Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | TOMPKINS FINANCIAL CORP | ||
Entity Central Index Key | 1,005,817 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Trading Symbol | TMP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 776,843 | ||
Entity Common Stock, Shares Outstanding | 15,185,900 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and noninterest bearing balances due from banks | $ 62,074 | $ 56,261 |
Interest bearing balances due from banks | 1,880 | 1,996 |
Cash and Cash Equivalents | 63,954 | 58,257 |
Trading securities, at fair value | 0 | 7,368 |
Available-for-sale securities, at fair value (amortized cost of $1,442,724 at December 31, 2016 and $1,390,255 at December 31, 2015) | 1,429,538 | 1,385,684 |
Held-to-maturity securities, at amortized cost (fair value of $142,832 at December 31, 2016 and $146,686 at December 31, 2015) | 142,119 | 146,071 |
Originated loans and leases, net of unearned income and deferred costs and fees | 3,863,922 | 3,310,768 |
Acquired loans | 394,111 | 461,274 |
Less: Allowance for loan and lease losses | 35,755 | 32,004 |
Net Loans and Leases | 4,222,278 | 3,740,038 |
Federal Home Loan Bank and other stock | 43,133 | 29,969 |
Bank premises and equipment, net | 70,016 | 60,331 |
Corporate owned life insurance | 77,905 | 75,792 |
Goodwill | 92,623 | 91,792 |
Other intangible assets, net | 11,349 | 12,448 |
Accrued interest and other assets | 83,841 | 82,245 |
Total Assets | 6,236,756 | 5,689,995 |
Interest bearing: | ||
Checking, savings and money market | 2,518,318 | 2,401,519 |
Time | 870,788 | 855,133 |
Noninterest bearing | 1,236,033 | 1,138,654 |
Total Deposits | 4,625,139 | 4,395,306 |
Federal funds purchased and securities sold under agreements to repurchase | 69,062 | 136,513 |
Other borrowings | 884,815 | 536,285 |
Trust preferred debentures | 37,681 | 37,509 |
Other liabilities | 70,654 | 67,916 |
Total Liabilities | 5,687,351 | 5,173,529 |
Tompkins Financial Corporation shareholders’ equity: | ||
Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 15,171,816 at December 31, 2016; and 15,015,594 at December 31, 2015 | 1,517 | 1,502 |
Additional paid-in capital | 357,414 | 350,823 |
Retained earnings | 230,182 | 197,445 |
Accumulated other comprehensive loss | (37,109) | (31,001) |
Treasury stock, at cost – 117,997 shares at December 31, 2016, and 116,126 shares at December 31, 2015 | (4,051) | (3,755) |
Total Tompkins Financial Corporation Shareholders’ Equity | 547,953 | 515,014 |
Noncontrolling interests | 1,452 | 1,452 |
Total Equity | 549,405 | 516,466 |
Total Liabilities and Equity | $ 6,236,756 | $ 5,689,995 |
CONSOLIDATED STATEMENTS OF CON3
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, at amortized cost | $ 1,442,724 | $ 1,390,255 |
Fair Value | $ 142,832 | $ 146,686 |
Common Stock, par value (in dollars per share) | $ 0.1 | $ 0.10 |
Common Stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Common Stock, issued (in shares) | 15,171,816 | 15,015,594 |
Treasury stock, shares (in shares) | 117,997 | 116,126 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST AND DIVIDEND INCOME | |||
Loans | $ 169,630 | $ 154,636 | $ 150,966 |
Due from banks | 6 | 4 | 2 |
Trading securities | 220 | 352 | 418 |
Available-for-sale securities | 27,846 | 29,525 | 31,298 |
Held-to-maturity securities | 3,603 | 3,100 | 999 |
Federal Home Loan Bank stock and Federal Reserve Bank stock | 1,434 | 1,129 | 810 |
Total Interest and Dividend Income | 202,739 | 188,746 | 184,493 |
INTEREST EXPENSE | |||
Time certificates of deposits of $250,000 or more | 1,654 | 1,367 | 1,370 |
Other deposits | 9,059 | 9,084 | 9,711 |
Federal funds purchased and securities sold under agreements to repurchase | 2,228 | 2,709 | 2,947 |
Trust preferred debentures | 2,390 | 2,308 | 2,287 |
Other borrowings | 6,772 | 4,897 | 4,368 |
Total Interest Expense | 22,103 | 20,365 | 20,683 |
Net Interest Income | 180,636 | 168,381 | 163,810 |
Less: Provision for loan and lease losses | 4,321 | 2,945 | 2,306 |
Net Interest Income After Provision for Loan and Lease Losses | 176,315 | 165,436 | 161,504 |
NONINTEREST INCOME | |||
Insurance commissions and fees | 29,492 | 29,286 | 28,489 |
Investment services income | 15,203 | 15,416 | 15,493 |
Service charges on deposit accounts | 8,793 | 9,325 | 9,404 |
Card services income | 8,058 | 7,837 | 7,942 |
Mark-to-market loss on trading securities | (182) | (295) | (269) |
Mark-to-market gain on liabilities held at fair value | 227 | 385 | 331 |
Other income | 6,291 | 8,878 | 8,984 |
Net gain on securities transactions | 926 | 1,108 | 391 |
Total Noninterest Income | 68,808 | 71,940 | 70,765 |
NONINTEREST EXPENSES | |||
Salaries and wages | 76,950 | 72,707 | 69,558 |
Pension and other employee benefits | 20,496 | 16,025 | 21,102 |
Net occupancy expense of premises | 12,521 | 12,312 | 12,203 |
Furniture and fixture expense | 6,450 | 6,146 | 5,708 |
FDIC insurance | 3,024 | 2,992 | 2,906 |
Amortization of intangible assets | 2,090 | 2,013 | 2,095 |
Other operating expenses | 37,076 | 37,667 | 41,121 |
Total Noninterest Expenses | 158,607 | 149,862 | 154,693 |
Income Before Income Tax Expense | 86,516 | 87,514 | 77,576 |
Income Tax Expense | 27,045 | 28,962 | 25,404 |
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 59,471 | 58,552 | 52,172 |
Less: Net income attributable to noncontrolling interests | 131 | 131 | 131 |
Net Income Attributable to Tompkins Financial Corporation | $ 59,340 | $ 58,421 | $ 52,041 |
Basic Earnings Per Share (in dollars per share) | $ 3.94 | $ 3.91 | $ 3.51 |
Diluted Earnings Per Share (in dollars per share) | $ 3.91 | $ 3.87 | $ 3.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | $ 59,471 | $ 58,552 | $ 52,172 |
Available-for-sale securities: | |||
Change in net unrealized gain/loss during the period | (4,615) | (4,946) | 11,459 |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (556) | (665) | (235) |
Employee benefit plans: | |||
Net retirement plan gain (loss) | (1,673) | 1,108 | (14,527) |
Net retirement plan prior service cost | (113) | 0 | 3,769 |
Amortization of net retirement plan actuarial gain | 803 | 1,331 | 639 |
Amortization of net retirement plan prior service cost (credit) | 46 | (3,818) | 3 |
Other comprehensive (loss) income | (6,108) | (6,990) | 1,108 |
Subtotal comprehensive income attributable to noncontrolling interests and Tompkins Financial Corporation | 53,363 | 51,562 | 53,280 |
Less: Total comprehensive income attributable to noncontrolling interests | (131) | (131) | (131) |
Total comprehensive income attributable to Tompkins Financial Corporation | $ 53,232 | $ 51,431 | $ 53,149 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | |||
Net income attributable to Tompkins Financial Corporation | $ 59,340 | $ 58,421 | $ 52,041 |
Adjustments to reconcile net income, attributable to Tompkins Financial Corporation, to net cash provided by operating activities: | |||
Provision for loan and lease losses | 4,321 | 2,945 | 2,306 |
Depreciation and amortization of premises, equipment, and software | 6,829 | 6,468 | 5,710 |
Accretion related to purchase accounting | 3,324 | 5,453 | 8,378 |
Amortization of intangible assets | 2,090 | 2,013 | 2,095 |
Earnings from corporate owned life insurance, net | (2,106) | (2,064) | (1,883) |
Net amortization on securities | 11,623 | 11,907 | 10,683 |
Mark-to-market loss on trading securities | 182 | 295 | 269 |
Mark-to-market gain loss on liabilities held at fair value | (227) | (385) | (331) |
Deferred income tax expense | 1,859 | 2,904 | 5,031 |
Net gain on sale of securities transactions | (926) | (1,108) | (391) |
Net (gain) loss on sale of loans | (95) | (54) | (362) |
Proceeds from sale of loans | 4,001 | 3,282 | 20,263 |
Loans originated for sale | (3,360) | (3,774) | (19,596) |
Gain on IRA conversion | 0 | 0 | (140) |
Gain on pension plan curtailment | 0 | (6,003) | 0 |
Net loss on sale of bank premises and equipment | 7 | 11 | 6 |
Net excess tax benefit from stock based compensation | 1,433 | 358 | 234 |
Stock-based compensation expense | 2,270 | 1,903 | 1,506 |
(Increase) decrease in interest receivable | (957) | 85 | 68 |
Increase (decrease) in accrued interest payable | (71) | 105 | (253) |
Proceeds from maturities, calls and principal paydowns of trading securities | 5,781 | 1,315 | 1,711 |
Proceeds from sales of trading securities | 1,397 | 0 | 0 |
Contribution to pension plan | (1,300) | 0 | 0 |
Other, net | 2,093 | 9,631 | 7,008 |
Net Cash Provided by Operating Activities | 90,860 | 82,802 | 77,597 |
INVESTING ACTIVITIES | |||
Proceeds from maturities, calls and principal paydowns of available-for-sale securities | 244,456 | 249,800 | 219,082 |
Proceeds from sales of available-for-sale securities | 97,296 | 137,594 | 90,551 |
Proceeds from maturities, calls and principal paydowns of held-to-maturity securities | 11,776 | 11,709 | 11,557 |
Purchases of available-for-sale securities | (404,528) | (391,116) | (348,555) |
Purchases of held-to-maturity securities | (8,207) | (69,947) | (80,817) |
Net increase in loans and leases | (485,067) | (375,205) | (195,010) |
Net (increase) decrease in Federal Home Loan Bank and Federal Reserve Bank Stock | (13,164) | (8,710) | 3,782 |
Proceeds from sale of bank premises and equipment | 100 | 87 | 198 |
Purchases of bank premises and equipment | (16,056) | (6,343) | (9,040) |
Purchased of corporate owned life insurance | 0 | 0 | (2,500) |
Net cash used in acquisitions | (218) | 0 | (415) |
Other, net | 119 | (789) | 412 |
Net Cash Used in Investing Activities | (573,493) | (452,920) | (310,755) |
FINANCING ACTIVITIES | |||
Net increase in demand, money market, and savings deposits | 214,178 | 269,100 | 189,559 |
Net (decrease) increase in time deposits | 16,946 | (41,440) | 34,243 |
Net decrease in securities sold under agreements to repurchase and Federal funds purchased | (67,279) | (9,400) | (19,555) |
Increase in other borrowings | 761,001 | 452,759 | 339,948 |
Repayment of other borrowings | (412,245) | (272,630) | (314,606) |
Net shares issued related to restricted stock awards | (835) | (195) | 64 |
Cash dividends | (26,603) | (25,411) | (23,983) |
Repurchase of common stock | (1,166) | (3,505) | (4,602) |
Shares issued for dividend reinvestment plan | 3,201 | 0 | 2,186 |
Shares issued for employee stock ownership plan | 1,938 | 1,595 | 1,528 |
Common stock issued | 0 | 50 | 50 |
Net proceeds from exercise of stock options | (806) | 1,382 | 1,512 |
Net Cash Provided by Financing Activities | 488,330 | 372,305 | 206,344 |
Net Increase (Decrease) Cash and Cash Equivalents | 5,697 | 2,187 | (26,814) |
Cash and cash equivalents at beginning of year | 58,257 | 56,070 | 82,884 |
Total Cash & Cash Equivalents at End of Year | 63,954 | 58,257 | 56,070 |
Supplemental Cash Flow Information | |||
Cash paid during the year for - Interest | 23,465 | 21,768 | 22,660 |
Cash paid, net of refunds, during the year for - Income taxes | 24,665 | 22,672 | 10,764 |
Non-cash investing and financing activities: | |||
Transfer of loans to other real estate owned | $ 1,179 | $ 1,276 | $ 5,591 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests |
Balances at Beginning at Dec. 31, 2013 | $ 457,939 | $ 1,479 | $ 346,096 | $ 137,102 | $ (25,119) | $ (3,071) | $ 1,452 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 52,172 | 52,041 | 131 | ||||
Other comprehensive income (loss) | 1,108 | 1,108 | |||||
Total Comprehensive Income | 53,280 | ||||||
Cash dividends ($1.62, 1.70 and 1.77 per share for the years ended December 31, 2014, 2015 and 2016 respectively) | (23,983) | (23,983) | |||||
Net exercise of stock options and related tax benefit (75,323, 80,681 and 39,931 shares, net for the years ended December 31, 2014, 2015 and 2016 respectively) | 1,746 | 7 | 1,739 | ||||
Common stock repurchased and returned to unissued status (101,466, 67,481, and 22,356 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | (4,602) | (10) | (4,592) | ||||
Stock-based compensation expense | 1,506 | 1,506 | |||||
Shares issued for dividend reinvestment plan (46,081 and 45,148 shares for the years ended December 31, 2014 and 2016 respectively) | 2,186 | 4 | 2,182 | ||||
Shares issued for employee stock ownership plan (31,192, 29,575, and 31,435 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 1,528 | 3 | 1,525 | ||||
Directors deferred compensation plan (5,987, 4,690, and 1,871 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 0 | 329 | (329) | ||||
Restricted stock activity (94,137, 40,505, and 29,511 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 64 | 10 | 54 | ||||
Shares issued for purchase acquisition (1,080, 960, and 32,553 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | 50 | 50 | |||||
Dividend to noncontrolling interests | (131) | (131) | |||||
Balances at Ending at Dec. 31, 2014 | 489,583 | 1,493 | 348,889 | 165,160 | (24,011) | (3,400) | 1,452 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 58,552 | 58,421 | 131 | ||||
Other comprehensive income (loss) | (6,990) | (6,990) | |||||
Total Comprehensive Income | 51,562 | ||||||
Cash dividends ($1.62, 1.70 and 1.77 per share for the years ended December 31, 2014, 2015 and 2016 respectively) | (25,411) | (25,411) | |||||
Net exercise of stock options and related tax benefit (75,323, 80,681 and 39,931 shares, net for the years ended December 31, 2014, 2015 and 2016 respectively) | 1,740 | 8 | 1,732 | ||||
Common stock repurchased and returned to unissued status (101,466, 67,481, and 22,356 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | (3,505) | (6) | (3,499) | ||||
Stock-based compensation expense | 1,903 | 1,903 | |||||
Shares issued for employee stock ownership plan (31,192, 29,575, and 31,435 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 1,595 | 3 | 1,592 | ||||
Directors deferred compensation plan (5,987, 4,690, and 1,871 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 0 | 355 | (355) | ||||
Restricted stock activity (94,137, 40,505, and 29,511 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | (195) | 4 | (199) | ||||
Shares issued for purchase acquisition (1,080, 960, and 32,553 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | 50 | 50 | |||||
Adoption of ASU 2014-01 Investments Accounting for Investments in Qualified Affordable Housing Projects | (725) | (725) | |||||
Dividend to noncontrolling interests | (131) | (131) | |||||
Balances at Ending at Dec. 31, 2015 | 516,466 | 1,502 | 350,823 | 197,445 | (31,001) | (3,755) | 1,452 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to noncontrolling interests and Tompkins Financial Corporation | 59,471 | 59,340 | 131 | ||||
Other comprehensive income (loss) | (6,108) | (6,108) | |||||
Total Comprehensive Income | 53,363 | ||||||
Cash dividends ($1.62, 1.70 and 1.77 per share for the years ended December 31, 2014, 2015 and 2016 respectively) | (26,603) | (26,603) | |||||
Net exercise of stock options and related tax benefit (75,323, 80,681 and 39,931 shares, net for the years ended December 31, 2014, 2015 and 2016 respectively) | (806) | 4 | (810) | ||||
Common stock repurchased and returned to unissued status (101,466, 67,481, and 22,356 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | (1,166) | (2) | (1,164) | ||||
Stock-based compensation expense | 2,270 | 2,270 | |||||
Shares issued for dividend reinvestment plan (46,081 and 45,148 shares for the years ended December 31, 2014 and 2016 respectively) | 3,201 | 4 | 3,197 | ||||
Shares issued for employee stock ownership plan (31,192, 29,575, and 31,435 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 1,938 | 3 | 1,935 | ||||
Directors deferred compensation plan (5,987, 4,690, and 1,871 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | 0 | 296 | (296) | ||||
Restricted stock activity (94,137, 40,505, and 29,511 shares for the years ended December 31, 2014, 2015 and 2016 respectively) | (835) | 3 | (838) | ||||
Shares issued for purchase acquisition (1,080, 960, and 32,553 shares for the years ended December 31, 2014, 2015, and 2016 respectively) | 1,708 | 3 | 1,705 | ||||
Dividend to noncontrolling interests | (131) | (131) | |||||
Balances at Ending at Dec. 31, 2016 | $ 549,405 | $ 1,517 | $ 357,414 | $ 230,182 | $ (37,109) | $ (4,051) | $ 1,452 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 1.77 | $ 1.70 | $ 1.62 |
Net exercise of stock options and related tax benefit, shares | 39,931 | 80,681 | 75,323 |
Common stock repurchased and returned to unissued status, shares | 22,356 | 67,481 | 101,466 |
Shares issued for dividend reinvestment plan. shares | 45,148 | 46,081 | |
Shares issued for employee stock ownership plan, shares | 31,435 | 29,575 | 31,192 |
Directors deferred compensation plan, shares | 1,871 | 4,690 | 5,987 |
Restricted stock activity, shares | 29,511 | 40,505 | 94,137 |
Shares issued for purchase acquisition, shares | 32,553 | 960 | 1,080 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies BASIS OF PRESENTATION: Tompkins Financial Corporation (“Tompkins” or “the Company”) is a registered Financial Holding Company with the Federal Reserve Board pursuant to the Bank Holding Company Act of 1956, as amended, organized under the laws of New York State, and is the parent company of Tompkins Trust Company (the “Trust Company”), The Bank of Castile, Mahopac Bank (formerly known as The Mahopac National Bank), VIST Bank, Tompkins Insurance Agencies, Inc. (“Tompkins Insurance”) and TFA Management, Inc. The Trust Company provides a full array of trust and investment services under the Tompkins Financial Advisors brand. Unless the context otherwise requires, the term “Company” refers to Tompkins Financial Corporation and its subsidiaries. The consolidated financial information included herein combines the results of operations, the assets, liabilities, and shareholders’ equity (including comprehensive income or loss) of the Company and all entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under U.S. accounting principles generally accepted. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIEs) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries, Tompkins Capital Trust I, Sleepy Hollow Capital Trust I, Leesport Capital Trust II, and Madison Statutory Trust I are VIE’s for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclose contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the allowance for loan and lease losses, valuation of goodwill and intangible assets, deferred income tax assets, other-than-temporary impairment on investments, and obligations related to employee benefits. Amounts in the prior years’ consolidated financial statements are reclassified when necessary to conform to the current year’s presentation. The consolidated financial information included herein combines the results of operations, the assets, liabilities, and shareholders’ equity of the Company and its subsidiaries. Amounts in the prior periods’ unaudited condensed consolidated financial statements are reclassified when necessary to conform to the current periods’ presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure and determined that no further disclosures were required. CASH AND CASH EQUIVALENTS: Cash and cash equivalents in the Consolidated Statements of Cash Flows include cash and noninterest bearing balances due from banks, interest-bearing balances due from banks, Federal funds sold, and money market funds. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risk on cash and cash equivalents. Each bank subsidiary is required to maintain reserve balances by the Federal Reserve Bank of New York. At December 31, 2016 , and December 31, 2015 , the reserve requirements for the Company’s banking subsidiaries totaled $6.6 million and $5.4 million , respectively. SECURITIES: Management determines the appropriate classification of debt and equity securities at the time of purchase. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Debt securities not classified as held-to-maturity and marketable equity securities are classified as either available-for-sale or trading. Available-for-sale securities are stated at fair value with the unrealized gains and losses, net of tax, excluded from earnings and reported as a separate component of accumulated comprehensive income or loss, in shareholders’ equity. Trading securities are stated at fair value, with unrealized gains or losses included in earnings. Securities with limited marketability or restricted equity securities, such as Federal Home Loan Bank stock and Federal Reserve Bank stock, are carried at cost. Premiums and discounts are amortized or accreted over the expected life of the related security as an adjustment to yield using the interest method. Dividend and interest income are recognized when earned. Realized gains and losses on the sale of securities are included in net gain on securities transactions. The cost of securities sold is based on the specific identification method. At least quarterly, the Company performs an assessment to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered other-than-temporary impairment. A debt security is considered impaired if the fair value is less than its amortized cost basis at the reporting date. If impaired, the Company then assesses whether the unrealized loss is other-than-temporary. An unrealized loss on a debt security is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value, discounted at the security’s effective rate, of the expected future cash flows is less than the amortized cost basis of the debt security. As a result, the credit loss component of an other-than-temporary impairment write-down for debt securities is recorded in earnings while the remaining portion of the impairment loss is recognized, net of tax, in other comprehensive income provided that the Company does not intend to sell the underlying debt security and it is more-likely-than not that the Company would not have to sell the debt security prior to recovery of the unrealized loss, which may be to maturity. If the Company intended to sell any securities with an unrealized loss or it is more-likely-than not that the Company would be required to sell the investment securities, before recovery of their amortized cost basis, then the entire unrealized loss would be recorded in earnings. LOANS AND LEASES: Loans are reported at their principal outstanding balance, net of deferred loan origination fees and costs, and unearned income. The Company has the ability and intent to hold its loans for the foreseeable future, except for certain residential real estate loans held-for-sale. The Company provides motor vehicle and equipment financing to its customers through direct financing leases. These leases are carried at the aggregate of lease payments receivable, plus estimated residual values, less unearned income. Unearned income on direct financing leases is amortized over the lease terms, resulting in a level rate of return. Residential real estate loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Fair value is determined on the basis of the rates quoted in the secondary market. Net unrealized losses attributable to changes in market interest rates are recognized through a valuation allowance by charges to income. Loans are generally sold on a non-recourse basis with servicing retained. Any gain or loss on the sale of loans is recognized at the time of sale as the difference between the recorded basis in the loan and the net proceeds from the sale. The Company may use commitments at the time loans are originated or identified for sale to mitigate interest rate risk. The commitments to sell loans and the commitments to originate loans held-for-sale at a set interest rate, if originated, are considered derivatives under ASC Topic 815. The impact of the estimated fair value adjustment was not significant to the consolidated financial statements. Interest income on loans is accrued and credited to income based upon the principal amount outstanding. Loan origination fees and costs are deferred and recognized over the life of the loan as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments are due. Loans and leases, including impaired loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well secured and in the process of collection. Loans that are past due less than 90 days may also be classified as nonaccrual if repayment in full of principal or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within an acceptable time period, and there is a sustained period (generally six consecutive months) of repayment performance by the borrower in accordance with the contractual terms of the loan agreement. When interest accrual is discontinued, all unpaid accrued interest is reversed. Payments received on loans on nonaccrual are generally applied to reduce the principal balance of the loan. The Company applies the provisions of ASC Topic 310-10-35, Loan Impairment , to all impaired commercial and commercial real estate loans over $250,000 and to all loans restructured in a troubled debt restructuring. Allowances for loan losses for the remaining loans are recognized in accordance with ASC Topic 450, Contingencies (“ASC Topic 450”). Management considers a loan to be impaired if, based on current information, it is probable that the Company will be unable to collect all scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the effective interest rate of the loan or, as a practical expedient, at the observable market price or the fair value of collateral (less costs to sell) if the loan is collateral dependent. Management excludes large groups of smaller balance homogeneous loans such as residential mortgages, consumer loans, and leases, which are collectively evaluated. Loans are considered modified in a troubled debt restructuring (“TDR”) when, due to a borrower’s financial difficulties, the Company makes a concession(s) to the borrower that it would not otherwise consider. These modifications may include, among others, an extension for the term of the loan, and granting a period when interest-only payments can be made with the principal payments and interest caught up over the remaining term of the loan or at maturity. Generally, a nonaccrual loan that has been modified in a TDR remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. In general, the principal balance of a loan is charged off in full or in part when management concludes, based on the available facts and circumstances, that collection of principal in full is not probable. For commercial and commercial real estate loans, this conclusion is generally based upon a review of the borrower’s financial condition and cash flow, payment history, economic conditions, and the conditions in the various markets in which the collateral, if any, may be liquidated. In general, consumer loans are charged-off in accordance with regulatory guidelines which provide that such loans be charged-off when the Company becomes aware of the loss, such as from a triggering event that may include new information about a borrower’s intent/ability to repay the loan, bankruptcy, fraud or death, among other things, but in no case will the charge-off exceed specified delinquency timeframes. Such delinquency timeframes state that closed-end retail loans (loans with pre-defined maturity dates, such as real estate mortgages, home equity loans and consumer installment loans) that become past due 120 cumulative days and open-end retail loans (loans that roll-over at the end of each term, such as home equity lines of credit) that become past due 180 cumulative days should be classified as a loss and charged-off. For residential real estate loans, charge-off decisions are based upon past due status, current assessment of collateral value, and general market conditions in the areas where the properties are located. ACQUIRED LOANS AND LEASES : Loans acquired in acquisitions, subsequent to the effective date of ASC Topic 805, Business Combination, are recorded at fair value and subsequently accounted for in accordance with ASC Topic 310, and there is no carryover of the related allowance for loan and lease losses. Loans acquired with evidence of credit impairment are accounted for under ASC Subtopic 310-30. These loans may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. In the VIST acquisition, the Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Valuation allowances (recognized in the allowance for loan losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received). Acquired loans not exhibiting evidence of credit impairment at the time of acquisition are accounted for under ASC Subtopic 310-20. The Company amortizes/accretes into interest income the premium/discount determined at the date of purchase over the life of the loan on a level yield basis. Subsequent to the acquisition date, the methods used to estimate the appropriate allowance for loan losses are similar to originated loans. These loans are placed on nonaccrual status in accordance with the Company’s policy for originated loans. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. The Company determined at acquisition that it could reasonably estimate future cash flows on acquired loans that were past due 90 days or more and on which the Company expects to fully collect the carrying value of the loans net of the allowance for acquired loan losses. As such, the Company does not consider these loans to be nonaccrual or nonperforming. ALLOWANCE FOR LOAN AND LEASE LOSSES: The Company has developed a methodology to measure the amount of estimated loan loss exposure inherent in the loan portfolio to assure that an appropriate allowance is maintained. The Company’s methodology is based upon guidance provided in SEC Staff Accounting Bulletin No. 102, Selected Loan Loss Allowance Methodology and Documentation Issues and allowance allocations are calculated in accordance with ASC Topic 310, Receivables and ASC Topic 450, Contingencies . The model is comprised of four major components that management has deemed appropriate in evaluating the appropriateness of the allowance for loan and lease losses. While none of these components, when used independently, is effective in arriving at a reserve level that appropriately measures the risk inherent in the portfolio, management believes that using them collectively, provides reasonable measurement of the loss exposure in the portfolio. The components include: impaired loans; criticized and classified credits; historical loss experience; and qualitative or subjective analysis. For impaired loans, an allowance is recognized if the fair value of the loan is less than the recorded investment in the loan (recorded investment in the loan is the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). A loan’s fair value reflects the present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan is collateral dependent, the fair value of the collateral, less estimated disposal costs. If the loan is collateral dependent, the principal balance of the loan is charged-off in an amount equal to the impairment measurement. The fair value of collateral dependent loans is derived primarily from collateral appraisals performed by independent third-party appraisers. For loans that are not impaired, but are rated special mention or worse, management evaluates credits based on elevated risk characteristics and assigns reserves based upon analysis of historical loss experience of loans with similar risk characteristics. For loans that are not impaired or reviewed individually, management assigns a reserve based upon historical loss experience over a designated look-back period. Management has evaluated a variety of look-back periods and has determined that a seven year look back period is appropriate to capture a full range of economic cycles. Management has also evaluated a variety of statistical methods in analyzing loss history, including averages, weighted averages and loss emergence periods and has determined that by applying a loss emergence period analysis to historical losses over a full economic cycle has resulted in a reasonable estimate of losses inherent in the loan portfolio. The model also includes an analysis of a variety of subjective factors to support the reserve estimate. These subjective factors may include allowance allocations for risks that may not otherwise be fully recognized in other components of the model. Among the subjective factors that are routinely considered as part of this analysis are: growth trends in the portfolio, changes in management and/or polices related to lending activities, trends in classified or nonaccrual loans, concentrations of credit, local and national economic trends, and industry trends. Periodically, management conducts an analysis to estimate the loss emergence period for various loan categories based on samples of historical charge-offs. Model output by loan category is reviewed to evaluate the reasonableness of the reserve levels in comparison to the estimated loss emergence period applied to historical loss experience. In addition to the components discussed above, management reviews the model output for reasonableness by analyzing the results in comparisons to recent trends in the loan/lease portfolio, through back-testing of results from prior models in comparison to actual loss history, and by comparing our reserves and loss history to industry peer results. The model results are reviewed by management at the Corporate Credit Policy Committee and at the Audit Committee of the Board of Directors. Additionally, on an annual basis, management conducts a validation process of the model. This validation includes reviewing the appropriateness of model calculations, back testing of model results and appropriateness of key assumptions used in the model. In addition, various Federal and State regulatory agencies, as part of their examination process, review the Company’s allowance and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. For acquired credit impaired loans accounted for under FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, (“ASC Topic 310-30”), the Company’s allowance for loan and lease losses is estimated based upon our expected cash flows for these loans. To the extent that we experience a deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans. For acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs , (“ASC Topic 310-20”), the Company’s allowance for loan and lease losses is maintained through provisions for loan losses based upon an evaluation process that is similar to our evaluation process used for originated loans. This evaluation, which includes a review of loans on which full collectability may not be reasonably assured, considers, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan loss experience, carrying value of the loans, which includes the remaining net purchase discount or premium, and other factors that warrant recognition in determining our allowance for loan losses. PREMISES AND EQUIPMENT: Land is carried at cost. Premises and equipment are stated at cost, less allowances for depreciation. The provision for depreciation for financial reporting purposes is computed generally by the straight-line method at rates sufficient to write-off the cost of such assets over their estimated useful lives. Buildings are amortized over a period of 10 - 39 years, and furniture, fixtures, and equipment are amortized over a period of 2 - 20 years. Leasehold improvements are generally depreciated over the lesser of the lease term or the estimated lives of the improvements. Maintenance and repairs are charged to expense as incurred. Gains or losses on disposition are reflected in earnings. OTHER REAL ESTATE OWNED: Other real estate owned consists of properties formerly pledged as collateral to loans, which have been acquired by the Company through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Upon transfer of a loan to foreclosure status, an appraisal is generally obtained and any excess of the loan balance over the fair value, less estimated costs to sell, is charged against the allowance for loan/lease losses. Expenses and subsequent adjustments to the fair value are treated as other operating expense. GOODWILL: Goodwill represents the excess of purchase price over the fair value of assets acquired in a transaction using purchase accounting. Goodwill has an indefinite useful life and is not amortized, but is tested for impairment. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. The Company tests goodwill annually as of December 31 st . The Company has the option to perform a qualitative assessment of goodwill, which considers company-specific and economic characteristics that might impact its carrying value. If based on this qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then a quantitative test (Step 1) is performed, which compares the fair value of the reporting unit to the carrying amount of the reporting unit in order to identify potential impairment. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, a second step (Step 2) would be performed that would compare the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill for the reporting unit. The implied fair value of goodwill is determined in the same manner as goodwill that is recognized in a business combination. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting units. OTHER INTANGIBLE ASSETS: Other intangible assets include core deposit intangibles, customer related intangibles, covenants not to compete, and mortgage servicing rights. Core deposit intangibles represent a premium paid to acquire a base of stable, low cost deposits in the acquisition of a bank, or a bank branch, using purchase accounting. The amortization period for core deposit intangible ranges from 5 years to 10 years , using an accelerated method. The covenants not to compete are amortized on a straight-line basis over 3 to 6 years , while customer related intangibles are amortized on an accelerated basis over a range of 6 to 15 years . The amortization period is monitored to determine if circumstances require such periods to be revised. The Company periodically reviews its intangible assets for changes in circumstances that may indicate the carrying amount of the asset is impaired. The Company tests its intangible assets for impairment on an annual basis or more frequently if conditions indicate that an impairment loss has more likely than not been incurred. INCOME TAXES: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are reviewed quarterly and reduced by a valuation allowance if, based upon the information available, it is more likely than not that some or all of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE: Securities sold under agreements to repurchase (repurchase agreements) are agreements in which the Company transfers the underlying securities to a third-party custodian’s account that explicitly recognizes the Company’s interest in the securities. The agreements are accounted for as secured financing transactions provided the Company maintains effective control over the transferred securities and meets other criteria as specified in FASB ASC Topic 860, Transfers and Servicing (“ASC Topic 860”). The Company’s agreements are accounted for as secured financings; accordingly, the transaction proceeds are reflected as liabilities and the securities underlying the agreements continue to be carried in the Company’s securities portfolio. TREASURY STOCK: The cost of treasury stock is shown on the Consolidated Statements of Condition as a separate component of shareholders’ equity, and is a reduction to total shareholders’ equity. Shares are released from treasury at fair value, identified on an average cost basis. TRUST AND INVESTMENT SERVICES: Assets held in fiduciary or agency capacities for customers are not included in the accompanying Consolidated Statements of Condition, since such items are not assets of the Company. Fees associated with providing trust and investment services are included in noninterest income. EARNINGS PER SHARE: Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares outstanding during the year, exclusive of shares represented by the unvested portion of restricted stock and restricted stock units. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares outstanding during the year plus the dilutive effect of the unvested portion of restricted stock and restricted stock units and stock issuable upon conversion of common stock equivalents (primarily stock options) or certain other contingencies. The Company currently uses authoritative accounting guidance under ASC Topic 260, Earnings Per Share , which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company issues stock-based compensation awards that included restricted stock awards that contain such rights. SEGMENT REPORTING: The Company manages its operations through three reportable business segments in accordance with the standards set forth in FASB ASC Topic 280, “Segment Reporting”. The three segments are: (i) banking (“Banking”), (ii) insurance (“Tompkins Insurance Agencies, Inc.”) and (iii) wealth management (“Tompkins Financial Advisors”). The Company’s insurance services and wealth management services are managed separately from the Bank. Additional information on the segments is presented in Note 22- “Segment and Related Information.” COMPREHENSIVE INCOME : For the Company, comprehensive income represents net income plus the net change in unrealized gains or losses on securities available-for-sale for the period (net of taxes), and the actuarial gain or loss and amortization of unrealized amounts in the Company’s defined-benefit retirement and pension plan, supplemental employee retirement plan, and post-retirement life and healthcare benefit plan (net of taxes), and is presented in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity. Accumulated other comprehensive income (loss) represents the net unrealized gains or losses on securities available-for-sale (net of tax) and unrecognized net actuarial gain or loss, unrecognized prior service costs, and unrecognized net initial obligation (net of tax) in the Company’s defined-benefit retirement and pension plan, supplemen |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Available-for-Sale Securities The following tables summarize available-for-sale securities held by the Company at December 31, 2016 and 2015 : Available-for-Sale Securities December 31, 2016 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 527,057 $ 2,873 $ 2,303 $ 527,627 Obligations of U.S. states and political subdivisions 89,910 286 1,140 89,056 Mortgage-backed securities – residential, issued by U.S. Government agencies 159,417 1,081 2,272 158,226 U.S. Government sponsored entities 662,724 1,993 13,287 651,430 Non-U.S. Government agencies or sponsored entities 116 0 0 116 U.S. corporate debt securities 2,500 0 338 2,162 Total debt securities 1,441,724 6,233 19,340 1,428,617 Equity securities 1,000 0 79 921 Total available-for-sale securities $ 1,442,724 $ 6,233 $ 19,419 $ 1,429,538 Available-for-Sale Securities December 31, 2015 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 551,176 $ 3,512 $ 1,795 $ 552,893 Obligations of U.S. states and political subdivisions 83,981 898 153 84,726 Mortgage-backed securities – residential, issued by U.S. Government agencies 94,459 1,535 1,316 94,678 U.S. Government sponsored entities 656,947 3,599 10,449 650,097 Non-U.S. Government agencies or sponsored entities 192 2 0 194 U.S. corporate debt securities 2,500 0 338 2,162 Total debt securities 1,389,255 9,546 14,051 1,384,750 Equity securities 1,000 0 66 934 Total available-for-sale securities $ 1,390,255 $ 9,546 $ 14,117 $ 1,385,684 Held-to-Maturity Securities The following tables summarize held-to-maturity securities held by the Company at December 31, 2016 and 2015 : Held-to-Maturity Securities December 31, 2016 Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 132,098 $ 804 $ 283 $ 132,619 Obligations of U.S. states and political subdivisions 10,021 195 3 10,213 Total held-to-maturity debt securities $ 142,119 $ 999 $ 286 $ 142,832 Held-to-Maturity Securities Held-to-Maturity Securities December 31, 2015 Amortized Cost Gross Unrealized Gross Unrealized (in thousands) Obligations of U.S. Government sponsored entities $ 132,482 $ 649 $ 444 $ 132,687 Obligations of U.S. states and political subdivisions 13,589 414 4 13,999 Total held-to-maturity debt securities $ 146,071 $ 1,063 $ 448 $ 146,686 The following table sets forth information with regard to sales transactions of securities available-for-sale: Year ended December 31, (in thousands) 2016 2015 2014 Proceeds from sales $ 97,296 $ 137,594 $ 90,551 Gross realized gains 894 1,359 426 Gross realized losses 0 (282 ) (78 ) Net gains on sales of available-for-sale securities $ 894 $ 1,077 $ 348 There were no sales of held-to-maturity securities in 2016 , 2015 , and 2014 . The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2016 : December 31, 2016 Available-for-Sale Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government sponsored entities $ 208,940 $ 2,303 $ 0 $ 0 $ 208,940 $ 2,303 Obligations of U.S. states and political subdivisions 58,852 1,139 751 1 59,603 1,140 Mortgage-backed securities – residential, issued by U.S. Government agencies 98,307 1,570 22,376 702 120,683 2,272 U.S. Government sponsored entities 463,009 8,933 123,915 4,354 586,924 13,287 U.S. corporate debt securities 0 0 2,162 338 2,162 338 Equity Securities 0 0 921 79 921 79 Total available-for-sale securities $ 829,108 $ 13,945 $ 150,125 $ 5,474 $ 979,233 $ 19,419 The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2016 : Held-to-Maturity Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Losses Obligations of U.S. Government sponsored entities $ 40,802 $ 283 $ 0 $ 0 $ 40,802 $ 283 Obligations of U.S. sponsored entities 2,567 3 0 0 2,567 3 Total held-to-maturity securities $ 43,369 $ 286 $ 0 $ 0 $ 43,369 $ 286 The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2015 : December 31, 2015 Available-for-Sale Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government sponsored entities $ 183,697 $ 1,618 $ 5,844 $ 177 $ 189,541 $ 1,795 Obligations of U.S. states and political subdivisions 25,402 141 3,408 12 28,810 153 Mortgage-backed securities – residential, issued by U.S. Government agencies 32,636 350 30,244 966 62,880 1,316 U.S. Government sponsored entities 364,420 4,102 176,325 6,347 540,745 10,449 U.S. corporate debt securities 0 0 2,163 338 2,163 338 Equity securities 0 0 934 66 934 66 Total available-for-sale securities $ 606,155 $ 6,211 $ 218,918 $ 7,906 $ 825,073 $ 14,117 The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2015 : Held-to-Maturity Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government sponsored entities $ 29,671 $ 444 $ 0 $ 0 $ 29,671 $ 444 Obligations of U.S. sponsored entities 1,966 4 0 0 1,966 4 Total held-to-maturity securities $ 31,637 $ 448 $ 0 $ 0 $ 31,637 $ 448 The gross unrealized losses reported for residential mortgage-backed securities relate to investment securities issued by U.S. government sponsored entities such as Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, U.S. government agencies such as Government National Mortgage Association, and non-agencies. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell the investment securities that are in an unrealized loss position until recovery of unrealized losses (which may be until maturity), and it is not more-likely-than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Accordingly, as of December 31, 2016 , and December 31, 2015 , management believes the unrealized losses detailed in the tables above are not other-than-temporary. The Company did no t recognize any net credit impairment charge to earnings on investment securities in 2016 or 2015 . The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2016 (in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less $ 17,878 $ 18,034 Due after one year through five years 376,777 378,631 Due after five years through ten years 210,985 208,999 Due after ten years 13,827 13,181 Total 619,467 618,845 Mortgage-backed securities 822,257 809,772 Total available-for-sale debt securities $ 1,441,724 $ 1,428,617 December 31, 2015 (in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less $ 53,936 $ 54,735 Due after one year through five years 351,462 353,736 Due after five years through ten years 219,161 218,561 Due after ten years 13,098 12,749 Total 637,657 639,781 Mortgage-backed securities 751,598 744,969 Total available-for-sale debt securities $ 1,389,255 $ 1,384,750 December 31, 2016 (in thousands) Amortized Cost Fair Value Held-to-maturity securities: Due in one year or less $ 7,452 $ 7,469 Due after one year through five years 27,480 27,866 Due after five years through ten years 107,187 107,497 Due after ten years 0 0 Total held-to-maturity debt securities $ 142,119 $ 142,832 December 31, 2015 (in thousands) Amortized Cost Fair Value Held-to-maturity securities: Due in one year or less $ 9,249 $ 9,294 Due after one year through five years 14,069 14,341 Due after five years through ten years 122,585 122,853 Due after ten years 168 198 Total held-to-maturity debt securities $ 146,071 $ 146,686 Trading Securities The following summarizes trading securities, at estimated fair value, as of: (in thousands) December 31, 2016 December 31, 2015 Obligations of U.S. Government sponsored entities $ 0 $ 6,601 Mortgage-backed securities – residential, issued by U.S. Government sponsored entities 0 767 Total trading securities $ 0 $ 7,368 During 2016 , the Company sold the remaining $1.5 million of trading securities, after principal repayments and maturities received. The pre-tax mark-to-market losses on trading securities were $182,000 , $295,000 and $269,000 for 2016 , 2015 and 2014 , respectively. The Company pledges securities as collateral for public deposits and other borrowings, and sells securities under agreements to repurchase. See “Note 9 - Federal Funds Purchased and Securities Sold Under Agreements to Repurchase” for further discussion. Securities carried of $1.2 billion at December 31, 2016 and 2015 , respectively, were either pledged or sold under agreements to repurchase. Except for U.S. government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of shareholders’ equity at December 31, 2016 . The Company has equity investments in small business investment companies (“SBIC”) established for the purpose of providing financing to small businesses in market areas served by the Company. As of December 31, 2016 and 2015 , these investments totaled $1.7 million and $1.8 million , respectively, and were included in other assets on the Company’s Consolidated Statements of Condition. These investments are accounted for either under the the cost method or the equity method of accounting. As of December 31, 2016 , the Company reviewed these investments and determined that there was no impairment. The Company also holds non-marketable Federal Home Loan Bank New York (“FHLBNY”) stock, non-marketable Federal Home Loan Bank Pittsburgh (“FHLBPITT”) stock and non-marketable Atlantic Community Bankers Bank (“ACBB”) stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in FHLB stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock, FHLBPITT stock and ACBB stock totaled $28.1 million , $14.9 million and $95,000 at December 31, 2016 , respectively. These securities are carried at par, which is also cost. The FHLBNY and FHLBPITT continue to pay dividends and repurchase stock. As such, the Company has not recognized any impairment on its holdings of FHLBNY and FHLBPITT stock. