Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | UNIVEST CORP OF PENNSYLVANIA | ||
Entity Central Index Key | 102,212 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UVSP | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 19,611,325 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 381,445,883 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 32,356 | $ 31,995 |
Interest-earning deposits with other banks | 28,443 | 6,570 |
Investment securities held-to-maturity (fair value $41,061 and $54,765 at December 31, 2015 and 2014, respectively) | 40,990 | 54,347 |
Investment securities available-for-sale | 329,770 | 314,283 |
Loans held for sale | 4,680 | 3,302 |
Loans and leases held for investment | 2,179,013 | 1,626,625 |
Less: Reserve for loan and lease losses | (17,628) | (20,662) |
Net loans and leases held for investment | 2,161,385 | 1,605,963 |
Premises and equipment, net | 42,156 | 37,009 |
Goodwill | 112,657 | 67,717 |
Other intangibles, net of accumulated amortization and fair value adjustments of $15,360 and $11,776 at December 31, 2015 and 2014, respectively | 12,620 | 12,180 |
Bank owned life insurance | 71,560 | 62,265 |
Accrued interest receivable and other assets | 42,834 | 39,690 |
Total assets | 2,879,451 | 2,235,321 |
LIABILITIES | ||
Noninterest-bearing deposits | 541,460 | 449,339 |
Interest-bearing deposits: | ||
Demand deposits | 790,800 | 640,095 |
Savings deposits | 607,694 | 519,314 |
Time deposits | 454,406 | 252,593 |
Total deposits | 2,394,360 | 1,861,341 |
Customer repurchase agreements | 24,211 | 41,974 |
Subordinated notes | 49,377 | 0 |
Accrued interest payable and other liabilities | 49,929 | 47,452 |
Total liabilities | 2,517,877 | 1,950,767 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at December 31, 2015 and 2014; 22,054,270 and18,266,404 shares issued at December 31, 2015 and 2014, respectively; 19,530,930 and 16,221,607 shares outstanding at December 31, 2015 and 2014, respectively | 110,271 | 91,332 |
Additional paid-in capital | 121,280 | 62,980 |
Retained earnings | 193,446 | 181,851 |
Accumulated other comprehensive loss, net of tax benefit | (16,708) | (14,462) |
Treasury stock, at cost; 2,523,340 and 2,044,797 shares at December 31, 2015 and 2014, respectively | (46,715) | (37,147) |
Total shareholders’ equity | 361,574 | 284,554 |
Total liabilities and shareholders’ equity | $ 2,879,451 | $ 2,235,321 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 41,061 | $ 54,765 |
Accumulated amortization and fair value adjustments on other intangibles | $ 15,360 | $ 11,776 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 22,054,270 | 18,266,404 |
Common stock, shares outstanding | 19,530,930 | 16,221,607 |
Treasury stock, shares | 2,523,340 | 2,044,797 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and fees on loans and leases: | |||
Taxable | $ 86,792 | $ 62,521 | $ 63,173 |
Exempt from federal income taxes | 6,452 | 5,684 | 4,777 |
Total interest and fees on loans and leases | 93,244 | 68,205 | 67,950 |
Interest and dividends on investment securities: | |||
Taxable | 4,671 | 3,989 | 5,432 |
Exempt from federal income taxes | 3,447 | 3,610 | 4,071 |
Interest on federal funds sold | 2 | 0 | 0 |
Other interest income | 95 | 81 | 126 |
Total interest income | 101,459 | 75,885 | 77,579 |
Interest expense | |||
Interest on demand deposits | 1,474 | 545 | 478 |
Interest on savings deposits | 533 | 317 | 313 |
Interest on time deposits | 4,000 | 3,102 | 3,795 |
Interest on short-term borrowings | 35 | 32 | 48 |
Interest on long-term borrowings | 2,023 | 0 | 483 |
Total interest expense | 8,065 | 3,996 | 5,117 |
Net interest income | 93,394 | 71,889 | 72,462 |
Provision for loan and lease losses | 3,802 | 3,607 | 11,228 |
Net interest income after provision for loan and lease losses | 89,592 | 68,282 | 61,234 |
Noninterest income | |||
Trust fee income | 7,908 | 7,835 | 7,303 |
Service charges on deposit accounts | 4,230 | 4,230 | 4,451 |
Investment advisory commission and fee income | 10,773 | 11,904 | 7,642 |
Insurance commission and fee income | 13,885 | 11,543 | 9,395 |
Other service fee income | 7,379 | 7,189 | 7,390 |
Bank owned life insurance income | 1,295 | 1,628 | 2,968 |
Net gain on sales of investment securities | 1,265 | 635 | 3,389 |
Net gain on mortgage banking activities | 4,838 | 2,182 | 4,523 |
Net gain on sales and write-downs of other real estate owned | 14 | 195 | 626 |
Loss on termination of interest rate swap | 0 | 0 | (1,866) |
Other income | 1,362 | 1,310 | 963 |
Total noninterest income | 52,949 | 48,651 | 46,784 |
Noninterest expense | |||
Salaries and benefits | 50,069 | 42,245 | 39,522 |
Commissions | 8,037 | 7,637 | 8,512 |
Net occupancy | 8,430 | 7,023 | 5,869 |
Equipment | 7,181 | 5,645 | 4,865 |
Professional fees | 3,839 | 3,164 | 3,471 |
Marketing and advertising | 2,253 | 1,880 | 1,948 |
Deposit insurance premiums | 1,730 | 1,561 | 1,553 |
Intangible expenses | 2,567 | 2,167 | 157 |
Acquisition-related costs | 1,047 | 1,270 | 87 |
Integration costs | 1,490 | 8 | 0 |
Restructuring charges | 1,642 | 0 | 534 |
Other expense | 17,230 | 14,654 | 14,615 |
Total noninterest expense | 105,515 | 87,254 | 81,133 |
Income before income taxes | 37,026 | 29,679 | 26,885 |
Income taxes | 9,758 | 7,448 | 5,696 |
Net income | $ 27,268 | $ 22,231 | $ 21,189 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.39 | $ 1.37 | $ 1.28 |
Diluted (in dollars per share) | 1.39 | 1.37 | 1.28 |
Dividends declared | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Income before income taxes | $ 37,026 | $ 29,679 | $ 26,885 |
Net unrealized gains (losses) on available-for-sale investment securities, Before Tax Amount | |||
Net unrealized holding gains (losses) arising during the period, Before Tax Amount | (2,283) | 5,532 | (11,712) |
Less: reclassification adjustment for net gains on sales realized in net income, Before Tax Amount | (1,265) | (635) | (3,389) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Before Tax Amount | 5 | 0 | 0 |
Total net unrealized gains (losses) on available-for-sale investment securities, Before Tax Amount | (3,543) | 4,897 | (15,101) |
Cash flow hedge derivative, Before Tax Amount | |||
Net change in fair value of interest rate swap, Before Tax Amount | (197) | (241) | 43 |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Before Tax Amount | 0 | 0 | 1,866 |
Total cash flow hedge derivative, Before Tax Amount | (197) | (241) | 1,909 |
Defined benefit pension plans, Before Tax Amount | |||
Net unrealized (losses) gains arising during the period, Before Tax Amount | (797) | (11,968) | 7,496 |
Less: amortization of net actuarial loss included in net periodic pension costs, Before Tax Amount | 1,362 | 666 | 1,282 |
Less: accretion of prior service cost included in net periodic pension costs, Before Tax Amount | (280) | (288) | (255) |
Total defined benefit pension plans, Before Tax Amount | 285 | (11,590) | 8,523 |
Other comprehensive income (loss), Before Tax Amount | (3,455) | (6,934) | (4,669) |
Total comprehensive income (loss), Before Tax Amount | 33,571 | 22,745 | 22,216 |
Income taxes | 9,758 | 7,448 | 5,696 |
Net unrealized gains (losses) on available-for-sale investment securities, Tax Expense (Benefit) | |||
Net unrealized holding gains (losses) arising during the period, Tax Expense (Benefit) | (799) | 1,936 | (4,099) |
Less: reclassification adjustment for net gains on sales realized in net income, Tax Expense (Benefit) | (443) | (222) | (1,186) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Tax Expense (Benefit) | 2 | 0 | 0 |
Total net unrealized gains (losses) on available-for-sale investment securities, Tax Expense (Benefit) | (1,240) | 1,714 | (5,285) |
Cash flow hedge derivative, Tax Expense (Benefit) | |||
Net change in fair value of interest rate swap, Tax Expense (Benefit) | (69) | (84) | 15 |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Tax Expense (Benefit) | 0 | 0 | 653 |
Total cash flow hedge derivative, Tax Expense (Benefit) | (69) | (84) | 668 |
Defined benefit pension plans, Tax Expense (Benefit) | |||
Net unrealized (losses) gains arising during the period, Tax Expense (Benefit) | (279) | (4,189) | 2,623 |
Less: amortization of net actuarial loss included in net periodic pension costs, Tax Expense (Benefit) | 477 | 233 | 449 |
Less: accretion of prior service cost included in net periodic pension costs, Tax Expense (Benefit) | (98) | (101) | (89) |
Total defined benefit pension plans, Tax Expense (Benefit) | 100 | (4,057) | 2,983 |
Other comprehensive income (loss), Tax Expense (Benefit) | (1,209) | (2,427) | (1,634) |
Total comprehensive income (loss), Tax Expense (Benefit) | 8,549 | 5,021 | 4,062 |
Net income | 27,268 | 22,231 | 21,189 |
Net unrealized gains (losses) on available-for-sale investment securities, Net of Tax Amount | |||
Net unrealized holding gains (losses) arising during the period, Net of Tax Amount | (1,484) | 3,596 | (7,613) |
Less: reclassification adjustment for net gains on sales realized in net income, Net of Tax Amount | (822) | (413) | (2,203) |
Less: reclassification adjustment for other-than-temporary impairment on equity securities realized in net income, Net of Tax Amount | 3 | 0 | 0 |
Total net unrealized gains (losses) on available-for-sale investment securities, Net of Tax Amount | (2,303) | 3,183 | (9,816) |
Cash flow hedge derivative, Net of Tax Amount | |||
Net change in fair value of interest rate swap, Net of Tax Amount | (128) | (157) | 28 |
Less: reclassification adjustment for loss on termination of interest rate swap realized in net income, Net of Tax Amount | 0 | 0 | 1,213 |
Total cash flow hedge derivative, Net of Tax Amount | (128) | (157) | 1,241 |
Defined benefit pension plans, Net of Tax Amount | |||
Net unrealized (losses) gains arising during the period, Net of Tax Amount | (518) | (7,779) | 4,873 |
Less: amortization of net actuarial loss included in net periodic pension costs, Net of Tax Amount | 885 | 433 | 833 |
Less: accretion of prior service cost included in net periodic pension costs, Net of Tax Amount | (182) | (187) | (166) |
Total defined benefit pension plans, Net of Tax Amount | 185 | (7,533) | 5,540 |
Other comprehensive income (loss), Net of Tax Amount | (2,246) | (4,507) | (3,035) |
Total comprehensive income (loss), Net of Tax Amount | $ 25,022 | $ 17,724 | $ 18,154 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2012 | $ 284,277 | $ 91,332 | $ 62,101 | $ 164,823 | $ (6,920) | $ (27,059) |
Beginning balance, shares at Dec. 31, 2012 | 16,770,232 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 21,189 | $ 0 | 0 | 21,189 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | (3,035) | 0 | 0 | 0 | (3,035) | 0 |
Cash dividends declared ($0.80 per share) | (13,286) | 0 | 0 | (13,286) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,422 | $ 0 | 20 | (32) | 0 | 2,434 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 132,681 | |||||
Repurchase of cancelled restricted stock awards | 0 | $ 0 | 519 | 0 | 0 | (519) |
Repurchase of cancelled restricted stock awards, shares | (29,533) | |||||
Stock-based compensation | 978 | $ 0 | 978 | 0 | 0 | 0 |
Net tax deficiency on stock-based compensation | (27) | 0 | (27) | 0 | 0 | 0 |
Purchases of treasury stock | (12,012) | $ 0 | 0 | 0 | 0 | (12,012) |
Purchases of treasury stock, shares | (655,609) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,174) | (92) | 0 | 1,266 |
Restricted stock awards granted, shares | 70,041 | |||||
Ending balance at Dec. 31, 2013 | 280,506 | $ 91,332 | 62,417 | 172,602 | (9,955) | (35,890) |
Ending balance, shares at Dec. 31, 2013 | 16,287,812 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,231 | $ 0 | 0 | 22,231 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | (4,507) | 0 | 0 | 0 | (4,507) | 0 |
Cash dividends declared ($0.80 per share) | (12,982) | 0 | 0 | (12,982) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,462 | $ 0 | 43 | 0 | 0 | 2,419 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 124,151 | |||||
Exercise of stock options | 310 | $ 0 | (5) | 0 | 0 | 315 |
Exercise of stock options, shares | 17,334 | |||||
Repurchase of cancelled restricted stock awards | 0 | $ 0 | 735 | 0 | 0 | (735) |
Repurchase of cancelled restricted stock awards, shares | (43,452) | |||||
Stock-based compensation | 1,141 | $ 0 | 1,141 | 0 | 0 | 0 |
Net tax deficiency on stock-based compensation | (2) | 0 | (2) | 0 | 0 | 0 |
Purchases of treasury stock | (4,605) | $ 0 | 0 | 0 | 0 | (4,605) |
Purchases of treasury stock, shares | (238,542) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,349) | 0 | 0 | 1,349 |
Restricted stock awards granted, shares | 74,304 | |||||
Ending balance at Dec. 31, 2014 | 284,554 | $ 91,332 | 62,980 | 181,851 | (14,462) | (37,147) |
Ending balance, shares at Dec. 31, 2014 | 16,221,607 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 27,268 | $ 0 | 0 | 27,268 | 0 | 0 |
Other comprehensive loss, net of income tax benefit | (2,246) | 0 | 0 | 0 | (2,246) | 0 |
Cash dividends declared ($0.80 per share) | (15,673) | 0 | 0 | (15,673) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,434 | $ 0 | 52 | 0 | 0 | 2,382 |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs, shares | 123,391 | |||||
Stock Issued During Period, Value, Acquisitions | 76,666 | $ 18,939 | 57,727 | 0 | 0 | 0 |
Stock Issued During Period, Shares, Acquisitions | 3,787,866 | |||||
Exercise of stock options | $ 461 | $ 0 | (54) | 0 | 0 | 515 |
Exercise of stock options, shares | 27,999 | 27,999 | ||||
Repurchase of cancelled restricted stock awards | $ 0 | $ 0 | 318 | 0 | 0 | (318) |
Repurchase of cancelled restricted stock awards, shares | (19,934) | |||||
Stock-based compensation | 1,421 | $ 0 | 1,421 | 0 | 0 | 0 |
Net tax deficiency on stock-based compensation | 31 | 0 | 31 | 0 | 0 | 0 |
Purchases of treasury stock | (13,342) | $ 0 | 0 | 0 | 0 | (13,342) |
Purchases of treasury stock, shares | (675,754) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,195) | 0 | 0 | 1,195 |
Restricted stock awards granted, shares | 65,755 | |||||
Ending balance at Dec. 31, 2015 | $ 361,574 | $ 110,271 | $ 121,280 | $ 193,446 | $ (16,708) | $ (46,715) |
Ending balance, shares at Dec. 31, 2015 | 19,530,930 | 19,530,930 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 27,268 | $ 22,231 | $ 21,189 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan and lease losses | 3,802 | 3,607 | 11,228 |
Depreciation of premises and equipment | 3,757 | 3,243 | 2,927 |
Net gain on sales of investment securities | (1,265) | (635) | (3,389) |
Net gain on mortgage banking activities | (4,838) | (2,182) | (4,523) |
Net gain on sales and write-down of other real estate owned | (14) | (195) | (626) |
Loss on termination of interest rate swap | 0 | 0 | 1,866 |
Bank owned life insurance income | (1,295) | (1,628) | (2,968) |
Net amortization on investment securities | 1,284 | 1,690 | 2,729 |
Amortization, fair market value adjustments and capitalization of mortgage servicing rights | (368) | 10 | (1,367) |
Net accretion of acquisition accounting fair value adjustments | (2,048) | 0 | 0 |
Stock-based compensation | 1,421 | 1,141 | 978 |
Intangible expenses | 2,567 | 2,167 | 157 |
Other adjustments to reconcile net income to cash provided by operating activities | (119) | (627) | (246) |
Deferred tax expense | 3,816 | 4,162 | 933 |
Originations of loans held for sale | (209,464) | (131,461) | (265,732) |
Proceeds from the sale of loans held for sale | 212,613 | 132,278 | 273,665 |
Contributions to pension and other postretirement benefit plans | (2,271) | (254) | (2,243) |
Increase in accrued interest receivable and other assets | (663) | (1,093) | (2,873) |
Increase (decrease) in accrued interest payable and other liabilities | 1,442 | (587) | 1,101 |
Net cash provided by operating activities | 35,625 | 31,867 | 32,806 |
Cash flows from investing activities: | |||
Net cash paid due to acquisitions | (2,967) | (9,260) | (2,170) |
Net capital expenditures | (5,890) | (5,595) | (3,840) |
Proceeds from maturities and calls of securities held-to-maturity | 13,000 | 11,000 | 3,000 |
Proceeds from maturities and calls of securities available-for-sale | 79,482 | 58,744 | 85,205 |
Proceeds from sales of securities available-for-sale | 77,308 | 32,967 | 76,361 |
Purchases of investment securities available-for-sale | (162,722) | (65,215) | (81,712) |
Proceeds from sale of loans transferred to held for sale | 4,000 | 0 | 0 |
Proceeds from sale of credit card portfolio | 0 | 8,940 | 0 |
Net increase in loans and leases | (181,037) | (100,981) | (74,338) |
Net (increase) decrease in interest-earning deposits | (16,954) | 30,070 | 11,190 |
Proceeds from sales of other real estate owned | 14 | 891 | 4,359 |
Net decrease in federal funds sold | 17,442 | 0 | 0 |
Purchases of bank owned life insurance | (8,000) | 0 | 0 |
Proceeds from bank owned life insurance | 0 | 0 | 3,540 |
Net cash (used in) provided by investing activities | (186,324) | (38,439) | 21,595 |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | 147,572 | 16,843 | (20,515) |
Net (decrease) increase in short-term borrowings | (17,763) | 4,217 | (59,026) |
Proceeds from issuance of subordinated notes | 49,267 | 0 | 0 |
Repayment of subordinated debt | 0 | 0 | (375) |
Payment for repurchase of trust preferred securities | 0 | 0 | (20,619) |
Payment of contingent consideration on acquisitions | (2,631) | (310) | 0 |
Purchases of treasury stock | (13,342) | (4,605) | (12,012) |
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,434 | 2,462 | 2,422 |
Proceeds from exercise of stock options, including excess tax benefits | 534 | 310 | 0 |
Cash dividends paid | (15,011) | (12,996) | (10,029) |
Net cash provided by (used in) financing activities | 151,060 | 5,921 | (120,154) |
Net decrease (increase) in cash and due from banks | 361 | (651) | (65,753) |
Cash and due from banks at beginning of year | 31,995 | 32,646 | 98,399 |
Cash and due from banks at end of period | 32,356 | 31,995 | 32,646 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 8,099 | 4,118 | 5,997 |
Cash paid for income taxes, net of refunds | 2,142 | 5,899 | 5,352 |
Non cash transactions: | |||
Transfer of loans to other real estate owned | 320 | 0 | 3,485 |
Transfer of loans to loans held for sale | 4,000 | 8,926 | 0 |
Assets acquired through acquisitions | 425,185 | 0 | 0 |
Liabilities assumed through acquisitions | 389,795 | 0 | 0 |
Contingent consideration recorded as goodwill | $ 1,525 | $ 6,105 | $ 454 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization Univest Corporation of Pennsylvania (the Corporation) through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic commercial and consumer banking services and provides a full range of banking and trust services to its customers. The Bank wholly owns Univest Capital, Inc., which provides lease financing, and Delview, Inc., who through its subsidiaries, Univest Investments, Inc., Univest Insurance, Inc. and Girard Partners provides financial planning, investment management, investment advisory, insurance products and brokerage services. Univest Investments, Inc., Univest Insurance, Inc. and Univest Capital, Inc. were formed to enhance the traditional banking and trust services provided by the Bank, along with the acquisition of Girard Partners. At December 31, 2015 , the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines its segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. At December 31, 2015 , these segments meet the quantitative thresholds for separate disclosure as a business segment. For more detailed discussion and financial information on the business segments, see Note 23 “Segment Reporting”. The Bank serves Montgomery, Bucks and Chester Counties, the Lehigh Valley of Pennsylvania and the greater Philadelphia marketplace through twenty-nine banking offices and provides banking and trust services to the residents and employees of twelve retirement communities. Banking services are also available on-line at the Corporation’s website at www.univest.net. Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries; the Corporation’s primary subsidiary is the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and assessment for impairment of certain investment securities, reserve for loan and lease losses, valuation of goodwill and other intangible assets, mortgage servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2015 or 2014 . Securities not classified as held-to-maturity or trading are designated securities available-for-sale and carried at fair value with unrealized gains and losses reflected in other comprehensive income, net of estimated income taxes. Realized gains and losses on the sale of investment securities are recognized using the specific identification method and are included in the consolidated statements of income. The amortization of premiums and accretion of discounts are included in interest income and calculated using the level yield method. Management evaluates debt securities, which are comprised of U.S. government, government sponsored agencies, municipalities, corporate bonds and other issuers, for other-than-temporary impairment by considering the current economic conditions, the length of time and the extent to which the fair value has been less than cost, market interest rates and the bond rating of each security. All of the debt securities are rated as investment grade and management believes that it will not incur any losses. The unrealized losses on the Corporation’s investments in debt securities are temporary in nature since they are primarily related to market interest rates and are not related to the underlying credit quality of the issuers. The Corporation does not have the intent to sell the debt securities and believes it is more likely than not, that it will not have to sell the securities before recovery of their cost basis. The credit portion of any loss on debt securities is recognized through earnings and the noncredit portion of any loss related to debt securities that the Corporation does not intend to sell, and it is more likely than not that the Corporation will not be required to sell the securities prior to recovery, is recognized in other comprehensive income, net of tax. The Corporation evaluates its equity securities for other-than-temporary impairment and recognizes other-than-temporary impairment charges when it has determined that it is probable that the fair value of certain equity securities will not recover to the Corporation’s cost basis in the individual securities within a reasonable period of time due to a decline in the financial stability of the underlying companies. Management evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. The Corporation has the intent and ability to hold these securities until recovery of the Corporation’s cost basis occurs. Loans and Leases Loans and leases are stated at the principal amount less net deferred fees and unearned discount. Interest income on commercial loans, real estate loans excluding residential real estate loans, and consumer loans is recorded on the outstanding balance method, using actual interest rates applied to daily principal balances. Interest on residential real estate loans is recorded based on the outstanding balance using the actual interest rate based upon a monthly interest calculation. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level that management believes is appropriate to absorb known and inherent losses in the loan and lease portfolio. Management’s methodology to determine the adequacy of and the additions to the reserve considers specific credit reviews, past loan and lease loss experience, current economic conditions and trends, and the volume, growth, and composition of the loan portfolio. The reserve for loan and lease loss analysis takes into consideration the growth of the loan and lease portfolio, the status of past-due loans and leases, current economic conditions, various types of lending activity, policies, real estate and other loan commitments, and significant changes in charge-off activity. Impaired loans, including nonaccrual loans and leases, troubled debt restructured loans and other accruing impaired loans are evaluated individually. All other loans and leases are evaluated as pools. Based on historical loss experience and qualitative factors, loss factors are determined giving consideration to the areas noted in the first paragraph and applied to the pooled loan and lease categories to develop the general or allocated portion of the reserve. The reserve for loan and lease losses is determined at the end of each quarter, and more frequently for management review purposes. Calculating the Corporation's reserve for loan and lease losses begins with the Bank's loan portfolio utilizing historical loss data as a starting point, while evaluating the impact of environmental factors in a quantitative manner as they relate to the collectability of outstanding loan obligations. The Corporation utilizes a rolling eight-quarter migration analysis and loss emergence period analysis to determine the annualized net expected loan loss experience. Each quarter, the conditions that exist within the look-back period are compared to current conditions to support a conclusion as to which qualitative adjustments are (or are not) deemed necessary for each loan portfolio segment. These factors are evaluated subjectively based on management's experience and supported by the Corporation's defined analytical metrics/drivers relative to the historical look-back period. Factors include, but are not limited to, asset quality trends, portfolio growth trends, changes in lending policies and management, economic trends, concentrations of credit risk and the impact of collateral dependent lending. The reserve for loan and lease losses is based on management’s evaluation of the loan and lease portfolio under current economic conditions and such other factors, which deserve recognition in estimating loan and lease losses. This evaluation is inherently subjective, as it requires estimates including the amounts and timing of future cash flows expected to be received on impaired loans and leases that may be susceptible to significant change. Additions to the reserve arise from the provision for loan and lease losses charged to operations or from the recovery of amounts previously charged off. Loan and lease charge-offs reduce the reserve. Loans and leases are charged off when there has been permanent impairment or when in the opinion of management the full amount of the loan or lease will not be realized. Certain impaired loans are reported at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, or for certain impaired loans, at the present value of expected future cash flows using the loan’s initial effective interest rate. For commercial impaired loans which are collateral dependent, the fair value of collateral is based on appraisals performed by qualified licensed appraisers hired by the Corporation less management’s estimated costs to sell. Appraisals are updated annually and obtained more frequently if changes in the property or market conditions warrant. Once an updated appraisal is received, if the fair value less estimated costs to sell is less than the carrying amount of the collateral dependent loan, a charge-off to the reserve for loan and lease losses is recorded for the difference. The reserve for loan and lease losses consists of an allocated reserve and an unallocated reserve. The allocated reserve is comprised of reserves established on specific loans and leases, and class reserves based on historical loan and lease loss experience and qualitative factors, current trends, and management assessments. The unallocated reserve supports other risk considerations not readily quantifiable through the allocated reserve metrics outlined above, as well as the inherent imprecision of the reserve for loan and lease losses model complexity. These considerations include, but are not limited to, the improving credit risk profile of performing loans individually measured for impairment, less than fully seasoned home equity portfolio metrics and reclassification of loan settlement exposures. The specific reserve element is based on a regular analysis of impaired commercial and real estate loans. For these loans, the specific reserve established is based on an analysis of related collateral value, cash flow considerations and, if applicable, guarantor capacity. The class reserve element is determined by an internal loan and lease grading process in conjunction with associated allowance factors. The Corporation revises the class allowance factors whenever necessary, but no less than quarterly, in order to address improving or deteriorating credit quality trends or specific risks associated with a given loan or lease pool classification. The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. In addition, the Bank's primary examiner, as a regular part of their examination process, may require the Bank to increase the level of reserves. Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets. The estimated useful life for new buildings constructed on land owned is forty years , and for new buildings constructed on leased land, is the lesser of forty years or the lease term including anticipated renewable terms. The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Land improvements are considered to have estimated useful lives of fifteen years or the lease term including anticipated renewable terms. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years . Customer related intangibles are amortized over their estimated useful lives of five to twelve years. Covenants not to compete are amortized over their three to five -year contractual lives. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. There can be no assurance that future impairment analyses will not result in a charge to earnings. Mortgage servicing rights are recognized as separate assets when mortgage loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing period of the underlying mortgage loans. Mortgage servicing rights are evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amount. Bank Owned Life Insurance The Corporation carries bank owned life insurance at the net cash surrender value of the policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. Other Real Estate Owned Other real estate owned represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is stated at an amount equal to the loan balance prior to foreclosure, plus costs incurred for improvements to the property, but no more than the fair value of the property, less estimated costs to sell. Any write-down, at or prior to the dates the real estate is considered foreclosed, is charged to the allowance for loan losses. Subsequent write-downs and any gain or loss upon the sale of real estate owned is recorded in other noninterest income. Expenses incurred in connection with holding such assets are recorded in other noninterest expense. Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying forecasted transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values Federal Home Loan Bank stock, Federal Reserve Bank stock and certain other investments without readily determinable fair values are classified as other assets on the consolidated balance sheets. These investments are carried at cost and evaluated for impairment periodically or if events or circumstances indicate that there may be impairment. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are “more likely than not.” If management determines that the Corporation is not more likely than not, to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a non-deductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Effective December 31, 2009, the benefits previously accrued under the noncontributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion effective December 31, 2009, the plan provided benefits based on a formula of each participant’s final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits, a portion of which is in excess of limits imposed on qualified plans by federal tax law; these plans are non-qualified benefit plans. These non-qualified benefit plans are not offered to new participants; all current participants are now retired. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation’s measurement date for plan assets and obligation is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 for employees who have served for several years, with ability and distinction, in one of the primary policy-making senior level positions in the Corporation. The SNQPP was established prior to the existence of a 401(k) deferred salary savings, employee stock purchase and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. These non-qualified plans are accounted for under guidance for deferred compensation arrangements. Stock-Based Compensation The fair value of share based awards is recognized as compensation expense over the vesting period based on the grant-date fair value of the awards. The Corporation uses the Black-Scholes Model to estimate the fair value of each option on the date of grant. The Black-Scholes Model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Corporation grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The Corporation grants both fixed and variable (performance-based) restricted stock. The performance-based restricted stock awards vest based upon the Corporation’s performance against selected peers with respect to certain financial measures over a three -year period. The fair value of fixed restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. The fair value of the performance-based restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period adjusted for a probability factor of achieving the performance goals. Dividend Reinvestment and Employee Stock Purchase Plans The Univest Dividend Reinvestment Plan allows for the issuance of 1,968,750 shares of common stock. During 2015 and 2014 , 87,946 and 82,922 shares, respectively, were issued under the dividend reinvestment plan, with 464,235 shares available for future purchase at December 31, 2015 . The 1996 Employee Stock Purchase Plan allows for the issuance of 984,375 shares of common stock. Employees may elect to make contributions to the plan in an aggregate amount not less than 2% or more than 10% of such employee’s total compensation. These contributions are then used to purchase stock during an offering period determined by the Corporation’s Employee Stock Purchase Plan Committee. The purchase price of the stock is 90% of the closing sale price on the last trading day of each quarter. Compensation expense is recognized as the discount is greater than 5% of the fair value. During 2015 and 2014 , 26,440 and 23,271 shares, respectively, were issued under the employee stock purchase plan, with 706,184 shares available for future purchase at December 31, 2015 . Marketing and Advertising Costs The Corporation’s accounting policy is to expense marketing and advertising costs as incurred, when the advertisement first takes place, or over the expected useful life of the related asset, as would be the case with billboards. Statement of Cash Flows The Corporation has defined those items included in the caption “Cash and due from banks” as cash and cash equivalents. Trust Assets Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if options on common shares had been exercised, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may b |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts | Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts The Bank maintains reserve balances under Federal Reserve Bank requirements. The reserve requirement at December 31, 2015 and 2014 was $4.2 million and $2.5 million , respectively, and was satisfied by vault cash held at the Bank’s branches. The average balances at the Federal Reserve Bank of Philadelphia were $36.5 million and $31.5 million for the years ended December 31, 2015 and 2014 , respectively. The Corporation maintains interest-earning deposit accounts at other financial institutions as collateral for risk participation agreements and an interest rate swap agreement. The pledging requirement at December 31, 2015 and 2014 was $460 thousand and $670 thousand , respectively. See Note 16, “Commitments and Contingencies” and Note 17, "Derivative Instruments and Hedging Activities" for additional information. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Acquisitions Fox Chase Bancorp On December 8, 2015 the Corporation and Fox Chase Bancorp, Inc. (Fox Chase), parent company of Fox Chase Bank, entered into an Agreement and Plan of Merger pursuant to which Fox Chase will be merged with and into the Corporation in a cash and stock transaction with an aggregate value of approximately $239.3 million . Fox Chase had approximately $1.1 billion in assets, $767.7 million in loans, and $765.0 million in deposits at December 31, 2015. Fox Chase's main office is in Hatboro, Pennsylvania and operates full-service banking offices in Pennsylvania and New Jersey. Upon completion, the Corporation's presence will expand in Bucks, Chester, Philadelphia and Montgomery counties in Pennsylvania and into Atlantic and Cape May counties in New Jersey, complementing and expanding the Corporation's existing network of financial centers. Upon completion of the merger, Fox Chase shareholders will have the right to receive either $21.00 in cash, or a fixed exchange ratio of 0.9731 shares of the Corporation’s common stock, or a combination of the two, for outstanding shares of Fox Chase. The stock/cash election is subject to allocation provisions to assure that 40% of Fox Chase shares receive cash consideration and 60% of Fox Chase shares receive stock consideration. The Merger Agreement has been approved by the Boards of Directors of the Corporation, the Bank, Fox Chase and Fox Chase Bank and remains subject to approval by the shareholders of both companies, as well as their regulatory authorities. The transaction is expected to qualify as a tax-free reorganization for federal income tax purposes. The transaction is expected to close in the third quarter of 2016. Valley Green Bank On January 1, 2015 , the Corporation completed the acquisition of Valley Green Bank. The merger of Valley Green Bank with and into the Bank was effected pursuant to the terms and conditions of the Agreement and Plan of Merger (Merger Agreement) dated June 17, 2014 . Headquartered in the Mt. Airy neighborhood of Philadelphia, Pennsylvania, Valley Green operated three full-service banking offices and two administrative offices for loan production in the greater Philadelphia marketplace. With the assumption of Valley Green Bank’s three branches and two administrative offices for loan production in the Philadelphia marketplace, the Corporation entered a new small business and consumer market and expanded its existing lending network within southeastern Pennsylvania. The acquisition was an all-stock transaction with an aggregate value of approximately $77 million . Pursuant to the Merger Agreement, each share of Valley Green Bank common stock was cancelled and converted into the right to receive 1.3541 shares of Univest common stock, $5 par value, with any fractional share entitled to payment in cash. As a result, the Corporation delivered 3,787,866 shares of the Corporation's common stock to the former shareholders of Valley Green Bank. Valley Green Bank outstanding stock options of 122,377 were exchanged for cash and related payroll taxes of $2.2 million . Approximately $3 thousand in cash was paid for fractional shares. The transaction was accounted for using the acquisition method of accounting, which required the Corporation to allocate the total consideration transferred to the assets acquired and liabilities assumed, based on their respective fair values at the merger date, with remaining excess consideration recorded as goodwill. The fair value of total assets acquired as a result of the merger totaled $425.2 million , which included $380.9 million in loans and $385.9 million in deposits at January 1, 2015 . The results of Valley Green Bank's operations have been included in the Corporation consolidated financial statements prospectively from the date of the merger. The following table summarized the consideration paid for Valley Green Bank and the fair value of assets acquired and liabilities assumed at the acquisition date: (Dollars in thousands, except share data) Purchase price consideration in common stock: Valley Green common shares outstanding 2,797,454 Exchange ratio 1.3541 Univest shares issued 3,787,866 Univest closing stock price at December 31, 2014 $ 20.24 Purchase price assigned to Valley Green common shares exchanged for Univest stock $ 76,667 Purchase price assigned to cash in lieu of fractional shares 3 Purchase price assigned to Valley Green options settled for cash 2,236 Total purchase price $ 78,906 Fair value of assets acquired: Cash and due from banks $ 4,919 Federal funds sold 17,442 Investment securities available-for-sale 12,766 Loans held for investment 380,924 Premises and equipment, net 2,973 Core deposit intangible * 1,520 Accrued interest receivable and other assets 4,641 Total identifiable assets $ 425,185 Fair value of liabilities assumed: Deposits - noninterest bearing $ 49,102 Deposits - interest bearing 336,810 Change in control accrued payments 2,070 Accrued interest payable and other liabilities 1,813 Total liabilities $ 389,795 Identifiable net assets 35,390 Goodwill resulting from merger * $ 43,516 * Goodwill is not deductible for federal income tax purposes. The goodwill and core deposit intangible are allocated to the Banking business segment. The following is a description of the valuation methodologies used to estimate the fair values of major categories of assets acquired and liabilities assumed. In many cases, determining the fair value of the acquired assets and assumed liabilities required the Corporation to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest, which required the utilization of significant estimates and judgment in accounting for the acquisition. Cash and due from banks and federal funds sold: The estimated fair values of cash and due from banks and federal fund sold approximated their stated value. Investment securities available-for-sale: The estimated fair values of the investment securities available for sale, comprised of U.S. government corporations and agencies, were determined using Level 2 inputs in the fair value hierarchy. The fair values were determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilized evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. Management reviewed the data and assumptions used in pricing the securities. Loans held for investment: The most significant fair value determination related to the valuation of acquired loans. The acquisition resulted in loans acquired with and without evidence of credit quality deterioration. There was no carryover related allowance for loan and lease losses. The acquired loan portfolio was valued based on current guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs were utilized to value the portfolio and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Corporation used assumptions in an effort to determine reasonable fair value. Specifically, management utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value analysis; and 3) specific credit fair value analysis. For loans acquired without evidence of credit quality deterioration, the Corporation prepared the interest rate loan fair value analysis. Loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. Additionally a general credit fair value adjustment was calculated using a two part general credit fair value analysis: 1) expected lifetime losses; and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the Bank, Valley Green Bank and peer banks. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to a lack of specific familiarity with Valley Green Bank's underwriting process. Valley Green's loan portfolio without evidence of credit quality deterioration was recorded at a current fair value of $379.2 million . A fair value premium of $4.4 million was recognized to reflect the fair values of loans. A fair value discount of $5.5 million was recognized to reflect the general credit risk of the loan portfolio. The adjustment will be substantially recognized as interest income over approximately 10 years on a level yield amortization method based upon the expected life of the loans. For loans acquired with evidence of credit quality deterioration the Corporation prepared a specific credit fair value adjustment. Management reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount. The accretable yield amount will be recognized over the life of the loans on a level yield basis as an adjustment to yield. Any disposals of loans, including sales of loans, payments in full or foreclosures result in the derecognition of the loan at its carrying value with differences in actual results reflected in interest income. At the acquisition date, the Corporation recorded $1.7 million of acquired impaired loans subject to a nonaccretable discount difference of $5.3 million . The aggregate expected cash flows less the acquisition date fair value results in an accretable yield amount of $305 thousand , which will be recognized over the life of the loans on a level yield basis as an adjustment to yield. The following is a summary of the acquired impaired loans at January 1, 2015 resulting from the acquisition with Valley Green: (Dollars in thousands) Contractually required principal and interest payments $ 7,377 Contractual cash flows not expected to be collected (nonaccretable difference) (5,344 ) Cash flows expected to be collected 2,033 Interest component of expected cash flows (accretable difference) (305 ) Fair value of loans acquired with a deterioration of credit quality $ 1,728 Bank premises - leased: The Corporation assumed five facility lease contracts and no owned properties. The fair value of the lease contracts represents the present value of the pre-tax differential between the expected contractual payments and current market rate lease payments to the first lease termination date discounted by an assumed required rate of return. Core deposit intangible: Core deposit intangible represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of the acquisition. The core deposit intangible fair value represents the future economic benefit, including the present value of future tax benefits, of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost of alternative funding sources and was valued utilizing Level 3 inputs. The core deposit intangible of $1.5 million will be amortized using the sum of the years digits method over an estimated life of 10 years . Deposits: The fair values of demand and saving deposits, with no stated maturities, approximated the carrying value as these accounts are payable on demand. The fair values of time deposits with fixed maturities were estimated by discounting the final maturity using current market interest rate for similar instruments. A fair value premium of $686 thousand was recognized and will be recognized as a reduction to interest expense using a level yield amortization method over the life of the time deposit. The fair value of time deposits were determined using Level 2 inputs in the fair value hierarchy. Deferred tax assets and liabilities: Deferred tax assets and liabilities were established for purchase accounting fair value adjustments as the future amortization/accretion of these adjustments represent temporary differences between book income and taxable income. Direct costs related to the acquisition were expensed as incurred. For the year ended December 31, 2015 , the Corporation incurred $2.0 million of Valley Green Bank integration and acquisition-related costs, which have been separately stated in the Corporation's consolidated statements of income. Supplemental Pro Forma Financial Information (unaudited) The following unaudited pro forma combined consolidated financial information for the years ended December 31, 2015 and 2014 combine the historical consolidated results of the Corporation and Valley Green Bank and give effect to the merger as if the merger occurred on January 1, 2015 and January 1, 2014 , respectively. The pro forma information has been prepared to include the estimated adjustments necessary to record the assets and liabilities of Valley Green Bank at their respective fair values. Furthermore, the unaudited proforma information does not reflect management’s estimate of any revenue-enhancing opportunities or anticipated cost savings. The pro forma data is not necessarily indicative of the operating results that the Corporation would have achieved had it completed the merger as of the beginning of the period presented and should not be considered as representative of future operations. The unaudited pro forma data presented below is based on, and should be read together with, the historical financial information of the Corporation included in this Form 10-K for the indicated periods and the historical information of Valley Green Bank included in the Corporation's Current Report on Form 8-K filed with the SEC on January 7, 2015. Pro Forma For the Years Ended December 31, (Dollars in thousands, except share data) 2015 2014 Net interest income $ 93,394 $ 92,240 Noninterest income 52,949 49,325 Noninterest expense 105,515 98,729 Net income 27,268 27,468 Earnings per share Basic 1.39 1.37 Diluted 1.39 1.37 * The year ended December 31, 2015 included integration and acquisition-related costs associated with Valley Green Bank incurred during the first and second quarters of $2.0 million ( $1.3 million , net of tax), or $0.07 diluted earnings per share on a tax affected basis. The year ended December 31, 2015 also included $540 thousand ( $493 thousand , net of tax) of acquisition-related costs associated with the pending merger with Fox Chase Bancorp during the fourth quarter, or $0.03 diluted earnings per share on a tax affected basis. The year ended December 31, 2015 included restructuring charges of $1.6 million ( $1.1 million , net of tax), incurred in the second quarter, related to the consolidation of six financial centers in September of 2015 under the Bank's optimization plan or $0.05 diluted earnings per share on a tax affected basis. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2015 and 2014 , by contractual maturity within each type: At December 31, 2015 At December 31, 2014 (Dollars in thousands) Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity Corporate bonds: Within 1 year $ 21,047 $ 134 $ — $ 21,181 $ 13,088 $ 82 $ — $ 13,170 After 1 year to 5 years 19,943 1 (64 ) 19,880 41,259 388 (52 ) 41,595 40,990 135 (64 ) 41,061 54,347 470 (52 ) 54,765 Total $ 40,990 $ 135 $ (64 ) $ 41,061 $ 54,347 $ 470 $ (52 ) $ 54,765 Securities Available-for-Sale U.S. treasuries: After 1 year to 5 years $ 4,978 $ — $ (91 ) $ 4,887 $ 4,972 $ — $ (127 ) $ 4,845 4,978 — (91 ) 4,887 4,972 — (127 ) 4,845 U.S. government corporations and agencies: Within 1 year 10,389 — (29 ) 10,360 — — — — After 1 year to 5 years 92,148 26 (378 ) 91,796 122,328 48 (532 ) 121,844 102,537 26 (407 ) 102,156 122,328 48 (532 ) 121,844 State and political subdivisions: Within 1 year — — — — 600 2 — 602 After 1 year to 5 years 17,362 80 (29 ) 17,413 12,326 17 (59 ) 12,284 After 5 years to 10 years 47,969 1,188 (32 ) 49,125 49,554 1,616 (77 ) 51,093 Over 10 years 34,334 1,160 — 35,494 37,004 1,792 (1 ) 38,795 99,665 2,428 (61 ) 102,032 99,484 3,427 (137 ) 102,774 Residential mortgage-backed securities: After 1 year to 5 years 9,713 12 (13 ) 9,712 5,066 17 — 5,083 After 5 years to 10 years 60 — — 60 4,856 — (32 ) 4,824 Over 10 years 3,517 65 — 3,582 3,661 75 — 3,736 13,290 77 (13 ) 13,354 13,583 92 (32 ) 13,643 Collateralized mortgage obligations: Over 10 years 3,215 — (82 ) 3,133 3,810 — (85 ) 3,725 3,215 — (82 ) 3,133 3,810 — (85 ) 3,725 Corporate bonds: Within 1 year 250 — — 250 4,998 22 — 5,020 After 1 year to 5 years 19,446 25 (158 ) 19,313 29,505 88 (244 ) 29,349 After 5 years to 10 years 10,148 — (266 ) 9,882 20,442 — (371 ) 20,071 Over 10 years 60,000 — (2,770 ) 57,230 — — — — 89,844 25 (3,194 ) 86,675 54,945 110 (615 ) 54,440 Money market mutual funds: No stated maturity 16,726 — — 16,726 11,675 — — 11,675 16,726 — — 16,726 11,675 — — 11,675 Equity securities: No stated maturity 426 381 — 807 854 483 — 1,337 426 381 — 807 854 483 — 1,337 Total $ 330,681 $ 2,937 $ (3,848 ) $ 329,770 $ 311,651 $ 4,160 $ (1,528 ) $ 314,283 Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties. Unrealized losses in investment securities at December 31, 2015 and 2014 do not represent other-than-temporary impairments. Securities with a carrying value of $210.1 million and $230.9 million at December 31, 2015 and 2014 , respectively, were pledged to secure public deposits and for other purposes as required by law. The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2015 , 2014 and 2013 : For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Securities available-for-sale: Proceeds from sales $ 77,308 $ 32,967 $ 76,361 Gross realized gains on sales 1,295 635 3,396 Gross realized losses on sales 30 — 7 Tax expense related to net realized gains on sales 443 222 1,186 The Corporation did not recognize any other-than-temporary impairment charges on debt securities for the years ended December 31, 2015 , 2014 and 2013 . The Corporation realized other-than-temporary impairment charges to noninterest income of $5 thousand , $0 thousand , and $0 thousand on its equity portfolio during the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 and 2014 , there were no investments in any single non-federal issuer representing more than 10% of shareholders’ equity. The following table shows the fair value of securities that were in an unrealized loss position at December 31, 2015 and 2014 by the length of time those securities were in a continuous loss position: Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2015 Securities Held-to-Maturity Corporate bonds $ 12,078 $ (9 ) $ 4,953 $ (55 ) $ 17,031 $ (64 ) Total $ 12,078 $ (9 ) $ 4,953 $ (55 ) $ 17,031 $ (64 ) Securities Available-for-Sale U.S. treasuries $ — $ — $ 4,887 $ (91 ) $ 4,887 $ (91 ) U.S. government corporations and agencies 72,157 (379 ) 4,972 (28 ) 77,129 (407 ) State and political subdivisions 10,251 (49 ) 1,335 (12 ) 11,586 (61 ) Residential mortgage-backed securities 4,751 (13 ) — — 4,751 (13 ) Collateralized mortgage obligations — — 3,133 (82 ) 3,133 (82 ) Corporate bonds 72,234 (2,941 ) 10,669 (253 ) 82,903 (3,194 ) Total $ 159,393 $ (3,382 ) $ 24,996 $ (466 ) $ 184,389 $ (3,848 ) At December 31, 2014 Securities Held-to-Maturity Corporate bonds $ 15,036 $ (27 ) $ 4,987 $ (25 ) $ 20,023 $ (52 ) Total $ 15,036 $ (27 ) $ 4,987 $ (25 ) $ 20,023 $ (52 ) Securities Available-for-Sale U.S. treasuries $ — $ — $ 4,845 $ (127 ) $ 4,845 $ (127 ) U.S. government corporations and agencies 39,607 (80 ) 62,140 (452 ) 101,747 (532 ) State and political subdivisions 10,246 (31 ) 9,303 (106 ) 19,549 (137 ) Residential mortgage-backed securities 4,824 (32 ) — — 4,824 (32 ) Collateralized mortgage obligations — — 3,725 (85 ) 3,725 (85 ) Corporate bonds 21,949 (328 ) 15,805 (287 ) 37,754 (615 ) Total $ 76,626 $ (471 ) $ 95,818 $ (1,057 ) $ 172,444 $ (1,528 ) |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories At December 31, 2015 At December 31, 2014 (Dollars in thousands) Originated Acquired Total Total Commercial, financial and agricultural $ 479,980 $ 24,535 $ 504,515 $ 457,827 Real estate-commercial 759,342 126,550 885,892 628,478 Real estate-construction 91,904 4,637 96,541 79,887 Real estate-residential secured for business purpose 94,280 124,503 218,783 36,932 Real estate-residential secured for personal purpose 177,850 3,305 181,155 166,850 Real estate-home equity secured for personal purpose 125,361 11,594 136,955 108,250 Loans to individuals 29,406 326 29,732 29,941 Lease financings 125,440 — 125,440 118,460 Total loans and leases held for investment, net of deferred income $ 1,883,563 $ 295,450 $ 2,179,013 $ 1,626,625 Unearned lease income, included in the above table $ (13,829 ) $ — $ (13,829 ) $ (14,131 ) Net deferred costs, included in the above table 4,244 — 4,244 3,218 Overdraft deposits included in the above table 35 — 35 50 Overdraft deposits are re-classified as loans