9,615 | 138 | 2.89 | ||||||||||||||||||||||||||||||||
Investment securities – trading | 8,164 | 49 | 1.21 | 8,103 | 46 | 1.14 | ||||||||||||||||||||||||||||||||
Loans and leases(1)(2)(3)(4) | 3,839,208 | 83,677 | 4.38 | 3,501,107 | 89,861 | 5.18 | ||||||||||||||||||||||||||||||||
Total interest-earning assets | 4,504,954 | 89,928 | 4.01 | 4,115,178 | 97,111 | 4.76 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 14,371 | 14,068 | ||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (39,950) | (20,368) | ||||||||||||||||||||||||||||||||||||
Other assets | 556,120 | 489,794 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,035,495 | $ | 4,598,672 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings, NOW, and market rate accounts | $ | 2,255,215 | $ | 7,322 | 0.65 | $ | 1,863,790 | $ | 8,804 | 0.95 | ||||||||||||||||||||||||||||
Wholesale deposits | 249,186 | 1,463 | 1.18 | 344,247 | 4,155 | 2.43 | ||||||||||||||||||||||||||||||||
Retail time deposits | 407,011 | 3,328 | 1.64 | 526,820 | 4,793 | 1.83 | ||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 2,911,412 | 12,113 | 0.84 | 2,734,857 | 17,752 | 1.31 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 138,700 | 685 | 0.99 | 112,844 | 1,300 | 2.32 | ||||||||||||||||||||||||||||||||
Long-term FHLB advances | 46,748 | 399 | 1.72 | 53,883 | 547 | 2.05 | ||||||||||||||||||||||||||||||||
Subordinated notes | 98,748 | 2,289 | 4.66 | 98,564 | 2,289 | 4.68 | ||||||||||||||||||||||||||||||||
Junior subordinated debt | 21,791 | 524 | 4.84 | 21,616 | 710 | 6.62 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,217,399 | 16,010 | 1.00 | 3,021,764 | 22,598 | 1.51 | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,010,202 | 890,941 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 200,107 | 109,165 | ||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,210,309 | 1,000,106 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 4,427,708 | 4,021,870 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 607,787 | 576,802 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,035,495 | $ | 4,598,672 | ||||||||||||||||||||||||||||||||||
Net interest spread | 3.01 | 3.25 | ||||||||||||||||||||||||||||||||||||
Effect of noninterest-bearing sources | 0.29 | 0.40 | ||||||||||||||||||||||||||||||||||||
Net interest income/margin on earning assets(4) | $ | 73,918 | 3.30 | $ | 74,513 | 3.65 | ||||||||||||||||||||||||||||||||
Tax-equivalent adjustment(4) | $ | 200 | 0.01 | % | $ | 255 | 0.01 | % |
2020 Compared to 2019 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
increase/(decrease) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 1,264 | $ | (1,300) | $ | (36) | $ | 1,056 | $ | (1,113) | $ | (57) | |||||||||||||||||||||||
Investment securities - taxable | (211) | (412) | (623) | (337) | (561) | (898) | |||||||||||||||||||||||||||||
Investment securities -nontaxable | (17) | — | (17) | (45) | 1 | (44) | |||||||||||||||||||||||||||||
Loans and leases | 25,614 | (29,738) | (4,124) | 20,061 | (26,245) | (6,184) | |||||||||||||||||||||||||||||
Total interest income | 26,650 | (31,450) | (4,800) | 20,735 | (27,918) | (7,183) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Savings, NOW and market rate accounts | 5,765 | (8,464) | (2,699) | 4,274 | (5,756) | (1,482) | |||||||||||||||||||||||||||||
Wholesale deposits | (625) | (1,032) | (1,657) | (1,146) | (1,546) | (2,692) | |||||||||||||||||||||||||||||
Retail time deposits | (518) | (305) | (823) | (1,083) | (382) | (1,465) | |||||||||||||||||||||||||||||
Short-term borrowings | 1,587 | (1,712) | (125) | 754 | (1,369) | (615) | |||||||||||||||||||||||||||||
Long-term FHLB advances | (32) | (82) | (114) | (72) | (76) | (148) | |||||||||||||||||||||||||||||
Subordinated notes | — | — | — | 12 | (12) | — | |||||||||||||||||||||||||||||
Junior subordinated debt | 20 | (143) | (123) | 17 | (203) | (186) | |||||||||||||||||||||||||||||
Total interest expense | 6,197 | (11,738) | (5,541) | 2,756 | (9,344) | (6,588) | |||||||||||||||||||||||||||||
Interest differential | $ | 20,453 | $ | (19,712) | $ | 741 | $ | 17,979 | $ | (18,574) | $ | (595) |
Quarter | Interest- Earning Asset Yield | Interest- Bearing Liability Cost | Net Interest Spread | Effect of Noninterest Bearing Sources | Net Interest Margin | |||||||||||||||||||||||||||
2nd Quarter 2020 | 3.76% | 0.77% | 2.99% | 0.23% | 3.22% | |||||||||||||||||||||||||||
1st Quarter 2020 | 4.29 | 1.24 | 3.05 | 0.33 | 3.38 | |||||||||||||||||||||||||||
4th Quarter 2019 | 4.39 | 1.41 | 2.98 | 0.38 | 3.36 | |||||||||||||||||||||||||||
3rd Quarter 2019 | 4.69 | 1.55 | 3.14 | 0.40 | 3.54 | |||||||||||||||||||||||||||
2nd Quarter 2019 | 4.69 | 1.56 | 3.13 | 0.42 | 3.55 |
Change in Net Interest Income Over the Twelve Months Beginning After June 30, 2020 | Change in Net Interest Income Over the Twelve Months Beginning After December 31, 2019 | ||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
+300 basis points | $ | 5,902 | 4.13 | % | $ | 15,357 | 10.52 | % | |||||||||||||||
+200 basis points | 4,291 | 3.01 | 10,217 | 7.00 | |||||||||||||||||||
+100 basis points | 2,534 | 1.78 | 5,079 | 3.48 | |||||||||||||||||||
-100 basis points | (894) | 0.63 | (6,817) | (4.67) | |||||||||||||||||||
(dollars in millions) | 0 to 90 Days | 91 to 365 Days | 1 - 5 Years | Over 5 Years | Non-Rate Sensitive | Total | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | $ | 448.1 | $ | — | $ | — | $ | — | $ | — | $ | 448.1 | |||||||||||||||||||||||
Investment securities(1) | 89.2 | 123.1 | 231.0 | 107.7 | — | 551.0 | |||||||||||||||||||||||||||||
Loans and leases(2) | 1,374.6 | 497.1 | 1,395.0 | 459.6 | — | 3,726.3 | |||||||||||||||||||||||||||||
ACL on loans and leases | — | — | — | — | (55.0) | (55.0) | |||||||||||||||||||||||||||||
Cash and due from banks | — | — | — | — | 16.4 | 16.4 | |||||||||||||||||||||||||||||
Operating lease right-of-use assets | 0.7 | 2.2 | 10.4 | 26.0 | — | 39.3 | |||||||||||||||||||||||||||||
Other assets | — | — | — | — | 545.2 | 545.2 | |||||||||||||||||||||||||||||
Total assets | 1,912.6 | 622.4 | 1,636.4 | 593.3 | 506.6 | 5,271.3 | |||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||
Demand, noninterest-bearing | 34.5 | 103.5 | 355.9 | 723.6 | — | 1,217.5 | |||||||||||||||||||||||||||||
Savings, NOW and market rate | 92.7 | 278.0 | 898.8 | 1,130.1 | — | 2,399.6 | |||||||||||||||||||||||||||||
Time deposits | 92.1 | 207.6 | 99.2 | 1.3 | — | 400.2 | |||||||||||||||||||||||||||||
Wholesale non-maturity deposits | 146.5 | — | — | — | — | 146.5 | |||||||||||||||||||||||||||||
Wholesale time deposits | 0.5 | 43.4 | 36.0 | — | — | 79.9 | |||||||||||||||||||||||||||||
Short-term borrowings | 28.9 | — | — | — | — | 28.9 | |||||||||||||||||||||||||||||
Long-term FHLB advances | — | 5.0 | 39.8 | — | — | 44.8 | |||||||||||||||||||||||||||||
Subordinated notes | 30.0 | — | 68.8 | — | — | 98.8 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 21.8 | — | — | — | — | 21.8 | |||||||||||||||||||||||||||||
Operating lease liabilities | 0.8 | 2.4 | 11.6 | 28.9 | — | 43.7 | |||||||||||||||||||||||||||||
Other liabilities | — | — | — | — | 185.9 | 185.9 | |||||||||||||||||||||||||||||
Shareholders’ equity | 21.6 | 64.7 | 345.0 | 172.4 | — | 603.7 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 469.4 | 704.6 | 1,855.1 | 2,056.3 | 185.9 | 5,271.3 | |||||||||||||||||||||||||||||
Interest-earning assets | 1,911.9 | 620.2 | 1,626.0 | 567.3 | — | 4,725.4 | |||||||||||||||||||||||||||||
Interest-bearing liabilities | 412.5 | 534.0 | 1,142.6 | 1,131.4 | — | 3,220.5 | |||||||||||||||||||||||||||||
Difference between interest-earning assets and interest-bearing liabilities | 1,499.4 | 86.2 | 483.4 | (564.1) | — | 1,504.9 | |||||||||||||||||||||||||||||
Cumulative difference between interest earning assets and interest-bearing liabilities | $ | 1,499.4 | $ | 1,585.6 | $ | 2,069.0 | $ | 1,504.9 | $ | — | $ | 1,504.9 | |||||||||||||||||||||||
Cumulative earning assets as a % of cumulative interest-bearing liabilities | 463 | % | 268 | % | 199 | % | 147 | % |
Allocation of ACL | |||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(dollars in thousands) | ACL | % Loans and Leases to Total Loans and Leases | ACL | % Loans and Leases to Total Loans and Leases | |||||||||||||||||||
CRE - nonowner-occupied | $ | 15,331 | 37.0 | % | $ | 7,960 | 36.2 | % | |||||||||||||||
CRE - owner-occupied | 5,083 | 14.6 | 2,825 | 14.3 | |||||||||||||||||||
Home equity lines of credit | 1,627 | 5.2 | 1,114 | 6.1 | |||||||||||||||||||
Residential mortgage - 1st liens | 8,198 | 18.7 | 2,501 | 19.2 | |||||||||||||||||||
Residential mortgage - junior liens | 521 | 0.9 | 338 | 1.0 | |||||||||||||||||||
Construction | 6,061 | 5.7 | 1,230 | 5.5 | |||||||||||||||||||
Commercial & Industrial | 7,988 | 12.3 | 3,835 | 11.7 | |||||||||||||||||||
Consumer | 440 | 1.2 | 438 | 1.6 | |||||||||||||||||||
Leases | 9,725 | 4.5 | 2,361 | 4.5 | |||||||||||||||||||
Total ACL on loans and leases | $ | 54,974 | 100.0 | % | $ | 22,602 | 100.0 | % |
(dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||
Nonperforming Assets: | |||||||||||
Nonperforming loans and leases | $ | 8,418 | $ | 10,648 | |||||||
Other real estate owned | — | — | |||||||||
Total nonperforming assets | $ | 8,418 | $ | 10,648 | |||||||
Troubled Debt Restructurings(1): | |||||||||||
TDRs included in non-performing loans | $ | 1,792 | $ | 3,018 | |||||||
TDRs in compliance with modified terms | 10,013 | 5,071 | |||||||||
Total TDRs | $ | 11,805 | $ | 8,089 | |||||||
Loan and Lease quality indicators: | |||||||||||
Allowance for credit losses on loans and leases to nonperforming loans and leases | 653.1 | % | 212.3 | % | |||||||
Nonperforming loans and leases to total portfolio loans and leases | 0.23 | 0.29 | |||||||||
Allowance for credit losses on loans and leases to total portfolio loans and leases | 1.48 | 0.61 | |||||||||
Nonperforming assets to total loans and leases and OREO | 0.23 | 0.29 | |||||||||
Nonperforming assets to total assets | 0.16 | 0.20 | |||||||||
Total portfolio loans and leases | $ | 3,722,165 | $ | 3,689,313 | |||||||
Allowance for credit losses on loans and leases | 54,974 | 22,602 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Visa debit card income | $ | 643 | $ | 431 | $ | 1,174 | $ | 850 | |||||||||||||||
BOLI income | 330 | 303 | 650 | 597 | |||||||||||||||||||
Commissions and fees | 264 | 344 | 568 | 699 | |||||||||||||||||||
Safe deposit box rentals | 82 | 87 | 162 | 171 | |||||||||||||||||||
Other investment income | 20 | 411 | 39 | 447 | |||||||||||||||||||
Rental income | 8 | 7 | 17 | 16 | |||||||||||||||||||
Gain on trading investments | 1,017 | 214 | 39 | 946 | |||||||||||||||||||
Recovery of purchase accounting fair value loan mark | — | 36 | — | 48 | |||||||||||||||||||
Miscellaneous other income | 423 | 1,219 | 695 | 2,125 | |||||||||||||||||||
Other operating income | $ | 2,787 | $ | 3,052 | $ | 3,344 | $ | 5,899 |
As of or for the Three Months Ended June 30, | As of or for the Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Mortgage originations | $ | 38,771 | $ | 49,614 | $ | 68,134 | $ | 84,058 | |||||||||||||||
Mortgage loans sold: | |||||||||||||||||||||||
Servicing retained | — | — | — | — | |||||||||||||||||||
Servicing released | 31,984 | 21,979 | 46,883 | 31,197 | |||||||||||||||||||
Total mortgage loans sold | $ | 31,984 | $ | 21,979 | $ | 46,883 | $ | 31,197 | |||||||||||||||
Percentage of originated mortgage loans sold | 82.5 | % | 44.3 | % | 68.8 | % | 37.1 | % | |||||||||||||||
Servicing retained % | — | — | — | — | |||||||||||||||||||
Servicing released % | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Residential mortgage loans serviced for others | $ | 445,233 | $ | 545,743 | $ | 445,233 | $ | 545,743 | |||||||||||||||
Mortgage servicing rights | 3,440 | 4,744 | 3,440 | 4,744 | |||||||||||||||||||
Gain on sale of mortgage loans | 615 | 622 | 1,213 | 883 | |||||||||||||||||||
Loan servicing and other fees | 452 | 553 | 913 | 1,162 | |||||||||||||||||||
Amortization of MSRs | 453 | 156 | 557 | 276 | |||||||||||||||||||
Impairment of MSRs | (222) | (10) | (453) | (27) |
(dollars in thousands) | Wealth Assets as of: | ||||||||||||||||||||||||||||
Fee Basis | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Market value | $ | 6,661,996 | $ | 6,001,999 | $ | 6,977,009 | $ | 6,396,399 | $ | 6,346,861 | |||||||||||||||||||
Fixed fee | 10,350,908 | 9,591,733 | 9,571,051 | 9,213,387 | 8,468,437 | ||||||||||||||||||||||||
Total | $ | 17,012,904 | $ | 15,593,732 | $ | 16,548,060 | $ | 15,609,786 | $ | 14,815,298 |
Percentage of Wealth Assets as of: | |||||||||||||||||||||||||||||
Fee Basis | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Market value | 39.2 | % | 38.5 | % | 42.2 | % | 41.0 | % | 42.8 | % | |||||||||||||||||||
Fixed fee | 60.8 | % | 61.5 | % | 57.8 | % | 59.0 | % | 57.2 | % | |||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(dollars in thousands) | For the Three Months Ended: | ||||||||||||||||||||||||||||
Fee Basis | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Market value | $ | 5,525 | $ | 8,131 | $ | 8,126 | $ | 7,924 | $ | 7,802 | |||||||||||||||||||
Fixed fee | 3,544 | 3,037 | 3,546 | 2,902 | 3,708 | ||||||||||||||||||||||||
Total | $ | 9,069 | $ | 11,168 | $ | 11,672 | $ | 10,826 | $ | 11,510 |
Percentage of Fees for Wealth Management for the Three Months Ended: | |||||||||||||||||||||||||||||
Fee Basis | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Market value | 60.9 | % | 72.8 | % | 69.6 | % | 73.2 | % | 67.8 | % | |||||||||||||||||||
Fixed fee | 39.1 | % | 27.2 | % | 30.4 | % | 26.8 | % | 32.2 | % | |||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Contributions | $ | 521 | $ | 410 | $ | 968 | $ | 754 | |||||||||||||||
Deferred compensation expense | 654 | 178 | (441) | 721 | |||||||||||||||||||
Director fees | 151 | 141 | 304 | 286 | |||||||||||||||||||
Dues and subscriptions | 523 | 524 | 884 | 819 | |||||||||||||||||||
FDIC insurance | 673 | 509 | 823 | 910 | |||||||||||||||||||
Insurance | 302 | 217 | 541 | 431 | |||||||||||||||||||
Loan processing | 139 | 199 | 282 | 451 | |||||||||||||||||||
Miscellaneous other expenses | 1,331 | 761 | 2,651 | 1,751 | |||||||||||||||||||
MSR amortization and impairment | 675 | 166 | 1,010 | 303 | |||||||||||||||||||
Other taxes | 2 | 33 | 24 | 123 | |||||||||||||||||||
Outsourced services | 63 | 65 | 125 | 130 | |||||||||||||||||||
Wealth custodian fees | 116 | 98 | 229 | 216 | |||||||||||||||||||
Postage | 158 | 188 | 314 | 390 | |||||||||||||||||||
(Release of reserve) / provision for credit losses on off-balance sheet credit exposures | (867) | (17) | 2,148 | (138) | |||||||||||||||||||
Stationary and supplies | 79 | 120 | 224 | 256 | |||||||||||||||||||
Telephone and data lines | 438 | 446 | 866 | 870 | |||||||||||||||||||
Temporary help and recruiting | 67 | 174 | 134 | 380 | |||||||||||||||||||
Travel and entertainment | 35 | 336 | 260 | 509 | |||||||||||||||||||
Other operating expenses | $ | 5,060 | $ | 4,548 | $ | 11,346 | $ | 9,162 |
June 30, 2020 | December 31, 2019 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Percent of Portfolio | Balance | Percent of Portfolio | Amount | Percent | |||||||||||||||||||||||||||||
CRE - nonowner-occupied | $ | 1,375,904 | 37.0 | % | $ | 1,337,167 | 36.2 | % | $ | 38,737 | 2.9 | % | |||||||||||||||||||||||
CRE - owner-occupied | 542,688 | 14.6 | 527,607 | 14.3 | 15,081 | 2.9 | |||||||||||||||||||||||||||||
Home equity lines of credit | 194,767 | 5.2 | 224,262 | 6.1 | (29,495) | (13.2) | |||||||||||||||||||||||||||||
Residential mortgage - 1st liens | 695,270 | 18.7 | 706,690 | 19.2 | (11,420) | (1.6) | |||||||||||||||||||||||||||||
Residential mortgage - jr. liens | 33,644 | 0.9 | 36,843 | 1.0 | (3,199) | (8.7) | |||||||||||||||||||||||||||||
Construction | 212,374 | 5.7 | 202,198 | 5.5 | 10,176 | 5.0 | |||||||||||||||||||||||||||||
Commercial & Industrial | 457,529 | 12.3 | 432,227 | 11.7 | 25,302 | 5.9 | |||||||||||||||||||||||||||||
Consumer | 43,762 | 1.2 | 57,241 | 1.6 | (13,479) | (23.5) | |||||||||||||||||||||||||||||
Leases | 166,227 | 4.5 | 165,078 | 4.5 | 1,149 | 0.7 | |||||||||||||||||||||||||||||
Total portfolio loans and leases | 3,722,165 | 100.0 | % | 3,689,313 | 100.0 | % | 32,852 | 0.9 | |||||||||||||||||||||||||||
Loans held for sale | 4,116 | 4,249 | (133) | (3.1) | |||||||||||||||||||||||||||||||
Total loans and leases | $ | 3,726,281 | $ | 3,693,562 | $ | 32,719 | 0.9 | % |