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases Loans and Leases at December 31, 2016 and December 31, 2015 were as follows: December 31, 2016 December 31, 2015 (in thousands) Originated Acquired Total Originated Acquired Total Commercial and industrial Agriculture $ 118,247 $ 0 $ 118,247 $ 88,299 $ 0 $ 88,299 Commercial and industrial other 847,055 79,317 926,372 768,024 84,810 852,834 Subtotal commercial and industrial 965,302 79,317 1,044,619 856,323 84,810 941,133 Commercial real estate Construction 135,834 8,936 144,770 103,037 4,892 107,929 Agriculture 102,509 267 102,776 86,935 2,095 89,030 Commercial real estate other 1,431,690 241,605 1,673,295 1,167,250 284,952 1,452,202 Subtotal commercial real estate 1,670,033 250,808 1,920,841 1,357,222 291,939 1,649,161 Residential real estate Home equity 209,277 37,737 247,014 202,578 42,092 244,670 Mortgages 947,378 25,423 972,801 823,841 27,491 851,332 Subtotal residential real estate 1,156,655 63,160 1,219,815 1,026,419 69,583 1,096,002 Consumer and other Indirect 14,835 0 14,835 17,829 0 17,829 Consumer and other 44,393 826 45,219 40,904 911 41,815 Subtotal consumer and other 59,228 826 60,054 58,733 911 59,644 Leases 16,650 16,650 14,861 0 14,861 Covered loans 0 0 0 0 14,031 14,031 Total loans and leases 3,867,868 394,111 4,261,979 3,313,558 461,274 3,774,832 Less: unearned income and deferred costs and fees (3,946 ) 0 (3,946 ) (2,790 ) 0 (2,790 ) Total loans and leases, net of unearned income and deferred costs and fees $ 3,863,922 $ 394,111 $ 4,258,033 $ 3,310,768 $ 461,274 $ 3,772,042 The outstanding principal balance and the related carrying amount of the Company’s loans acquired in the VIST Acquisition were as follows at December 31: (in thousands) 2016 2015 Acquired Credit Impaired Loans Outstanding principal balance $ 26,237 $ 32,752 Carrying amount 22,517 26,507 Acquired Non-Credit Impaired Loans Outstanding principal balance 375,471 439,389 Carrying amount 371,594 434,767 Total Acquired Loans Outstanding principal balance 401,708 472,141 Carrying amount 394,111 461,274 The following tables present changes in accretable yield on loans acquired from VIST Bank that were considered credit impaired. (in thousands) Balance at January 1, 2015 $ 8,604 Accretion (2,696 ) Disposals (loans paid in full) (331 ) Reclassifications to/from nonaccretable difference 1,215 Balance at December 31, 2015 $ 6,792 (in thousands) Balance at January 1, 2016 $ 6,792 Accretion (2,290 ) Disposals (loans paid in full) 0 Reclassifications to/from nonaccretable difference 1 1,768 Balance at December 31, 2016 $ 6,270 1 Results in increased interest income as a prospective yield adjustment over the remaining life of the loans, as well as increased interest income from loan sales, modification and prepayments. The Company has adopted comprehensive lending policies, underwriting standards and loan review procedures. The Company reviewed the lending policies of Tompkins and VIST Financial, and adopted a uniform policy for the Company. There were no significant changes to the Company’s existing policies, underwriting standards and loan review. The Company’s Board of Directors approves the lending policies at least annually. The Company recognizes that exceptions to policy guidelines may occasionally occur and has established procedures for approving exceptions to these policy guidelines. Management has also implemented reporting systems to monitor loan originations, loan quality, concentrations of credit, loan delinquencies and nonperforming loans and potential problem loans. Residential real estate loans The Company’s policy is to underwrite residential real estate loans in accordance with secondary market guidelines in effect at the time of origination, including loan-to-value (“LTV”) and documentation requirements. LTVs exceeding 80% for fixed rate loans and 85% for adjustable rate loans require private mortgage insurance to reduce the exposure to 78% . The Company verifies applicants’ income, obtains credit reports and independent real estate appraisals in the underwriting process to ensure adequate collateral coverage and that loans are extended to individuals with good credit and income sufficient to repay the loan. In limited circumstances, the Company will make exceptions to secondary market underwriting standards to support community reinvestment activities. The Company originates fixed rate and adjustable rate residential mortgage loans, including loans that have characteristics of both, such as a 7/1 adjustable rate mortgage, which has a fixed rate for the first seven years and then adjusts annually thereafter. The majority of residential mortgage loans originated over the last several years have been fixed rate loans given the low interest rate environment. Adjustable rate residential real estate loans may be underwritten based upon an initial rate which is below the fully indexed rate; however, the initial rate is generally less than 100 basis points below the fully indexed rate. As such, the Company does not believe that this practice creates any significant credit risk. Adjustable rate mortgages comprised approximately 14.7% of the Company's residential mortgage portfolio at December 31, 2016. The Company may sell residential real estate loans in the secondary market based on interest rate considerations. These residential real estate loans are generally sold to Federal Home Loan Mortgage Corporation (“FHLMC”) or State of New York Mortgage Agency (“SONYMA”) without recourse in accordance with standard secondary market loan sale agreements. These residential real estate loan sales are subject to customary representations and warranties, including representations and warranties related to gross incompetence and fraud. The Company has not had to repurchase any loans as a result of these general representations and warranties. During 2016 , 2015 , and 2014 , the Company sold residential mortgage loans totaling $3.9 million , $3.2 million , and $19.9 million , respectively, and realized net gains on these sales of $95,000 , $54,000 , and $362,000 , respectively. These residential real estate loans are generally sold without recourse in accordance with standard secondary market loan sale agreements. When residential mortgage loans are sold to FHLMC or SONYMA, the Company typically retains all servicing rights, which provides the Company with a source of fee income. In connection with the sales in 2016 , 2015 , and 2014 , the Company recorded mortgage-servicing assets of $21,000 , $18,000 , and $146,000 , respectively. Amortization of mortgage servicing assets amounted to $157,000 in 2016 , $146,000 in 2015 , and $149,000 in 2014 . At December 31, 2016 and 2015 , the Company serviced residential mortgage loans aggregating $115.3 million and $135.9 million , including loans securitized and held as available-for-sale securities. Mortgage servicing rights, at amortized basis, totaled $758,000 at December 31, 2016 and $0.9 million at December 31, 2015 . These mortgage servicing rights were evaluated for impairment at year-end 2016 and 2015 and no impairment was recognized. Loans held for sale, which are included in residential real estate totaled $0 and $546,000 at December 31, 2016 and 2015 , respectively. As members of the FHLB, the Company’s subsidiary banks may use unencumbered mortgage related assets to secure borrowings from the FHLB. At December 31, 2016 and 2015 , the Company had $365.0 million and $250.0 million , respectively, of term advances from the FHLB that were secured by residential mortgage loans. Commercial and industrial loans The Company’s Commercial Loan Policy sets forth guidelines for debt service coverage ratios, LTV’s and documentation standards. Commercial and industrial loans are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral and personal or government guarantees. The Company’s policy establishes debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. Commercial and industrial loans are generally secured by the assets being financed or other business assets such as accounts receivable or inventory. Many of the loans in the commercial portfolio have variable interest rates tied to Prime Rate, FHLBNY borrowing rates, or U.S. Treasury indices. Commercial real estate The Company’s Commercial Loan Policy sets forth guidelines for debt service coverage ratios, LTV’s and documentation standards. Commercial real estate loans are primarily made based on identified cash flows of the borrower with consideration given to underlying real estate collateral and personal or government guarantees. The Company’s policy establishes a maximum LTV of 75% and debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. Commercial real estate loans may be fixed or variable rate loans with interest rates tied to Prime Rate, FHLBNY borrowing rates, or U.S. Treasury indices. Agriculture loans Agriculturally-related loans include loans to dairy farms and vegetable crop farms. Agriculturally-related loans are primarily made based on identified cash flows of the borrower with consideration given to underlying collateral, personal guarantees, and government related guarantees. Agriculturally-related loans are generally secured by the assets or property being financed or other business assets such as accounts receivable, livestock, equipment, or commodities/crops. The Company’s Commercial Loan Policy establishes a maximum LTV of 75% for real estate secured loans and debt service coverage ratio limits that require a borrower’s cash flow to be sufficient to cover principal and interest payments on all new and existing debt. The policy also establishes maximum LTV ratios for non-real estate collateral, such as livestock, commodities/crops, equipment and accounts receivable. Agriculturally-related loans may be fixed or variable rate loans with interest tied to Prime Rate, FHLBNY borrowing rates, or U.S. Treasury indices. Consumer and other loans The consumer loan portfolio includes personal installment loans, direct and indirect automobile financing, and overdraft lines of credit. The majority of the consumer portfolio consists of indirect and direct automobile loans. Consumer loans are generally short-term and have fixed rates of interest that are set giving consideration to current market interest rates, the financial strength of the borrower, and internal profitability targets. The Company's Consumer Loan Underwriting Guidelines Policy establishes maximum debt to income ratios and includes guidelines for verification of applicants’ income and receipt of credit reports. Leases Leases are primarily made to commercial customers and the origination criteria typically includes the value of the underlying assets being financed, the useful life of the assets being financed, and identified cash flows of the borrower. Most leases carry a fixed rate of interest that is set giving consideration to current market interest rates, the financial strength of the borrower, and internal profitability targets. Covered Loans Prior to the third quarter of 2016, the Company had certain loans acquired in the VIST Financial acquisition which were covered loans with loss share agreements with the FDIC. During 2016, the Company decided to early terminate the remaining loss share agreement with the FDIC. In the third quarter of 2016 the Company recorded pre-tax expense of $313,000 related to the termination of the remaining agreement and wrote-off the remaining book value of the FDIC indemnification asset. The remaining balances of the loans previously reported as Covered Loans are included in the current period in acquired loan balances by loan type. Loan and Lease Customers The Company’s loan and lease customers are located primarily in the upstate New York communities served by its three subsidiary banks and in the Pennsylvania communities served by recently acquired VIST Bank. The Trust Company operates fourteen banking offices in the counties of Tompkins, Cayuga, Cortland, and Schuyler, New York. The Bank of Castile operates seventeen banking offices in the Genesee Valley region of New York State as well as Monroe County. Mahopac Bank is located in Putnam County, New York, and operates five offices in that county, three offices in neighboring Dutchess County, New York, and six offices in Westchester County, New York. VIST Bank operates 21 offices in Southeastern Pennsylvania. Other than general economic risks, management is not aware of any material concentrations of credit risk to any industry or individual borrower. Nonaccrual Loans and Leases Loans are considered past due if the required principal and interest payments have not been received as of the date such payments are due. Loans are placed on nonaccrual status either due to the delinquency status of principal and/or interest (generally when past due 90 or more days) or a judgment by management that the full repayment of principal and interest is unlikely. When interest accrual is discontinued, all unpaid accrued interest is reversed. Payments received on loans on nonaccrual are generally applied to reduce the principal balance of the loan. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. When management determines that the collection of principal in full is improbable, management will charge-off a partial amount or full amount of the loan balance. Management considers specific facts and circumstances relative to each individual credit in making such a determination. For residential and consumer loans, management uses specific regulatory guidance and thresholds for determining charge-offs. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. The Company has determined that it can reasonably estimate future cash flows on our current portfolio of acquired loans that are past due 90 days or more and on which the Company is accruing interest and expect to fully collect the carrying value of the loans net of the allowance for acquired loan losses. The below table is an aging analysis of past due loans, segregated by originated and acquired loan and lease portfolios, and by class of loans, as of December 31, 2016 and 2015 . December 31, 2016 (in thousands) 30-89 days 90 days or more Current Loans Total Loans 90 days and 1 Nonaccrual Originated Loans and Leases Commercial and industrial Agriculture $ 0 $ 0 $ 118,247 $ 118,247 $ 0 $ 0 Commercial and industrial other 1,312 281 845,462 847,055 0 526 Subtotal commercial and industrial 1,312 281 963,709 965,302 0 526 Commercial real estate Construction 0 0 135,834 135,834 0 0 Agriculture 17 0 102,492 102,509 0 162 Commercial real estate other 2,546 3,071 1,426,073 1,431,690 0 5,988 Subtotal commercial real estate 2,563 3,071 1,664,399 1,670,033 0 6,150 Residential real estate Home equity 433 1,954 206,890 209,277 0 2,016 Mortgages 1,749 3,244 942,385 947,378 0 5,442 Subtotal residential real estate 2,182 5,198 1,149,275 1,156,655 0 7,458 Consumer and other Indirect 444 376 14,015 14,835 0 166 Consumer and other 193 8 44,192 44,393 0 0 Subtotal consumer and other 637 384 58,207 59,228 0 166 Leases 0 0 16,650 16,650 0 0 Total loans and leases 6,694 8,934 3,852,240 3,867,868 0 14,300 Less: unearned income and deferred costs and fees 0 0 (3,946 ) (3,946 ) 0 0 Total originated loans and leases, net of unearned income and deferred costs and fees $ 6,694 $ 8,934 $ 3,848,294 $ 3,863,922 $ 0 $ 14,300 Acquired Loans and Leases Commercial and industrial Commercial and industrial other $ 12 $ 87 $ 79,218 $ 79,317 $ 40 $ 212 Subtotal commercial and industrial 12 87 79,218 79,317 40 212 Commercial real estate Construction 0 0 8,936 8,936 0 0 Agriculture 0 0 267 267 0 0 Commercial real estate other 1,461 3,952 236,192 241,605 1,402 2,926 Subtotal commercial real estate 1,461 3,952 245,395 250,808 1,402 2,926 Residential real estate Home equity 251 637 36,849 37,737 185 663 Mortgages 829 1,651 22,943 25,423 930 940 Subtotal residential real estate 1,080 2,288 59,792 63,160 1,115 1,603 Consumer and other Consumer and other 0 0 826 826 0 0 Subtotal consumer and other 0 0 826 826 0 0 Total acquired loans and leases, net of unearned income and deferred costs and fees $ 2,553 $ 6,327 $ 385,231 $ 394,111 $ 2,557 $ 4,741 1 Includes acquired loans that were recorded at fair value at the acquisition date. December 31, 2015 (in thousands) 30-89 days 90 days or more Current Loans Total Loans 90 days and 1 Nonaccrual Originated loans and leases Commercial and industrial Agriculture $ 0 $ 0 $ 88,299 $ 88,299 $ 0 $ 0 Commercial and industrial other 507 867 766,650 768,024 0 1,091 Subtotal commercial and industrial 507 867 854,949 856,323 0 1,091 Commercial real estate Construction 0 0 103,037 103,037 0 0 Agriculture 0 0 86,935 86,935 0 106 Commercial real estate other 225 3,580 1,163,445 1,167,250 0 4,365 Subtotal commercial real estate 225 3,580 1,353,417 1,357,222 0 4,471 Residential real estate Home equity 729 1,868 199,981 202,578 58 1,873 Mortgages 1,161 5,140 817,540 823,841 0 5,889 Subtotal residential real estate 1,890 7,008 1,017,521 1,026,419 58 7,762 Consumer and other Indirect 494 250 17,085 17,829 0 107 Consumer and other 164 0 40,740 40,904 0 75 Subtotal consumer and other 658 250 57,825 58,733 0 182 Leases 0 0 14,861 14,861 0 0 Total loans and leases 3,280 11,705 3,298,573 3,313,558 58 13,506 Less: unearned income and deferred costs and fees 0 0 (2,790 ) (2,790 ) 0 0 Total originated loans and leases, net of unearned income and deferred costs and fees $ 3,280 $ 11,705 $ 3,295,783 $ 3,310,768 $ 58 $ 13,506 Acquired loans and leases Commercial and industrial Commercial and industrial other $ 20 $ 936 $ 83,854 $ 84,810 $ 338 $ 647 Subtotal commercial and industrial 20 936 83,854 84,810 338 647 Commercial real estate Construction 0 359 4,533 4,892 0 359 Agriculture 0 0 2,095 2,095 0 0 Commercial real estate other 150 1,671 283,131 284,952 550 1,224 Subtotal commercial real estate 150 2,030 289,759 291,939 550 1,583 Residential real estate Home equity 426 364 41,302 42,092 0 712 Mortgages 336 1,926 25,229 27,491 1,103 1,389 Subtotal residential real estate 762 2,290 66,531 69,583 1,103 2,101 Consumer and other Consumer and other 1 0 910 911 0 0 Subtotal consumer and other 1 0 910 911 0 0 Covered loans 276 524 13,231 14,031 524 0 Total acquired loans and leases, net of unearned income and deferred costs and fees $ 1,209 $ 5,780 $ 454,285 $ 461,274 $ 2,515 $ 4,331 1 Includes acquired loans that were recorded at fair value at the acquisition date. The difference between the interest income that would have been recorded if nonaccrual loans and leases had paid in accordance with their original terms and the interest income that was recorded for the year ended December 31, 2016 , 2015 and 2014 was $1.0 million , $1.2 million and $1.7 million , respectively. The Company had no material commitments to make additional advances to borrowers with nonperforming loans. |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses Originated Loans and Leases Management reviews the appropriateness of the allowance for loan and lease losses (“allowance”) on a regular basis. Management considers the accounting policy relating to the allowance to be a critical accounting policy, given the inherent uncertainty in evaluating the levels of the allowance required to cover credit losses in the portfolio and the material effect that assumptions could have on the Company’s results of operations. The Company has developed a methodology to measure the amount of estimated loan loss exposure inherent in the loan portfolio to assure that an appropriate allowance is maintained. The Company’s methodology is based upon guidance provided in SEC Staff Accounting Bulletin No. 102, Selected Loan Loss Allowance Methodology and Documentation Issues and allowance allocations are calculated in accordance with ASC Topic 310, Receivables and ASC Topic 450, Contingencies . The model is comprised of four major components that management has deemed appropriate in evaluating the appropriateness of the allowance for loan and lease losses. While none of these components, when used independently, is effective in arriving at a reserve level that appropriately measures the risk inherent in the portfolio, management believes that using them collectively, provides reasonable measurement of the loss exposure in the portfolio. The four components include: impaired loans; criticized and classified credits; historical loss experience; and qualitative or subjective analysis. Since the methodology is based upon historical experience and trends as well as management’s judgment, factors may arise that result in different estimations. Significant factors that could give rise to changes in these estimates may include, but are not limited to, changes in economic conditions in the local area, concentration of risk, changes in interest rates, and declines in local property values. While management’s evaluation of the allowance as of December 31, 2016 , considers the allowance to be appropriate, under different conditions or assumptions, the Company may need to adjust the allowance. Acquired Loans and Leases As part of our determination of the fair value of our acquired loans at the time of acquisition, the Company established a credit mark to provide for future losses in our acquired loan portfolio. To the extent that credit quality deteriorates subsequent to acquisition, such deterioration would result in the establishment of an allowance for the acquired loan portfolio. Changes in the allowance for loan and lease losses at December 31, are summarized as follows: (in thousands) 2016 2015 2014 Total allowance at beginning of year $ 32,004 $ 28,997 $ 27,970 Provisions charged to operations 4,321 2,945 2,306 Recoveries on loans and leases 2,139 2,843 3,109 Charge-offs on loans and leases (2,709 ) (2,781 ) (4,388 ) Total allowance at end of year $ 35,755 $ 32,004 $ 28,997 The following tables detail activity in the allowance for originated and acquired loan and lease losses by portfolio segment for the twelve months ended December 31, 2016 and 2015 . December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Beginning balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 Charge-offs (878 ) (12 ) (263 ) (521 ) 0 (1,674 ) Recoveries 576 859 63 325 0 1,823 Provision (804 ) 3,510 1,279 152 0 4,137 Ending Balance $ 9,389 $ 19,836 $ 5,149 $ 1,224 $ 0 $ 35,598 December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for acquired loans: Beginning balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 Charge-offs (698 ) (181 ) (35 ) (121 ) 0 (1,035 ) Recoveries 20 268 0 28 0 316 Provision 245 (51 ) (109 ) 99 0 184 Ending Balance $ 0 $ 97 $ 54 $ 6 $ 0 $ 157 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Beginning balance $ 9,157 $ 12,069 $ 5,030 $ 1,900 $ 0 $ 28,156 Charge-offs (221 ) (363 ) (338 ) (1,074 ) 0 (1,996 ) Recoveries 809 1,277 112 487 0 2,685 Provision 750 2,496 (734 ) (45 ) 0 2,467 Ending Balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for acquired loans: Beginning balance $ 431 $ 337 $ 51 $ 22 $ 0 $ 841 Charge-offs (77 ) (400 ) (302 ) (6 ) 0 (785 ) Recoveries 7 142 9 0 0 158 Provision 72 (18 ) 440 (16 ) 0 478 Ending Balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 At December 31, 2016 and 2015 , the allocation of the allowance for loan and lease losses summarized on the basis of the Company’s impairment methodology was as follows: December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Individually evaluated for impairment $ 95 $ 322 $ 0 $ 0 $ 0 $ 417 Collectively evaluated for impairment 9,294 19,514 5,149 1,224 0 35,181 Ending balance $ 9,389 $ 19,836 $ 5,149 $ 1,224 $ 0 $ 35,598 Allowance for acquired loans: Individually evaluated for impairment $ 0 $ 76 $ 0 $ 0 $ 0 $ 76 Collectively evaluated for impairment 0 21 54 6 0 81 Ending balance $ 0 $ 97 $ 54 $ 6 $ 0 $ 157 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Individually evaluated for impairment $ 0 $ 288 $ 0 $ 0 $ 0 $ 288 Collectively evaluated for impairment 10,495 15,191 4,070 1,268 0 31,024 Ending balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 Allowance for acquired loans: Individually evaluated for impairment $ 433 $ 0 $ 128 $ 0 $ 0 $ 561 Collectively evaluated for impairment 0 61 70 0 0 131 Ending balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology as of December 31, 2016 and December 31, 2015 was as follows: December 31, 2016 (in thousands) Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer and Other Finance Leases Total Originated loans and leases: Individually evaluated for impairment $ 635 $ 8,812 $ 3,507 $ 0 $ 0 $ 12,954 Collectively evaluated for impairment 964,667 1,661,221 1,153,148 59,228 16,650 3,854,914 Total $ 965,302 $ 1,670,033 $ 1,156,655 $ 59,228 $ 16,650 $ 3,867,868 December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 172 $ 4,081 $ 1,372 $ 0 $ 0 $ 5,625 Loans acquired with deteriorated credit quality 448 14,368 7,701 0 0 22,517 Collectively evaluated for impairment 78,697 232,359 54,087 826 0 365,969 Total $ 79,317 $ 250,808 $ 63,160 $ 826 $ 0 $ 394,111 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Originated loans and leases: Individually evaluated for impairment $ 1,206 $ 5,655 $ 2,270 $ 0 $ 0 $ 9,131 Collectively evaluated for impairment 855,117 1,351,567 1,024,149 58,733 14,861 3,304,427 Total $ 856,323 $ 1,357,222 $ 1,026,419 $ 58,733 $ 14,861 $ 3,313,558 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 647 $ 5,226 $ 1,177 $ 0 $ 0 $ 7,050 Loans acquired with deteriorated credit quality 567 9,335 3,801 0 12,804 26,507 Collectively evaluated for impairment 83,596 277,378 64,605 911 1,227 427,717 Total $ 84,810 $ 291,939 $ 69,583 $ 911 $ 14,031 $ 461,274 A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans consist of our non-homogenous nonaccrual loans, and all loans restructured in a troubled debt restructuring (TDR). Specific reserves on individually identified impaired loans that are not collateral dependent are measured based on the present value of expected future cash flows discounted at the original effective interest rate of each loan. For loans that are collateral dependent, impairment is measured based on the fair value of the collateral less estimated selling costs, and such impaired amounts are generally charged off. The majority of impaired loans are collateral dependent impaired loans that have limited exposure or require limited specific reserves because of the amount of collateral support with respect to these loans, and previous charge-offs. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured. In these cases, interest is recognized on a cash basis. There was no interest income recognized on impaired loans and leases for 2016 , 2015 and 2014 . The recorded investment on impaired loans for the twelve months ended December 31, 2016, and 2015 was as follows: 12/31/2016 12/31/2015 (in thousands) Recorded Unpaid Related Recorded Unpaid Related Originated loans and leases with no related allowance Commercial and industrial Commercial and industrial other $ 276 $ 370 $ 0 $ 1,206 $ 1,211 $ 0 Commercial real estate Commercial real estate other 6,979 7,263 0 5,049 5,249 0 Residential real estate Home equity 3,507 3,535 0 2,270 2,270 0 Subtotal $ 10,762 $ 11,168 $ 0 $ 8,525 $ 8,730 $ 0 Originated loans and leases with related allowance Commercial and industrial Commercial and industrial other 359 276 95 0 0 0 Commercial real estate Commercial real estate other 1,833 2,042 322 606 606 288 Subtotal $ 2,192 $ 2,318 $ 417 $ 606 $ 606 $ 288 Total $ 12,954 $ 13,486 $ 417 $ 9,131 $ 9,336 $ 288 12/31/2016 12/31/2015 (in thousands) Recorded Unpaid Related Recorded Unpaid Related Acquired loans with no related allowance Commercial and industrial Commercial and industrial other $ 172 $ 472 $ 0 $ 128 $ 128 $ 0 Commercial real estate Construction 0 0 0 359 359 0 Commercial real estate other 4,003 4,386 0 4,739 5,077 0 Residential real estate Home equity 1,372 1,372 0 1,177 1,177 0 Subtotal $ 5,547 $ 6,230 $ 0 $ 6,403 $ 6,741 $ 0 Acquired loans with related allowance Commercial and industrial Commercial and industrial other 0 0 0 519 519 433 Commercial real estate Commercial real estate other 78 78 76 128 128 128 Subtotal $ 78 $ 78 $ 76 $ 647 $ 647 $ 561 Total $ 5,625 $ 6,308 $ 76 $ 7,050 $ 7,388 $ 561 The average recorded investment and interest income recognized on impaired originated loans for the twelve months ended December 31, 2016 , 2015 and 2014 was as follows: As of December 31, 2016 2015 2014 (in thousands) Average Interest Average Interest Average Interest Originated loans and leases with no related allowance Commercial and industrial Commercial and industrial other $ 249 $ 0 $ 1,293 $ 0 $ 2,366 $ 0 Commercial real estate Commercial real estate other 6,089 0 7,490 0 8,078 0 Residential real estate Home equity 3,003 0 1,337 0 1,408 0 Subtotal $ 9,341 $ 0 $ 10,120 $ 0 $ 11,852 $ 0 Originated loans and leases with related allowance Commercial and industrial Commercial and industrial other 114 0 0 0 0 0 Commercial real estate Commercial real estate other 1,715 0 245 0 892 0 Subtotal $ 1,829 $ 0 $ 245 $ 0 $ 892 $ 0 Total $ 11,170 $ 0 $ 10,365 $ 0 $ 12,744 $ 0 The average recorded investment and interest income recognized on impaired acquired loans for the twelve months ended December 31, 2016 , 2015 and 2014 was as follows: As of December 31, 2016 2015 2014 (in thousands) Average Interest Average Interest Average Interest Acquired loans with no related allowance Commercial and industrial Commercial and industrial other $ 183 $ 0 $ 748 $ 0 $ 252 $ 0 Commercial real estate Construction 152 0 367 0 0 0 Commercial real estate other 4,141 0 3,936 0 1,147 0 Residential real estate Home equity 1,316 0 1,147 0 440 0 Subtotal $ 5,792 $ 0 $ 6,198 $ 0 $ 1,839 $ 0 Acquired loans with related allowance Commercial and industrial Commercial and industrial other 0 0 523 0 831 0 Commercial real estate Commercial real estate other 58 0 52 0 266 0 Subtotal $ 58 $ 0 $ 575 $ 0 $ 1,097 $ 0 Total $ 5,850 $ 0 $ 6,773 $ 0 $ 2,936 $ 0 The average recorded investment in impaired loans was $17.0 million and $17.1 million at December 31, 2016 and 2015 , respectively. Loans are considered modified in a TDR when, due to a borrower’s financial difficulties, the Company makes a concession(s) to the borrower that it would not otherwise consider. When modifications are provided for reasons other than as a result of the financial distress of the borrower, these loans are not classified as TDRs or impaired. These modifications primarily include, among others, an extension of the term of the loan, and granting a period when interest-only payments can be made, with the principal payments and interest caught up over the remaining term of the loan or at maturity, among others. The following tables present loans by class modified in 2016 as troubled debt restructurings. Troubled Debt Restructuring December 31, 2016 Twelve months ended Defaulted TDRs 4 (in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Post- Modification Outstanding Recorded Investment Commercial and industrial Commercial and industrial other 1 2 $ 1,115 $ 1,115 0 $ 0 Commercial real estate Commercial real estate other 2 1 50 50 1 1,800 Residential real estate Home equity 3 12 1,274 1,274 0 0 Total 15 $ 2,439 $ 2,439 1 $ 1,800 1 Represents the following concessions: extension of term and reduction of rate. 2 Represents the following concessions: reduction of rate. 3 Represents the following concessions: extension of term and reduction of rate. 4 TDRs that defaulted during the 12 months ended December 31, 2016 that had been restructured in the prior twelve months. December 31, 2015 Twelve months ended Defaulted TDRs 5 (in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Post- Modification Outstanding Recorded Investment Commercial and industrial Commercial and industrial other 1 5 $ 433 $ 433 2 $ 311 Commercial real estate Commercial real estate other 2 3 2,552 2,552 0 0 Residential real estate Home equity 3 14 1,558 1,558 2 136 Mortgages 4 2 269 269 0 0 Total 24 $ 4,812 $ 4,812 4 $ 447 1 Represents the following concessions: extension of term ( 2 loans $319,000 ) and reduction of rate ( 3 loans $114,000 ). 2 Represents the following concessions: extension of term ( 1 loan $28,000 ) and reduction of rate ( 2 loans $2.5 million ). 3 Represents the following concessions: extension of term ( 9 loans $630,000 ) and reduction of rate ( 5 loans $928,000 ). 4 Represents the following concessions: extension of term and reduction of rate ( 2 loans $269,000 ). 5 TDRs that defaulted during the 12 months ended December 31, 2015 that had been restructured in the prior twelve months. The Company recognized TDRs with a balance of $2.4 million during 2016 , compared to $4.8 million in 2015 . The Company is not committed to lend additional amounts as of December 31, 2016 to customers with outstanding loans that are classified as TDRs. The following table presents credit quality indicators (internal risk grade) by class of commercial loans, commercial real estate loans and agricultural loans as of December 31, 2016 and 2015 . December 31, 2016 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Originated loans and leases Internal risk grade: Pass $ 836,788 $ 117,135 $ 1,403,370 $ 101,407 $ 135,834 $ 2,594,534 Special Mention 7,218 755 11,939 573 0 20,485 Substandard 3,049 357 16,381 529 0 20,316 Total $ 847,055 $ 118,247 $ 1,431,690 $ 102,509 $ 135,834 $ 2,635,335 December 31, 2016 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Acquired loans Internal risk grade: Pass $ 77,921 $ 0 $ 229,334 $ 267 $ 8,936 $ 316,458 Special Mention 0 0 526 0 0 526 Substandard 1,396 0 11,745 0 0 13,141 Total $ 79,317 $ 0 $ 241,605 $ 267 $ 8,936 $ 330,125 December 31, 2015 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Originated loans and leases Internal risk grade: Pass $ 759,023 $ 87,488 $ 1,143,238 $ 86,445 $ 99,508 $ 2,175,702 Special Mention 3,531 78 12,378 141 3,529 19,657 Substandard 5,470 733 11,634 349 0 18,186 Total $ 768,024 $ 88,299 $ 1,167,250 $ 86,935 $ 103,037 $ 2,213,545 December 31, 2015 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Acquired loans Internal risk grade: Pass $ 82,662 $ 0 $ 271,584 $ 423 $ 4,533 $ 359,202 Special Mention 0 0 540 0 0 540 Substandard 2,148 0 12,828 1,672 359 17,007 Total $ 84,810 $ 0 $ 284,952 $ 2,095 $ 4,892 $ 376,749 The following table presents credit quality indicators by class of residential real estate loans and by class of consumer loans as of December 31, 2016 and 2015 . Nonperforming loans include nonaccrual, impaired and loans 90 days past due and accruing interest, all other loans are considered performing. December 31, 2016 (in thousands) Residential Residential Mortgages Consumer Consumer Total Originated loans and leases Performing $ 207,261 $ 941,936 $ 14,669 $ 44,393 $ 1,208,259 Nonperforming 2,016 5,442 166 0 7,624 Total $ 209,277 $ 947,378 $ 14,835 $ 44,393 $ 1,215,883 December 31, 2016 (in thousands) Residential Residential Mortgages Consumer Consumer Total Acquired Loans and Leases Performing $ 37,074 $ 24,483 $ 0 $ 826 $ 62,383 Nonperforming 663 940 0 0 1,603 Total $ 37,737 $ 25,423 $ 0 $ 826 $ 63,986 December 31, 2015 (in thousands) Residential Residential Mortgages Consumer Consumer Total Originated loans and leases Performing $ 200,647 $ 817,952 $ 17,722 $ 40,829 $ 1,077,150 Nonperforming 1,931 5,889 107 75 8,002 Total $ 202,578 $ 823,841 $ 17,829 $ 40,904 $ 1,085,152 December 31, 2015 (in thousands) Residential Residential Mortgages Consumer Consumer Total Acquired loans Performing $ 41,380 $ 26,102 $ 0 $ 911 $ 68,393 Nonperforming 712 1,389 0 0 2,101 Total $ 42,092 $ 27,491 $ 0 $ 911 $ 70,494 |
FDIC Indemnification Asset Rela
FDIC Indemnification Asset Related to Covered Loans | 12 Months Ended |
Dec. 31, 2016 | |
FDIC Indemnification Asset Related To Covered Loans | |
FDIC Indemnification Asset Related to Covered Loans | FDIC Indemnification Asset Related to Covered Loans Prior to the third quarter of 2016, the Company had certain loans acquired in the VIST Financial acquisition which were covered loans with loss share agreements with the FDIC. Under the terms of loss sharing agreements, the FDIC would reimburse the Company for 70 percent of net losses on covered single family assets up to $4.0 million , and 70 percent of net losses incurred on covered commercial assets up to $12.0 million . The FDIC would also increase its reimbursement of net losses to 80 percent if net losses exceed the $4.0 million and $12 million thresholds, respectively. The term for loss sharing on residential real estate loans was ten years , while the term for loss sharing on non-residential real estate loans was five years in respect to losses and eight years in respect to loss recoveries. The loss share period for the residential real estate loans was set to expire on December 31, 2020. The loss share period for the nonresidential real estate loans expired on December 31, 2015. Management decided to early terminate the loss share agreement with the FDIC during the third quarter of 2016. The Company recorded pre-tax expense of $313,000 to terminate the agreement and write-off the remaining book value of the FDIC indemnification asset, which included $174,000 in expense for early termination and $139,000 to write off the remaining asset. The remaining balances of the loans previously reported as Covered Loans are included in the current period in acquired loan balances by loan type. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets (in thousands) Banking Insurance Wealth Management Total Balance at January 1, 2015 $ 64,369 $ 19,663 $ 8,211 $ 92,243 Goodwill related to sale of portion of business unit 1 0 (451 ) 0 (451 ) Balance at December 31, 2015 $ 64,369 $ 19,212 $ 8,211 $ 91,792 Acquisitions 0 1,149 0 1,149 Goodwill related to sale of portion of business unit 1 0 (318 ) 0 (318 ) Balance at December 31, 2016 $ 64,369 $ 20,043 $ 8,211 $ 92,623 1 The $318,000 and $451,000 reduction of goodwill in 2016 and 2015 , respectively, reflects an adjustment related to the sale of a portion of insurance revenues. In 2015 and 2016 , Tompkins Insurance sold a portion of its personal lines insurance revenues, which had been acquired in a previous acquisition, to a third party. Goodwill is assigned to reporting units. The Company reviews its goodwill and intangible assets annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Based on the Company’s 2016 review, there was no impairment of its goodwill or intangible assets. The Company’s impairment testing is highly sensitive to certain assumptions and estimates used. In the event that economic or credit conditions deteriorate significantly, additional interim impairment tests may be required. Other Intangible Assets The following table provides information regarding the Company's amortizing intangible assets: December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Amortized intangible assets: Core deposit intangible $ 18,774 $ 13,129 $ 5,645 Customer relationships 8,942 4,737 4,205 Other intangibles 5,744 4,245 1,499 Total intangible assets $ 33,460 $ 22,111 $ 11,349 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Amortized intangible assets: Core deposit intangible $ 18,774 $ 11,873 $ 6,901 Customer relationships 8,165 4,065 4,100 Other intangibles 5,356 3,909 1,447 Total intangible assets $ 32,295 $ 19,847 $ 12,448 Amortization expense related to intangible assets totaled $2.1 million in 2016 , $2.0 million in 2015 and $2.1 million in 2014 . The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2016 is as follows: Estimated amortization expense:* (in thousands) For the year ended December 31, 2017 $ 1,964 For the year ended December 31, 2018 1,803 For the year ended December 31, 2019 1,678 For the year ended December 31, 2020 1,478 For the year ended December 31, 2021 1,312 *Excludes the amortization of mortgage servicing rights. Amortization of mortgage servicing rights was $157,000 in 2016 , $146,000 in 2015 and $149,000 in 2014 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31 were as follows: (in thousands) 2016 2015 Land $ 9,311 $ 9,364 Premises 75,633 68,876 Furniture, fixtures, and equipment 65,800 56,743 Accumulated depreciations and amortization (80,728 ) (74,652 ) Total $ 70,016 $ 60,331 Depreciation and amortization expenses in 2016 , 2015 and 2014 are included in operating expenses as follows: (in thousands) 2016 2015 2014 Premises $ 2,247 $ 2,030 $ 1,949 Furniture, fixtures, and equipment 4,004 3,730 3,066 Total $ 6,251 $ 5,760 $ 5,015 The following is a summary of the future minimum lease payments under non-cancelable operating leases as of December 31, 2016 : (in thousands) 2017 $ 4,019 2018 3,731 2019 3,447 2020 2,837 2021 2,511 Thereafter 13,722 Total $ 30,267 The Company leases land, buildings and equipment under operating lease arrangements extending to the year 2090. Total gross rental expense amounted to $5.2 million in 2016 , $4.9 million in 2015 , and $4.8 million in 2014 . Most leases include options to renew for periods ranging from 5 to 20 years . Options to renew are not included in the above future minimum rental commitments. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Aggregate time deposits of $250,000 or more were $234.3 million at December 31, 2016 , and $397.8 million at December 31, 2015 . Scheduled maturities of time deposits at December 31, 2016 , were as follows: (in thousands) Less than $250,000 $250,000 Total Maturity Three months or less $ 137,132 $ 118,000 $ 255,132 Over three through six months 126,304 58,475 184,779 Over six through twelve months 162,069 23,648 185,717 Total due in 2017 $ 425,505 $ 200,123 $ 625,628 2018 129,486 22,907 152,393 2019 39,055 3,466 42,521 2020 14,711 2,481 17,192 2021 19,820 3,446 23,266 2022 7,899 1,889 9,788 Total $ 636,476 $ 234,312 $ 870,788 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased | Securities Sold Under Agreements to Repurchase and Federal Funds Purchased Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31: Securities Sold Under Agreements to Repurchase 2016 2015 2014 (dollar amounts in thousands) Total outstanding at December 31 $ 69,062 $ 136,513 $ 147,037 Maximum month-end balance 125,063 146,397 160,295 Average balance during the year 99,622 137,917 145,876 Weighted average rate at December 31 0.88 % 1.90 % 1.83 % Average interest rate paid during the year 2.24 % 1.96 % 2.02 % Federal Funds Purchased Average balance during the year 0 0 0 Weighted average rate at December 31 N/A N/A N/A Average interest rate paid during the year 0.00 % 0.00 % 0.00 % Securities sold under agreements to repurchase (“repurchase agreements”) are secured borrowings that typically mature within thirty to ninety days, although the Company has entered into repurchase agreements with the Federal Home Loan Bank (“FHLB”) with longer maturities. The Company uses both retail and wholesale repurchase agreements. Retail repurchase agreements are arrangements with local customers of the Company, in which the Company agrees to sell securities to the customer with an agreement to repurchase those securities at a specified later date. Retail repurchase agreements totaled $59.1 million at December 31, 2016 . At December 31, 2016 , the Company had $10.0 million in wholesale repurchase agreements. All $10.0 million in wholesale repurchase agreements were with the Federal Home Loan Bank of New York and mature in 2017. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Federal funds purchased are short-term borrowings that typically mature within one to ninety days. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other Borrowings The following table summarized the Company’s borrowings as of December 31: (in thousands) 2016 2015 Overnight FHLB advances $ 503,815 $ 272,199 Term FHLB advances 365,000 250,576 Other 16,000 13,510 Total other borrowings $ 884,815 $ 536,285 The Company, through its subsidiary banks, had available line-of-credit agreements with correspondent banks permitting borrowings to a maximum of approximately $58.0 million at December 31, 2016 and 2015 . There were no outstanding advances against those lines at December 31, 2016 and December 31, 2015 . Through its subsidiary banks, the Company has borrowing relationships with the FHLB, which provides secured borrowing capacity, subject to available collateral. The unused borrowing capacity on established lines with the FHLB was $1.0 billion at December 31, 2016 and $1.1 billion at December 31, 2015 . As members of the FHLB, the Company’s subsidiary banks can use certain unencumbered residential and commercial real estate related assets and investment securities to secure borrowings from the FHLB. At December 31, 2016 , total unencumbered residential and commercial real estate related loans and investment securities pledged at the FHLB were $343.7 million . At December 31, 2016 , there were $503.8 million in overnight advances and $365.0 million in term advances with the FHLB, with a weighted average rate of 1.02% , compared to $272.2 million in overnight advances and $250.6 million in term advances at December 31, 2015 , with a weighted average rate of 0.97% . At December 31, 2016 , the term advances with the FHLB include $215.0 million which mature within one year and $150.0 million which mature in over one year. Maturities of advances due in over one year include $140.0 million in 2018 and $10.0 million in 2019. The Company’s FHLB borrowings at December 31, 2016 included $25.0 million , at cost, in fixed-rate callable borrowings, which can be called by the FHLB if certain conditions are met. Additional details on the fixed-rate callable advances are provided in the following table. Current Balance Rate Maturity Date Call Date Call Frequency Call Features 5,000,000 4.89% May 22, 2017 February 22, 2017 Quarterly LIBOR strike 7.0% 10,000,000 5.14% June 8, 2017 March 9, 2017 Quarterly LIBOR strike 7.0% 10,000,000 5.19% June 8, 2017 March 9, 2017 Quarterly FHLB Option Total 25,000,000 Other borrowings included a term borrowing with a bank totaling $16.0 million at December 31, 2016 and $13.5 million at December 31, 2015 . |
Trust Preferred Debentures
Trust Preferred Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Trust Preferred Debentures | |