and are included in the total loans and leases on the balance sheet. The carrying amount of acquired loans at December 31, 2015 totaled $295.5 million , including $1.3 million of loans acquired with deteriorated credit quality, or acquired credit impaired loans from the Valley Green Bank acquisition. Acquired credit impaired loans are accounted for in accordance with ASC Topic 310-30. See Note 3, "Acquisition" for additional information. The outstanding principal balance and carrying amount for acquired credit impaired loans at December 31, 2015 were as follows: (Dollars in thousands) At December 31, 2015 Outstanding principal balance $ 3,551 Carrying amount 1,253 Allowance for loan losses 8 The following table presents the changes in accretable yield on acquired credit impaired loans: (Dollars in thousands) For the Year Ended December 31, 2015 Beginning of period $ — Acquisition of credit impaired loans 305 Reclassification from nonaccretable difference 574 Accretable yield amortized to interest income (717 ) Disposals (18 ) End of period $ 144 The Corporation is a lessor of equipment under agreements expiring at various dates through the year 2023 . At December 31, 2015 and 2014 , the schedule of minimum lease payments receivable is as follows: At December 31, (Dollars in thousands) 2015 2014 Within 1 year $ 54,093 $ 50,340 After 1 year through 2 years 40,250 38,084 After 2 years through 3 years 25,940 25,888 After 3 years through 4 years 13,914 13,667 After 4 years through 5 years 4,853 4,312 Thereafter 219 300 Total future minimum lease payments receivable 139,269 132,591 Less: Unearned income (13,829 ) (14,131 ) Total lease financing receivables, net of unearned income $ 125,440 $ 118,460 Age Analysis of Past Due Loans and Leases The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and the recorded investment in loans and leases 90 days or more past due which are accruing interest at December 31, 2015 and 2014 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At December 31, 2015 Commercial, financial and agricultural $ 864 $ 298 $ 4,279 $ 5,441 $ 498,757 $ 317 $ 504,515 $ — Real estate—commercial real estate and construction: Commercial real estate 12,103 — 1,102 13,205 872,174 513 885,892 — Construction — — — — 96,541 — 96,541 — Real estate—residential and home equity: Residential secured for business purpose 1,406 2,356 727 4,489 213,871 423 218,783 — Residential secured for personal purpose 990 69 309 1,368 179,787 — 181,155 — Home equity secured for personal purpose 777 52 174 1,003 135,952 — 136,955 — Loans to individuals 198 97 173 468 29,264 — 29,732 173 Lease financings 1,294 652 646 2,592 122,848 — 125,440 206 Total $ 17,632 $ 3,524 $ 7,410 $ 28,566 $ 2,149,194 $ 1,253 $ 2,179,013 $ 379 At December 31, 2014 Commercial, financial and agricultural $ 145 $ 747 $ 2,567 $ 3,459 $ 454,368 $ — $ 457,827 $ — Real estate—commercial real estate and construction: Commercial real estate 361 913 1,163 2,437 626,041 — 628,478 — Construction — 405 5,525 5,930 73,957 — 79,887 — Real estate—residential and home equity: Residential secured for business purpose 167 56 713 936 35,996 — 36,932 — Residential secured for personal purpose 409 604 60 1,073 165,777 — 166,850 — Home equity secured for personal purpose 348 — 215 563 107,687 — 108,250 31 Loans to individuals 365 65 365 795 29,146 — 29,941 365 Lease financings 1,610 406 435 2,451 116,009 — 118,460 55 Total $ 3,405 $ 3,196 $ 11,043 $ 17,644 $ 1,608,981 $ — $ 1,626,625 $ 451 Non-Performing Loans and Leases The following presents, by class of loans and leases, non-performing loans and leases at December 31, 2015 and 2014 : At December 31, 2015 2014 (Dollars in thousands) Nonaccrual Accruing Loans and Total Non- Nonaccrual Accruing Loans and Total Non- Commercial, financial and agricultural $ 6,915 $ 1,602 $ — $ 8,517 $ 5,002 $ 2,851 $ — $ 7,853 Real estate—commercial real estate and construction: Commercial real estate 4,314 2,449 — 6,763 4,413 2,618 — 7,031 Construction — — — — 5,931 — — 5,931 Real estate—residential and home equity: Residential secured for business purpose 1,863 763 — 2,626 915 — — 915 Residential secured for personal purpose 376 421 — 797 512 — — 512 Home equity secured for personal purpose 275 — — 275 184 — 31 215 Loans to individuals — — 173 173 — — 365 365 Lease financings 440 10 206 656 380 — 55 435 Total $ 14,183 $ 5,245 $ 379 $ 19,807 $ 17,337 $ 5,469 $ 451 $ 23,257 * Includes nonaccrual troubled debt restructured loans and lease modifications of $93 thousand and $3.1 million at December 31, 2015 and December 31, 2014 , respectively. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2015 and 2014 . The Corporation employs a ten (10) grade risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose of which the first six categories are pass categories (credits not adversely rated). The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. Loans with risk ratings of one through five are reviewed based on the relationship dollar amount with the borrower: loans with a relationship total of $2.5 million or greater are reviewed quarterly; loans with a relationship balance of less than $2.5 million but greater than $500 thousand are reviewed annually based on the borrower’s fiscal year; loans with a relationship balance of less than $500 thousand are reviewed only if the loan becomes 60 days or more past due. Loans with a risk rating of six are also reviewed based on the relationship dollar amount with the borrower: loans with a relationship balance of $2.0 million or greater are reviewed quarterly; loans with a relationship balance of less than $2.0 million but greater than $500 thousand are reviewed annually; loans with a relationship balance of less than $500 thousand are reviewed only if the loan becomes 60 days or more past due. Loans with a risk rating of seven are reviewed at least quarterly, and as often as monthly, at management’s discretion. Loans with risk ratings of eight through ten are reviewed monthly. 1. Cash Secured—No credit risk 2. Fully Secured—Negligible credit risk 3. Strong—Minimal credit risk 4. Satisfactory—Nominal credit risk 5. Acceptable—Moderate credit risk 6. Pre-Watch—Marginal, but stable credit risk 7. Special Mention—Potential weakness 8. Substandard—Well-defined weakness 9. Doubtful—Collection in-full improbable 10. Loss—Considered uncollectible Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2015 Grade: 1. Cash secured/ 2. Fully secured $ 968 $ — $ 5,417 $ — $ 6,385 3. Strong 17,328 10,877 — — 28,205 4. Satisfactory 36,697 36,023 450 9 73,179 5. Acceptable 328,140 530,766 72,630 78,659 1,010,195 6. Pre-watch 61,098 119,117 13,262 7,161 200,638 7. Special Mention 6,074 20,286 — 2,347 28,707 8. Substandard 29,675 42,273 145 6,104 78,197 9. Doubtful — — — — — 10. Loss — — — — — Total $ 479,980 $ 759,342 $ 91,904 $ 94,280 $ 1,425,506 At December 31, 2014 Grade: 1. Cash secured/ 2. Fully secured $ 4,248 $ — $ 1,262 $ — $ 5,510 3. Strong 14,013 8,504 3,897 — 26,414 4. Satisfactory 23,931 30,587 8,731 339 63,588 5. Acceptable 301,425 402,719 55,111 24,535 783,790 6. Pre-watch 65,993 123,129 4,956 5,384 199,462 7. Special Mention 7,166 17,505 — 1,304 25,975 8. Substandard 41,051 46,034 5,930 5,370 98,385 9. Doubtful — — — — — 10. Loss — — — — — Total $ 457,827 $ 628,478 $ 79,887 $ 36,932 $ 1,203,124 The following table presents classifications for acquired loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2015 Grade: 1. Cash secured/ 2. Fully secured $ 1,411 $ — $ — $ — $ 1,411 3. Strong — — — — — 4. Satisfactory 1,181 3,561 — 608 5,350 5. Acceptable 18,446 102,122 4,637 113,002 238,207 6. Pre-watch 2,273 10,365 — 8,153 20,791 7. Special Mention 417 8,853 — 367 9,637 8. Substandard 807 1,649 — 2,373 4,829 9. Doubtful — — — — — 10. Loss — — — — — Total $ 24,535 $ 126,550 $ 4,637 $ 124,503 $ 280,225 The Corporation did not have any acquired loans at December 31, 2014. Credit Exposure—Real Estate—Residential Secured for Personal Purpose, Real Estate—Home Equity Secured for Personal Purpose, Loans to Individuals, Lease Financing Credit Risk Profile by Payment Activity The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: residential real estate loans secured for a personal purpose, home equity loans secured for a personal purpose, loans to individuals and lease financings. Nonperforming loans and leases are loans past due 90 days or more, loans and leases on nonaccrual of interest and troubled debt restructured loans and lease modifications. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due. Nonperforming loans and leases are reviewed monthly. Performing loans and leases have a nominal to moderate risk of loss. Nonperforming loans and leases are loans or leases with a well-defined weakness and where collection in-full is unlikely. The following table presents classifications for originated loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2015 Performing $ 177,053 $ 125,086 $ 29,233 $ 124,784 $ 456,156 Nonperforming 797 275 173 656 1,901 Total $ 177,850 $ 125,361 $ 29,406 $ 125,440 $ 458,057 At December 31, 2014 Performing $ 166,338 $ 108,035 $ 29,576 $ 118,025 $ 421,974 Nonperforming 512 215 365 435 1,527 Total $ 166,850 $ 108,250 $ 29,941 $ 118,460 $ 423,501 The following table presents classifications for acquired loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2015 Performing $ 3,305 $ 11,594 $ 326 $ — $ 15,225 Nonperforming — — — — — Total $ 3,305 $ 11,594 $ 326 $ — $ 15,225 The Corporation did not have any acquired loans at December 31, 2014. Risks associated with lending activities include, among other things, the impact of changes in interest rates and economic conditions, which may adversely impact the ability of borrowers to repay outstanding loans, and impact the value of the associated collateral. Commercial, financial and agricultural loans, commercial real estate loans, construction loans and residential real estate loans with a business purpose are generally perceived as having more risk of default than residential real estate loans with a personal purpose and consumer loans. These types of loans involve larger loan balances to a single borrower or groups of related borrowers. Commercial real estate loans may be affected to a greater extent than residential loans by adverse conditions in real estate markets or the economy because commercial real estate borrowers’ ability to repay their loans depends on successful development of their properties and factors affecting residential real estate borrowers. Commercial, financial and agricultural business loans are typically based on the borrowers’ ability to repay the loans from the cash flow of their businesses. These loans may involve greater risk because the availability of funds to repay each loan depends substantially on the success of the business itself. In addition, the collateral securing the loans often depreciates over time, is difficult to appraise and liquidate and fluctuates in value based on the success of the business. Risk of loss on a construction loan depends largely upon whether our initial estimate of the property’s value at completion of construction equals or exceeds the cost of the property construction (including interest). During the construction phase, a number of factors can result in delays and cost overruns. If estimates of value are inaccurate or if actual construction costs exceed estimates, the value of the property securing the loan may be insufficient to ensure full repayment when completed through a permanent loan or by seizure of collateral. Included in real estate-construction is track development financing. Risk factors related to track development financing include the demand for residential housing and the real estate valuation market. When projects move slower than anticipated, the properties may have significantly lower values than when the original underwriting was completed, resulting in lower collateral values to support the loan. Extended time frames also cause the interest carrying cost for a project to be higher than the builder projected, negatively impacting the builder’s profit and cash flow and, therefore, their ability to make principal and interest payments. Commercial real estate loans and residential real estate loans with a business purpose secured by owner-occupied properties are dependent upon the successful operation of the borrower’s business. If the operating company suffers difficulties in terms of sales volume and/or profitability, the borrower’s ability to repay the loan may be impaired. Loans secured by properties where repayment is dependent upon payment of rent by third party tenants or the sale of the property may be impacted by loss of tenants, lower lease rates needed to attract new tenants or the inability to sell a completed project in a timely fashion and at a profit. Commercial, financial and agricultural loans, commercial real estate loans, construction loans and residential real estate loans secured for a business purpose are more susceptible to a risk of loss during a downturn in the business cycle. While, the Corporation has strict underwriting, review, and monitoring procedures in place, these procedures cannot eliminate all of the risks related to these loans. The Corporation focuses on both assessing the borrower’s capacity and willingness to repay and on obtaining sufficient collateral. Commercial, financial and agricultural loans are generally secured by the borrower’s assets and by personal guarantees. Commercial real estate and residential real estate loans secured for a business purpose are originated primarily within the Southeastern Pennsylvania market area at conservative loan-to-value ratios and often with a guarantee of the borrowers. Management closely monitors the composition and quality of the total commercial loan portfolio to ensure that any credit concentrations by borrower or industry are closely monitored. The Corporation originates fixed-rate and adjustable-rate real estate-residential mortgage loans that are secured by the underlying 1-to-4 family residential properties for personal purposes. Credit risk exposure in this area of lending is minimized by the evaluation of the credit worthiness of the borrower, including debt-to-equity ratios, credit scores and adherence to underwriting policies that emphasize conservative loan-to-value ratios of generally no more than 80% . Residential mortgage loans granted in excess of the 80% loan-to-value ratio criterion are generally insured by private mortgage insurance. In the real estate-home equity loan portfolio secured for a personal purpose, credit exposure is minimized by the evaluation of the creditworthiness of the borrower, including debt-to-equity ratios, credit scores and adherence to the Corporation’s underwriting policies. Combined loan-to-value ratios are generally limited to 80% , but increased to 85% for the Corporation’s strongest profile borrower. Other credit considerations and compensating factors may support higher combined loan-to-value ratios. Credit risk for direct consumer loans is controlled by strict adherence to underwriting standards that consider debt-to-income levels and the creditworthiness of the borrower and, if secured, collateral values. These loans are included within the portfolio of loans to individuals. The primary risks that are involved with lease financing receivables are credit underwriting and borrower industry concentrations. The Corporation has strict underwriting, review, and monitoring procedures in place to mitigate this risk. Risk also lies in the residual value of the underlying equipment. Residual values are subject to judgments as to the value of the underlying equipment that can be affected by changes in economic and market conditions and the financial viability of the residual guarantors and insurers. To the extent not guaranteed or assumed by a third party, or otherwise insured against, the Corporation bears the risk of ownership of the leased assets. This includes the risk that the actual value of the leased assets at the end of the lease term will be less than the residual value. The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses for the years ended December 31, 2015 , 2014 and 2013 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total For the Year Ended December 31, 2015 Reserve for loan and lease losses: Beginning balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Charge-offs* (4,793 ) (1,895 ) (179 ) (279 ) (549 ) (801 ) N/A (8,496 ) Recoveries 1,032 200 28 10 176 214 N/A 1,660 Provision (recovery of provision) 3,259 (684 ) 43 657 359 644 (655 ) 3,623 Provision for acquired credit impaired loans — 8 108 63 — — — 179 Ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 For the Year Ended December 31, 2014 Reserve for loan and lease losses: Beginning balance $ 9,789 $ 8,780 $ 1,062 $ 1,284 $ 694 $ 1,285 $ 1,600 $ 24,494 Charge-offs (2,834 ) (4,363 ) (140 ) (141 ) (796 ) (576 ) N/A (8,850 ) Recoveries 247 524 60 34 265 281 N/A 1,411 (Recovery of provision) provision (282 ) 4,002 (219 ) (53 ) 197 (5 ) (33 ) 3,607 Ending balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 For the Year Ended December 31, 2013 Reserve for loan and lease losses: Beginning balance $ 11,594 $ 7,507 $ 639 $ 980 $ 679 $ 1,326 $ 2,021 $ 24,746 Charge-offs (3,213 ) (8,667 ) (112 ) (195 ) (641 ) (791 ) N/A (13,619 ) Recoveries 320 1,104 13 13 174 515 N/A 2,139 Provision (recovery of provision) 1,088 8,836 522 486 482 235 (421 ) 11,228 Ending balance $ 9,789 $ 8,780 $ 1,062 $ 1,284 $ 694 $ 1,285 $ 1,600 $ 24,494 * Includes charge-offs of $1.3 million on two real estate construction loans for one borrower which were subsequently transferred to loans held for sale in the second quarter of 2015 and sold in the fourth quarter of 2015. N/A – Not applicable The following presents, by portfolio segment, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method at December 31, 2015 and 2014 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At December 31, 2015 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 208 $ — $ 45 $ 69 $ — $ — N/A $ 322 Ending balance: collectively evaluated for impairment 6,210 6,564 718 1,506 346 1,042 912 17,298 Ending balance: acquired credit impaired loans evaluated for impairment — 8 — — — — — 8 Total ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 12,881 $ 30,088 $ 4,892 $ 1,072 $ — $ — $ 48,933 Ending balance: collectively evaluated for impairment 467,099 821,158 89,388 302,139 29,406 125,440 1,834,630 Acquired non-credit impaired loans 24,218 130,674 124,080 14,899 326 — 294,197 Acquired credit impaired loans 317 513 423 — — — 1,253 Total ending balance $ 504,515 $ 982,433 $ 218,783 $ 318,110 $ 29,732 $ 125,440 $ 2,179,013 At December 31, 2014 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 920 $ 78 $ — $ — $ — $ — N/A $ 998 Ending balance: collectively evaluated for impairment 6,000 8,865 763 1,124 360 985 1,567 19,664 Total ending balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 16,561 $ 35,926 $ 3,008 $ 696 $ — $ — $ 56,191 Ending balance: collectively evaluated for impairment 441,266 672,439 33,924 274,404 29,941 118,460 1,570,434 Total ending balance $ 457,827 $ 708,365 $ 36,932 $ 275,100 $ 29,941 $ 118,460 $ 1,626,625 N/A – Not applicable Subsequent to the acquisition date, the methods utilized to estimate the required allowance for loan losses for acquired non-impaired loans is similar to originated loans, however, the Corporation records a provision for loan loss only when the required allowance exceeds the remaining unamortized credit mark. The present value of any decreases in expected cash flows after the acquisition date of purchased impaired loans will generally result in an impairment charge recorded as a provision for loan loss, resulting in an increase to the allowance. Impaired Loans The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not an allowance for credit losses and the amounts for which there is an allowance for credit losses at December 31, 2015 and 2014 . The impaired loans exclude loans acquired with deteriorated credit quality. At December 31, 2015 2014 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related allowance recorded: Commercial, financial and agricultural $ 10,337 $ 13,318 $ 12,628 $ 13,050 Real estate—commercial real estate 30,088 30,996 29,779 30,810 Real estate—construction — — 5,931 6,474 Real estate—residential secured for business purpose 4,597 4,717 3,008 3,044 Real estate—residential secured for personal purpose 545 554 512 547 Real estate—home equity secured for personal purpose 170 170 184 184 Total impaired loans with no related allowance recorded $ 45,737 $ 49,755 $ 52,042 $ 54,109 Impaired loans with an allowance recorded: Commercial, financial and agricultural $ 2,544 $ 2,544 $ 208 $ 3,933 $ 3,935 $ 920 Real estate—commercial real estate — — — 216 216 78 Real estate—residential secured for business purpose 295 295 45 — — — Real estate—residential secured for personal purpose 252 252 16 — — — Real estate—home equity secured for personal purpose 105 105 53 — — — Total impaired loans with an allowance recorded $ 3,196 $ 3,196 $ 322 $ 4,149 $ 4,151 $ 998 Total impaired loans: Commercial, financial and agricultural $ 12,881 $ 15,862 $ 208 $ 16,561 $ 16,985 $ 920 Real estate—commercial real estate 30,088 30,996 — 29,995 31,026 78 Real estate—construction — — — 5,931 6,474 — Real estate—residential secured for business purpose 4,892 5,012 45 3,008 3,044 — Real estate—residential secured for personal purpose 797 806 16 512 547 — Real estate—home equity secured for personal purpose 275 275 53 184 184 — Total impaired loans $ 48,933 $ 52,951 $ 322 $ 56,191 $ 58,260 $ 998 Impaired loans includes nonaccrual loans and leases, accruing troubled debt restructured loans and lease modifications and other accruing impaired loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the contractual terms. These loans are individually measured to determine the amount of potential impairment. The loans are reviewed for impairment based on the fair value of the collateral for collateral dependent loans and for certain loans based on discounted cash flows using the loans’ initial effective interest rates. Impaired loans included other accruing impaired loans of $30.0 million and $33.8 million at December 31, 2015 and 2014 , respectively. Specific reserves on other accruing impaired loans were $186 thousand and $476 thousand at December 31, 2015 and 2014 , respectively. The following presents by class of loans, the average recorded investment in impaired loans and an analysis of interest on impaired loans. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method. For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Average Interest Additional Average Interest Additional Average Interest Additional Loans held for sale $ 1,832 $ — $ 110 $ — $ — $ — $ — $ — $ — Loans held for investment: Commercial, financial and agricultural 15,383 423 481 15,334 540 258 6,412 172 200 Real estate—commercial real estate 23,692 996 330 26,662 1,143 323 25,728 837 717 Real estate—construction 3,164 — 162 10,412 103 463 14,621 124 680 Real estate—residential secured for business purpose 3,805 144 161 2,524 77 61 672 19 10 Real estate—residential secured for personal purpose 729 2 43 719 — 49 760 — 45 Real estate—home equity secured for personal purpose 184 — 11 106 — 10 8 — — Loans to individuals — — — 4 — — 40 4 — Total $ 48,789 $ 1,565 $ 1,298 $ 55,761 $ 1,863 $ 1,164 $ 48,241 $ 1,156 $ 1,652 * Includes interest income recognized on a cash basis for nonaccrual loans of $37 thousand , $23 thousand and $6 thousand for the years ended December 31, 2015 , 2014 and 2013 , respectively and interest income recognized on the accrual method for accruing impaired loans of $1.5 million , $1.8 million and $1.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Any income accrued on 1-to-4 family residential properties after the loan becomes 90 days past due, which is not placed on non-accrual, is held in a reserve for uncollected interest. The reserve for uncollected interest was $0 thousand and $1 thousand at December 31, 2015 and 2014 , respectively. The Bank maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded. The reserve for these off-balance sheet credits was $381 thousand and $338 thousand at December 31, 2015 and 2014 , respectively. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2015 and 2014 : For the Years Ended December 31, 2015 2014 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural 4 $ 1,140 $ 1,140 $ — 6 $ 1,824 $ 1,824 $ 507 Real estate—commercial real estate 1 405 405 — 1 1,000 1,000 — Real estate—residential secured for business purpose 1 353 353 — — — — — Total 6 $ 1,898 $ 1,898 $ — 7 $ 2,824 $ 2,824 $ 507 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 122 $ 122 $ 22 — $ — $ — $ — Real estate—commercial real estate — — — — 1 50 50 — Real estate—residential secured for business purpose — — — — 2 688 688 — Total 1 $ 122 $ 122 $ 22 3 $ 738 $ 738 $ — The Corporation grants concessions primarily related to extensions of interest-only payment periods and an occasional payment modification. These modifications typically are for a short-term basis up to one year . The goal when restructuring a credit is to establish a reasonable period of time to provide cash flow relief to customers experiencing cash flow difficulties. Accruing troubled debt restructured loans are primarily comprised of loans on which interest is being accrued under the restructured terms, and the loans are current or less than ninety days past due . The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the years ended December 31, 2015 and 2014 : Temporary Payment Interest Rate Maturity Date Payments Suspended Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount For the Year Ended December 31, 2015 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 143 — $ — 1 $ 500 — $ — 2 $ 497 4 $ 1,140 Real estate—commercial real estate — — — — — — — — 1 405 1 405 Real estate—residential secured for business purpose 1 353 — — — — — — — — 1 353 Total 2 $ 496 — $ — 1 $ 500 — $ — 3 $ 902 6 $ 1,898 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 122 — $ — — $ — — $ — — $ — 1 $ 122 Total 1 $ 122 — $ — — $ — — $ — — $ — 1 $ 122 For the Year Ended December 31, 2014 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — 5 $ 1,699 1 $ 125 — $ — 6 $ 1,824 Real estate—commercial real estate — — — — 1 1,000 — — — — 1 1,000 Total — $ — — $ — 6 $ 2,699 1 $ 125 — $ — 7 $ 2,824 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 50 — $ — — $ — — $ — 1 $ 50 Real estate—residential secured for business purpose — — 1 55 1 633 — — — — 2 688 Total — $ — 2 $ 105 1 $ 633 — $ — — $ — 3 $ 738 The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date: For the Years Ended December 31, 2015 2014 (Dollars in thousands) Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 143 — $ — Total 1 $ 143 — $ — The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at December 31, 2015 and 2014 : (Dollars in thousands) At December 31, 2015 At December 31, 2014 Real estate-residential secured for personal purpose $ 313 $ 62 Real estate-home equity secured for personal purpose 60 — Total $ 373 $ 62 The Corporation held no foreclosed consumer residential real estate property at December 31, 2015 and 2014 . |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2015 2014 Land and land improvements $ 11,527 $ 10,576 Premises and improvements 40,936 37,348 Furniture and equipment 26,456 24,303 Total cost 78,919 72,227 Less: accumulated depreciation (36,763 ) (35,218 ) Net book value $ 42,156 $ 37,009 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has core deposit and customer-related intangibles and mortgage servicing rights, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The amortization of intangible assets for the years ended December 31, 2015 , 2014 and 2013 was $3.6 million , $3.3 million and $2.3 million , respectively. In 2015 , 2014 and 2013 , impairment on customer-related intangibles was recognized in other noninterest expense in the amount of $0 thousand , $31 thousand and $83 thousand , respectively. The Corporation also has goodwill with a net carrying amount of $112.7 million at December 31, 2015 , which is deemed to be an indefinite intangible asset and is not amortized. The Corporation recorded goodwill of $43.5 million and core deposit intangibles of $1.5 million related to the Valley Green Bank acquisition on January 1, 2015. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2015 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation completed the most recent impairment test for goodwill during the fourth quarter of 2014. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2015 . There was no goodwill impairment or material impairment of identifiable intangibles recorded during 2013 through 2015 . Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2015 and 2014 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2013 $ 35,058 $ 8,625 $ 13,834 $ 57,517 Addition to goodwill from acquisitions — 6,809 3,391 10,200 Balance at December 31, 2014 35,058 15,434 17,225 67,717 Addition to goodwill from acquisitions 43,516 — 1,424 44,940 Balance at December 31, 2015 $ 78,574 $ 15,434 $ 18,649 $ 112,657 The following table reflects the components of intangible assets at the dates indicated: At December 31, 2015 At December 31, 2014 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization and Fair Value Adjustments Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Fair Value Adjustments Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 1,520 $ 276 $ 1,244 $ — $ — $ — Customer related intangibles 14,227 8,728 5,499 13,397 6,726 6,671 Mortgage servicing rights 12,233 6,356 5,877 10,559 5,050 5,509 Total amortized intangible assets $ 27,980 $ 15,360 $ 12,620 $ 23,956 $ 11,776 $ 12,180 The estimated aggregate amortization expense for core deposit and customer related intangibles for each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2016 $ 1,871 2017 1,544 2018 1,170 2019 847 2020 577 Thereafter 734 The Corporation has originated mortgage servicing rights which are included in other intangible assets on the consolidated balance sheet. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income on a basis similar to the interest method and an accelerated amortization method for loan payoffs. Mortgage servicing rights are subject to impairment testing on a quarterly basis. The aggregate fair value of these rights was $8.0 million and $6.9 million at December 31, 2015 and 2014 , respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at December 31, 2015 and 2014 . Changes in the mortgage servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Beginning of period $ 5,509 $ 5,519 $ 4,152 Servicing rights capitalized 1,674 1,118 2,485 Amortization of servicing rights (1,306 ) (1,378 ) (1,365 ) Changes in valuation allowance — 250 247 End of period $ 5,877 $ 5,509 $ 5,519 Mortgage loans serviced for others $ 863,947 $ 796,835 $ 751,891 Activity in the valuation allowance for mortgage servicing rights was as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Valuation allowance, beginning of period $ — $ (250 ) $ (497 ) Additions — — — Reductions — 250 247 Direct write-downs — — — Valuation allowance, end of period $ — $ — $ (250 ) The estimated amortization expense of mortgage servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousands) Amount 2016 $ 902 2017 783 2018 672 2019 574 2020 489 Thereafter 2,457 |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Accrued Interest Receivable and Other Assets | Accrued Interest Receivable and Other Assets The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2015 2014 Other real estate owned $ 1,276 $ 955 Accrued interest receivable 7,463 6,086 Accrued income and other receivables 2,725 2,655 Fair market value of derivative financial instruments 1,089 788 Other prepaid expenses 10,880 13,963 Federal Reserve Bank stock, Federal Home Loan Bank stock and other not readily marketable equity securities 8,880 4,487 Net federal deferred tax assets 10,521 10,756 Total accrued interest and other assets $ 42,834 $ 39,690 At December 31, 2015 and 2014 , the Bank held $6.6 million and $3.3 million , respectively, in Federal Reserve Bank stock as required by the Federal Reserve Bank. In the first quarter of 2015, the Bank purchased an additional $2.3 million of Federal Reserve Bank stock due to the increase of capital in conjunction with the acquisition of Valley Green Bank. The Bank is a member of the FHLB, and as such, is required to hold FHLB stock as a condition of membership as determined by the FHLB. The Bank is required to hold additional stock in the FHLB in relation to the level of outstanding borrowings. The Bank held FHLB stock of $2.2 million and $1.1 million at December 31, 2015 and 2014 , respectively. Additionally, the FHLB might require its members to increase its capital stock requirements. Changes in the credit ratings of the U.S. government and federal agencies, including the FHLB, could increase the borrowing costs of the FHLB and possibly have a negative impact on its operations and long-term performance. It is possible this could have an adverse effect on the value of the Corporation’s investment in the FHLB stock. The Corporation determined there was no other-than-temporary impairment of its investment in FHLB stock at December 31, 2015 . Therefore, at December 31, 2015 , the FHLB stock is recorded at cost. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current: Federal $ 5,113 $ 2,509 $ 4,172 State 829 777 591 Deferred: Federal 3,877 4,027 922 State (61 ) 135 11 $ 9,758 $ 7,448 $ 5,696 The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expected provision at statutory rate 35.0 % 35.0 % 35.0 % Difference resulting from: Tax exempt interest income (9.5 ) (11.2 ) (11.7 ) Increase in value of bank owned life insurance assets (1.2 ) (1.9 ) (3.9 ) Retirement plans 1.9 — 2.6 Other, including state income taxes, valuation allowances and rate differentials 0.2 3.2 0.8 26.4 % 25.1 % 22.8 % During the years ended December 31, 2015 and 2014 , the Corporation recorded excess tax benefits resulting from the exercise of employee stock options and restricted stock of $73 thousand (includes a 2014 adjustment of $23 thousand) and $0 thousand respectively, to additional paid-in capital. At December 31, 2015 , the Corporation had no material unrecognized tax benefits, accrued interest or penalties. Penalties are recorded in noninterest expense in the year they are assessed and are treated as a non-deductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and is treated as a deductible expense for tax purposes. At December 31, 2015 , the Corporation’s tax years 2012 through 2014 remain subject to federal examination as well as examination by state taxing jurisdictions. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred state taxes are combined with federal deferred taxes (net of the impact of deferred state tax on the deferred federal tax) and are shown in the table below by major category of deferred income or expense. The Corporation has a state net operating loss carry-forward of $30.6 million which will begin to expire after December 31, 2018 if not utilized. A valuation allowance at December 31, 2015 and 2014 was attributable to deferred tax assets generated in certain state jurisdictions for which management believes it is more likely than not that such deferred tax assets will not be realized. Additionally, deferred tax assets of $42 thousand and $2 thousand were reversed and recorded to additional paid-in capital during the years ended December 31, 2015 and 2014 , respectively, as a result of unrecognized restricted stock and non-qualified stock option expense. During 2015, net deferred taxes of $2.5 million were added due to the Valley Green acquisition. The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Loan and lease loss $ 6,012 $ 7,358 Deferred compensation 2,483 2,492 Actuarial adjustments on retirement benefits* 8,525 8,625 State net operating losses 1,986 1,621 Other-than-temporary impairments on equity securities 317 577 Alternative minimum tax credits** 2,156 1,067 Net unrealized holding losses on securities available-for-sale and swaps* 472 — Other 1,150 1,125 Gross deferred tax assets 23,101 22,865 Valuation allowance (1,609 ) (1,461 ) Total deferred tax assets, net of valuation allowance 21,492 21,404 Deferred tax liabilities: Market discount 2,481 2,224 Retirement plans 7,169 5,700 Intangible assets 1,663 2,308 Net unrealized holding gains on securities available-for-sale and swaps* — 837 Total deferred tax liabilities 11,313 11,069 Net deferred tax assets $ 10,179 $ 10,335 * Represents the amount of deferred taxes recorded in accumulated other comprehensive loss. ** The alternative minimum tax credits have an indefinite life. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental retirement benefits to certain former executives, a portion of which is in excess of limits imposed on qualified plans by federal tax law; these plans are non-qualified benefit plans. These non-qualified benefit plans are not offered to new participants; all current participants are now retired. Information on these plans are aggregated and reported under “Retirement Plans” within this footnote. The Corporation also provides certain postretirement healthcare and life insurance benefits for retired employees. This plan provides a fixed cost subsidy that is not dependent on medical inflation. Therefore, health care cost trend rates do not have an effect on the amounts reported for this plan. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan for the years ended December 31, 2015 , 2014 and 2013 was $1.0 million , $836 thousand , and $765 thousand , respectively. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 prior to the existence of a 401(k) deferred salary savings plan, employee stock purchase plan and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. Expense recorded by the Corporation for the SNQPP for the years ended December 31, 2015 and 2013 was $285 thousand and $661 thousand , respectively. The Corporation recognized income in 2014 of $44 thousand primarily due to an increase in the weighted average discount rate from 4.0% for 2013 to 4.9% for 2014. Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 51,390 $ 39,593 $ 2,896 $ 2,330 Service cost 756 528 59 75 Interest cost 1,953 1,900 110 128 Actuarial loss (gain) (1,915 ) 11,462 (141 ) 455 Benefits paid (2,374 ) (2,093 ) (90 ) (92 ) Benefit obligation at end of year $ 49,810 $ 51,390 $ 2,834 $ 2,896 Change in plan assets: Fair value of plan assets at beginning of year $ 41,437 $ 40,547 $ — $ — Actual return on plan assets 246 2,821 — — Benefits paid (2,374 ) (2,093 ) (90 ) (92 ) Employer contribution and non-qualified benefit payments 2,181 162 90 92 Fair value of plan assets at end of year $ 41,490 $ 41,437 $ — $ — Funded status (8,320 ) (9,953 ) (2,834 ) (2,896 ) Unrecognized net actuarial loss 24,628 25,010 756 950 Unrecognized prior service costs (1,029 ) (1,309 ) — — Net amount recognized $ 15,279 $ 13,748 $ (2,078 ) $ (1,946 ) Information for the pension plan with an accumulated benefit obligation in excess of the fair value of plan assets is shown below. At December 31, (Dollars in thousands) 2015 2014 Projected benefit obligation $ 47,543 $ 48,928 Accumulated benefit obligation 44,125 45,003 Fair value of plan assets 41,490 41,437 Components of net periodic benefit cost (income) were as follows: Retirement Plans Other Post Retirement (Dollars in thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 756 $ 528 $ 621 $ 59 $ 75 $ 86 Interest cost 1,953 1,900 1,712 110 128 118 Expected return on plan assets (3,100 ) (2,929 ) (2,527 ) — — — Amortization of net actuarial loss 1,308 649 1,259 54 17 23 Accretion of prior service cost (280 ) (281 ) (235 ) — (7 ) (20 ) Net periodic benefit cost (income) $ 637 $ (133 ) $ 830 $ 223 $ 213 $ 207 (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2016: Amortization of net actuarial loss $ 1,389 $ 204 Accretion of prior service cost (282 ) — During 2016 , the Corporation expects to contribute approximately $160 thousand to the Retirement Plans and approximately $117 thousand to Other Postretirement Benefits. The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2016 $ 2,470 $ 117 2017 2,512 119 2018 2,543 122 2019 2,589 127 2020 2,590 132 Years 2021-2025 13,859 746 Weighted-average assumptions used to determine benefit obligations at December 31, 2015 and 2014 were as follows: Retirement Plans Other Postretirement Benefits 2015 2014 2015 2014 Assumed discount rate 4.3 % 3.9 % 4.3 % 3.9 % Assumed salary increase rate 3.0 3.0 — — The benefit obligation for all plans at December 31, 2015 and 2014 was based on the RP-2014 mortality table using the most recent projection scales published by the Society of Actuaries. The adoption of the updated projection scale for 2015 and the increase in the discount rate decreased the benefit obligation for all plans at December 31, 2015. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2015 and 2014 were as follows. The discount rate was determined utilizing the Citigroup Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. Retirement Plans Other Postretirement Benefits 2015 2014 2015 2014 Assumed discount rate 3.9 % 4.9 % 3.9 % 4.9 % Assumed long-term rate of investment return 7.5 7.5 — — Assumed salary increase rate 3.0 3.0 — — The Corporation's pension plan asset allocation at December 31, 2015 and 2014 , by asset category was as follows: Percentage of Plan Assets at December 31, 2015 2014 Asset Category: Equity securities 59 % 65 % Debt securities 40 34 Other 1 1 Total 100 % 100 % Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 7.5% . Equity securities do not include any common stock of the Corporation. The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 18 , “Fair Value Disclosures.” Fair Value Measurements at December 31, (Dollars in thousands) 2015 2014 Level 1: Mutual funds: U.S. Large Cap $ 15,901 $ 17,482 U.S. Mid Cap 1,865 2,218 U.S. Small Cap 1,876 2,290 International 4,499 4,961 Income 1,409 972 Short-term investments 622 585 Level 2: U.S. government obligations 4,811 3,273 Corporate bonds 5,752 5,621 Level 3: Certificates of deposit 4,755 4,035 Total fair value of plan assets $ 41,490 $ 41,437 Mutual fund investments in U.S. large cap funds are comprised primarily of common stock funds which are diversified amongst various industries including basic materials (oil, gas, and other), financial services, healthcare, technology and other industries with some foreign exposure in the companies’ markets. The primary objective is long-term capital appreciation with a secondary objective of current income. Mutual fund investments in U.S. mid cap and small cap funds are comprised mainly of growth and value equity funds with some foreign exposure in the companies’ markets. Mutual fund investments in international funds consist mainly of equity funds that invest in diverse companies mostly based in Europe and the Pacific Basin with the primary objective to provide long-term growth of capital with a secondary objective of current income. Mutual fund investments in income funds are comprised of short-term and intermediate-term bond funds. Corporate bonds are fixed income investment grade bonds of primarily U.S. issuers from diverse industries. Other fixed-income investments include U.S. government agency securities and bank certificates of deposits. The fixed income investments have varying maturities ranging from one to ten years with the objective to maximize investment return while preserving investment principal. Short-term investments are comprised of an interest-bearing money market deposit account with the Bank. The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2015 and 2014 : (Dollars in thousands) Balance at December 31, 2014 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2015 Certificates of deposit $ 4,035 $ — $ — $ 1,805 $ (1,085 ) $ 4,755 Total Level 3 assets $ 4,035 $ — $ — $ 1,805 $ (1,085 ) $ 4,755 (Dollars in thousands) Balance at December 31, 2013 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2014 Certificates of deposit $ 4,339 $ — $ — $ 595 $ (899 ) $ 4,035 Total Level 3 assets $ 4,339 $ — $ — $ 595 $ (899 ) $ 4,035 |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Incentive Plan | Stock-Based Incentive Plan The Corporation has a shareholder approved 2013 Long-Term Incentive Plan which replaced the expired 2003 Long-Term Incentive Plan. Under the 2013 Long-Term Incentive Plan, the Corporation may grant options and share awards to employees and non-employee directors up to 2,473,483 shares of common stock, which includes 473,483 shares as a result of the completion of the acquisition of Valley Green Bank on January 1, 2015. The number of shares of common stock available for issuance under the plan is subject to adjustment, as described in the plan. This includes, in the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in corporate structure affecting the stock, substitution or adjustment shall be made in the aggregate number of shares reserved for issuance under the plan, in the number and option price of shares subject to outstanding options granted under the plan and in the number and price of shares subject to other awards, as described in the plan. The plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years ; and for restricted stock awards valued at not less than 100 percent of the fair market value at the date of award grant. For the majority of options issued, after two years , 33.3 percent of the optioned shares become exercisable in each of the following three years and remain exercisable for a period not exceeding ten years from the date of grant. For the majority of the restricted stock awards, the shares vest based upon the Corporation’s performance against selected peers with respect to certain financial measures over a three -year period. There were 2,136,273 share awards available for future grants at December 31, 2015 under the plan. At December 31, 2015 , there were 668,667 options to purchase common stock and 183,584 unvested restricted stock awards outstanding under the plan. The following table is a summary of the status of options under the Corporation’s long-term incentive plans: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at December 31, 2015 Outstanding at December 31, 2014 673,216 $ 19.46 Granted 114,500 18.52 Expired (80,550 ) 24.26 Forfeited (10,500 ) 17.83 Exercised (27,999 ) 16.44 Outstanding at December 31, 2015 668,667 18.88 5.4 $ 1,546 Exercisable at December 31, 2015 369,502 19.64 3.3 671 The total intrinsic value of options exercised during 2015 , 2014 , and 2013 was $103 thousand , $47 thousand , and $0 respectively. The Corporation has a stock-for-stock-option exchange (or cashless exercise) program in place, whereby optionees can exchange the value of the spread of in-the-money vested options for Corporation stock having an equivalent value. This broker-assisted exchange allows the optionees to exercise their vested options on a net basis without having to pay the exercise price or related expenses in cash. However, it will result in the optionees acquiring fewer shares than the number of options exercised. The Corporation's estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee turnover. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury strip rate in effect at the time of grant. Expected volatility is based on the historical volatility of the Corporation’s stock over the expected life of the grant. The Corporation uses a straight-line accrual method to recognize stock-based compensation expense over the time-period it expects the options to vest. The Corporation recognizes compensation expense for stock options over the requisite service period based on the grant-date fair value of those awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates. The following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated: For the Years Ended December 31, 2015 2014 2013 Expected option life in years 8.0 8.2 8.9 Risk free interest rate 1.64 % 2.51 % 1.99 % Expected dividend yield 4.32 % 4.26 % 4.74 % Expected volatility 49.38 % 50.16 % 49.30 % Fair value of options $ 6.07 $ 6.53 $ 5.32 Following is a summary of nonvested restricted stock awards at December 31, 2015 including changes during the year: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2014 176,978 $ 17.02 Granted 65,755 18.62 Vested (39,215 ) 15.68 Forfeited (19,934 ) 15.97 Nonvested share awards at December 31, 2015 183,584 18.00 The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated: (Dollars in thousands, except per share data) For the Years Ended December 31, 2015 2014 2013 Shares granted 65,755 74,304 70,041 Weighted average grant date fair value $ 18.62 $ 18.63 $ 16.76 Intrinsic value of awards vested $ 749 $ 735 $ 505 At December 31, 2015 , there was $1.5 million in total unrecognized compensation expense related to nonvested share-based compensation arrangements, which is expected to be recognized over a weighted average period of 2.1 years. The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Stock-based compensation expense: Stock options $ 528 $ 463 $ 517 Restricted stock awards 893 679 461 Employee stock purchase plan 53 46 38 Total $ 1,474 $ 1,188 $ 1,016 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 339 $ 244 $ 162 There were no modifications or accelerations to options or restricted stock awards during the period 2013 through 2015 . The Corporation typically issues shares for stock option exercises and grants of restricted stock awards from its treasury stock. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Time Deposits | Time Deposits The aggregate amount of time deposits in denominations of $100 thousand or more was $277.3 million at December 31, 2015 and $76.8 million at December 31, 2014 , with interest expense of $2.0 million for 2015 and $891 thousand for 2014 . At December 31, 2015 , the scheduled maturities of time deposits in denominations of $100 thousand or more are as follows: (Dollars in thousands) Due in 2016 $ 240,042 Due in 2017 22,603 Due in 2018 8,142 Due in 2019 2,456 Due in 2020 2,103 Thereafter 1,924 Total $ 277,270 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Corporation, through the Bank, has short-term and long-term credit facilities with the FHLB with a maximum borrowing capacity of approximately $792.2 million . Advances from the FHLB are collateralized by a blanket floating lien on all first mortgage loans of the Bank, FHLB capital stock owned by the Bank and any funds on deposit with the FHLB. At December 31, 2015 and 2014 , there were no outstanding borrowings with the FHLB. At December 31, 2015 and 2014 , the Bank had outstanding short-term letters of credit with the FHLB totaling $170.2 million and $55.0 million , respectively, which were utilized to collateralize public funds deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank and the amount of funds received may be reduced by additional required purchases of FHLB stock. The Corporation has a $10.0 million line of credit with a correspondent bank. At December 31, 2015 , the Corporation had no outstanding borrowings under this line. The Corporation, through the Bank, maintains federal fund credit lines with several correspondent banks totaling $122.0 million and $82.0 at December 31, 2015 and 2014 , respectively. At December 31, 2015 and 2014 , the Corporation had no outstanding federal funds purchased with these correspondent banks. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. The Corporation, through the Bank, has an available line of credit at the Federal Reserve Bank of Philadelphia, the amount of which is dependent upon the balance of loans and securities pledged as collateral. At December 31, 2015 and 2014 , the Corporation had no outstanding borrowings from this line. The following table details key information pertaining to customer repurchase agreements on an overnight basis for the periods indicated: (Dollars in thousands) 2015 2014 2013 Balance at December 31 $ 24,211 $ 41,974 $ 37,256 Weighted average interest rate at year end 0.05 % 0.06 % 0.07 % Maximum amount outstanding at any month's end $ 43,161 $ 43,266 $ 110,228 Average amount outstanding during the year 30,720 41,048 72,211 Weighted average interest rate during the year 0.05 % 0.06 % 0.06 % Subordinated Debt On March 30, 2015 , the Corporation completed the issuance of $50 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the "Notes") due 2025 in a private placement transaction to institutional accredited investors. The net proceeds of the offering, which approximated $49 million , increased regulatory capital and will be used for general corporate purposes and to support both organic growth as well as acquisitions, should such opportunities arise. The debt issuance costs are included as a direct deduction from the debt liability and the costs are amortized to interest expense using the effective interest method. The Notes bear interest at an annual fixed rate of 5.10% from the date of issuance until March 30, 2020 , or any early redemption date, with the first interest payment on the Notes occurring on September 30, 2015 and semi-annually thereafter each March 30 and September 30 until March 30, 2020. Thereafter, the Notes will bear interest at an annual rate equal to the three-month LIBOR rate plus 3.544% until March 30, 2025 , or any early redemption date, payable quarterly on each March 30, June 30, September 30 and December 30. Beginning with the interest payment date of March 30, 2020 , the Corporation has the option, subject to approval of the Federal Reserve Board, to redeem the Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed Notes, plus accrued and unpaid interest to the date of the redemption. In conjunction with the issuance, the Corporation requested that Kroll Bond Rating Agency (“KBRA”) assign a senior unsecured debt rating, a subordinated debt rating and a short-term rating to the Corporation and a deposit rating and short-term rating to the Bank. As such, KBRA assigned the Corporation a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB and a short-term rating of K2. In addition, KBRA assigned a deposit rating of A- and a short-term rating of K2 to the Bank. The outlook on all ratings is stable. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Earnings per Share | Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands) 2015 2014 2013 Numerator: Net income $ 27,268 $ 22,231 $ 21,189 Net income allocated to unvested restricted stock (204 ) (245 ) (237 ) Net income allocated to common shares $ 27,064 $ 21,986 $ 20,952 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 19,491 16,056 16,420 Effect of dilutive securities—employee stock options 31 23 6 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 19,522 16,079 16,426 Basic earnings per share $ 1.39 $ 1.37 $ 1.28 Diluted earnings per share $ 1.39 $ 1.37 $ 1.28 Average anti-dilutive options and awards excluded from computation of diluted earnings per share 558 559 600 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2012 $ 8,344 $ (1,241 ) $ (14,023 ) $ (6,920 ) Net Change (9,816 ) 1,241 5,540 (3,035 ) Balance, December 31, 2013 (1,472 ) — (8,483 ) (9,955 ) Net Change 3,183 (157 ) (7,533 ) (4,507 ) Balance, December 31, 2014 1,711 (157 ) (16,016 ) (14,462 ) Net Change (2,303 ) (128 ) 185 (2,246 ) Balance, December 31, 2015 $ (592 ) $ (285 ) $ (15,831 ) $ (16,708 ) The following table illustrates the amounts reclassified out of each component of accumulated comprehensive loss for the periods presented: Details about Accumulated Other Amount Reclassified from Accumulated Affected Line Item in the For the years ended December 31, (Dollars in thousands) 2015 2014 2013 Net unrealized holding gains on available-for-sale investment securities: $ 1,265 $ 635 $ 3,389 Net gain on sales of investment securities (5 ) — — Other-than-temporary impairment on equity securities 1,260 635 3,389 Total before tax (441 ) (222 ) (1,186 ) Tax expense $ 819 $ 413 $ 2,203 Net of tax Cash flow hedge derivative: $ — $ — $ (1,866 ) Net loss on interest rate swap — — (1,866 ) Total before tax — — 653 Tax benefit $ — $ — $ (1,213 ) Net of tax Defined benefit pension plans: Amortization of net loss included in net periodic pension costs* $ (1,362 ) $ (666 ) $ (1,282 ) Accretion of prior service cost included in net periodic pension costs* 280 288 255 (1,082 ) (378 ) (1,027 ) Total before tax 379 132 360 Tax benefit $ (703 ) $ (246 ) $ (667 ) Net of tax * These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 10—Retirement Plans and Other Postretirement Benefits for additional details.) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Loan commitments are made to accommodate the financial needs of the Bank’s customers. The Bank offers commercial, mortgage, and consumer credit products to its customers in the normal course of business, which are detailed in Note 5. These products represent a diversified credit portfolio and are generally issued to borrowers within the Bank’s locations in Southeastern Pennsylvania. The ability of the customers to repay their credit is, to some extent, dependent upon the economy in the Bank’s market areas. Collateral is obtained based on management’s credit assessment of the customer. Standby letters of credit commit the Bank to make payments on behalf of customers when certain specified future events occur. They are primarily issued to support commercial paper, medium and long-term notes and debentures, including industrial revenue obligations. The approximate term is usually one year but some can be up to five years . Historically, substantially all standby letters of credit expire unfunded. If funded, the majority of the letters of credit carry current market interest rates if converted to loans. Because letters of credit are generally un-assignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The carrying amount is recorded as unamortized deferred fees and the exposure is considered in the reserve for credit risk. At December 31, 2015 , the maximum potential amount of future payments under letters of credit is $57.6 million . The current carrying amount of the contingent obligation is $450 thousand . This arrangement has credit risk essentially the same as that involved in extending loans to customers and is subject to the Bank’s normal credit policies. Collateral is obtained based on management’s credit assessment of the customer. The Bank maintains a reserve in other liabilities for estimated losses associated with sold mortgages that may be repurchased. At December 31, 2015 , the reserve for sold mortgages was $273 thousand . The Corporation entered into risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Corporation will reimburse a portion of the loss borne by the financial institution. The third parties usually have other borrowing relationships with the Corporation. The Corporation monitors overall borrower collateral and performance, and at the end of December 31, 2015 , believes sufficient collateral is available to cover potential swap losses. The Corporation pledges cash or securities to cover a portion of the negative fair value of the RPAs, as measured by the participant financial institution. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 10 to 13 years . At December 31, 2015 , the notional amount of the RPAs was $12.0 million , with a negative fair value of $965 thousand , of which $10 thousand was pledged to the participant financial institutions as collateral. The maximum potential future payment guaranteed by the Corporation cannot be readily estimated, but is dependent upon the fair value of the interest rate swaps at the time of default. If an event of default on all contracts had occurred at December 31, 2015 , the Corporation would have been required to make payments of approximately $965 thousand . The RPA requires the Corporation to reimburse the institution in proportion to the pro rata share of the third party transactions, in the event the third party fails to make a payment to the institution. In exchange, the Corporation receives an agreed-upon fee from the institution for taking this risk. The fee is paid upfront to the Corporation and the Corporation recognizes the fee over the term of the loan(s). The fair value of the guarantee was $68 thousand at December 31, 2015 . Based on consultation with the Corporation’s legal counsel, management is not aware of any litigation that would be probable of occurring or probable of having a material adverse effect on the Corporation’s consolidated balance sheet or statement of income. There are no proceedings pending other than the ordinary routine litigation incident to the business of the Corporation. In addition, there are no material proceedings pending or known to be threatened or contemplated against the Corporation or the Bank by government authorities. The following schedule summarizes the Corporation’s off-balance sheet financial instruments at December 31, 2015 : (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 700,986 Performance letters of credit 25,854 Financial standby letters of credit 31,754 Other letters of credit 15 At December 31, 2015 , the Corporation and its subsidiaries were obligated under non-cancelable leases for various premises and equipment. Portions of certain properties are subleased. A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2016 $ 2,739 2017 2,759 2018 2,733 2019 2,204 2020 2,234 Thereafter 34,822 Total $ 47,491 The following table summarizes rental expense charged to operations for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Rental expense $ 3,167 $ 2,732 $ 2,304 Sublease rental income (195 ) (238 ) (278 ) Net rental expense $ 2,972 $ 2,494 $ 2,026 Minimum future rental income receivable under subleases from non-cancelable operating leases was $149 thousand at December 31, 2015 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. The Corporation’s credit exposure on interest rate swaps includes fair value and any collateral that is held by a third party. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. For a qualifying fair value hedge, the gain or loss on the hedging instrument is recognized in earnings, and the change in fair value of the hedge item, to the extent attributable to the hedged risk, adjusts the carrying amount of the hedge item and is recognized in earnings. Derivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation’s derivative loan commitments are commitments to sell loans secured by 1-to-4 family residential properties whose predominant risk characteristic is interest rate risk. The fair values of these derivative loan commitments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. On October 24, 2014, the Corporation entered into an amortizing interest rate swap classified as a cash flow hedge with a notional amount of $20.0 million to hedge a portion of the debt financing of a pool of 10 -year maturity fixed rate loans with balances totaling $29.1 million , at time of the hedge, that were originated in 2013. A brokered money market demand account with a balance exceeding the amortizing interest rate swap balance is being used for the cash flow hedge. Under the terms of the swap agreement, the Corporation pays a fixed rate of 2.10% and receives a floating rate based on the one-month LIBOR with a maturity date of November 1, 2022 . The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and on a recurring basis to determine that the derivative has been and is expected to continue to be highly effective in offsetting changes in cash flows of the hedged item. The Corporation expects that there will be no ineffectiveness over the life of the interest rate swap, and therefore anticipates no portion of the net loss in accumulated other comprehensive loss will be reclassified into interest expense. To the extent there is ineffectiveness, the Corporation would record the ineffectiveness in interest expense. The Corporation pledges cash or securities to cover a portion of the negative fair value of the interest rate swap, as measured by the counterparty. At December 31, 2015 , the notional amount of the cash flow hedge was $19.3 million , with a negative fair value of $438 thousand . The Corporation has pledged $450 thousand to the counterparty as collateral for the negative fair value. On December 23, 2008, the Corporation entered into a cash flow hedge with a notional amount of $20.0 million that had the effect of converting the variable rates on Trust Preferred Securities to a fixed rate. Under the terms of the swap agreement, the Corporation paid a fixed rate of 2.65% and received a floating rate based on the three-month LIBOR with a maturity date of January 7, 2019 . During May 2013, the Corporation terminated the swap in conjunction with the submission of a redemption notice to the trustee to redeem the Trust Preferred Securities on July 7, 2013, pursuant to the optional redemption provisions provided in the documents governing the Trust Preferred Securities. The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2015 and 2014 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2015 Interest rate locks with customers $ 34,450 Other assets $ 1,089 $ — Forward loan sale commitments 39,545 — Other liabilities 102 Total $ 73,995 $ 1,089 $ 102 At December 31, 2014 Interest rate locks with customers $ 27,007 Other assets $ 788 $ — Forward loan sale commitments 30,537 — Other Liabilities 112 Total $ 57,544 $ 788 $ 112 The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2015 and 2014 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2015 Interest rate swap - cash flow hedge $ 19,269 $ — Other liabilities $ 438 Total $ 19,269 $ — $ 438 At December 31, 2014 Interest rate swap - cash flow hedge $ 19,945 $ — Other Liabilities $ 241 Total $ 19,945 $ — $ 241 The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest rate locks with customers Net gain (loss) on mortgage banking activities $ 301 $ 467 $ (1,226 ) Forward loan sale commitments Net gain (loss) on mortgage banking activities 10 (137 ) 79 Total $ 311 $ 330 $ (1,147 ) The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 377 $ 66 $ 124 Interest rate swap—cash flow hedge—loss on termination Net loss on termination of interest rate swap — — (1,866 ) Net loss $ (377 ) $ (66 ) $ (1,990 ) The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2015 and 2014 : Accumulated Other At December 31, (Dollars in thousands) 2015 2014 Interest rate swap—cash flow hedge Fair value, net of taxes $ (285 ) $ (157 ) Total $ (285 ) $ (157 ) |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels are recognized at the end of the reporting period. Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy. Investment Securities Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Examples of instruments, which would generally be classified within Level 2 of the valuation hierarchy, include securities issued by U.S. government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy. Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does have not sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. Additionally, on an annual basis, the Corporation has its security portfolio priced by a second pricing service to determine consistency with another market evaluator, except for municipal bonds which are priced by another service provider on a sample basis. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to its current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation it can submit a challenge for a change to that security’s valuation. There were no material differences in valuations noted at December 31, 2015 . Derivative Financial Instruments The fair values of derivative financial instruments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Derivative financial instruments are classified within Level 2 of the valuation hierarchy. Contingent Consideration Liability The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Changes in the original assumptions utilized at the time the acquisition closes and identified during the measurement period are recorded in accordance with ASC Topic 805 as an adjustment to goodwill. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability. For the Sterner Insurance Associates acquisition, the remaining potential cash payments that could result from the contingent consideration arrangement range from $0 to a maximum of $3.9 million over the two -year period ending June 30, 2017 . Due to updates to the original assumptions utilized for determining the contingent consideration liability for the Sterner acquisition completed on July 1, 2014, the Corporation recorded a purchase accounting adjustment, in accordance with ASC Topic 805, in 2015 which resulted in an increase to the contingent consideration liability and an increase to goodwill of $1.5 million . For the Girard Partners acquisition, the remaining potential cash payments that could result from the contingent consideration arrangement range from $0 to a maximum of $13.8 million cumulative over the four -year period ending December 31, 2018 . The Corporation recorded a reduction to the contingent liability during 2015 which resulted in a reduction of noninterest expense of $550 thousand . The adjustment reflected that projected revenue levels for earn-out payments in the second through fifth years post-acquisition are anticipated to be lower than originally projected. For the John T. Fretz Insurance Agency acquisition, the remaining potential future cash payments that could result from the contingent consideration arrangement range from $0 to a maximum of $360 thousand cumulative over the one -year period ending April 30, 2016 . For the Javers Group acquisition, the Corporation recorded a reduction to the contingent liability during 2013 which resulted in a reduction of other noninterest expense of $959 thousand . The adjustment reflected that revenue levels necessary for an earn-out payment in the first year post-acquisition were not met and that revenue growth levels necessary to qualify for subsequent years’ earn-out payments to be made are remote. The Javers’ original contingent consideration arrangement ranged from $0 to a maximum of $1.7 million cumulative over the three -year period ending June 30, 2015 . Therefore, as of December 31, 2015 , the fair value of this contingent consideration liability is $0 . The following table presents the assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014 , classified using the fair value hierarchy: At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. treasuries $ 4,887 $ — $ — $ 4,887 U.S. government corporations and agencies — 102,156 — 102,156 State and political subdivisions — 102,032 — 102,032 Residential mortgage-backed securities — 13,354 — 13,354 Collateralized mortgage obligations — 3,133 — 3,133 Corporate bonds — — — — Money market mutual funds 16,726 86,675 — 103,401 Equity securities 807 — — 807 Total available-for-sale securities 22,420 307,350 — 329,770 Interest rate locks with customers — 1,089 — 1,089 Total assets $ 22,420 $ 308,439 $ — $ 330,859 Liabilities: Contingent consideration liability $ — $ — $ 5,577 $ 5,577 Interest rate swap — 438 — 438 Forward loan sale commitments — 102 — 102 Total liabilities $ — $ 540 $ 5,577 $ 6,117 At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. treasuries $ 4,845 $ — $ — $ 4,845 U.S. government corporations and agencies — 121,844 — 121,844 State and political subdivisions — 102,774 — 102,774 Residential mortgage-backed securities — 13,643 — 13,643 Collateralized mortgage obligations — 3,725 — 3,725 Corporate bonds — 54,440 — 54,440 Money market mutual funds 11,675 — — 11,675 Equity securities 1,337 — — 1,337 Total available-for-sale securities 17,857 296,426 — 314,283 Interest rate locks with customers — 788 — 788 Total assets $ 17,857 $ 297,214 $ — $ 315,071 Liabilities: Contingent consideration liability $ — $ — $ 6,541 $ 6,541 Interest rate swap — 241 — 241 Forward loan sale commitments — 112 — 112 Total liabilities $ — $ 353 $ 6,541 $ 6,894 At December 31, 2015 and December 31, 2014 , the Corporation had no assets measured at fair value on a recurring basis utilizing Level 3 inputs. The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2015 and 2014 : For the Year Ended December 31, 2015 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2015 Sterner Insurance Associates $ 680 $ 1,525 $ (1,751 ) $ 690 $ 1,144 Girard Partners 5,503 — (620 ) (642 ) 4,241 John T. Fretz Insurance Agency 358 — (260 ) 94 192 Total contingent consideration liability $ 6,541 $ 1,525 $ (2,631 ) $ 142 $ 5,577 *Includes adjustments during the measurement period in accordance with ASC Topic 805. For the Year Ended December 31, 2014 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2014 Sterner Insurance Associates $ — $ 635 $ — $ 45 $ 680 Girard Partners — 5,470 — 33 5,503 John T. Fretz Insurance Agency 501 — (310 ) 167 358 Total contingent consideration liability $ 501 $ 6,105 $ (310 ) $ 245 $ 6,541 The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or impairment charges of individual assets. The following table represents assets measured at fair value on a non-recurring basis at December 31, 2015 and 2014 : At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Impaired loans held for investment $ — $ — $ 48,611 $ 48,611 Total $ — $ — $ 48,611 $ 48,611 At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Impaired loans held for investment $ — $ — $ 55,193 $ 55,193 Total $ — $ — $ 55,193 $ 55,193 The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at December 31, 2015 and 2014 . The disclosed fair values are classified using the fair value hierarchy. At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 60,799 $ — $ — $ 60,799 $ 60,799 Held-to-maturity securities — 41,061 — 41,061 40,990 Loans held for sale — 4,708 — 4,708 4,680 Net loans and leases held for investment — — 2,099,082 2,099,082 2,112,774 Mortgage servicing rights — — 8,047 8,047 5,877 Other real estate owned — 1,276 — 1,276 1,276 Total assets $ 60,799 $ 47,045 $ 2,107,129 $ 2,214,973 $ 2,226,396 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 1,939,954 $ — $ — $ 1,939,954 $ 1,939,954 Time deposits — 455,527 — 455,527 454,406 Total deposits 1,939,954 455,527 — 2,395,481 2,394,360 Short-term borrowings — 22,302 — 22,302 24,211 Subordinated notes — 50,375 — 50,375 49,377 Total liabilities $ 1,939,954 $ 528,204 $ — $ 2,468,158 $ 2,467,948 Off-Balance-Sheet: Commitments to extend credit $ — $ (1,788 ) $ — $ (1,788 ) $ — At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 38,565 $ — $ — $ 38,565 $ 38,565 Held-to-maturity securities — 54,765 — 54,765 54,347 Loans held for sale — 3,374 — 3,374 3,302 Net loans and leases held for investment — — 1,555,033 1,555,033 1,550,770 Mortgage servicing rights — — 6,941 6,941 5,509 Other real estate owned — 955 — 955 955 Total assets $ 38,565 $ 59,094 $ 1,561,974 $ 1,659,633 $ 1,653,448 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 1,608,748 $ — $ — $ 1,608,748 $ 1,608,748 Time deposits — 254,224 — 254,224 252,593 Total deposits 1,608,748 254,224 — 1,862,972 1,861,341 Short-term borrowings — 38,631 — 38,631 41,974 Total liabilities $ 1,608,748 $ 292,855 $ — $ 1,901,603 $ 1,903,315 Off-Balance-Sheet: Commitments to extend credit $ — $ (1,420 ) $ — $ (1,420 ) $ — The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed: Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks, and other short-term investments approximates those assets’ fair values. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy. Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy. Loans held for sale: The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data. Loans held for sale are carried at the lower of cost or estimated fair value. At September 30, 2015 , two non-accrual construction loans for one borrower for $4.0 million were transferred to loans held for sale (while remaining in non-accrual status), as an agreement was reached to sell the loans prior to December 31, 2015. During the fourth quarter of 2015, these loans were sold at their carrying amounts for $4.0 million in accordance with the agreement. There were no valuation adjustments for loans held for sale at December 31, 2015 and 2014 . Loans and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers and include components for credit risk, operating expense and embedded prepayment options. An overall valuation adjustment is made for specific credit risks in addition to general portfolio risk and is significant to the valuation. As permitted, the fair value of the loans and leases are not based on the exit price concept as discussed in the first paragraph of this note. Loans and leases are classified within Level 3 in the fair value hierarchy. Impaired loans held for investment: Impaired loans held for investment include those collateral-dependent loans for which the practical expedient was applied, resulting in a fair-value adjustment to the loan. Impaired loans are evaluated and valued at the time the loan is identified as impaired, at the lower of cost or fair value. Fair value is measured based on the value of the collateral securing these loans less costs to sell and is classified at a Level 3 in the fair value hierarchy. The fair value of collateral is based on appraisals performed by qualified licensed appraisers hired by the Corporation. At December 31, 2015 , impaired loans held for investment had a carrying amount of $48.9 million with a valuation allowance of $322 thousand . At December 31, 2014 , impaired loans held for investment had a carrying amount of $56.2 million with a valuation allowance of $1.0 million . Mortgage servicing rights: The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Mortgage servicing rights are classified within Level 3 in the fair value hierarchy based upon management’s assessment of the inputs. The Corporation reviews the mortgage servicing rights portfolio on a quarterly basis for impairment and the mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. At December 31, 2015 and December 31, 2014 , mortgage servicing rights had a carrying amount of $5.9 million and $5.5 million , respectively. The mortgage servicing rights had no valuation allowance at December 31, 2015 and 2014 . Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill during the fourth quarter of 2015 and determined it was more likely than not that the fair value of the Corporation, including each of the identified reporting units was more than its carrying amount; therefore, the Corporation did not need to perform the two-step impairment test for the Corporation or the reporting units. The Corporation also completed an impairment test for other intangible assets during the fourth quarter of 2015 . There was no impairment of goodwill or identifiable intangibles recorded. Other real estate owned: The fair value of other real estate owned is estimated based upon its appraised value less costs to sell. The real estate is stated at an amount equal to the loan balance prior to foreclosure, plus costs incurred for improvements to the property but no more than the fair value of the property, less estimated costs to sell. New appraisals are generally obtained on an annual basis. Other real estate owned is classified within Level 2 of the valuation hierarchy. Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy. Short-term borrowings: The fair value of customer repurchase agreements and federal funds purchased are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Subordinated Notes: The fair value of subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy. Off-balance-sheet instruments: Fair values for the Corporation’s off-balance-sheet instruments are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing and are classified within Level 2 in the fair value hierarchy. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the first quarter of 2015, the Corporation finalized a new financial center model, which is smaller in size, combines enhanced technology with personal service and provides consultive services and solutions delivered by personal bankers. These efforts have led to the development of a comprehensive financial center optimization plan approved in April 2015 which includes opening new financial centers in growth markets while closing financial centers which operate in close proximity to other centers. As the Corporation announced in April 2015, six financial centers were closed in the third quarter of 2015 that operated in close proximity to other centers. As a result, the Corporation recorded $1.6 million in restructuring charges during the second quarter of 2015. These charges are included in the Banking business segment and are separately classified as a component of non-interest expense, within the consolidated statement of income. A roll-forward of the accrued restructuring expense is as follows: (Dollars in thousands) Severance expenses Write-downs and retirements of fixed assets Lease cancellations Total Accrued at January 1, 2015 $ — $ — $ — $ — Restructuring charges 73 607 962 1,642 Payments (73 ) — (128 ) (201 ) Accelerated depreciation — (379 ) — (379 ) Accrued at December 31, 2015 $ — $ 228 $ 834 $ 1,062 |
Share Repurchase Plan
Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Share Repurchase Plan | Share Repurchase Plan During 2007, the Corporation’s Board of Directors approved a share repurchase program for the repurchase of up to 643,782 shares of common stock. During the nine months ended September 30, 2013, the Corporation repurchased 540,285 shares at a cost of $9.9 million under the 2007 plan. At September 30, 2013, this share repurchase plan was substantially completed. On October 23, 2013, the Corporation’s Board of Directors approved a new stock repurchase plan for the repurchase of up to 800,000 shares of common stock, or approximately 5% of the shares outstanding. During the year ended December 31, 2014, the Corporation repurchased 110,997 shares at a cost of $2.0 million under the share repurchase program. On May 27, 2015, the Corporation's Board of Directors approved an increase of 1,000,000 shares in the common shares available for repurchase under the Corporation's share repurchase program, or approximately 5% of the Corporation's common stock outstanding as of May 27, 2015. During the year ended December 31, 2015 , the Corporation repurchased 608,757 shares of common stock at a cost of $ 12.0 million under the share repurchase program. Shares available for future repurchases under the plan totaled 1,080,246 at December 31, 2015 . Total shares outstanding at December 31, 2015 were 19,530,930 . The Corporation will repurchase shares of its common stock from time to time through open market purchases, tender offers, privately negotiated purchases or other means. The share repurchase program does not obligate the Corporation to acquire any particular amount of common stock. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters The Corporation and the Bank are subject to various regulatory capital requirements administered by the federal banking 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 effect on the Corporation’s and the Bank’s financial statements. Capital adequacy guidelines, and additionally for the Bank the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The July 2013 final rules generally implement higher minimum capital requirements, add a new common equity Tier 1 capital requirement, and establish criteria that instruments must meet to be considered common equity Tier 1 capital, additional Tier 1 capital or Tier 2 capital. The new minimum capital to risk-adjusted assets requirements include a common equity Tier 1 capital ratio of 4.5% ( 6.5% to be considered “well capitalized”) and a Tier 1 capital ratio of 6.0% , increased from 4.0% (and increased from 6.0% to 8.0% to be considered “well capitalized”); the total capital ratio remains at 8.0% under the new rules ( 10.0% to be considered “well capitalized”). Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets. The final rules permit institutions, other than certain large institutions, to elect to continue to treat most components of accumulated other comprehensive income as permitted under the current general risk-based capital rules, and not reflect these items in common equity Tier 1 calculations (such as unrealized gains and losses on available-for-sale securities, amounts recorded in accumulated other comprehensive income attributed to defined benefit retirement plans resulting from the initial and subsequent application of the relevant U.S. GAAP standards and accumulated net gains and losses on cash flow hedges related to items that are reported on the balance sheet at fair value.) The new minimum capital requirements were effective on January 1, 2015 . The capital conservation buffer requirements phase in over a three -year period beginning January 1, 2016. The Corporation will continue to analyze the impact of the new rules as it grows and as the capital conservation buffer requirements are phased in. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a three-year period beginning January 1, 2015. Additionally under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. Total risk-based capital at December 31, 2015 under Basel III was 13.35% for the Corporation and 12.09% for the Bank, well in excess of the regulatory minimum for well-capitalized status of 10% . The Corporation's and Bank's actual and required capital ratios as of December 31, 2015 and December 31, 2014 were as follows. Ratios at December 31, 2015 are under BASEL III regulatory capital rules. Ratios at December 31, 2014 are under BASEL I regulatory capital rules. (Dollars in thousands) Actual For Capital Adequacy To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 Total Capital (to Risk-Weighted Assets): Corporation $ 334,757 13.35 % $ 200,613 8.00 % $ 250,766 10.00 % Bank 300,527 12.09 198,816 8.00 248,521 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 267,098 10.65 150,460 6.00 200,613 8.00 Bank 282,245 11.36 149,112 6.00 198,816 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 267,098 10.65 112,845 4.50 162,998 6.50 Bank 282,245 11.36 111,834 4.50 161,538 6.50 Tier 1 Capital (to Average Assets): Corporation 267,098 9.69 110,227 4.00 137,783 5.00 Bank 282,245 10.31 109,480 4.00 136,850 5.00 At December 31, 2014 Total Capital (to Risk-Weighted Assets): Corporation $ 249,388 12.91 % $ 154,589 8.00 % $ 193,237 10.00 % Bank 232,080 12.15 152,796 8.00 % 190,995 10.00 % Tier 1 Capital (to Risk-Weighted Assets): Corporation 227,907 11.79 77,295 4.00 % 115,942 6.00 % Bank 210,816 11.04 76,398 4.00 % 114,597 6.00 % Tier 1 Capital (to Average Assets): Corporation 227,907 10.55 86,371 4.00 % 107,964 5.00 % Bank 210,816 9.80 86,005 4.00 % 107,506 5.00 % At December 31, 2015 and December 31, 2014 , management believes that the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. The Corporation, like other bank holding companies, currently is required to maintain Tier 1 Capital and Total Capital equal to at least 6.0% and 8.0%, respectively, of its total risk-weighted assets (including various off-balance-sheet items). The Bank, like other depository institutions, is required to maintain similar capital levels under capital adequacy guidelines. For a depository institution to be considered “well capitalized” under the regulatory framework for prompt corrective action, Tier 1 and Total Capital ratios must be at least 8.0% and 10.0% on a risk-adjusted basis, respectively. At December 31, 2015 , the Bank is categorized as “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. Dividends and Other Restrictions The primary source of the Corporation’s dividends paid to its shareholders is from the earnings of the Bank paid to the Corporation in the form of dividends. The approval of the Federal Reserve Board of Governors is required for a state bank member in the Federal Reserve system to pay dividends if the total of all dividends declared in any calendar year exceeds the Bank’s net profits (as defined) for that year combined with its retained net profits for the preceding two calendar years. Under this formula, the Bank can declare dividends in 2016 without approval of the Federal Reserve Board of Governors of approximately $12.1 million plus an additional amount equal to the Bank’s net profits for 2016 up to the date of any such dividend declaration. Federal Reserve Board policy applicable to the holding company also provides that, as a general matter, a bank holding company should inform the Federal Reserve and should eliminate, defer or significantly reduce the holding company’s dividends if the holding company’s net income for the preceding four quarters, net of dividends paid during the period, is not sufficient to fully fund the dividends, the holding company’s prospective rate of earnings retention is inconsistent with capital needs and overall current and prospective financial condition, or the holding company will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. Federal Reserve Board policy also provides that a bank holding company should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period or that could result in a material adverse change to the organization’s capital structure. The Federal Reserve Act requires that the extension of credit by the Bank to certain affiliates, including the Corporation (parent), be secured by readily marketable securities, that the extension of credit to any one affiliate be limited to 10% of the Bank’s capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of the Bank’s capital and surplus. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, the Corporation has made loans and commitments to extend credit to certain directors and executive officers of the Corporation and companies in which directors have an interest (Related Parties). These loans and commitments have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with customers not related to the lender and did not involve more than the normal risk of collectability or present other unfavorable terms. The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2015 : (Dollars in thousands) Balance at January 1, 2015 $ 30,685 Additions 42,107 Amounts collected and other reductions (6,415 ) Balance at December 31, 2015 $ 66,377 The Corporation paid $17 thousand during 2015 to Penn Foundation Inc. for the Employee Assistance Program , in the normal course of business on substantially the same terms as available for others. Margaret Zook, a director of the Corporation, is on the Board of Directors of Penn Foundation Inc. The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2015 Commitments to extend credit $ 23,797 Standby and commercial letters of credits 3,234 Deposits received 15,402 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At December 31, 2015 , the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. At December 31, 2015 , these segments meet the quantitative thresholds for separate disclosure as a business segment. Non-reportable segments include the parent holding company and intercompany eliminations, and are included in the "Other" segment. Prior to 2014, the Corporation had only one reportable segment, Community Banking. During 2014, the Corporation acquired Girard Partners and Sterner Insurance and realigned its investment and trust operations into its Wealth Management reporting unit; this resulted in the three reportable segments of Banking, Wealth Management and Insurance. The Corporation's Banking segment consists of commercial and consumer banking. The Wealth Management segment consists of investment advisory services, retirement plan services, trust, municipal pension services and broker/dealer services. The Insurance segment consists of commercial lines, personal lines, benefits and human resources consulting. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below. The Banking segment provides financial services to consumers, businesses and governmental units. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing. The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions. The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions, personal insurance lines and human resources consulting. The accounting policies, used in the disclosure of the operating segments, are the same as those described in Note 1, “Summary of Significant Accounting Policies." The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2015 , 2014 and 2013 . (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2015 Interest income $ 101,426 $ 1 $ — $ 32 $ 101,459 Interest expense 8,065 — — — 8,065 Net interest income 93,361 1 — 32 93,394 Provision for loan and lease losses 3,802 — — — 3,802 Noninterest income 19,458 18,874 14,396 221 52,949 Intangible expenses 293 410 1,864 — 2,567 Other noninterest expense 78,091 12,276 10,849 1,732 102,948 Intersegment (revenue) expense* (2,115 ) 867 1,248 — — Income (expense) before income taxes 32,748 5,322 435 (1,479 ) 37,026 Income tax expense (benefit) 7,693 2,054 164 (153 ) 9,758 Net income (loss) $ 25,055 $ 3,268 $ 271 $ (1,326 ) $ 27,268 Total assets $ 2,797,746 $ 33,950 $ 24,436 $ 23,319 $ 2,879,451 Capital expenditures $ 5,003 $ 19 $ 58 $ 1,650 $ 6,730 For the Year Ended December 31, 2014 Interest income $ 75,850 $ 1 $ — $ 34 $ 75,885 Interest expense 3,998 — — (2 ) 3,996 Net interest income 71,852 1 — 36 71,889 Provision for loan and lease losses 3,607 — — — 3,607 Noninterest income 16,170 19,918 12,038 525 48,651 Intangible expenses 19 1,138 1,010 — 2,167 Other noninterest expense 65,293 11,752 9,198 (1,156 ) 85,087 Intersegment (revenue) expense* (2,192 ) 965 1,227 — — Income before income taxes 21,295 6,064 603 1,717 29,679 Income taxes 4,043 2,269 256 880 7,448 Net income $ 17,252 $ 3,795 $ 347 $ 837 $ 22,231 Total assets $ 2,154,485 $ 34,195 $ 22,930 $ 23,711 $ 2,235,321 Capital expenditures $ 5,607 $ 73 $ 116 $ 144 $ 5,940 For the Year Ended December 31, 2013 Interest income $ 77,517 $ 1 $ — $ 61 $ 77,579 Interest expense 5,124 — — (7 ) 5,117 Net interest income 72,393 1 — 68 72,462 Provision for loan and lease losses 11,228 — — — 11,228 Noninterest income 22,053 14,938 9,959 (166 ) 46,784 Intangible expenses 22 326 (191 ) — 157 Other noninterest expense 61,986 9,018 7,943 2,029 80,976 Intersegment (revenue) expense* (1,732 ) 735 997 — — Income (expense) before income taxes 22,942 4,860 1,210 (2,127 ) 26,885 Income tax expense (benefit) 4,255 1,850 497 (906 ) 5,696 Net income (loss) $ 18,687 $ 3,010 $ 713 $ (1,221 ) $ 21,189 Capital expenditures $ 3,079 $ 13 $ 46 $ 713 $ 3,851 *Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. Generally speaking, these expenses are allocated based upon number of employees and square footage utilized. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | Condensed Financial Information - Parent Company Only Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2015 2014 Assets: Cash and due from banks $ 17,096 $ 3,120 Investments in securities 807 1,336 Investments in subsidiaries, at equity in net assets: Bank 392,304 283,166 Non-banks — — Other assets 24,950 21,115 Total assets $ 435,157 $ 308,737 Liabilities: Dividends payable $ 3,905 $ 3,243 Subordinated notes 49,377 — Other liabilities 20,301 20,940 Total liabilities 73,583 24,183 Shareholders' equity: 361,574 284,554 Total liabilities and shareholders' equity $ 435,157 $ 308,737 The Corporation’s condensed Balance Sheet at December 31, 2015 reflects the issuance of common stock valued at approximately $77 million related to the acquisition of Valley Green Bank on January 1, 2015 and the push down to the Bank subsidiary. (Dollars in thousands) For the Years Ended December 31, Statements of Income 2015 2014 2013 Dividends from Bank $ 26,523 $ 12,482 $ 18,482 Dividends from non-bank — — — Net gain on sales of securities 285 306 644 Loss on termination of interest rate swap — — (1,866 ) Other income 18,428 18,334 18,306 Total operating income 45,236 31,122 35,566 Operating expenses 21,833 16,924 19,203 Income before income tax (benefit) expense and equity in undistributed income (loss) of subsidiaries 23,403 14,198 16,363 Income tax (benefit) expense (728 ) 880 (903 ) Income before equity in undistributed income (loss) of subsidiaries 24,131 13,318 17,266 Equity in undistributed income (loss) of subsidiaries: Bank 3,137 8,913 3,929 Non-banks — — (6 ) Net income $ 27,268 $ 22,231 $ 21,189 (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2015 2014 2013 Cash flows from operating activities: Net income $ 27,268 $ 22,231 $ 21,189 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net (income) loss of subsidiaries (3,137 ) (8,913 ) (3,923 ) Net gain on sales of securities (285 ) (306 ) (644 ) Loss on termination of interest rate swap — — 1,866 Bank owned life insurance income (5 ) (238 ) (1,070 ) Depreciation of premises and equipment 275 364 344 Stock based compensation 1,421 1,141 978 Contributions to pension and other postretirement benefit plans (2,271 ) (254 ) (2,243 ) (Increase) decrease in other assets (4,268 ) 714 671 Increase (decrease) in other liabilities 2,027 (639 ) (2,426 ) Net cash provided by operating activities 21,025 14,100 14,742 Cash flow from investing activities: Investments in subsidiaries (30,000 ) — — Proceeds from sales of securities 708 1,131 1,244 Liquidation of subsidiary, net of cash acquired — — 15,011 Proceeds from bank owned life insurance — — 772 Other, net (1,640 ) (281 ) (713 ) Net cash (used in) provided by investing activities (30,932 ) 850 16,314 Cash flows from financing activities: Proceeds from issuance of subordinated notes 49,267 — — Repayment of long-term debt — — (375 ) Payment for repurchase of trust preferred securities — — (20,619 ) Purchases of treasury stock (13,342 ) (4,605 ) (12,012 ) Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans 2,434 2,462 2,422 Proceeds from exercise of stock options, including excess tax benefits 534 310 — Cash dividends paid (15,010 ) (12,996 ) (10,029 ) Net cash provided by (used in) financing activities 23,883 (14,829 ) (40,613 ) Net increase (decrease) in cash and due from financial institutions 13,976 121 (9,557 ) Cash and due from financial institutions at beginning of year 3,120 2,999 12,556 Cash and due from financial institutions at end of year $ 17,096 $ 3,120 $ 2,999 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 1,275 $ 2 $ 754 Income tax, net of refunds received 1,770 5,300 5,017 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly Financial Data (Unaudited) The unaudited results of operations for the quarters for the years ended December 31, 2015 and 2014 were as follows: (Dollars in thousands, except per share data) 2015 Quarterly Financial Data: Fourth Third Second First Interest income $ 25,623 $ 25,585 $ 25,513 $ 24,738 Interest expense 2,278 2,220 2,133 1,434 Net interest income 23,345 23,365 23,380 23,304 Provision for loan and lease losses 917 670 1,141 1,074 Net interest income after provision for loan and lease losses 22,428 22,695 22,239 22,230 Noninterest income 13,312 12,855 13,351 13,431 Noninterest expense 26,029 25,243 26,832 27,411 Income before income taxes 9,711 10,307 8,758 8,250 Income taxes 2,553 2,779 2,292 2,134 Net income $ 7,158 $ 7,528 $ 6,466 $ 6,116 Per share data: Basic $ 0.37 $ 0.39 $ 0.33 $ 0.31 Diluted $ 0.37 $ 0.39 $ 0.33 $ 0.31 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2014 Quarterly Financial Data: Fourth Third Second First Interest income $ 18,995 $ 19,219 $ 18,725 $ 18,946 Interest expense 1,039 978 981 998 Net interest income 17,956 18,241 17,744 17,948 Provision for loan and lease losses 648 233 1,251 1,475 Net interest income after provision for loan and lease losses 17,308 18,008 16,493 16,473 Noninterest income 12,076 12,510 11,924 12,141 Noninterest expense 22,562 22,019 21,790 20,883 Income before income taxes 6,822 8,499 6,627 7,731 Income taxes 1,632 2,264 1,547 2,005 Net income $ 5,190 $ 6,235 $ 5,080 $ 5,726 Per share data: Basic $ 0.32 $ 0.38 $ 0.31 $ 0.35 Diluted $ 0.32 $ 0.38 $ 0.31 $ 0.35 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization Univest Corporation of Pennsylvania (the Corporation) through its wholly owned subsidiary, Univest Bank and Trust Co. (the Bank), is engaged in domestic commercial and consumer banking services and provides a full range of banking and trust services to its customers. The Bank wholly owns Univest Capital, Inc., which provides lease financing, and Delview, Inc., who through its subsidiaries, Univest Investments, Inc., Univest Insurance, Inc. and Girard Partners provides financial planning, investment management, investment advisory, insurance products and brokerage services. Univest Investments, Inc., Univest Insurance, Inc. and Univest Capital, Inc. were formed to enhance the traditional banking and trust services provided by the Bank, along with the acquisition of Girard Partners. At December 31, 2015 , the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines its segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. At December 31, 2015 , these segments meet the quantitative thresholds for separate disclosure as a business segment. For more detailed discussion and financial information on the business segments, see Note 23 “Segment Reporting”. The Bank serves Montgomery, Bucks and Chester Counties, the Lehigh Valley of Pennsylvania and the greater Philadelphia marketplace through twenty-nine banking offices and provides banking and trust services to the residents and employees of twelve retirement communities. Banking services are also available on-line at the Corporation’s website at www.univest.net. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries; the Corporation’s primary subsidiary is the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include fair value measurement of investment securities available-for-sale and assessment for impairment of certain investment securities, reserve for loan and lease losses, valuation of goodwill and other intangible assets, mortgage servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. |
Interest-earning Deposits with Other Banks | Interest-earning Deposits with Other Banks Interest-earning deposits with other banks consist of deposit accounts with other financial institutions generally having maturities of three months or less. |
Investment Securities | Investment Securities Securities are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Securities purchased with the intention of recognizing short-term profits are placed in the trading account and are carried at fair value. The Corporation did not have any trading account securities at December 31, 2015 or 2014 . Securities not classified as held-to-maturity or trading are designated securities available-for-sale and carried at fair value with unrealized gains and losses reflected in other comprehensive income, net of estimated income taxes. Realized gains and losses on the sale of investment securities are recognized using the specific identification method and are included in the consolidated statements of income. The amortization of premiums and accretion of discounts are included in interest income and calculated using the level yield method. Management evaluates debt securities, which are comprised of U.S. government, government sponsored agencies, municipalities, corporate bonds and other issuers, for other-than-temporary impairment by considering the current economic conditions, the length of time and the extent to which the fair value has been less than cost, market interest rates and the bond rating of each security. All of the debt securities are rated as investment grade and management believes that it will not incur any losses. The unrealized losses on the Corporation’s investments in debt securities are temporary in nature since they are primarily related to market interest rates and are not related to the underlying credit quality of the issuers. The Corporation does not have the intent to sell the debt securities and believes it is more likely than not, that it will not have to sell the securities before recovery of their cost basis. The credit portion of any loss on debt securities is recognized through earnings and the noncredit portion of any loss related to debt securities that the Corporation does not intend to sell, and it is more likely than not that the Corporation will not be required to sell the securities prior to recovery, is recognized in other comprehensive income, net of tax. The Corporation evaluates its equity securities for other-than-temporary impairment and recognizes other-than-temporary impairment charges when it has determined that it is probable that the fair value of certain equity securities will not recover to the Corporation’s cost basis in the individual securities within a reasonable period of time due to a decline in the financial stability of the underlying companies. Management evaluates the near-term prospects of the issuers in relation to the severity and duration of the impairment. The Corporation has the intent and ability to hold these securities until recovery of the Corporation’s cost basis occurs. |
Loans and Leases | Loans and Leases Loans and leases are stated at the principal amount less net deferred fees and unearned discount. Interest income on commercial loans, real estate loans excluding residential real estate loans, and consumer loans is recorded on the outstanding balance method, using actual interest rates applied to daily principal balances. Interest on residential real estate loans is recorded based on the outstanding balance using the actual interest rate based upon a monthly interest calculation. Loan commitments are made to accommodate the financial needs of the customers. These commitments represent off-balance sheet items that are unfunded. Accrual of interest income on loans and leases ceases when collectability of interest and/or principal is questionable. If it is determined that the collection of interest previously accrued is uncertain, such accrual is reversed and charged to current earnings. Loans and leases are considered past due based upon failure to comply with contractual terms. A loan or lease is typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest, even though the loan or lease is currently performing. When a loan or lease, including a loan or lease that is impaired, is classified as nonaccrual, the accrual of interest on such a loan or lease is discontinued. A loan or lease may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan or lease is placed on nonaccrual status, unpaid interest credited to income is reversed. Interest payments received on nonaccrual loans and leases are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Loans and leases are usually restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A loan or lease is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. Interest on impaired loans and leases, which are not classified as nonaccrual, is recognized on the accrual basis. |
Loan and Lease Fees | Loan and Lease Fees Fees collected upon loan or lease origination and certain direct costs of originating loans and leases are deferred and recognized over the contractual lives of the related loans and leases as yield adjustments using the interest method. Upon prepayment or other disposition of the underlying loans and leases before their contractual maturities, any associated unearned fees or unamortized costs are recognized. |
Reserve for Loan and Lease Losses | Reserve for Loan and Lease Losses The reserve for loan and lease losses is maintained at a level that management believes is appropriate to absorb known and inherent losses in the loan and lease portfolio. Management’s methodology to determine the adequacy of and the additions to the reserve considers specific credit reviews, past loan and lease loss experience, current economic conditions and trends, and the volume, growth, and composition of the loan portfolio. The reserve for loan and lease loss analysis takes into consideration the growth of the loan and lease portfolio, the status of past-due loans and leases, current economic conditions, various types of lending activity, policies, real estate and other loan commitments, and significant changes in charge-off activity. Impaired loans, including nonaccrual loans and leases, troubled debt restructured loans and other accruing impaired loans are evaluated individually. All other loans and leases are evaluated as pools. Based on historical loss experience and qualitative factors, loss factors are determined giving consideration to the areas noted in the first paragraph and applied to the pooled loan and lease categories to develop the general or allocated portion of the reserve. The reserve for loan and lease losses is determined at the end of each quarter, and more frequently for management review purposes. Calculating the Corporation's reserve for loan and lease losses begins with the Bank's loan portfolio utilizing historical loss data as a starting point, while evaluating the impact of environmental factors in a quantitative manner as they relate to the collectability of outstanding loan obligations. The Corporation utilizes a rolling eight-quarter migration analysis and loss emergence period analysis to determine the annualized net expected loan loss experience. Each quarter, the conditions that exist within the look-back period are compared to current conditions to support a conclusion as to which qualitative adjustments are (or are not) deemed necessary for each loan portfolio segment. These factors are evaluated subjectively based on management's experience and supported by the Corporation's defined analytical metrics/drivers relative to the historical look-back period. Factors include, but are not limited to, asset quality trends, portfolio growth trends, changes in lending policies and management, economic trends, concentrations of credit risk and the impact of collateral dependent lending. The reserve for loan and lease losses is based on management’s evaluation of the loan and lease portfolio under current economic conditions and such other factors, which deserve recognition in estimating loan and lease losses. This evaluation is inherently subjective, as it requires estimates including the amounts and timing of future cash flows expected to be received on impaired loans and leases that may be susceptible to significant change. Additions to the reserve arise from the provision for loan and lease losses charged to operations or from the recovery of amounts previously charged off. Loan and lease charge-offs reduce the reserve. Loans and leases are charged off when there has been permanent impairment or when in the opinion of management the full amount of the loan or lease will not be realized. Certain impaired loans are reported at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, or for certain impaired loans, at the present value of expected future cash flows using the loan’s initial effective interest rate. For commercial impaired loans which are collateral dependent, the fair value of collateral is based on appraisals performed by qualified licensed appraisers hired by the Corporation less management’s estimated costs to sell. Appraisals are updated annually and obtained more frequently if changes in the property or market conditions warrant. Once an updated appraisal is received, if the fair value less estimated costs to sell is less than the carrying amount of the collateral dependent loan, a charge-off to the reserve for loan and lease losses is recorded for the difference. The reserve for loan and lease losses consists of an allocated reserve and an unallocated reserve. The allocated reserve is comprised of reserves established on specific loans and leases, and class reserves based on historical loan and lease loss experience and qualitative factors, current trends, and management assessments. The unallocated reserve supports other risk considerations not readily quantifiable through the allocated reserve metrics outlined above, as well as the inherent imprecision of the reserve for loan and lease losses model complexity. These considerations include, but are not limited to, the improving credit risk profile of performing loans individually measured for impairment, less than fully seasoned home equity portfolio metrics and reclassification of loan settlement exposures. The specific reserve element is based on a regular analysis of impaired commercial and real estate loans. For these loans, the specific reserve established is based on an analysis of related collateral value, cash flow considerations and, if applicable, guarantor capacity. The class reserve element is determined by an internal loan and lease grading process in conjunction with associated allowance factors. The Corporation revises the class allowance factors whenever necessary, but no less than quarterly, in order to address improving or deteriorating credit quality trends or specific risks associated with a given loan or lease pool classification. The Corporation maintains a reserve in other liabilities for off-balance sheet credit exposures that currently are unfunded in categories with historical loss experience. In addition, the Bank's primary examiner, as a regular part of their examination process, may require the Bank to increase the level of reserves. |