June 30, 2020 | December 31, 2019 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Percent of Deposits | Balance | Percent of Deposits | Amount | Percent | |||||||||||||||||||||||||||||
Interest-bearing demand | $ | 910,441 | 21.5 | % | $ | 944,915 | 24.6 | % | $ | (34,474) | (3.6) | % | |||||||||||||||||||||||
Money market | 1,239,523 | 29.2 | 1,106,478 | 28.8 | 133,045 | 12.0 | |||||||||||||||||||||||||||||
Savings | 249,636 | 5.9 | 220,450 | 5.7 | 29,186 | 13.2 | |||||||||||||||||||||||||||||
Retail time deposits | 400,186 | 9.4 | 405,123 | 10.5 | (4,937) | (1.2) | |||||||||||||||||||||||||||||
Wholesale non-maturity deposits | 146,463 | 3.5 | 177,865 | 4.6 | (31,402) | (17.7) | |||||||||||||||||||||||||||||
Wholesale time deposits | 79,903 | 1.9 | 89,241 | 2.3 | (9,338) | (10.5) | |||||||||||||||||||||||||||||
Interest-bearing deposits | 3,026,152 | 71.3 | 2,944,072 | 76.6 | 82,080 | 2.8 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,217,496 | 28.7 | 898,173 | 23.4 | 319,323 | 35.6 | |||||||||||||||||||||||||||||
Total deposits | $ | 4,243,648 | 100.0 | % | $ | 3,842,245 | 100.0 | % | $ | 401,403 | 10.4 | % |
June 30, 2020 | December 31, 2019 | Change | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Percent of Borrowings | Balance | Percent of Borrowings | Amount | Percent | |||||||||||||||||||||||||||||
Short-term borrowings | $ | 28,891 | 14.9 | % | $ | 493,219 | 74.1 | % | $ | (464,328) | (94.1) | % | |||||||||||||||||||||||
Long-term FHLB advances | 44,837 | 23.1 | 52,269 | 7.8 | (7,432) | (14.2) | |||||||||||||||||||||||||||||
Subordinated notes | 98,794 | 50.8 | 98,705 | 14.8 | 89 | 0.1 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 21,843 | 11.2 | 21,753 | 3.3 | 90 | 0.4 | |||||||||||||||||||||||||||||
Total borrowed funds | $ | 194,365 | 100.0 | % | $ | 665,946 | 100.0 | % | $ | (471,581) | (70.8) | % |
Actual | Minimum to be Well Capitalized | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | $ | 569,428 | 15.14 | % | $ | 375,986 | 10.00 | % | |||||||||||||||
Bank | 485,780 | 12.93 | 375,633 | 10.00 | |||||||||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 423,762 | 11.27 | 300,789 | 8.00 | |||||||||||||||||||
Bank | 438,908 | 11.68 | 300,506 | 8.00 | |||||||||||||||||||
Common equity Tier I risk weighted assets: | |||||||||||||||||||||||
BMBC | 402,646 | 10.71 | 244,391 | 6.50 | |||||||||||||||||||
Bank | 438,908 | 11.68 | 244,161 | 6.50 | |||||||||||||||||||
Tier I leverage ratio (Tier I capital to total quarterly average assets): | |||||||||||||||||||||||
BMBC | 423,762 | 8.44 | 250,950 | 5.00 | |||||||||||||||||||
Bank | 438,908 | 8.75 | 250,775 | 5.00 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Total capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 547,440 | 14.69 | 372,690 | 10.00 | |||||||||||||||||||
Bank | 450,212 | 12.09 | 372,435 | 10.00 | |||||||||||||||||||
Tier I capital to risk weighted assets: | |||||||||||||||||||||||
BMBC | 425,773 | 11.42 | 298,152 | 8.00 | |||||||||||||||||||
Bank | 427,250 | 11.47 | 297,948 | 8.00 | |||||||||||||||||||
Common equity Tier I risk weighted assets: | |||||||||||||||||||||||
BMBC | 404,715 | 10.86 | 242,249 | 6.50 | |||||||||||||||||||
Bank | 427,250 | 11.47 | 242,083 | 6.50 | |||||||||||||||||||
Tier I leverage ratio (Tier I capital to total quarterly average assets): | |||||||||||||||||||||||
BMBC | 425,773 | 9.33 | 228,216 | 5.00 | |||||||||||||||||||
Bank | 427,250 | 9.37 | 227,997 | 5.00 | |||||||||||||||||||
(dollars in millions) | Available Funds as of June 30, 2020 | Percent of Total Borrowing Capacity | Available Funds as of December 31, 2019 | Percent of Total Borrowing Capacity | Dollar Change | Percent Change | |||||||||||||||||||||||||||||
FHLB of Pittsburgh | $ | 1,783.7 | 97.5 | % | $ | 1,110.6 | 67.5 | % | $ | 673.1 | 60.6 | % | |||||||||||||||||||||||
FRB of Philadelphia | 166.8 | 100.0 | 174.3 | 100.0 | (7.5) | (4.3) | |||||||||||||||||||||||||||||
Fed Funds Lines (six banks) | 74.0 | 100.0 | 79.0 | 100.0 | (5.0) | (6.3) | |||||||||||||||||||||||||||||
Total | $ | 2,024.5 | 97.8 | $ | 1,363.9 | 71.8 | $ | 660.6 | 48.4 |
(dollars in thousands) | Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||||||||||
Deposits without a stated maturity | $ | 3,763,559 | $ | 3,763,559 | $ | — | $ | — | $ | — | |||||||||||||||||||
Wholesale and retail time deposit | 480,089 | 343,479 | 122,473 | 13,255 | 882 | ||||||||||||||||||||||||
Short-term borrowings | 28,891 | 28,891 | — | — | — | ||||||||||||||||||||||||
Long-term FHLB Advances | 44,837 | 4,861 | 39,976 | — | — | ||||||||||||||||||||||||
Subordinated Notes | 100,000 | — | — | — | 100,000 | ||||||||||||||||||||||||
Junior subordinated debentures | 25,800 | — | — | — | 25,800 | ||||||||||||||||||||||||
Operating lease liabilities | 56,467 | 4,680 | 8,395 | 8,145 | 35,247 | ||||||||||||||||||||||||
Purchase obligations | 22,785 | 6,560 | 9,161 | 3,904 | 3,160 | ||||||||||||||||||||||||
Total | $ | 4,522,428 | $ | 4,152,030 | $ | 180,005 | $ | 25,304 | $ | 165,089 |
Period | Total Number of Shares Purchased(1)(2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3) | Maximum Number of Shares that May Yet Be Purchased Under the Plan or Programs | |||||||||||||||||||
April 1, 2020 – April 30, 2020 | 414 | $ | 25.56 | — | 710,032 | ||||||||||||||||||
May 1, 2020 – May 31, 2020 | 953 | $ | 27.98 | — | 710,032 | ||||||||||||||||||
June 1, 2020 – June 30, 2020 | 2,879 | $ | 27.78 | — | |||||||||||||||||||
Total | 4,246 | $ | 27.61 | — |
Exhibit No. | Description and References | |||||||
3.1 | ||||||||
3.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
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 Document, filed herewith | |||||||
101.CAL XBRL | Taxonomy Extension Calculation Linkbase Document, filed herewith | |||||||
101.DEF XBRL | Taxonomy Extension Definition Linkbase Document, filed herewith | |||||||
101.LAB XBRL | Taxonomy Extension Label Linkbase Document, filed herewith | |||||||
101.PRE XBRL | Taxonomy Extension Presentation Linkbase Document, filed herewith | |||||||
104 | The cover page of Bryn Mawr Bank Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL (contained in Exhibit 101) | |||||||
*Furnished herewith. Notwithstanding any incorporation of this Quarterly Statement on Form 10-Q in any other filing by the Registrant, Exhibits furnished herewith and designated with one (*) shall not be deemed incorporated by reference to any other filing unless specifically otherwise set forth herein or therein. | ||||||||
BRYN MAWR BANK CORPORATION | ||||||||||||||
Date: August 10, 2020 | By: | /s/ Francis J. Leto | ||||||||||||
Francis J. Leto | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: August 10, 2020 | By: | /s/ Michael W. Harrington | ||||||||||||
Michael W. Harrington | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: August 10, 2020 | /s/ Francis J. Leto | |||||||
Francis J. Leto, Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: August 10, 2020 | /s/ Michael W. Harrington | |||||||
Michael W. Harrington, Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: August 10, 2020 | /s/ Francis J. Leto | |||||||
Francis J. Leto, Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: August 10, 2020 | /s/ Michael W. Harrington | |||||||
Michael W. Harrington, Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities available for sale, amortized cost | $ 517,041 | $ 1,001,034 |
Investment securities held to maturity, fair value | $ 12,995 | $ 12,661 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 24,662,161 | 24,650,051 |
Common stock, outstanding (in shares) | 19,927,893 | 20,126,296 |
Treasury stock (in shares) | 4,734,268 | 4,523,755 |
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 15,035 | $ 15,785 | $ 3,872 | $ 26,462 |
Net change in unrealized gains on investment securities available for sale: | ||||
Unrealized investment gains, net of tax expense of $34, $1,319, $1,804 and $2,441, respectively | 127 | 4,962 | 6,786 | 9,181 |
Net change in unfunded pension liability: | ||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax expense of $6, $4, $12 and $8, respectively | 23 | 16 | 46 | 32 |
Total other comprehensive income | 150 | 4,978 | 6,832 | 9,213 |
Total comprehensive income | $ 15,185 | $ 20,763 | $ 10,704 | $ 35,675 |
Consolidated Statements of Comprehensive Income - Unaudited (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized investment (losses) gains, tax (benefit) expense | $ 34 | $ 1,319 | $ 1,804 | $ 2,441 |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax expense (benefit) | $ 6 | $ 4 | $ 12 | $ 8 |
Consolidated Statements of Changes in Shareholders' Equity - Unaudited (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Dividends paid or accrued per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.52 | $ 0.50 |
Retained Earnings | ||||
Dividends paid or accrued per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.52 | $ 0.50 |
Accumulated Other Comprehensive Income | ||||
Other comprehensive loss, tax expense (benefit) | $ 40 | $ 1,323 | $ 1,816 | $ 2,449 |
Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies | Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies The Unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The Unaudited Consolidated Financial Statements include the accounts of Bryn Mawr Bank Corporation (“BMBC,” and together with its subsidiaries, the “Corporation”) and its consolidated subsidiaries; BMBC's primary subsidiary is The Bryn Mawr Trust Company (the “Bank”). In connection with the merger of Royal Bancshares of Pennsylvania, Inc. (“RBPI”) with and into BMBC, and the merger of Royal Bank America with and into the Bank (collectively, the "RBPI Merger"), the Corporation acquired two Delaware trusts, Royal Bancshares Capital Trust I and Royal Bancshares Capital Trust II. These two entities are not consolidated per requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “Consolidation” (“ASC Topic 810”). All significant intercompany balances and transactions are eliminated in consolidation and certain prior-period amounts have been reclassified when necessary in order to conform to the current period presentation. In the opinion of management, all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the consolidated financial position and the results of operations for the interim periods presented have been included. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for any other interim period or for the full year. In preparing the Unaudited Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the balance sheets, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. These Unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto in BMBC’s Annual Report on Form 10-K for the twelve months ended December 31, 2019 (the “2019 Annual Report”). Except as described below, the accounting policies applied in these Unaudited Consolidated Financial Statements are the same as those applied in the 2019 Annual Report. Updates to Significant Accounting Policies: A.Allowance for Credit Losses (“ACL”) on Loans and Leases: The ACL on loans and leases represents management’s estimate of all expected credit losses over the expected contractual life of our existing portfolio loans and leases. Determining the appropriateness of the ACL on loans and leases is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the ACL on loans and leases in those future periods. The expense for credit loss recorded through earnings is the amount necessary to maintain the ACL on loans and leases at the amount of expected credit losses inherent within the loans and leases portfolio. The amount of expense and the corresponding level of ACL on loans and leases are based on management’s evaluation of the collectability of the loan and lease portfolio based on historical loss experience, reasonable and supportable forecasts, and other significant qualitative and quantitative factors. The ACL on loans and leases, as reported in our Consolidated Statements of Financial Condition, is adjusted by an expense for credit losses, which is recognized in earnings, and reduced by the charge-off of loan and lease amounts, net of recoveries. For further information on the ACL on loans and leases, see Note 4 - Loans and Leases in the accompanying Notes to Unaudited Consolidated Financial Statements. Management employs a disciplined process and methodology to establish the ACL on loans and leases that has two basic components: first, an asset-specific component involving individual loans and leases that do not share risk characteristics with other loans and leases and the measurement of expected credit losses for such individual loans; and second, a collective (pooled) component for estimated expected credit losses for pools of loans and leases that share similar risk characteristics. Based upon this methodology, management establishes an asset-specific ACL on loans and leases that do not share risk characteristics with other loans and leases based on the amount of expected credit losses calculated on those loans and leases and charges off amounts determined to be uncollectible. Factors we consider in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. When a loan or lease does not share risk characteristics with other loans or leases, management measures expected credit loss as the difference between the amortized cost basis in the loan and the present value of expected future cash flows discounted at the loan’s effective interest rate except that, for collateral dependent loans, credit loss is measured as the difference between the amortized cost basis in the loan and the fair value of the underlying collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. If the calculated expected credit loss is determined to be permanent, fixed or nonrecoverable, the credit loss portion of the loan will be charged off against the ACL on loans and leases. Loans and leases designated as having significantly increased credit risk are generally placed on nonaccrual and remain in that status until all principal and interest payments are current and the prospects for future payments in accordance with the loan agreement are reasonably assured, at which point the loan is returned to accrual status. In estimating the component of the ACL on loans and leases that share common risk characteristics, loans and leases are segregated into portfolio segments based on federal call report codes which classify loans and leases based on the primary collateral supporting the loan and lease. Methods utilized by management to estimate expected credit losses include a discounted cash flow (“DCF”) methodology that discounts instrument-level contractual cash flows, adjusted for prepayments and curtailments, incorporating loss expectations, and a weighted average remaining maturity (“WARM”) methodology which contemplates expected losses at a pool-level, utilizing historic loss information. Under both methodologies, management estimates the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. After the end of the reasonable and supportable forecast period, the loss rates revert to the long-term mean loss rate, or in the case of an input-driven predictive method, the long-term mean of the input, using a reversion period where applicable. Historical credit loss experience, including examination of loss experience at representative peer institutions when the Corporation’s first-party loss history does not result in estimations that are meaningful to users of the Corporation’s Consolidated Financial Statements, provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The DCF methodology uses inputs of current and forecasted macroeconomic indicators to predict future loss rates. The current macroeconomic indicator utilized by the bank is the Pennsylvania unemployment rate. In building the current expected credit loss (“CECL”) model utilized in the DCF methodology, a correlation between this indicator and historic loss levels was developed, enabling a prediction of future loss rates related to future Pennsylvania unemployment rates. The portfolio segments utilizing the DCF methodology as of June 30, 2020 included: CRE - owner-occupied and nonowner-occupied loans, home equity lines of credit, residential mortgages (first and junior liens), construction loans and consumer loans. The WARM methodology uses combined historic loss rates for the Bank and peer institutions, if