Trust Preferred Debentures | Trust Preferred Debentures The Company has four unconsolidated subsidiary trusts (“the Trusts”): Tompkins Capital Trust I, Sleepy Hollow Capital Trust I, Leesport Capital Trust II, and Madison Statutory Trust I. The latter two were acquired in the acquisition of VIST Financial, while Sleepy Hollow Capital Trust I was acquired in a previous acquisition. The Company owns 100% of the common equity of each Trust. The Trusts were formed for the purpose of issuing Company-obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale in junior subordinated debt securities (subordinated debt) issued by the Company, which are the sole assets of each Trust. Since third-party investors are the primary beneficiaries, the Trusts are not consolidated in the Company’s financial statements. Distributions on the preferred securities issued by the Trusts are payable quarterly at a rate per annum equal to the interest rate being earned by the Trusts on the debenture held by the Trusts and are recorded as interest expense in the consolidated financial statements. The preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the subordinated debt. The subordinated debt, net of the Company’s investment in the Trusts, qualifies as Tier 1 capital under the Board of Governors of the Federal Reserve System (FRB) guidelines. The Company has entered into agreements which, when taken collectively, fully and unconditionally guarantee the obligations under the preferred securities subject to the terms of each of the guarantees. The following table provides information relating to the Trusts as of December 31, 2016 : Description Issuance Date Par Amount Interest Rate Maturity Date Tompkins Capital Trust I April 2009 $20.5 million 7% fixed April 2039 Sleepy Hollow Capital Trust I August 2003 $4.0 million 3-month LIBOR plus 3.05% August 2033 Leesport Capital Trust II September 2002 $10.0 million 3-month LIBOR plus 3.45% September 2032 Madison Statutory Trust I June 2003 $5.0 million 3-month LIBOR plus 3.10% June 2033 Tompkins Capital Trust I In 2009, the Company issued $20.5 million aggregate liquidation amount of 7.0% cumulative trust preferred securities through a newly-formed subsidiary, Tompkins Capital Trust I, a Delaware statutory trust, whose common stock is 100% owned by the Company. The Trust Preferred Securities were offered and sold in reliance upon the exemption from registration provided by Rule 506 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). The proceeds from the issuance of the Trust Preferred Securities, together with the Company’s capital contribution of $636,000 to the trust, were used to acquire the Company’s Subordinated Debentures that are due concurrently with the Trust Preferred Securities. The net proceeds of the offering were used to support business growth and for general corporate purposes. On January 31, 2017, the Company redeemed all of trust preferred of Tompkins Capital Trust I at a redemption price equal to 100% of the liquidation amount of the securities ( $1,000 per security), plus any accrued and unpaid interest up to the redemption date. The Trust Preferred Securities and the Company’s debentures were dated April 10, 2009 , had a 30 year maturity, and carried a fixed rate of interest of 7.0% . The Trust Preferred Securities had a liquidation amount of $1,000 per security. The Company retained the right to redeem the Trust Preferred Securities at par (plus accrued but unpaid interest) at a date which is no earlier than 5 years from the date of issuance, which the Company exercised on January 1, 2017. Prior to redemption, the Trust Preferred Securities were convertible at certain specified time periods into shares of the Company’s common stock at a conversion price equal to the greater of (i) $41.35 , or (ii) the average closing price of the Company’s common stock during the first three months of the year in which any such conversion was completed. Sleepy Hollow Capital Trust I In August 2003 , Sleepy Hollow Capital Trust I issued $4.0 million of floating rate (three-month LIBOR plus 305 basis points) trust preferred securities, which represent beneficial interests in the assets of the trust. The trust preferred securities will mature on August 30, 2033 . Distributions on the trust preferred securities are payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. Sleepy Hollow Capital Trust I also issued $0.1 million of common equity securities to the Company. The proceeds of the offering were used to acquire the Company’s Subordinated Debentures that are due concurrently with the Trust Preferred Securities. Leesport Capital Trust II Leesport Capital Trust II, a Delaware statutory business trust, was formed on September 26, 2002 and issued $10.0 million of mandatory redeemable capital securities carrying a floating interest rate of three month LIBOR plus 3.45% . These debentures are the sole assets of the Trust. The terms of the junior subordinated debentures are the same as the terms of the capital securities. The obligations under the debentures constitute a full and unconditional guarantee by VIST Financial of the obligations of the Trust under the capital securities. These securities must be redeemed in September 2032 , but may be redeemed at anytime. The Company assumed the rights and obligations of VIST Financial pertaining to the Leesport Capital Trust II through the Company’s acquisition of VIST Financial in August 2012. Madison Statutory Trust I Madison Statutory Trust, a Connecticut statutory business trust, was formed on June 26, 2003 and issued $5.0 million of mandatory redeemable capital securities carrying a floating interest rate of three month LIBOR plus 3.10% . These debentures are the sole assets of the Trust. The terms of the junior subordinated debentures are the same as the terms of the capital securities. The obligations under the debentures constitute a full and unconditional guarantee by VIST Financial of the obligations of the Trust under the capital securities. These securities must be redeemed in June 2033 , but may be redeemed at any time. The Company assumed the rights and obligations of VIST Financial pertaining to the Madison Statutory Trust I through the Company’s acquisition of VIST Financial in August 2012. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits Plans | Employee Benefit Plans The Company maintains a noncontributory defined-benefit plan (the "DB Pension Plan") and two non-contributory defined-contribution retirement plans (the "DC Retirement Plan" and "2015 DC Retirement Plan") which cover substantially all employees of the Company. The DB Pension Plan was closed to new employees at year-end 2009 and was frozen on July 31, 2015. The benefits under the DB Pension Plan are based on years of service, age and percentages of the employees' average final compensation. Assets of the Company's DB Pension Plan are invested in common and preferred stock, mutual funds and cash equivalents. At December 31, 2016 and 2015, DB Pension Plan assets included 42,192 shares of Tompkins' common stock that had a fair value of $4.0 million and $2.4 million , respectively. The defined-contribution retirement plans cover substantially all employees of the Company who have reached the age of 21 and completed one year of service. For participants in these plans, the Company makes contributions to an account set up in the participant's name. The amount equals a percentage of pay and varies based on the participant's age, service, and tenure with the Company. The defined-contribution retirement plans offer the participant a wide range of investment alternatives from which to choose. Expenses related to the defined-contribution plans totaled $3.8 million in 2016, $2.4 million in 2015, and $1.4 million in 2014. The Company maintains supplemental employee retirement plans (“SERPs”) for certain executives. On November 9, 2016, certain SERPs were amended and restated to reflect changes resulting from the freezing of the DB Pension Plan. All benefits provided under the SERPs are unfunded and the Company makes payments to plan participants. The Company also maintains a post-retirement life and healthcare benefit plan (the “Life and Healthcare Plan”), which was amended in 2005. For employees commencing employment after January 1, 2005, the Company does not contribute towards post-retirement healthcare benefits. Retirees and employees who were eligible to retire when the Life and Healthcare Plan was amended were unaffected. Generally, all other employees were eligible for Health Reimbursement Accounts (“HRA”) with an initial balance equal to the amount of the Company’s estimated then current liability. Contributions to the plan are limited to an annual contribution of 4% of the total HRA balances. Employees, upon retirement, will be able to utilize their HRA for qualified health costs and deductibles. The Company engages independent, external actuaries to compute the amounts of liabilities and expenses relating to these plans, subject to the assumptions that the Company selects. The benefit obligation for these plans represents the liability of the Company for current and former employees, and is affected primarily by the following: service cost (benefits attributed to employee service during the period); interest cost (interest on the liability due to the passage of time); actuarial gains/losses (experience during the year different from that assumed and changes in plan assumptions); and benefits paid to participants. The following table sets forth the changes in the projected benefit obligation for the DB Pension Plan and SERPs and the accumulated post-retirement benefit obligation for the Life and Healthcare Plan; and the respective plan assets, and the plans’ funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2016 and 2015 (the measurement dates of the plans). (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 76,219 $ 79,138 $ 8,732 $ 8,927 $ 22,160 $ 22,862 Service cost 0 1,587 258 236 171 201 Interest cost 2,473 2,987 283 323 832 928 Plan participants’ contributions 0 0 185 202 0 0 Amendments 0 0 0 0 188 0 Curtailments 0 (677 ) 0 0 0 0 Actuarial loss (gain) 1,403 (4,224 ) 210 (467 ) 697 (1,210 ) Benefits paid (2,791 ) (2,592 ) (547 ) (489 ) (649 ) (621 ) Benefit obligation at end of year $ 77,304 $ 76,219 $ 9,121 $ 8,732 $ 23,399 $ 22,160 Change in plan assets: Fair value of plan assets at beginning of year $ 68,931 $ 71,227 $ 0 $ 0 $ 0 $ 0 Actual return on plan assets 4,367 296 0 0 0 0 Plan participants’ contributions 0 0 185 202 0 0 Employer contributions 1,300 0 362 287 649 621 Benefits paid (2,791 ) (2,592 ) (547 ) (489 ) (649 ) (621 ) Fair value of plan assets at end of year $ 71,807 $ 68,931 $ 0 $ 0 $ 0 $ 0 Unfunded status $ (5,497 ) $ (7,288 ) $ (9,121 ) $ (8,732 ) $ (23,399 ) $ (22,160 ) The accumulated benefit obligation for the DB Pension Plan for 2016 and 2015 was $77.3 million and $76.2 million , respectively. The accumulated benefit obligation for the Life and Healthcare Plan for 2016 and 2015 was $9.1 million and $8.7 million , respectively. The accumulated benefit obligation for the SERPs for 2016 and 2015 was $23.4 million and $22.2 million , respectively. The unfunded status of the DB Pension Plan has been recognized in other liabilities in the Consolidated Statement of Condition at December 31, 2016 in the amounts of $5.5 million , $9.1 million , and $23.4 million , respectively. The unfunded status of the DB Pension Plan, the Life and Healthcare Plan, and SERPs in the amount of $7.3 million , $8.7 million , and $22.2 million , respectively, has been recognized in other liabilities in the Consolidated Statement of Condition at December 31, 2015 . The curtailment entry for the DB Pension Plan during 2015 represents the Pension Plan freeze effective July 31, 2015. The amendment amount for the SERPs during 2016 represents the installation of additional SERP agreements with certain executives. Net periodic benefit cost and other comprehensive income includes the following components: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs Components of net periodic benefit cost 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 0 $ 1,587 $ 2,434 $ 258 $ 236 $ 201 $ 171 $ 201 $ 222 Interest cost 2,473 2,987 3,069 283 323 367 832 928 866 Expected return on plan assets (4,844 ) (5,028 ) (5,024 ) 0 0 0 0 0 0 Amortization of prior service (credit) cost (15 ) (448 ) (123 ) 16 16 16 75 73 112 Recognized net actuarial loss 975 1,573 859 5 19 0 358 626 206 Recognized net actuarial gain due to curtailments 0 (6,003 ) 0 0 0 0 0 0 0 Net periodic benefit (credit) cost $ (1,411 ) $ (5,332 ) $ 1,215 $ 562 $ 594 $ 584 $ 1,436 $ 1,828 $ 1,406 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net actuarial loss (gain) $ 1,880 $ (169 ) $ 19,027 $ 210 $ (467 ) $ 192 $ 697 $ (1,210 ) $ 4,992 Recognized actuarial loss (975 ) (1,573 ) (859 ) (5 ) (19 ) 0 (358 ) (626 ) (206 ) Prior service credit 0 0 (6,282 ) 0 0 0 188 0 0 Recognized prior service cost (credit) 15 6,451 123 (16 ) (16 ) (16 ) (75 ) (73 ) (112 ) Recognized in other comprehensive income (loss) $ 920 $ 4,709 $ 12,009 $ 189 $ (502 ) $ 176 $ 452 $ (1,909 ) $ 4,674 Total recognized in net periodic benefit cost and other comprehensive income $ (491 ) $ (623 ) $ 13,224 $ 751 $ 92 $ 760 $ 1,888 $ (81 ) $ 6,080 Pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the Company’s combined net periodic benefit cost of the Company’s DB Pension Plan, Life and Healthcare Plan and SERPs are presented in the following table. (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2014 2016 2015 2014 2016 2015 2014 Net actuarial loss (gain) $ 39,601 $ 38,695 $ 40,437 $ 1,093 $ 889 $ 1,375 $ 7,077 $ 6,739 $ 8,575 Prior service cost (credit) (40 ) (55 ) (6,506 ) 235 250 266 689 576 648 Total $ 39,561 $ 38,640 $ 33,931 $ 1,328 $ 1,139 $ 1,641 $ 7,766 $ 7,315 $ 9,223 The pre-tax amounts included in accumulated other comprehensive income that are expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2017 are shown below. (in thousands) DB Pension Plan Life and Healthcare Plan SERPs Actuarial loss 965 12 365 Prior service cost (10 ) 16 87 Total 955 28 452 Weighted-average assumptions used in accounting for the plans were as follows: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount Rates Benefit Cost for Plan Year 4.05 % 3.81 % 4.76 % 4.14 % 3.80 % 4.70 % 4.32 % 4.00 % 5.00 % Benefit Obligation at End of Plan Year 3.89 % 4.05 % 3.81 % 3.97 % 4.14 % 3.80 % 4.10 % 4.32 % 4.00 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % N/A N/A N/A N/A N/A N/A Rate of compensation increase Benefit Cost for Plan Year N/A 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Benefit Obligation at End of Plan Year N/A 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Tompkins Trust Company offers post-retirement life and healthcare benefits, although as previously mentioned, has discontinued providing post-retirement healthcare to participants hired after 2004. The weighted average annual assumed rate of increase in the per capita cost of covered benefits (the health care cost trend rate) was 6.30% beginning in 2016 and is assumed to decrease gradually to 4.5% in 2026 and beyond. A 1% increase in the assumed health care cost trend rate would increase service and interest costs by approximately $16,500 and increase the Company’s benefit obligation by approximately $173,000 . A 1% decrease in the assumed health care cost trend rate, would decrease service and interest costs by approximately $13,900 and decrease the Company’s benefit obligation by approximately $150,000 . To develop the expected long-term rate of return on assets assumption for the DB Pension Plan, the Company considered the historical returns and the future expectations for returns for each asset class, as well as target asset allocations of the pension portfolio. Based on this analysis, the Company selected 7.25% as the long-term rate of return on asset assumption. The discount rates used to determine the Company’s DB Pension Plan and other post-retirement benefit obligations as of December 31, 2016, and December 31, 2015, were determined by matching estimated benefit cash flows to a yield curve derived from Citigroup’s regular bond yield at December 31, 2016 and December 31, 2015. Based on the Company’s anticipation of future experience under the DB Pension Plan, the mortality tables used to determine future benefit obligations under the plan were updated as of December 31, 2016 to the RP 2014 Total Employee and Healthy Annuitant Mortality Tables rolled back to 2006 and projected with Mortality Improvement Scale MP 2016. The Company updated this assumption based on the new improvement table released by The Society of Actuaries in October 2016. The appropriateness of the assumptions is reviewed annually. Cash Flows Plan assets are amounts that have been segregated and restricted to provide benefits, and include amounts contributed by the Company and amounts earned from investing contributions, less benefits paid. The Company funds the cost of the SERPs and the Life and Healthcare Plan benefits on a pay-as-you-go basis. The benefits as of December 31, 2016 , expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter were as follows: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2017 $ 3,910 $ 541 $ 673 2018 3,820 475 668 2019 4,242 483 663 2020 4,030 479 700 2021 4,266 475 691 2022-2026 22,635 2,637 4,099 Total $ 42,903 $ 5,090 $ 7,494 Plan Assets The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2016 and 2015 , respectively, by asset category are as follows: 2016 2015 Equity securities 68 % 75 % Debt securities 30 % 24 % Other 2 % 1 % Total Allocation 100 % 100 % It is the policy of the Trustees to invest the Pension Trust Fund (the “Fund”) for total return. The Trustees seek the maximum return consistent with the interests of the participants and beneficiaries and prudent investment management. The management of the Fund’s assets is in compliance with the guidelines established in the Company’s Pension Plan and Trust Investment Policy, which is reviewed and approved annually by the Tompkins Board of Directors, and the Pension Investment Review Committee. The intention is for the Fund to be prudently diversified. The Fund’s investments will be invested among the fixed income, equity and cash equivalent sectors. The pension committee will designate minimum and maximum positions in any of the sectors. In no case shall more than 10% of the Fund assets consist of qualified securities or real estate of the Company. Unless otherwise approved by the Trustees, the following investments are prohibited: 1. Restricted stock, private placements, short positions, calls, puts, or margin transactions; 2. Commodities, oil and gas properties, real estate properties, or 3. Any investment that would constitute a prohibited transaction as described in the Employee Retirement Income Security Act of 1974 (“ERISA”), section 407, 29 U.S.C. 1106. In general, the investment in debt securities is limited to readily marketable debt securities having a Standard & Poor’s rating of “A” or Moody’s rating of “A”, securities of, or guaranteed by the United States Government or its agencies, or obligations of banks or their holding companies that are rated in the three highest ratings assigned by Fitch Investor Service, Inc. In addition, investments in equity securities must be listed on the NYSE or traded on the national Over The Counter market or listed on the NASDAQ. Cash equivalents generally may be United States Treasury obligations, commercial paper having a Standard & Poor’s rating of “A-1” or Moody’s National Credit Officer rating of “P-1”or higher. The major categories of assets in the Company’s DB Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19-Fair Value Measurements). Fair Value Measurements December 31, 2016 (in thousands) Fair Value 2016 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 1,147 $ 1,147 $ 0 $ 0 Common stocks 23,291 23,291 0 0 Mutual funds 46,619 46,619 0 0 Preferred stocks 750 0 750 0 Total Fair Value of Plan Assets $ 71,807 $ 71,057 $ 750 $ 0 Fair Value Measurements December 31, 2015 (in thousands) Fair Value 2015 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 694 $ 694 $ 0 $ 0 U.S. Treasury securities 7,599 7,599 0 0 U.S. Government sponsored entities securities 508 0 508 0 Corporate bonds and notes 6,627 0 6,627 0 Common stocks 25,324 25,324 0 0 Mutual funds 27,429 27,429 0 0 Preferred stocks 750 0 750 0 Total Fair Value of Plan Assets $ 68,931 $ 61,046 $ 7,885 $ 0 The Company determines the fair value for its pension plan assets using an independent pricing service. The pricing service uses a variety of techniques to determine fair value, including market maker bids, quotes and pricing models. Inputs to the model include recent trades, benchmark interest rates, spreads, and actual and projected cash flows. Based on the inputs used by our independent pricing services, the Company identifies the appropriate level within the fair value hierarchy to report these fair values. U.S. Treasury securities, common stocks and mutual funds are considered Level 1 based on quoted prices in active markets. The Company has an Employee Stock Ownership Plan (ESOP) and a 401(k) Investment and Stock Ownership Plan (ISOP) covering substantially all employees of the Company. The ESOP allows for Company contributions in the form of common stock of the Company. Annually, the Tompkins Board of Directors determines a profit-sharing payout to its employees in accordance with a performance-based formula. A percentage of the approved amount is paid in Company common stock into the ESOP. Contributions are limited to a maximum amount as stipulated in the ESOP. The remaining percentage is either paid out in cash or deferred into the ISOP at the direction of the employee. Compensation expense related to the ESOP and ISOP totaled $4.9 million in 2016 , $4.4 million in 2015 , and $3.9 million in 2014 . Under the ISOP, employees may contribute a percentage of their eligible compensation with a Company match of such contributions up to a maximum match of 4% . Participation in the 401(k) Plan is contingent upon certain age and service requirements. The Company’s expense associated with these matching provisions was $2.4 million in 2016 , $2.3 million in 2015 , and $2.2 million in 2014 . Life insurance benefits are provided to certain officers of the Company. In connection with these policies, the Company reflects life insurance assets on its Consolidated Statements of Condition of $77.9 million at December 31, 2016 , and $75.8 million at December 31, 2015 . The insurance is carried at its cash surrender value on the Consolidated Statements of Condition. Increases in the cash surrender value of the insurance are reflected as noninterest income, net of any related mortality expense. The Company provides split dollar life insurance benefits to certain employees. The plan is unfunded and the estimated liability of the plan of $1.4 million and $1.3 million is recorded in other liabilities in the Consolidated Statements of Condition at December 31, 2016 and 2015 , respectively. Compensation expense related to the split dollar life insurance was approximately $110,000 in 2016 and $47,000 in 2015 . |
Stock Plans and Stock Based Com
Stock Plans and Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans and Stock Based Compensation | Stock Plans and Stock Based Compensation Under the Tompkins Financial Corporation 2009 Equity Plan (“2009 Equity Plan”), the Company may grant incentive stock options, stock appreciation rights ("SARs"), shares of restricted stock and restricted stock units covering up to 1,602,000 , shares of the Company's common stock to certain officers, employees, and nonemployee directors. Stock options and SARs are granted at an exercise price equal to the stock’s fair value at the date of grant, may not have a term in excess of ten years, and have vesting periods that range between one and seven years from the grant date. Restricted stock awards have vesting periods that range between one and seven years from grant date, and have grant date fair values that equal the closing price of the Company’s common stock on grant date. Prior to the adoption of the 2009 Equity Plan, the Company had similar stock option plans, which remain in effect solely with respect to unexercised options issued under these plans. The Company granted 73,716 equity awards to its employees in 2016 , consisting of 53,770 shares of restricted stock and 19,946 SARs. The Company granted 109,750 equity awards to its employees in 2015 , consisting of 61,235 shares of restricted stock, and 48,515 SARs. The Company granted 186,982 equity awards to its employees in 2014 , consisting of 101,100 shares of restricted stock, 81,495 SARs, and 4,387 shares of stock. The following table presents the activity related to stock options and SARs under all plans for the year ended December 31, 2016 . Number of Shares/Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2016 441,016 $ 42.46 Granted 19,946 77.00 Exercised (107,528 ) 38.77 Forfeited (14,918 ) 45.00 Outstanding at December 31, 2016 338,516 $ 45.56 5.56 $ 16,582,002 Exercisable at December 31, 2016 155,046 $ 39.43 3.17 $ 8,544,305 Total stock-based compensation expense for stock options and SARs was $476,000 in 2016 , $509,000 in 2015 , and $734,000 in 2014 . As of December 31, 2016 , unrecognized compensation cost related to unvested stock options and SARs totaled $1.3 million . The cost is expected to be recognized over a weighted average period of 4.4 years . Net cash proceeds, tax benefits and intrinsic value related to total stock options, SARs, and restricted stock exercised is as follows: (in thousands) 2016 2015 2014 Net proceeds from stock option exercises $ (806 ) $ 1,382 $ 1,512 Tax benefits related to stock option and SAR exercises and vesting of restricted shares 1,433 358 234 Intrinsic value of stock option exercises 3,718 3,014 2,112 The Company uses the Black-Scholes option-valuation model to determine the fair value of incentive stock options and SARs at the date of grant. The valuation model estimates fair value based on the assumptions listed in the table below. The risk-free rate is the interest rate available on zero-coupon U.S. Treasury instruments with a remaining term equal to the expected term of the share option at the time of grant. The expected dividend yield is based on the dividend trends and the market price of the Company’s stock price at grant. Volatility is largely based on historical volatility of the Company’s stock price. The expected term is based upon historical experience of employee exercises and terminations as the vesting term of the grants. The fair values of the grants are expensed over the vesting periods. 2016 2015 2014 Weighted per share average fair value at grant date $ 12.88 $ 8.96 $ 8.32 Risk-free interest rate 1.57 % 1.80 % 1.91 % Expected dividend yield 3.00 % 3.80 % 5.14 % Volatility 24.58 % 25.32 % 30.96 % Expected life (years) 5.50 6.00 6.00 December 31, 2016 Options and SARs Outstanding Options and SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $13.00-20.00 626 2.96 $ 16.47 626 $ 16.47 $20.01-29.30 2,985 4.23 $ 22.03 2,985 $ 22.03 $29.31-35.70 1,295 1.96 $ 30.96 1,295 $ 30.96 $35.71-37.50 99,466 3.07 $ 37.12 71,706 $ 37.16 $37.51-41.00 41,003 6.34 $ 40.60 9,755 $ 40.60 $41.01-50.00 126,295 5.47 $ 45.71 68,679 $ 42.76 $50.01-60.00 46,900 8.84 $ 56.29 0 $ 0 $60.01-86.18 19,946 9.86 $ 77.00 0 $ 0 338,516 5.56 $ 45.56 155,046 $ 39.43 The following table presents activity related to restricted stock awards for the twelve months ended December 31, 2016 . Number of Shares Weighted Average Exercise Unvested at January 1, 2016 247,347 $ 47.57 Granted 53,770 76.93 Vested (36,030 ) 73.99 Forfeited (13,371 ) 46.88 Unvested at December 31, 2016 251,716 $ 54.46 The Company granted 53,770 restricted stock awards in 2016 at an average grant date fair value of $76.93 . The Company granted 61,235 restricted stock awards in 2015 at an average grant date fair value of $56.29 . The Company granted 101,100 restricted stock awards in 2014 at an average grant date fair value of $49.22 . The grant date fair values were the closing prices of the Company’s common stock on the grant dates. The Company recognized stock-based compensation related to restricted stock awards of $1.8 million in 2016 , $1.4 million in 2015 , and $771,000 in 2014 . Unrecognized compensation costs related to restricted stock awards totaled $11.0 million at December 31, 2016 and will be recognized over 4.8 years on a weighted average basis. |
Other Noninterest Income and Ex
Other Noninterest Income and Expense | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Income and Expense | Other Noninterest Income and Expense Other income and operating expense totals are presented in the table below. Components of these totals exceeding 1% , and other significant items, of the aggregate of total other noninterest income and total other noninterest expenses for any of the years presented below are stated separately. Year ended December 31, (in thousands) 2016 2015 2014 NONINTEREST INCOME Other service charges $ 2,671 $ 2,972 $ 3,267 Increase in cash surrender value of corporate owned life insurance 2,106 2,064 1,883 Net gain on sale of loans 95 54 362 Other miscellaneous income 1,419 3,788 3,472 Total other noninterest income $ 6,291 $ 8,878 $ 8,984 NONINTEREST EXPENSES Marketing expense $ 5,087 $ 4,780 $ 4,942 Professional fees 5,446 5,352 6,094 Technology expense 7,011 6,220 6,172 Cardholder expense 2,503 2,653 2,712 Other miscellaneous expenses 17,029 18,662 21,201 Total other noninterest expenses $ 37,076 $ 37,667 $ 41,121 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax expense (benefit) attributable to income from operations is summarized as follows: (in thousands) Current Deferred Total 2016 Federal $ 22,943 $ 1,551 $ 24,494 State 2,243 308 2,551 Total $ 25,186 $ 1,859 $ 27,045 2015 Federal $ 22,955 $ 2,841 $ 25,796 State 3,103 63 3,166 Total $ 26,058 $ 2,904 $ 28,962 2014 Federal $ 19,749 $ 2,915 $ 22,664 State 624 2,116 2,740 Total $ 20,373 $ 5,031 $ 25,404 The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.9 2.4 2.3 Tax exempt income (2.7 ) (2.5 ) (2.5 ) Excess benefits from equity-based compensation (1.4 ) 0.0 0.0 Bank-owned life insurance income (0.8 ) (0.8 ) (0.8 ) Federal tax credit (0.4 ) (0.8 ) (1.0 ) All other (0.3 ) (0.2 ) (0.2 ) Total 31.3 % 33.1 % 32.8 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows: (in thousands) 2016 2015 2014 Deferred tax assets: Allowance for loan and lease losses $ 13,737 $ 12,411 $ 11,276 Interest income on nonperforming loans 214 1,207 395 Compensation and benefits 14,504 14,032 13,081 Purchase accounting adjustments 527 1,920 3,538 Liabilities held at fair value 1 218 364 Tax credit carryforward 0 831 1,995 Other 3,088 2,546 2,347 Total $ 32,071 $ 33,165 $ 32,996 Deferred tax liabilities: Prepaid pension $ 11,439 $ 10,992 $ 9,377 Depreciation 3,006 3,277 2,553 Intangibles 882 567 236 Other 2,901 2,144 1,741 Total deferred tax liabilities $ 18,228 $ 16,980 $ 13,907 Net deferred tax asset at year-end $ 13,843 $ 16,185 $ 19,089 Net deferred tax asset at beginning of year $ 16,185 $ 19,089 $ 24,120 Decrease in net deferred tax asset (2,342 ) (2,904 ) (5,031 ) Purchase accounting adjustments, net (483 ) 0 0 Deferred tax expense $ 1,859 $ 2,904 $ 5,031 This analysis does not include recorded deferred tax assets (liabilities) of $5.1 million and $1.8 million as of December 31, 2016 and 2015 , respectively, related to net unrealized holdings losses/(gains) in the available-for-sale securities portfolio. In addition, the analysis excludes the recorded deferred tax assets of $18.6 million and $18.1 million , as of December 31, 2016 and 2015 , respectively, related to employee benefit plans. Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carry-back period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. Based on its assessment, management determined that no valuation allowance is necessary at December 31, 2016 and 2015 . At December 31, 2016 and December 31, 2015 , the Company had no ASC 740-10 unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company recognizes interest and penalties on unrecognized tax benefits in income tax expense in its Consolidated Statements of Income. The Company is subject to U.S. federal income tax and income tax in various state jurisdictions. All tax years ending after December 31, 2011 are open to examination by the taxing authorities. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The tax effect allocated to each component of other comprehensive income (loss) were as follows: December 31, 2016 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized losses during the period $ (7,689 ) $ 3,074 $ (4,615 ) Reclassification adjustment for net realized gain on sale included in available-for-sale securities (926 ) 370 (556 ) Net unrealized losses (8,615 ) 3,444 (5,171 ) Employee benefit plans: Net retirement plan loss (2,787 ) 1,114 (1,673 ) Net retirement plan prior service credit (188 ) 75 (113 ) Amortization of net retirement plan actuarial loss 1,338 (535 ) 803 Amortization of net retirement plan prior service (cost) credit 76 (30 ) 46 Employee benefit plans (1,561 ) 624 (937 ) Other comprehensive loss $ (10,176 ) $ 4,068 $ (6,108 ) December 31, 2015 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized gain during the period $ (8,241 ) $ 3,295 $ (4,946 ) Reclassification adjustment for net realized gain on sale included in available-for-sale securities (1,108 ) 443 (665 ) Net unrealized losses (9,349 ) 3,738 (5,611 ) Employee benefit plans: Net retirement plan gain 1,846 (738 ) 1,108 Amortization of net retirement plan actuarial loss 2,218 (887 ) 1,331 Amortization of net retirement plan prior service (cost) credit (6,362 ) 2,544 (3,818 ) Employee benefit plans (2,298 ) 919 (1,379 ) Other comprehensive loss $ (11,647 ) $ 4,657 $ (6,990 ) December 31, 2014 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized loss during the period $ 19,094 $ (7,635 ) $ 11,459 Reclassification adjustment for net realized gain on sale included in available-for-sale securities (391 ) 156 (235 ) Net unrealized gains 18,703 (7,479 ) 11,224 Employee benefit plans: Net retirement plan loss (24,211 ) 9,684 (14,527 ) Net retirement plan prior service credit 6,282 (2,513 ) 3,769 Amortization of net retirement plan actuarial loss 1,065 (426 ) 639 Amortization of net retirement plan prior service credit 5 (2 ) 3 Employee benefit plans (16,859 ) 6,743 (10,116 ) Other comprehensive income $ 1,844 $ (736 ) $ 1,108 The following table presents the activity in our accumulated other comprehensive loss for the periods indicated: (in thousands) Available-for-Sale Employee Benefit Plans Accumulated Other Balance at January 1, 2014 $ (8,357 ) $ (16,762 ) $ (25,119 ) Other comprehensive (loss) income 11,224 (10,116 ) 1,108 Balance at December 31, 2014 $ 2,867 $ (26,878 ) $ (24,011 ) Balance at January 1, 2015 2,867 (26,878 ) (24,011 ) Other comprehensive loss (5,611 ) (1,379 ) (6,990 ) Balance at December 31, 2015 $ (2,744 ) $ (28,257 ) $ (31,001 ) Balance at January 1, 2016 (2,744 ) (28,257 ) (31,001 ) Other comprehensive loss (5,171 ) (937 ) (6,108 ) Balance at December 31, 2016 $ (7,915 ) $ (29,194 ) $ (37,109 ) December 31, 2016 Details about Accumulated other Comprehensive Income Amount 1 Affected Line Item in the Statement Where Net Income is Presented Available-for-sale securities: Unrealized gains and losses on available-for-sale securities $ 926 Net gain on securities transactions (370 ) Tax expense 556 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (1,338 ) Pension and other employee benefits Net retirement plan prior service credit (76 ) Pension and other employee benefits Net retirement plan transition liability 0 Pension and other employee benefits (1,414 ) Total before tax 565 Tax benefit (849 ) Net of tax December 31, 2015 Details about Accumulated other Comprehensive Income Amount Reclassified from 1 Affected Line Item in the Statement Where Net Income is Presented Available-for-sale securities: Unrealized gains and losses on available-for-sale securities $ 1,108 Net gain on securities transactions (443 ) Tax expense 665 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (2,218 ) Pension and other employee benefits Net retirement plan prior service credit 359 Pension and other employee benefits (1,859 ) Total before tax 744 Tax benefit (1,115 ) Net of tax 1 Amounts in parentheses indicate debits in income statement. 2 The accumulated other comprehensive income components are included in the computation of net periodic benefit cost (See Note 12 - “Employee Benefit Plans”). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities The Company, in the normal course of business, is a party to financial instruments with off-balance-sheet risk to meet the financial needs of its customers. These financial instruments include loan commitments, standby letters of credit, and unused portions of lines of credit. The contract, or notional amount, of these instruments represents the Company’s involvement in particular classes of financial instruments. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the Consolidated Statements of Condition. The Company’s maximum potential obligations to extend credit for loan commitments (unfunded loans, unused lines of credit, and standby letters of credit) outstanding on December 31 were as follows: (in thousands) 2016 2015 Loan commitments $ 125,472 $ 200,316 Standby letters of credit 57,723 58,639 Undisbursed portion of lines of credit 773,893 719,234 Total $ 957,088 $ 978,189 Commitments to extend credit (including lines of credit) are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments to guarantee the performance of a customer to a third party. The Company extends standby letters of credit to its customers in the normal course of business. The standby letters of credit are generally short-term. As of December 31, 2016 , the Company’s maximum potential obligation under standby letters of credit was $57.7 million . Management uses the same credit policies in making commitments to extend credit and standby letters of credit as are used for on-balance-sheet lending decisions. Based upon management’s evaluation of the counterparty, the Company may require collateral to support commitments to extend credit and standby letters of credit. The credit risk amounts are equal to the contractual amounts, assuming the amounts are fully advanced and collateral or other security is of no value. The Company does not anticipate losses as a result of these transactions. These commitments also have off-balance-sheet interest-rate risk, in that the interest rate at which these commitments were made may not be at market rates on the date the commitments are fulfilled. Since some commitments and standby letters of credit are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. At December 31, 2016 , the Company had rate lock agreements associated with mortgage loans to be sold in the secondary market (certain of which relate to loan applications for which no formal commitment has been made) amounting to approximately $187,000 . In order to limit the interest rate risk associated with rate lock agreements, as well as the interest rate risk associated with mortgages held for sale, if any, the Company enters into agreements to sell loans in the secondary market to unrelated investors on a loan-by-loan basis. At December 31, 2016 , the Company had approximately $187,000 of commitments to sell mortgages to unrelated investors on a loan-by-loan basis. In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, based upon the review with counsel, the proceedings are not expected to have a material effect on the Company’s financial condition or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Calculation of basic earnings per share (Basic EPS) and diluted earnings per share (Diluted EPS) is shown below. Year ended December 31, (in thousands, except share and per share data) 2016 2015 2014 Basic Net income available to common shareholders $ 59,340 $ 58,421 $ 52,041 Less: income attributable to unvested stock-based compensation awards (912 ) (834 ) (503 ) Net earnings allocated to common shareholders 58,428 57,587 51,538 Weighted average shares outstanding, including unvested stock-based 15,044,733 14,940,274 14,824,333 Less: unvested stock-based compensation awards (232,021 ) (212,081 ) (147,711 ) Weighted average shares outstanding - Basic 14,812,712 14,728,193 14,676,622 Diluted Net earnings allocated to common shareholders 58,428 57,587 51,538 Weighted average shares outstanding - Basic 14,812,712 14,728,193 14,676,622 Plus: incremental shares from assumed conversion of stock-based 123,519 134,833 113,002 Weighted average shares outstanding - Diluted 14,936,231 14,863,026 14,789,624 Basic EPS $ 3.94 $ 3.91 $ 3.51 Diluted EPS $ 3.91 $ 3.87 $ 3.48 Stock-based compensation awards representing 72,321 , 108,159 , and 229,868 common shares for 2016, 2015, 2014, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 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 Topic 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 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, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; 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). The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. Recurring Fair Value Measurements December 31, 2016 (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Available-for-sale securities Obligations of U.S. Government sponsored entities $ 527,627 $ 0 $ 527,627 $ 0 Obligations of U.S. states and political subdivisions 89,056 0 89,056 0 Mortgage-backed securities - residential U.S. Government agencies 158,226 0 158,226 0 U.S. Government sponsored entities 651,430 0 651,430 0 Non-U.S. Government agencies or sponsored entities 116 0 116 0 U.S. corporate debt securities 2,162 0 2,162 0 Equity securities 921 0 0 921 The change in the fair value of the $921,000 of available-for-sale securities valued using significant unobservable inputs (level 3), between January 1, 2016 and December 31, 2016 was immaterial. Recurring Fair Value Measurements December 31, 2015 (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Trading securities Obligations of U.S. Government sponsored entities $ 6,601 $ 0 $ 6,601 $ 0 Mortgage-backed securities - residential 767 0 767 0 Available-for-sale securities Obligations of U.S. Government sponsored entities 552,893 0 552,893 0 Obligations of U.S. states and political subdivisions 84,726 0 84,726 0 Mortgage-backed securities - residential U.S. Government agencies 94,678 0 94,678 0 U.S. Government sponsored entities 650,097 0 650,097 0 Non-U.S. Government agencies or sponsored entities 194 0 194 0 U.S. corporate debt securities 2,162 0 2,162 0 Equity securities 934 0 0 934 Borrowings Other borrowings 10,576 0 10,576 0 The change in the fair value of the $934,000 of available-for-sale securities valued using significant unobservable inputs (level 3), between January 1, 2015 and December 31, 2015 was immaterial. The Company determines fair value for its trading securities using independently quoted market prices. The Company determines fair value for its available-for-sale securities using an independent bond pricing service for identical assets or very similar securities. The pricing service uses a variety of techniques to determine fair value, including market maker bids, quotes and pricing models. Inputs to the model include recent trades, benchmark interest rates, spreads, and actual and projected cash flows. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company’s investment portfolio consists of traditional investments, nearly all of which are U.S. Treasury obligations, federal agency bullet or mortgage pass-through securities, or general obligation municipal bonds. Pricing for such instruments is fairly generic and is easily obtained. At least annually, the Company will validate prices supplied by the independent pricing service by comparing to prices obtained from a second third-party source. Based on the inputs used by our independent pricing services, the Company identifies the appropriate level within the fair value hierarchy to report these fair values. Fair values of borrowings are estimated using Level 2 inputs based upon observable market data. The Company determines fair value for its borrowings using a discounted cash flow technique based upon expected cash flows and current spreads on FHLB advances with the same structure and terms. The Company also receives pricing information from third parties, including the FHLB. The pricing obtained is considered representative of the transfer price if the liabilities were assumed by a third party. In 2016, the Company prepaid its other borrowings held at fair value. There were no transfers between Level 2 and Level 3 values during 2016 and 2015 . Certain assets are measured at fair value on a nonrecurring basis, that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. For the Company, these include loans held for sale, collateral dependent impaired loans, other real estate owned, goodwill and other intangible assets. During 2016 , certain collateral dependent impaired loans and other real estate owned at December 31, 2016 , were adjusted down to fair value. Collateral values are estimated using Level 2 inputs based upon observable market data. Real estate values are generally valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally available in the market. Fair value measurements at reporting date using: Gain (losses) (in thousands) As of Quoted prices in active markets for identical assets Significant other observable inputs Significant Twelve months ended Assets: 12/31/2016 (Level 1) (Level 2) (Level 3) 12/31/2016 Impaired Loans $ 7,296 $ 0 $ 7,296 $ 0 $ (234 ) Other real estate owned 908 0 908 0 (76 ) Fair value measurements at reporting date using: Gain (losses) (in thousands) As of Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Twelve months ended Assets: 12/31/2015 (Level 1) (Level 2) (Level 3) 12/31/2015 Impaired Loans $ 5,730 $ 0 $ 5,730 $ 0 $ (326 ) Other real estate owned 1,995 0 1,995 0 714 The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2016 and 2015 . The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions. The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report. Estimated Fair Value of Financial Instruments December 31, 2016 (in thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 63,954 $ 63,954 $ 63,954 $ 0 $ 0 Securities - held-to-maturity 142,119 142,832 0 142,832 0 FHLB and FRB stock 43,133 43,133 0 43,133 0 Accrued interest receivable 17,390 17,390 0 17,390 0 Loans and leases, net 1 4,222,278 4,187,415 0 7,296 4,180,119 Financial Liabilities: Time deposits $ 870,788 $ 867,921 $ 0 $ 867,921 $ 0 Other deposits 3,754,351 3,754,351 0 3,754,351 0 Securities sold under agreements to repurchase 69,062 69,109 0 69,109 0 Other borrowings 884,815 884,842 0 884,842 0 Trust preferred debentures 2 37,681 43,321 0 43,321 0 Accrued interest payable 1,902 1,902 0 1,902 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. 2 The fair value of Tompkins Capital Trust I is shown to equal the book value of $21.2 million given that it was redeemed at par on January 31, 2017. Estimated Fair Value of Financial Instruments December 31, 2015 (in thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 58,257 $ 58,257 $ 58,257 $ 0 $ 0 Securities - held-to-maturity 146,071 146,686 0 146,686 FHLB and FRB stock 29,969 29,969 0 29,969 0 Accrued interest receivable 16,433 16,433 0 16,433 0 Loans and leases, net 1 3,740,038 3,739,695 0 5,730 3,733,965 Financial Liabilities: Time deposits $ 855,133 $ 853,839 $ 0 $ 853,839 $ 0 Other deposits 3,540,173 3,540,173 0 3,540,173 0 Securities sold under agreements to repurchase 136,513 138,161 138,161 Other borrowings 525,709 527,041 0 527,041 0 Trust preferred debentures 37,509 45,190 0 45,190 0 Accrued interest payable 1,973 1,973 0 1,973 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. The following methods and assumptions were used in estimating fair value disclosures for financial instruments. CASH AND CASH EQUIVALENTS: The carrying amounts reported in the Consolidated Statements of Condition for cash, noninterest-bearing deposits, money market funds, and Federal funds sold approximate the fair value of those assets. SECURITIES: Fair values for U.S. Treasury securities are based on quoted market prices. Fair values for obligations of U.S. government sponsored entities, mortgage-backed securities-residential, obligations of U.S. states and political subdivisions, and U.S. corporate debt securities are based on quoted market prices, where available, as provided by third party pricing vendors. If quoted market prices were not available, fair values are based on quoted market prices of comparable instruments in active markets and/or based upon matrix pricing methodology, which uses comprehensive interest rate tables to determine market price, movement and yield relationships. For miscellaneous equity securities, carrying value is cost. These securities are reviewed periodically to determine if there are any events or changes in circumstances that would adversely affect their value. FHLB AND FRB STOCK: The carrying amount of FHLB and FRB stock approximates fair value. If the stock is redeemed, the Company will receive an amount equal to the par value of the stock. LOANS AND LEASES: The fair values of residential loans are estimated using discounted cash flow analyses, based upon available market benchmarks for rates and prepayment assumptions. The fair values of commercial and consumer loans are estimated using discounted cash flow analyses, based upon interest rates currently offered for loans and leases with similar terms and credit quality. The fair value of loans held for sale is determined based upon contractual prices for loans with similar characteristics. ACCRUED INTEREST RECEIVABLE AND ACCRUED INTEREST PAYABLE: The carrying amount of these short term instruments approximate fair value. DEPOSITS: The fair values disclosed for noninterest bearing accounts and accounts with no stated maturities are equal to the amount payable on demand at the reporting date. The fair value of time deposits is based upon discounted cash flow analyses using rates offered for FHLB advances, which is the Company’s primary alternative source of funds. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE: The carrying amounts of repurchase agreements and other short-term borrowings approximate their fair values. Fair values of long-term borrowings are estimated using a discounted cash flow approach, based on current market rates for similar borrowings. For securities sold under agreements to repurchase where the Company has elected the fair value option, the Company also receives pricing information from third parties, including the FHLB. OTHER BORROWINGS: The fair values of other borrowings are estimated using discounted cash flow analysis, discounted at the Company’s current incremental borrowing rate for similar borrowing arrangements. For other borrowings where the Company has elected the fair value option, the Company also receives pricing information from third parties, including the FHLB. TRUST PREFERRED DEBENTURES: The fair value of the trust preferred debentures has been estimated using a discounted cash flow analysis which uses a discount factor of a market spread over current interest rates for similar instruments. |
Regulations and Supervision
Regulations and Supervision | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulations and Supervision | Regulations and Supervision Capital Requirements: The Company and its subsidiary banks are subject to various regulatory capital requirements administered by Federal bank regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s business, results of operation and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (PCA), banks must meet specific guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classifications of the Company and its subsidiary banks are also subject to qualitative judgments by regulators concerning components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of common equity Tier II capital total capital and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Management believes that the Company and its subsidiary banks meet all capital adequacy requirements to which they are subject. As of December 31, 2016 , the most recent notifications from Federal bank regulatory agencies categorized Tompkins Trust Company, The Bank of Castile, Mahopac Bank, and VIST Bank as “well capitalized” under the regulatory framework for PCA. To be categorized as well capitalized, the Company and its subsidiary banks must maintain total risk-based, Tier 1 risk-based, common equity Tier 1 capital and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the capital category of the Company or its subsidiary banks. On January 31, 2017, the Company redeemed all of the trust preferred of Tompkins Capital Trust I, $20.5 million , at a redemption price equal to 100% of the liquidation amount of the securities ( $1,000 per security), plus any accrued and unpaid interest up to the redemption date. As such, the Company excluded the $20.5 million for the calculation of Tier 1 and Total Capital below, which unfavorably impacted the consolidated ratios as of year-end 2016. Actual capital amounts and ratios of the Company and its subsidiary banks are as follows: Actual Required to be Adequately Capitalized Required to be Well Capitalized (dollar amounts in thousands) Amount/Ratio Amount/Ratio Amount/Ratio December 31, 2016 Total Capital (to risk-weighted assets) The Company (consolidated) $540,109 /12.2% $353,520/>8.0% $441,900/>10.0% Trust Company $154,062/12.3% $99,880 />8.0% $124,850 />10.0% Castile $114,282/10.7% $85,699 />8.0% $107,124 />10.0% Mahopac $111,727/12.6% $70,824 />8.0% $88,530 />10.0% VIST $141,193/11.9% $95,116 />8.0% $118,895 />10.0% Common EquityTier 1 Capital (to risk-weighted assets) The Company (consolidated) $486,006/11.0% $198,855/>4.5% $287,235/>6.5% Trust Company $144,672/11.6% $56,182 />4.5% $81,152 />6.5% Castile $105,998/9.9% $48,206 />4.5% $69,630 />6.5% Mahopac $100,956/11.4% $39,838 />4.5% $57,544 />6.5% VIST $133,505/11.2% $53,503 />4.5% $77,282 />6.5% Tier 1 Capital (to risk-weighted assets) The Company (consolidated) $502,525/11.4% $265,140/>6.0% $353,520/>8.0% Trust Company $144,672/11.6% $74,910 />6.0% $99,880 />8.0% Castile $105,998/9.9% $64,274 />6.0% $85,699 />8.0% Mahopac $100,956/11.4% $53,118 />6.0% $70,824 />8.0% VIST $133,505/11.2% $71,337 />6.0% $95,116 />8.0% Tier 1 Capital (to average assets) The Company (consolidated) $502,525/8.4% $238,872/>4.0% $298,590/>5.0% Trust Company $144,672/7.7% $75,246 />4.0% $94,057 />5.0% Castile $105,998/7.7% $54,851 />4.0% $68,563 />5.0% Mahopac $100,956/8.4% $48,333 />4.0% $60,416 />5.0% VIST $133,505/8.9% $59,984 />4.0% $74,980 />5.0% December 31, 2015 Total Capital (to risk-weighted assets) The Company (consolidated) $520,891/13.0% >$319,711/>8.0% >$399,638/>10.0% Trust Company $151,299/13.7% >$88,274 />8.0% >$110,342 />10.0% Castile $104,568/10.5% >$79,657 />8.0% >$99,571 />10.0% Mahopac $110,158/14.0% >$62,943 />8.0% >$78,678 />10.0% VIST $133,925/12.4% >$86,371 />8.0% >$107,964 />10.0% Common EquityTier 1 Capital (to risk-weighted assets) The Company (consolidated) $449,535/11.3% >$179,837/>4.5% >$259,765/>6.5% Trust Company $143,005/13.0% >$49,654 />4.5% >$71,722 />6.5% Castile $97,097/9.8% >$44,807 />4.5% >$64,721 />6.5% Mahopac $100,322/12.8% >$35,405 />4.5% >$51,141 />6.5% VIST $127,229/11.8% >$48,584 />4.5% >$70,177 />6.5% Tier 1 Capital (to risk-weighted assets) The Company (consolidated) $487,043/12.2% >$239,783/>6.0% >$319,711/>8.0% Trust Company $143,005/13.0% >$66,205 />6.0% >$88,274 />8.0% Castile $97,097/9.8% >$59,743 />6.0% >$79,657 />8.0% Mahopac $100,322/12.8% >$47,207 />6.0% >$62,943 />8.0% VIST $127,229/11.8% >$64,779 />6.0% >$86,371 />8.0% Tier 1 Capital (to average assets) The Company (consolidated) $487,043/8.8% >$220,995/>4.0% >$276,243/>5.0% Trust Company $143,005/8.0% >$71,319 />4.0% >$89,148 />5.0% Castile $97,097/7.7% >$50,309 />4.0% >$62,887 />5.0% Mahopac $100,322/9.2% >$43,865 />4.0% >$54,831 />5.0% VIST $127,229/9.1% >$55,650 />4.0% >$69,563 />5.0% |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Only Financial Statements | Condensed Parent Company Only Financial Statements Condensed financial statements for Tompkins (the Parent Company) as of December 31, are presented below. Condensed Statements of Condition (in thousands) 2016 2015 Assets Cash $ 28,398 $ 5,759 Available-for-sale securities, at fair value 0 0 Investment in subsidiaries, at equity 563,691 548,227 Other 10,345 12,940 Total Assets $ 602,434 $ 566,926 Liabilities and Shareholders’ Equity Borrowings $ 16,000 $ 13,510 Trust preferred debentures issued to non-consolidated subsidiary 37,681 37,509 Other liabilities 800 893 Tompkins Financial Corporation Shareholders’ Equity 547,953 515,014 Total Liabilities and Shareholders’ Equity $ 602,434 $ 566,926 Condensed Statements of Income (in thousands) 2016 2015 2014 Dividends from available-for-sale securities $ 0 $ 2 $ 2 Dividends received from subsidiaries 47,584 28,667 28,727 Other income 269 593 1,059 Total Operating Income 47,853 29,262 29,788 Interest expense 2,743 2,648 2,703 Other expenses 6,089 5,996 6,484 Total Operating Expenses 8,832 8,644 9,187 Income Before Taxes and Equity in Undistributed Earnings of Subsidiaries 39,021 20,618 20,601 Income tax benefit 3,549 2,987 3,654 Equity in undistributed earnings of subsidiaries 16,770 34,816 27,786 Net Income $ 59,340 $ 58,421 $ 52,041 Condensed Statements of Cash Flows (in thousands) 2016 2015 2014 Operating activities Net income $ 59,340 $ 58,421 $ 52,041 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiaries (16,770 ) (34,816 ) (27,799 ) Other, net 1,826 1,511 (999 ) Net Cash Provided by Operating Activities 44,396 25,116 23,243 Investing activities Other, net 24 81 85 Net Cash Provided by Investing Activities 24 81 85 Financing activities Borrowings, net 2,490 0 (1,000 ) Cash dividends (26,603 ) (25,411 ) (23,983 ) Repurchase of common shares (1,166 ) (3,505 ) (4,602 ) Net shares issued related to restricted stock awards (835 ) (195 ) 64 Shares issued for dividend reinvestment plans 3,201 0 2,186 Shares issued for employee stock ownership plan 1,938 1,595 1,528 Net proceeds from exercise of stock options (806 ) 1,382 1,512 Common stock issued 0 50 50 Net Cash Used in Financing Activities (21,781 ) (26,084 ) (24,245 ) Net (decrease) increase in cash 22,639 (887 ) (917 ) Cash at beginning of year 5,759 6,646 7,563 Cash at End of Year $ 28,398 $ 5,759 $ 6,646 A Statement of Changes in Shareholders’ Equity has not been presented since it is the same as the Consolidated Statement of Changes in Shareholders’ Equity previously presented. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information The Company manages its operations through three reportable business segments in accordance with the standards set forth in FASB ASC 280, “Segment Reporting”: (i) banking and financial services (“Banking”), (ii) insurance services (“Tompkins Insurance Agencies, Inc”) and (iii) wealth management (“Tompkins Financial Advisors”). The Company’s insurance services and wealth management services are managed separately from the Banking segment. Banking The banking segment is primarily comprised of the Company's four banking subsidiaries: Tompkins Trust Company, a commercial bank with 13 banking offices operated in Ithaca, NY and surrounding communities. The Bank of Castile (DBA Tompkins Bank of Castile), a commercial bank with 17 banking offices located in the Genesee Valley region of New York State as well as Monroe County; Mahopac Bank (DBA Tompkins Mahopac Bank), a commercial bank with 14 full-service banking offices located in the counties north of New York City; and VIST Bank (DBA Tompkins VIST Bank), a banking organization with 21 banking offices headquartered and operating in Southeastern Pennsylvania. Banking services consist primarily of attracting deposits from the areas served by the Company’s banking subsidiaries and using those deposits to originate a variety of commercial loans, agricultural loans, consumer loans, real estate loans and leases in those same areas. The Company’s subsidiary banks provide a variety of retail banking services including checking accounts, savings accounts, time deposits, IRA products, residential mortgage loans, personal loans, home equity loans, credit cards, debit cards and safe deposit services delivered through its branch facilities, ATMs, voice response, mobile banking, Internet banking and remote deposit services. The Company’s subsidiary banks also provide a variety of commercial banking services such as lending activities for a variety of business purposes, including real estate financing, construction, equipment financing, accounts receivable financing and commercial leasing. Other commercial services include deposit and cash management services, letters of credit, sweep accounts, credit cards, Internet-based account services, mobile banking and remote deposit services. The banking subsidiaries do not engage in sub-prime lending. Insurance The Company provides property and casualty insurance services and employee benefits consulting through Tompkins Insurance Agencies, Inc., a wholly-owned subsidiary of the Company, headquartered in Batavia, New York. Tompkins Insurance is an independent insurance agency, representing many major insurance carriers. Tompkins Insurance provides employee benefit consulting to employers in Western and Central New York and Southeastern Pennsylvania, assisting them with their medical, group life insurance and group disability insurance. Through the 2012 acquisition of VIST Financial, Tompkins Insurance expanded its operations with the addition of VIST Insurance, a full service agency offering a similar array of insurance products as Tompkins Insurance in southeastern Pennsylvania. Tompkins Insurance offers services to customers of the Company’s banking subsidiaries by sharing offices with The Bank of Castile, Tompkins Trust Company and VIST Bank. In addition to these shared offices, Tompkins Insurance has five stand-alone offices in Western New York, one stand-alone office in Tompkins County, New York and one stand-alone office in Montgomery County, Pennsylvania. Wealth Management The wealth management segment is generally organized under the Tompkins Financial Advisors brand. Tompkins Financial Advisors offers a comprehensive suite of financial services to customers, including trust and estate services, investment management and financial and insurance planning for individuals, corporate executives, small business owners and high net worth individuals. Tompkins Advisors has offices in each of the Company’s four subsidiary banks. As part of the acquisition of VIST Financial Corp. in 2012, VIST Capital Management, LLC was added into Tompkins Financial Advisors brand, offering a complementary assortment of full service investment advisory and brokerage services for individual financial planning, investments and corporate and small business pension and retirement planning solutions. Summarized financial information concerning the Company’s reportable segments and the reconciliation to the Company’s consolidated results is shown in the following table. Investment in subsidiaries is netted out of the presentations below. The “Intercompany” column identifies the intercompany activities of revenues, expenses and other assets between the banking and financial services segments. The Company accounts for intercompany fees and services at an estimated fair value according to regulatory requirements for the services provided. Intercompany items relate primarily to the use of human resources, information systems, accounting and marketing services provided by any of the banks and the holding company. All other accounting policies are the same as those described in Note 1 “Summary of significant accounting policies” in this Report. As of and for the year ended December 31, 2016 (in thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 202,739 $ 2 $ 0 $ (2 ) $ 202,739 Interest expense 22,105 0 0 (2 ) 22,103 Net interest income 180,634 2 0 0 180,636 Provision for loan and lease losses 4,321 0 0 0 4,321 Noninterest income 24,402 29,741 15,842 (1,177 ) 68,808 Noninterest expense 123,004 24,564 12,216 (1,177 ) 158,607 Income before income tax expense 77,711 5,179 3,626 0 86,516 Income tax expense 23,928 1,906 1,211 0 27,045 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 53,783 3,273 2,415 0 59,471 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 53,652 $ 3,273 $ 2,415 $ 0 $ 59,340 Depreciation and amortization $ 6,401 $ 353 $ 75 $ 0 $ 6,829 Assets 6,190,824 38,988 15,403 (8,459 ) 6,236,756 Goodwill 64,369 20,043 8,211 0 92,623 Other intangibles, net 6,433 4,560 356 0 11,349 Net loans and leases 4,222,278 0 0 0 4,222,278 Deposits 4,633,527 0 0 (8,388 ) 4,625,139 Total equity 506,411 30,825 12,169 0 549,405 As of and for the year ended December 31, 2015 (in thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 188,598 $ 2 $ 148 $ (2 ) $ 188,746 Interest expense 20,367 0 0 (2 ) 20,365 Net interest income 168,231 2 148 0 168,381 Provision for loan and lease losses 2,945 0 0 0 2,945 Noninterest income 27,096 29,818 16,037 (1,011 ) 71,940 Noninterest expense 115,706 23,783 11,384 (1,011 ) 149,862 Income before income tax expense 76,676 6,037 4,801 0 87,514 Income tax expense 24,923 2,416 1,623 0 28,962 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 51,753 3,621 3,178 0 58,552 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 51,622 $ 3,621 $ 3,178 $ 0 $ 58,421 Depreciation and amortization $ 5,985 $ 367 $ 116 $ 0 $ 6,468 Assets 5,646,459 36,625 13,951 (7,040 ) 5,689,995 Goodwill 64,369 19,212 8,211 0 91,792 Other intangibles, net 7,820 4,187 441 0 12,448 Net loans and leases 3,740,038 0 0 0 3,740,038 Deposits 4,401,896 0 0 (6,590 ) 4,395,306 Total equity 476,138 28,182 12,146 0 516,466 As of and for the year ended December 31, 2014 (in thousands) Banking Insurance Wealth Management Intercompany & Merger Consolidated Interest income $ 184,355 $ 6 $ 138 $ (6 ) $ 184,493 Interest expense 20,687 2 0 (6 ) 20,683 Net interest income 163,668 4 138 0 163,810 Provision for loan and lease losses 2,306 0 0 0 2,306 Noninterest income 27,418 28,620 16,072 (1,345 ) 70,765 Noninterest expense 120,708 23,515 11,815 (1,345 ) 154,693 Income before income tax expense 68,072 5,109 4,395 0 77,576 Income tax expense 21,890 2,052 1,462 0 25,404 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 46,182 3,057 2,933 0 52,172 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 46,051 $ 3,057 $ 2,933 $ 0 $ 52,041 Depreciation and amortization 5,296 271 143 0 $ 5,710 Assets 5,226,145 34,040 13,779 (4,403 ) 5,269,561 Goodwill 64,369 19,663 8,211 0 92,243 Other intangibles, net 9,301 4,827 521 0 14,649 Net loans and leases 3,364,291 0 0 0 3,364,291 Deposits 4,173,244 0 0 (4,090 ) 4,169,154 Total equity 453,037 26,419 10,127 0 489,583 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Data 2016 (in thousands) First Second Third Fourth Interest and dividend income $ 49,309 $ 50,417 $ 51,077 $ 51,936 Interest expense 5,271 5,510 5,760 5,562 Net interest income 44,038 44,907 45,317 46,374 Provision for loan and lease losses 855 978 782 1,706 Income before income tax 21,180 21,625 22,116 21,595 Net income 14,251 14,833 15,138 15,118 Net income per common share (basic) 0.95 0.99 1.01 1.00 Net income per common share (diluted) 0.94 0.98 1.00 0.99 Unaudited Quarterly Financial Data 2015 (in thousands) First Second Third Fourth Interest and dividend income $ 46,228 $ 46,423 $ 47,530 $ 48,565 Interest expense 5,000 5,093 5,144 5,128 Net interest income 41,228 41,330 42,386 43,437 Provision for loan and lease losses 209 922 281 1,533 Income before income tax 18,973 26,452 21,645 20,444 Net income 12,680 17,390 14,497 13,854 Net income per common share (basic) 0.85 1.16 0.97 0.93 Net income per common share (diluted) 0.84 1.15 0.96 0.92 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: Tompkins Financial Corporation (“Tompkins” or “the Company”) is a registered Financial Holding Company with the Federal Reserve Board pursuant to the Bank Holding Company Act of 1956, as amended, organized under the laws of New York State, and is the parent company of Tompkins Trust Company (the “Trust Company”), The Bank of Castile, Mahopac Bank (formerly known as The Mahopac National Bank), VIST Bank, Tompkins Insurance Agencies, Inc. (“Tompkins Insurance”) and TFA Management, Inc. The Trust Company provides a full array of trust and investment services under the Tompkins Financial Advisors brand. Unless the context otherwise requires, the term “Company” refers to Tompkins Financial Corporation and its subsidiaries. The consolidated financial information included herein combines the results of operations, the assets, liabilities, and shareholders’ equity (including comprehensive income or loss) of the Company and all entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under U.S. accounting principles generally accepted. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, variable interest entities (VIEs) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when the Company has both the power and ability to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company’s wholly owned subsidiaries, Tompkins Capital Trust I, Sleepy Hollow Capital Trust I, Leesport Capital Trust II, and Madison Statutory Trust I are VIE’s for which the Company is not the primary beneficiary. Accordingly, the accounts of these entities are not included in the Company’s consolidated financial statements. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclose contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the allowance for loan and lease losses, valuation of goodwill and intangible assets, deferred income tax assets, other-than-temporary impairment on investments, and obligations related to employee benefits. Amounts in the prior years’ consolidated financial statements are reclassified when necessary to conform to the current year’s presentation. The consolidated financial information included herein combines the results of operations, the assets, liabilities, and shareholders’ equity of the Company and its subsidiaries. Amounts in the prior periods’ unaudited condensed consolidated financial statements are reclassified when necessary to conform to the current periods’ presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure and determined that no further disclosures were required. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS: Cash and cash equivalents in the Consolidated Statements of Cash Flows include cash and noninterest bearing balances due from banks, interest-bearing balances due from banks, Federal funds sold, and money market funds. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risk on cash and cash equivalents. Each bank subsidiary is required to maintain reserve balances by the Federal Reserve Bank of New York. At December 31, 2016 , and December 31, 2015 , the reserve requirements for the Company’s banking subsidiaries totaled $6.6 million and $5.4 million , respectively. |
SECURITIES | SECURITIES: Management determines the appropriate classification of debt and equity securities at the time of purchase. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Debt securities not classified as held-to-maturity and marketable equity securities are classified as either available-for-sale or trading. Available-for-sale securities are stated at fair value with the unrealized gains and losses, net of tax, excluded from earnings and reported as a separate component of accumulated comprehensive income or loss, in shareholders’ equity. Trading securities are stated at fair value, with unrealized gains or losses included in earnings. Securities with limited marketability or restricted equity securities, such as Federal Home Loan Bank stock and Federal Reserve Bank stock, are carried at cost. Premiums and discounts are amortized or accreted over the expected life of the related security as an adjustment to yield using the interest method. Dividend and interest income are recognized when earned. Realized gains and losses on the sale of securities are included in net gain on securities transactions. The cost of securities sold is based on the specific identification method. At least quarterly, the Company performs an assessment to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered other-than-temporary impairment. A debt security is considered impaired if the fair value is less than its amortized cost basis at the reporting date. If impaired, the Company then assesses whether the unrealized loss is other-than-temporary. An unrealized loss on a debt security is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value, discounted at the security’s effective rate, of the expected future cash flows is less than the amortized cost basis of the debt security. As a result, the credit loss component of an other-than-temporary impairment write-down for debt securities is recorded in earnings while the remaining portion of the impairment loss is recognized, net of tax, in other comprehensive income provided that the Company does not intend to sell the underlying debt security and it is more-likely-than not that the Company would not have to sell the debt security prior to recovery of the unrealized loss, which may be to maturity. If the Company intended to sell any securities with an unrealized loss or it is more-likely-than not that the Company would be required to sell the investment securities, before recovery of their amortized cost basis, then the entire unrealized loss would be recorded in earnings. |
LOANS AND LEASES | LOANS AND LEASES: Loans are reported at their principal outstanding balance, net of deferred loan origination fees and costs, and unearned income. The Company has the ability and intent to hold its loans for the foreseeable future, except for certain residential real estate loans held-for-sale. The Company provides motor vehicle and equipment financing to its customers through direct financing leases. These leases are carried at the aggregate of lease payments receivable, plus estimated residual values, less unearned income. Unearned income on direct financing leases is amortized over the lease terms, resulting in a level rate of return. Residential real estate loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or estimated fair value. Fair value is determined on the basis of the rates quoted in the secondary market. Net unrealized losses attributable to changes in market interest rates are recognized through a valuation allowance by charges to income. Loans are generally sold on a non-recourse basis with servicing retained. Any gain or loss on the sale of loans is recognized at the time of sale as the difference between the recorded basis in the loan and the net proceeds from the sale. The Company may use commitments at the time loans are originated or identified for sale to mitigate interest rate risk. The commitments to sell loans and the commitments to originate loans held-for-sale at a set interest rate, if originated, are considered derivatives under ASC Topic 815. The impact of the estimated fair value adjustment was not significant to the consolidated financial statements. Interest income on loans is accrued and credited to income based upon the principal amount outstanding. Loan origination fees and costs are deferred and recognized over the life of the loan as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments are due. Loans and leases, including impaired loans, are generally classified as nonaccrual if they are past due as to maturity or payment of principal or interest for a period of more than 90 days, unless such loans are well secured and in the process of collection. Loans that are past due less than 90 days may also be classified as nonaccrual if repayment in full of principal or interest is in doubt. Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within an acceptable time period, and there is a sustained period (generally six consecutive months) of repayment performance by the borrower in accordance with the contractual terms of the loan agreement. When interest accrual is discontinued, all unpaid accrued interest is reversed. Payments received on loans on nonaccrual are generally applied to reduce the principal balance of the loan. The Company applies the provisions of ASC Topic 310-10-35, Loan Impairment , to all impaired commercial and commercial real estate loans over $250,000 and to all loans restructured in a troubled debt restructuring. Allowances for loan losses for the remaining loans are recognized in accordance with ASC Topic 450, Contingencies (“ASC Topic 450”). Management considers a loan to be impaired if, based on current information, it is probable that the Company will be unable to collect all scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. When a loan is considered to be impaired, the amount of the impairment is measured based on the present value of expected future cash flows discounted at the effective interest rate of the loan or, as a practical expedient, at the observable market price or the fair value of collateral (less costs to sell) if the loan is collateral dependent. Management excludes large groups of smaller balance homogeneous loans such as residential mortgages, consumer loans, and leases, which are collectively evaluated. Loans are considered modified in a troubled debt restructuring (“TDR”) when, due to a borrower’s financial difficulties, the Company makes a concession(s) to the borrower that it would not otherwise consider. These modifications may include, among others, an extension for the term of the loan, and granting a period when interest-only payments can be made with the principal payments and interest caught up over the remaining term of the loan or at maturity. Generally, a nonaccrual loan that has been modified in a TDR remains on non-accrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. In general, the principal balance of a loan is charged off in full or in part when management concludes, based on the available facts and circumstances, that collection of principal in full is not probable. For commercial and commercial real estate loans, this conclusion is generally based upon a review of the borrower’s financial condition and cash flow, payment history, economic conditions, and the conditions in the various markets in which the collateral, if any, may be liquidated. In general, consumer loans are charged-off in accordance with regulatory guidelines which provide that such loans be charged-off when the Company becomes aware of the loss, such as from a triggering event that may include new information about a borrower’s intent/ability to repay the loan, bankruptcy, fraud or death, among other things, but in no case will the charge-off exceed specified delinquency timeframes. Such delinquency timeframes state that closed-end retail loans (loans with pre-defined maturity dates, such as real estate mortgages, home equity loans and consumer installment loans) that become past due 120 cumulative days and open-end retail loans (loans that roll-over at the end of each term, such as home equity lines of credit) that become past due 180 cumulative days should be classified as a loss and charged-off. For residential real estate loans, charge-off decisions are based upon past due status, current assessment of collateral value, and general market conditions in the areas where the properties are located. |
ACQUIRED LOANS AND LEASES | ACQUIRED LOANS AND LEASES : Loans acquired in acquisitions, subsequent to the effective date of ASC Topic 805, Business Combination, are recorded at fair value and subsequently accounted for in accordance with ASC Topic 310, and there is no carryover of the related allowance for loan and lease losses. Loans acquired with evidence of credit impairment are accounted for under ASC Subtopic 310-30. These loans may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. In the VIST acquisition, the Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairment through a loss provision and an increase in the allowance for loan losses. Valuation allowances (recognized in the allowance for loan losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received). Acquired loans not exhibiting evidence of credit impairment at the time of acquisition are accounted for under ASC Subtopic 310-20. The Company amortizes/accretes into interest income the premium/discount determined at the date of purchase over the life of the loan on a level yield basis. Subsequent to the acquisition date, the methods used to estimate the appropriate allowance for loan losses are similar to originated loans. These loans are placed on nonaccrual status in accordance with the Company’s policy for originated loans. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. The Company determined at acquisition that it could reasonably estimate future cash flows on acquired loans that were past due 90 days or more and on which the Company expects to fully collect the carrying value of the loans net of the allowance for acquired loan losses. As such, the Company does not consider these loans to be nonaccrual or nonperforming. |
ALLOWANCE FOR LOAN AND LEASE LOSSES | ALLOWANCE FOR LOAN AND LEASE LOSSES: The Company has developed a methodology to measure the amount of estimated loan loss exposure inherent in the loan portfolio to assure that an appropriate allowance is maintained. The Company’s methodology is based upon guidance provided in SEC Staff Accounting Bulletin No. 102, Selected Loan Loss Allowance Methodology and Documentation Issues and allowance allocations are calculated in accordance with ASC Topic 310, Receivables and ASC Topic 450, Contingencies . The model is comprised of four major components that management has deemed appropriate in evaluating the appropriateness of the allowance for loan and lease losses. While none of these components, when used independently, is effective in arriving at a reserve level that appropriately measures the risk inherent in the portfolio, management believes that using them collectively, provides reasonable measurement of the loss exposure in the portfolio. The components include: impaired loans; criticized and classified credits; historical loss experience; and qualitative or subjective analysis. For impaired loans, an allowance is recognized if the fair value of the loan is less than the recorded investment in the loan (recorded investment in the loan is the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). A loan’s fair value reflects the present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan is collateral dependent, the fair value of the collateral, less estimated disposal costs. If the loan is collateral dependent, the principal balance of the loan is charged-off in an amount equal to the impairment measurement. The fair value of collateral dependent loans is derived primarily from collateral appraisals performed by independent third-party appraisers. For loans that are not impaired, but are rated special mention or worse, management evaluates credits based on elevated risk characteristics and assigns reserves based upon analysis of historical loss experience of loans with similar risk characteristics. For loans that are not impaired or reviewed individually, management assigns a reserve based upon historical loss experience over a designated look-back period. Management has evaluated a variety of look-back periods and has determined that a seven year look back period is appropriate to capture a full range of economic cycles. Management has also evaluated a variety of statistical methods in analyzing loss history, including averages, weighted averages and loss emergence periods and has determined that by applying a loss emergence period analysis to historical losses over a full economic cycle has resulted in a reasonable estimate of losses inherent in the loan portfolio. The model also includes an analysis of a variety of subjective factors to support the reserve estimate. These subjective factors may include allowance allocations for risks that may not otherwise be fully recognized in other components of the model. Among the subjective factors that are routinely considered as part of this analysis are: growth trends in the portfolio, changes in management and/or polices related to lending activities, trends in classified or nonaccrual loans, concentrations of credit, local and national economic trends, and industry trends. Periodically, management conducts an analysis to estimate the loss emergence period for various loan categories based on samples of historical charge-offs. Model output by loan category is reviewed to evaluate the reasonableness of the reserve levels in comparison to the estimated loss emergence period applied to historical loss experience. In addition to the components discussed above, management reviews the model output for reasonableness by analyzing the results in comparisons to recent trends in the loan/lease portfolio, through back-testing of results from prior models in comparison to actual loss history, and by comparing our reserves and loss history to industry peer results. The model results are reviewed by management at the Corporate Credit Policy Committee and at the Audit Committee of the Board of Directors. Additionally, on an annual basis, management conducts a validation process of the model. This validation includes reviewing the appropriateness of model calculations, back testing of model results and appropriateness of key assumptions used in the model. In addition, various Federal and State regulatory agencies, as part of their examination process, review the Company’s allowance and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. For acquired credit impaired loans accounted for under FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, (“ASC Topic 310-30”), the Company’s allowance for loan and lease losses is estimated based upon our expected cash flows for these loans. To the extent that we experience a deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans. For acquired non-credit impaired loans accounted for under FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs , (“ASC Topic 310-20”), the Company’s allowance for loan and lease losses is maintained through provisions for loan losses based upon an evaluation process that is similar to our evaluation process used for originated loans. This evaluation, which includes a review of loans on which full collectability may not be reasonably assured, considers, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan loss experience, carrying value of the loans, which includes the remaining net purchase discount or premium, and other factors that warrant recognition in determining our allowance for loan losses. |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT: Land is carried at cost. Premises and equipment are stated at cost, less allowances for depreciation. The provision for depreciation for financial reporting purposes is computed generally by the straight-line method at rates sufficient to write-off the cost of such assets over their estimated useful lives. Buildings are amortized over a period of 10 - 39 years, and furniture, fixtures, and equipment are amortized over a period of 2 - 20 years. Leasehold improvements are generally depreciated over the lesser of the lease term or the estimated lives of the improvements. Maintenance and repairs are charged to expense as incurred. Gains or losses on disposition are reflected in earnings. |
OTHER REAL ESTATE OWNED | OTHER REAL ESTATE OWNED: Other real estate owned consists of properties formerly pledged as collateral to loans, which have been acquired by the Company through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. Upon transfer of a loan to foreclosure status, an appraisal is generally obtained and any excess of the loan balance over the fair value, less estimated costs to sell, is charged against the allowance for loan/lease losses. Expenses and subsequent adjustments to the fair value are treated as other operating expense. |
GOODWILL | GOODWILL: Goodwill represents the excess of purchase price over the fair value of assets acquired in a transaction using purchase accounting. Goodwill has an indefinite useful life and is not amortized, but is tested for impairment. Goodwill impairment tests are performed on an annual basis or when events or circumstances dictate. The Company tests goodwill annually as of December 31 st . The Company has the option to perform a qualitative assessment of goodwill, which considers company-specific and economic characteristics that might impact its carrying value. If based on this qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then a quantitative test (Step 1) is performed, which compares the fair value of the reporting unit to the carrying amount of the reporting unit in order to identify potential impairment. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, a second step (Step 2) would be performed that would compare the implied fair value of the reporting unit’s goodwill with the carrying amount of the goodwill for the reporting unit. The implied fair value of goodwill is determined in the same manner as goodwill that is recognized in a business combination. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting units. |
OTHER INTANGIBLE ASSETS | OTHER INTANGIBLE ASSETS: Other intangible assets include core deposit intangibles, customer related intangibles, covenants not to compete, and mortgage servicing rights. Core deposit intangibles represent a premium paid to acquire a base of stable, low cost deposits in the acquisition of a bank, or a bank branch, using purchase accounting. The amortization period for core deposit intangible ranges from 5 years to 10 years , using an accelerated method. The covenants not to compete are amortized on a straight-line basis over 3 to 6 years , while customer related intangibles are amortized on an accelerated basis over a range of 6 to 15 years . The amortization period is monitored to determine if circumstances require such periods to be revised. The Company periodically reviews its intangible assets for changes in circumstances that may indicate the carrying amount of the asset is impaired. The Company tests its intangible assets for impairment on an annual basis or more frequently if conditions indicate that an impairment loss has more likely than not been incurred. |
INCOME TAXES | INCOME TAXES: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are reviewed quarterly and reduced by a valuation allowance if, based upon the information available, it is more likely than not that some or all of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE: Securities sold under agreements to repurchase (repurchase agreements) are agreements in which the Company transfers the underlying securities to a third-party custodian’s account that explicitly recognizes the Company’s interest in the securities. The agreements are accounted for as secured financing transactions provided the Company maintains effective control over the transferred securities and meets other criteria as specified in FASB ASC Topic 860, Transfers and Servicing (“ASC Topic 860”). The Company’s agreements are accounted for as secured financings; accordingly, the transaction proceeds are reflected as liabilities and the securities underlying the agreements continue to be carried in the Company’s securities portfolio. |
TREASURY STOCK | TREASURY STOCK: The cost of treasury stock is shown on the Consolidated Statements of Condition as a separate component of shareholders’ equity, and is a reduction to total shareholders’ equity. Shares are released from treasury at fair value, identified on an average cost basis. |
TRUST AND INVESTMENT SERVICES | TRUST AND INVESTMENT SERVICES: Assets held in fiduciary or agency capacities for customers are not included in the accompanying Consolidated Statements of Condition, since such items are not assets of the Company. Fees associated with providing trust and investment services are included in noninterest income. |
EARNINGS PER SHARE | EARNINGS PER SHARE: Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares outstanding during the year, exclusive of shares represented by the unvested portion of restricted stock and restricted stock units. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares outstanding during the year plus the dilutive effect of the unvested portion of restricted stock and restricted stock units and stock issuable upon conversion of common stock equivalents (primarily stock options) or certain other contingencies. The Company currently uses authoritative accounting guidance under ASC Topic 260, Earnings Per Share , which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company issues stock-based compensation awards that included restricted stock awards that contain such rights. |
SEGMENT REPORTING | SEGMENT REPORTING: The Company manages its operations through three reportable business segments in accordance with the standards set forth in FASB ASC Topic 280, “Segment Reporting”. The three segments are: (i) banking (“Banking”), (ii) insurance (“Tompkins Insurance Agencies, Inc.”) and (iii) wealth management (“Tompkins Financial Advisors”). The Company’s insurance services and wealth management services are managed separately from the Bank. Additional information on the segments is presented in Note 22- “Segment and Related Information.” |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME : For the Company, comprehensive income represents net income plus the net change in unrealized gains or losses on securities available-for-sale for the period (net of taxes), and the actuarial gain or loss and amortization of unrealized amounts in the Company’s defined-benefit retirement and pension plan, supplemental employee retirement plan, and post-retirement life and healthcare benefit plan (net of taxes), and is presented in the Consolidated Statements of Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity. Accumulated other comprehensive income (loss) represents the net unrealized gains or losses on securities available-for-sale (net of tax) and unrecognized net actuarial gain or loss, unrecognized prior service costs, and unrecognized net initial obligation (net of tax) in the Company’s defined-benefit retirement and pension plan, supplemental employee retirement plan, and post-retirement life and healthcare benefit plan. |
PENSION AND OTHER EMPLOYEE BENEFITS | PENSION AND OTHER EMPLOYEE BENEFITS: The Company maintains noncontributory defined-benefit and defined contribution plans, which cover substantially all employees of the Company. In addition, the Company also maintains supplemental employee retirement plans for certain executives and a post-retirement life and healthcare plan. These plans are discussed in detail in Note 12 “Employee Benefit Plans”. The Company incurs certain employment-related expenses associated with these plans. In order to measure the expense associated with these plans, various assumptions are made including the discount rate used to value certain liabilities, expected return on plan assets, anticipated mortality rates, and expected future healthcare costs. The assumptions are based on historical experience as well as current facts and circumstances. A third-party actuarial firm is used to assist management in measuring the expense and liability associated with the plans. The Company uses a December 31 measurement date for its plans. As of the measurement date, plan assets are determined based on fair value, generally representing observable market prices. The projected benefit obligation is primarily determined based on the present value of projected benefit distributions at an assumed discount rate. The expenses associated with these plans are charged to current operating expenses. The Company recognizes an asset for a plan’s overfunded status or a liability for a plan’s underfunded status in the Company’s consolidated statements of condition, and recognizes changes in the funded status of these plans in comprehensive income, net of applicable taxes, in the year in which the change occurred. |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS: The Company accounts for the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”), for financial assets and financial liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. See Note 19 “Fair Value Measurements”. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among others. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date" which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. Tompkins’ revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income. With respect to noninterest income, the Company has identified revenue streams within the scope of the guidance, and is performing an evaluation of the underlying revenue contracts. Tompkins does not expect these changes to have a significant impact on the Company’s financial statements. The Company expects to adopt the standard in the first quarter of 2018 with a cumulative effect adjustment to opening retained earnings, if such adjustment is deemed to be significant. ASU 2014-12 “Compensation — Stock Compensation” (Topic 718”): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period , a consensus of the FASB Emerging Issues Task Force (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 was effective for all entities for interim and annual periods beginning after December 15, 2015 , with early adoption permitted. The adoption of ASU 2014-12 did not have a material impact on the Company’s consolidated financial condition or results of operations because the Company has not historically granted performance-based stock compensation. ASU 2015-01, “ Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items .” ASU 2015-01 eliminates from U.S. GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 became effective for us on January 1, 2016 and did not have a significant impact on our consolidated financial statements. ASU 2015-02, “ Consolidation (Topic 810) – Amendments to the Consolidation Analysis .” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining when fees paid to a decision maker or service provider do not represent a variable interest, (ii) amends the criteria for determining whether a limited partnership is a variable interest entity and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. ASU 2015-02 became effective for us on January 1, 2016 and did not have a significant impact on our consolidated financial statements. ASU 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs .” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for us on January 1, 2016 and unamortized debt issuance costs are now presented as a direct deduction from the carrying amount of the related debt liability in our accompanying consolidated statements of condition. ASU 2015-05, “ Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement .” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service, (ii) platform as a service, (iii) infrastructure as a service and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 became effective for us on January 1, 2016 and did not have a significant impact on our consolidated financial statements. ASU 2015-16, “ Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments .” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 became effective for us on January 1, 2016 and did not have a significant impact on our consolidated financial statements. ASU 2016-01, “ Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ” ASU 2016-1, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (viii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-1 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our consolidated financial statements. ASU 2016-02,“Leases (Topic 842).” ASU 2016-02 will, among other things, require lessees to recognize a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2016-2 will be effective for Tompkins on January 1, 2019 and will require transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company occupies certain banking offices and uses certain equipment under noncancelable operating lease agreements, which currently are not reflected in its consolidated balance sheet. Upon adoption of the guidance, the Company expects to report increased assets and increased liabilities as a result of recognizing right-of-use assets and lease liabilities on its consolidated balance sheet. Tompkins is currently evaluating the extent of the impact that the adoption of this ASU will have on our consolidated financial statements. ASU 2016-05“Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under ASC Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 became effective for Tompkins on January 1, 2017 and is not expected to have a significant impact on our consolidated financial statements. ASU 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 simplifies the transition to the equity method of accounting by eliminating retroactive adjustment of the investment when an investment qualifies for use of the equity method, among other things. ASU 2016-07 became effective for Tompkins on January 1, 2017 and is not expected to have a significant impact on our consolidated financial statements. ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” ASU 2016-08 was issued to clarify certain principal versus agent considerations within the implementation guidance of ASC Topic 606, “Revenue from Contracts with Customers.” The effective date and transition of ASU 2016-08 is the same as the effective date and transition of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , as discussed above. Tompkins is currently evaluating the potential impact of ASU 2016-08 on our consolidated financial statements. ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09, all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. The Company elected to early adopt the provisions of ASU 2016-09 during the fourth quarter of 2016 in advance of the required application date of January 1, 2017. The Company's consolidated financial statements for the year ended December 31, 2016 include the provisions of ASU 2016-09 effective January 1, 2016. The requirement to report the excess tax benefit related to settlements of share-based payment awards in earnings as an increase or (decrease) to income tax expense has been applied to settlements occurring on or after January 1, 2016, and the impact of applying that guidance reduced reported income tax expense by $1.4 million . ASU 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activity in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction of operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award's vesting period. The Company elected to apply that change in cash flow classification on a retrospective basis, which has resulted in a $358,000 and $234,000 increase to net cash from operating activities and a corresponding decrease to net cash from financing activities in the accompanying consolidated statements of cash flow for the twelve months ended December 31, 2015 and 2014, respectively. ASU No. 2016-10 , “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” ASU 2016-10 was issued to clarify ASC Topic 606, “Revenue from Contracts with Customers” related to (i) identifying performance obligations; and (ii) the licensing implementation guidance. The effective date and transition of ASU 2016-10 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. Tompkins is currently evaluating the potential impact of ASU 2016-10 on our consolidated financial statements. ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. Tompkins is currently evaluating the requirements of the new guidance to determine what modifications to our existing allowance methodology may be required. The Company expects that the new guidance will likely result in an increase in the allowance; however, Tompkins is unable to quantify the impact at this time since we are still reviewing the guidance. The extent of any impact to our allowance will depend, in part, upon the composition of our loan portfolio at the adoption date as well as economic conditions and loss forecasts at that date. ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 provides guidance related to certain cash flow issues in order to reduce the current and potential future diversity in practice. ASU 2016-15 will be effective for us on January 1, 2018. Tompkins is currently evaluating the potential impact of ASU 2016-15 but does not expect it to have a significant impact on our consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available for sale securities | The following tables summarize available-for-sale securities held by the Company at December 31, 2016 and 2015 : Available-for-Sale Securities December 31, 2016 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 527,057 $ 2,873 $ 2,303 $ 527,627 Obligations of U.S. states and political subdivisions 89,910 286 1,140 89,056 Mortgage-backed securities – residential, issued by U.S. Government agencies 159,417 1,081 2,272 158,226 U.S. Government sponsored entities 662,724 1,993 13,287 651,430 Non-U.S. Government agencies or sponsored entities 116 0 0 116 U.S. corporate debt securities 2,500 0 338 2,162 Total debt securities 1,441,724 6,233 19,340 1,428,617 Equity securities 1,000 0 79 921 Total available-for-sale securities $ 1,442,724 $ 6,233 $ 19,419 $ 1,429,538 Available-for-Sale Securities December 31, 2015 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 551,176 $ 3,512 $ 1,795 $ 552,893 Obligations of U.S. states and political subdivisions 83,981 898 153 84,726 Mortgage-backed securities – residential, issued by U.S. Government agencies 94,459 1,535 1,316 94,678 U.S. Government sponsored entities 656,947 3,599 10,449 650,097 Non-U.S. Government agencies or sponsored entities 192 2 0 194 U.S. corporate debt securities 2,500 0 338 2,162 Total debt securities 1,389,255 9,546 14,051 1,384,750 Equity securities 1,000 0 66 934 Total available-for-sale securities $ 1,390,255 $ 9,546 $ 14,117 $ 1,385,684 |
Schedule of held to maturity securities | The following tables summarize held-to-maturity securities held by the Company at December 31, 2016 and 2015 : Held-to-Maturity Securities December 31, 2016 Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Obligations of U.S. Government sponsored entities $ 132,098 $ 804 $ 283 $ 132,619 Obligations of U.S. states and political subdivisions 10,021 195 3 10,213 Total held-to-maturity debt securities $ 142,119 $ 999 $ 286 $ 142,832 Held-to-Maturity Securities Held-to-Maturity Securities December 31, 2015 Amortized Cost Gross Unrealized Gross Unrealized (in thousands) Obligations of U.S. Government sponsored entities $ 132,482 $ 649 $ 444 $ 132,687 Obligations of U.S. states and political subdivisions 13,589 414 4 13,999 Total held-to-maturity debt securities $ 146,071 $ 1,063 $ 448 $ 146,686 |
Schedule of available for sale securities with unrealized losses | The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2015 : December 31, 2015 Available-for-Sale Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government sponsored entities $ 183,697 $ 1,618 $ 5,844 $ 177 $ 189,541 $ 1,795 Obligations of U.S. states and political subdivisions 25,402 141 3,408 12 28,810 153 Mortgage-backed securities – residential, issued by U.S. Government agencies 32,636 350 30,244 966 62,880 1,316 U.S. Government sponsored entities 364,420 4,102 176,325 6,347 540,745 10,449 U.S. corporate debt securities 0 0 2,163 338 2,163 338 Equity securities 0 0 934 66 934 66 Total available-for-sale securities $ 606,155 $ 6,211 $ 218,918 $ 7,906 $ 825,073 $ 14,117 The following table sets forth information with regard to sales transactions of securities available-for-sale: Year ended December 31, (in thousands) 2016 2015 2014 Proceeds from sales $ 97,296 $ 137,594 $ 90,551 Gross realized gains 894 1,359 426 Gross realized losses 0 (282 ) (78 ) Net gains on sales of available-for-sale securities $ 894 $ 1,077 $ 348 There were no sales of held-to-maturity securities in 2016 , 2015 , and 2014 . The following table summarizes available-for-sale securities that had unrealized losses at December 31, 2016 : December 31, 2016 Available-for-Sale Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government sponsored entities $ 208,940 $ 2,303 $ 0 $ 0 $ 208,940 $ 2,303 Obligations of U.S. states and political subdivisions 58,852 1,139 751 1 59,603 1,140 Mortgage-backed securities – residential, issued by U.S. Government agencies 98,307 1,570 22,376 702 120,683 2,272 U.S. Government sponsored entities 463,009 8,933 123,915 4,354 586,924 13,287 U.S. corporate debt securities 0 0 2,162 338 2,162 338 Equity Securities 0 0 921 79 921 79 Total available-for-sale securities $ 829,108 $ 13,945 $ 150,125 $ 5,474 $ 979,233 $ 19,419 |
Schedule held-to-maturity securities with unrealized losses | The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2015 : Held-to-Maturity Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government sponsored entities $ 29,671 $ 444 $ 0 $ 0 $ 29,671 $ 444 Obligations of U.S. sponsored entities 1,966 4 0 0 1,966 4 Total held-to-maturity securities $ 31,637 $ 448 $ 0 $ 0 $ 31,637 $ 448 The following table summarizes held-to-maturity securities that had unrealized losses at December 31, 2016 : Held-to-Maturity Securities Less than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Losses Obligations of U.S. Government sponsored entities $ 40,802 $ 283 $ 0 $ 0 $ 40,802 $ 283 Obligations of U.S. sponsored entities 2,567 3 0 0 2,567 3 Total held-to-maturity securities $ 43,369 $ 286 $ 0 $ 0 $ 43,369 $ 286 |
Schedule of amortized cost and estimated fair value of debt securities by contractual maturity | The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2016 (in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less $ 17,878 $ 18,034 Due after one year through five years 376,777 378,631 Due after five years through ten years 210,985 208,999 Due after ten years 13,827 13,181 Total 619,467 618,845 Mortgage-backed securities 822,257 809,772 Total available-for-sale debt securities $ 1,441,724 $ 1,428,617 December 31, 2015 (in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less $ 53,936 $ 54,735 Due after one year through five years 351,462 353,736 Due after five years through ten years 219,161 218,561 Due after ten years 13,098 12,749 Total 637,657 639,781 Mortgage-backed securities 751,598 744,969 Total available-for-sale debt securities $ 1,389,255 $ 1,384,750 December 31, 2016 (in thousands) Amortized Cost Fair Value Held-to-maturity securities: Due in one year or less $ 7,452 $ 7,469 Due after one year through five years 27,480 27,866 Due after five years through ten years 107,187 107,497 Due after ten years 0 0 Total held-to-maturity debt securities $ 142,119 $ 142,832 December 31, 2015 (in thousands) Amortized Cost Fair Value Held-to-maturity securities: Due in one year or less $ 9,249 $ 9,294 Due after one year through five years 14,069 14,341 Due after five years through ten years 122,585 122,853 Due after ten years 168 198 Total held-to-maturity debt securities $ 146,071 $ 146,686 |