Premises and Equipment | Premises and Equipment Land is stated at cost, and premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method and charged to operating expenses over the estimated useful lives of the assets. The estimated useful life for new buildings constructed on land owned is forty years , and for new buildings constructed on leased land, is the lesser of forty years or the lease term including anticipated renewable terms. The useful life of purchased existing buildings is the estimated remaining useful life at the time of the purchase. Land improvements are considered to have estimated useful lives of fifteen years or the lease term including anticipated renewable terms. Furniture, fixtures and equipment have estimated useful lives ranging from three to ten years. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the sum of the year’s digits over their estimated useful lives of up to fifteen years . Customer related intangibles are amortized over their estimated useful lives of five to twelve years. Covenants not to compete are amortized over their three to five -year contractual lives. The Corporation completes a goodwill analysis at least on an annual basis or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other intangible assets on an annual basis or more often if events and circumstances indicate a possible impairment. There can be no assurance that future impairment analyses will not result in a charge to earnings. Mortgage servicing rights are recognized as separate assets when mortgage loans are sold and the servicing rights are retained. Capitalized mortgage servicing rights are reported in other intangible assets on the consolidated balance sheets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing period of the underlying mortgage loans. Mortgage servicing rights are evaluated for impairment, on a quarterly basis, based upon the fair value of the servicing rights as compared to amortized cost. The Corporation estimates the fair value of mortgage servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the current interest rates of the portfolios serviced. Mortgage servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment is recognized through a valuation allowance, to the extent that fair value is less than the unamortized capitalized amount. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Corporation carries bank owned life insurance at the net cash surrender value of the policies. Changes in the net cash surrender value of these policies are reflected in noninterest income. Proceeds from and purchases of bank owned life insurance are reflected in the consolidated statements of cash flows under investing activities. The Corporation recognizes a liability for the future death benefit for certain endorsement split-dollar life insurance arrangements that provide an employee with a death benefit in a postretirement/termination period. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned represents properties acquired through customers’ loan defaults and is included in other assets. The real estate is stated at an amount equal to the loan balance prior to foreclosure, plus costs incurred for improvements to the property, but no more than the fair value of the property, less estimated costs to sell. Any write-down, at or prior to the dates the real estate is considered foreclosed, is charged to the allowance for loan losses. Subsequent write-downs and any gain or loss upon the sale of real estate owned is recorded in other noninterest income. Expenses incurred in connection with holding such assets are recorded in other noninterest expense. |
Derivative Financial Instruments | Derivative Financial Instruments The Corporation recognizes all derivative financial instruments on its balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the underlying forecasted transaction is recognized in earnings. The ineffective portion of a derivative's change in fair value is recognized in earnings immediately. To determine fair value, the Corporation uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Corporation may use interest-rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation accounts for its interest-rate swap contracts in cash flow hedging relationships by establishing and documenting the effectiveness of the instrument in offsetting the change in cash flows of assets or liabilities that are being hedged. To determine effectiveness, the Corporation performs an analysis to identify if changes in fair value of the derivative correlate to the equivalent changes in the forecasted interest receipts related to a specified hedged item. Recorded amounts related to interest-rate swaps are included in other assets or liabilities. Changes in the fair value of derivative instruments designated as hedges of future cash flows are recognized in accumulated other comprehensive income until the underlying forecasted transactions occur, at which time the deferred gains and losses are recognized in earnings. The change in fair value of the ineffective part of the instrument would be charged to earnings, potentially causing material fluctuations in reported earnings in the period of the change relative to comparable periods. In a fair value hedge, the fair values of the interest rate swap agreements and changes in the fair values of the hedged items are recorded in the Corporation’s consolidated balance sheet with the corresponding gain or loss being recognized in the consolidated statement of income. The difference between changes in the fair values of interest rate swap agreements and the hedged items represents hedge ineffectiveness and is recorded in net interest income in the consolidated statement of income. The Corporation performs an assessment, both at the inception of the hedge and quarterly thereafter, to determine whether these derivatives are highly effective in offsetting changes in the value of the hedged items. In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sale of mortgage loans to third-party investors to hedge the effect of changes in interest rates on the value of the interest rate locks. Forward loan sale commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. Both the interest rate locks and the forward loan sale commitments are accounted for as derivatives and carried at fair value, determined as the amount that would be necessary to settle each derivative financial instrument at the balance sheet date. Gross derivative assets and liabilities are recorded within other assets and other liabilities on the consolidated balance sheets, with changes in fair value during the period recorded within the net gain on mortgage banking activities on the consolidated statements of income. |
Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values | Federal Home Loan Bank Stock, Federal Reserve Bank Stock and Certain Other Investments without Readily Determinable Fair Values Federal Home Loan Bank stock, Federal Reserve Bank stock and certain other investments without readily determinable fair values are classified as other assets on the consolidated balance sheets. These investments are carried at cost and evaluated for impairment periodically or if events or circumstances indicate that there may be impairment. |
Income Taxes | Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred income taxes are provided for temporary differences between amounts reported for financial statement and tax purposes. Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial reporting amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which the differences are expected to reverse. Deferred tax assets are subject to management’s judgment based upon available evidence that future realizations are “more likely than not.” If management determines that the Corporation is not more likely than not, to realize some or all of the net deferred tax asset in the future, a charge to income tax expense may be required to reduce the value of the net deferred tax asset to the expected realizable value. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Penalties are recorded in noninterest expense in the year they are assessed and paid and are treated as a non-deductible expense for tax purposes. Interest is recorded in noninterest expense in the year it is assessed and paid and is treated as a deductible expense for tax purposes. |
Retirement Plans and Other Postretirement Benefits | Retirement Plans and Other Postretirement Benefits Substantially all employees who were hired before December 8, 2009 are covered by a noncontributory retirement plan. Effective December 31, 2009, the benefits previously accrued under the noncontributory retirement plan were frozen and the plan was amended and converted to a cash balance plan, with participants not losing any pension benefits already earned in the plan. Prior to the cash balance plan conversion effective December 31, 2009, the plan provided benefits based on a formula of each participant’s final average pay. Future benefits under the cash balance plan accrue by crediting participants annually with an amount equal to a percentage of earnings in that year based on years of credited service as defined in the plan. Employees hired on or after December 8, 2009 are not eligible to participate in the noncontributory retirement plan. The Corporation also provides supplemental executive retirement benefits, a portion of which is in excess of limits imposed on qualified plans by federal tax law; these plans are non-qualified benefit plans. These non-qualified benefit plans are not offered to new participants; all current participants are now retired. The Corporation provides certain postretirement healthcare and life insurance benefits for retired employees. The Corporation’s measurement date for plan assets and obligation is fiscal year-end. The Corporation recognizes on its consolidated balance sheet the funded status of its defined pension plans and changes in the funded status of the plan in the year in which the changes occur. An under-funded position would create a liability and an over-funded position would create an asset, with a correlating deferred tax asset or liability. The net impact would be an adjustment to equity as accumulated other comprehensive income (loss). The Corporation recognizes as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation make matching contributions as defined by the plan. The Corporation sponsors a Supplemental Non-Qualified Pension Plan (SNQPP) which was established in 1981 for employees who have served for several years, with ability and distinction, in one of the primary policy-making senior level positions in the Corporation. The SNQPP was established prior to the existence of a 401(k) deferred salary savings, employee stock purchase and long-term incentive plans and therefore is not offered to new participants; all current participants are now retired. These non-qualified plans are accounted for under guidance for deferred compensation arrangements. |
Stock-Based Compensation | Stock-Based Compensation The fair value of share based awards is recognized as compensation expense over the vesting period based on the grant-date fair value of the awards. The Corporation uses the Black-Scholes Model to estimate the fair value of each option on the date of grant. The Black-Scholes Model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Corporation grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The Corporation grants both fixed and variable (performance-based) restricted stock. The performance-based restricted stock awards vest based upon the Corporation’s performance against selected peers with respect to certain financial measures over a three -year period. The fair value of fixed restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. The fair value of the performance-based restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period adjusted for a probability factor of achieving the performance goals. |
Dividend Reinvestment and Employee Stock Purchase Plans | Dividend Reinvestment and Employee Stock Purchase Plans The Univest Dividend Reinvestment Plan allows for the issuance of 1,968,750 shares of common stock. During 2015 and 2014 , 87,946 and 82,922 shares, respectively, were issued under the dividend reinvestment plan, with 464,235 shares available for future purchase at December 31, 2015 . The 1996 Employee Stock Purchase Plan allows for the issuance of 984,375 shares of common stock. Employees may elect to make contributions to the plan in an aggregate amount not less than 2% or more than 10% of such employee’s total compensation. These contributions are then used to purchase stock during an offering period determined by the Corporation’s Employee Stock Purchase Plan Committee. The purchase price of the stock is 90% of the closing sale price on the last trading day of each quarter. Compensation expense is recognized as the discount is greater than 5% of the fair value. During 2015 and 2014 , 26,440 and 23,271 shares, respectively, were issued under the employee stock purchase plan, with 706,184 shares available for future purchase at December 31, 2015 . |
Marketing and Advertising Costs | Marketing and Advertising Costs The Corporation’s accounting policy is to expense marketing and advertising costs as incurred, when the advertisement first takes place, or over the expected useful life of the related asset, as would be the case with billboards. |
Statement of Cash Flows | Statement of Cash Flows The Corporation has defined those items included in the caption “Cash and due from banks” as cash and cash equivalents. |
Trust Assets | Trust Assets Assets held by the Corporation in a fiduciary or agency capacity for its customers are not included in the consolidated financial statements since such items are not assets of the Corporation. |
Earnings per Share | Earnings per Share The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if options on common shares had been exercised, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Corporation relate solely to outstanding stock options, and are determined using the treasury stock method. The effects of options to issue common stock are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) simplifying the accounting for measurement-period adjustments related to business combinations. The ASU eliminates the requirement to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. Under this ASU, measurement-period adjustments are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. The ASU requires additional disclosures about the impact on current period income statement line items of adjustments that would have been recognized in prior periods if prior period information had been revised. The amendments in this ASU are effective for financial statements of public businesses issued for fiscal years and interim periods within those years beginning after December 15, 2015, or January 1, 2016 for the Corporation. The adoption of this ASU will not have any impact on the Corporation's financial statements. In April 2015, the FASB issued an ASU simplifying the presentation of debt issuance costs. The ASU requires that debt issuance costs related to a recognized debt liability shall be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The costs will continue to be amortized to interest expense using the effective interest method. The ASU is effective for financial statements of public business issued for fiscal years beginning after December 15, 2015, or January 1, 2016 for the Corporation. The adoption of ASU will not impact the Corporation's balance sheet presentation as the Corporation currently follows this presentation consistent with the guidance in FASB Concepts Statement No. 6. In May 2014, the FASB issued an ASU regarding revenue from contracts with customers which clarifies the principles for recognizing revenue and develops a common standard for U.S. GAAP and International Financial Reporting Standards. The ASU establishes a core principle that would require an entity to identify the contract(s) with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. The ASU provides for improved disclosure requirements that require entities to disclose sufficient information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued an ASU deferring the original effective date of this guidance by one year. This guidance is now effective for fiscal years and interim periods within those years beginning after December 15, 2017, or January 1, 2018 for the Corporation. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, it is anticipated the impact will be only related to timing. In January 2014, the FASB issued an ASU regarding reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The ASU clarifies that when an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The ASU was issued to eliminate diversity in practice on this topic. The amendment is effective for fiscal years and interim periods within those years beginning after December 15, 2014, or January 1, 2015 for the Corporation. The adoption of this guidance did not have a material impact on the Corporation's financial statements but resulted in expanded disclosures effective March 31, 2015, which are included in Note 5, “Loans and Leases.” |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Acquisition | The following table summarized the consideration paid for Valley Green Bank and the fair value of assets acquired and liabilities assumed at the acquisition date: (Dollars in thousands, except share data) Purchase price consideration in common stock: Valley Green common shares outstanding 2,797,454 Exchange ratio 1.3541 Univest shares issued 3,787,866 Univest closing stock price at December 31, 2014 $ 20.24 Purchase price assigned to Valley Green common shares exchanged for Univest stock $ 76,667 Purchase price assigned to cash in lieu of fractional shares 3 Purchase price assigned to Valley Green options settled for cash 2,236 Total purchase price $ 78,906 Fair value of assets acquired: Cash and due from banks $ 4,919 Federal funds sold 17,442 Investment securities available-for-sale 12,766 Loans held for investment 380,924 Premises and equipment, net 2,973 Core deposit intangible * 1,520 Accrued interest receivable and other assets 4,641 Total identifiable assets $ 425,185 Fair value of liabilities assumed: Deposits - noninterest bearing $ 49,102 Deposits - interest bearing 336,810 Change in control accrued payments 2,070 Accrued interest payable and other liabilities 1,813 Total liabilities $ 389,795 Identifiable net assets 35,390 Goodwill resulting from merger * $ 43,516 * Goodwill is not deductible for federal income tax purposes. The goodwill and core deposit intangible are allocated to the Banking business segment. |
Schedule of Impaired Loans | The following is a summary of the acquired impaired loans at January 1, 2015 resulting from the acquisition with Valley Green: (Dollars in thousands) Contractually required principal and interest payments $ 7,377 Contractual cash flows not expected to be collected (nonaccretable difference) (5,344 ) Cash flows expected to be collected 2,033 Interest component of expected cash flows (accretable difference) (305 ) Fair value of loans acquired with a deterioration of credit quality $ 1,728 The outstanding principal balance and carrying amount for acquired credit impaired loans at December 31, 2015 were as follows: (Dollars in thousands) At December 31, 2015 Outstanding principal balance $ 3,551 Carrying amount 1,253 Allowance for loan losses 8 The following table presents the changes in accretable yield on acquired credit impaired loans: (Dollars in thousands) For the Year Ended December 31, 2015 Beginning of period $ — Acquisition of credit impaired loans 305 Reclassification from nonaccretable difference 574 Accretable yield amortized to interest income (717 ) Disposals (18 ) End of period $ 144 The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not an allowance for credit losses and the amounts for which there is an allowance for credit losses at December 31, 2015 and 2014 . The impaired loans exclude loans acquired with deteriorated credit quality. At December 31, 2015 2014 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related allowance recorded: Commercial, financial and agricultural $ 10,337 $ 13,318 $ 12,628 $ 13,050 Real estate—commercial real estate 30,088 30,996 29,779 30,810 Real estate—construction — — 5,931 6,474 Real estate—residential secured for business purpose 4,597 4,717 3,008 3,044 Real estate—residential secured for personal purpose 545 554 512 547 Real estate—home equity secured for personal purpose 170 170 184 184 Total impaired loans with no related allowance recorded $ 45,737 $ 49,755 $ 52,042 $ 54,109 Impaired loans with an allowance recorded: Commercial, financial and agricultural $ 2,544 $ 2,544 $ 208 $ 3,933 $ 3,935 $ 920 Real estate—commercial real estate — — — 216 216 78 Real estate—residential secured for business purpose 295 295 45 — — — Real estate—residential secured for personal purpose 252 252 16 — — — Real estate—home equity secured for personal purpose 105 105 53 — — — Total impaired loans with an allowance recorded $ 3,196 $ 3,196 $ 322 $ 4,149 $ 4,151 $ 998 Total impaired loans: Commercial, financial and agricultural $ 12,881 $ 15,862 $ 208 $ 16,561 $ 16,985 $ 920 Real estate—commercial real estate 30,088 30,996 — 29,995 31,026 78 Real estate—construction — — — 5,931 6,474 — Real estate—residential secured for business purpose 4,892 5,012 45 3,008 3,044 — Real estate—residential secured for personal purpose 797 806 16 512 547 — Real estate—home equity secured for personal purpose 275 275 53 184 184 — Total impaired loans $ 48,933 $ 52,951 $ 322 $ 56,191 $ 58,260 $ 998 |
Schedule of Pro Forma Information | The unaudited pro forma data presented below is based on, and should be read together with, the historical financial information of the Corporation included in this Form 10-K for the indicated periods and the historical information of Valley Green Bank included in the Corporation's Current Report on Form 8-K filed with the SEC on January 7, 2015. Pro Forma For the Years Ended December 31, (Dollars in thousands, except share data) 2015 2014 Net interest income $ 93,394 $ 92,240 Noninterest income 52,949 49,325 Noninterest expense 105,515 98,729 Net income 27,268 27,468 Earnings per share Basic 1.39 1.37 Diluted 1.39 1.37 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized cost and estimated fair value of held to maturity securities and available for sale securities by contractual maturity | The following table shows the amortized cost and the estimated fair value of the held-to-maturity securities and available-for-sale securities at December 31, 2015 and 2014 , by contractual maturity within each type: At December 31, 2015 At December 31, 2014 (Dollars in thousands) Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity Corporate bonds: Within 1 year $ 21,047 $ 134 $ — $ 21,181 $ 13,088 $ 82 $ — $ 13,170 After 1 year to 5 years 19,943 1 (64 ) 19,880 41,259 388 (52 ) 41,595 40,990 135 (64 ) 41,061 54,347 470 (52 ) 54,765 Total $ 40,990 $ 135 $ (64 ) $ 41,061 $ 54,347 $ 470 $ (52 ) $ 54,765 Securities Available-for-Sale U.S. treasuries: After 1 year to 5 years $ 4,978 $ — $ (91 ) $ 4,887 $ 4,972 $ — $ (127 ) $ 4,845 4,978 — (91 ) 4,887 4,972 — (127 ) 4,845 U.S. government corporations and agencies: Within 1 year 10,389 — (29 ) 10,360 — — — — After 1 year to 5 years 92,148 26 (378 ) 91,796 122,328 48 (532 ) 121,844 102,537 26 (407 ) 102,156 122,328 48 (532 ) 121,844 State and political subdivisions: Within 1 year — — — — 600 2 — 602 After 1 year to 5 years 17,362 80 (29 ) 17,413 12,326 17 (59 ) 12,284 After 5 years to 10 years 47,969 1,188 (32 ) 49,125 49,554 1,616 (77 ) 51,093 Over 10 years 34,334 1,160 — 35,494 37,004 1,792 (1 ) 38,795 99,665 2,428 (61 ) 102,032 99,484 3,427 (137 ) 102,774 Residential mortgage-backed securities: After 1 year to 5 years 9,713 12 (13 ) 9,712 5,066 17 — 5,083 After 5 years to 10 years 60 — — 60 4,856 — (32 ) 4,824 Over 10 years 3,517 65 — 3,582 3,661 75 — 3,736 13,290 77 (13 ) 13,354 13,583 92 (32 ) 13,643 Collateralized mortgage obligations: Over 10 years 3,215 — (82 ) 3,133 3,810 — (85 ) 3,725 3,215 — (82 ) 3,133 3,810 — (85 ) 3,725 Corporate bonds: Within 1 year 250 — — 250 4,998 22 — 5,020 After 1 year to 5 years 19,446 25 (158 ) 19,313 29,505 88 (244 ) 29,349 After 5 years to 10 years 10,148 — (266 ) 9,882 20,442 — (371 ) 20,071 Over 10 years 60,000 — (2,770 ) 57,230 — — — — 89,844 25 (3,194 ) 86,675 54,945 110 (615 ) 54,440 Money market mutual funds: No stated maturity 16,726 — — 16,726 11,675 — — 11,675 16,726 — — 16,726 11,675 — — 11,675 Equity securities: No stated maturity 426 381 — 807 854 483 — 1,337 426 381 — 807 854 483 — 1,337 Total $ 330,681 $ 2,937 $ (3,848 ) $ 329,770 $ 311,651 $ 4,160 $ (1,528 ) $ 314,283 |
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the years ended December 31, 2015 , 2014 and 2013 : For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Securities available-for-sale: Proceeds from sales $ 77,308 $ 32,967 $ 76,361 Gross realized gains on sales 1,295 635 3,396 Gross realized losses on sales 30 — 7 Tax expense related to net realized gains on sales 443 222 1,186 |
Schedule of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at December 31, 2015 and 2014 by the length of time those securities were in a continuous loss position: Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At December 31, 2015 Securities Held-to-Maturity Corporate bonds $ 12,078 $ (9 ) $ 4,953 $ (55 ) $ 17,031 $ (64 ) Total $ 12,078 $ (9 ) $ 4,953 $ (55 ) $ 17,031 $ (64 ) Securities Available-for-Sale U.S. treasuries $ — $ — $ 4,887 $ (91 ) $ 4,887 $ (91 ) U.S. government corporations and agencies 72,157 (379 ) 4,972 (28 ) 77,129 (407 ) State and political subdivisions 10,251 (49 ) 1,335 (12 ) 11,586 (61 ) Residential mortgage-backed securities 4,751 (13 ) — — 4,751 (13 ) Collateralized mortgage obligations — — 3,133 (82 ) 3,133 (82 ) Corporate bonds 72,234 (2,941 ) 10,669 (253 ) 82,903 (3,194 ) Total $ 159,393 $ (3,382 ) $ 24,996 $ (466 ) $ 184,389 $ (3,848 ) At December 31, 2014 Securities Held-to-Maturity Corporate bonds $ 15,036 $ (27 ) $ 4,987 $ (25 ) $ 20,023 $ (52 ) Total $ 15,036 $ (27 ) $ 4,987 $ (25 ) $ 20,023 $ (52 ) Securities Available-for-Sale U.S. treasuries $ — $ — $ 4,845 $ (127 ) $ 4,845 $ (127 ) U.S. government corporations and agencies 39,607 (80 ) 62,140 (452 ) 101,747 (532 ) State and political subdivisions 10,246 (31 ) 9,303 (106 ) 19,549 (137 ) Residential mortgage-backed securities 4,824 (32 ) — — 4,824 (32 ) Collateralized mortgage obligations — — 3,725 (85 ) 3,725 (85 ) Corporate bonds 21,949 (328 ) 15,805 (287 ) 37,754 (615 ) Total $ 76,626 $ (471 ) $ 95,818 $ (1,057 ) $ 172,444 $ (1,528 ) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | At December 31, 2015 At December 31, 2014 (Dollars in thousands) Originated Acquired Total Total Commercial, financial and agricultural $ 479,980 $ 24,535 $ 504,515 $ 457,827 Real estate-commercial 759,342 126,550 885,892 628,478 Real estate-construction 91,904 4,637 96,541 79,887 Real estate-residential secured for business purpose 94,280 124,503 218,783 36,932 Real estate-residential secured for personal purpose 177,850 3,305 181,155 166,850 Real estate-home equity secured for personal purpose 125,361 11,594 136,955 108,250 Loans to individuals 29,406 326 29,732 29,941 Lease financings 125,440 — 125,440 118,460 Total loans and leases held for investment, net of deferred income $ 1,883,563 $ 295,450 $ 2,179,013 $ 1,626,625 Unearned lease income, included in the above table $ (13,829 ) $ — $ (13,829 ) $ (14,131 ) Net deferred costs, included in the above table 4,244 — 4,244 3,218 Overdraft deposits included in the above table 35 — 35 50 |