necessary, gathered from Call Report filings. The selected period for which historic loss rates are used is dependent on management's evaluation of current conditions and expectations of future loss conditions. The portfolio segments utilizing the WARM methodology as of June 30, 2020 included commercial and industrial loans and leases. For those loans and leases where the ACL is measured on a collective (pool) basis, management has identified the following portfolio segments based on federal call report codes which classify loans and leases based on the primary collateral supporting the loan or lease: Commercial Real Estate (“CRE”) Loans (owner-occupied and non-owner occupied): The Bank originates mortgage loans for multifamily properties (i.e. buildings which have five or more residential units) and other commercial real estate that is either owner-occupied or managed as an investment property (non-owner occupied) primarily within Pennsylvania, Delaware and Southern and Central New Jersey. Commercial real estate properties primarily include retail buildings/shopping centers, hotels, office/medical buildings and industrial/warehouse space. Multifamily loans are expected to be repaid from the cash flows of the underlying property so the collective amount of rents must be sufficient to cover all operating expenses, property management and maintenance, taxes and debt service. Increases in vacancy rates, interest rates or other changes in general economic conditions can have an impact on the borrower and its ability to repay the loan. Commercial real estate loans are generally considered to have a higher degree of credit risk than multifamily loans as they may be dependent on the ongoing success and operating viability of a fewer number of tenants who are occupying the property and who may have a greater degree of exposure to economic conditions. Home equity lines of credit: The Bank originates the majority of its home equity lines of credit through its retail channel. The primary risk characteristics associated with home equity lines of credit typically involve major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as major medical expenses, catastrophic events, divorce and death. Home equity lines of credit are typically originated with variable or floating interest rates, which could expose the borrower to higher payments in a rising interest rate environment. Real estate values could decrease and cause the value of the underlying property to fall below the loan amount, creating additional potential loss exposure for the Bank. Residential Mortgages secured by first liens: The Bank originates one-to-four family residential mortgage loans primarily within Pennsylvania, Delaware and Southern and Central New Jersey. These loans are secured by first liens on a primary residence or investment property. The primary risk characteristics associated with residential mortgage loans typically involve major living or lifestyle changes to the borrower, including unemployment or other loss of income; unexpected significant expenses, such as major medical expenses, catastrophic events, divorce or death. Residential mortgage loans that have adjustable rates could expose the borrower to higher payments in a rising interest rate environment. Real estate values could decrease and cause the value of the underlying property to fall below the loan amount, creating additional potential loss exposure for the Bank. Residential Mortgages secured by junior liens: The Bank originates loans secured by junior liens against one to four family properties primarily within Pennsylvania, Delaware and Southern and Central New Jersey. Loans secured by junior liens are primarily in the form of an amortizing home equity loan. These loans are subordinate to a first mortgage which may be from another lending institution. The primary risk characteristics associated with loans secured by junior liens typically involve major living or lifestyle changes to the borrower, including unemployment or other loss of income, unexpected significant expenses, such as for major medical expenses, catastrophic events, divorce or death. Real estate values could decrease and cause the value of the property to fall below the loan amount, creating additional potential loss exposure for the Bank. Construction: The Bank originates construction loans to finance land development preparatory to erecting new structures or the on-site construction of industrial, commercial, or residential buildings. Construction loans include not only construction of new structures, but also additions or alterations to existing structures and the demolition of existing structures to make way for new structures. Construction loans are generally secured by real estate. The primary risk characteristics are specific to the uncertainty on whether the construction will be completed according to the specifications and schedules. Factors that may influence the completion of construction may be customer specific, such as the quality and depth of property management, or related to changes in general economic conditions. Commercial & Industrial: The Bank originates lines of credit and term loans to operating companies for business purposes. The loans are generally secured by business assets such as accounts receivable, inventory, business vehicles and equipment as well as the stock of a company, if privately held. Commercial & Industrial loans are typically repaid first by the cash flows generated by the borrower’s business operations. The primary risk characteristics are specific to the underlying business and its ability to generate sustainable profitability and positive cash flow. Factors that may influence a borrower's ability to repay their loan include demand for the business’ products or services, the quality and depth of management, the degree of competition, regulatory changes, and general economic conditions. The ability of the Bank to foreclose and realize sufficient value from business assets securing these loans is often uncertain. To mitigate the risk characteristics of commercial and industrial loans, commercial real estate may be included as a secondary source of collateral. The Bank will often require more frequent reporting requirements from the borrower in order to better monitor its business performance. Consumer: The Bank originates or lines of credit to individuals for household, family, and other personal expenditures as well as overdrawn customer deposit balances which are reported as loans. This also represents all other loans that cannot be categorized in any of the previous mentioned loan segments. Consumer loans generally have higher interest rates and shorter terms than residential loans but tend to have higher credit risk due to the type of collateral securing the loan or in some cases the absence of collateral. Leases: The Bank’s wholly-owned subsidiary Bryn Mawr Equipment Financing, Inc. specializes in equipment leases for small- and mid-sized businesses nationally and across a broad range of industries. The Bank’s credit risk generally results from the potential default of borrowers or lessees, which may be driven by customer specific or broader industry related conditions. Accrued interest receivable on loans and leases, which is reported in Accrued interest receivable on the Consolidated Balance Sheet, totaled $12.5 million as of June 30, 2020 and is excluded from the estimate of credit losses. B.ACL on Off-Balance Sheet (“OBS”) Credit Exposures Management estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The ACL on OBS credit exposure, included within Other Liabilities on the Consolidated Balance Sheet, is adjusted as a provision for credit loss expense included within other operating expense on the Consolidated Statement of Income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Management estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by the bank and applying the loss factors used in the ACL on loans and leases methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan type. No credit loss estimate is reported for OBS credit exposures that are unconditionally cancellable by the Bank. The ACL on OBS credit exposure as of June 30, 2020 was $3.3 million. For the three months ended June 30, 2020 the Corporation recorded a $867 thousand release of reserves for credit losses on OBS credit exposures. For the six months ended June 30, 2020, the Corporation recorded a $2.1 million provision for credit losses on OBS credit exposures. C.Troubled Debt Restructurings (“TDRs”) The Corporation has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), loans to borrowers experiencing financial difficulty related to the COVID-19 pandemic which were granted short-term modifications after March 1, 2020 and which were not more than 30 days past due as of December 31, 2019 are exempt from TDR classification. In addition, for loans modified in response to the COVID-19 pandemic that do not meet the above delinquency criteria (e.g., not more than 30 days past due as of December 31, 2019), the Corporation applies the guidance included in an interagency statement issued by the bank regulatory agencies. This guidance states that loan modifications performed in light of the COVID-19 pandemic, including loan payment deferrals that are up to six months in duration, that were granted to borrowers who were less than 30 days past due as of the implementation date of a loan modification program or modifications granted under government mandated modification programs, are also exempt from TDR classification. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and nonaccrual status will not be impacted during the deferral period. Interest income will continue to be recognized over the contractual life of the loan. For more information on the Corporation's TDR accounting, see Note 1 – Summary of Significant Accounting Policies to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report. D.Purchased Credit Deteriorated (“PCD”) Loans and Leases The Corporation has purchased loans and leases, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An ACL is determined using the same methodology as other portfolio loans and leases. The initial ACL determined on a collective basis is allocated to individual loans. The loan’s purchase price is grossed-up by adding the allocated ACL to arrive at its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan or lease is a noncredit discount or premium, which is amortized into interest income over the life of the loan or lease. Subsequent changes to the ACL associated with PCD loans or leases are recorded through provision expense. E.ACL on Held to Maturity Securities Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. The Corporation’s held to maturity debt securities consist of mortgage-backed securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. With respect to these securities, management considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to default. Therefore, for those securities, the Corporation does not record expected credit losses. Accrued interest receivable on held to maturity debt securities, which is reported in Accrued interest receivable on the Consolidated Balance Sheet, totaled $36 thousand as of June 30, 2020 and is excluded from the estimate of credit losses. F.ACL on Available for Sale Securities For available for sale debt securities in an unrealized loss position, management first assesses whether it intends to sell, or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, management evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any explicit or implicit guarantees by the U.S. government, any changes to the rating of the security by the rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the ACL on available for sale debt securities are recorded as provision for (or release of) credit loss expense. Losses are charged against the ACL on available for sale debt securities when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available for sale debt securities, which is reported in Accrued interest receivable on the Consolidated Balance Sheet, totaled $1.9 million at June 30, 2020 and is excluded from the estimate of credit losses.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements The following FASB Accounting Standards Updates (“ASUs”) are divided into pronouncements which have been adopted by the Corporation since January 1, 2020, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of June 30, 2020. Adopted Pronouncements: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” On January 1, 2020, the Corporation adopted (Topic 326), “Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (or CECL) methodology. This standard eliminates the Provision for Loan and Lease Losses and Allowance for Loan and Lease Losses line items and establishes the Provision for Credit Losses (“PCL”) and Allowance for Credit Losses (“ACL”) line items. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to OBS credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Corporation adopted ASC 326 using the modified retrospective approach method for all financial assets measured at amortized cost and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. In conjunction with the adoption of CECL, the Corporation has revised its segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform prior-period amounts to current period presentation. Upon adoption, the Corporation's total ACL increased by $4.0 million, or 17.5%, which included an increase in ACL on loans and leases of $3.2 million and an increase in the reserve for OBS exposures, which is included within Other Liabilities on the Consolidated Balance Sheet, of $821 thousand. The increase in the total ACL resulted in a $2.8 million decrease to retained earnings, net of deferred taxes. The overall change in total ACL upon adoption was primarily due to the move to a life of loan reserve estimate as well as methodology changes required under CECL. The Corporation adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $481 thousand of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020. The following table illustrates the adoption of CECL on January 1, 2020:
FASB ASU 2017-04 (Topic 350), “Intangibles – Goodwill and Others” Issued in January 2017, ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 became effective for the Corporation on January 1, 2020, and will follow such guidance in connection with our next annual impairment testing, or prior to that if any such change constitutes a triggering event outside of the quarter from when the annual goodwill impairment test is performed. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-13, “Fair Value Measurement Disclosure Framework” Issued in August 2018, ASU 2018-13 modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. The guidance became effective for the Corporation on January 1, 2020 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU 2018-14 (Topic 715), “Compensation-Retirement Benefits - Defined Benefit Plans-General” Issued in August 2018, ASU 2018-14, modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements to financial statement users. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the retrospective method is required. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Issued in March 2020, ASU No. 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Specifically, the guidance permits an entity, when certain criteria are met, to consider amendments to contracts made to comply with reference rate reform to meet the definition of a modification under GAAP. It further allows hedge accounting to be maintained and a one-time transfer or sale of qualifying held-to-maturity securities. The expedients and exceptions provided by the amendments are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 on our Consolidated Financial Statements and related disclosures.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost and fair value of investment securities available for sale as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020
As of December 31, 2019
The following tables present the aggregate amount of gross unrealized losses as of June 30, 2020 and December 31, 2019 on available for sale investment securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of June 30, 2020
As of December 31, 2019