Schedule of trading securities at estimated fair value | The following summarizes trading securities, at estimated fair value, as of: (in thousands) December 31, 2016 December 31, 2015 Obligations of U.S. Government sponsored entities $ 0 $ 6,601 Mortgage-backed securities – residential, issued by U.S. Government sponsored entities 0 767 Total trading securities $ 0 $ 7,368 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of loans and leases | Loans and Leases at December 31, 2016 and December 31, 2015 were as follows: December 31, 2016 December 31, 2015 (in thousands) Originated Acquired Total Originated Acquired Total Commercial and industrial Agriculture $ 118,247 $ 0 $ 118,247 $ 88,299 $ 0 $ 88,299 Commercial and industrial other 847,055 79,317 926,372 768,024 84,810 852,834 Subtotal commercial and industrial 965,302 79,317 1,044,619 856,323 84,810 941,133 Commercial real estate Construction 135,834 8,936 144,770 103,037 4,892 107,929 Agriculture 102,509 267 102,776 86,935 2,095 89,030 Commercial real estate other 1,431,690 241,605 1,673,295 1,167,250 284,952 1,452,202 Subtotal commercial real estate 1,670,033 250,808 1,920,841 1,357,222 291,939 1,649,161 Residential real estate Home equity 209,277 37,737 247,014 202,578 42,092 244,670 Mortgages 947,378 25,423 972,801 823,841 27,491 851,332 Subtotal residential real estate 1,156,655 63,160 1,219,815 1,026,419 69,583 1,096,002 Consumer and other Indirect 14,835 0 14,835 17,829 0 17,829 Consumer and other 44,393 826 45,219 40,904 911 41,815 Subtotal consumer and other 59,228 826 60,054 58,733 911 59,644 Leases 16,650 16,650 14,861 0 14,861 Covered loans 0 0 0 0 14,031 14,031 Total loans and leases 3,867,868 394,111 4,261,979 3,313,558 461,274 3,774,832 Less: unearned income and deferred costs and fees (3,946 ) 0 (3,946 ) (2,790 ) 0 (2,790 ) Total loans and leases, net of unearned income and deferred costs and fees $ 3,863,922 $ 394,111 $ 4,258,033 $ 3,310,768 $ 461,274 $ 3,772,042 |
Schedule of outstanding principal and carrying amount of loans acquired | The outstanding principal balance and the related carrying amount of the Company’s loans acquired in the VIST Acquisition were as follows at December 31: (in thousands) 2016 2015 Acquired Credit Impaired Loans Outstanding principal balance $ 26,237 $ 32,752 Carrying amount 22,517 26,507 Acquired Non-Credit Impaired Loans Outstanding principal balance 375,471 439,389 Carrying amount 371,594 434,767 Total Acquired Loans Outstanding principal balance 401,708 472,141 Carrying amount 394,111 461,274 |
Schedule of the change in the accretable yield | The following tables present changes in accretable yield on loans acquired from VIST Bank that were considered credit impaired. (in thousands) Balance at January 1, 2015 $ 8,604 Accretion (2,696 ) Disposals (loans paid in full) (331 ) Reclassifications to/from nonaccretable difference 1,215 Balance at December 31, 2015 $ 6,792 (in thousands) Balance at January 1, 2016 $ 6,792 Accretion (2,290 ) Disposals (loans paid in full) 0 Reclassifications to/from nonaccretable difference 1 1,768 Balance at December 31, 2016 $ 6,270 1 Results in increased interest income as a prospective yield adjustment over the remaining life of the loans, as well as increased interest income from loan sales, modification and prepayments. |
Schedule of age analysis of past due loans | The below table is an aging analysis of past due loans, segregated by originated and acquired loan and lease portfolios, and by class of loans, as of December 31, 2016 and 2015 . December 31, 2016 (in thousands) 30-89 days 90 days or more Current Loans Total Loans 90 days and 1 Nonaccrual Originated Loans and Leases Commercial and industrial Agriculture $ 0 $ 0 $ 118,247 $ 118,247 $ 0 $ 0 Commercial and industrial other 1,312 281 845,462 847,055 0 526 Subtotal commercial and industrial 1,312 281 963,709 965,302 0 526 Commercial real estate Construction 0 0 135,834 135,834 0 0 Agriculture 17 0 102,492 102,509 0 162 Commercial real estate other 2,546 3,071 1,426,073 1,431,690 0 5,988 Subtotal commercial real estate 2,563 3,071 1,664,399 1,670,033 0 6,150 Residential real estate Home equity 433 1,954 206,890 209,277 0 2,016 Mortgages 1,749 3,244 942,385 947,378 0 5,442 Subtotal residential real estate 2,182 5,198 1,149,275 1,156,655 0 7,458 Consumer and other Indirect 444 376 14,015 14,835 0 166 Consumer and other 193 8 44,192 44,393 0 0 Subtotal consumer and other 637 384 58,207 59,228 0 166 Leases 0 0 16,650 16,650 0 0 Total loans and leases 6,694 8,934 3,852,240 3,867,868 0 14,300 Less: unearned income and deferred costs and fees 0 0 (3,946 ) (3,946 ) 0 0 Total originated loans and leases, net of unearned income and deferred costs and fees $ 6,694 $ 8,934 $ 3,848,294 $ 3,863,922 $ 0 $ 14,300 Acquired Loans and Leases Commercial and industrial Commercial and industrial other $ 12 $ 87 $ 79,218 $ 79,317 $ 40 $ 212 Subtotal commercial and industrial 12 87 79,218 79,317 40 212 Commercial real estate Construction 0 0 8,936 8,936 0 0 Agriculture 0 0 267 267 0 0 Commercial real estate other 1,461 3,952 236,192 241,605 1,402 2,926 Subtotal commercial real estate 1,461 3,952 245,395 250,808 1,402 2,926 Residential real estate Home equity 251 637 36,849 37,737 185 663 Mortgages 829 1,651 22,943 25,423 930 940 Subtotal residential real estate 1,080 2,288 59,792 63,160 1,115 1,603 Consumer and other Consumer and other 0 0 826 826 0 0 Subtotal consumer and other 0 0 826 826 0 0 Total acquired loans and leases, net of unearned income and deferred costs and fees $ 2,553 $ 6,327 $ 385,231 $ 394,111 $ 2,557 $ 4,741 1 Includes acquired loans that were recorded at fair value at the acquisition date. December 31, 2015 (in thousands) 30-89 days 90 days or more Current Loans Total Loans 90 days and 1 Nonaccrual Originated loans and leases Commercial and industrial Agriculture $ 0 $ 0 $ 88,299 $ 88,299 $ 0 $ 0 Commercial and industrial other 507 867 766,650 768,024 0 1,091 Subtotal commercial and industrial 507 867 854,949 856,323 0 1,091 Commercial real estate Construction 0 0 103,037 103,037 0 0 Agriculture 0 0 86,935 86,935 0 106 Commercial real estate other 225 3,580 1,163,445 1,167,250 0 4,365 Subtotal commercial real estate 225 3,580 1,353,417 1,357,222 0 4,471 Residential real estate Home equity 729 1,868 199,981 202,578 58 1,873 Mortgages 1,161 5,140 817,540 823,841 0 5,889 Subtotal residential real estate 1,890 7,008 1,017,521 1,026,419 58 7,762 Consumer and other Indirect 494 250 17,085 17,829 0 107 Consumer and other 164 0 40,740 40,904 0 75 Subtotal consumer and other 658 250 57,825 58,733 0 182 Leases 0 0 14,861 14,861 0 0 Total loans and leases 3,280 11,705 3,298,573 3,313,558 58 13,506 Less: unearned income and deferred costs and fees 0 0 (2,790 ) (2,790 ) 0 0 Total originated loans and leases, net of unearned income and deferred costs and fees $ 3,280 $ 11,705 $ 3,295,783 $ 3,310,768 $ 58 $ 13,506 Acquired loans and leases Commercial and industrial Commercial and industrial other $ 20 $ 936 $ 83,854 $ 84,810 $ 338 $ 647 Subtotal commercial and industrial 20 936 83,854 84,810 338 647 Commercial real estate Construction 0 359 4,533 4,892 0 359 Agriculture 0 0 2,095 2,095 0 0 Commercial real estate other 150 1,671 283,131 284,952 550 1,224 Subtotal commercial real estate 150 2,030 289,759 291,939 550 1,583 Residential real estate Home equity 426 364 41,302 42,092 0 712 Mortgages 336 1,926 25,229 27,491 1,103 1,389 Subtotal residential real estate 762 2,290 66,531 69,583 1,103 2,101 Consumer and other Consumer and other 1 0 910 911 0 0 Subtotal consumer and other 1 0 910 911 0 0 Covered loans 276 524 13,231 14,031 524 0 Total acquired loans and leases, net of unearned income and deferred costs and fees $ 1,209 $ 5,780 $ 454,285 $ 461,274 $ 2,515 $ 4,331 1 Includes acquired loans that were recorded at fair value at the acquisition date. |
Allowance for Loan and Lease 35
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of originated and acquired loan and lease losses by portfolio segment | Changes in the allowance for loan and lease losses at December 31, are summarized as follows: (in thousands) 2016 2015 2014 Total allowance at beginning of year $ 32,004 $ 28,997 $ 27,970 Provisions charged to operations 4,321 2,945 2,306 Recoveries on loans and leases 2,139 2,843 3,109 Charge-offs on loans and leases (2,709 ) (2,781 ) (4,388 ) Total allowance at end of year $ 35,755 $ 32,004 $ 28,997 The following tables detail activity in the allowance for originated and acquired loan and lease losses by portfolio segment for the twelve months ended December 31, 2016 and 2015 . December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Beginning balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 Charge-offs (878 ) (12 ) (263 ) (521 ) 0 (1,674 ) Recoveries 576 859 63 325 0 1,823 Provision (804 ) 3,510 1,279 152 0 4,137 Ending Balance $ 9,389 $ 19,836 $ 5,149 $ 1,224 $ 0 $ 35,598 December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for acquired loans: Beginning balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 Charge-offs (698 ) (181 ) (35 ) (121 ) 0 (1,035 ) Recoveries 20 268 0 28 0 316 Provision 245 (51 ) (109 ) 99 0 184 Ending Balance $ 0 $ 97 $ 54 $ 6 $ 0 $ 157 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Beginning balance $ 9,157 $ 12,069 $ 5,030 $ 1,900 $ 0 $ 28,156 Charge-offs (221 ) (363 ) (338 ) (1,074 ) 0 (1,996 ) Recoveries 809 1,277 112 487 0 2,685 Provision 750 2,496 (734 ) (45 ) 0 2,467 Ending Balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for acquired loans: Beginning balance $ 431 $ 337 $ 51 $ 22 $ 0 $ 841 Charge-offs (77 ) (400 ) (302 ) (6 ) 0 (785 ) Recoveries 7 142 9 0 0 158 Provision 72 (18 ) 440 (16 ) 0 478 Ending Balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 |
Schedule of the allowance for loan and lease losses based on impairment methodology | At December 31, 2016 and 2015 , the allocation of the allowance for loan and lease losses summarized on the basis of the Company’s impairment methodology was as follows: December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Individually evaluated for impairment $ 95 $ 322 $ 0 $ 0 $ 0 $ 417 Collectively evaluated for impairment 9,294 19,514 5,149 1,224 0 35,181 Ending balance $ 9,389 $ 19,836 $ 5,149 $ 1,224 $ 0 $ 35,598 Allowance for acquired loans: Individually evaluated for impairment $ 0 $ 76 $ 0 $ 0 $ 0 $ 76 Collectively evaluated for impairment 0 21 54 6 0 81 Ending balance $ 0 $ 97 $ 54 $ 6 $ 0 $ 157 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Allowance for originated loans and leases: Individually evaluated for impairment $ 0 $ 288 $ 0 $ 0 $ 0 $ 288 Collectively evaluated for impairment 10,495 15,191 4,070 1,268 0 31,024 Ending balance $ 10,495 $ 15,479 $ 4,070 $ 1,268 $ 0 $ 31,312 Allowance for acquired loans: Individually evaluated for impairment $ 433 $ 0 $ 128 $ 0 $ 0 $ 561 Collectively evaluated for impairment 0 61 70 0 0 131 Ending balance $ 433 $ 61 $ 198 $ 0 $ 0 $ 692 |
Schedule of recorded investment in loans and leases impairment methodology | The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology as of December 31, 2016 and December 31, 2015 was as follows: December 31, 2016 (in thousands) Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer and Other Finance Leases Total Originated loans and leases: Individually evaluated for impairment $ 635 $ 8,812 $ 3,507 $ 0 $ 0 $ 12,954 Collectively evaluated for impairment 964,667 1,661,221 1,153,148 59,228 16,650 3,854,914 Total $ 965,302 $ 1,670,033 $ 1,156,655 $ 59,228 $ 16,650 $ 3,867,868 December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 172 $ 4,081 $ 1,372 $ 0 $ 0 $ 5,625 Loans acquired with deteriorated credit quality 448 14,368 7,701 0 0 22,517 Collectively evaluated for impairment 78,697 232,359 54,087 826 0 365,969 Total $ 79,317 $ 250,808 $ 63,160 $ 826 $ 0 $ 394,111 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Originated loans and leases: Individually evaluated for impairment $ 1,206 $ 5,655 $ 2,270 $ 0 $ 0 $ 9,131 Collectively evaluated for impairment 855,117 1,351,567 1,024,149 58,733 14,861 3,304,427 Total $ 856,323 $ 1,357,222 $ 1,026,419 $ 58,733 $ 14,861 $ 3,313,558 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 647 $ 5,226 $ 1,177 $ 0 $ 0 $ 7,050 Loans acquired with deteriorated credit quality 567 9,335 3,801 0 12,804 26,507 Collectively evaluated for impairment 83,596 277,378 64,605 911 1,227 427,717 Total $ 84,810 $ 291,939 $ 69,583 $ 911 $ 14,031 $ 461,274 |
Schedule of recorded investments in impaired loans | The recorded investment in loans and leases summarized on the basis of the Company’s impairment methodology as of December 31, 2016 and December 31, 2015 was as follows: December 31, 2016 (in thousands) Commercial and Industrial Commercial Real Estate Residential Real Estate Consumer and Other Finance Leases Total Originated loans and leases: Individually evaluated for impairment $ 635 $ 8,812 $ 3,507 $ 0 $ 0 $ 12,954 Collectively evaluated for impairment 964,667 1,661,221 1,153,148 59,228 16,650 3,854,914 Total $ 965,302 $ 1,670,033 $ 1,156,655 $ 59,228 $ 16,650 $ 3,867,868 December 31, 2016 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 172 $ 4,081 $ 1,372 $ 0 $ 0 $ 5,625 Loans acquired with deteriorated credit quality 448 14,368 7,701 0 0 22,517 Collectively evaluated for impairment 78,697 232,359 54,087 826 0 365,969 Total $ 79,317 $ 250,808 $ 63,160 $ 826 $ 0 $ 394,111 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Finance Total Originated loans and leases: Individually evaluated for impairment $ 1,206 $ 5,655 $ 2,270 $ 0 $ 0 $ 9,131 Collectively evaluated for impairment 855,117 1,351,567 1,024,149 58,733 14,861 3,304,427 Total $ 856,323 $ 1,357,222 $ 1,026,419 $ 58,733 $ 14,861 $ 3,313,558 December 31, 2015 (in thousands) Commercial Commercial Residential Consumer Covered Total Acquired loans: Individually evaluated for impairment $ 647 $ 5,226 $ 1,177 $ 0 $ 0 $ 7,050 Loans acquired with deteriorated credit quality 567 9,335 3,801 0 12,804 26,507 Collectively evaluated for impairment 83,596 277,378 64,605 911 1,227 427,717 Total $ 84,810 $ 291,939 $ 69,583 $ 911 $ 14,031 $ 461,274 A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans consist of our non-homogenous nonaccrual loans, and all loans restructured in a troubled debt restructuring (TDR). Specific reserves on individually identified impaired loans that are not collateral dependent are measured based on the present value of expected future cash flows discounted at the original effective interest rate of each loan. For loans that are collateral dependent, impairment is measured based on the fair value of the collateral less estimated selling costs, and such impaired amounts are generally charged off. The majority of impaired loans are collateral dependent impaired loans that have limited exposure or require limited specific reserves because of the amount of collateral support with respect to these loans, and previous charge-offs. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured. In these cases, interest is recognized on a cash basis. There was no interest income recognized on impaired loans and leases for 2016 , 2015 and 2014 . The recorded investment on impaired loans for the twelve months ended December 31, 2016, and 2015 was as follows: 12/31/2016 12/31/2015 (in thousands) Recorded Unpaid Related Recorded Unpaid Related Originated loans and leases with no related allowance Commercial and industrial Commercial and industrial other $ 276 $ 370 $ 0 $ 1,206 $ 1,211 $ 0 Commercial real estate Commercial real estate other 6,979 7,263 0 5,049 5,249 0 Residential real estate Home equity 3,507 3,535 0 2,270 2,270 0 Subtotal $ 10,762 $ 11,168 $ 0 $ 8,525 $ 8,730 $ 0 Originated loans and leases with related allowance Commercial and industrial Commercial and industrial other 359 276 95 0 0 0 Commercial real estate Commercial real estate other 1,833 2,042 322 606 606 288 Subtotal $ 2,192 $ 2,318 $ 417 $ 606 $ 606 $ 288 Total $ 12,954 $ 13,486 $ 417 $ 9,131 $ 9,336 $ 288 12/31/2016 12/31/2015 (in thousands) Recorded Unpaid Related Recorded Unpaid Related Acquired loans with no related allowance Commercial and industrial Commercial and industrial other $ 172 $ 472 $ 0 $ 128 $ 128 $ 0 Commercial real estate Construction 0 0 0 359 359 0 Commercial real estate other 4,003 4,386 0 4,739 5,077 0 Residential real estate Home equity 1,372 1,372 0 1,177 1,177 0 Subtotal $ 5,547 $ 6,230 $ 0 $ 6,403 $ 6,741 $ 0 Acquired loans with related allowance Commercial and industrial Commercial and industrial other 0 0 0 519 519 433 Commercial real estate Commercial real estate other 78 78 76 128 128 128 Subtotal $ 78 $ 78 $ 76 $ 647 $ 647 $ 561 Total $ 5,625 $ 6,308 $ 76 $ 7,050 $ 7,388 $ 561 The average recorded investment and interest income recognized on impaired originated loans for the twelve months ended December 31, 2016 , 2015 and 2014 was as follows: As of December 31, 2016 2015 2014 (in thousands) Average Interest Average Interest Average Interest Originated loans and leases with no related allowance Commercial and industrial Commercial and industrial other $ 249 $ 0 $ 1,293 $ 0 $ 2,366 $ 0 Commercial real estate Commercial real estate other 6,089 0 7,490 0 8,078 0 Residential real estate Home equity 3,003 0 1,337 0 1,408 0 Subtotal $ 9,341 $ 0 $ 10,120 $ 0 $ 11,852 $ 0 Originated loans and leases with related allowance Commercial and industrial Commercial and industrial other 114 0 0 0 0 0 Commercial real estate Commercial real estate other 1,715 0 245 0 892 0 Subtotal $ 1,829 $ 0 $ 245 $ 0 $ 892 $ 0 Total $ 11,170 $ 0 $ 10,365 $ 0 $ 12,744 $ 0 The average recorded investment and interest income recognized on impaired acquired loans for the twelve months ended December 31, 2016 , 2015 and 2014 was as follows: As of December 31, 2016 2015 2014 (in thousands) Average Interest Average Interest Average Interest Acquired loans with no related allowance Commercial and industrial Commercial and industrial other $ 183 $ 0 $ 748 $ 0 $ 252 $ 0 Commercial real estate Construction 152 0 367 0 0 0 Commercial real estate other 4,141 0 3,936 0 1,147 0 Residential real estate Home equity 1,316 0 1,147 0 440 0 Subtotal $ 5,792 $ 0 $ 6,198 $ 0 $ 1,839 $ 0 Acquired loans with related allowance Commercial and industrial Commercial and industrial other 0 0 523 0 831 0 Commercial real estate Commercial real estate other 58 0 52 0 266 0 Subtotal $ 58 $ 0 $ 575 $ 0 $ 1,097 $ 0 Total $ 5,850 $ 0 $ 6,773 $ 0 $ 2,936 $ 0 |
Schedule of troubled debt restructurings | The following tables present loans by class modified in 2016 as troubled debt restructurings. Troubled Debt Restructuring December 31, 2016 Twelve months ended Defaulted TDRs 4 (in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Post- Modification Outstanding Recorded Investment Commercial and industrial Commercial and industrial other 1 2 $ 1,115 $ 1,115 0 $ 0 Commercial real estate Commercial real estate other 2 1 50 50 1 1,800 Residential real estate Home equity 3 12 1,274 1,274 0 0 Total 15 $ 2,439 $ 2,439 1 $ 1,800 1 Represents the following concessions: extension of term and reduction of rate. 2 Represents the following concessions: reduction of rate. 3 Represents the following concessions: extension of term and reduction of rate. 4 TDRs that defaulted during the 12 months ended December 31, 2016 that had been restructured in the prior twelve months. December 31, 2015 Twelve months ended Defaulted TDRs 5 (in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Post- Modification Outstanding Recorded Investment Commercial and industrial Commercial and industrial other 1 5 $ 433 $ 433 2 $ 311 Commercial real estate Commercial real estate other 2 3 2,552 2,552 0 0 Residential real estate Home equity 3 14 1,558 1,558 2 136 Mortgages 4 2 269 269 0 0 Total 24 $ 4,812 $ 4,812 4 $ 447 1 Represents the following concessions: extension of term ( 2 loans $319,000 ) and reduction of rate ( 3 loans $114,000 ). 2 Represents the following concessions: extension of term ( 1 loan $28,000 ) and reduction of rate ( 2 loans $2.5 million ). 3 Represents the following concessions: extension of term ( 9 loans $630,000 ) and reduction of rate ( 5 loans $928,000 ). 4 Represents the following concessions: extension of term and reduction of rate ( 2 loans $269,000 ). 5 TDRs that defaulted during the 12 months ended December 31, 2015 that had been restructured in the prior twelve months. |
Schedule of credit quality indicators on loans by class of commercial and industrial loans and commercial real estate loans | The following table presents credit quality indicators (internal risk grade) by class of commercial loans, commercial real estate loans and agricultural loans as of December 31, 2016 and 2015 . December 31, 2016 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Originated loans and leases Internal risk grade: Pass $ 836,788 $ 117,135 $ 1,403,370 $ 101,407 $ 135,834 $ 2,594,534 Special Mention 7,218 755 11,939 573 0 20,485 Substandard 3,049 357 16,381 529 0 20,316 Total $ 847,055 $ 118,247 $ 1,431,690 $ 102,509 $ 135,834 $ 2,635,335 December 31, 2016 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Acquired loans Internal risk grade: Pass $ 77,921 $ 0 $ 229,334 $ 267 $ 8,936 $ 316,458 Special Mention 0 0 526 0 0 526 Substandard 1,396 0 11,745 0 0 13,141 Total $ 79,317 $ 0 $ 241,605 $ 267 $ 8,936 $ 330,125 December 31, 2015 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Originated loans and leases Internal risk grade: Pass $ 759,023 $ 87,488 $ 1,143,238 $ 86,445 $ 99,508 $ 2,175,702 Special Mention 3,531 78 12,378 141 3,529 19,657 Substandard 5,470 733 11,634 349 0 18,186 Total $ 768,024 $ 88,299 $ 1,167,250 $ 86,935 $ 103,037 $ 2,213,545 December 31, 2015 (in thousands) Commercial and Industrial Other Commercial and Industrial Agriculture Commercial Real Estate Other Commercial Real Estate Agriculture Commercial Real Estate Construction Total Acquired loans Internal risk grade: Pass $ 82,662 $ 0 $ 271,584 $ 423 $ 4,533 $ 359,202 Special Mention 0 0 540 0 0 540 Substandard 2,148 0 12,828 1,672 359 17,007 Total $ 84,810 $ 0 $ 284,952 $ 2,095 $ 4,892 $ 376,749 |
Schedule of credit quality indicators by class of residential real estate and consumer loans | The following table presents credit quality indicators by class of residential real estate loans and by class of consumer loans as of December 31, 2016 and 2015 . Nonperforming loans include nonaccrual, impaired and loans 90 days past due and accruing interest, all other loans are considered performing. December 31, 2016 (in thousands) Residential Residential Mortgages Consumer Consumer Total Originated loans and leases Performing $ 207,261 $ 941,936 $ 14,669 $ 44,393 $ 1,208,259 Nonperforming 2,016 5,442 166 0 7,624 Total $ 209,277 $ 947,378 $ 14,835 $ 44,393 $ 1,215,883 December 31, 2016 (in thousands) Residential Residential Mortgages Consumer Consumer Total Acquired Loans and Leases Performing $ 37,074 $ 24,483 $ 0 $ 826 $ 62,383 Nonperforming 663 940 0 0 1,603 Total $ 37,737 $ 25,423 $ 0 $ 826 $ 63,986 December 31, 2015 (in thousands) Residential Residential Mortgages Consumer Consumer Total Originated loans and leases Performing $ 200,647 $ 817,952 $ 17,722 $ 40,829 $ 1,077,150 Nonperforming 1,931 5,889 107 75 8,002 Total $ 202,578 $ 823,841 $ 17,829 $ 40,904 $ 1,085,152 December 31, 2015 (in thousands) Residential Residential Mortgages Consumer Consumer Total Acquired loans Performing $ 41,380 $ 26,102 $ 0 $ 911 $ 68,393 Nonperforming 712 1,389 0 0 2,101 Total $ 42,092 $ 27,491 $ 0 $ 911 $ 70,494 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | (in thousands) Banking Insurance Wealth Management Total Balance at January 1, 2015 $ 64,369 $ 19,663 $ 8,211 $ 92,243 Goodwill related to sale of portion of business unit 1 0 (451 ) 0 (451 ) Balance at December 31, 2015 $ 64,369 $ 19,212 $ 8,211 $ 91,792 Acquisitions 0 1,149 0 1,149 Goodwill related to sale of portion of business unit 1 0 (318 ) 0 (318 ) Balance at December 31, 2016 $ 64,369 $ 20,043 $ 8,211 $ 92,623 1 The $318,000 and $451,000 reduction of goodwill in 2016 and 2015 , respectively, reflects an adjustment related to the sale of a portion of insurance revenues. In 2015 and 2016 , Tompkins Insurance sold a portion of its personal lines insurance revenues, which had been acquired in a previous acquisition, to a third party. |
Schedule of amortizing intangible assets | The following table provides information regarding the Company's amortizing intangible assets: December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Amortized intangible assets: Core deposit intangible $ 18,774 $ 13,129 $ 5,645 Customer relationships 8,942 4,737 4,205 Other intangibles 5,744 4,245 1,499 Total intangible assets $ 33,460 $ 22,111 $ 11,349 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Amortized intangible assets: Core deposit intangible $ 18,774 $ 11,873 $ 6,901 Customer relationships 8,165 4,065 4,100 Other intangibles 5,356 3,909 1,447 Total intangible assets $ 32,295 $ 19,847 $ 12,448 |
Schedule of estimated amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2016 is as follows: Estimated amortization expense:* (in thousands) For the year ended December 31, 2017 $ 1,964 For the year ended December 31, 2018 1,803 For the year ended December 31, 2019 1,678 For the year ended December 31, 2020 1,478 For the year ended December 31, 2021 1,312 *Excludes the amortization of mortgage servicing rights. Amortization of mortgage servicing rights was $157,000 in 2016 , $146,000 in 2015 and $149,000 in 2014 . |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premise and equipment | Premises and equipment at December 31 were as follows: (in thousands) 2016 2015 Land $ 9,311 $ 9,364 Premises 75,633 68,876 Furniture, fixtures, and equipment 65,800 56,743 Accumulated depreciations and amortization (80,728 ) (74,652 ) Total $ 70,016 $ 60,331 |
Schedule of depreciation and amortization | Depreciation and amortization expenses in 2016 , 2015 and 2014 are included in operating expenses as follows: (in thousands) 2016 2015 2014 Premises $ 2,247 $ 2,030 $ 1,949 Furniture, fixtures, and equipment 4,004 3,730 3,066 Total $ 6,251 $ 5,760 $ 5,015 |
Schedule of future minimum lease payments | The following is a summary of the future minimum lease payments under non-cancelable operating leases as of December 31, 2016 : (in thousands) 2017 $ 4,019 2018 3,731 2019 3,447 2020 2,837 2021 2,511 Thereafter 13,722 Total $ 30,267 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of maturities of time deposits | Scheduled maturities of time deposits at December 31, 2016 , were as follows: (in thousands) Less than $250,000 $250,000 Total Maturity Three months or less $ 137,132 $ 118,000 $ 255,132 Over three through six months 126,304 58,475 184,779 Over six through twelve months 162,069 23,648 185,717 Total due in 2017 $ 425,505 $ 200,123 $ 625,628 2018 129,486 22,907 152,393 2019 39,055 3,466 42,521 2020 14,711 2,481 17,192 2021 19,820 3,446 23,266 2022 7,899 1,889 9,788 Total $ 636,476 $ 234,312 $ 870,788 |
Securities Sold Under Agreeme39
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of securities sold under agreements to repurchase | Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31: Securities Sold Under Agreements to Repurchase 2016 2015 2014 (dollar amounts in thousands) Total outstanding at December 31 $ 69,062 $ 136,513 $ 147,037 Maximum month-end balance 125,063 146,397 160,295 Average balance during the year 99,622 137,917 145,876 Weighted average rate at December 31 0.88 % 1.90 % 1.83 % Average interest rate paid during the year 2.24 % 1.96 % 2.02 % Federal Funds Purchased Average balance during the year 0 0 0 Weighted average rate at December 31 N/A N/A N/A Average interest rate paid during the year 0.00 % 0.00 % 0.00 % |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of borrowings | The following table summarized the Company’s borrowings as of December 31: (in thousands) 2016 2015 Overnight FHLB advances $ 503,815 $ 272,199 Term FHLB advances 365,000 250,576 Other 16,000 13,510 Total other borrowings $ 884,815 $ 536,285 |
Schedule of fixed-rate callable advances from FHLB | The Company’s FHLB borrowings at December 31, 2016 included $25.0 million , at cost, in fixed-rate callable borrowings, which can be called by the FHLB if certain conditions are met. Additional details on the fixed-rate callable advances are provided in the following table. Current Balance Rate Maturity Date Call Date Call Frequency Call Features 5,000,000 4.89% May 22, 2017 February 22, 2017 Quarterly LIBOR strike 7.0% 10,000,000 5.14% June 8, 2017 March 9, 2017 Quarterly LIBOR strike 7.0% 10,000,000 5.19% June 8, 2017 March 9, 2017 Quarterly FHLB Option Total 25,000,000 |
Trust Preferred Debentures (Tab
Trust Preferred Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Trust Preferred Debentures | |
Schedule of information related to trusts | The following table provides information relating to the Trusts as of December 31, 2016 : Description Issuance Date Par Amount Interest Rate Maturity Date Tompkins Capital Trust I April 2009 $20.5 million 7% fixed April 2039 Sleepy Hollow Capital Trust I August 2003 $4.0 million 3-month LIBOR plus 3.05% August 2033 Leesport Capital Trust II September 2002 $10.0 million 3-month LIBOR plus 3.45% September 2032 Madison Statutory Trust I June 2003 $5.0 million 3-month LIBOR plus 3.10% June 2033 |
Employee Benefits Plan (Tables)
Employee Benefits Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in the projected benefit obligations | The following table sets forth the changes in the projected benefit obligation for the DB Pension Plan and SERPs and the accumulated post-retirement benefit obligation for the Life and Healthcare Plan; and the respective plan assets, and the plans’ funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2016 and 2015 (the measurement dates of the plans). (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 76,219 $ 79,138 $ 8,732 $ 8,927 $ 22,160 $ 22,862 Service cost 0 1,587 258 236 171 201 Interest cost 2,473 2,987 283 323 832 928 Plan participants’ contributions 0 0 185 202 0 0 Amendments 0 0 0 0 188 0 Curtailments 0 (677 ) 0 0 0 0 Actuarial loss (gain) 1,403 (4,224 ) 210 (467 ) 697 (1,210 ) Benefits paid (2,791 ) (2,592 ) (547 ) (489 ) (649 ) (621 ) Benefit obligation at end of year $ 77,304 $ 76,219 $ 9,121 $ 8,732 $ 23,399 $ 22,160 Change in plan assets: Fair value of plan assets at beginning of year $ 68,931 $ 71,227 $ 0 $ 0 $ 0 $ 0 Actual return on plan assets 4,367 296 0 0 0 0 Plan participants’ contributions 0 0 185 202 0 0 Employer contributions 1,300 0 362 287 649 621 Benefits paid (2,791 ) (2,592 ) (547 ) (489 ) (649 ) (621 ) Fair value of plan assets at end of year $ 71,807 $ 68,931 $ 0 $ 0 $ 0 $ 0 Unfunded status $ (5,497 ) $ (7,288 ) $ (9,121 ) $ (8,732 ) $ (23,399 ) $ (22,160 ) |
Schedule of net periodic benefit cost and other comprehensive income | Net periodic benefit cost and other comprehensive income includes the following components: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs Components of net periodic benefit cost 2016 2015 2014 2016 2015 2014 2016 2015 2014 Service cost $ 0 $ 1,587 $ 2,434 $ 258 $ 236 $ 201 $ 171 $ 201 $ 222 Interest cost 2,473 2,987 3,069 283 323 367 832 928 866 Expected return on plan assets (4,844 ) (5,028 ) (5,024 ) 0 0 0 0 0 0 Amortization of prior service (credit) cost (15 ) (448 ) (123 ) 16 16 16 75 73 112 Recognized net actuarial loss 975 1,573 859 5 19 0 358 626 206 Recognized net actuarial gain due to curtailments 0 (6,003 ) 0 0 0 0 0 0 0 Net periodic benefit (credit) cost $ (1,411 ) $ (5,332 ) $ 1,215 $ 562 $ 594 $ 584 $ 1,436 $ 1,828 $ 1,406 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) Net actuarial loss (gain) $ 1,880 $ (169 ) $ 19,027 $ 210 $ (467 ) $ 192 $ 697 $ (1,210 ) $ 4,992 Recognized actuarial loss (975 ) (1,573 ) (859 ) (5 ) (19 ) 0 (358 ) (626 ) (206 ) Prior service credit 0 0 (6,282 ) 0 0 0 188 0 0 Recognized prior service cost (credit) 15 6,451 123 (16 ) (16 ) (16 ) (75 ) (73 ) (112 ) Recognized in other comprehensive income (loss) $ 920 $ 4,709 $ 12,009 $ 189 $ (502 ) $ 176 $ 452 $ (1,909 ) $ 4,674 Total recognized in net periodic benefit cost and other comprehensive income $ (491 ) $ (623 ) $ 13,224 $ 751 $ 92 $ 760 $ 1,888 $ (81 ) $ 6,080 |
Schedule of pre-tax amounts recognized as a component of accumulated other comprehensive income | Pre-tax amounts recognized as a component of accumulated other comprehensive income (loss) as of year-end that have not been recognized as a component of the Company’s combined net periodic benefit cost of the Company’s DB Pension Plan, Life and Healthcare Plan and SERPs are presented in the following table. (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2014 2016 2015 2014 2016 2015 2014 Net actuarial loss (gain) $ 39,601 $ 38,695 $ 40,437 $ 1,093 $ 889 $ 1,375 $ 7,077 $ 6,739 $ 8,575 Prior service cost (credit) (40 ) (55 ) (6,506 ) 235 250 266 689 576 648 Total $ 39,561 $ 38,640 $ 33,931 $ 1,328 $ 1,139 $ 1,641 $ 7,766 $ 7,315 $ 9,223 |
Schedule of pre-tax amounts expected to be recognized | The pre-tax amounts included in accumulated other comprehensive income that are expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2017 are shown below. (in thousands) DB Pension Plan Life and Healthcare Plan SERPs Actuarial loss 965 12 365 Prior service cost (10 ) 16 87 Total 955 28 452 |
Schedule of weighted-average assumptions | Weighted-average assumptions used in accounting for the plans were as follows: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount Rates Benefit Cost for Plan Year 4.05 % 3.81 % 4.76 % 4.14 % 3.80 % 4.70 % 4.32 % 4.00 % 5.00 % Benefit Obligation at End of Plan Year 3.89 % 4.05 % 3.81 % 3.97 % 4.14 % 3.80 % 4.10 % 4.32 % 4.00 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % N/A N/A N/A N/A N/A N/A Rate of compensation increase Benefit Cost for Plan Year N/A 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Benefit Obligation at End of Plan Year N/A 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % |
Schedule of expected benefits to be paid in each of next five years | The benefits as of December 31, 2016 , expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter were as follows: (in thousands) DB Pension Plan Life and Healthcare Plan SERPs 2017 $ 3,910 $ 541 $ 673 2018 3,820 475 668 2019 4,242 483 663 2020 4,030 479 700 2021 4,266 475 691 2022-2026 22,635 2,637 4,099 Total $ 42,903 $ 5,090 $ 7,494 |
Schedule of weighted average asset allocation of plans | The Company’s DB Pension Plan’s weighted-average asset allocations at December 31, 2016 and 2015 , respectively, by asset category are as follows: 2016 2015 Equity securities 68 % 75 % Debt securities 30 % 24 % Other 2 % 1 % Total Allocation 100 % 100 % |
Schedule of fair value measurement of pension plan | The major categories of assets in the Company’s DB Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19-Fair Value Measurements). Fair Value Measurements December 31, 2016 (in thousands) Fair Value 2016 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 1,147 $ 1,147 $ 0 $ 0 Common stocks 23,291 23,291 0 0 Mutual funds 46,619 46,619 0 0 Preferred stocks 750 0 750 0 Total Fair Value of Plan Assets $ 71,807 $ 71,057 $ 750 $ 0 Fair Value Measurements December 31, 2015 (in thousands) Fair Value 2015 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 694 $ 694 $ 0 $ 0 U.S. Treasury securities 7,599 7,599 0 0 U.S. Government sponsored entities securities 508 0 508 0 Corporate bonds and notes 6,627 0 6,627 0 Common stocks 25,324 25,324 0 0 Mutual funds 27,429 27,429 0 0 Preferred stocks 750 0 750 0 Total Fair Value of Plan Assets $ 68,931 $ 61,046 $ 7,885 $ 0 |
Stock Plans and Stock Based C43
Stock Plans and Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock options and stock appreciation rights | The following table presents the activity related to stock options and SARs under all plans for the year ended December 31, 2016 . Number of Shares/Rights Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2016 441,016 $ 42.46 Granted 19,946 77.00 Exercised (107,528 ) 38.77 Forfeited (14,918 ) 45.00 Outstanding at December 31, 2016 338,516 $ 45.56 5.56 $ 16,582,002 Exercisable at December 31, 2016 155,046 $ 39.43 3.17 $ 8,544,305 |
Schedule of total stock options exercised | ash proceeds, tax benefits and intrinsic value related to total stock options, SARs, and restricted stock exercised is as follows: (in thousands) 2016 2015 2014 Net proceeds from stock option exercises $ (806 ) $ 1,382 $ 1,512 Tax benefits related to stock option and SAR exercises and vesting of restricted shares 1,433 358 234 Intrinsic value of stock option exercises 3,718 3,014 2,112 |
Schedule of valuation model estimates fair value based on the assumptions | The fair values of the grants are expensed over the vesting periods. 2016 2015 2014 Weighted per share average fair value at grant date $ 12.88 $ 8.96 $ 8.32 Risk-free interest rate 1.57 % 1.80 % 1.91 % Expected dividend yield 3.00 % 3.80 % 5.14 % Volatility 24.58 % 25.32 % 30.96 % Expected life (years) 5.50 6.00 6.00 |
Schedule of options outstanding | December 31, 2016 Options and SARs Outstanding Options and SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $13.00-20.00 626 2.96 $ 16.47 626 $ 16.47 $20.01-29.30 2,985 4.23 $ 22.03 2,985 $ 22.03 $29.31-35.70 1,295 1.96 $ 30.96 1,295 $ 30.96 $35.71-37.50 99,466 3.07 $ 37.12 71,706 $ 37.16 $37.51-41.00 41,003 6.34 $ 40.60 9,755 $ 40.60 $41.01-50.00 126,295 5.47 $ 45.71 68,679 $ 42.76 $50.01-60.00 46,900 8.84 $ 56.29 0 $ 0 $60.01-86.18 19,946 9.86 $ 77.00 0 $ 0 338,516 5.56 $ 45.56 155,046 $ 39.43 |
Schedule of restricted stock awards | The following table presents activity related to restricted stock awards for the twelve months ended December 31, 2016 . Number of Shares Weighted Average Exercise Unvested at January 1, 2016 247,347 $ 47.57 Granted 53,770 76.93 Vested (36,030 ) 73.99 Forfeited (13,371 ) 46.88 Unvested at December 31, 2016 251,716 $ 54.46 |
Other Noninterest Income and 44
Other Noninterest Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of other income and operating expense | Other income and operating expense totals are presented in the table below. Components of these totals exceeding 1% , and other significant items, of the aggregate of total other noninterest income and total other noninterest expenses for any of the years presented below are stated separately. Year ended December 31, (in thousands) 2016 2015 2014 NONINTEREST INCOME Other service charges $ 2,671 $ 2,972 $ 3,267 Increase in cash surrender value of corporate owned life insurance 2,106 2,064 1,883 Net gain on sale of loans 95 54 362 Other miscellaneous income 1,419 3,788 3,472 Total other noninterest income $ 6,291 $ 8,878 $ 8,984 NONINTEREST EXPENSES Marketing expense $ 5,087 $ 4,780 $ 4,942 Professional fees 5,446 5,352 6,094 Technology expense 7,011 6,220 6,172 Cardholder expense 2,503 2,653 2,712 Other miscellaneous expenses 17,029 18,662 21,201 Total other noninterest expenses $ 37,076 $ 37,667 $ 41,121 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax (benefit) expense attributable to income from operations | The income tax expense (benefit) attributable to income from operations is summarized as follows: (in thousands) Current Deferred Total 2016 Federal $ 22,943 $ 1,551 $ 24,494 State 2,243 308 2,551 Total $ 25,186 $ 1,859 $ 27,045 2015 Federal $ 22,955 $ 2,841 $ 25,796 State 3,103 63 3,166 Total $ 26,058 $ 2,904 $ 28,962 2014 Federal $ 19,749 $ 2,915 $ 22,664 State 624 2,116 2,740 Total $ 20,373 $ 5,031 $ 25,404 |
Schedule of effective income tax rate reconciliation | The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows: 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 1.9 2.4 2.3 Tax exempt income (2.7 ) (2.5 ) (2.5 ) Excess benefits from equity-based compensation (1.4 ) 0.0 0.0 Bank-owned life insurance income (0.8 ) (0.8 ) (0.8 ) Federal tax credit (0.4 ) (0.8 ) (1.0 ) All other (0.3 ) (0.2 ) (0.2 ) Total 31.3 % 33.1 % 32.8 % |
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows: (in thousands) 2016 2015 2014 Deferred tax assets: Allowance for loan and lease losses $ 13,737 $ 12,411 $ 11,276 Interest income on nonperforming loans 214 1,207 395 Compensation and benefits 14,504 14,032 13,081 Purchase accounting adjustments 527 1,920 3,538 Liabilities held at fair value 1 218 364 Tax credit carryforward 0 831 1,995 Other 3,088 2,546 2,347 Total $ 32,071 $ 33,165 $ 32,996 Deferred tax liabilities: Prepaid pension $ 11,439 $ 10,992 $ 9,377 Depreciation 3,006 3,277 2,553 Intangibles 882 567 236 Other 2,901 2,144 1,741 Total deferred tax liabilities $ 18,228 $ 16,980 $ 13,907 Net deferred tax asset at year-end $ 13,843 $ 16,185 $ 19,089 Net deferred tax asset at beginning of year $ 16,185 $ 19,089 $ 24,120 Decrease in net deferred tax asset (2,342 ) (2,904 ) (5,031 ) Purchase accounting adjustments, net (483 ) 0 0 Deferred tax expense $ 1,859 $ 2,904 $ 5,031 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of tax effect allocated to each component of other comprehensive income | The tax effect allocated to each component of other comprehensive income (loss) were as follows: December 31, 2016 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized losses during the period $ (7,689 ) $ 3,074 $ (4,615 ) Reclassification adjustment for net realized gain on sale included in available-for-sale securities (926 ) 370 (556 ) Net unrealized losses (8,615 ) 3,444 (5,171 ) Employee benefit plans: Net retirement plan loss (2,787 ) 1,114 (1,673 ) Net retirement plan prior service credit (188 ) 75 (113 ) Amortization of net retirement plan actuarial loss 1,338 (535 ) 803 Amortization of net retirement plan prior service (cost) credit 76 (30 ) 46 Employee benefit plans (1,561 ) 624 (937 ) Other comprehensive loss $ (10,176 ) $ 4,068 $ (6,108 ) December 31, 2015 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized gain during the period $ (8,241 ) $ 3,295 $ (4,946 ) Reclassification adjustment for net realized gain on sale included in available-for-sale securities (1,108 ) 443 (665 ) Net unrealized losses (9,349 ) 3,738 (5,611 ) Employee benefit plans: Net retirement plan gain 1,846 (738 ) 1,108 Amortization of net retirement plan actuarial loss 2,218 (887 ) 1,331 Amortization of net retirement plan prior service (cost) credit (6,362 ) 2,544 (3,818 ) Employee benefit plans (2,298 ) 919 (1,379 ) Other comprehensive loss $ (11,647 ) $ 4,657 $ (6,990 ) December 31, 2014 Before-Tax Tax (Expense) Net of Tax Available-for-sale securities: (in thousands) Change in net unrealized loss during the period $ 19,094 $ (7,635 ) $ 11,459 Reclassification adjustment for net realized gain on sale included in available-for-sale securities (391 ) 156 (235 ) Net unrealized gains 18,703 (7,479 ) 11,224 Employee benefit plans: Net retirement plan loss (24,211 ) 9,684 (14,527 ) Net retirement plan prior service credit 6,282 (2,513 ) 3,769 Amortization of net retirement plan actuarial loss 1,065 (426 ) 639 Amortization of net retirement plan prior service credit 5 (2 ) 3 Employee benefit plans (16,859 ) 6,743 (10,116 ) Other comprehensive income $ 1,844 $ (736 ) $ 1,108 |
Schedule of accumulated other comprehensive income | The following table presents the activity in our accumulated other comprehensive loss for the periods indicated: (in thousands) Available-for-Sale Employee Benefit Plans Accumulated Other Balance at January 1, 2014 $ (8,357 ) $ (16,762 ) $ (25,119 ) Other comprehensive (loss) income 11,224 (10,116 ) 1,108 Balance at December 31, 2014 $ 2,867 $ (26,878 ) $ (24,011 ) Balance at January 1, 2015 2,867 (26,878 ) (24,011 ) Other comprehensive loss (5,611 ) (1,379 ) (6,990 ) Balance at December 31, 2015 $ (2,744 ) $ (28,257 ) $ (31,001 ) Balance at January 1, 2016 (2,744 ) (28,257 ) (31,001 ) Other comprehensive loss (5,171 ) (937 ) (6,108 ) Balance at December 31, 2016 $ (7,915 ) $ (29,194 ) $ (37,109 ) December 31, 2016 Details about Accumulated other Comprehensive Income Amount 1 Affected Line Item in the Statement Where Net Income is Presented Available-for-sale securities: Unrealized gains and losses on available-for-sale securities $ 926 Net gain on securities transactions (370 ) Tax expense 556 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (1,338 ) Pension and other employee benefits Net retirement plan prior service credit (76 ) Pension and other employee benefits Net retirement plan transition liability 0 Pension and other employee benefits (1,414 ) Total before tax 565 Tax benefit (849 ) Net of tax December 31, 2015 Details about Accumulated other Comprehensive Income Amount Reclassified from 1 Affected Line Item in the Statement Where Net Income is Presented Available-for-sale securities: Unrealized gains and losses on available-for-sale securities $ 1,108 Net gain on securities transactions (443 ) Tax expense 665 Net of tax Employee benefit plans: Amortization of the following 2 Net retirement plan actuarial loss (2,218 ) Pension and other employee benefits Net retirement plan prior service credit 359 Pension and other employee benefits (1,859 ) Total before tax 744 Tax benefit (1,115 ) Net of tax 1 Amounts in parentheses indicate debits in income statement. 2 The accumulated other comprehensive income components are included in the computation of net periodic benefit cost (See Note 12 - “Employee Benefit Plans”). |
Commitments and Contingent Li47
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of maximum potential obligations to extend credit for loan commitments | The Company’s maximum potential obligations to extend credit for loan commitments (unfunded loans, unused lines of credit, and standby letters of credit) outstanding on December 31 were as follows: (in thousands) 2016 2015 Loan commitments $ 125,472 $ 200,316 Standby letters of credit 57,723 58,639 Undisbursed portion of lines of credit 773,893 719,234 Total $ 957,088 $ 978,189 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Calculation of basic earnings per share (Basic EPS) and diluted earnings per share (Diluted EPS) is shown below. Year ended December 31, (in thousands, except share and per share data) 2016 2015 2014 Basic Net income available to common shareholders $ 59,340 $ 58,421 $ 52,041 Less: income attributable to unvested stock-based compensation awards (912 ) (834 ) (503 ) Net earnings allocated to common shareholders 58,428 57,587 51,538 Weighted average shares outstanding, including unvested stock-based 15,044,733 14,940,274 14,824,333 Less: unvested stock-based compensation awards (232,021 ) (212,081 ) (147,711 ) Weighted average shares outstanding - Basic 14,812,712 14,728,193 14,676,622 Diluted Net earnings allocated to common shareholders 58,428 57,587 51,538 Weighted average shares outstanding - Basic 14,812,712 14,728,193 14,676,622 Plus: incremental shares from assumed conversion of stock-based 123,519 134,833 113,002 Weighted average shares outstanding - Diluted 14,936,231 14,863,026 14,789,624 Basic EPS $ 3.94 $ 3.91 $ 3.51 Diluted EPS $ 3.91 $ 3.87 $ 3.48 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Recurring Fair Value Measurements December 31, 2015 (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Trading securities Obligations of U.S. Government sponsored entities $ 6,601 $ 0 $ 6,601 $ 0 Mortgage-backed securities - residential 767 0 767 0 Available-for-sale securities Obligations of U.S. Government sponsored entities 552,893 0 552,893 0 Obligations of U.S. states and political subdivisions 84,726 0 84,726 0 Mortgage-backed securities - residential U.S. Government agencies 94,678 0 94,678 0 U.S. Government sponsored entities 650,097 0 650,097 0 Non-U.S. Government agencies or sponsored entities 194 0 194 0 U.S. corporate debt securities 2,162 0 2,162 0 Equity securities 934 0 0 934 Borrowings Other borrowings 10,576 0 10,576 0 The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 segregated by the level of valuation inputs within the fair value hierarchy used to measure fair value. Recurring Fair Value Measurements December 31, 2016 (in thousands) Fair Value (Level 1) (Level 2) (Level 3) Available-for-sale securities Obligations of U.S. Government sponsored entities $ 527,627 $ 0 $ 527,627 $ 0 Obligations of U.S. states and political subdivisions 89,056 0 89,056 0 Mortgage-backed securities - residential U.S. Government agencies 158,226 0 158,226 0 U.S. Government sponsored entities 651,430 0 651,430 0 Non-U.S. Government agencies or sponsored entities 116 0 116 0 U.S. corporate debt securities 2,162 0 2,162 0 Equity securities 921 0 0 921 |
Schedule of assets and liabilities measured at fair value on a non recurring basis | Certain assets are measured at fair value on a nonrecurring basis, that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. For the Company, these include loans held for sale, collateral dependent impaired loans, other real estate owned, goodwill and other intangible assets. During 2016 , certain collateral dependent impaired loans and other real estate owned at December 31, 2016 , were adjusted down to fair value. Collateral values are estimated using Level 2 inputs based upon observable market data. Real estate values are generally valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally available in the market. Fair value measurements at reporting date using: Gain (losses) (in thousands) As of Quoted prices in active markets for identical assets Significant other observable inputs Significant Twelve months ended Assets: 12/31/2016 (Level 1) (Level 2) (Level 3) 12/31/2016 Impaired Loans $ 7,296 $ 0 $ 7,296 $ 0 $ (234 ) Other real estate owned 908 0 908 0 (76 ) Fair value measurements at reporting date using: Gain (losses) (in thousands) As of Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Twelve months ended Assets: 12/31/2015 (Level 1) (Level 2) (Level 3) 12/31/2015 Impaired Loans $ 5,730 $ 0 $ 5,730 $ 0 $ (326 ) Other real estate owned 1,995 0 1,995 0 714 |
Schedule of carrying amount and fair value of financial instruments | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments at December 31, 2016 and 2015 . The carrying amounts shown in the table are included in the Consolidated Statements of Condition under the indicated captions. The fair value estimates, methods and assumptions set forth below for the Company’s financial instruments, including those financial instruments carried at cost, are made solely to comply with disclosures required by generally accepted accounting principles in the United States and does not always incorporate the exit-price concept of fair value prescribed by ASC Topic 820-10 and should be read in conjunction with the financial statements and notes included in this Report. Estimated Fair Value of Financial Instruments December 31, 2016 (in thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 63,954 $ 63,954 $ 63,954 $ 0 $ 0 Securities - held-to-maturity 142,119 142,832 0 142,832 0 FHLB and FRB stock 43,133 43,133 0 43,133 0 Accrued interest receivable 17,390 17,390 0 17,390 0 Loans and leases, net 1 4,222,278 4,187,415 0 7,296 4,180,119 Financial Liabilities: Time deposits $ 870,788 $ 867,921 $ 0 $ 867,921 $ 0 Other deposits 3,754,351 3,754,351 0 3,754,351 0 Securities sold under agreements to repurchase 69,062 69,109 0 69,109 0 Other borrowings 884,815 884,842 0 884,842 0 Trust preferred debentures 2 37,681 43,321 0 43,321 0 Accrued interest payable 1,902 1,902 0 1,902 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. 2 The fair value of Tompkins Capital Trust I is shown to equal the book value of $21.2 million given that it was redeemed at par on January 31, 2017. Estimated Fair Value of Financial Instruments December 31, 2015 (in thousands) Carrying Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and cash equivalents $ 58,257 $ 58,257 $ 58,257 $ 0 $ 0 Securities - held-to-maturity 146,071 146,686 0 146,686 FHLB and FRB stock 29,969 29,969 0 29,969 0 Accrued interest receivable 16,433 16,433 0 16,433 0 Loans and leases, net 1 3,740,038 3,739,695 0 5,730 3,733,965 Financial Liabilities: Time deposits $ 855,133 $ 853,839 $ 0 $ 853,839 $ 0 Other deposits 3,540,173 3,540,173 0 3,540,173 0 Securities sold under agreements to repurchase 136,513 138,161 138,161 Other borrowings 525,709 527,041 0 527,041 0 Trust preferred debentures 37,509 45,190 0 45,190 0 Accrued interest payable 1,973 1,973 0 1,973 0 1 Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. |
Regulations and Supervision (Ta
Regulations and Supervision (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of capital amounts and ratios | Actual capital amounts and ratios of the Company and its subsidiary banks are as follows: Actual Required to be Adequately Capitalized Required to be Well Capitalized (dollar amounts in thousands) Amount/Ratio Amount/Ratio Amount/Ratio December 31, 2016 Total Capital (to risk-weighted assets) The Company (consolidated) $540,109 /12.2% $353,520/>8.0% $441,900/>10.0% Trust Company $154,062/12.3% $99,880 />8.0% $124,850 />10.0% Castile $114,282/10.7% $85,699 />8.0% $107,124 />10.0% Mahopac $111,727/12.6% $70,824 />8.0% $88,530 />10.0% VIST $141,193/11.9% $95,116 />8.0% $118,895 />10.0% Common EquityTier 1 Capital (to risk-weighted assets) The Company (consolidated) $486,006/11.0% $198,855/>4.5% $287,235/>6.5% Trust Company $144,672/11.6% $56,182 />4.5% $81,152 />6.5% Castile $105,998/9.9% $48,206 />4.5% $69,630 />6.5% Mahopac $100,956/11.4% $39,838 />4.5% $57,544 />6.5% VIST $133,505/11.2% $53,503 />4.5% $77,282 />6.5% Tier 1 Capital (to risk-weighted assets) The Company (consolidated) $502,525/11.4% $265,140/>6.0% $353,520/>8.0% Trust Company $144,672/11.6% $74,910 />6.0% $99,880 />8.0% Castile $105,998/9.9% $64,274 />6.0% $85,699 />8.0% Mahopac $100,956/11.4% $53,118 />6.0% $70,824 />8.0% VIST $133,505/11.2% $71,337 />6.0% $95,116 />8.0% Tier 1 Capital (to average assets) The Company (consolidated) $502,525/8.4% $238,872/>4.0% $298,590/>5.0% Trust Company $144,672/7.7% $75,246 />4.0% $94,057 />5.0% Castile $105,998/7.7% $54,851 />4.0% $68,563 />5.0% Mahopac $100,956/8.4% $48,333 />4.0% $60,416 />5.0% VIST $133,505/8.9% $59,984 />4.0% $74,980 />5.0% December 31, 2015 Total Capital (to risk-weighted assets) The Company (consolidated) $520,891/13.0% >$319,711/>8.0% >$399,638/>10.0% Trust Company $151,299/13.7% >$88,274 />8.0% >$110,342 />10.0% Castile $104,568/10.5% >$79,657 />8.0% >$99,571 />10.0% Mahopac $110,158/14.0% >$62,943 />8.0% >$78,678 />10.0% VIST $133,925/12.4% >$86,371 />8.0% >$107,964 />10.0% Common EquityTier 1 Capital (to risk-weighted assets) The Company (consolidated) $449,535/11.3% >$179,837/>4.5% >$259,765/>6.5% Trust Company $143,005/13.0% >$49,654 />4.5% >$71,722 />6.5% Castile $97,097/9.8% >$44,807 />4.5% >$64,721 />6.5% Mahopac $100,322/12.8% >$35,405 />4.5% >$51,141 />6.5% VIST $127,229/11.8% >$48,584 />4.5% >$70,177 />6.5% Tier 1 Capital (to risk-weighted assets) The Company (consolidated) $487,043/12.2% >$239,783/>6.0% >$319,711/>8.0% Trust Company $143,005/13.0% >$66,205 />6.0% >$88,274 />8.0% Castile $97,097/9.8% >$59,743 />6.0% >$79,657 />8.0% Mahopac $100,322/12.8% >$47,207 />6.0% >$62,943 />8.0% VIST $127,229/11.8% >$64,779 />6.0% >$86,371 />8.0% Tier 1 Capital (to average assets) The Company (consolidated) $487,043/8.8% >$220,995/>4.0% >$276,243/>5.0% Trust Company $143,005/8.0% >$71,319 />4.0% >$89,148 />5.0% Castile $97,097/7.7% >$50,309 />4.0% >$62,887 />5.0% Mahopac $100,322/9.2% >$43,865 />4.0% >$54,831 />5.0% VIST $127,229/9.1% >$55,650 />4.0% >$69,563 />5.0% |
Condensed Parent Company Only51
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of condensed statements of condition | Condensed financial statements for Tompkins (the Parent Company) as of December 31, are presented below. Condensed Statements of Condition (in thousands) 2016 2015 Assets Cash $ 28,398 $ 5,759 Available-for-sale securities, at fair value 0 0 Investment in subsidiaries, at equity 563,691 548,227 Other 10,345 12,940 Total Assets $ 602,434 $ 566,926 Liabilities and Shareholders’ Equity Borrowings $ 16,000 $ 13,510 Trust preferred debentures issued to non-consolidated subsidiary 37,681 37,509 Other liabilities 800 893 Tompkins Financial Corporation Shareholders’ Equity 547,953 515,014 Total Liabilities and Shareholders’ Equity $ 602,434 $ 566,926 |
Schedule of condensed statements of income | Condensed Statements of Income (in thousands) 2016 2015 2014 Dividends from available-for-sale securities $ 0 $ 2 $ 2 Dividends received from subsidiaries 47,584 28,667 28,727 Other income 269 593 1,059 Total Operating Income 47,853 29,262 29,788 Interest expense 2,743 2,648 2,703 Other expenses 6,089 5,996 6,484 Total Operating Expenses 8,832 8,644 9,187 Income Before Taxes and Equity in Undistributed Earnings of Subsidiaries 39,021 20,618 20,601 Income tax benefit 3,549 2,987 3,654 Equity in undistributed earnings of subsidiaries 16,770 34,816 27,786 Net Income $ 59,340 $ 58,421 $ 52,041 |
Schedule of condensed statements of cash flows | Condensed Statements of Cash Flows (in thousands) 2016 2015 2014 Operating activities Net income $ 59,340 $ 58,421 $ 52,041 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed earnings of subsidiaries (16,770 ) (34,816 ) (27,799 ) Other, net 1,826 1,511 (999 ) Net Cash Provided by Operating Activities 44,396 25,116 23,243 Investing activities Other, net 24 81 85 Net Cash Provided by Investing Activities 24 81 85 Financing activities Borrowings, net 2,490 0 (1,000 ) Cash dividends (26,603 ) (25,411 ) (23,983 ) Repurchase of common shares (1,166 ) (3,505 ) (4,602 ) Net shares issued related to restricted stock awards (835 ) (195 ) 64 Shares issued for dividend reinvestment plans 3,201 0 2,186 Shares issued for employee stock ownership plan 1,938 1,595 1,528 Net proceeds from exercise of stock options (806 ) 1,382 1,512 Common stock issued 0 50 50 Net Cash Used in Financing Activities (21,781 ) (26,084 ) (24,245 ) Net (decrease) increase in cash 22,639 (887 ) (917 ) Cash at beginning of year 5,759 6,646 7,563 Cash at End of Year $ 28,398 $ 5,759 $ 6,646 |
Segment and Related Informati52
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment and related information | Summarized financial information concerning the Company’s reportable segments and the reconciliation to the Company’s consolidated results is shown in the following table. Investment in subsidiaries is netted out of the presentations below. The “Intercompany” column identifies the intercompany activities of revenues, expenses and other assets between the banking and financial services segments. The Company accounts for intercompany fees and services at an estimated fair value according to regulatory requirements for the services provided. Intercompany items relate primarily to the use of human resources, information systems, accounting and marketing services provided by any of the banks and the holding company. All other accounting policies are the same as those described in Note 1 “Summary of significant accounting policies” in this Report. As of and for the year ended December 31, 2016 (in thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 202,739 $ 2 $ 0 $ (2 ) $ 202,739 Interest expense 22,105 0 0 (2 ) 22,103 Net interest income 180,634 2 0 0 180,636 Provision for loan and lease losses 4,321 0 0 0 4,321 Noninterest income 24,402 29,741 15,842 (1,177 ) 68,808 Noninterest expense 123,004 24,564 12,216 (1,177 ) 158,607 Income before income tax expense 77,711 5,179 3,626 0 86,516 Income tax expense 23,928 1,906 1,211 0 27,045 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 53,783 3,273 2,415 0 59,471 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 53,652 $ 3,273 $ 2,415 $ 0 $ 59,340 Depreciation and amortization $ 6,401 $ 353 $ 75 $ 0 $ 6,829 Assets 6,190,824 38,988 15,403 (8,459 ) 6,236,756 Goodwill 64,369 20,043 8,211 0 92,623 Other intangibles, net 6,433 4,560 356 0 11,349 Net loans and leases 4,222,278 0 0 0 4,222,278 Deposits 4,633,527 0 0 (8,388 ) 4,625,139 Total equity 506,411 30,825 12,169 0 549,405 As of and for the year ended December 31, 2015 (in thousands) Banking Insurance Wealth Management Intercompany Consolidated Interest income $ 188,598 $ 2 $ 148 $ (2 ) $ 188,746 Interest expense 20,367 0 0 (2 ) 20,365 Net interest income 168,231 2 148 0 168,381 Provision for loan and lease losses 2,945 0 0 0 2,945 Noninterest income 27,096 29,818 16,037 (1,011 ) 71,940 Noninterest expense 115,706 23,783 11,384 (1,011 ) 149,862 Income before income tax expense 76,676 6,037 4,801 0 87,514 Income tax expense 24,923 2,416 1,623 0 28,962 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 51,753 3,621 3,178 0 58,552 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 51,622 $ 3,621 $ 3,178 $ 0 $ 58,421 Depreciation and amortization $ 5,985 $ 367 $ 116 $ 0 $ 6,468 Assets 5,646,459 36,625 13,951 (7,040 ) 5,689,995 Goodwill 64,369 19,212 8,211 0 91,792 Other intangibles, net 7,820 4,187 441 0 12,448 Net loans and leases 3,740,038 0 0 0 3,740,038 Deposits 4,401,896 0 0 (6,590 ) 4,395,306 Total equity 476,138 28,182 12,146 0 516,466 As of and for the year ended December 31, 2014 (in thousands) Banking Insurance Wealth Management Intercompany & Merger Consolidated Interest income $ 184,355 $ 6 $ 138 $ (6 ) $ 184,493 Interest expense 20,687 2 0 (6 ) 20,683 Net interest income 163,668 4 138 0 163,810 Provision for loan and lease losses 2,306 0 0 0 2,306 Noninterest income 27,418 28,620 16,072 (1,345 ) 70,765 Noninterest expense 120,708 23,515 11,815 (1,345 ) 154,693 Income before income tax expense 68,072 5,109 4,395 0 77,576 Income tax expense 21,890 2,052 1,462 0 25,404 Net Income attributable to noncontrolling interests and Tompkins Financial Corporation 46,182 3,057 2,933 0 52,172 Less: Net income attributable to noncontrolling interests 131 0 0 0 131 Net Income attributable to Tompkins Financial Corporation $ 46,051 $ 3,057 $ 2,933 $ 0 $ 52,041 Depreciation and amortization 5,296 271 143 0 $ 5,710 Assets 5,226,145 34,040 13,779 (4,403 ) 5,269,561 Goodwill 64,369 19,663 8,211 0 92,243 Other intangibles, net 9,301 4,827 521 0 14,649 Net loans and leases 3,364,291 0 0 0 3,364,291 Deposits 4,173,244 0 0 (4,090 ) 4,169,154 Total equity 453,037 26,419 10,127 0 489,583 |
Unaudited Quarterly Financial53
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Unaudited Quarterly Financial Data 2016 (in thousands) First Second Third Fourth Interest and dividend income $ 49,309 $ 50,417 $ 51,077 $ 51,936 Interest expense 5,271 5,510 5,760 5,562 Net interest income 44,038 44,907 45,317 46,374 Provision for loan and lease losses 855 978 782 1,706 Income before income tax 21,180 21,625 22,116 21,595 Net income 14,251 14,833 15,138 15,118 Net income per common share (basic) 0.95 0.99 1.01 1.00 Net income per common share (diluted) 0.94 0.98 1.00 0.99 Unaudited Quarterly Financial Data 2015 (in thousands) First Second Third Fourth Interest and dividend income $ 46,228 $ 46,423 $ 47,530 $ 48,565 Interest expense 5,000 5,093 5,144 5,128 Net interest income 41,228 41,330 42,386 43,437 Provision for loan and lease losses 209 922 281 1,533 Income before income tax 18,973 26,452 21,645 20,444 Net income 12,680 17,390 14,497 13,854 Net income per common share (basic) 0.85 1.16 0.97 0.93 Net income per common share (diluted) 0.84 1.15 0.96 0.92 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Reserve requirements for banking subsidiaries | $ 6,600,000 | $ 6,600,000 | $ 5,400,000 | |
Number of reportable business segments | segment | 3 | |||
Tax expense (benefit) | $ 27,045,000 | 28,962,000 | $ 25,404,000 | |
Adoption of ASU 2014-01 investments accounting for investments in qualified affordable housing projects | 725,000 | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ 1,400,000 | |||
Buildings | Minimum | ||||
Estimated useful (in years) | 10 years | |||
Buildings | Maximum | ||||
Estimated useful (in years) | 39 years | |||
Furniture, fixtures, and equipment | Minimum | ||||
Estimated useful (in years) | 2 years | |||
Furniture, fixtures, and equipment | Maximum | ||||
Estimated useful (in years) | 20 years | |||
Core deposit intangible | Minimum | ||||
Amortization period for other intangible assets (in years) | 5 years | |||
Core deposit intangible | Maximum | ||||
Amortization period for other intangible assets (in years) | 10 years | |||
Covenants Noncompete | Minimum | ||||
Amortization period for other intangible assets (in years) | 3 years | |||
Covenants Noncompete | Maximum | ||||
Amortization period for other intangible assets (in years) | 6 years | |||
Customer relationships | Minimum | ||||
Amortization period for other intangible assets (in years) | 6 years | |||
Customer relationships | Maximum | ||||
Amortization period for other intangible assets (in years) | 15 years | |||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Statutory Tax Withholding Component | ||||
Net Cash Provided by (Used in) Operating Activities | $ 358,000 | $ 234,000 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,442,724 | $ 1,390,255 |
Gross Unrealized Gains | 6,233 | 9,546 |
Gross Unrealized Losses | 19,419 | 14,117 |
Fair Value | 1,429,538 | 1,385,684 |
Obligations of U.S. Government sponsored entities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 527,057 | 551,176 |
Gross Unrealized Gains | 2,873 | 3,512 |
Gross Unrealized Losses | 2,303 | 1,795 |
Fair Value | 527,627 | 552,893 |
Obligations of U.S. states and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 89,910 | 83,981 |
Gross Unrealized Gains | 286 | 898 |
Gross Unrealized Losses | 1,140 | 153 |
Fair Value | 89,056 | 84,726 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 159,417 | 94,459 |
Gross Unrealized Gains | 1,081 | 1,535 |
Gross Unrealized Losses | 2,272 | 1,316 |
Fair Value | 158,226 | 94,678 |
U.S. Government sponsored entities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 662,724 | 656,947 |
Gross Unrealized Gains | 1,993 | 3,599 |
Gross Unrealized Losses | 13,287 | 10,449 |
Fair Value | 651,430 | 650,097 |
Non-U.S. Government agencies or sponsored entities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116 | 192 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 116 | 194 |
U.S. corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,500 | 2,500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 338 | 338 |
Fair Value | 2,162 | 2,162 |
Total debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,441,724 | 1,389,255 |
Gross Unrealized Gains | 6,233 | 9,546 |
Gross Unrealized Losses | 19,340 | 14,051 |
Fair Value | 1,428,617 | 1,384,750 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 79 | 66 |
Fair Value | $ 921 | $ 934 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 142,119 | $ 146,071 |
Gross Unrealized Gains | 999 | 1,063 |
Gross Unrealized Losses | 286 | 448 |
Fair Value | 142,832 | 146,686 |
Obligations of U.S. Government sponsored entities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 132,098 | 132,482 |
Gross Unrealized Gains | 804 | 649 |
Gross Unrealized Losses | 283 | 444 |
Fair Value | 132,619 | 132,687 |
Obligations of U.S. states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 10,021 | 13,589 |
Gross Unrealized Gains | 195 | 414 |
Gross Unrealized Losses | 3 | 4 |
Fair Value | $ 10,213 | $ 13,999 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales | $ 97,296 | $ 137,594 | $ 90,551 |
Gross realized gains | 894 | 1,359 | 426 |
Gross realized losses | 0 | (282) | (78) |
Net gains on sales of available-for-sale securities | $ 894 | $ 1,077 | $ 348 |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | $ 829,108 | $ 606,155 |
Less Than 12 Months, Unrealized Losses | 13,945 | 6,211 |
12 Months or Longer, Fair Value | 150,125 | 218,918 |
12 Months or Longer, Unrealized Losses | 5,474 | 7,906 |
Total Fair Value | 979,233 | 825,073 |
Total Unrealized Losses | 19,419 | 14,117 |
Held-to-Maturity Securities | ||
Less Than 12 Months, Fair Value | 43,369 | 31,637 |
Less Than 12 Months, Unrealized Losses | 286 | 448 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 43,369 | 31,637 |
Total Unrealized Losses | 286 | 448 |
Obligations of U.S. Government sponsored entities | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 208,940 | 183,697 |
Less Than 12 Months, Unrealized Losses | 2,303 | 1,618 |
12 Months or Longer, Fair Value | 0 | 5,844 |
12 Months or Longer, Unrealized Losses | 0 | 177 |
Total Fair Value | 208,940 | 189,541 |
Total Unrealized Losses | 2,303 | 1,795 |
Held-to-Maturity Securities | ||
Less Than 12 Months, Fair Value | 40,802 | 29,671 |
Less Than 12 Months, Unrealized Losses | 283 | 444 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total Fair Value | 40,802 | 29,671 |
Total Unrealized Losses | 283 | 444 |
Obligations of U.S. sponsored entities | ||
Held-to-Maturity Securities | ||
Less Than 12 Months, Fair Value | 2,567 | |
Less Than 12 Months, Unrealized Losses | 3 | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Losses | 0 | |
Total Fair Value | 2,567 | |
Total Unrealized Losses | 3 | |
Obligations of U.S. states and political subdivisions | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 58,852 | 25,402 |
Less Than 12 Months, Unrealized Losses | 1,139 | 141 |
12 Months or Longer, Fair Value | 751 | 3,408 |
12 Months or Longer, Unrealized Losses | 1 | 12 |
Total Fair Value | 59,603 | 28,810 |
Total Unrealized Losses | 1,140 | 153 |
Held-to-Maturity Securities | ||
Less Than 12 Months, Fair Value | 1,966 | |
Less Than 12 Months, Unrealized Losses | 4 | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Losses | 0 | |
Total Fair Value | 1,966 | |
Total Unrealized Losses | 4 | |
U.S. Government agencies | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 98,307 | 32,636 |
Less Than 12 Months, Unrealized Losses | 1,570 | 350 |
12 Months or Longer, Fair Value | 22,376 | 30,244 |
12 Months or Longer, Unrealized Losses | 702 | 966 |
Total Fair Value | 120,683 | 62,880 |
Total Unrealized Losses | 2,272 | 1,316 |
U.S. Government sponsored entities | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 463,009 | 364,420 |
Less Than 12 Months, Unrealized Losses | 8,933 | 4,102 |
12 Months or Longer, Fair Value | 123,915 | 176,325 |
12 Months or Longer, Unrealized Losses | 4,354 | 6,347 |
Total Fair Value | 586,924 | 540,745 |
Total Unrealized Losses | 13,287 | 10,449 |
U.S. corporate debt securities | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 2,162 | 2,163 |
12 Months or Longer, Unrealized Losses | 338 | 338 |
Total Fair Value | 2,162 | 2,163 |
Total Unrealized Losses | 338 | 338 |
Equity securities | ||
Available-for-Sale Securities | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Longer, Fair Value | 921 | 934 |
12 Months or Longer, Unrealized Losses | 79 | 66 |
Total Fair Value | 921 | 934 |
Total Unrealized Losses | $ 79 | $ 66 |
Securities (Details 4)
Securities (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale securities, Amortized Cost | ||
Total | $ 1,441,724 | $ 1,389,255 |
Available-for-sale securities, Fair value | ||
Total | 1,428,617 | 1,384,750 |
Total debt securities | ||
Available-for-sale securities, Amortized Cost | ||
Due in one year or less | 17,878 | 53,936 |
Due after one year through five years | 376,777 | 351,462 |
Due after five years through ten years | 210,985 | 219,161 |
Due after ten years | 13,827 | 13,098 |
Total | 619,467 | 637,657 |
Available-for-sale securities, Fair value | ||
Due in one year or less | 18,034 | 54,735 |
Due after one year through five years | 378,631 | 353,736 |
Due after five years through ten years | 208,999 | 218,561 |
Due after ten years | 13,181 | 12,749 |
Total | 618,845 | 639,781 |
Mortgage-backed securities | ||
Available-for-sale securities, Amortized Cost | ||
Total | 822,257 | 751,598 |
Available-for-sale securities, Fair value | ||
Total | $ 809,772 | $ 744,969 |
Securities (Details 5)
Securities (Details 5) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Held-to-maturity securities, Amortized Cost | ||
Due in one year or less | $ 7,452 | $ 9,249 |
Due after one year through five years | 27,480 | 14,069 |
Due after five years through ten years | 107,187 | 122,585 |
Due after ten years | 0 | 168 |
Total held-to-maturity debt securities | 142,119 | 146,071 |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 7,469 | 9,294 |
Due after one year through five years | 27,866 | 14,341 |
Due after five years through ten years | 107,497 | 122,853 |
Due after ten years | 0 | 198 |
Total held-to-maturity debt securities | $ 142,832 | $ 146,686 |
Securities (Details 6)
Securities (Details 6) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Trading Securities [Abstract] | ||
Trading securities, at estimated fair value | $ 0 | $ 7,368 |
Obligations of U.S. Government sponsored entities | ||
Trading Securities [Abstract] | ||
Trading securities, at estimated fair value | 0 | 6,601 |
U.S. Government sponsored entities | ||
Trading Securities [Abstract] | ||
Trading securities, at estimated fair value | $ 0 | $ 767 |
Securities (Details Narrative)
Securities (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Proceeds from Sale of Trading Securities Held-for-investment | $ 1,500,000 | ||
Other than temporary impairment losses, investments, portion recognized in earnings, net | 0 | $ 0 | |
Mark to market loss on trading securities | 182,000 | 295,000 | $ 269,000 |
Securities pledged or sold under agreements to repurchase | 1,200,000,000 | 1,200,000,000 | |
Equity method investments | 1,700,000 | $ 1,800,000 | |
Equity method investment, other than temporary Impairment | 0 | ||
Federal Home Loan Bank New York (FHLBNY) | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal home loan bank, advances, branch of FHLB bank, amount of advances | 28,100,000 | ||
Federal Home Loan Bank Pittsburgh (FHLBPITT) | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal home loan bank, advances, branch of FHLB bank, amount of advances | 14,900,000 | ||
Atlantic Central Bankers Bank (ACBB) | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Federal home loan bank, advances, branch of FHLB bank, amount of advances | $ 95,000 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 4,261,979 | $ 3,774,832 |
Less: unearned income and deferred costs and fees | (3,946) | (2,790) |
Total originated loans and leases, net of unearned income and deferred costs and fees | 4,258,033 | 3,772,042 |
Commercial and industrial - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 118,247 | 88,299 |
Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 926,372 | 852,834 |
Subtotal commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,044,619 | 941,133 |
Commercial real estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 144,770 | 107,929 |
Commercial real estate - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 102,776 | 89,030 |
Commercial real estate other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,673,295 | 1,452,202 |
Subtotal commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,920,841 | 1,649,161 |
Residential real estate Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 247,014 | 244,670 |
Residential real estate Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 972,801 | 851,332 |
Subtotal residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,219,815 | 1,096,002 |
Consumer Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14,835 | 17,829 |
Consumer Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 45,219 | 41,815 |
Subtotal consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 60,054 | 59,644 |
Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 16,650 | 14,861 |
Covered loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 14,031 |
Originated Loans and Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,867,868 | 3,313,558 |
Loans and Leases, gross | 2,635,335 | 2,213,545 |
Less: unearned income and deferred costs and fees | (3,946) | (2,790) |
Total originated loans and leases, net of unearned income and deferred costs and fees | 3,863,922 | 3,310,768 |
Originated Loans and Leases | Commercial and industrial - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 88,299 | |
Loans and Leases, gross | 118,247 | 88,299 |
Originated Loans and Leases | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 768,024 | |
Loans and Leases, gross | 847,055 | 768,024 |
Originated Loans and Leases | Subtotal commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 965,302 | 856,323 |
Originated Loans and Leases | Commercial real estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 103,037 | |
Loans and Leases, gross | 135,834 | 103,037 |
Originated Loans and Leases | Commercial real estate - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 86,935 | |
Loans and Leases, gross | 102,509 | 86,935 |
Originated Loans and Leases | Commercial real estate other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,167,250 | |
Loans and Leases, gross | 1,431,690 | 1,167,250 |
Originated Loans and Leases | Subtotal commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,670,033 | 1,357,222 |
Originated Loans and Leases | Residential real estate Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 209,277 | 202,578 |
Originated Loans and Leases | Residential real estate Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 947,378 | 823,841 |
Originated Loans and Leases | Subtotal residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,156,655 | 1,026,419 |
Originated Loans and Leases | Consumer Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14,835 | 17,829 |
Originated Loans and Leases | Consumer Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 44,393 | 40,904 |
Originated Loans and Leases | Subtotal consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 59,228 | 58,733 |
Originated Loans and Leases | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 16,650 | 14,861 |
Originated Loans and Leases | Covered loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Acquired Loans and Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 394,111 | 461,274 |
Loans and Leases, gross | 330,125 | 376,749 |
Less: unearned income and deferred costs and fees | 0 | 0 |
Total originated loans and leases, net of unearned income and deferred costs and fees | 394,111 | 461,274 |
Acquired Loans and Leases | Commercial and industrial - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 84,810 | |
Loans and Leases, gross | 79,317 | 84,810 |
Acquired Loans and Leases | Subtotal commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 79,317 | 84,810 |
Acquired Loans and Leases | Commercial real estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 4,892 | |
Loans and Leases, gross | 8,936 | 4,892 |
Acquired Loans and Leases | Commercial real estate - Agriculture | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 2,095 | |
Loans and Leases, gross | 267 | 2,095 |
Acquired Loans and Leases | Commercial real estate other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 284,952 | |
Loans and Leases, gross | 241,605 | 284,952 |
Acquired Loans and Leases | Subtotal commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 250,808 | 291,939 |
Acquired Loans and Leases | Residential real estate Home Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 37,737 | 42,092 |
Acquired Loans and Leases | Residential real estate Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 25,423 | 27,491 |
Acquired Loans and Leases | Subtotal residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 63,160 | 69,583 |
Acquired Loans and Leases | Consumer Indirect | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Acquired Loans and Leases | Consumer Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 826 | 911 |
Acquired Loans and Leases | Subtotal consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 826 | 911 |
Acquired Loans and Leases | Leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | |
Acquired Loans and Leases | Covered loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 0 | $ 14,031 |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 6,308 | $ 7,388 |
Carrying amount | 5,625 | 7,050 |
VIST Financial Corp. (VIST Financial) | Acquired Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 26,237 | 32,752 |
Carrying amount | 22,517 | 26,507 |
VIST Financial Corp. (VIST Financial) | Acquired Non-Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 375,471 | 439,389 |
Carrying amount | 371,594 | 434,767 |
VIST Financial Corp. (VIST Financial) | Total Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 401,708 | 472,141 |
Carrying amount | $ 394,111 | $ 461,274 |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - VIST Financial Corp. (VIST Financial) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance, beginning | $ 6,792 | $ 8,604 | |
Accretion | (2,290) | (2,696) | |
Disposals (loans paid in full) | 0 | (331) | |
Reclassifications to/from nonaccretable difference | 1,768 | [1] | 1,215 |
Balance, ending | $ 6,270 | $ 6,792 | |
[1] | Results in increased interest income as a prospective yield adjustment over the remaining life of the loans, as well as increased interest income from loan sales, modification and prepayments. |
Loans and Leases (Details Narra
Loans and Leases (Details Narrative) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)banking_officesubsidiary_bank | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||
Initial rate below the fully indexed rate, percent (less than) | 0.01% | ||||
Sale of residential mortgage loans | $ 3,900,000 | $ 3,200,000 | $ 19,900,000 | ||
Net gains on sale of residential mortgage loans | 95,000 | 54,000 | 362,000 | ||
Mortgage servicing assets added during the period | 21,000 | 18,000 | 146,000 | ||
Amortization of mortgage servicing assets | 157,000 | 146,000 | 149,000 | ||
Residentail mortgage loans serviced | 115,300,000 | 135,900,000 | |||
Mortgage servicing rights, amortized cost | 758,000 | 900,000 | |||
Mortgage servicing rights (MSR) impairment | 0 | ||||
Loans held for sale | 0 | 546,000 | |||
Residential mortgage loans used to secure advances from FHLB | $ 365,000,000 | 250,000,000 | |||
Number of subsidiary banks | subsidiary_bank | 3 | ||||
Interest income on nonaccrual loans | $ 1,000,000 | $ 1,200,000 | $ 1,700,000 | ||
Loans and leases receivable, impaired, commitments to lend to nonperforming loans | $ 0 | ||||
LTV 80 to 100 Percent | |||||
Business Acquisition [Line Items] | |||||
Loan to value - fixed rate loans (percent) | 80.00% | ||||
Loan to value - adjusted rate loans (percent) | 85.00% | ||||
Loan to value - private mortgage insurance (percent) | 78.00% | ||||
VIST Financial Corp. (VIST Financial) | |||||
Business Acquisition [Line Items] | |||||
Agreement termination pre-tax expense | $ 313,000 | $ 313,000 | |||
Tompkins, Cayuga, Cortland and Schuyler Counties, New York | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 14 | ||||
Genesee Valley Region, New York State | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 17 | ||||
Putman County, New York | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 5 | ||||
Dutchess County, New York | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 3 | ||||
Westchcester County, New York | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 6 | ||||
Southeastern Pennsylvania | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | banking_office | 21 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | $ 4,261,979 | $ 3,774,832 | |||
Less: unearned income and deferred costs and fees | (3,946) | (2,790) | |||
Total originated loans and leases, net of unearned income and deferred costs and fees | 4,258,033 | 3,772,042 | |||
Commercial and industrial - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 118,247 | 88,299 | |||
Commercial and industrial other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 926,372 | 852,834 | |||
Subtotal commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,044,619 | 941,133 | |||
Commercial real estate - Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 144,770 | 107,929 | |||
Commercial real estate - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 102,776 | 89,030 | |||
Commercial real estate other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,673,295 | 1,452,202 | |||
Subtotal commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,920,841 | 1,649,161 | |||
Residential real estate Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 247,014 | 244,670 | |||
Residential real estate Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 972,801 | 851,332 | |||
Subtotal residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 1,219,815 | 1,096,002 | |||
Consumer and other Indirect | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 14,835 | 17,829 | |||
Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 45,219 | 41,815 | |||
Subtotal consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 60,054 | 59,644 | |||
Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 16,650 | 14,861 | |||
Covered loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 0 | 14,031 | |||
Originated Loans and Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 3,852,240 | 3,298,573 | |||
Loans and Leases, gross | 2,635,335 | 2,213,545 | |||
Total Loans | 3,867,868 | 3,313,558 | |||
90 days and accruing | 0 | [1] | 58 | [2] | |
Nonaccrual | 14,300 | 13,506 | |||
Less: unearned income and deferred costs and fees | (3,946) | (2,790) | |||
Less: unearned income and deferred costs and fees, current | 3,946 | 2,790 | |||
Total originated loans and leases, net of unearned income and deferred costs and fees | 3,863,922 | 3,310,768 | |||
Total originated loans and leases, net of unearned income and deferred costs and fees, current | 3,848,294 | 3,295,783 | |||
Originated Loans and Leases | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 6,694 | 3,280 | |||
Less: unearned income and deferred costs and fees | 0 | 0 | |||
Total originated loans and leases, net of unearned income and deferred costs and fees | 6,694 | 3,280 | |||
Originated Loans and Leases | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 8,934 | 11,705 | |||
Less: unearned income and deferred costs and fees | 0 | 0 | |||
Total originated loans and leases, net of unearned income and deferred costs and fees | 8,934 | 11,705 | |||
Originated Loans and Leases | Commercial and industrial - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 118,247 | 88,299 | |||
Loans and Leases, gross | 118,247 | 88,299 | |||
Total Loans | 88,299 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 0 | |||
Originated Loans and Leases | Commercial and industrial - Agriculture | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Commercial and industrial - Agriculture | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Commercial and industrial other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 845,462 | 766,650 | |||
Loans and Leases, gross | 847,055 | 768,024 | |||
Total Loans | 768,024 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 526 | 1,091 | |||
Originated Loans and Leases | Commercial and industrial other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,312 | 507 | |||
Originated Loans and Leases | Commercial and industrial other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 281 | 867 | |||
Originated Loans and Leases | Subtotal commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 963,709 | 854,949 | |||
Total Loans | 965,302 | 856,323 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 526 | 1,091 | |||
Originated Loans and Leases | Subtotal commercial and industrial | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,312 | 507 | |||
Originated Loans and Leases | Subtotal commercial and industrial | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 281 | 867 | |||
Originated Loans and Leases | Commercial real estate - Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 135,834 | 103,037 | |||
Loans and Leases, gross | 135,834 | 103,037 | |||
Total Loans | 103,037 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 0 | |||
Originated Loans and Leases | Commercial real estate - Construction | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Commercial real estate - Construction | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Commercial real estate - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 102,492 | 86,935 | |||
Loans and Leases, gross | 102,509 | 86,935 | |||
Total Loans | 86,935 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 162 | 106 | |||
Originated Loans and Leases | Commercial real estate - Agriculture | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 17 | 0 | |||
Originated Loans and Leases | Commercial real estate - Agriculture | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Commercial real estate other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 1,426,073 | 1,163,445 | |||
Loans and Leases, gross | 1,431,690 | 1,167,250 | |||
Total Loans | 1,167,250 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 5,988 | 4,365 | |||
Originated Loans and Leases | Commercial real estate other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 2,546 | 225 | |||
Originated Loans and Leases | Commercial real estate other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 3,071 | 3,580 | |||
Originated Loans and Leases | Subtotal commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 1,664,399 | 1,353,417 | |||
Total Loans | 1,670,033 | 1,357,222 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 6,150 | 4,471 | |||
Originated Loans and Leases | Subtotal commercial real estate | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 2,563 | 225 | |||
Originated Loans and Leases | Subtotal commercial real estate | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 3,071 | 3,580 | |||
Originated Loans and Leases | Residential real estate Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 206,890 | 199,981 | |||
Total Loans | 209,277 | 202,578 | |||
90 days and accruing | 0 | [1] | 58 | [2] | |
Nonaccrual | 1,873 | ||||
Originated Loans and Leases | Residential real estate Home Equity | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 433 | 729 | |||
Originated Loans and Leases | Residential real estate Home Equity | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,954 | 1,868 | |||
Originated Loans and Leases | Residential real estate Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 942,385 | 817,540 | |||
Total Loans | 947,378 | 823,841 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 5,889 | ||||
Originated Loans and Leases | Residential real estate Mortgages | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,749 | 1,161 | |||
Originated Loans and Leases | Residential real estate Mortgages | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 3,244 | 5,140 | |||
Originated Loans and Leases | Subtotal residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 1,149,275 | 1,017,521 | |||
Total Loans | 1,156,655 | 1,026,419 | |||
90 days and accruing | 0 | [1] | 58 | [2] | |
Nonaccrual | 7,458 | 7,762 | |||
Originated Loans and Leases | Subtotal residential real estate | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 2,182 | 1,890 | |||
Originated Loans and Leases | Subtotal residential real estate | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 5,198 | 7,008 | |||
Originated Loans and Leases | Consumer and other Indirect | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 14,015 | 17,085 | |||
Total Loans | 14,835 | 17,829 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 107 | ||||
Originated Loans and Leases | Consumer and other Indirect | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 444 | 494 | |||
Originated Loans and Leases | Consumer and other Indirect | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 376 | 250 | |||
Originated Loans and Leases | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 44,192 | 40,740 | |||
Total Loans | 44,393 | 40,904 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 75 | ||||
Originated Loans and Leases | Consumer and other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 193 | 164 | |||
Originated Loans and Leases | Consumer and other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 8 | 0 | |||
Originated Loans and Leases | Subtotal consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 58,207 | 57,825 | |||
Total Loans | 59,228 | 58,733 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 166 | 182 | |||
Originated Loans and Leases | Subtotal consumer and other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 637 | 658 | |||
Originated Loans and Leases | Subtotal consumer and other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 384 | 250 | |||
Originated Loans and Leases | Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 16,650 | 14,861 | |||
Total Loans | 16,650 | 14,861 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 0 | |||
Originated Loans and Leases | Leases | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Leases | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Originated Loans and Leases | Covered loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 0 | 0 | |||
Acquired Loans and Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 385,231 | 454,285 | |||
Loans and Leases, gross | 330,125 | 376,749 | |||
Total Loans | 394,111 | 461,274 | |||
90 days and accruing | 2,557 | [1] | 2,515 | [2] | |
Nonaccrual | 4,741 | 4,331 | |||
Less: unearned income and deferred costs and fees | 0 | 0 | |||
Total originated loans and leases, net of unearned income and deferred costs and fees | 394,111 | 461,274 | |||
Acquired Loans and Leases | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 2,553 | 1,209 | |||
Acquired Loans and Leases | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 6,327 | 5,780 | |||
Acquired Loans and Leases | Commercial and industrial - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Loans and Leases, gross | 0 | 0 | |||
Total Loans | 0 | 0 | |||
Acquired Loans and Leases | Commercial and industrial other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 79,218 | 83,854 | |||
Loans and Leases, gross | 79,317 | 84,810 | |||
Total Loans | 84,810 | ||||
90 days and accruing | 40 | [1] | 338 | [2] | |
Nonaccrual | 212 | 647 | |||
Acquired Loans and Leases | Commercial and industrial other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 12 | 20 | |||
Acquired Loans and Leases | Commercial and industrial other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 87 | 936 | |||
Acquired Loans and Leases | Subtotal commercial and industrial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 79,218 | ||||
Total Loans | 79,317 | 84,810 | |||
90 days and accruing | [1] | 40 | |||
Nonaccrual | 212 | ||||
Acquired Loans and Leases | Subtotal commercial and industrial | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 12 | ||||
Acquired Loans and Leases | Subtotal commercial and industrial | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 87 | ||||
Acquired Loans and Leases | Commercial real estate - Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 8,936 | 4,533 | |||
Loans and Leases, gross | 8,936 | 4,892 | |||
Total Loans | 4,892 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 359 | |||
Acquired Loans and Leases | Commercial real estate - Construction | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Acquired Loans and Leases | Commercial real estate - Construction | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 359 | |||
Acquired Loans and Leases | Commercial real estate - Agriculture | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 267 | 2,095 | |||
Loans and Leases, gross | 267 | 2,095 | |||
Total Loans | 2,095 | ||||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 0 | |||
Acquired Loans and Leases | Commercial real estate - Agriculture | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Acquired Loans and Leases | Commercial real estate - Agriculture | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Acquired Loans and Leases | Commercial real estate other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 236,192 | 283,131 | |||
Loans and Leases, gross | 241,605 | 284,952 | |||
Total Loans | 284,952 | ||||
90 days and accruing | 1,402 | [1] | 550 | [2] | |
Nonaccrual | 2,926 | 1,224 | |||
Acquired Loans and Leases | Commercial real estate other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,461 | 150 | |||
Acquired Loans and Leases | Commercial real estate other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 3,952 | 1,671 | |||
Acquired Loans and Leases | Subtotal commercial real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 245,395 | 289,759 | |||
Total Loans | 250,808 | 291,939 | |||
90 days and accruing | 1,402 | [1] | 550 | [2] | |
Nonaccrual | 2,926 | 1,583 | |||
Acquired Loans and Leases | Subtotal commercial real estate | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,461 | 150 | |||
Acquired Loans and Leases | Subtotal commercial real estate | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 3,952 | 2,030 | |||
Acquired Loans and Leases | Residential real estate Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 36,849 | 41,302 | |||
Total Loans | 37,737 | 42,092 | |||
90 days and accruing | 185 | [1] | 0 | [2] | |
Nonaccrual | 712 | ||||
Acquired Loans and Leases | Residential real estate Home Equity | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 251 | 426 | |||
Acquired Loans and Leases | Residential real estate Home Equity | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 637 | 364 | |||
Acquired Loans and Leases | Residential real estate Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 22,943 | 25,229 | |||
Total Loans | 25,423 | 27,491 | |||
90 days and accruing | 930 | [1] | 1,103 | [2] | |
Nonaccrual | 1,389 | ||||
Acquired Loans and Leases | Residential real estate Mortgages | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 829 | 336 | |||
Acquired Loans and Leases | Residential real estate Mortgages | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,651 | 1,926 | |||
Acquired Loans and Leases | Subtotal residential real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 59,792 | 66,531 | |||
Total Loans | 63,160 | 69,583 | |||
90 days and accruing | 1,115 | [1] | 1,103 | [2] | |
Nonaccrual | 1,603 | 2,101 | |||
Acquired Loans and Leases | Subtotal residential real estate | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 1,080 | 762 | |||
Acquired Loans and Leases | Subtotal residential real estate | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 2,288 | 2,290 | |||
Acquired Loans and Leases | Consumer and other Indirect | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 0 | 0 | |||
Acquired Loans and Leases | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 826 | 910 | |||
Total Loans | 826 | 911 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | ||||
Acquired Loans and Leases | Consumer and other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 1 | |||
Acquired Loans and Leases | Consumer and other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Acquired Loans and Leases | Subtotal consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 826 | 910 | |||
Total Loans | 826 | 911 | |||
90 days and accruing | 0 | [1] | 0 | [2] | |
Nonaccrual | 0 | 0 | |||
Acquired Loans and Leases | Subtotal consumer and other | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 1 | |||
Acquired Loans and Leases | Subtotal consumer and other | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 0 | 0 | |||
Acquired Loans and Leases | Leases | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Loans | 0 | ||||
Acquired Loans and Leases | Covered loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current Loans | 13,231 | ||||
Total Loans | 0 | 14,031 | |||
90 days and accruing | [2] | 524 | |||
Nonaccrual | 0 | ||||
Acquired Loans and Leases | Covered loans | 30-89 days | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | 276 | ||||
Acquired Loans and Leases | Covered loans | 90 days or more | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Past due | $ 524 | ||||
Nonperforming | Originated Loans and Leases | Residential real estate Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 2,016 | ||||
Nonperforming | Originated Loans and Leases | Residential real estate Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 5,442 | ||||
Nonperforming | Originated Loans and Leases | Consumer and other Indirect | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 166 | ||||
Nonperforming | Originated Loans and Leases | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 0 | ||||
Nonperforming | Acquired Loans and Leases | Residential real estate Home Equity | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 663 | ||||
Nonperforming | Acquired Loans and Leases | Residential real estate Mortgages | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | 940 | ||||
Nonperforming | Acquired Loans and Leases | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual | $ 0 | ||||
[1] | Includes acquired loans that were recorded at fair value at the acquisition date. | ||||
[2] | Includes acquired loans that were recorded at fair value at the acquisition date. |
Allowance for Loan and Lease 68
Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in allowance for Loan and Lease Losses: | |||||||||||
Total allowance at beginning of year | $ 32,004 | $ 28,997 | $ 32,004 | $ 28,997 | $ 27,970 | ||||||
Provision for loan and lease losses | $ 1,706 | $ 782 | $ 978 | $ 855 | $ 1,533 | $ 281 | $ 922 | $ 209 | 4,321 | 2,945 | 2,306 |
Recoveries on loans and leases | 2,139 | 2,843 | 3,109 | ||||||||
Charge-offs on loans and leases | (2,709) | (2,781) | (4,388) | ||||||||
Total allowance at end of year | $ 35,755 | $ 32,004 | $ 35,755 | $ 32,004 | $ 28,997 |
Allowance for Loan and Lease 69
Allowance for Loan and Lease Losses (Details1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 32,004 | $ 32,004 | |||||||||
Provision for loan and lease losses | $ 1,706 | $ 782 | $ 978 | 855 | $ 1,533 | $ 281 | $ 922 | $ 209 | 4,321 | $ 2,945 | $ 2,306 |
Ending Balance | 35,755 | 32,004 | 35,755 | 32,004 | |||||||
Originated Loans and Leases | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 31,312 | 28,156 | 31,312 | 28,156 | |||||||
Charge-offs | (1,674) | (1,996) | |||||||||
Recoveries | 1,823 | 2,685 | |||||||||
Provision for loan and lease losses | 4,137 | 2,467 | |||||||||
Ending Balance | 35,598 | 31,312 | 35,598 | 31,312 | 28,156 | ||||||
Originated Loans and Leases | Commercial and Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 10,495 | 9,157 | 10,495 | 9,157 | |||||||
Charge-offs | (878) | (221) | |||||||||
Recoveries | 576 | 809 | |||||||||
Provision for loan and lease losses | (804) | 750 | |||||||||
Ending Balance | 9,389 | 10,495 | 9,389 | 10,495 | 9,157 | ||||||
Originated Loans and Leases | Commercial Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 15,479 | 12,069 | 15,479 | 12,069 | |||||||
Charge-offs | (12) | (363) | |||||||||
Recoveries | 859 | 1,277 | |||||||||
Provision for loan and lease losses | 3,510 | 2,496 | |||||||||
Ending Balance | 19,836 | 15,479 | 19,836 | 15,479 | 12,069 | ||||||
Originated Loans and Leases | Residential Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 4,070 | 5,030 | 4,070 | 5,030 | |||||||
Charge-offs | (263) | (338) | |||||||||
Recoveries | 63 | 112 | |||||||||
Provision for loan and lease losses | 1,279 | (734) | |||||||||
Ending Balance | 5,149 | 4,070 | 5,149 | 4,070 | 5,030 | ||||||
Originated Loans and Leases | Consumer and Other | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 1,268 | 1,900 | 1,268 | 1,900 | |||||||
Charge-offs | (521) | (1,074) | |||||||||
Recoveries | 325 | 487 | |||||||||
Provision for loan and lease losses | 152 | (45) | |||||||||
Ending Balance | 1,224 | 1,268 | 1,224 | 1,268 | 1,900 | ||||||
Originated Loans and Leases | Finance Leases | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for loan and lease losses | 0 | ||||||||||
Ending Balance | 0 | 0 | 0 | 0 | 0 | ||||||
Acquired Loans and Leases | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 692 | 841 | 692 | 841 | |||||||
Charge-offs | (1,035) | (785) | |||||||||
Recoveries | 316 | 158 | |||||||||
Provision for loan and lease losses | 184 | 478 | |||||||||
Ending Balance | 157 | 692 | 157 | 692 | 841 | ||||||
Acquired Loans and Leases | Commercial and Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 433 | 431 | 433 | 431 | |||||||
Charge-offs | (698) | (77) | |||||||||
Recoveries | 20 | 7 | |||||||||
Provision for loan and lease losses | 245 | 72 | |||||||||
Ending Balance | 0 | 433 | 0 | 433 | 431 | ||||||
Acquired Loans and Leases | Commercial Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 61 | 337 | 61 | 337 | |||||||
Charge-offs | (181) | (400) | |||||||||
Recoveries | 268 | 142 | |||||||||
Provision for loan and lease losses | (51) | (18) | |||||||||
Ending Balance | 97 | 61 | 97 | 61 | 337 | ||||||
Acquired Loans and Leases | Residential Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 198 | 51 | 198 | 51 | |||||||
Charge-offs | (35) | (302) | |||||||||
Recoveries | 0 | 9 | |||||||||
Provision for loan and lease losses | (109) | 440 | |||||||||
Ending Balance | 54 | 198 | 54 | 198 | 51 | ||||||
Acquired Loans and Leases | Consumer and Other | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | 0 | 22 | 0 | 22 | |||||||
Charge-offs | (121) | (6) | |||||||||
Recoveries | 28 | 0 | |||||||||
Provision for loan and lease losses | 99 | (16) | |||||||||
Ending Balance | 6 | 0 | 6 | 0 | 22 | ||||||