As of June 30, 2020, the Corporation’s available for sale investment securities consisted of 392 securities, 14 of which were in an unrealized loss position. As of June 30, 2020, management had not made a decision to sell any of the Corporation’s available for sale investment securities in an unrealized loss position, nor did management consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. Management has evaluated available for sale debt securities that are in an unrealized loss position and has determined that the decline in value is unrelated to credit loss and is related to the change in market interest rates since purchase. Factors considered in this evaluation included the extent to which fair value is less than amortized cost, any explicit or implicit guarantees by the U.S. government, any changes to the rating of the security by the rating agency, and adverse conditions specifically related to the security, among other factors. As of June 30, 2020, approximately 97.0% of the Corporation’s available for sale investment securities were U.S. Treasuries or mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. In addition, none of the available for sale debt securities held by the Corporation are past due as of June 30, 2020. As of June 30, 2020 and December 31, 2019, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity. As of June 30, 2020 and December 31, 2019, securities having a fair value of $268.2 million and $156.4 million, respectively, were specifically pledged as collateral for public funds, trust deposits, the Federal Reserve Bank of Philadelphia (the “FRB”) discount window program, Federal Home Loan Bank (“FHLB”) borrowings, collateral requirements in derivative contracts, and other purposes. Advances by the FHLB are collateralized by a blanket lien on non-pledged, mortgage-related loans as part of the Corporation’s borrowing agreement with the FHLB as well as certain securities individually pledged by the Corporation. The amortized cost and fair value of available for sale investment and mortgage-related securities available for sale as of June 30, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of investment securities held to maturity as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020
As of December 31, 2019
The Corporation had no held to maturity securities with gross unrealized losses as of June 30, 2020. The following table presents the aggregate amount of gross unrealized losses as of December 31, 2019 on held to maturity securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of December 31, 2019
As of June 30, 2020, none of the Corporation’s held to maturity investment securities were in an unrealized loss position. The Corporation’s held to maturity debt securities consist of mortgage-backed securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. With respect to these securities, the bank considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to default. The bank does not record expected credit losses for these securities. Accrued interest receivable on held to maturity debt securities totaled $36 thousand at June 30, 2020 and is excluded from the estimate of credit losses. The amortized cost and fair value of held to maturity investment securities as of June 30, 2020 and December 31, 2019, by contractual maturity, are shown below:
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of June 30, 2020 and December 31, 2019, the Corporation’s investment securities held in trading accounts totaled $7.8 million and $8.6 million, respectively, and primarily consist of deferred compensation trust accounts which are invested in listed mutual funds whose diversification is at the discretion of the deferred compensation plan participants and rabbi trust accounts established to fund certain unqualified pension obligations. Investment securities held in trading accounts are reported at fair value, with adjustments in fair value reported through income. Changes in the fair value of investments held in the deferred compensation trust accounts create corresponding changes in the liability to the deferred compensation plan participants.
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases The loan and lease portfolio consists of loans and leases originated by the Corporation, as well as loans acquired in prior acquisitions. Certain tables in this footnote are presented with a breakdown between originated and acquired loans and leases. A. The following table details the amortized cost of loans and leases as of the dates indicated:
B. The following table details the components of net investment in leases:
C. The following table details the amortized cost of nonperforming loans and leases as of the dates indicated:
D. Age Analysis of Past Due Loans and Leases The following tables present an aging of all portfolio loans and leases as of the dates indicated:
The following tables present an aging of originated portfolio loans and leases as of the dates indicated:
The following tables present an aging of acquired portfolio loans and leases as of the dates indicated:
E. Allowance for Credit Losses (“ACL”) on Loan and Leases The ACL on loans and leases represents management’s estimate of all expected credit losses over the expected contractual life of our existing portfolio loans and leases. Determining the appropriateness of the ACL on loans and leases is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the ACL on loans and leases in those future periods. The expense for credit loss recorded through earnings is the amount necessary to maintain the ACL on loans and leases at the amount of expected credit losses inherent within the loans and leases portfolio. The amount of expense and the corresponding level of ACL on loans and leases are based on management’s evaluation of the collectability of the loan and lease portfolio based on historical loss experience, reasonable and supportable forecasts, and other significant qualitative and quantitative factors. The ACL on loans and leases, as reported in our Consolidated Statements of Financial Condition, is adjusted by an expense for credit losses, which is recognized in earnings, and reduced by the charge-off of loan and lease amounts, net of recoveries. Management employs a disciplined process and methodology to establish the ACL on loans and leases that has two basic components: first, an asset-specific component involving individual loans and leases that do not share risk characteristics with other loans and leases and the measurement of expected credit losses for such individual loans; and second, a collective (pooled) component for estimated expected credit losses for pools of loans and leases that share similar risk characteristics. Based upon this methodology, management establishes an asset-specific ACL on loans and leases that do not share risk characteristics with other loans and leases based on the amount of expected credit losses calculated on those loans and leases and charges off amounts determined to be uncollectible. Factors we consider in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. When a loan or lease does not share risk characteristics with other loans or leases, management measures expected credit loss as the difference between the amortized cost basis in the loan and the present value of expected future cash flows discounted at the loan’s effective interest rate except that, for collateral dependent loans, credit loss is measured as the difference between the amortized cost basis in the loan and the fair value of the underlying collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. If the calculated expected credit loss is determined to be permanent, fixed or nonrecoverable, the credit loss portion of the loan will be charged off against the ACL on loans and leases. Loans and leases designated as having significantly increased credit risk are generally placed on nonaccrual and remain in that status until all principal and interest payments are current and the prospects for future payments in accordance with the loan agreement are reasonably assured, at which point the loan is returned to accrual status. In estimating the component of the ACL on loans and leases that share common risk characteristics, loans and leases are segregated into portfolio segments based on federal call report codes which classify loans and leases based on the primary collateral supporting the loan and lease. Methods utilized by management to estimate expected credit losses include a DCF methodology that discounts instrument-level contractual cash flows, adjusted for prepayments and curtailments, incorporating loss expectations, and a WARM methodology which contemplates expected losses at a pool-level, utilizing historic loss information. Under both methodologies, management estimates the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. After the end of the reasonable and supportable forecast period, the loss rates revert to the long-term mean loss rate, or in the case of an input-driven predictive method, the long-term mean of the input, using a reversion period where applicable. Historical credit loss experience, including examination of loss experience at representative peer institutions when the Corporation’s first-party loss history does not result in estimations that are meaningful to users of the Corporation’s Consolidated Financial Statements, provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The DCF methodology uses inputs of current and forecasted macroeconomic indicators to predict future loss rates. The current macroeconomic indicator utilized by the bank is the Pennsylvania unemployment rate. In building the CECL model utilized in the DCF methodology, a correlation between this indicator and historic loss levels was developed, enabling a prediction of future loss rates related to future Pennsylvania unemployment rates. The portfolio segments utilizing the DCF methodology as of June 30, 2020 included: CRE - owner-occupied and nonowner-occupied loans, home equity lines of credit, residential mortgages (first and junior liens), construction loans and consumer loans. The WARM methodology uses combined historic loss rates for the Bank and peer institutions, if necessary, gathered from Call Report filings. The selected period for which historic loss rates are used is dependent on management's evaluation of current conditions and expectations of future loss conditions. The portfolio segments utilizing the WARM methodology as of June 30, 2020 included commercial and industrial loans and leases. For the three months ended June 30, 2020, there was a significant change in the economic outlook impacting the ACL on loans and leases. Our CECL model included a sharp deterioration in the Pennsylvania unemployment rate, to levels observed during the last recessionary period, projected to be sustained in the third and fourth quarters of 2020, with a reversion to a long-term 15-year average. In addition to these assumptions, management applied additional qualitative factors related to the loss mitigation expected to be provided by the various governmental aid programs, such as increased unemployment benefits, stimulus payments, and the SBA's Paycheck Protection Program, as well as the Bank's loan payment deferral programs being offered to borrowers which provide a - or -month payment deferral to borrowers affected by the COVID-19 pandemic. These qualitative factors were applied to all segments of the portfolio except the construction segment and the retail and hospitality sectors of the nonowner-occupied CRE segment, due to the significant expected impact on these specific segments and sectors from the economic shutdown, such as government mandated stay at home orders and closure of non-essential businesses. The following tables present the activity in the ACL on loans and leases, by portfolio segment, for the three and six months ended June 30, 2020 and 2019: Roll-Forward of ACL on Loans and Leases
Roll-Forward of ACL on Loans and Leases
Roll-Forward of ACL on Loans and Leases
As part of the process of determining the ACL for the different segments of the loan and lease portfolio, management considers certain credit quality indicators. Periodic reviews of loans are conducted by both in-house staff as well as external loan reviewers. The result of these reviews is reflected in the risk grade assigned to each loan. These internally assigned grades are as follows: •Pass – Loans considered satisfactory with no indications of deterioration. •Pass-Watch – Loans that are performing, but which may have a potential deficiency which the borrower appears to be managing or a possible deficiency in the future. •Special mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. •Substandard – Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. •Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table details the amortized cost of portfolio loans and leases, by year of origination (for term loans) and by risk grade within each portfolio segment as of June 30, 2020:
(1) Year originated or renewed, whichever is more recent. The following tables present the amortized cost basis of loans and leases on nonaccrual status and loans and leases past due over 89 days still accruing as of the dates indicated:
For the three months ended June 30, 2020, $78 thousand of interest income was recognized on nonaccrual loans and leases. Collateral-dependent loans and leases for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral are, in general, individually evaluated for credit losses. Identified shortfalls between the amortized cost of the individually evaluated loan or lease and the value, less selling costs, of the underlying collateral are charged against the ACL. In certain cases, when the loan or lease is serviced by a third-party, and management is unable to process a timely charge-down of the loan or lease, it will assess a specific ACL to the individual loan or lease. This ACL represents the shortfall between the amortized cost and realizable value of the collateral. The following tables present the amortized cost basis of collateral-dependent loans and leases, indicating the type of collateral and the ACL determined through individual evaluation for credit loss, as of the dates indicated:
F. Troubled Debt Restructurings (“TDRs”) The restructuring of a loan is considered a “troubled debt restructuring” if both of the following conditions are met: (i) the borrower is experiencing financial difficulties, and (ii) the creditor has granted a concession. The most common concessions granted include one or more modifications to the terms of the debt, such as (a) a reduction in the interest rate for the remaining life of the debt, (b) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (c) a temporary period of interest-only payments, (d) a reduction in the contractual payment amount for either a short period or remaining term of the loan, and (e) for leases, a reduced lease payment. A less common concession granted is the forgiveness of a portion of the principal. The determination of whether a borrower is experiencing financial difficulties takes into account not only the current financial condition of the borrower, but also the potential financial condition of the borrower, were a concession not granted. Similarly, the determination of whether a concession has been granted is very subjective in nature. For example, simply extending the term of a loan at its original interest rate or even at a higher interest rate could be interpreted as a concession unless the borrower could readily obtain similar credit terms from a different lender. The following table presents the balance of TDRs as of the indicated dates:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements. The following tables present information regarding loan and lease modifications categorized as TDRs for the three and six months ended June 30, 2020:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements. The following table presents information regarding the types of loan and lease modifications made for the three and six months ended June 30, 2020:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements. For the six months ended June 30, 2020, two residential mortgage loans, in the aggregate amount of $228 thousand, and one commercial and industrial loan in the amount of $477 thousand that were modified as a TDR during the past 12 months defaulted and were charged off.
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Mortgage Servicing Rights |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the Corporation’s activity related to mortgage servicing rights (“MSRs”) for the three and six months ended June 30, 2020 and 2019:
As of June 30, 2020, and December 31, 2019, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10% and 20% adverse changes in those assumptions are as follows:
(1) Represents the weighted average prepayment rate for the life of the MSR asset. At June 30, 2020 and December 31, 2019, the fair value of the MSRs was $3.4 million and $4.8 million, respectively. The fair value of the MSRs for these dates was determined using values obtained from a third party which utilizes a valuation model which calculates the present value of estimated future servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds and discount rates. Mortgage loan prepayment speed is the annual rate at which borrowers are forecasted to repay their mortgage loan principal and is based on historical experience. The discount rate is used to determine the present value of future net servicing income. Another key assumption in the model is the required rate of return the market would expect for an asset with similar risk. These assumptions can, and generally will, change quarterly valuations as market conditions and interest rates change. Management reviews, annually, the process utilized by its independent third-party valuation experts. |
Goodwill and Intangibles Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles Assets | Goodwill and Intangible Assets The following table presents activity in the Corporation's goodwill by its reporting units and finite-lived and indefinite-lived intangible assets, other than MSRs, for the six months ended June 30, 2020:
Management conducted its annual impairment tests for goodwill and indefinite-lived intangible assets as of October 31, 2019 using generally accepted valuation methods. Management determined that no impairment of goodwill or indefinite-lived intangible assets was identified as a result of the annual impairment analyses. Future impairment testing will be conducted each October 31, unless a triggering event occurs in the interim that would suggest possible impairment, in which case it would be tested as of the date of the triggering event. For the five months ended June 30, 2020, management determined there were no events that would necessitate impairment testing of goodwill or indefinite-lived intangible assets. Management continues to monitor the economic environment as impacted by the COVID-19 pandemic in the markets we serve and resulting effect on the Corporation's long-term forecast.
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits The following table details the components of deposits:
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Short-Term Borrowings and Long-Term FHLB Advances |
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Long-term Federal Home Loan Bank Advances [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings and Long-Term FHLB Advances | Short-Term Borrowings and Long-Term FHLB Advances A. Short-term borrowings The Corporation’s short-term borrowings (original maturity of one year or less), which consist of funds obtained from overnight repurchase agreements with commercial customers, FHLB advances with original maturities of one year or less and overnight fed funds, are detailed below. A summary of short-term borrowings is as follows:
(1) Overnight repurchase agreements with no expiration date The following table sets forth information concerning short-term borrowings:
Average balances outstanding during the year represent daily average balances and average interest rates represent interest expense divided by the related average balance. B. Long-term FHLB Advances As of June 30, 2020 and December 31, 2019, the Corporation had $44.8 million and $52.3 million, respectively, of long-term FHLB advances (original maturities exceeding one year). The following table presents the remaining periods until maturity of long-term FHLB advances:
The following table presents rate and maturity information on FHLB advances and other borrowings:
(1) Maturity range, weighted average rate and coupon rate range refers to June 30, 2020 balances. C. Other Borrowings Information In connection with its FHLB borrowings, the Corporation is required to hold the capital stock of the FHLB. The amount of capital stock held was $4.5 million at June 30, 2020, and $23.7 million at December 31, 2019. The carrying amount of the FHLB stock approximates its redemption value. The level of required investment in FHLB stock is based on the balance of outstanding borrowings the Corporation has from the FHLB. Although FHLB stock is a financial instrument that represents an equity interest in the FHLB, it does not have a readily determinable fair value. FHLB stock is generally viewed as a long-term investment. Accordingly, when evaluating FHLB stock for impairment, its value should be determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Corporation had a maximum borrowing capacity with the FHLB of $1.83 billion as of June 30, 2020 of which the unused capacity was $1.78 billion. In addition, there were $74.0 million in the overnight federal funds line available and $166.8 million of FRB discount window capacity.
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Subordinated Notes |
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Subordinated Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Notes | Subordinated Notes On December 13, 2017, BMBC completed the issuance of $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027 (the “2027 Notes”) in an underwritten public offering. On August 6, 2015, BMBC completed the issuance of $30.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (the “2025 Notes”) in a private placement transaction to institutional accredited investors. The net proceeds of both offerings increased Tier II regulatory capital at BMBC. The following tables detail the subordinated notes, including debt issuance costs, as of June 30, 2020, and December 31, 2019:
(1) The 2027 Notes bear interest at an annual fixed rate of 4.25% from the date of issuance until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.050% until December 15, 2027, or any early redemption date. (2) The 2025 Notes bear interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date.
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Junior Subordinated Debentures |
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Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures In connection with the RBPI Merger, BMBC acquired Royal Bancshares Capital Trust I (“Trust I”) and Royal Bancshares Capital Trust II (“Trust II”) (collectively, the “Trusts”), which were utilized for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. Although BMBC owns an aggregate of $774 thousand of the common securities of Trust I and Trust II, the Trusts are not consolidated into the Corporation’s Consolidated Financial Statements as the Corporation is not deemed to be the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, RBPI issued, and the Corporation assumed as a result of the RBPI Merger, junior subordinated debentures to the Trusts of $10.7 million each, totaling $21.4 million representing the Corporation’s maximum exposure to loss. The junior subordinated debentures incur interest at a coupon rate of 2.46% as of June 30, 2020. The rate resets quarterly based on 3-month LIBOR plus 2.15%. Each of Trust I and Trust II issued an aggregate principal amount of $12.5 million of capital securities initially bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each trust to an unaffiliated investment vehicle and an aggregate principal amount of $387 thousand of common securities bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each trust to the Corporation. As a result of the RBPI Merger, the Corporation has fully and unconditionally guaranteed all of the obligations of the Trusts, including any distributions and payments on liquidation or redemption of the capital securities. The rights of holders of common securities of the Trusts are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities. The capital and common securities of the Trusts are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each. Unless earlier dissolved, the Trusts will dissolve on December 15, 2034. The junior subordinated debentures are the sole assets of Trusts, mature on December 15, 2034, currently and may be called at par by the Corporation. The Corporation records its investments in the Trusts’ common securities of $387 thousand each as investments in unconsolidated entities and records dividend income upon declaration by Trust I and Trust II.
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Operating Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases The Corporation’s operating leases consist of various retail branch locations and corporate offices. As of June 30, 2020, the Corporation’s leases have remaining lease terms ranging from months to 22 years including extension options that the Corporation is reasonably certain will be exercised. The Corporation’s leases include fixed rental payments, and certain of our leases also include variable rental payments where lease payments may increase at pre-determined dates based on the change in the consumer price index. The Corporation’s lease agreements include gross leases as well as leases in which we make separate payments to the lessor for items such as the property taxes assessed on the property or a portion of the common area maintenance associated with the property. We have elected the practical expedient not to separate lease and non-lease components for all of our building leases. The Corporation also elected to not recognize right-of-use assets (“ROU assets”) and lease liabilities for short-term leases, which consist of certain leases of the Corporation’s limited-hour retirement community offices. As of June 30, 2020 the Corporation’s ROU assets and related lease liabilities were $39.3 million and $43.7 million, respectively. The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of June 30, 2020 are as follows:
As of June 30, 2020, the weighted-average remaining lease term, including extension options that the Corporation is reasonably certain will be exercised, for all operating leases is 13.94 years. Because we generally do not have access to the rate implicit in the lease, we utilize our incremental borrowing rate as the discount rate. The weighted average discount rate associated with operating leases as of June 30, 2020 is 3.58%. As of June 30, 2020, the Corporation had not entered into any material leases that have not yet commenced.
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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 Derivative financial instruments involve, to varying degrees, interest rate, market and credit risk. Management manages these risks as part of its asset and liability management process and through credit policies and procedures. Management seeks to minimize counterparty credit risk by establishing credit limits and collateral agreements and utilizes certain derivative financial instruments to enhance its ability to manage interest rate risk that exists as part of its ongoing business operations. The derivative transactions entered into by the Corporation are an economic hedge of a derivative offerings to Bank customers. The Corporation does not use derivative financial instruments for trading purposes. Customer Derivatives – Interest Rate Swaps. The Corporation enters into interest rate swaps with commercial loan customers and correspondent banks wishing to manage interest rate risk. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of June 30, 2020, there were no fair value adjustments related to credit quality. Foreign Exchange Forward Contracts. The Corporation enters into foreign exchange forward contracts (“FX forwards”) with customers to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Corporation then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the customer agreements. The FX forwards with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of June 30, 2020, there were no fair value adjustments related to credit quality. Risk Participation Agreements. The Corporation may enter into a risk participation agreement (“RPA”) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.” The following tables detail the derivative instruments as of June 30, 2020 and December 31, 2019:
The Corporation has International Swaps and Derivatives Association agreements with third parties that requires a minimum dollar transfer amount upon a margin call. This requirement is dependent on certain specified credit measures. The amount of collateral posted with third parties at June 30, 2020 and December 31, 2019 was $157.5 million and $63.8 million, respectively, and is comprised of a combination of cash and investment securities. The amount of collateral posted with third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures. The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $143.3 million and $46.7 million as of June 30, 2020 and December 31, 2019, respectively.
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Accounting for Uncertainty in Income Taxes |
6 Months Ended |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Accounting for Uncertainty in Income Taxes | Accounting for Uncertainty in Income Taxes The Corporation recognizes the financial statement benefit of a tax position only after determining that the Corporation would be more likely than not to sustain the position following an examination. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the relevant tax authority. The Corporation is subject to income taxes in the United States federal jurisdiction and multiple state jurisdictions. The Corporation is no longer subject to U.S. federal income tax examination by taxing authorities for years before 2016. The Corporation’s policy is to record interest and penalties on uncertain tax positions as income tax expense. No interest or penalties were accrued for the six months ended June 30, 2020 or 2019.