Acquired Loans and Leases | Finance Leases | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning balance | $ 0 | $ 0 | 0 | 0 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for loan and lease losses | 0 | 0 | |||||||||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 70
Allowance for Loan and Lease Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance | $ 35,755 | $ 32,004 | |
Originated Loans and Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 417 | 288 | |
Collectively evaluated for impairment | 35,181 | 31,024 | |
Ending balance | 35,598 | 31,312 | $ 28,156 |
Originated Loans and Leases | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 95 | 0 | |
Collectively evaluated for impairment | 9,294 | 10,495 | |
Ending balance | 9,389 | 10,495 | 9,157 |
Originated Loans and Leases | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 322 | 288 | |
Collectively evaluated for impairment | 19,514 | 15,191 | |
Ending balance | 19,836 | 15,479 | 12,069 |
Originated Loans and Leases | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 5,149 | 4,070 | |
Ending balance | 5,149 | 4,070 | 5,030 |
Originated Loans and Leases | Consumer and Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,224 | 1,268 | |
Ending balance | 1,224 | 1,268 | 1,900 |
Originated Loans and Leases | Finance Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Acquired Loans and Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 76 | 561 | |
Collectively evaluated for impairment | 81 | 131 | |
Ending balance | 157 | 692 | 841 |
Acquired Loans and Leases | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 433 | |
Collectively evaluated for impairment | 0 | 0 | |
Ending balance | 0 | 433 | 431 |
Acquired Loans and Leases | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 76 | 0 | |
Collectively evaluated for impairment | 21 | 61 | |
Ending balance | 97 | 61 | 337 |
Acquired Loans and Leases | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 128 | |
Collectively evaluated for impairment | 54 | 70 | |
Ending balance | 54 | 198 | 51 |
Acquired Loans and Leases | Consumer and Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 6 | 0 | |
Ending balance | 6 | 0 | 22 |
Acquired Loans and Leases | Finance Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 71
Allowance for Loan and Lease Losses (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | $ 4,261,979,000 | $ 3,774,832,000 | |
Interest income on impaired loans and leases | 0 | 0 | $ 0 |
Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,044,619,000 | 941,133,000 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,920,841,000 | 1,649,161,000 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 1,219,815,000 | 1,096,002,000 | |
Consumer and Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 60,054,000 | 59,644,000 | |
Finance Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 16,650,000 | 14,861,000 | |
Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 0 | 14,031,000 | |
Originated Loans and Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 12,954,000 | 9,131,000 | |
Collectively evaluated for impairment | 3,854,914,000 | 3,304,427,000 | |
Total Loans | 3,867,868,000 | 3,313,558,000 | |
Originated Loans and Leases | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 635,000 | 1,206,000 | |
Collectively evaluated for impairment | 964,667,000 | 855,117,000 | |
Total Loans | 965,302,000 | 856,323,000 | |
Originated Loans and Leases | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 8,812,000 | 5,655,000 | |
Collectively evaluated for impairment | 1,661,221,000 | 1,351,567,000 | |
Total Loans | 1,670,033,000 | 1,357,222,000 | |
Originated Loans and Leases | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 3,507,000 | 2,270,000 | |
Collectively evaluated for impairment | 1,153,148,000 | 1,024,149,000 | |
Total Loans | 1,156,655,000 | 1,026,419,000 | |
Originated Loans and Leases | Consumer and Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 59,228,000 | 58,733,000 | |
Total Loans | 59,228,000 | 58,733,000 | |
Originated Loans and Leases | Finance Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 16,650,000 | 14,861,000 | |
Total Loans | 16,650,000 | 14,861,000 | |
Originated Loans and Leases | Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 0 | 0 | |
Acquired Loans and Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 5,625,000 | 7,050,000 | |
Loans acquired with deteriorated credit quality | 22,517,000 | 26,507,000 | |
Collectively evaluated for impairment | 365,969,000 | 427,717,000 | |
Total Loans | 394,111,000 | 461,274,000 | |
Acquired Loans and Leases | Commercial and Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 172,000 | 647,000 | |
Loans acquired with deteriorated credit quality | 448,000 | 567,000 | |
Collectively evaluated for impairment | 78,697,000 | 83,596,000 | |
Total Loans | 79,317,000 | 84,810,000 | |
Acquired Loans and Leases | Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 4,081,000 | 5,226,000 | |
Loans acquired with deteriorated credit quality | 14,368,000 | 9,335,000 | |
Collectively evaluated for impairment | 232,359,000 | 277,378,000 | |
Total Loans | 250,808,000 | 291,939,000 | |
Acquired Loans and Leases | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 1,372,000 | 1,177,000 | |
Loans acquired with deteriorated credit quality | 7,701,000 | 3,801,000 | |
Collectively evaluated for impairment | 54,087,000 | 64,605,000 | |
Total Loans | 63,160,000 | 69,583,000 | |
Acquired Loans and Leases | Consumer and Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Loans acquired with deteriorated credit quality | 0 | 0 | |
Collectively evaluated for impairment | 826,000 | 911,000 | |
Total Loans | 826,000 | 911,000 | |
Acquired Loans and Leases | Finance Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 0 | ||
Acquired Loans and Leases | Covered loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Loans acquired with deteriorated credit quality | 0 | 12,804,000 | |
Collectively evaluated for impairment | 0 | 1,227,000 | |
Total Loans | $ 0 | $ 14,031,000 |
Allowance for Loan and Lease 72
Allowance for Loan and Lease Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Originated Loans and Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | $ 10,762 | $ 8,525 |
Unpaid Principal Balance With No Related Allowance | 11,168 | 8,730 |
Recorded Investment With Related Allowance | 2,192 | 606 |
Unpaid Principal Balance With Related Allowance | 2,318 | 606 |
Related Allowance | 417 | 288 |
Recorded Investment | 12,954 | 9,131 |
Unpaid Principal Balance | 13,486 | 9,336 |
Originated Loans and Leases | Commercial and industrial other | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 276 | 1,206 |
Unpaid Principal Balance With No Related Allowance | 370 | 1,211 |
Recorded Investment With Related Allowance | 359 | 0 |
Unpaid Principal Balance With Related Allowance | 276 | 0 |
Related Allowance | 95 | 0 |
Originated Loans and Leases | Commercial real estate other | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 6,979 | 5,049 |
Unpaid Principal Balance With No Related Allowance | 7,263 | 5,249 |
Recorded Investment With Related Allowance | 1,833 | 606 |
Unpaid Principal Balance With Related Allowance | 2,042 | 606 |
Related Allowance | 322 | 288 |
Originated Loans and Leases | Residential real estate Home Equity | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 3,507 | 2,270 |
Unpaid Principal Balance With No Related Allowance | 3,535 | 2,270 |
Acquired Loans and Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 5,547 | 6,403 |
Unpaid Principal Balance With No Related Allowance | 6,230 | 6,741 |
Recorded Investment With Related Allowance | 78 | 647 |
Unpaid Principal Balance With Related Allowance | 78 | 647 |
Related Allowance | 76 | 561 |
Recorded Investment | 5,625 | 7,050 |
Unpaid Principal Balance | 6,308 | 7,388 |
Acquired Loans and Leases | Commercial and industrial other | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 172 | 128 |
Unpaid Principal Balance With No Related Allowance | 472 | 128 |
Recorded Investment With Related Allowance | 0 | 519 |
Unpaid Principal Balance With Related Allowance | 0 | 519 |
Related Allowance | 0 | 433 |
Acquired Loans and Leases | Commercial real estate other | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 4,003 | 4,739 |
Unpaid Principal Balance With No Related Allowance | 4,386 | 5,077 |
Recorded Investment With Related Allowance | 78 | 128 |
Unpaid Principal Balance With Related Allowance | 78 | 128 |
Related Allowance | 76 | 128 |
Acquired Loans and Leases | Residential real estate Home Equity | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 1,372 | 1,177 |
Unpaid Principal Balance With No Related Allowance | 1,372 | 1,177 |
Acquired Loans and Leases | Commercial real estate - Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Related Allowance | 0 | 359 |
Unpaid Principal Balance With No Related Allowance | $ 0 | $ 359 |
Allowance for Loan and Lease 73
Allowance for Loan and Lease Losses (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 17,000 | $ 17,100 | |
Originated Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 9,341 | 10,120 | $ 11,852 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment With Related Allowance | 1,829 | 245 | 892 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 11,170 | 10,365 | 12,744 |
Interest Income Recognized | 0 | 0 | 0 |
Originated Loans and Leases | Commercial and industrial other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 249 | 1,293 | 2,366 |
Interest Income Recognized With No Related Allowance | 0 | 0 | |
Average Recorded Investment With Related Allowance | 114 | 0 | 0 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Originated Loans and Leases | Commercial real estate other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 6,089 | 7,490 | 8,078 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment With Related Allowance | 1,715 | 245 | 892 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Originated Loans and Leases | Residential real estate Home Equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 3,003 | 1,337 | 1,408 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Acquired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 5,792 | 6,198 | 1,839 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment With Related Allowance | 58 | 575 | 1,097 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 5,850 | 6,773 | 2,936 |
Interest Income Recognized | 0 | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 183 | 748 | 252 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment With Related Allowance | 0 | 523 | 831 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Acquired Loans and Leases | Commercial real estate other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 4,141 | 3,936 | 1,147 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Average Recorded Investment With Related Allowance | 58 | 52 | 266 |
Interest Income Recognized With Related Allowance | 0 | 0 | 0 |
Acquired Loans and Leases | Commercial real estate - Construction | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 152 | 367 | 0 |
Interest Income Recognized With No Related Allowance | 0 | 0 | 0 |
Acquired Loans and Leases | Residential real estate Home Equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment With No Related Allowance | 1,316 | 1,147 | 440 |
Interest Income Recognized With No Related Allowance | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 74
Allowance for Loan and Lease Losses (Details 6) - Originated Loans and Leases $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | ||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 15 | 24 | |||
Pre-Modification Outstanding Recorded Investment | $ 2,439 | $ 4,812 | |||
Post- Modification Outstanding Recorded Investment | $ 2,439 | $ 4,812 | |||
Number of Loans TDRs | loan | 1 | [1] | 4 | [2] | |
Post-modification Outstanding Recorded Investment TDRs | $ 1,800 | [1] | $ 447 | [2] | |
Commercial and industrial other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | [3] | 5 | [4] | |
Pre-Modification Outstanding Recorded Investment | $ 1,115 | [3] | $ 433 | [4] | |
Post- Modification Outstanding Recorded Investment | $ 1,115 | [3] | $ 433 | [4] | |
Number of Loans TDRs | loan | 0 | [1],[3] | 2 | [2],[4] | |
Post-modification Outstanding Recorded Investment TDRs | $ 0 | [1],[3] | $ 311 | [2],[4] | |
Concession, extension of term, loan | |||||
Concession, extended term and lowered rate, loan | |||||
Commercial real estate other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [5] | 1 | 3 | ||
Pre-Modification Outstanding Recorded Investment | [5] | $ 50 | $ 2,552 | ||
Post- Modification Outstanding Recorded Investment | [5] | $ 50 | $ 2,552 | ||
Number of Loans TDRs | loan | [1],[5] | 1 | 0 | ||
Post-modification Outstanding Recorded Investment TDRs | [1],[5] | $ 1,800 | $ 0 | ||
Concession, extension of term, loan | |||||
Concession, extended term and lowered rate, loan | |||||
Residential real estate Home Equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [6] | 12 | 14 | ||
Pre-Modification Outstanding Recorded Investment | [6] | $ 1,274 | $ 1,558 | ||
Post- Modification Outstanding Recorded Investment | [6] | $ 1,274 | $ 1,558 | ||
Number of Loans TDRs | loan | [1],[6] | 0 | 2 | ||
Post-modification Outstanding Recorded Investment TDRs | [1],[6] | $ 0 | $ 136 | ||
Concession, extension of term, loan | |||||
Concession, extended term and lowered rate, loan | |||||
Residential real estate Mortgages | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [7] | 2 | |||
Pre-Modification Outstanding Recorded Investment | [7] | $ 269 | |||
Post- Modification Outstanding Recorded Investment | [7] | $ 269 | |||
Number of Loans TDRs | loan | [2],[7] | 0 | |||
Post-modification Outstanding Recorded Investment TDRs | [2],[7] | $ 0 | |||
Concession, extension of term, loan | 269 | ||||
Concession, extended term and lowered rate, loan | $ 269 | ||||
Extended Term | Commercial and Industrial Sector [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Post- Modification Outstanding Recorded Investment | $ 319 | ||||
Extended Term | Commercial real estate other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 1 | ||||
Post- Modification Outstanding Recorded Investment | $ 28 | ||||
Extended Term | Residential real estate Home Equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 9 | ||||
Post- Modification Outstanding Recorded Investment | $ 630 | ||||
Reduction of Interest Rate | Commercial and Industrial Sector [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 3 | ||||
Post- Modification Outstanding Recorded Investment | $ 114 | ||||
Reduction of Interest Rate | Commercial real estate other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Post- Modification Outstanding Recorded Investment | $ 2,500 | ||||
Reduction of Interest Rate | Residential real estate Home Equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 5 | ||||
Post- Modification Outstanding Recorded Investment | $ 928 | ||||
Extension of Term/Reduction of Rate | Residential real estate Mortgages | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Post- Modification Outstanding Recorded Investment | $ 269 | ||||
[1] | TDRs that defaulted during the 12 months ended December 31, 2015 that had been restructured in the prior twelve months. | ||||
[2] | Represents the following concessions: extension of term (9 loans $630,000) and reduction of rate (5 loans $928,000). | ||||
[3] | Represents the following concessions: extension of term and reduction of rate. | ||||
[4] | Represents the following concessions: extension of term (2 loans $319,000) and reduction of rate (3 loans $114,000). | ||||
[5] | Represents the following concessions: reduction of rate. | ||||
[6] | Represents the following concessions: extension of term and reduction of rate. | ||||
[7] | TDRs that defaulted during the 12 months ended December 31, 2016 that had been restructured in the prior twelve months. |
Allowance for Loan and Lease 75
Allowance for Loan and Lease Losses (Details Narrative) - Originated Loans and Leases $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | ||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 15 | 24 | |||
Post- Modification Outstanding Recorded Investment | $ | $ 2,439 | $ 4,812 | |||
Commercial and industrial other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | [1] | 5 | [2] | |
Post- Modification Outstanding Recorded Investment | $ | $ 1,115 | [1] | $ 433 | [2] | |
Commercial real estate other | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [3] | 1 | 3 | ||
Post- Modification Outstanding Recorded Investment | $ | [3] | $ 50 | $ 2,552 | ||
Commercial real estate other | Extended Term | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 1 | ||||
Post- Modification Outstanding Recorded Investment | $ | $ 28 | ||||
Commercial real estate other | Reduction of Interest Rate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Post- Modification Outstanding Recorded Investment | $ | $ 2,500 | ||||
Residential real estate Home Equity | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [4] | 12 | 14 | ||
Post- Modification Outstanding Recorded Investment | $ | [4] | $ 1,274 | $ 1,558 | ||
Residential real estate Home Equity | Extended Term | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 9 | ||||
Post- Modification Outstanding Recorded Investment | $ | $ 630 | ||||
Residential real estate Home Equity | Reduction of Interest Rate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 5 | ||||
Post- Modification Outstanding Recorded Investment | $ | $ 928 | ||||
Residential real estate Mortgages | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | [5] | 2 | |||
Post- Modification Outstanding Recorded Investment | $ | [5] | $ 269 | |||
Residential real estate Mortgages | Extension of Term/Reduction of Rate | |||||
Financing Receivable, Modifications [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Post- Modification Outstanding Recorded Investment | $ | $ 269 | ||||
[1] | Represents the following concessions: extension of term and reduction of rate. | ||||
[2] | Represents the following concessions: extension of term (2 loans $319,000) and reduction of rate (3 loans $114,000). | ||||
[3] | Represents the following concessions: reduction of rate. | ||||
[4] | Represents the following concessions: extension of term and reduction of rate. | ||||
[5] | TDRs that defaulted during the 12 months ended December 31, 2016 that had been restructured in the prior twelve months. |
Allowance for Loan and Lease 76
Allowance for Loan and Lease Losses (Details 7) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total | $ 4,261,979 | $ 3,774,832 |
Commercial and industrial other | ||
Total | 926,372 | 852,834 |
Commercial and industrial - Agriculture | ||
Total | 118,247 | 88,299 |
Commercial real estate other | ||
Total | 1,673,295 | 1,452,202 |
Commercial real estate - Agriculture | ||
Total | 102,776 | 89,030 |
Commercial real estate - Construction | ||
Total | 144,770 | 107,929 |
Originated Loans and Leases | ||
Loans and Leases, gross | 2,635,335 | 2,213,545 |
Total | 3,867,868 | 3,313,558 |
Originated Loans and Leases | Pass | ||
Loans and Leases, gross | 2,594,534 | 2,175,702 |
Originated Loans and Leases | Special Mention | ||
Loans and Leases, gross | 20,485 | 19,657 |
Originated Loans and Leases | Substandard | ||
Loans and Leases, gross | 20,316 | 18,186 |
Originated Loans and Leases | Commercial and industrial other | ||
Loans and Leases, gross | 847,055 | 768,024 |
Total | 768,024 | |
Originated Loans and Leases | Commercial and industrial other | Pass | ||
Loans and Leases, gross | 836,788 | 759,023 |
Originated Loans and Leases | Commercial and industrial other | Special Mention | ||
Loans and Leases, gross | 7,218 | 3,531 |
Originated Loans and Leases | Commercial and industrial other | Substandard | ||
Loans and Leases, gross | 3,049 | 5,470 |
Originated Loans and Leases | Commercial and industrial - Agriculture | ||
Loans and Leases, gross | 118,247 | 88,299 |
Total | 88,299 | |
Originated Loans and Leases | Commercial and industrial - Agriculture | Pass | ||
Loans and Leases, gross | 117,135 | 87,488 |
Originated Loans and Leases | Commercial and industrial - Agriculture | Special Mention | ||
Loans and Leases, gross | 755 | 78 |
Originated Loans and Leases | Commercial and industrial - Agriculture | Substandard | ||
Loans and Leases, gross | 357 | 733 |
Originated Loans and Leases | Commercial real estate other | ||
Loans and Leases, gross | 1,431,690 | 1,167,250 |
Total | 1,167,250 | |
Originated Loans and Leases | Commercial real estate other | Pass | ||
Loans and Leases, gross | 1,403,370 | 1,143,238 |
Originated Loans and Leases | Commercial real estate other | Special Mention | ||
Loans and Leases, gross | 11,939 | 12,378 |
Originated Loans and Leases | Commercial real estate other | Substandard | ||
Loans and Leases, gross | 16,381 | 11,634 |
Originated Loans and Leases | Commercial real estate - Agriculture | ||
Loans and Leases, gross | 102,509 | 86,935 |
Total | 86,935 | |
Originated Loans and Leases | Commercial real estate - Agriculture | Pass | ||
Loans and Leases, gross | 101,407 | 86,445 |
Originated Loans and Leases | Commercial real estate - Agriculture | Special Mention | ||
Loans and Leases, gross | 573 | 141 |
Originated Loans and Leases | Commercial real estate - Agriculture | Substandard | ||
Loans and Leases, gross | 529 | 349 |
Originated Loans and Leases | Commercial real estate - Construction | ||
Loans and Leases, gross | 135,834 | 103,037 |
Total | 103,037 | |
Originated Loans and Leases | Commercial real estate - Construction | Pass | ||
Loans and Leases, gross | 135,834 | 99,508 |
Originated Loans and Leases | Commercial real estate - Construction | Special Mention | ||
Loans and Leases, gross | 0 | 3,529 |
Originated Loans and Leases | Commercial real estate - Construction | Substandard | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | ||
Loans and Leases, gross | 330,125 | 376,749 |
Total | 394,111 | 461,274 |
Acquired Loans and Leases | Pass | ||
Loans and Leases, gross | 316,458 | 359,202 |
Acquired Loans and Leases | Special Mention | ||
Loans and Leases, gross | 526 | 540 |
Acquired Loans and Leases | Substandard | ||
Loans and Leases, gross | 13,141 | 17,007 |
Acquired Loans and Leases | Commercial and industrial other | ||
Loans and Leases, gross | 79,317 | 84,810 |
Total | 84,810 | |
Acquired Loans and Leases | Commercial and industrial other | Pass | ||
Loans and Leases, gross | 77,921 | 82,662 |
Acquired Loans and Leases | Commercial and industrial other | Special Mention | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial other | Substandard | ||
Loans and Leases, gross | 1,396 | 2,148 |
Acquired Loans and Leases | Commercial and industrial - Agriculture | ||
Loans and Leases, gross | 0 | 0 |
Total | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial - Agriculture | Pass | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial - Agriculture | Special Mention | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial and industrial - Agriculture | Substandard | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial real estate other | ||
Loans and Leases, gross | 241,605 | 284,952 |
Total | 284,952 | |
Acquired Loans and Leases | Commercial real estate other | Pass | ||
Loans and Leases, gross | 229,334 | 271,584 |
Acquired Loans and Leases | Commercial real estate other | Special Mention | ||
Loans and Leases, gross | 526 | 540 |
Acquired Loans and Leases | Commercial real estate other | Substandard | ||
Loans and Leases, gross | 11,745 | 12,828 |
Acquired Loans and Leases | Commercial real estate - Agriculture | ||
Loans and Leases, gross | 267 | 2,095 |
Total | 2,095 | |
Acquired Loans and Leases | Commercial real estate - Agriculture | Pass | ||
Loans and Leases, gross | 267 | 423 |
Acquired Loans and Leases | Commercial real estate - Agriculture | Special Mention | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial real estate - Agriculture | Substandard | ||
Loans and Leases, gross | 0 | 1,672 |
Acquired Loans and Leases | Commercial real estate - Construction | ||
Loans and Leases, gross | 8,936 | 4,892 |
Total | 4,892 | |
Acquired Loans and Leases | Commercial real estate - Construction | Pass | ||
Loans and Leases, gross | 8,936 | 4,533 |
Acquired Loans and Leases | Commercial real estate - Construction | Special Mention | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Commercial real estate - Construction | Substandard | ||
Loans and Leases, gross | $ 0 | $ 359 |
Allowance for Loan and Lease 77
Allowance for Loan and Lease Losses (Details 8) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total | $ 4,261,979 | $ 3,774,832 |
Residential Home Equity | ||
Total | 247,014 | 244,670 |
Residential Mortgages | ||
Total | 972,801 | 851,332 |
Consumer Indirect | ||
Total | 14,835 | 17,829 |
Consumer Other | ||
Total | 45,219 | 41,815 |
Originated Loans and Leases | ||
Loans and Leases, gross | 1,215,883 | 1,085,152 |
Nonperforming | 14,300 | 13,506 |
Total | 3,867,868 | 3,313,558 |
Originated Loans and Leases | Residential Home Equity | ||
Loans and Leases, gross | 202,578 | |
Nonperforming | 1,873 | |
Total | 209,277 | 202,578 |
Originated Loans and Leases | Residential Mortgages | ||
Loans and Leases, gross | 823,841 | |
Nonperforming | 5,889 | |
Total | 947,378 | 823,841 |
Originated Loans and Leases | Consumer Indirect | ||
Loans and Leases, gross | 17,829 | |
Nonperforming | 107 | |
Total | 14,835 | 17,829 |
Originated Loans and Leases | Consumer Other | ||
Loans and Leases, gross | 40,904 | |
Nonperforming | 75 | |
Total | 44,393 | 40,904 |
Originated Loans and Leases | Performing | ||
Loans and Leases, gross | 1,208,259 | 1,077,150 |
Originated Loans and Leases | Performing | Residential Home Equity | ||
Loans and Leases, gross | 207,261 | 200,647 |
Originated Loans and Leases | Performing | Residential Mortgages | ||
Loans and Leases, gross | 941,936 | 817,952 |
Originated Loans and Leases | Performing | Consumer Indirect | ||
Loans and Leases, gross | 14,669 | 17,722 |
Originated Loans and Leases | Performing | Consumer Other | ||
Loans and Leases, gross | 44,393 | 40,829 |
Originated Loans and Leases | Nonperforming | ||
Loans and Leases, gross | 7,624 | 8,002 |
Originated Loans and Leases | Nonperforming | Residential Home Equity | ||
Loans and Leases, gross | 1,931 | |
Nonperforming | 2,016 | |
Originated Loans and Leases | Nonperforming | Residential Mortgages | ||
Loans and Leases, gross | 5,889 | |
Nonperforming | 5,442 | |
Originated Loans and Leases | Nonperforming | Consumer Indirect | ||
Loans and Leases, gross | 107 | |
Nonperforming | 166 | |
Originated Loans and Leases | Nonperforming | Consumer Other | ||
Loans and Leases, gross | 75 | |
Nonperforming | 0 | |
Acquired Loans and Leases | ||
Loans and Leases, gross | 63,986 | 70,494 |
Nonperforming | 4,741 | 4,331 |
Total | 394,111 | 461,274 |
Acquired Loans and Leases | Residential Home Equity | ||
Loans and Leases, gross | 42,092 | |
Nonperforming | 712 | |
Total | 37,737 | 42,092 |
Acquired Loans and Leases | Residential Mortgages | ||
Loans and Leases, gross | 27,491 | |
Nonperforming | 1,389 | |
Total | 25,423 | 27,491 |
Acquired Loans and Leases | Consumer Indirect | ||
Loans and Leases, gross | 0 | 0 |
Total | 0 | 0 |
Acquired Loans and Leases | Consumer Other | ||
Loans and Leases, gross | 911 | |
Nonperforming | 0 | |
Total | 826 | 911 |
Acquired Loans and Leases | Performing | ||
Loans and Leases, gross | 62,383 | 68,393 |
Acquired Loans and Leases | Performing | Residential Home Equity | ||
Loans and Leases, gross | 37,074 | 41,380 |
Acquired Loans and Leases | Performing | Residential Mortgages | ||
Loans and Leases, gross | 24,483 | 26,102 |
Acquired Loans and Leases | Performing | Consumer Indirect | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Performing | Consumer Other | ||
Loans and Leases, gross | 826 | 911 |
Acquired Loans and Leases | Nonperforming | ||
Loans and Leases, gross | 1,603 | 2,101 |
Acquired Loans and Leases | Nonperforming | Residential Home Equity | ||
Loans and Leases, gross | 712 | |
Nonperforming | 663 | |
Acquired Loans and Leases | Nonperforming | Residential Mortgages | ||
Loans and Leases, gross | 1,389 | |
Nonperforming | 940 | |
Acquired Loans and Leases | Nonperforming | Consumer Indirect | ||
Loans and Leases, gross | 0 | 0 |
Acquired Loans and Leases | Nonperforming | Consumer Other | ||
Loans and Leases, gross | $ 0 | |
Nonperforming | $ 0 |
FDIC Indemnification Asset Re78
FDIC Indemnification Asset Related to Covered Loans (Details Narrative) - VIST Financial Corp. (VIST Financial) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | ||
Agreement termination pre-tax expense | $ 313 | $ 313 |
Remaining write-off FDIC indemnification asset | 174 | 174 |
Balance write-off FDIC indemnification asset | $ 139 | $ 139 |
Covered single family assets | ||
Business Acquisition [Line Items] | ||
Certain losses and expenses relating to covered loans, percentage reimburseable by FDIC | 70.00% | |
Maximum threshold precentage of reimbursement covered loans | $ 4,000 | |
Net losses exceed levels relating to covered loans, percentage reimburseable by FDIC | 80.00% | |
Covered commercial assets | ||
Business Acquisition [Line Items] | ||
Certain losses and expenses relating to covered loans, percentage reimburseable by FDIC | 70.00% | |
Maximum threshold precentage of reimbursement covered loans | $ 12,000 | |
Residential Real Estate | ||
Business Acquisition [Line Items] | ||
Loss sharing term period | 10 years | |
Non-residential real estate loans | ||
Business Acquisition [Line Items] | ||
Loss sharing term period | 5 years | |
Loss recoveries term period (in years) | 8 years |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 2,090 | $ 2,013 | $ 2,095 |
Amortization of mortgage servicing rights | $ 157 | $ 146 | $ 149 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill [Roll Forward] | |||
Balance at the beginning of the period | $ 91,792 | $ 92,243 | |
Acquisitions | 1,149 | ||
Reduction of goodwill | [1] | (318) | (451) |
Balance at the end of the period | 92,623 | 91,792 | |
Reduction of goodwill | [1] | 318 | 451 |
Banking | |||
Goodwill [Roll Forward] | |||
Balance at the beginning of the period | 64,369 | 64,369 | |
Acquisitions | 0 | ||
Reduction of goodwill | [1] | 0 | 0 |
Balance at the end of the period | 64,369 | 64,369 | |
Reduction of goodwill | [1] | 0 | 0 |
Insurance | |||
Goodwill [Roll Forward] | |||
Balance at the beginning of the period | 19,212 | 19,663 | |
Acquisitions | 1,149 | ||
Reduction of goodwill | [1] | (318) | (451) |
Balance at the end of the period | 20,043 | 19,212 | |
Reduction of goodwill | [1] | 318 | 451 |
Wealth Management | |||
Goodwill [Roll Forward] | |||
Balance at the beginning of the period | 8,211 | 8,211 | |
Acquisitions | 0 | ||
Reduction of goodwill | [1] | 0 | 0 |
Balance at the end of the period | 8,211 | 8,211 | |
Reduction of goodwill | [1] | $ 0 | $ 0 |
[1] | The $318,000 and $451,000 reduction of goodwill in 2016 and 2015, respectively, reflects an adjustment related to the sale of a portion of insurance revenues. In 2015 and 2016, Tompkins Insurance sold a portion of its personal lines insurance revenues, which had been acquired in a previous acquisition, to a third party. |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Gross Carrying Amount | $ 33,460 | $ 32,295 |
Accumulated Amortization | 22,111 | 19,847 |
Net Carrying Amount | 11,349 | 12,448 |
Core deposit intangible | ||
Gross Carrying Amount | 18,774 | 18,774 |
Accumulated Amortization | 13,129 | 11,873 |
Net Carrying Amount | 5,645 | 6,901 |
Customer relationships | ||
Gross Carrying Amount | 8,942 | 8,165 |
Accumulated Amortization | 4,737 | 4,065 |
Net Carrying Amount | 4,205 | 4,100 |
Other intangibles | ||
Gross Carrying Amount | 5,744 | 5,356 |
Accumulated Amortization | 4,245 | 3,909 |
Net Carrying Amount | $ 1,499 | $ 1,447 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets (Details 2) $ in Thousands | Dec. 31, 2016USD ($) | [1] |
Estimated amortization expense: | ||
For the year ended December 31, 2017 | $ 1,964 | |
For the year ended December 31, 2018 | 1,803 | |
For the year ended December 31, 2019 | 1,678 | |
For the year ended December 31, 2020 | 1,478 | |
For the year ended December 31, 2021 | $ 1,312 | |
[1] | Excludes the amortization of mortgage servicing rights. Amortization of mortgage servicing rights was $157,000 in 2016, $146,000 in 2015 and $149,000 in 2014. |
Premises and Equipment (Details
Premises and Equipment (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross rental expense | $ 5.2 | $ 4.9 | $ 4.8 |
Minimum | |||
Renewal option (in years) | 5 years | ||
Maximum | |||
Renewal option (in years) | 20 years |
Premises and Equipment (Detai84
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated depreciations and amortization | $ (80,728) | $ (74,652) |
Total | 70,016 | 60,331 |
Land | ||
Premise and equipment, gross | 9,311 | 9,364 |
Premises | ||
Premise and equipment, gross | 75,633 | 68,876 |
Furniture, fixtures, and equipment | ||
Premise and equipment, gross | $ 65,800 | $ 56,743 |
Premises and Equipment (Detai85
Premises and Equipment (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation and amortization expense | $ 6,251 | $ 5,760 | $ 5,015 |
Premises | |||
Depreciation and amortization expense | 2,247 | 2,030 | 1,949 |
Furniture, fixtures, and equipment | |||
Depreciation and amortization expense | $ 4,004 | $ 3,730 | $ 3,066 |
Premises and Equipment (Detai86
Premises and Equipment (Details 2) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,017 | $ 4,019 |
2,018 | 3,731 |
2,019 | 3,447 |
2,020 | 2,837 |
2,021 | 2,511 |
Thereafter | 13,722 |
Total | $ 30,267 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Time deposits, greater than $250,000 | $ 234.3 | $ 397.8 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturity | ||
Three months or less | $ 255,132 | |
Over three through six months | 184,779 | |
Over six through twelve months | 185,717 | |
Total due in 2017 | 625,628 | |
2,018 | 152,393 | |
2,019 | 42,521 | |
2,020 | 17,192 | |
2,021 | 23,266 | |
2,022 | 9,788 | |
Total | 870,788 | $ 855,133 |
Less than $250,000 | ||
Maturity | ||
Three months or less | 137,132 | |
Over three through six months | 126,304 | |
Over six through twelve months | 162,069 | |
Total due in 2017 | 425,505 | |
2,018 | 129,486 | |
2,019 | 39,055 | |
2,020 | 14,711 | |
2,021 | 19,820 | |
2,022 | 7,899 | |
Total | 636,476 | |
$250,000 and over | ||
Maturity | ||
Three months or less | 118,000 | |
Over three through six months | 58,475 | |
Over six through twelve months | 23,648 | |
Total due in 2017 | 200,123 | |
2,018 | 22,907 | |
2,019 | 3,466 | |
2,020 | 2,481 | |
2,021 | 3,446 | |
2,022 | 1,889 | |
Total | $ 234,312 |
Securities Sold Under Agreeme89
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased (Details Narrative) $ in Millions | Dec. 31, 2016USD ($) |
Retail Repurchase Agreements | |
Repurchase agreements | $ 59.1 |
Wholesale Repurchase Agreements | |
Repurchase agreements | 10 |
Federal Home Loan Bank New York (FHLBNY) | |
Repurchase agreements | $ 10 |
Securities Sold Under Agreeme90
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securities Sold Under Agreements to Repurchase | |||
Total outstanding at December 31 | $ 69,062 | $ 136,513 | $ 147,037 |
Maximum month-end balance | 125,063 | 146,397 | 160,295 |
Average balance during the year | $ 99,622 | $ 137,917 | $ 145,876 |
Weighted average rate at December 31 | 0.88% | 1.90% | 1.83% |
Average interest rate paid during the year | 2.24% | 1.96% | 2.02% |
Federal Funds Purchased | |||
Average balance during the year | $ 0 | $ 0 | $ 0 |
Average interest rate paid during the year | 0.00% | 0.00% | 0.00% |
Other Borrowings (Details)
Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Overnight FHLB advances | $ 503,815 | $ 272,199 |
Term FHLB advances | 365,000 | 250,576 |
Other | 16,000 | 13,510 |
Total other borrowings | $ 884,815 | $ 536,285 |
Other Borrowings (Details Narra
Other Borrowings (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Current Balance | $ 25,000,000 | |
Maximum borrowing capacity, lines of credit | 58,000,000 | $ 58,000,000 |
Long-term line of credit | 0 | 0 |
Unused borrowing capacity on established lines with FHLB | 1,000,000,000 | 1,100,000,000 |
Unencumbered residential and commercial real estate loan | 343,700,000 | |
Overnight FHLB advances | 503,815,000 | 272,199,000 |
Term advances from FHLB | $ 365,000,000 | $ 250,576,000 |
Weighted average interest rate (percent) | 1.02% | 0.97% |
Term advances mature within one year | $ 215,000,000 | |
Term advances maturing after one year | 150,000,000 | |
Term advances mature in 2018 | 140,000,000 | |
Term advances mature in 2019 | 10,000,000 | |
Term borrowing with a bank | $ 16,000,000 | $ 13,500,000 |
Other Borrowings Other Borrowin
Other Borrowings Other Borrowings (Details 1) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Short-term Debt [Line Items] | |
Current Balance | $ 25,000,000 |
Federal Home Loan Bank Advances | |
Short-term Debt [Line Items] | |
Current Balance | $ 5,000,000 |
Rate | 4.89% |
Maturity Date | May 22, 2017 |
Call Date | Feb. 22, 2017 |
Call Frequency | Quarterly |
Call Features | LIBOR strike 7.0% |
Call Features Interest Rate | 7.00% |
Federal Home Loan Bank Advances | |
Short-term Debt [Line Items] | |
Current Balance | $ 10,000,000 |
Rate | 5.14% |
Maturity Date | Jun. 8, 2017 |
Call Date | Mar. 9, 2017 |
Call Frequency | Quarterly |
Call Features | LIBOR strike 7.0% |
Call Features Interest Rate | 7.00% |
Federal Home Loan Bank Advances | |
Short-term Debt [Line Items] | |
Current Balance | $ 10,000,000 |
Rate | 5.19% |
Maturity Date | Jun. 8, 2017 |
Call Date | Mar. 9, 2017 |
Call Frequency | Quarterly |
Call Features | FHLB Option |
Trust Preferred Debentures (Det
Trust Preferred Debentures (Details) | Jan. 31, 2017USD ($) | Apr. 10, 2009 | Dec. 31, 2016USD ($)subsidiary_trust$ / shares |
Number of unconsolidated subsidiary trusts | subsidiary_trust | 4 | ||
Madison Statutory Trust I | |||
Issuance Date | Jun. 26, 2003 | ||
Par Amount | $ 5,000,000 | ||
Interest rate, basis spread | 3.10% | ||
Interest rate, variable rate | 3-month LIBOR | ||
Maturity Date | Jun. 26, 2033 | ||
Leesport Capital Trust II | |||
Issuance Date | Sep. 26, 2002 | ||
Par Amount | $ 10,000,000 | ||
Interest rate, basis spread | 3.45% | ||
Interest rate, variable rate | 3-month LIBOR | ||
Maturity Date | Sep. 26, 2032 | ||
Sleepy Hollow Capital Trust I | |||
Issuance Date | Aug. 30, 2003 | ||
Par Amount | $ 4,000,000 | ||
Interest rate, basis spread | 3.05% | ||
Interest rate, variable rate | 3-month LIBOR | ||
Maturity Date | Aug. 30, 2033 | ||
Common equity securities issued to the Company | $ 100,000 | ||
Tompkins Capital Trust I | |||
Issuance Date | Apr. 10, 2009 | ||
Par Amount | $ 20,500,000 | ||
Interest Rate | 7.00% | ||
Maturity Date | Apr. 10, 2039 | ||
Capital contribution to trust | $ 636,000 | ||
Debt Instrument, Term | 30 years | ||
Trust preferred securities liquidation amount, per security | $ 1,000 | ||
Waiting period until redemption (no earlier than) (in years) | 5 years | ||
Conversion price (USD per share) | $ / shares | $ 41.35 | ||
Tompkins Capital Trust I | Unconsolidated subsidiary | |||
Ownership percentage by parent | 100.00% | ||
Sleepy Hollow Capital Trust I | Unconsolidated subsidiary | |||
Ownership percentage by parent | 100.00% | ||
Leesport Capital Trust II | Unconsolidated subsidiary | |||
Ownership percentage by parent | 100.00% | ||
Madison Statutory Trust I | Unconsolidated subsidiary | |||
Ownership percentage by parent | 100.00% | ||
Subsequent Event | Tompkins Capital Trust I | |||
Trust preferred securities liquidation amount, per security | $ 1,000 | ||
Redemption price, percentage of liquidation amount | 100.00% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2016USD ($)pension_planshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | |
Number of non-contributory defined-contribution retirement plans | pension_plan | 2 | ||
Common stock, shares issued | shares | 15,171,816 | 15,015,594 | |
Common stock, value | $ 1,517,000 | $ 1,502,000 | |
Expenses related to plans | 20,496,000 | 16,025,000 | $ 21,102,000 |
Employee stock ownership plan - expense recognized | $ 4,900,000 | 4,400,000 | 3,900,000 |
Incentive stock options (ISOPs), maximum contribution, percent | 4.00% | ||
Matching contributions to 401(k) plan cost | $ 2,400,000 | 2,300,000 | 2,200,000 |
Corporate owned life insurance | $ 77,905,000 | $ 75,792,000 | |
DB Pension Plan | |||
Common stock, shares issued | shares | 42,192 | 42,192 | |
Common stock, value | $ 4,000,000 | $ 2,400,000 | |
Accumulated benefit obligation | 77,304,000 | 76,219,000 | $ 79,138,000 |
Unfunded status recognized in other liabilities | $ 5,497,000 | $ 7,288,000 | |
Rate of compensation increase (percent) | 5.00% | 5.00% | |
Expected long-term return on plan assets (percent) | 7.25% | 7.25% | 7.25% |
DB Pension Plan | Maximum | |||
Rate of compensation increase (percent) | 6.30% | ||
Potential change in benefit obligation | $ 173,000 | ||
Increase (decrease) in health care cost trend rate (percent) | 1.00% | ||
Potential increase (decrease) in service and interest costs | $ 16,500,000 | ||
DB Pension Plan | Minimum | |||
Rate of compensation increase (percent) | 4.50% | ||
Potential change in benefit obligation | $ (150,000) | ||
Increase (decrease) in health care cost trend rate (percent) | (1.00%) | ||
Potential increase (decrease) in service and interest costs | $ (13,900) | ||
DC Retirement Plan | |||
Common stock, value | $ 3,800,000 | $ 2,400,000 | $ 1,400,000 |
Requisite service period | 1 year | ||
Life and Healthcare Plan | |||
Maximum annual contribution, percent of account balances, percent | 4.00% | ||
Accumulated benefit obligation | $ 9,121,000 | 8,732,000 | $ 8,927,000 |
Unfunded status recognized in other liabilities | $ 9,121,000 | $ 8,732,000 | |
Rate of compensation increase (percent) | 5.00% | 5.00% | 5.00% |
SERPs | |||
Accumulated benefit obligation | $ 23,399,000 | $ 22,160,000 | $ 22,862,000 |
Unfunded status recognized in other liabilities | $ 23,399,000 | $ 22,160,000 | |
Rate of compensation increase (percent) | 5.00% | 5.00% | 5.00% |
Split Dollar Life Insurance Plan | |||
Benefit liability | $ 1,400,000 | $ 1,300,000 | |
Compensation expense | $ 110,000 | $ 47,000 |
Employee Benefit Plans (Detai96
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
DB Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 76,219 | $ 79,138 | |
Service cost | 0 | 1,587 | $ 2,434 |
Interest cost | 2,473 | 2,987 | 3,069 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 0 | 0 | |
Curtailments | 0 | (677) | |
Actuarial loss (gain) | 1,403 | (4,224) | |
Benefits paid | (2,791) | (2,592) | |
Benefit obligation at end of year | 77,304 | 76,219 | 79,138 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 68,931 | 71,227 | |
Actual return on plan assets | 4,367 | 296 | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 1,300 | 0 | |
Benefits paid | (2,791) | (2,592) | |
Fair value of plan assets at end of year | 71,807 | 68,931 | 71,227 |
Unfunded status | (5,497) | (7,288) | |
Life and Healthcare Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 8,732 | 8,927 | |
Service cost | 258 | 236 | 201 |
Interest cost | 283 | 323 | 367 |
Plan participants’ contributions | 185 | 202 | |
Amendments | 0 | 0 | |
Curtailments | 0 | 0 | |
Actuarial loss (gain) | 210 | (467) | |
Benefits paid | (547) | (489) | |
Benefit obligation at end of year | 9,121 | 8,732 | 8,927 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Plan participants’ contributions | 185 | 202 | |
Employer contributions | 362 | 287 | |
Benefits paid | (547) | (489) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Unfunded status | (9,121) | (8,732) | |
SERPs | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 22,160 | 22,862 | |
Service cost | 171 | 201 | 222 |
Interest cost | 832 | 928 | 866 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 188 | 0 | |
Curtailments | 0 | 0 | |
Actuarial loss (gain) | 697 | (1,210) | |
Benefits paid | (649) | (621) | |
Benefit obligation at end of year | 23,399 | 22,160 | 22,862 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 649 | 621 | |
Benefits paid | (649) | (621) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Unfunded status | $ (23,399) | $ (22,160) |
Employee Benefit Plans (Detai97
Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
DB Pension Plan | |||
Components of net periodic benefit cost | |||
Service cost | $ 0 | $ 1,587 | $ 2,434 |
Interest cost | 2,473 | 2,987 | 3,069 |
Expected return on plan assets | (4,844) | (5,028) | (5,024) |
Amortization of prior service (credit) cost | (15) | (448) | (123) |
Recognized net actuarial loss | 975 | 1,573 | 859 |
Recognized net actuarial gain due to curtailments | 0 | (6,003) | 0 |
Net periodic benefit (credit) cost | (1,411) | (5,332) | 1,215 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Net actuarial loss (gain) | 1,880 | (169) | 19,027 |
Recognized actuarial loss | (975) | (1,573) | (859) |
Prior service credit | 0 | 0 | (6,282) |
Recognized prior service cost (credit) | 15 | 6,451 | 123 |
Recognized in other comprehensive income (loss) | 920 | 4,709 | 12,009 |
Total recognized in net periodic benefit cost and other comprehensive income | (491) | (623) | 13,224 |
Life and Healthcare Plan | |||
Components of net periodic benefit cost | |||
Service cost | 258 | 236 | 201 |
Interest cost | 283 | 323 | 367 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 16 | 16 | 16 |
Recognized net actuarial loss | 5 | 19 | 0 |
Recognized net actuarial gain due to curtailments | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 562 | 594 | 584 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Net actuarial loss (gain) | 210 | (467) | 192 |
Recognized actuarial loss | (5) | (19) | 0 |
Prior service credit | 0 | 0 | 0 |
Recognized prior service cost (credit) | (16) | (16) | (16) |
Recognized in other comprehensive income (loss) | 189 | (502) | 176 |
Total recognized in net periodic benefit cost and other comprehensive income | 751 | 92 | 760 |
SERPs | |||
Components of net periodic benefit cost | |||
Service cost | 171 | 201 | 222 |
Interest cost | 832 | 928 | 866 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 75 | 73 | 112 |
Recognized net actuarial loss | 358 | 626 | 206 |
Recognized net actuarial gain due to curtailments | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 1,436 | 1,828 | 1,406 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | |||
Net actuarial loss (gain) | 697 | (1,210) | 4,992 |
Recognized actuarial loss | (358) | (626) | (206) |
Prior service credit | 188 | 0 | 0 |
Recognized prior service cost (credit) | (75) | (73) | (112) |
Recognized in other comprehensive income (loss) | 452 | (1,909) | 4,674 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 1,888 | $ (81) | $ 6,080 |
Employee Benefit Plans (Detai98
Employee Benefit Plans (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
DB Pension Plan | |||
Net actuarial loss (gain) | $ 39,601 | $ 38,695 | $ 40,437 |
Prior service cost (credit) | (40) | (55) | (6,506) |
Total | 39,561 | 38,640 | 33,931 |
Life and Healthcare Plan | |||
Net actuarial loss (gain) | 1,093 | 889 | 1,375 |
Prior service cost (credit) | 235 | 250 | 266 |
Total | 1,328 | 1,139 | 1,641 |
SERPs | |||
Net actuarial loss (gain) | 7,077 | 6,739 | 8,575 |
Prior service cost (credit) | 689 | 576 | 648 |
Total | $ 7,766 | $ 7,315 | $ 9,223 |
Employee Benefit Plans (Detai99
Employee Benefit Plans (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
DB Pension Plan | |
Actuarial loss | $ 965 |
Prior service cost | (10) |
Total | 955 |
Life and Healthcare Plan | |
Actuarial loss | 12 |
Prior service cost | 16 |
Total | 28 |
SERPs | |
Actuarial loss | 365 |
Prior service cost | 87 |
Total | $ 452 |
Employee Benefit Plans (Deta100
Employee Benefit Plans (Details 4) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
DB Pension Plan | |||
Discount Rates | |||
Benefit Cost for Plan Year | 4.05% | 3.81% | 4.76% |
Benefit Obligation at End of Plan Year | 3.89% | 4.05% | 3.81% |
Expected long-term return on plan assets | 7.25% | 7.25% | 7.25% |
Rate of compensation increase | |||
Benefit Cost for Plan Year | 5.00% | 5.00% | |
Benefit Obligation at End of Plan Year | 5.00% | 5.00% | |
Life and Healthcare Plan | |||
Discount Rates | |||
Benefit Cost for Plan Year | 4.14% | 3.80% | 4.70% |
Benefit Obligation at End of Plan Year | 3.97% | 4.14% | 3.80% |
Rate of compensation increase | |||
Benefit Cost for Plan Year | 5.00% | 5.00% | 5.00% |
Benefit Obligation at End of Plan Year | 5.00% | 5.00% | 5.00% |
SERPs | |||
Discount Rates | |||
Benefit Cost for Plan Year | 4.32% | 4.00% | 5.00% |
Benefit Obligation at End of Plan Year | 4.10% | 4.32% | 4.00% |
Rate of compensation increase | |||
Benefit Cost for Plan Year | 5.00% | 5.00% | 5.00% |
Benefit Obligation at End of Plan Year | 5.00% | 5.00% | 5.00% |
Employee Benefit Plans (Deta101
Employee Benefit Plans (Details 5) $ in Thousands | Dec. 31, 2016USD ($) |
DB Pension Plan | |
Future Benefit Payments | |
2,017 | $ 3,910 |
2,018 | 3,820 |
2,019 | 4,242 |
2,020 | 4,030 |
2,021 | 4,266 |
2022-2026 | 22,635 |
Total | 42,903 |
Life and Healthcare Plan | |
Future Benefit Payments | |
2,017 | 541 |
2,018 | 475 |
2,019 | 483 |
2,020 | 479 |
2,021 | 475 |
2022-2026 | 2,637 |
Total | 5,090 |
SERPs | |
Future Benefit Payments | |
2,017 | 673 |
2,018 | 668 |
2,019 | 663 |
2,020 | 700 |
2,021 | 691 |
2022-2026 | 4,099 |
Total | $ 7,494 |
Employee Benefit Plans (Deta102
Employee Benefit Plans (Details 6) - DB Pension Plan | Dec. 31, 2016 | Dec. 31, 2015 |
Weighted-average asset allocations | 100.00% | 100.00% |
Equity securities | ||
Weighted-average asset allocations | 68.00% | 75.00% |
Debt securities | ||
Weighted-average asset allocations | 30.00% | 24.00% |
Other | ||
Weighted-average asset allocations | 2.00% | 1.00% |
Employee Benefits Plan (Details
Employee Benefits Plan (Details 7) - DB Pension Plan - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Total Fair Value of Plan Assets | $ 71,807 | $ 68,931 | $ 71,227 |
(Level 1) | |||
Total Fair Value of Plan Assets | 71,057 | 61,046 | |
(Level 2) | |||
Total Fair Value of Plan Assets | 750 | 7,885 | |
(Level 3) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Cash and cash equivalents | |||
Total Fair Value of Plan Assets | 1,147 | 694 | |
Cash and cash equivalents | (Level 1) | |||
Total Fair Value of Plan Assets | 1,147 | 694 | |
Cash and cash equivalents | (Level 2) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Cash and cash equivalents | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
U.S. Treasury securities | |||
Total Fair Value of Plan Assets | 7,599 | ||
U.S. Treasury securities | (Level 1) | |||
Total Fair Value of Plan Assets | 7,599 | ||
U.S. Treasury securities | (Level 2) | |||
Total Fair Value of Plan Assets | 0 | ||
U.S. Treasury securities | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | ||
Obligations of U.S. Government sponsored entities | |||
Total Fair Value of Plan Assets | 508 | ||
Obligations of U.S. Government sponsored entities | (Level 1) | |||
Total Fair Value of Plan Assets | 0 | ||
Obligations of U.S. Government sponsored entities | (Level 2) | |||
Total Fair Value of Plan Assets | 508 | ||
Obligations of U.S. Government sponsored entities | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | ||
Corporate bonds and notes | |||
Total Fair Value of Plan Assets | 6,627 | ||
Corporate bonds and notes | (Level 1) | |||
Total Fair Value of Plan Assets | 0 | ||
Corporate bonds and notes | (Level 2) | |||
Total Fair Value of Plan Assets | 6,627 | ||
Corporate bonds and notes | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | ||
Common stocks | |||
Total Fair Value of Plan Assets | 23,291 | 25,324 | |
Common stocks | (Level 1) | |||
Total Fair Value of Plan Assets | 23,291 | 25,324 | |
Common stocks | (Level 2) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Common stocks | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Mutual funds | |||
Total Fair Value of Plan Assets | 46,619 | 27,429 | |
Mutual funds | (Level 1) | |||
Total Fair Value of Plan Assets | 46,619 | 27,429 | |
Mutual funds | (Level 2) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Mutual funds | (Level 3) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Preferred stocks | |||
Total Fair Value of Plan Assets | 750 | 750 | |