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Shareholders' Equity |
6 Months Ended |
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Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividend On July 20, 2020, BMBC’s Board of Directors declared a regular quarterly dividend of $0.27 per share payable September 1, 2020 to shareholders of record as of August 3, 2020. During the second quarter of 2020, the Corporation paid or accrued, as applicable, a regular quarterly dividend of $0.26 per share. This dividend totaled $5.3 million, based on outstanding shares and restricted stock units as of April 30, 2020 of 20,251,459 shares. S-3 Shelf Registration Statement and Offerings Thereunder In May 2018, BMBC filed a shelf registration statement on Form S-3, SEC File No. 333-224849 (the “Shelf Registration Statement”). The Shelf Registration Statement allows BMBC to raise additional capital from time to time through offers and sales of registered securities consisting of common stock, debt securities, warrants, purchase contracts, rights and units or units consisting of any combination of the foregoing securities. BMBC may sell these securities using the prospectus in the Shelf Registration Statement, together with applicable prospectus supplements, from time to time, in one or more offerings. In addition, BMBC has in place a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), which allows it to issue up to 1,500,000 shares of registered common stock. The Plan allows for the grant of a request for waiver (“RFW”) above the Plan’s maximum investment of $120 thousand per account per year. A RFW is granted based on a variety of factors, including BMBC’s current and projected capital needs, prevailing market prices of BMBC’s common stock and general economic and market conditions. For the three and six months ended June 30, 2020, BMBC did not issue any shares under the Plan. The Plan administrator conducted dividend reinvestments for Plan participants through open market purchases. No RFWs were approved during the three and six months ended June 30, 2020. No other sales of equity securities were executed under the Shelf Registration Statement during the three and six months ended June 30, 2020. Option Exercises and Vesting of Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) In addition to shares that may be issued through the Plan, the Corporation also issues shares through the exercise of stock options and the vesting of RSUs and PSUs. During the six months ended June 30, 2020, 338 shares were issued pursuant to the exercise of stock options, increasing shareholders’ equity by $5 thousand. No shares were issued pursuant to the exercise of stock options during the three months ended June 30, 2020. The increase in shareholders’ equity related to the vesting of RSUs and PSUs, which is recognized over the vesting period through stock based compensation expense, was $624 thousand and $1.5 million for the three and six months ended June 30, 2020. Stock Repurchases On April 18, 2019, BMBC announced a new stock repurchase program (the “2019 Program”) pursuant to which the Corporation may repurchase up to 1,000,000 shares of BMBC's common stock. Under the 2019 Program, the Corporation may repurchase BMBC's common stock at any price, but the aggregate purchase price is not to exceed $45 million. The 2019 Program became effective in the second quarter of 2019. During the three months ended March 31, 2020, 207,201 shares were repurchased under the 2019 Program at an average price of $34.99. No shares were repurchased during the three months ended June 30, 2020. All share repurchases were accomplished in open market transactions. As of June 30, 2020, the maximum number of shares remaining authorized for repurchase under the 2019 Program was 710,032, at an aggregate purchase price not to exceed $34.8 million. In addition to the 2019 Program, it is BMBC’s practice to retire shares to its treasury account upon the vesting of stock awards to certain officers in order to cover the statutory income tax withholdings related to such vestings.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table details the components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:
The following table details the amounts reclassified from each component of accumulated other comprehensive income (loss) to each component’s applicable income statement line, for the three and six months ended June 30, 2020 and 2019:
(1) Accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost.
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Earnings per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per common share takes into account the potential dilution that would occur if in-the-money stock options were exercised and converted into common shares and RSUs and PSUs were vested. Proceeds assumed to have been received on option exercises are assumed to be used to purchase shares of BMBC’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Corporation’s noninterest income by revenue stream and reportable segment for the three and six months ended June 30, 2020 and 2019. Items outside the scope of ASC 606 are noted as such.
(1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $733 thousand and $525 thousand for the three months ended June 30, 2020 and 2019, respectively, which are within the scope of ASC 606.
(1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $1.4 million and $1.0 million for the six months ended June 30, 2020 and 2019, respectively, which are within the scope of ASC 606. A description of the Corporation’s primary revenue streams accounted for under ASC 606 follows: Service Charges on Deposit Accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Wealth Management Fees: The Corporation earns wealth management fee revenue from a variety of sources including fees from trust administration and other related fiduciary services, custody, investment management and advisory services, employee benefit account and IRA administration, estate settlement, tax service fees, shareholder service fees and brokerage. Fees that are determined based on the market value of the assets held in their accounts are generally billed monthly or quarterly, in arrears, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected. Insurance Commissions: The Corporation earns commissions from the sale of insurance policies, which are generally calculated as a percentage of the policy premium, and contingent income, which is calculated based on the volume and performance of the policies held by each carrier. Obligations for the sale of insurance policies are generally satisfied at the point in time which the policy is executed and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Performance metrics for contingent income are generally satisfied over time, not exceeding one year, and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Visa Debit Card Income: The Corporation earns income fees from debit cardholder transactions conducted through the Visa payment network. Fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gains/Losses on Sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed.
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation A. General Information BMBC permits the issuance of stock options, dividend equivalents, performance stock awards, stock appreciation rights and restricted stock units or awards to employees and directors of the Corporation under several plans. The performance awards and restricted awards may be in the form of stock awards or stock units. Stock awards and stock units differ in that for a stock award, shares of restricted stock are issued in the name of the grantee, whereas a stock unit constitutes a promise to issue shares of stock upon vesting. The accounting for awards and units is identical. The terms and conditions of awards under the plans are determined by the Corporation’s Management Development and Compensation Committee. Prior to April 25, 2007, all shares authorized for grant as stock-based compensation were limited to grants of stock options. On April 25, 2007, the shareholders approved BMBC’s “2007 Long-Term Incentive Plan” (the “2007 LTIP”) under which a total of 428,996 shares of BMBC’s common stock were made available for award grants. On April 28, 2010, the shareholders approved BMBC’s “2010 Long Term Incentive Plan” under which a total of 445,002 shares of BMBC’s common stock were made available for award grants, and on April 30, 2015, the shareholders approved an amendment and restatement of such plan (as amended and restated, the “2010 LTIP”) to, among other things, increase the number of shares available for award grants by 500,000 to 945,002. In addition to the shareholder-approved plans mentioned in the preceding paragraph, BMBC periodically authorizes grants of stock-based compensation as inducement awards to new employees. This type of award does not require shareholder approval in accordance with Rule 5635(c)(4) of the NASDAQ listing rules. The equity awards are authorized to be in the form of, among others, options to purchase BMBC’s common stock, RSUs and PSUs. RSUs have a restriction based on the passage of time. The grant date fair value of the RSUs is based on the closing price on the date of the grant. PSUs have restrictions based on performance criteria and the passage of time. The performance criteria may be a market-based criteria measured by BMBC’s total shareholder return (“TSR”) relative to the performance of the community bank index for the respective period. The fair value of the PSUs based on BMBC’s TSR relative to the performance of a designated peer group or the NASDAQ Community Bank Index is calculated using the Monte Carlo Simulation method. The performance criteria may also be based on a non-market-based criteria such as return on average equity relative to that designated peer group. The grant date fair value of these PSUs is based on the closing price of BMBC’s stock on the date of the grant. PSU grants may have a vesting percent ranging from 0% to 150%. B. Other Stock Option Information The following table provides information about options outstanding for the three and six months ended June 30, 2020:
As of June 30, 2020 there were no unvested options. Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows for the periods presented:
The following table provides information about options outstanding and exercisable at June 30, 2020:
C. Restricted Stock Units and Performance Stock Units The Corporation has granted RSUs and PSUs under the 2007 LTIP and 2010 LTIP and in accordance with Rule 5635(c)(4) of the NASDAQ listing standards. RSUs The compensation expense for the RSUs is measured based on the market price of the stock on the day prior to the grant date and is recognized on a straight-line basis over the vesting period. For the three and six months ended June 30, 2020, the Corporation recognized $471 thousand and $0.9 million, respectively, of expense related to the Corporation’s RSUs. As of June 30, 2020, there was $2.8 million of unrecognized compensation cost related to RSUs. This cost will be recognized over a weighted average period of 2 years. The following table details the RSUs for the three and six months ended June 30, 2020:
PSUs For the three and six months ended June 30, 2020, the Corporation recognized $153 thousand and $0.6 million, respectively, of expense related to the PSUs. As of June 30, 2020, there was $2.3 million of unrecognized compensation cost related to PSUs. This cost will be recognized over a weighted average period of 1.8 years. The following table details the PSUs for the three and six months ended June 30, 2020:
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement FASB ASC 820, “Fair Value Measurements and Disclosures,” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. FASB ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A. Assets and liabilities measured on a recurring basis A description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Investment Securities The value of the Corporation’s available for sale investment securities, which include obligations of the U.S. government and its agencies, mortgage-backed securities issued by U.S. government- and U.S. government sponsored agencies, obligations of state and political subdivisions, corporate bonds and other debt securities are determined by the Corporation, taking into account the input of an independent third party valuation service provider. The third party’s evaluations are based on market data, utilizing pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their pricing models apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. Management reviews, annually, the process utilized by its independent third-party valuation service provider. On a quarterly basis, management tests the validity of the prices provided by the third party by selecting a representative sample of the portfolio and obtaining actual trade results, or if actual trade results are not available, competitive broker pricing. On an annual basis, management evaluates, for appropriateness, the methodology utilized by the independent third-party valuation service provider. U.S. government agencies are evaluated and priced using multi-dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage-backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other available-for-sale investments are evaluated using a broker-quote based application, including quotes from issuers. Interest Rate Swaps, FX Forwards, and Risk Participation Agreements The Corporation’s interest rate swaps, FX forwards, and RPAs are reported at fair value utilizing Level 2 inputs. Prices of these instruments are obtained through an independent pricing source utilizing pricing information which may include market observed quotations for swaps, LIBOR rates, forward rates and rate volatility. When entering into a derivative contract, the Corporation is exposed to fair value changes due to interest rate movements, and the potential non-performance of our contract counterparty. The Corporation has developed a methodology to value the non-performance risk based on internal credit risk metrics and the unique characteristics of derivative instruments, which include notional exposure rather than principle at risk and interest payment netting. The results of this methodology are used to adjust the base fair value of the instrument for the potential counterparty credit risk. The following tables present the Corporation’s assets measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:
There have been no transfers between levels during the three and six months ended June 30, 2020. B. Assets and liabilities measured on a non-recurring basis Fair value is used on a nonrecurring basis to evaluate certain financial assets and financial liabilities in specific circumstances. Similarly, fair value is used on a nonrecurring basis for nonfinancial assets and nonfinancial liabilities such as foreclosed assets, OREO, intangible assets, nonfinancial assets and liabilities evaluated in a goodwill impairment analysis and other nonfinancial assets measured at fair value for purposes of assessing impairment. A description of the valuation methodologies used for financial and nonfinancial assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy, is set forth below. Collateral-dependent Loans and Leases Collateral-dependent loans and leases for which the repayment is expected to be provided substantially through the sale of the collateral and the borrower is experiencing financial difficulty are, in general, individually evaluated for credit losses. Management evaluates and values collateral-dependent loans and leases when management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, and the fair values of such loans and leases are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral has a unique appraisal and management’s discount of the value is based on the factors unique to each loan or lease. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which range from 10% - 50%. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on the appraisals by qualified licensed appraisers hired by the Corporation. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Corporation has an appraisal policy in which an appraisal is obtained for a commercial loan at the point at which the loan either becomes nonperforming or is downgraded to a substandard or worse classification. For consumer loans, management obtains updated appraisals when a loan becomes 90 days past due or when it receives other information that may indicate possible impairment. Based on the appraisals obtained by the Corporation, a partial or full charge-off may be necessary. Other Real Estate Owned (“OREO”) OREO consists of properties acquired as a result of foreclosures and deeds in-lieu-of foreclosure. Properties classified as OREO are reported at the lower of cost or fair value less cost to sell, and are classified as Level 3 in the fair value hierarchy. The Corporation did not have any OREO at June 30, 2020 or December 31, 2019. Mortgage Servicing Rights The model to value MSRs estimates the present value of projected net servicing cash flows of the remaining servicing portfolio based on various assumptions, including changes in anticipated loan prepayment rates, the discount rate, reflective of a market participant's required return on an investment for similar assets, and other market-based economic factors. All of these assumptions are considered to be unobservable inputs. Accordingly, MSRs are classified within Level 3 of the fair value hierarchy. The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019:
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Disclosures about Fair Value of Financial Instruments” requires disclosure of the fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate such value. The methodologies for estimating the fair value of financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis are discussed above. The estimated fair value amounts have been determined by management using available market information and appropriate valuation methodologies, are based on the exit price notion. In cases where quoted market prices are not available, fair values are based on estimates using present value or other market value techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The aggregate fair value amounts presented below do not represent the underlying value of the Corporation. The carrying amount and fair value of the Corporation’s financial instruments are as follows:
(1) See Note 19 in the Notes to Unaudited Consolidated Financial Statements above for a description of hierarchy levels.
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Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk |
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Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk | Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk Off-Balance Sheet Arrangements The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of those instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. The Corporation’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument of commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Commitments to extend credit, which include unused lines of credit and unfunded commitments to originate loans, are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Some of the commitments are expected to expire without being drawn upon, and the total commitment amounts do not necessarily represent future cash requirements. Total commitments to extend credit at June 30, 2020 and December 31, 2019 were $826.3 million and $828.9 million, respectively. Management evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on a credit evaluation of the counterparty. Collateral varies but may include accounts receivable, marketable securities, inventory, property, plant and equipment, residential real estate, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Bank to a customer for a third party. Such standby letters of credit are issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is similar to that involved in extending loan facilities to customers. The collateral varies, but may include accounts receivable, marketable securities, inventory, property, plant and equipment, and residential real estate for those commitments for which collateral is deemed necessary. The Corporation’s obligations under standby letters of credit as of June 30, 2020 and December 31, 2019 were $13.2 million and $20.7 million, respectively. Contingencies Legal Matters In the ordinary course of its operations, BMBC and its subsidiaries are parties to various claims, litigation, investigations, and legal and administrative cases and proceedings. Such pending or threatened claims, litigation, investigations, legal and administrative cases and proceedings typically entail matters that are considered ordinary routine litigation incidental to our business. Claims for significant monetary damages may be asserted in many of these types of legal actions. Based on the information currently available, management believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. On a regular basis, liabilities and contingencies in connection with outstanding legal proceedings are assessed utilizing the latest information available. For those matters where it is probable that the Corporation will incur a loss and the amount of the loss can be reasonably estimated, a liability may be recorded in the Consolidated Financial Statements. These legal reserves may be increased or decreased to reflect any relevant developments on at least a quarterly basis. For other matters, where a loss is not probable or the amount or range of the loss is not estimable, legal reserves are not accrued. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel and available insurance coverage, management believes that the established legal reserves are adequate and the liabilities arising from legal proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of the Corporation. Crusader Servicing Corporation (“Crusader”), which was an 80% owned subsidiary of Royal Bank America that was acquired by the Bank in the RBPI merger, along with the Bank as successor-in-interest to Royal Bank America, are defendants in the case captioned Snyder v. Crusader Servicing Corporation et al., Case No. 2007-01027, in the Court of Common Pleas of Montgomery County, Pennsylvania. The case involves claims brought by a former Crusader shareholder in 2007 against Crusader, its former directors and remaining shareholders related, among other things, to a purported failure to pay amounts allegedly due to Snyder for his shares of Crusader stock. Subsequent to the end of the first quarter of 2019, on May 1, 2019, the Court rendered a decision against Crusader. The matter was appealed, and on March 18, 2020, the Superior Court of the Commonwealth of Pennsylvania returned an opinion reversing in part and affirming in part the trial court's judgment. The effect of this was to vacate the initial judgment awarded by the trial court, and instead to require an appraisal process in accordance with Crusader's Shareholders' Agreement to determine the value of Mr. Snyder's shares. We do not believe that this ruling and any monetary award ultimately payable by Crusader will be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of the Corporation. Indemnifications In general, the Corporation does not sell loans with recourse, except to the extent that it arises from standard loan-sale contract provisions. These provisions cover violations of representations and warranties and, under certain circumstances, first payment default by borrowers. These indemnifications may include the repurchase of loans by the Corporation, and are considered customary provisions in the secondary market for conforming mortgage loan sales. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no such repurchases for the three and six months ended June 30, 2020. Concentrations of Credit Risk The Corporation has a material portion of its loans in real estate-related loans. A predominant percentage of the Corporation’s real estate exposure, both commercial and residential, is in the Corporation’s primary trade area which includes portions of Delaware, Chester, Montgomery and Philadelphia counties in Southeastern Pennsylvania. Management is aware of this concentration and attempts to mitigate this risk to the extent possible in many ways, including the underwriting and assessment of borrower’s capacity to repay. See Note 4 – “Loans and Leases” for additional information.
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Segment Information |
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Segment Information | Segment Information FASB Codification 280 – “Segment Reporting” identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations. The Corporation’s Banking segment consists of commercial and retail banking. The Banking segment is evaluated as a single strategic unit which generates revenues from a variety of products and services. The Banking segment generates interest income from its lending (including leases) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale in available for sale investment securities, gains on the sale of residential mortgage loans, service charges on deposit accounts, cash sweep fees, overdraft fees, bank owned life insurance (“BOLI”) income and revenue associated with its Visa Check Card offering. Also included in the Banking segment are two subsidiaries of the Bank, KCMI Capital, Inc. and Bryn Mawr Equipment Financing, Inc., both of which provide specialized lending solutions to our customers. The Wealth Management segment has responsibility for a number of activities within the Corporation, including trust administration, other related fiduciary services, custody, investment management and advisory services, employee benefits and IRA administration, estate settlement, tax services and brokerage. Bryn Mawr Trust of Delaware is included in the Wealth Management segment of the Corporation since it has similar economic characteristics, products and services to those of the Wealth Management Division of the Bank. Effective January 1, 2020, the business of Lau Associates LLC was transitioned into the Wealth Management Division of the Bank. BMT Investment Advisers, formed in May 2017, which serves as investment adviser to BMT Investment Funds, a Delaware statutory trust, is also reported under the Wealth Management segment. In addition, the Wealth Management Division oversees all insurance services of the Corporation, which are conducted through the Bank’s insurance subsidiary, BMT Insurance Advisors, Inc., and are reported in the Wealth Management segment. The accounting policies of the Corporation are applied by segment in the following tables. The segments are presented on a pre-tax basis. The following tables detail the Corporation’s segments for the three and six months ended June 30, 2020 and 2019:
(1) Inter-segment revenues consist of rental payments, interest on deposits and management fees. Wealth Management Segment Information
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Recent Accounting Pronouncements (Policies) |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Adopted Pronouncements and Pronouncements Not Yet Effective | Adopted Pronouncements: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” On January 1, 2020, the Corporation adopted (Topic 326), “Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (or CECL) methodology. This standard eliminates the Provision for Loan and Lease Losses and Allowance for Loan and Lease Losses line items and establishes the Provision for Credit Losses (“PCL”) and Allowance for Credit Losses (“ACL”) line items. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to OBS credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Corporation adopted ASC 326 using the modified retrospective approach method for all financial assets measured at amortized cost and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. In conjunction with the adoption of CECL, the Corporation has revised its segmentation to align with the methodology applied in determining the ACL for loans and leases under CECL, which is based on federal call report codes which classify loans based on the primary collateral supporting the loan. Segmentation prior to the adoption of CECL was based on product type or purpose. As such, certain reclassifications were made to conform prior-period amounts to current period presentation. Upon adoption, the Corporation's total ACL increased by $4.0 million, or 17.5%, which included an increase in ACL on loans and leases of $3.2 million and an increase in the reserve for OBS exposures, which is included within Other Liabilities on the Consolidated Balance Sheet, of $821 thousand. The increase in the total ACL resulted in a $2.8 million decrease to retained earnings, net of deferred taxes. The overall change in total ACL upon adoption was primarily due to the move to a life of loan reserve estimate as well as methodology changes required under CECL. The Corporation adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets were adjusted to reflect the addition of $481 thousand of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020. FASB ASU 2017-04 (Topic 350), “Intangibles – Goodwill and Others” Issued in January 2017, ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 became effective for the Corporation on January 1, 2020, and will follow such guidance in connection with our next annual impairment testing, or prior to that if any such change constitutes a triggering event outside of the quarter from when the annual goodwill impairment test is performed. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-13, “Fair Value Measurement Disclosure Framework” Issued in August 2018, ASU 2018-13 modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. The guidance became effective for the Corporation on January 1, 2020 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU 2018-14 (Topic 715), “Compensation-Retirement Benefits - Defined Benefit Plans-General” Issued in August 2018, ASU 2018-14, modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements to financial statement users. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the retrospective method is required. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Issued in March 2020, ASU No. 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Specifically, the guidance permits an entity, when certain criteria are met, to consider amendments to contracts made to comply with reference rate reform to meet the definition of a modification under GAAP. It further allows hedge accounting to be maintained and a one-time transfer or sale of qualifying held-to-maturity securities. The expedients and exceptions provided by the amendments are permitted to be adopted any time through December 31, 2022 and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for certain optional expedients elected for certain hedging relationships existing as of December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 on our Consolidated Financial Statements and related disclosures.
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Schedule of Impact of Adoption of CECL | The following table illustrates the adoption of CECL on January 1, 2020:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities | The amortized cost and fair value of investment securities available for sale as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020
As of December 31, 2019
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Summary of Available-for-sale Debt Securities, Unrealized Loss Position, Fair Value | The following tables present the aggregate amount of gross unrealized losses as of June 30, 2020 and December 31, 2019 on available for sale investment securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of June 30, 2020
As of December 31, 2019
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Investments Classified by Contractual Maturity Date | The amortized cost and fair value of available for sale investment and mortgage-related securities available for sale as of June 30, 2020 and December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of held to maturity investment securities as of June 30, 2020 and December 31, 2019, by contractual maturity, are shown below:
(1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Summary of Held-to-maturity Debt Securities | The amortized cost and fair value of investment securities held to maturity as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020
As of December 31, 2019
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Summary of Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the aggregate amount of gross unrealized losses as of December 31, 2019 on held to maturity securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of December 31, 2019
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Loans and Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table details the amortized cost of loans and leases as of the dates indicated:
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Schedule of Components of Leveraged Lease Investments | The following table details the components of net investment in leases:
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Schedule of Financing Receivables, Non Accrual Status | The following table details the amortized cost of nonperforming loans and leases as of the dates indicated:
The following tables present the amortized cost basis of loans and leases on nonaccrual status and loans and leases past due over 89 days still accruing as of the dates indicated:
The following tables present the amortized cost basis of collateral-dependent loans and leases, indicating the type of collateral and the ACL determined through individual evaluation for credit loss, as of the dates indicated:
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Past Due Financing Receivables | The following tables present an aging of all portfolio loans and leases as of the dates indicated:
The following tables present an aging of originated portfolio loans and leases as of the dates indicated:
The following tables present an aging of acquired portfolio loans and leases as of the dates indicated:
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Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the ACL on loans and leases, by portfolio segment, for the three and six months ended June 30, 2020 and 2019: Roll-Forward of ACL on Loans and Leases
Roll-Forward of ACL on Loans and Leases
Roll-Forward of ACL on Loans and Leases
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Financing Receivable Credit Quality Indicators | The following table details the amortized cost of portfolio loans and leases, by year of origination (for term loans) and by risk grade within each portfolio segment as of June 30, 2020:
(1) Year originated or renewed, whichever is more recent.
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Troubled Debt Restructurings on Financing Receivables | The following table presents the balance of TDRs as of the indicated dates:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements. The following tables present information regarding loan and lease modifications categorized as TDRs for the three and six months ended June 30, 2020:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements. The following table presents information regarding the types of loan and lease modifications made for the three and six months ended June 30, 2020:
(1) The Corporation began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the above table. For more information on the criteria for classifying loans as TDRs, see Note 1 – Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies to the Unaudited Consolidated Financial Statements.
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Mortgage Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Asset at Amortized Cost | The following table summarizes the Corporation’s activity related to mortgage servicing rights (“MSRs”) for the three and six months ended June 30, 2020 and 2019:
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Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | As of June 30, 2020, and December 31, 2019, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10% and 20% adverse changes in those assumptions are as follows:
(1) Represents the weighted average prepayment rate for the life of the MSR asset.
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Goodwill and Intangibles Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | The following table presents activity in the Corporation's goodwill by its reporting units and finite-lived and indefinite-lived intangible assets, other than MSRs, for the six months ended June 30, 2020:
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | The following table details the components of deposits:
|
Short-Term Borrowings and Long-Term FHLB Advances (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Federal Home Loan Bank Advances [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | A summary of short-term borrowings is as follows:
(1) Overnight repurchase agreements with no expiration date
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Schedule of Additional Information on Short Term Borrowings | The following table sets forth information concerning short-term borrowings:
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Schedule of Maturities of Long-term Debt | The following table presents the remaining periods until maturity of long-term FHLB advances:
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Schedule of Federal Home Loan Bank Advances and Other Borrowings Maturities | The following table presents rate and maturity information on FHLB advances and other borrowings:
(1) Maturity range, weighted average rate and coupon rate range refers to June 30, 2020 balances.
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Subordinated Notes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following tables detail the subordinated notes, including debt issuance costs, as of June 30, 2020, and December 31, 2019:
(1) The 2027 Notes bear interest at an annual fixed rate of 4.25% from the date of issuance until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.050% until December 15, 2027, or any early redemption date. (2) The 2025 Notes bear interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date.
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Operating Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Cost | The components of lease expense were as follows:
Supplemental cash flow information related to leases was as follows:
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Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of June 30, 2020 are as follows:
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Derivative Instruments and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables detail the derivative instruments as of June 30, 2020 and December 31, 2019:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:
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Reclassification out of Accumulated Other Comprehensive Income | The following table details the amounts reclassified from each component of accumulated other comprehensive income (loss) to each component’s applicable income statement line, for the three and six months ended June 30, 2020 and 2019:
(1) Accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost.
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Earnings per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Corporation’s noninterest income by revenue stream and reportable segment for the three and six months ended June 30, 2020 and 2019. Items outside the scope of ASC 606 are noted as such.
(1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $733 thousand and $525 thousand for the three months ended June 30, 2020 and 2019, respectively, which are within the scope of ASC 606.
(1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $1.4 million and $1.0 million for the six months ended June 30, 2020 and 2019, respectively, which are within the scope of ASC 606.