Preferred stocks | (Level 1) | |||
Total Fair Value of Plan Assets | 0 | 0 | |
Preferred stocks | (Level 2) | |||
Total Fair Value of Plan Assets | 750 | 750 | |
Preferred stocks | (Level 3) | |||
Total Fair Value of Plan Assets | $ 0 | $ 0 |
Stock Plans and Stock Based 104
Stock Plans and Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Awards granted (in shares) | 73,716 | 109,750 | 186,982 |
Stock-based compensation expense | $ 2,270 | $ 1,903 | $ 1,506 |
2009 Equity Plan | |||
Authorized number of awards (in shares) | 1,602,000 | ||
Employee Stock Option | 2009 Equity Plan | |||
Award term (no more than) | 10 years | ||
Restricted Stock Units (RSUs) | |||
Awards granted (in shares) | 53,770 | 61,235 | 101,100 |
Average grant date fair value (in USD per share) | $ 76.93 | $ 56.29 | $ 49.22 |
Stock-based compensation expense | $ 1,800 | $ 1,400 | $ 771 |
Unrecognized compensation cost - RSUs | $ 11,000 | ||
Period for recognization - unrecognized compensation cost (in shares) | 4 years 9 months | ||
Stock Appreciation Rights (SARs) | |||
Awards granted (in shares) | 19,946 | 48,515 | 81,495 |
Stock Appreciation Rights (SARs) | 2009 Equity Plan | |||
Award term (no more than) | 10 years | ||
Stock Options | |||
Awards granted (in shares) | 4,387 | ||
Stock-based compensation expense | $ 476 | $ 509 | $ 734 |
Unrecognized compensation cost - options | $ 1,300 | ||
Period for recognization - unrecognized compensation cost (in shares) | 4 years 5 months | ||
Minimum | Employee Stock Option | 2009 Equity Plan | |||
Award vesting period (in years) | 1 year | ||
Minimum | Restricted Stock | 2009 Equity Plan | |||
Award vesting period (in years) | 1 year | ||
Minimum | Stock Appreciation Rights (SARs) | 2009 Equity Plan | |||
Award vesting period (in years) | 1 year | ||
Maximum | Employee Stock Option | 2009 Equity Plan | |||
Award vesting period (in years) | 7 years | ||
Maximum | Restricted Stock | 2009 Equity Plan | |||
Award vesting period (in years) | 7 years | ||
Maximum | Stock Appreciation Rights (SARs) | 2009 Equity Plan | |||
Award vesting period (in years) | 7 years |
Stock Plans and Stock Based 105
Stock Plans and Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares/Rights | |||
Granted (in shares) | 73,716 | 109,750 | 186,982 |
Stock Options And Stock Appreciation Rights | |||
Number of Shares/Rights | |||
Outstanding, December 31, 2016 (in shares) | 441,016 | ||
Granted (in shares) | 19,946 | ||
Exercised (in shares) | (107,528) | ||
Forfeited (in shares) | (14,918) | ||
Outstanding, December 31, 2016 (in shares) | 338,516 | 441,016 | |
Exercisable, December 31, 2016 (in shares) | 155,046 | ||
Weighted Average Exercise Price | |||
Outstanding, December 31, 2016 (in USD per share) | $ 42.46 | ||
Granted (in USD per share) | 77 | ||
Exercised (in USD per share) | 38.77 | ||
Forfeited (in USD per share) | 45 | ||
Outstanding, December 31, 2016 (in USD per share) | 45.56 | $ 42.46 | |
Exercisable, December 31, 2016 (in USD per share) | $ 39.43 | ||
Weighted Average Remaining Contractual Term | |||
Outstanding, December 31, 2016 (in years) | 5 years 6 months 22 days | ||
Exercisable, December 31, 2016 (in years) | 3 years 2 months 1 day | ||
Aggregate Intrinsic Value | |||
December 31, 2016 | $ 16,582,002 | ||
December 31, 2016 | $ 8,544,305 |
Stock Plans and Stock Based 106
Stock Plans and Stock Based Compensation (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Net proceeds from stock option exercises | $ (806) | $ 1,382 | $ 1,512 |
Tax benefits related to stock option and SARs exercises and vesting of restricted shares | 1,433 | 358 | 234 |
Intrinsic value of stock option exercises | $ 3,718 | $ 3,014 | $ 2,112 |
Stock Plans and Stock Based 107
Stock Plans and Stock Based Compensation (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted per share average fair value at grant date | $ 12.88 | $ 8.96 | $ 8.32 |
Risk-free interest rate | 1.57% | 1.80% | 1.91% |
Expected dividend yield | 3.00% | 3.80% | 5.14% |
Volatility | 24.58% | 25.32% | 30.96% |
Expected life (years) | 5 years 6 months | 6 years | 6 years |
Stock Plans and Stock Based 108
Stock Plans and Stock Based Compensation (Details 3) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
13.00-20.00 | |
Range of Exercise Prices, Lower Range (in USD per share) | $ 13 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 20 |
Outstanding (in shares) | shares | 626 |
Weighted Average Remaining Contractual Life (in years) | 2 years 11 months 16 days |
Weighted Average Exercise Price (in USD per share) | $ 16.47 |
Number Exercisable (in shares) | shares | 626 |
Weighted Average Exercise Price (in USD per share) | $ 16.47 |
20.01-29.30 | |
Range of Exercise Prices, Lower Range (in USD per share) | 20.01 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 29.30 |
Outstanding (in shares) | shares | 2,985 |
Weighted Average Remaining Contractual Life (in years) | 4 years 2 months 23 days |
Weighted Average Exercise Price (in USD per share) | $ 22.03 |
Number Exercisable (in shares) | shares | 2,985 |
Weighted Average Exercise Price (in USD per share) | $ 22.03 |
29.31-35.70 | |
Range of Exercise Prices, Lower Range (in USD per share) | 29.31 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 35.70 |
Outstanding (in shares) | shares | 1,295 |
Weighted Average Remaining Contractual Life (in years) | 1 year 11 months 16 days |
Weighted Average Exercise Price (in USD per share) | $ 30.96 |
Number Exercisable (in shares) | shares | 1,295 |
Weighted Average Exercise Price (in USD per share) | $ 30.96 |
35.71-37.50 | |
Range of Exercise Prices, Lower Range (in USD per share) | 35.71 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 37.50 |
Outstanding (in shares) | shares | 99,466 |
Weighted Average Remaining Contractual Life (in years) | 3 years 26 days |
Weighted Average Exercise Price (in USD per share) | $ 37.12 |
Number Exercisable (in shares) | shares | 71,706 |
Weighted Average Exercise Price (in USD per share) | $ 37.16 |
37.51-41.00 | |
Range of Exercise Prices, Lower Range (in USD per share) | 37.51 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 41 |
Outstanding (in shares) | shares | 41,003 |
Weighted Average Remaining Contractual Life (in years) | 6 years 4 months 2 days |
Weighted Average Exercise Price (in USD per share) | $ 40.60 |
Number Exercisable (in shares) | shares | 9,755 |
Weighted Average Exercise Price (in USD per share) | $ 40.60 |
41.01-50.00 | |
Range of Exercise Prices, Lower Range (in USD per share) | 41.01 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 50 |
Outstanding (in shares) | shares | 126,295 |
Weighted Average Remaining Contractual Life (in years) | 5 years 5 months 19 days |
Weighted Average Exercise Price (in USD per share) | $ 45.71 |
Number Exercisable (in shares) | shares | 68,679 |
Weighted Average Exercise Price (in USD per share) | $ 42.76 |
50.01-60.00 | |
Range of Exercise Prices, Lower Range (in USD per share) | 50.01 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 60 |
Outstanding (in shares) | shares | 46,900 |
Weighted Average Remaining Contractual Life (in years) | 8 years 10 months 2 days |
Weighted Average Exercise Price (in USD per share) | $ 56.29 |
Number Exercisable (in shares) | shares | 0 |
Weighted Average Exercise Price (in USD per share) | $ 0 |
60.01-86.18 | |
Range of Exercise Prices, Lower Range (in USD per share) | 60.01 |
Range of Exercise Prices, Upper Range (in USD per share) | $ 86.18 |
Outstanding (in shares) | shares | 19,946 |
Weighted Average Remaining Contractual Life (in years) | 9 years 10 months 10 days |
Weighted Average Exercise Price (in USD per share) | $ 77 |
Number Exercisable (in shares) | shares | 0 |
Weighted Average Exercise Price (in USD per share) | $ 0 |
Options and SARs Outstanding | |
Outstanding (in shares) | shares | 338,516 |
Weighted Average Remaining Contractual Life (in years) | 5 years 6 months 22 days |
Weighted Average Exercise Price (in USD per share) | $ 45.56 |
Number Exercisable (in shares) | shares | 155,046 |
Weighted Average Exercise Price (in USD per share) | $ 39.43 |
Stock Plans and Stock Based 109
Stock Plans and Stock Based Compensation (Details 4) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of Shares | |
Unvested, December 31, 2016 (in shares) | shares | 247,347 |
Granted (in shares) | shares | 53,770 |
Vested (in shares) | shares | (36,030) |
Forfeited (in shares) | shares | (13,371) |
Unvested, December 31, 2016 (in shares) | shares | 251,716 |
Weighted Average Exercise Price | |
December 31, 2016 (in USD per share) | $ / shares | $ 47.57 |
Granted (in USD per share) | $ / shares | 76.93 |
Vested (in USD per share) | $ / shares | 73.99 |
Forfeited (in USD per share) | $ / shares | 46.88 |
December 31, 2016 (in USD per share) | $ / shares | $ 54.46 |
Other Noninterest Income and110
Other Noninterest Income and Expense (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Reporting threshold for other income and operating expenses (percent, greater than) | 1.00% |
Other Noninterest Income and111
Other Noninterest Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
NONINTEREST INCOME | |||
Other service charges | $ 2,671 | $ 2,972 | $ 3,267 |
Increase in cash surrender value of corporate owned life insurance | 2,106 | 2,064 | 1,883 |
Net gain on sale of loans | 95 | 54 | 362 |
Other miscellaneous income | 1,419 | 3,788 | 3,472 |
Total other noninterest income | 6,291 | 8,878 | 8,984 |
NONINTEREST EXPENSES | |||
Marketing expense | 5,087 | 4,780 | 4,942 |
Professional fees | 5,446 | 5,352 | 6,094 |
Technology expense | 7,011 | 6,220 | 6,172 |
Cardholder expense | 2,503 | 2,653 | 2,712 |
Other miscellaneous expenses | 17,029 | 18,662 | 21,201 |
Total other noninterest expenses | $ 37,076 | $ 37,667 | $ 41,121 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net unrealized holding gains in available for sale securities, excluded from deferred tax assets (liabilities) calculation | $ 5,100,000 | $ 1,800,000 |
Employee benefit plan deferred tax assets, excluded from deferred tax asset calculation | 18,600,000 | 18,100,000 |
Deferred tax assets, valuation allowance | 0 | 0 |
Unrecognized tax benefits | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal Current | $ 22,943 | $ 22,955 | $ 19,749 |
Federal Deferred | 1,551 | 2,841 | 2,915 |
Federal Total | 24,494 | 25,796 | 22,664 |
State Current | 2,243 | 3,103 | 624 |
State Deferred | 308 | 63 | 2,116 |
State Total | 2,551 | 3,166 | 2,740 |
Current income tax (benefit) expense | 25,186 | 26,058 | 20,373 |
Deferred tax expense | 1,859 | 2,904 | 5,031 |
Tax expense (benefit) | $ 27,045 | $ 28,962 | $ 25,404 |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.90% | 2.40% | 2.30% |
Tax exempt income | (2.70%) | (2.50%) | (2.50%) |
Excess benefits from equity-based compensation | (1.40%) | 0.00% | 0.00% |
Bank-owned life insurance income | (0.80%) | (0.80%) | (0.80%) |
Federal tax credit | (0.40%) | (0.80%) | (1.00%) |
All other | (0.30%) | (0.20%) | (0.20%) |
Total | 31.30% | 33.10% | 32.80% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred tax assets: | |||
Allowance for loan and lease losses | $ 13,737 | $ 12,411 | $ 11,276 |
Interest income on nonperforming loans | 214 | 1,207 | 395 |
Compensation and benefits | 14,504 | 14,032 | 13,081 |
Purchase accounting adjustments | 527 | 1,920 | 3,538 |
Liabilities held at fair value | 1 | 218 | 364 |
Tax credit carryforward | 0 | 831 | 1,995 |
Other | 3,088 | 2,546 | 2,347 |
Total | 32,071 | 33,165 | 32,996 |
Deferred tax liabilities: | |||
Prepaid pension | 11,439 | 10,992 | 9,377 |
Depreciation | 3,006 | 3,277 | 2,553 |
Intangibles | 882 | 567 | 236 |
Other | 2,901 | 2,144 | 1,741 |
Total deferred tax liabilities | 18,228 | 16,980 | 13,907 |
Net deferred tax asset at year-end | 13,843 | 16,185 | 19,089 |
Net deferred tax asset at beginning of year | 16,185 | 19,089 | 24,120 |
Decrease in net deferred tax asset | (2,342) | (2,904) | (5,031) |
Deferred Tax Asset, Purchase Accounting Adjustments | (483) | 0 | 0 |
Deferred tax expense | $ 1,859 | $ 2,904 | $ 5,031 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Before-Tax Amount | |||
Other Comprehensive Income, Net unrealized losses | $ (10,176) | $ (11,647) | $ 1,844 |
Tax (Expense) Benefit | |||
Other Comprehensive Income, Net unrealized losses | 4,068 | 4,657 | (736) |
Net of Tax | |||
Other comprehensive (loss) income | (6,108) | (6,990) | 1,108 |
Available-for-sale securities: | |||
Before-Tax Amount | |||
Change in net unrealized gains (losses) during the period | (7,689) | (8,241) | 19,094 |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (926) | (1,108) | (391) |
Other Comprehensive Income, Net unrealized losses | (8,615) | (9,349) | 18,703 |
Tax (Expense) Benefit | |||
Change in net unrealized losses during the period | 3,074 | 3,295 | (7,635) |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (370) | (443) | (156) |
Other Comprehensive Income, Net unrealized losses | 3,444 | 3,738 | (7,479) |
Net of Tax | |||
Change in net unrealized losses during the period | (4,615) | (4,946) | 11,459 |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (556) | (665) | (235) |
Other comprehensive (loss) income | (5,171) | (5,611) | 11,224 |
Plan actuarial loss | |||
Before-Tax Amount | |||
Change in net unrealized gains (losses) during the period | (2,787) | 1,846 | (24,211) |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (1,338) | 2,218 | 1,065 |
Tax (Expense) Benefit | |||
Change in net unrealized losses during the period | 1,114 | (738) | 9,684 |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (535) | 887 | 426 |
Net of Tax | |||
Change in net unrealized losses during the period | (1,673) | 1,108 | (14,527) |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | (803) | 1,331 | 639 |
Net retirement plan prior service (cost) credit | |||
Before-Tax Amount | |||
Change in net unrealized gains (losses) during the period | (188) | 6,282 | |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | 76 | (6,362) | 5 |
Tax (Expense) Benefit | |||
Change in net unrealized losses during the period | 75 | (2,513) | |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | 30 | (2,544) | 2 |
Net of Tax | |||
Change in net unrealized losses during the period | (113) | 3,769 | |
Reclassification adjustment for net realized gain on sale included in available-for-sale securities | 46 | (3,818) | 3 |
Employee benefit plans | |||
Before-Tax Amount | |||
Other Comprehensive Income, Net unrealized losses | (1,561) | (2,298) | (16,859) |
Tax (Expense) Benefit | |||
Other Comprehensive Income, Net unrealized losses | 624 | 919 | 6,743 |
Net of Tax | |||
Other comprehensive (loss) income | $ (937) | $ (1,379) | $ (10,116) |
Other Comprehensive Income (117
Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balances at Beginning | $ 516,466 | $ 489,583 | $ 457,939 |
Balances at Ending | 549,405 | 516,466 | 489,583 |
Available-for-Sale Securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balances at Beginning | (2,744) | 2,867 | (8,357) |
Other comprehensive (loss) income | (5,171) | (5,611) | 11,224 |
Balances at Ending | (7,915) | (2,744) | 2,867 |
Employee Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balances at Beginning | (28,257) | (26,878) | (16,762) |
Other comprehensive (loss) income | (937) | (1,379) | (10,116) |
Balances at Ending | (29,194) | (28,257) | (26,878) |
Accumulated Other Comprehensive Income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balances at Beginning | (31,001) | (24,011) | (25,119) |
Other comprehensive (loss) income | (6,108) | (6,990) | 1,108 |
Balances at Ending | $ (37,109) | $ (31,001) | $ (24,011) |
Other Comprehensive Income (118
Other Comprehensive Income (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net gain on securities transactions | $ 21,595 | $ 22,116 | $ 21,625 | $ 21,180 | $ 20,444 | $ 21,645 | $ 26,452 | $ 18,973 | $ 86,516 | $ 87,514 | $ 77,576 | |
Tax expense (benefit) | (27,045) | (28,962) | $ (25,404) | |||||||||
Net retirement plan actuarial loss | ||||||||||||
Total before tax | [1],[2] | (1,338) | (2,218) | |||||||||
Net retirement plan prior service credit | ||||||||||||
Total before tax | (76) | 359 | ||||||||||
Net retirement plan transition liability | ||||||||||||
Total before tax | [1],[2] | 0 | ||||||||||
Employee Benefit Plans | ||||||||||||
Total before tax | [1] | (1,414) | (1,859) | |||||||||
Tax benefit | [1] | (565) | (744) | |||||||||
Net of tax | [1] | (849) | (1,115) | |||||||||
Amount Reclassified from Accumulated Other Comprehensive Income | Unrealized gains and losses on available-for-sale securities | ||||||||||||
Net gain on securities transactions | [1] | 926 | 1,108 | |||||||||
Tax expense (benefit) | [1] | (370) | (443) | |||||||||
Net of tax | [1] | $ 556 | $ 665 | |||||||||
[1] | Amounts in parentheses indicate debits in income statement. | |||||||||||
[2] | The accumulated other comprehensive income components are included in the computation of net periodic benefit cost (See Note 12 - “Employee Benefit Plans”). |
Commitments and Contingent L119
Commitments and Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Obligations to extend credit for loan commitments | $ 957,088 | $ 978,189 |
Rate lock agreements | 187 | |
Agreements to sell mortgages on a loan-by-loan basis | 187 | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Obligations to extend credit for loan commitments | $ 57,723 | $ 58,639 |
Commitments and Contingent L120
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Obligations to extend credit for loan commitments | $ 957,088 | $ 978,189 |
Loan commitments | ||
Obligations to extend credit for loan commitments | 125,472 | 200,316 |
Standby letters of credit | ||
Obligations to extend credit for loan commitments | 57,723 | 58,639 |
Undisbursed portion of lines of credit | ||
Obligations to extend credit for loan commitments | $ 773,893 | $ 719,234 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic | |||||||||||
Net income available to common shareholders | $ 15,118 | $ 15,138 | $ 14,833 | $ 14,251 | $ 13,854 | $ 14,497 | $ 17,390 | $ 12,680 | $ 59,340 | $ 58,421 | $ 52,041 |
Less: income attributable to unvested stock-based compensation awards | (912) | (834) | (503) | ||||||||
Net earnings allocated to common shareholders | $ 58,428 | $ 57,587 | $ 51,538 | ||||||||
Weighted average shares outstanding, including unvested stock-based | 15,044,733 | 14,940,274 | 14,824,333 | ||||||||
Less: unvested stock-based compensation awards | (232,021) | (212,081) | (147,711) | ||||||||
Weighted average shares outstanding - Basic | 14,812,712 | 14,728,193 | 14,676,622 | ||||||||
Diluted | |||||||||||
Net earnings allocated to common shareholders | $ 58,428 | $ 57,587 | $ 51,538 | ||||||||
Plus: incremental shares from assumed conversion of stock-based | 123,519 | 134,833 | 113,002 | ||||||||
Weighted average shares outstanding - Diluted | 14,936,231 | 14,863,026 | 14,789,624 | ||||||||
Basic Earnings Per Share (in dollars per share) | $ 1 | $ 1.01 | $ 0.99 | $ 0.95 | $ 0.93 | $ 0.97 | $ 1.16 | $ 0.85 | $ 3.94 | $ 3.91 | $ 3.51 |
Diluted Earnings Per Share (in dollars per share) | $ 0.99 | $ 1 | $ 0.98 | $ 0.94 | $ 0.92 | $ 0.96 | $ 1.15 | $ 0.84 | $ 3.91 | $ 3.87 | $ 3.48 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earning per share (in shares) | 72,321 | 108,159 | 229,868 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | $ 0 | $ 7,368 |
Available-for-sale securities, at fair value | 1,429,538 | 1,385,684 |
Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | 6,601 |
Available-for-sale securities, at fair value | 527,627 | 552,893 |
U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | 767 |
Available-for-sale securities, at fair value | 651,430 | 650,097 |
Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 89,056 | 84,726 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 158,226 | 94,678 |
Non-U.S. Government agencies or sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 116 | 194 |
U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 2,162 | 2,162 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 921 | 934 |
Recurring | Other borrowings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other borrowings, fair value | 10,576 | |
Recurring | Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 6,601 | |
Available-for-sale securities, at fair value | 527,627 | 552,893 |
Recurring | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 767 | |
Available-for-sale securities, at fair value | 651,430 | 650,097 |
Recurring | Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 89,056 | 84,726 |
Recurring | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 158,226 | 94,678 |
Recurring | Non-U.S. Government agencies or sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 116 | 194 |
Recurring | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 2,162 | 2,162 |
Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 921 | 934 |
Recurring | (Level 1) | Other borrowings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other borrowings, fair value | 0 | |
Recurring | (Level 1) | Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | |
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | |
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | Non-U.S. Government agencies or sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 1) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 2) | Other borrowings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other borrowings, fair value | 10,576 | |
Recurring | (Level 2) | Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 6,601 | |
Available-for-sale securities, at fair value | 527,627 | 552,893 |
Recurring | (Level 2) | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 767 | |
Available-for-sale securities, at fair value | 651,430 | 650,097 |
Recurring | (Level 2) | Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 89,056 | 84,726 |
Recurring | (Level 2) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 158,226 | 94,678 |
Recurring | (Level 2) | Non-U.S. Government agencies or sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 116 | 194 |
Recurring | (Level 2) | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 2,162 | 2,162 |
Recurring | (Level 2) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | Other borrowings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other borrowings, fair value | 0 | |
Recurring | (Level 3) | Obligations of U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | |
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | U.S. Government sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, at fair value | 0 | |
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | Obligations of U.S. states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | Non-U.S. Government agencies or sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 0 | 0 |
Recurring | (Level 3) | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 921 | 934 |
Change in fair value of available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements (Det124
Fair Value Measurements (Details 1) - Non-Recurring - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | $ 7,296 | $ 5,730 |
Other real estate owned | 908 | 1,995 |
Gain (losses) from fair value changes, Impaired Loans | (234) | (326) |
Gain (losses) from fair value changes, Other real estate owned | (76) | 714 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other real estate owned | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 7,296 | 5,730 |
Other real estate owned | 908 | 1,995 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans | 0 | 0 |
Other real estate owned | $ 0 | $ 0 |
Fair Value Measurements (Det125
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |||
Fair value of financial assets | |||||
Securities - held-to-maturity | $ 142,832 | $ 146,686 | |||
FHLB and FRB stock | 43,133 | 29,969 | |||
Financial Liabilities: | |||||
Time deposits | 870,788 | 855,133 | |||
Securities sold under agreements to repurchase | 69,062 | 136,513 | |||
Other borrowings | 884,815 | 536,285 | |||
Trust preferred debentures | 37,681 | 37,509 | |||
Carrying Amount | |||||
Fair value of financial assets | |||||
Cash and cash equivalents | 63,954 | 58,257 | |||
Securities - held-to-maturity | 142,119 | 146,071 | |||
FHLB and FRB stock | 43,133 | 29,969 | |||
Accrued interest receivable | 17,390 | 16,433 | |||
Loans and leases, net1 | 4,222,278 | [1] | 3,740,038 | [2] | |
Financial Liabilities: | |||||
Time deposits | 870,788 | 855,133 | |||
Other deposits | 3,754,351 | 3,540,173 | |||
Securities sold under agreements to repurchase | 69,062 | 136,513 | |||
Other borrowings | 884,815 | 525,709 | |||
Trust preferred debentures | 37,681 | [3] | 37,509 | ||
Accrued interest payable | 1,902 | 1,973 | |||
Fair Value | |||||
Fair value of financial assets | |||||
Cash and cash equivalents | 63,954 | 58,257 | |||
Securities - held-to-maturity | 142,832 | 146,686 | |||
FHLB and FRB stock | 43,133 | 29,969 | |||
Accrued interest receivable | 17,390 | 16,433 | |||
Loans and leases, net1 | 4,187,415 | [1] | 3,739,695 | [2] | |
Financial Liabilities: | |||||
Time deposits | 867,921 | 853,839 | |||
Other deposits | 3,754,351 | 3,540,173 | |||
Securities sold under agreements to repurchase | 69,109 | 138,161 | |||
Other borrowings | 884,842 | 527,041 | |||
Trust preferred debentures | 43,321 | [3] | 45,190 | ||
Accrued interest payable | 1,902 | 1,973 | |||
(Level 1) | |||||
Fair value of financial assets | |||||
Cash and cash equivalents | 63,954 | 58,257 | |||
Securities - held-to-maturity | 0 | 0 | |||
FHLB and FRB stock | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Loans and leases, net1 | 0 | [1] | 0 | [2] | |
Financial Liabilities: | |||||
Time deposits | 0 | 0 | |||
Other deposits | 0 | 0 | |||
Securities sold under agreements to repurchase | 0 | ||||
Other borrowings | 0 | 0 | |||
Trust preferred debentures | 0 | [3] | 0 | ||
Accrued interest payable | 0 | 0 | |||
(Level 2) | |||||
Fair value of financial assets | |||||
Cash and cash equivalents | 0 | 0 | |||
Securities - held-to-maturity | 142,832 | 146,686 | |||
FHLB and FRB stock | 43,133 | 29,969 | |||
Accrued interest receivable | 17,390 | 16,433 | |||
Loans and leases, net1 | 7,296 | [1] | 5,730 | [2] | |
Financial Liabilities: | |||||
Time deposits | 867,921 | 853,839 | |||
Other deposits | 3,754,351 | 3,540,173 | |||
Securities sold under agreements to repurchase | 69,109 | 138,161 | |||
Other borrowings | 884,842 | 527,041 | |||
Trust preferred debentures | 43,321 | [3] | 45,190 | ||
Accrued interest payable | 1,902 | 1,973 | |||
(Level 3) | |||||
Fair value of financial assets | |||||
Cash and cash equivalents | 0 | 0 | |||
FHLB and FRB stock | 0 | 0 | |||
Accrued interest receivable | 0 | 0 | |||
Loans and leases, net1 | 4,180,119 | [1] | 3,733,965 | [2] | |
Financial Liabilities: | |||||
Time deposits | 0 | 0 | |||
Other deposits | 0 | 0 | |||
Securities sold under agreements to repurchase | 0 | ||||
Other borrowings | 0 | 0 | |||
Trust preferred debentures | 0 | [3] | 0 | ||
Accrued interest payable | 0 | $ 0 | |||
Tompkins Capital Trust I | Carrying Amount | |||||
Financial Liabilities: | |||||
Trust preferred debentures | [3] | 21,200 | |||
Tompkins Capital Trust I | Fair Value | |||||
Financial Liabilities: | |||||
Trust preferred debentures | [3] | $ 21,200 | |||
[1] | Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. | ||||
[2] | Lease receivables, although excluded from the scope of ASC Topic 825, are included in the estimated fair value amounts at their carrying value. | ||||
[3] | The fair value of Tompkins Capital Trust I is shown to equal the book value of $21.2 million given that it was redeemed at par on January 31, 2017. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | $ 1,429,538 | $ 1,385,684 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 921 | 934 |
Equity securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | 921 | 934 |
Equity securities | Recurring | (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, at fair value | $ 921 | $ 934 |
Regulations and Supervision (De
Regulations and Supervision (Details) - USD ($) | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
The Company (consolidated) | |||
Total Capital (to risk-weighted assets) | |||
Total Capital (to risk-weighted assets), Actual Amount | $ 540,109,000 | $ 520,891,000 | |
Total Capital (to risk-weighted assets), Actual Ratio | 12.20% | 13.00% | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 353,520,000 | $ 319,711,000 | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 8.00% | 8.00% | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 441,900,000 | $ 399,638,000 | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 10.00% | 10.00% | |
Common EquityTier 1 Capital (to risk-weighted assets) | |||
Common EquityTier 1 Capital (to risk-weighted assets), Actual Amount | $ 486,006,000 | $ 449,535,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Actual Ratio | 11.00% | 11.30% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 198,855,000 | $ 179,837,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 4.50% | 4.50% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 287,235,000 | $ 259,765,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 6.50% | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | |||
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 502,525,000 | $ 487,043,000 | |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.40% | 12.20% | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 265,140,000 | $ 239,783,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 6.00% | 6.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 353,520,000 | $ 319,711,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to average assets) | |||
Tier 1 Capital (to average assets), Actual Amount | $ 502,525,000 | $ 487,043,000 | |
Tier 1 Capital (to average assets), Actual Ratio | 8.40% | 8.80% | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Amount | $ 238,872,000 | $ 220,995,000 | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Amount | $ 298,590,000 | $ 276,243,000 | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Ratio | 5.00% | 5.00% | |
Trust Company | |||
Total Capital (to risk-weighted assets) | |||
Total Capital (to risk-weighted assets), Actual Amount | $ 154,062,000 | $ 151,299,000 | |
Total Capital (to risk-weighted assets), Actual Ratio | 12.30% | 13.70% | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 99,880,000 | $ 88,274,000 | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 8.00% | 8.00% | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 124,850,000 | $ 110,342,000 | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 10.00% | 10.00% | |
Common EquityTier 1 Capital (to risk-weighted assets) | |||
Common EquityTier 1 Capital (to risk-weighted assets), Actual Amount | $ 144,672,000 | $ 143,005,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Actual Ratio | 11.60% | 13.00% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 56,182,000 | $ 49,654,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 4.50% | 4.50% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 81,152,000 | $ 71,722,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 6.50% | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | |||
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 144,672,000 | $ 143,005,000 | |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.60% | 13.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 74,910,000 | $ 66,205,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 6.00% | 6.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 99,880,000 | $ 88,274,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to average assets) | |||
Tier 1 Capital (to average assets), Actual Amount | $ 144,672,000 | $ 143,005,000 | |
Tier 1 Capital (to average assets), Actual Ratio | 7.70% | 8.00% | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Amount | $ 75,246,000 | $ 71,319,000 | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Amount | $ 94,057,000 | $ 89,148,000 | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Ratio | 5.00% | 5.00% | |
Castile | |||
Total Capital (to risk-weighted assets) | |||
Total Capital (to risk-weighted assets), Actual Amount | $ 114,282,000 | $ 104,568,000 | |
Total Capital (to risk-weighted assets), Actual Ratio | 10.70% | 10.50% | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 85,699,000 | $ 79,657,000 | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 8.00% | 8.00% | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 107,124,000 | $ 99,571,000 | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 10.00% | 10.00% | |
Common EquityTier 1 Capital (to risk-weighted assets) | |||
Common EquityTier 1 Capital (to risk-weighted assets), Actual Amount | $ 105,998,000 | $ 97,097,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Actual Ratio | 9.90% | 9.80% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 48,206,000 | $ 44,807,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 4.50% | 4.50% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 69,630,000 | $ 64,721,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 6.50% | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | |||
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 105,998,000 | $ 97,097,000 | |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 9.90% | 9.80% | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 64,274,000 | $ 59,743,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 6.00% | 6.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 85,699,000 | $ 79,657,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to average assets) | |||
Tier 1 Capital (to average assets), Actual Amount | $ 105,998,000 | $ 97,097,000 | |
Tier 1 Capital (to average assets), Actual Ratio | 7.70% | 7.70% | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Amount | $ 54,851,000 | $ 50,309,000 | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Amount | $ 68,563,000 | $ 62,887,000 | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Ratio | 5.00% | 5.00% | |
Mahopac | |||
Total Capital (to risk-weighted assets) | |||
Total Capital (to risk-weighted assets), Actual Amount | $ 111,727,000 | $ 110,158,000 | |
Total Capital (to risk-weighted assets), Actual Ratio | 12.60% | 14.00% | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 70,824,000 | $ 62,943,000 | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 8.00% | 8.00% | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 88,530,000 | $ 78,678,000 | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 10.00% | 10.00% | |
Common EquityTier 1 Capital (to risk-weighted assets) | |||
Common EquityTier 1 Capital (to risk-weighted assets), Actual Amount | $ 100,956,000 | $ 100,322,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Actual Ratio | 11.40% | 12.80% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 39,838,000 | $ 35,405,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 4.50% | 4.50% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 57,544,000 | $ 51,141,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 6.50% | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | |||
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 100,956,000 | $ 100,322,000 | |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.40% | 12.80% | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 53,118,000 | $ 47,207,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 6.00% | 6.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 70,824,000 | $ 62,943,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to average assets) | |||
Tier 1 Capital (to average assets), Actual Amount | $ 100,956,000 | $ 100,322,000 | |
Tier 1 Capital (to average assets), Actual Ratio | 8.40% | 9.20% | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Amount | $ 48,333,000 | $ 43,865,000 | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Amount | $ 60,416,000 | $ 54,831,000 | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Ratio | 5.00% | 5.00% | |
VIST | |||
Total Capital (to risk-weighted assets) | |||
Total Capital (to risk-weighted assets), Actual Amount | $ 141,193,000 | $ 133,925,000 | |
Total Capital (to risk-weighted assets), Actual Ratio | 11.90% | 12.40% | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 95,116,000 | $ 86,371,000 | |
Total Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 8.00% | 8.00% | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 118,895,000 | $ 107,964,000 | |
Total Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 10.00% | 10.00% | |
Common EquityTier 1 Capital (to risk-weighted assets) | |||
Common EquityTier 1 Capital (to risk-weighted assets), Actual Amount | $ 133,505,000 | $ 127,229,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Actual Ratio | 11.20% | 11.80% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 53,503,000 | $ 48,584,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 4.50% | 4.50% | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 77,282,000 | $ 70,177,000 | |
Common EquityTier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 6.50% | 6.50% | |
Tier 1 Capital (to risk-weighted assets) | |||
Tier 1 Capital (to risk-weighted assets), Actual Amount | $ 133,505,000 | $ 127,229,000 | |
Tier 1 Capital (to risk-weighted assets), Actual Ratio | 11.20% | 11.80% | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Amount | $ 71,337,000 | $ 64,779,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Adequately Capitalized, Ratio | 6.00% | 6.00% | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Amount | $ 95,116,000 | $ 86,371,000 | |
Tier 1 Capital (to risk-weighted assets), Required to be Well Capitalized, Ratio | 8.00% | 8.00% | |
Tier 1 Capital (to average assets) | |||
Tier 1 Capital (to average assets), Actual Amount | $ 133,505,000 | $ 127,229,000 | |
Tier 1 Capital (to average assets), Actual Ratio | 8.90% | 9.10% | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Amount | $ 59,984,000 | $ 55,650,000 | |
Tier 1 Capital (to average assets), Required to be Adequately Capitalized, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Amount | $ 74,980,000 | $ 69,563,000 | |
Tier 1 Capital (to average assets), Required to be Well Capitalized, Ratio | 5.00% | 5.00% | |
Tompkins Capital Trust I | |||
Trust preferred securities liquidation amount, per security | $ 1,000 | ||
Tompkins Capital Trust I | Subsequent Event | |||
Stock redeemed or called during period, value | $ 20,500,000 | ||
Redemption price, percentage of liquidation amount | 100.00% | ||
Trust preferred securities liquidation amount, per security | $ 1,000 |
Condensed Parent Company Onl128
Condensed Parent Company Only Financial Statements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | |||
Available-for-sale securities, at fair value | $ 1,429,538 | $ 1,385,684 | |
Investment in subsidiaries, at equity | 1,700 | 1,800 | |
Total Assets | 6,236,756 | 5,689,995 | $ 5,269,561 |
Liabilities and Shareholders’ Equity | |||
Trust preferred debentures issued to non-consolidated subsidiary | 37,681 | 37,509 | |
Other liabilities | 70,654 | 67,916 | |
Tompkins Financial Corporation Shareholders’ Equity | 547,953 | 515,014 | |
Total Liabilities and Equity | 6,236,756 | 5,689,995 | |
Tompkins (the Parent Company) | |||
ASSETS | |||
Cash | 28,398 | 5,759 | |
Available-for-sale securities, at fair value | 0 | 0 | |
Investment in subsidiaries, at equity | 563,691 | 548,227 | |
Other | 10,345 | 12,940 | |
Total Assets | 602,434 | 566,926 | |
Liabilities and Shareholders’ Equity | |||
Borrowings | 16,000 | 13,510 | |
Trust preferred debentures issued to non-consolidated subsidiary | 37,681 | 37,509 | |
Other liabilities | 800 | 893 | |
Tompkins Financial Corporation Shareholders’ Equity | 547,953 | 515,014 | |
Total Liabilities and Equity | $ 602,434 | $ 566,926 |
Condensed Parent Company Onl129
Condensed Parent Company Only Financial Statements (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends from available-for-sale securities | $ 27,846 | $ 29,525 | $ 31,298 | ||||||||
Interest expense | $ 5,562 | $ 5,760 | $ 5,510 | $ 5,271 | $ 5,128 | $ 5,144 | $ 5,093 | $ 5,000 | 22,103 | 20,365 | 20,683 |
Net gain on securities transactions | 21,595 | 22,116 | 21,625 | 21,180 | 20,444 | 21,645 | 26,452 | 18,973 | 86,516 | 87,514 | 77,576 |
Income tax benefit | (27,045) | (28,962) | (25,404) | ||||||||
Net Income Attributable to Tompkins Financial Corporation | $ 15,118 | $ 15,138 | $ 14,833 | $ 14,251 | $ 13,854 | $ 14,497 | $ 17,390 | $ 12,680 | 59,340 | 58,421 | 52,041 |
Tompkins (the Parent Company) | |||||||||||
Dividends from available-for-sale securities | 0 | 2 | 2 | ||||||||
Dividends received from subsidiaries | 47,584 | 28,667 | 28,727 | ||||||||
Other income | 269 | 593 | 1,059 | ||||||||
Total Operating Income | 47,853 | 29,262 | 29,788 | ||||||||
Interest expense | 2,743 | 2,648 | 2,703 | ||||||||
Other expenses | 6,089 | 5,996 | 6,484 | ||||||||
Total Operating Expenses | 8,832 | 8,644 | 9,187 | ||||||||
Net gain on securities transactions | 39,021 | 20,618 | 20,601 | ||||||||
Income tax benefit | 3,549 | 2,987 | 3,654 | ||||||||
Equity in undistributed earnings of subsidiaries | 16,770 | 34,816 | 27,786 | ||||||||
Net Income Attributable to Tompkins Financial Corporation | $ 59,340 | $ 58,421 | $ 52,041 |
Condensed Parent Company Onl130
Condensed Parent Company Only Financial Statements (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||||||||||
Net Income | $ 15,118 | $ 15,138 | $ 14,833 | $ 14,251 | $ 13,854 | $ 14,497 | $ 17,390 | $ 12,680 | $ 59,340 | $ 58,421 | $ 52,041 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Other, net | (2,093) | (9,631) | (7,008) | ||||||||
Investing activities | |||||||||||
Other, net | 119 | (789) | 412 | ||||||||
Financing activities | |||||||||||
Cash dividends | (26,603) | (25,411) | (23,983) | ||||||||
Repurchase of common shares | (1,166) | (3,505) | (4,602) | ||||||||
Shares issued for dividend reinvestment plans | 3,201 | 0 | 2,186 | ||||||||
Shares issued for employee stock ownership plan | 1,938 | 1,595 | 1,528 | ||||||||
Net proceeds from exercise of stock options | (806) | 1,382 | 1,512 | ||||||||
Common stock issued | 0 | 50 | 50 | ||||||||
Net (decrease) increase in cash | 5,697 | 2,187 | (26,814) | ||||||||
Cash and cash equivalents at beginning of year | 58,257 | 56,070 | 58,257 | 56,070 | 82,884 | ||||||
Total Cash & Cash Equivalents at End of Year | 63,954 | 58,257 | 63,954 | 58,257 | 56,070 | ||||||
Tompkins (the Parent Company) | |||||||||||
Operating activities | |||||||||||
Net Income | 59,340 | 58,421 | 52,041 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Equity in undistributed earnings of subsidiaries | (16,770) | (34,816) | (27,799) | ||||||||
Other, net | 1,826 | 1,511 | (999) | ||||||||
Net Cash Provided by Operating Activities | 44,396 | 25,116 | 23,243 | ||||||||
Investing activities | |||||||||||
Other, net | 24 | 81 | 85 | ||||||||
Net Cash Provided by Investing Activities | 24 | 81 | 85 | ||||||||
Financing activities | |||||||||||
Borrowings, net | 2,490 | 0 | (1,000) | ||||||||
Cash dividends | (26,603) | (25,411) | (23,983) | ||||||||
Repurchase of common shares | (1,166) | (3,505) | (4,602) | ||||||||
Redemption of trust preferred debentures | (835) | (195) | 64 | ||||||||
Shares issued for dividend reinvestment plans | 3,201 | 0 | 2,186 | ||||||||
Shares issued for employee stock ownership plan | 1,938 | 1,595 | 1,528 | ||||||||
Net proceeds from exercise of stock options | (806) | 1,382 | 1,512 | ||||||||
Common stock issued | 0 | 50 | 50 | ||||||||
Net Cash Used in Financing Activities | (21,781) | (26,084) | (24,245) | ||||||||
Net (decrease) increase in cash | 22,639 | (887) | (917) | ||||||||
Cash and cash equivalents at beginning of year | $ 5,759 | $ 6,646 | 5,759 | 6,646 | 7,563 | ||||||
Total Cash & Cash Equivalents at End of Year | $ 28,398 | $ 5,759 | $ 28,398 | $ 5,759 | $ 6,646 |
Segment and Related Informat131
Segment and Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | $ 51,936 | $ 51,077 | $ 50,417 | $ 49,309 | $ 48,565 | $ 47,530 | $ 46,423 | $ 46,228 | $ 202,739 | $ 188,746 | $ 184,493 | |
Interest expense | 5,562 | 5,760 | 5,510 | 5,271 | 5,128 | 5,144 | 5,093 | 5,000 | 22,103 | 20,365 | 20,683 | |
Net Interest Income | 46,374 | 45,317 | 44,907 | 44,038 | 43,437 | 42,386 | 41,330 | 41,228 | 180,636 | 168,381 | 163,810 | |
Provision for loan and lease losses | 1,706 | 782 | 978 | 855 | 1,533 | 281 | 922 | 209 | 4,321 | 2,945 | 2,306 | |
Noninterest income | 68,808 | 71,940 | 70,765 | |||||||||
Noninterest expense | 158,607 | 149,862 | 154,693 | |||||||||
Income Before Income Tax Expense | 21,595 | 22,116 | 21,625 | 21,180 | 20,444 | 21,645 | 26,452 | 18,973 | 86,516 | 87,514 | 77,576 | |
Income Tax Expense | 27,045 | 28,962 | 25,404 | |||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 59,471 | 58,552 | 52,172 | |||||||||
Less: Net income attributable to noncontrolling interests | 131 | 131 | 131 | |||||||||
Net Income Attributable to Tompkins Financial Corporation | 15,118 | $ 15,138 | $ 14,833 | $ 14,251 | 13,854 | $ 14,497 | $ 17,390 | $ 12,680 | 59,340 | 58,421 | 52,041 | |
Depreciation and amortization | 6,829 | 6,468 | 5,710 | |||||||||
Assets | 6,236,756 | 5,689,995 | 6,236,756 | 5,689,995 | 5,269,561 | |||||||
Goodwill | 92,623 | 91,792 | 92,623 | 91,792 | 92,243 | |||||||
Other intangibles, net | 11,349 | 12,448 | 11,349 | 12,448 | 14,649 | |||||||
Net loans and leases | 4,222,278 | 3,740,038 | 4,222,278 | 3,740,038 | 3,364,291 | |||||||
Deposits | 4,625,139 | 4,395,306 | 4,625,139 | 4,395,306 | 4,169,154 | |||||||
Total equity | 549,405 | 516,466 | 549,405 | 516,466 | 489,583 | $ 457,939 | ||||||
Banking | ||||||||||||
Interest income | 202,739 | 188,598 | 184,355 | |||||||||
Interest expense | 22,105 | 20,367 | 20,687 | |||||||||
Net Interest Income | 180,634 | 168,231 | 163,668 | |||||||||
Provision for loan and lease losses | 4,321 | 2,945 | 2,306 | |||||||||
Noninterest income | 24,402 | 27,096 | 27,418 | |||||||||
Noninterest expense | 123,004 | 115,706 | 120,708 | |||||||||
Income Before Income Tax Expense | 77,711 | 76,676 | 68,072 | |||||||||
Income Tax Expense | 23,928 | 24,923 | 21,890 | |||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 53,783 | 51,753 | 46,182 | |||||||||
Less: Net income attributable to noncontrolling interests | 131 | 131 | 131 | |||||||||
Net Income Attributable to Tompkins Financial Corporation | 53,652 | 51,622 | 46,051 | |||||||||
Depreciation and amortization | 6,401 | 5,985 | 5,296 | |||||||||
Assets | 6,190,824 | 5,646,459 | 6,190,824 | 5,646,459 | 5,226,145 | |||||||
Goodwill | 64,369 | 64,369 | 64,369 | 64,369 | 64,369 | |||||||
Other intangibles, net | 6,433 | 7,820 | 6,433 | 7,820 | 9,301 | |||||||
Net loans and leases | 4,222,278 | 3,740,038 | 4,222,278 | 3,740,038 | 3,364,291 | |||||||
Deposits | 4,633,527 | 4,401,896 | 4,633,527 | 4,401,896 | 4,173,244 | |||||||
Total equity | 506,411 | 476,138 | 506,411 | 476,138 | 453,037 | |||||||
Insurance | ||||||||||||
Interest income | 2 | 2 | 6 | |||||||||
Interest expense | 0 | 0 | 2 | |||||||||
Net Interest Income | 2 | 2 | 4 | |||||||||
Provision for loan and lease losses | 0 | 0 | 0 | |||||||||
Noninterest income | 29,741 | 29,818 | 28,620 | |||||||||
Noninterest expense | 24,564 | 23,783 | 23,515 | |||||||||
Income Before Income Tax Expense | 5,179 | 6,037 | 5,109 | |||||||||
Income Tax Expense | 1,906 | 2,416 | 2,052 | |||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 3,273 | 3,621 | 3,057 | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net Income Attributable to Tompkins Financial Corporation | 3,273 | 3,621 | 3,057 | |||||||||
Depreciation and amortization | 353 | 367 | 271 | |||||||||
Assets | 38,988 | 36,625 | 38,988 | 36,625 | 34,040 | |||||||
Goodwill | 20,043 | 19,212 | 20,043 | 19,212 | 19,663 | |||||||
Other intangibles, net | 4,560 | 4,187 | 4,560 | 4,187 | 4,827 | |||||||
Net loans and leases | 0 | 0 | 0 | 0 | 0 | |||||||
Deposits | 0 | 0 | 0 | 0 | 0 | |||||||
Total equity | 30,825 | 28,182 | 30,825 | 28,182 | 26,419 | |||||||
Wealth Management | ||||||||||||
Interest income | 0 | 148 | 138 | |||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Net Interest Income | 0 | 148 | 138 | |||||||||
Provision for loan and lease losses | 0 | 0 | 0 | |||||||||
Noninterest income | 15,842 | 16,037 | 16,072 | |||||||||
Noninterest expense | 12,216 | 11,384 | 11,815 | |||||||||
Income Before Income Tax Expense | 3,626 | 4,801 | 4,395 | |||||||||
Income Tax Expense | 1,211 | 1,623 | 1,462 | |||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 2,415 | 3,178 | 2,933 | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net Income Attributable to Tompkins Financial Corporation | 2,415 | 3,178 | 2,933 | |||||||||
Depreciation and amortization | 75 | 116 | 143 | |||||||||
Assets | 15,403 | 13,951 | 15,403 | 13,951 | 13,779 | |||||||
Goodwill | 8,211 | 8,211 | 8,211 | 8,211 | 8,211 | |||||||
Other intangibles, net | 356 | 441 | 356 | 441 | 521 | |||||||
Net loans and leases | 0 | 0 | 0 | 0 | 0 | |||||||
Deposits | 0 | 0 | 0 | 0 | 0 | |||||||
Total equity | 12,169 | 12,146 | 12,169 | 12,146 | 10,127 | |||||||
Intercompany and Merger | ||||||||||||
Interest income | (2) | (2) | (6) | |||||||||
Interest expense | (2) | (2) | (6) | |||||||||
Net Interest Income | 0 | 0 | 0 | |||||||||
Provision for loan and lease losses | 0 | 0 | 0 | |||||||||
Noninterest income | (1,177) | (1,011) | (1,345) | |||||||||
Noninterest expense | (1,177) | (1,011) | (1,345) | |||||||||
Income Before Income Tax Expense | 0 | 0 | 0 | |||||||||
Income Tax Expense | 0 | 0 | 0 | |||||||||
Net Income Attributable to Noncontrolling Interests and Tompkins Financial Corporation | 0 | 0 | 0 | |||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Net Income Attributable to Tompkins Financial Corporation | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Assets | (8,459) | (7,040) | (8,459) | (7,040) | (4,403) | |||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | |||||||
Other intangibles, net | 0 | 0 | 0 | 0 | 0 | |||||||
Net loans and leases | 0 | 0 | 0 | 0 | 0 | |||||||
Deposits | (8,388) | (6,590) | (8,388) | (6,590) | (4,090) | |||||||
Total equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment and Related Informat132
Segment and Related Information (Details 1) | 12 Months Ended |
Dec. 31, 2016segmentbanking_officesubsidiary_trustoffice | |
Segment Reporting Information [Line Items] | |
Number of unconsolidated subsidiary trusts | subsidiary_trust | 4 |
Number of reportable business segments | segment | 3 |
Ithaca, NY | |
Segment Reporting Information [Line Items] | |
Number of banking offices | 13 |
Genesee Valley Region, New York State | |
Segment Reporting Information [Line Items] | |
Number of banking offices | 17 |
Counties North of New York City | |
Segment Reporting Information [Line Items] | |
Number of banking offices | 14 |
Southeastern Pennsylvania | |
Segment Reporting Information [Line Items] | |
Number of banking offices | 21 |
Western New York | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of offices | office | 5 |
Tompkins County, New York | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of offices | office | 1 |
Montgomery County, Pennsylvania | |
Segment Reporting Information [Line Items] | |
Nature of operations, number of offices | office | 1 |
Unaudited Quarterly Financia133
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 51,936 | $ 51,077 | $ 50,417 | $ 49,309 | $ 48,565 | $ 47,530 | $ 46,423 | $ 46,228 | $ 202,739 | $ 188,746 | $ 184,493 |
Interest expense | 5,562 | 5,760 | 5,510 | 5,271 | 5,128 | 5,144 | 5,093 | 5,000 | 22,103 | 20,365 | 20,683 |
Net Interest Income | 46,374 | 45,317 | 44,907 | 44,038 | 43,437 | 42,386 | 41,330 | 41,228 | 180,636 | 168,381 | 163,810 |
Provision for loan and lease losses | 1,706 | 782 | 978 | 855 | 1,533 | 281 | 922 | 209 | 4,321 | 2,945 | 2,306 |
Income before income tax expense | 21,595 | 22,116 | 21,625 | 21,180 | 20,444 | 21,645 | 26,452 | 18,973 | 86,516 | 87,514 | 77,576 |
Net Income | $ 15,118 | $ 15,138 | $ 14,833 | $ 14,251 | $ 13,854 | $ 14,497 | $ 17,390 | $ 12,680 | $ 59,340 | $ 58,421 | $ 52,041 |
Net income per common share (basic) (in dollars per share) | $ 1 | $ 1.01 | $ 0.99 | $ 0.95 | $ 0.93 | $ 0.97 | $ 1.16 | $ 0.85 | $ 3.94 | $ 3.91 | $ 3.51 |
Net income per common share (diluted) (in dollars per share) | $ 0.99 | $ 1 | $ 0.98 | $ 0.94 | $ 0.92 | $ 0.96 | $ 1.15 | $ 0.84 | $ 3.91 | $ 3.87 | $ 3.48 |