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Stock-based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Stock Options, Activity | The following table provides information about options outstanding for the three and six months ended June 30, 2020:
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Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows for the periods presented:
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | The following table provides information about options outstanding and exercisable at June 30, 2020:
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Schedule of Nonvested Restricted Stock Units Activity | The following table details the RSUs for the three and six months ended June 30, 2020:
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Schedule of Nonvested Performance-based Units Activity | The following table details the PSUs for the three and six months ended June 30, 2020:
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables present the Corporation’s assets measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019:
The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value by Balance Sheet Grouping | The carrying amount and fair value of the Corporation’s financial instruments are as follows:
(1) See Note 19 in the Notes to Unaudited Consolidated Financial Statements above for a description of hierarchy levels.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables detail the Corporation’s segments for the three and six months ended June 30, 2020 and 2019:
(1) Inter-segment revenues consist of rental payments, interest on deposits and management fees. Wealth Management Segment Information
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Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
trust
|
Jan. 01, 2020
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of trusts acquired | trust | 2 | ||
Accrued interest receivable on loans and leases | $ 12,500 | $ 12,500 | |
Accrued interest receivable on held to maturity debt securities | 36 | 36 | |
Accrued interest on available for sale debt securities | 1,900 | 1,900 | |
ACL on OBS credit exposure | 3,300 | 3,300 | $ 360 |
ACL on OBS credit exposure, provision (release) for credit losss | $ (867) | $ 2,100 |
Investment Securities - Narrative (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
security
|
Dec. 31, 2019
USD ($)
|
|
Investments, Debt and Equity Securities [Abstract] | ||
Number of available-for-sale investments | security | 392 | |
Number of securities in an unrealized loss position | security | 14 | |
Percentage of available-for-sale securities | 97.00% | |
Securities pledged as collateral | $ 268,200 | $ 156,400 |
Accrued interest receivable on held to maturity debt securities | 36 | |
Investment securities held in trading accounts | $ 7,801 | $ 8,621 |
Investment Securities - Amortized Cost and Fair Value of Securities Held to Maturity (Details) - Mortgage-backed securities - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity securities, amortized cost | $ 12,592 | $ 12,577 |
Held to maturity securities, gross unrealized gains | 403 | 104 |
Held to maturity securities, gross unrealized losses | 0 | (20) |
Held to maturity securities, fair value | $ 12,995 | $ 12,661 |
Investment Securities - Securities Held to Maturity in an Unrealized Loss Position (Details) - Mortgage-backed securities $ in Thousands |
Dec. 31, 2019
USD ($)
|
---|---|
Fair Value | |
Held to maturity securities, less than 12 months, fair value | $ 3,159 |
Held to maturity securities, 12 months or longer, fair value | 0 |
Held to maturity securities, fair value | 3,159 |
Unrealized Losses | |
Held to maturity securities, less than 12 months, unrealized losses | (20) |
Held to maturity securities, 12 months or longer, unrealized losses | 0 |
Held to maturity securities, unrealized losses | $ (20) |
Investment Securities - Amortized Cost and Fair Value of Held to Maturity Securities (Details) - Mortgage-backed securities - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 12,592 | $ 12,577 |
Fair Value | $ 12,995 | $ 12,661 |
Loans and Leases - Net Investments in Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | $ 183,281 | $ 183,138 |
Unearned lease income | (23,528) | (24,454) |
Initial direct costs and deferred fees | 6,474 | 6,394 |
Total Leases | 166,227 | 165,078 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 178,407 | 174,385 |
Unearned lease income | (23,182) | (23,641) |
Initial direct costs and deferred fees | 6,394 | 6,223 |
Total Leases | 161,619 | 156,967 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 4,874 | 8,753 |
Unearned lease income | (346) | (813) |
Initial direct costs and deferred fees | 80 | 171 |
Total Leases | $ 4,608 | $ 8,111 |
Mortgage Servicing Rights - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | $ 4,450 | ||||
Balance, end of period | $ 3,440 | 3,440 | |||
Fair value | 3,400 | 3,400 | $ 4,800 | ||
Residential mortgage | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | 4,115 | $ 4,910 | 4,450 | $ 5,047 | |
Additions | 0 | 0 | 0 | 0 | |
Amortization | (453) | (156) | (557) | (276) | |
Impairment | (222) | (10) | (453) | (27) | |
Balance, end of period | 3,440 | 4,744 | 3,440 | 4,744 | |
Fair value | 3,440 | 5,175 | 3,440 | 5,175 | $ 4,838 |
Residential mortgage loans serviced for others | $ 445,233 | $ 545,743 | $ 445,233 | $ 545,743 |
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Transfers and Servicing [Abstract] | ||
Sensitivity percent, adverse change in assumption, low | 10.00% | 10.00% |
Sensitivity percent, adverse change in assumption, high | 20.00% | 20.00% |
Fair value | $ 3.4 | $ 4.8 |
Mortgage Servicing Rights - Key Economic Assumptions and Sensitivity of Current Fair Value of MSRs (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
|
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 3,400 | $ 4,800 | |
Residential mortgage | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 3,440 | $ 4,838 | $ 5,175 |
Weighted average life (in years) | 4 years 8 months 12 days | 6 years | |
Prepayment speeds (constant prepayment rate) | 14.40% | 10.50% | |
10% adverse change | $ (151) | $ (149) | |
20% adverse change | $ (292) | $ (297) | |
Discount rate (as a percent) | 9.56% | 9.55% | |
10% adverse change | $ (88) | $ (166) | |
20% adverse change | $ (172) | $ (321) |
Goodwill and Intangibles Assets - Narrative (Details) - USD ($) |
5 Months Ended | |
---|---|---|
Oct. 31, 2019 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | |
Impairment of intangibles | $ 0 |
Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deposits [Abstract] | ||
Interest-bearing demand | $ 910,441 | $ 944,915 |
Money market | 1,239,523 | 1,106,478 |
Savings | 249,636 | 220,450 |
Retail time deposits | 400,186 | 405,123 |
Wholesale non-maturity deposits | 146,463 | 177,865 |
Wholesale time deposits | 79,903 | 89,241 |
Total interest-bearing deposits | 3,026,152 | 2,944,072 |
Noninterest-bearing deposits | 1,217,496 | 898,173 |
Total deposits | $ 4,243,648 | $ 3,842,245 |
Short-Term Borrowings and Long-Term FHLB Advances - Short-term Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 28,891 | $ 493,219 | $ 207,828 |
Repurchase agreements – commercial customers | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 28,891 | 10,819 | |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 482,400 |
Short-Term Borrowings and Long-Term FHLB Advances - Information Concerning Short-term Borrowings (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Long-term Federal Home Loan Bank Advances [Abstract] | |||||
Balance at period-end | $ 28,891 | $ 207,828 | $ 28,891 | $ 207,828 | $ 493,219 |
Maximum amount outstanding at any month end | 174,431 | 207,828 | 174,431 | 207,828 | |
Average balance outstanding during the period | $ 136,816 | $ 68,529 | $ 138,700 | $ 112,844 | |
Weighted-average interest rate: | |||||
As of the period-end (as a percent) | 0.10% | 2.33% | 0.10% | 2.33% | |
Paid during the period (as a percent) | 0.68% | 2.09% | 0.99% | 2.32% |
Short-Term Borrowings and Long-Term FHLB Advances - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Long-term FHLB advances | $ 44,800 | $ 52,300 |
Federal Home Loan Bank stock | 4,506 | $ 23,744 |
Federal Home Loan Bank maximum borrowing capacity | 1,830,000 | |
Federal Home Loan Bank, advances, amount available | 1,780,000 | |
Overnight federal funds | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | 74,000 | |
Federal Reserve Discount Window | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | $ 166,800 |
Short-Term Borrowings and Long-Term FHLB Advances - Maturity of FHLB Advances and Other Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Total | $ 44,800 | $ 52,300 |
Short-term FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Within one year | 4,861 | 12,363 |
Over one year through five years | 39,976 | 39,906 |
Total | $ 44,837 | $ 52,269 |
Short-Term Borrowings and Long-Term FHLB Advances - Rate and Maturity Information on Federal Home Loan Bank Advances and Other Borrowings (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 44,800 | $ 52,300 |
Bullet maturity – fixed rate | Fixed Rate | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 44,837 | $ 52,269 |
Bullet maturity – fixed rate | Fixed Rate | Weighted average rate | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.73% | |
Bullet maturity – fixed rate | Fixed Rate | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.40% | |
Bullet maturity – fixed rate | Fixed Rate | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 2.13% |
Subordinated Notes - Narrative (Details) - Subordinated Debt - USD ($) |
Dec. 13, 2017 |
Aug. 06, 2015 |
---|---|---|
Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 70,000,000.0 | |
Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 30,000,000.0 |
Subordinated Notes - Subordinated Notes, Including Debt Issuance Costs (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Subordinated debt | $ 98,794 | $ 98,705 |
Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 69,071 | $ 69,009 |
Stated interest rate | 4.25% | 4.25% |
Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 29,723 | $ 29,696 |
Stated interest rate | 4.75% | 4.75% |
Subordinated Debt | Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | |
Subordinated Debt | Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Subordinated Debt | LIBOR | Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.05% | |
Subordinated Debt | LIBOR | Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.068% |
Operating Leases - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 39,348 | $ 40,961 |
Operating lease liabilities | $ 43,693 | $ 45,258 |
Weighted average remaining lease term | 13 years 11 months 8 days | |
Weighted average discount rate (as a percent) | 3.58% | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 3 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 22 years |
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||||
Operating lease expense | $ 1,198 | $ 1,333 | $ 2,396 | $ 2,663 |
Short term lease expense | 14 | 14 | 29 | 29 |
Variable lease expense | 308 | 392 | 665 | 810 |
Sublease income | (8) | (7) | (17) | (16) |
Total lease expense | $ 1,512 | $ 1,732 | $ 3,073 | $ 3,486 |
Operating Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 2,348 | $ 2,561 |
ROU assets obtained in exchange for lease liabilities | $ 0 | $ 44,944 |
Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
2020 | $ 2,357 | |
2021 | 4,479 | |
2022 | 4,200 | |
2023 | 4,047 | |
2024 | 4,076 | |
2025 and thereafter | 37,308 | |
Total lease payments | 56,467 | |
Less: imputed interest | 12,774 | |
Operating lease liabilities | $ 43,693 | $ 45,258 |
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative liability held as collateral | $ 157.5 | $ 63.8 |
Fair value of net derivatives | $ 143.3 | $ 46.7 |
Accounting for Uncertainty in Income Taxes (Details) - USD ($) |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties | $ 0 | $ 0 |
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | $ 5,060 | $ 4,548 | $ 11,346 | $ 9,162 |
Income tax expense | 4,010 | 4,239 | 1,053 | 7,003 |
Net income | 15,035 | 15,785 | 3,872 | 26,462 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Unfunded pension liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | 17 | 13 | 35 | 24 |
Income tax expense | (3) | (3) | (7) | (5) |
Net income | $ 14 | $ 10 | $ 28 | $ 19 |
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 15,035 | $ 15,785 | $ 3,872 | $ 26,462 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 19,926,737 | 20,144,651 | 19,989,948 | 20,156,509 |
Effect of dilutive common shares (in shares) | 81,482 | 99,758 | 87,211 | 99,960 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding (in shares) | 20,008,219 | 20,244,409 | 20,077,159 | 20,256,469 |
Basic earnings per share (in dollars per share) | $ 0.75 | $ 0.78 | $ 0.19 | $ 1.31 |
Diluted earnings per share (in dollars per share) | $ 0.75 | $ 0.78 | $ 0.19 | $ 1.31 |
Antidilutive shares excluded from computation of average dilutive earnings per share (in shares) | 76,038 | 14,441 | 71,260 | 30,506 |
Stock-Based Compensation - Proceeds, Related Tax Benefits Realized from Options Exercised and Intrinsic Value of Options Exercised (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement [Abstract] | ||||
Proceeds from exercise of stock options | $ 0 | $ 82 | $ 5 | $ 622 |
Related tax benefit recognized | 0 | 18 | 2 | 155 |
Net proceeds of options exercised | 0 | 100 | 7 | 777 |
Intrinsic value of options exercised | $ 0 | $ 86 | $ 8 | $ 738 |
Stock-Based Compensation - Options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Share-based Payment Arrangement [Abstract] | |||
Options outstanding (in shares) | 563 | 563 | 901 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 21.32 | $ 21.32 | $ 19.33 |
Aggregate intrinsic value, options outstanding | $ 4 | ||
Weighted average contractual term, options outstanding (Year) | 3 years 7 months 6 days | ||
Exercisable options (in shares) | 563 | ||
Weighted average exercise price, exercisable options (in dollars per share) | $ 21.32 | ||
Aggregate intrinsic value, exercisable options | $ 4 | ||
Weighted average contractual term, exercisable options (Year) | 3 years 7 months 6 days |
Stock-Based Compensation - Unvested Restricted Stock Units Awards (Details) - Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Number of Shares | ||
Balance (in shares) | 136,725 | 115,466 |
Granted (in shares) | 0 | 26,818 |
Vested (in shares) | (6,799) | (11,772) |
Forfeited (in shares) | 0 | (586) |
Balance (in shares) | 129,926 | 129,926 |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 38.02 | $ 38.57 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 35.90 |
Vested, weighted average grant date fair value (in dollars per share) | 39.82 | 39.73 |
Forfeited, weighted average grant date fair value (in dollars per share) | 0 | 35.74 |
Balance, weighted average grant date fair value (in dollars per share) | $ 37.92 | $ 37.92 |
Stock-Based Compensation - Unvested Performance Stock Awards (Details) - Performance Stock Awards - $ / shares |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Number of Shares | ||
Balance (in shares) | 189,808 | 136,271 |
Granted (in shares) | 0 | 53,685 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | (148) |
Balance (in shares) | 189,808 | 189,808 |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 37.31 | $ 37.87 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 35.90 |
Vested, weighted average grant date fair value (in dollars per share) | 0 | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | 0 | 40.35 |
Balance, weighted average grant date fair value (in dollars per share) | $ 37.31 | $ 37.31 |
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Allowance for Loan and Lease Loss | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Valuation allowance, period increase (decrease) | $ (110) | $ 122 |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount on appraisals of secured collateral (as a percent) | 10.00% | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount on appraisals of secured collateral (as a percent) | 50.00% |
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Commitments and obligations, liability outstanding | $ 13.2 | $ 20.7 |
Commitments to Extend Credit | ||
Loss Contingencies [Line Items] | ||
Commitments and obligations, liability outstanding | $ 826.3 | $ 828.9 |
Subsidiary | Snyder v Crusador Servicing Corporation Case | ||
Loss Contingencies [Line Items] | ||
Ownership percentage of subsidiary | 80.00% |
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