Impaired Loans | The following is a summary of the acquired impaired loans at January 1, 2015 resulting from the acquisition with Valley Green: (Dollars in thousands) Contractually required principal and interest payments $ 7,377 Contractual cash flows not expected to be collected (nonaccretable difference) (5,344 ) Cash flows expected to be collected 2,033 Interest component of expected cash flows (accretable difference) (305 ) Fair value of loans acquired with a deterioration of credit quality $ 1,728 The outstanding principal balance and carrying amount for acquired credit impaired loans at December 31, 2015 were as follows: (Dollars in thousands) At December 31, 2015 Outstanding principal balance $ 3,551 Carrying amount 1,253 Allowance for loan losses 8 The following table presents the changes in accretable yield on acquired credit impaired loans: (Dollars in thousands) For the Year Ended December 31, 2015 Beginning of period $ — Acquisition of credit impaired loans 305 Reclassification from nonaccretable difference 574 Accretable yield amortized to interest income (717 ) Disposals (18 ) End of period $ 144 The following presents, by class of loans, the recorded investment and unpaid principal balance of impaired loans, the amounts of the impaired loans for which there is not an allowance for credit losses and the amounts for which there is an allowance for credit losses at December 31, 2015 and 2014 . The impaired loans exclude loans acquired with deteriorated credit quality. At December 31, 2015 2014 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related allowance recorded: Commercial, financial and agricultural $ 10,337 $ 13,318 $ 12,628 $ 13,050 Real estate—commercial real estate 30,088 30,996 29,779 30,810 Real estate—construction — — 5,931 6,474 Real estate—residential secured for business purpose 4,597 4,717 3,008 3,044 Real estate—residential secured for personal purpose 545 554 512 547 Real estate—home equity secured for personal purpose 170 170 184 184 Total impaired loans with no related allowance recorded $ 45,737 $ 49,755 $ 52,042 $ 54,109 Impaired loans with an allowance recorded: Commercial, financial and agricultural $ 2,544 $ 2,544 $ 208 $ 3,933 $ 3,935 $ 920 Real estate—commercial real estate — — — 216 216 78 Real estate—residential secured for business purpose 295 295 45 — — — Real estate—residential secured for personal purpose 252 252 16 — — — Real estate—home equity secured for personal purpose 105 105 53 — — — Total impaired loans with an allowance recorded $ 3,196 $ 3,196 $ 322 $ 4,149 $ 4,151 $ 998 Total impaired loans: Commercial, financial and agricultural $ 12,881 $ 15,862 $ 208 $ 16,561 $ 16,985 $ 920 Real estate—commercial real estate 30,088 30,996 — 29,995 31,026 78 Real estate—construction — — — 5,931 6,474 — Real estate—residential secured for business purpose 4,892 5,012 45 3,008 3,044 — Real estate—residential secured for personal purpose 797 806 16 512 547 — Real estate—home equity secured for personal purpose 275 275 53 184 184 — Total impaired loans $ 48,933 $ 52,951 $ 322 $ 56,191 $ 58,260 $ 998 |
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2015 and 2014 , the schedule of minimum lease payments receivable is as follows: At December 31, (Dollars in thousands) 2015 2014 Within 1 year $ 54,093 $ 50,340 After 1 year through 2 years 40,250 38,084 After 2 years through 3 years 25,940 25,888 After 3 years through 4 years 13,914 13,667 After 4 years through 5 years 4,853 4,312 Thereafter 219 300 Total future minimum lease payments receivable 139,269 132,591 Less: Unearned income (13,829 ) (14,131 ) Total lease financing receivables, net of unearned income $ 125,440 $ 118,460 |
Age Analysis of Past Due Loans and Leases | The following presents, by class of loans and leases, an aging of past due loans and leases, loans and leases which are current and the recorded investment in loans and leases 90 days or more past due which are accruing interest at December 31, 2015 and 2014 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At December 31, 2015 Commercial, financial and agricultural $ 864 $ 298 $ 4,279 $ 5,441 $ 498,757 $ 317 $ 504,515 $ — Real estate—commercial real estate and construction: Commercial real estate 12,103 — 1,102 13,205 872,174 513 885,892 — Construction — — — — 96,541 — 96,541 — Real estate—residential and home equity: Residential secured for business purpose 1,406 2,356 727 4,489 213,871 423 218,783 — Residential secured for personal purpose 990 69 309 1,368 179,787 — 181,155 — Home equity secured for personal purpose 777 52 174 1,003 135,952 — 136,955 — Loans to individuals 198 97 173 468 29,264 — 29,732 173 Lease financings 1,294 652 646 2,592 122,848 — 125,440 206 Total $ 17,632 $ 3,524 $ 7,410 $ 28,566 $ 2,149,194 $ 1,253 $ 2,179,013 $ 379 At December 31, 2014 Commercial, financial and agricultural $ 145 $ 747 $ 2,567 $ 3,459 $ 454,368 $ — $ 457,827 $ — Real estate—commercial real estate and construction: Commercial real estate 361 913 1,163 2,437 626,041 — 628,478 — Construction — 405 5,525 5,930 73,957 — 79,887 — Real estate—residential and home equity: Residential secured for business purpose 167 56 713 936 35,996 — 36,932 — Residential secured for personal purpose 409 604 60 1,073 165,777 — 166,850 — Home equity secured for personal purpose 348 — 215 563 107,687 — 108,250 31 Loans to individuals 365 65 365 795 29,146 — 29,941 365 Lease financings 1,610 406 435 2,451 116,009 — 118,460 55 Total $ 3,405 $ 3,196 $ 11,043 $ 17,644 $ 1,608,981 $ — $ 1,626,625 $ 451 |
Non-Performing Loans and Leases | The following presents, by class of loans and leases, non-performing loans and leases at December 31, 2015 and 2014 : At December 31, 2015 2014 (Dollars in thousands) Nonaccrual Accruing Loans and Total Non- Nonaccrual Accruing Loans and Total Non- Commercial, financial and agricultural $ 6,915 $ 1,602 $ — $ 8,517 $ 5,002 $ 2,851 $ — $ 7,853 Real estate—commercial real estate and construction: Commercial real estate 4,314 2,449 — 6,763 4,413 2,618 — 7,031 Construction — — — — 5,931 — — 5,931 Real estate—residential and home equity: Residential secured for business purpose 1,863 763 — 2,626 915 — — 915 Residential secured for personal purpose 376 421 — 797 512 — — 512 Home equity secured for personal purpose 275 — — 275 184 — 31 215 Loans to individuals — — 173 173 — — 365 365 Lease financings 440 10 206 656 380 — 55 435 Total $ 14,183 $ 5,245 $ 379 $ 19,807 $ 17,337 $ 5,469 $ 451 $ 23,257 * Includes nonaccrual troubled debt restructured loans and lease modifications of $93 thousand and $3.1 million at December 31, 2015 and December 31, 2014 , respectively. |
Credit Quality Indicators | The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at December 31, 2015 and 2014 . The Corporation employs a ten (10) grade risk rating system related to the credit quality of commercial loans and residential real estate loans secured for a business purpose of which the first six categories are pass categories (credits not adversely rated). The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. Loans with risk ratings of one through five are reviewed based on the relationship dollar amount with the borrower: loans with a relationship total of $2.5 million or greater are reviewed quarterly; loans with a relationship balance of less than $2.5 million but greater than $500 thousand are reviewed annually based on the borrower’s fiscal year; loans with a relationship balance of less than $500 thousand are reviewed only if the loan becomes 60 days or more past due. Loans with a risk rating of six are also reviewed based on the relationship dollar amount with the borrower: loans with a relationship balance of $2.0 million or greater are reviewed quarterly; loans with a relationship balance of less than $2.0 million but greater than $500 thousand are reviewed annually; loans with a relationship balance of less than $500 thousand are reviewed only if the loan becomes 60 days or more past due. Loans with a risk rating of seven are reviewed at least quarterly, and as often as monthly, at management’s discretion. Loans with risk ratings of eight through ten are reviewed monthly. 1. Cash Secured—No credit risk 2. Fully Secured—Negligible credit risk 3. Strong—Minimal credit risk 4. Satisfactory—Nominal credit risk 5. Acceptable—Moderate credit risk 6. Pre-Watch—Marginal, but stable credit risk 7. Special Mention—Potential weakness 8. Substandard—Well-defined weakness 9. Doubtful—Collection in-full improbable 10. Loss—Considered uncollectible Commercial Credit Exposure Credit Risk by Internally Assigned Grades The following table presents classifications for originated loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At December 31, 2015 Grade: 1. Cash secured/ 2. Fully secured $ 968 $ — $ 5,417 $ — $ 6,385 3. Strong 17,328 10,877 — — 28,205 4. Satisfactory 36,697 36,023 450 9 73,179 5. Acceptable 328,140 530,766 72,630 78,659 1,010,195 6. Pre-watch 61,098 119,117 13,262 7,161 200,638 7. Special Mention 6,074 20,286 — 2,347 28,707 8. Substandard 29,675 42,273 145 6,104 78,197 9. Doubtful — — — — — 10. Loss — — — — — Total $ 479,980 $ 759,342 $ 91,904 $ 94,280 $ 1,425,506 At December 31, 2014 Grade: 1. Cash secured/ 2. Fully secured $ 4,248 $ — $ 1,262 $ — $ 5,510 3. Strong 14,013 8,504 3,897 — 26,414 4. Satisfactory 23,931 30,587 8,731 339 63,588 5. Acceptable 301,425 402,719 55,111 24,535 783,790 6. Pre-watch 65,993 123,129 4,956 5,384 199,462 7. Special Mention 7,166 17,505 — 1,304 25,975 8. Substandard 41,051 46,034 5,930 5,370 98,385 9. Doubtful — — — — — 10. Loss — — — — — Total $ 457,827 $ 628,478 $ 79,887 $ 36,932 $ 1,203,124 (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At December 31, 2015 Performing $ 177,053 $ 125,086 $ 29,233 $ 124,784 $ 456,156 Nonperforming 797 275 173 656 1,901 Total $ 177,850 $ 125,361 $ 29,406 $ 125,440 $ 458,057 At December 31, 2014 Performing $ 166,338 $ 108,035 $ 29,576 $ 118,025 $ 421,974 Nonperforming 512 215 365 435 1,527 Total $ 166,850 $ 108,250 $ 29,941 $ 118,460 $ 423,501 |
Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases | The following presents, by portfolio segment, a summary of the activity in the reserve for loan and lease losses for the years ended December 31, 2015 , 2014 and 2013 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total For the Year Ended December 31, 2015 Reserve for loan and lease losses: Beginning balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Charge-offs* (4,793 ) (1,895 ) (179 ) (279 ) (549 ) (801 ) N/A (8,496 ) Recoveries 1,032 200 28 10 176 214 N/A 1,660 Provision (recovery of provision) 3,259 (684 ) 43 657 359 644 (655 ) 3,623 Provision for acquired credit impaired loans — 8 108 63 — — — 179 Ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 For the Year Ended December 31, 2014 Reserve for loan and lease losses: Beginning balance $ 9,789 $ 8,780 $ 1,062 $ 1,284 $ 694 $ 1,285 $ 1,600 $ 24,494 Charge-offs (2,834 ) (4,363 ) (140 ) (141 ) (796 ) (576 ) N/A (8,850 ) Recoveries 247 524 60 34 265 281 N/A 1,411 (Recovery of provision) provision (282 ) 4,002 (219 ) (53 ) 197 (5 ) (33 ) 3,607 Ending balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 For the Year Ended December 31, 2013 Reserve for loan and lease losses: Beginning balance $ 11,594 $ 7,507 $ 639 $ 980 $ 679 $ 1,326 $ 2,021 $ 24,746 Charge-offs (3,213 ) (8,667 ) (112 ) (195 ) (641 ) (791 ) N/A (13,619 ) Recoveries 320 1,104 13 13 174 515 N/A 2,139 Provision (recovery of provision) 1,088 8,836 522 486 482 235 (421 ) 11,228 Ending balance $ 9,789 $ 8,780 $ 1,062 $ 1,284 $ 694 $ 1,285 $ 1,600 $ 24,494 * Includes charge-offs of $1.3 million on two real estate construction loans for one borrower which were subsequently transferred to loans held for sale in the second quarter of 2015 and sold in the fourth quarter of 2015. N/A – Not applicable The following presents, by portfolio segment, the balance in the reserve for loan and lease losses disaggregated on the basis of impairment method and the recorded investment in loans and leases disaggregated on the basis of impairment method at December 31, 2015 and 2014 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At December 31, 2015 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 208 $ — $ 45 $ 69 $ — $ — N/A $ 322 Ending balance: collectively evaluated for impairment 6,210 6,564 718 1,506 346 1,042 912 17,298 Ending balance: acquired credit impaired loans evaluated for impairment — 8 — — — — — 8 Total ending balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 12,881 $ 30,088 $ 4,892 $ 1,072 $ — $ — $ 48,933 Ending balance: collectively evaluated for impairment 467,099 821,158 89,388 302,139 29,406 125,440 1,834,630 Acquired non-credit impaired loans 24,218 130,674 124,080 14,899 326 — 294,197 Acquired credit impaired loans 317 513 423 — — — 1,253 Total ending balance $ 504,515 $ 982,433 $ 218,783 $ 318,110 $ 29,732 $ 125,440 $ 2,179,013 At December 31, 2014 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 920 $ 78 $ — $ — $ — $ — N/A $ 998 Ending balance: collectively evaluated for impairment 6,000 8,865 763 1,124 360 985 1,567 19,664 Total ending balance $ 6,920 $ 8,943 $ 763 $ 1,124 $ 360 $ 985 $ 1,567 $ 20,662 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 16,561 $ 35,926 $ 3,008 $ 696 $ — $ — $ 56,191 Ending balance: collectively evaluated for impairment 441,266 672,439 33,924 274,404 29,941 118,460 1,570,434 Total ending balance $ 457,827 $ 708,365 $ 36,932 $ 275,100 $ 29,941 $ 118,460 $ 1,626,625 N/A – Not applicable |
Average Recorded Investment in Impaired Loans and Leases and Analysis of Interest on Impaired Loans | The following presents by class of loans, the average recorded investment in impaired loans and an analysis of interest on impaired loans. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Therefore, interest income on accruing impaired loans is recognized using the accrual method. For the Years Ended December 31, 2015 2014 2013 (Dollars in thousands) Average Interest Additional Average Interest Additional Average Interest Additional Loans held for sale $ 1,832 $ — $ 110 $ — $ — $ — $ — $ — $ — Loans held for investment: Commercial, financial and agricultural 15,383 423 481 15,334 540 258 6,412 172 200 Real estate—commercial real estate 23,692 996 330 26,662 1,143 323 25,728 837 717 Real estate—construction 3,164 — 162 10,412 103 463 14,621 124 680 Real estate—residential secured for business purpose 3,805 144 161 2,524 77 61 672 19 10 Real estate—residential secured for personal purpose 729 2 43 719 — 49 760 — 45 Real estate—home equity secured for personal purpose 184 — 11 106 — 10 8 — — Loans to individuals — — — 4 — — 40 4 — Total $ 48,789 $ 1,565 $ 1,298 $ 55,761 $ 1,863 $ 1,164 $ 48,241 $ 1,156 $ 1,652 * Includes interest income recognized on a cash basis for nonaccrual loans of $37 thousand , $23 thousand and $6 thousand for the years ended December 31, 2015 , 2014 and 2013 , respectively and interest income recognized on the accrual method for accruing impaired loans of $1.5 million , $1.8 million and $1.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Troubled Debt Restructured Loans | The following presents, by class of loans, information regarding consumer mortgages collateralized by residential real estate property that are in the process of foreclosure at December 31, 2015 and 2014 : (Dollars in thousands) At December 31, 2015 At December 31, 2014 Real estate-residential secured for personal purpose $ 313 $ 62 Real estate-home equity secured for personal purpose 60 — Total $ 373 $ 62 The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured during the years ended December 31, 2015 and 2014 : For the Years Ended December 31, 2015 2014 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural 4 $ 1,140 $ 1,140 $ — 6 $ 1,824 $ 1,824 $ 507 Real estate—commercial real estate 1 405 405 — 1 1,000 1,000 — Real estate—residential secured for business purpose 1 353 353 — — — — — Total 6 $ 1,898 $ 1,898 $ — 7 $ 2,824 $ 2,824 $ 507 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 122 $ 122 $ 22 — $ — $ — $ — Real estate—commercial real estate — — — — 1 50 50 — Real estate—residential secured for business purpose — — — — 2 688 688 — Total 1 $ 122 $ 122 $ 22 3 $ 738 $ 738 $ — |
Concessions Granted on Accruing and Nonaccrual Loans Restructured | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the years ended December 31, 2015 and 2014 : Temporary Payment Interest Rate Maturity Date Payments Suspended Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount No. of Amount For the Year Ended December 31, 2015 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 143 — $ — 1 $ 500 — $ — 2 $ 497 4 $ 1,140 Real estate—commercial real estate — — — — — — — — 1 405 1 405 Real estate—residential secured for business purpose 1 353 — — — — — — — — 1 353 Total 2 $ 496 — $ — 1 $ 500 — $ — 3 $ 902 6 $ 1,898 Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 122 — $ — — $ — — $ — — $ — 1 $ 122 Total 1 $ 122 — $ — — $ — — $ — — $ — 1 $ 122 For the Year Ended December 31, 2014 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — 5 $ 1,699 1 $ 125 — $ — 6 $ 1,824 Real estate—commercial real estate — — — — 1 1,000 — — — — 1 1,000 Total — $ — — $ — 6 $ 2,699 1 $ 125 — $ — 7 $ 2,824 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 50 — $ — — $ — — $ — 1 $ 50 Real estate—residential secured for business purpose — — 1 55 1 633 — — — — 2 688 Total — $ — 2 $ 105 1 $ 633 — $ — — $ — 3 $ 738 |
Accruing and Nonaccrual Troubled Debt Restructured Loans with Payment Defaults | The following presents, by class of loans, information regarding accruing and nonaccrual troubled debt restructured loans, for which there were payment defaults within twelve months of the restructuring date: For the Years Ended December 31, 2015 2014 (Dollars in thousands) Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural 1 $ 143 — $ — Total 1 $ 143 — $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | The following table reflects the components of premises and equipment: At December 31, (Dollars in thousands) 2015 2014 Land and land improvements $ 11,527 $ 10,576 Premises and improvements 40,936 37,348 Furniture and equipment 26,456 24,303 Total cost 78,919 72,227 Less: accumulated depreciation (36,763 ) (35,218 ) Net book value $ 42,156 $ 37,009 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2015 and 2014 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2013 $ 35,058 $ 8,625 $ 13,834 $ 57,517 Addition to goodwill from acquisitions — 6,809 3,391 10,200 Balance at December 31, 2014 35,058 15,434 17,225 67,717 Addition to goodwill from acquisitions 43,516 — 1,424 44,940 Balance at December 31, 2015 $ 78,574 $ 15,434 $ 18,649 $ 112,657 |
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated: At December 31, 2015 At December 31, 2014 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization and Fair Value Adjustments Net Carrying Amount Gross Carrying Amount Accumulated Amortization and Fair Value Adjustments Net Carrying Amount Amortized intangible assets: Core deposit intangibles $ 1,520 $ 276 $ 1,244 $ — $ — $ — Customer related intangibles 14,227 8,728 5,499 13,397 6,726 6,671 Mortgage servicing rights 12,233 6,356 5,877 10,559 5,050 5,509 Total amortized intangible assets $ 27,980 $ 15,360 $ 12,620 $ 23,956 $ 11,776 $ 12,180 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for core deposit and customer related intangibles for each of the five succeeding fiscal years and thereafter follows: Year (Dollars in thousands) Amount 2016 $ 1,871 2017 1,544 2018 1,170 2019 847 2020 577 Thereafter 734 The estimated amortization expense of mortgage servicing rights for each of the five succeeding fiscal years and thereafter is as follows: Year (Dollars in thousands) Amount 2016 $ 902 2017 783 2018 672 2019 574 2020 489 Thereafter 2,457 |
Changes in Mortgage Servicing Rights | Changes in the mortgage servicing rights balance are summarized as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Beginning of period $ 5,509 $ 5,519 $ 4,152 Servicing rights capitalized 1,674 1,118 2,485 Amortization of servicing rights (1,306 ) (1,378 ) (1,365 ) Changes in valuation allowance — 250 247 End of period $ 5,877 $ 5,509 $ 5,519 Mortgage loans serviced for others $ 863,947 $ 796,835 $ 751,891 |
Activity in Valuation Allowance for Mortgage Servicing Rights | Activity in the valuation allowance for mortgage servicing rights was as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Valuation allowance, beginning of period $ — $ (250 ) $ (497 ) Additions — — — Reductions — 250 247 Direct write-downs — — — Valuation allowance, end of period $ — $ — $ (250 ) |
Accrued Interest Receivable a40
Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Details of Accrued Interest Receivable and Other Assets | The following table provides the details of accrued interest receivable and other assets: At December 31, (Dollars in thousands) 2015 2014 Other real estate owned $ 1,276 $ 955 Accrued interest receivable 7,463 6,086 Accrued income and other receivables 2,725 2,655 Fair market value of derivative financial instruments 1,089 788 Other prepaid expenses 10,880 13,963 Federal Reserve Bank stock, Federal Home Loan Bank stock and other not readily marketable equity securities 8,880 4,487 Net federal deferred tax assets 10,521 10,756 Total accrued interest and other assets $ 42,834 $ 39,690 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Federal and State Income Taxes | The provision for federal and state income taxes included in the accompanying consolidated statements of income consists of the following: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current: Federal $ 5,113 $ 2,509 $ 4,172 State 829 777 591 Deferred: Federal 3,877 4,027 922 State (61 ) 135 11 $ 9,758 $ 7,448 $ 5,696 |
Income Tax Provision Differences from Expected Statutory Provision | The provision for income taxes differs from the expected statutory provision as follows: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Expected provision at statutory rate 35.0 % 35.0 % 35.0 % Difference resulting from: Tax exempt interest income (9.5 ) (11.2 ) (11.7 ) Increase in value of bank owned life insurance assets (1.2 ) (1.9 ) (3.9 ) Retirement plans 1.9 — 2.6 Other, including state income taxes, valuation allowances and rate differentials 0.2 3.2 0.8 26.4 % 25.1 % 22.8 % |
Components of Deferred Tax Assets and Liabilities | The assets and liabilities giving rise to the Corporation’s deferred tax assets and liabilities are as follows: At December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Loan and lease loss $ 6,012 $ 7,358 Deferred compensation 2,483 2,492 Actuarial adjustments on retirement benefits* 8,525 8,625 State net operating losses 1,986 1,621 Other-than-temporary impairments on equity securities 317 577 Alternative minimum tax credits** 2,156 1,067 Net unrealized holding losses on securities available-for-sale and swaps* 472 — Other 1,150 1,125 Gross deferred tax assets 23,101 22,865 Valuation allowance (1,609 ) (1,461 ) Total deferred tax assets, net of valuation allowance 21,492 21,404 Deferred tax liabilities: Market discount 2,481 2,224 Retirement plans 7,169 5,700 Intangible assets 1,663 2,308 Net unrealized holding gains on securities available-for-sale and swaps* — 837 Total deferred tax liabilities 11,313 11,069 Net deferred tax assets $ 10,179 $ 10,335 * Represents the amount of deferred taxes recorded in accumulated other comprehensive loss. ** The alternative minimum tax credits have an indefinite life. |
Retirement Plans and Other Po42
Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Retirement Plans and Other Postretirement Benefits | Information with respect to the Retirement Plans and Other Postretirement Benefits follows: Retirement Plans Other Postretirement Benefits (Dollars in thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 51,390 $ 39,593 $ 2,896 $ 2,330 Service cost 756 528 59 75 Interest cost 1,953 1,900 110 128 Actuarial loss (gain) (1,915 ) 11,462 (141 ) 455 Benefits paid (2,374 ) (2,093 ) (90 ) (92 ) Benefit obligation at end of year $ 49,810 $ 51,390 $ 2,834 $ 2,896 Change in plan assets: Fair value of plan assets at beginning of year $ 41,437 $ 40,547 $ — $ — Actual return on plan assets 246 2,821 — — Benefits paid (2,374 ) (2,093 ) (90 ) (92 ) Employer contribution and non-qualified benefit payments 2,181 162 90 92 Fair value of plan assets at end of year $ 41,490 $ 41,437 $ — $ — Funded status (8,320 ) (9,953 ) (2,834 ) (2,896 ) Unrecognized net actuarial loss 24,628 25,010 756 950 Unrecognized prior service costs (1,029 ) (1,309 ) — — Net amount recognized $ 15,279 $ 13,748 $ (2,078 ) $ (1,946 ) |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for the pension plan with an accumulated benefit obligation in excess of the fair value of plan assets is shown below. At December 31, (Dollars in thousands) 2015 2014 Projected benefit obligation $ 47,543 $ 48,928 Accumulated benefit obligation 44,125 45,003 Fair value of plan assets 41,490 41,437 |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost (income) were as follows: Retirement Plans Other Post Retirement (Dollars in thousands) 2015 2014 2013 2015 2014 2013 Service cost $ 756 $ 528 $ 621 $ 59 $ 75 $ 86 Interest cost 1,953 1,900 1,712 110 128 118 Expected return on plan assets (3,100 ) (2,929 ) (2,527 ) — — — Amortization of net actuarial loss 1,308 649 1,259 54 17 23 Accretion of prior service cost (280 ) (281 ) (235 ) — (7 ) (20 ) Net periodic benefit cost (income) $ 637 $ (133 ) $ 830 $ 223 $ 213 $ 207 |
Expected Amortization Expense | (Dollars in thousands) Retirement Plans Other Postretirement Benefits Expected amortization expense for 2016: Amortization of net actuarial loss $ 1,389 $ 204 Accretion of prior service cost (282 ) — |
Summary of Benefit Payments Expected to be Paid | The following benefits payments, which reflect expected future service, as appropriate, are expected to be paid: (Dollars in thousands) Retirement Plans Other Postretirement Benefits For the fiscal year ending: 2016 $ 2,470 $ 117 2017 2,512 119 2018 2,543 122 2019 2,589 127 2020 2,590 132 Years 2021-2025 13,859 746 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31, 2015 and 2014 were as follows: Retirement Plans Other Postretirement Benefits 2015 2014 2015 2014 Assumed discount rate 4.3 % 3.9 % 4.3 % 3.9 % Assumed salary increase rate 3.0 3.0 — — The benefit obligation for all plans at December 31, 2015 and 2014 was based on the RP-2014 mortality table using the most recent projection scales published by the Society of Actuaries. The adoption of the updated projection scale for 2015 and the increase in the discount rate decreased the benefit obligation for all plans at December 31, 2015. Weighted-average assumptions used to determine net periodic costs for the years ended December 31, 2015 and 2014 were as follows. The discount rate was determined utilizing the Citigroup Pension Discount Curve. Historical investment returns is the basis used to determine the overall expected long-term rate of return on assets. Retirement Plans Other Postretirement Benefits 2015 2014 2015 2014 Assumed discount rate 3.9 % 4.9 % 3.9 % 4.9 % Assumed long-term rate of investment return 7.5 7.5 — — Assumed salary increase rate 3.0 3.0 — — |
Summary of Corporation's Pension Plan Asset Allocation | The Corporation's pension plan asset allocation at December 31, 2015 and 2014 , by asset category was as follows: Percentage of Plan Assets at December 31, 2015 2014 Asset Category: Equity securities 59 % 65 % Debt securities 40 34 Other 1 1 Total 100 % 100 % |
Major Categories of Assets in Corporation's Pension Plan | The major categories of assets in the Corporation’s pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 18 , “Fair Value Disclosures.” Fair Value Measurements at December 31, (Dollars in thousands) 2015 2014 Level 1: Mutual funds: U.S. Large Cap $ 15,901 $ 17,482 U.S. Mid Cap 1,865 2,218 U.S. Small Cap 1,876 2,290 International 4,499 4,961 Income 1,409 972 Short-term investments 622 585 Level 2: U.S. government obligations 4,811 3,273 Corporate bonds 5,752 5,621 Level 3: Certificates of deposit 4,755 4,035 Total fair value of plan assets $ 41,490 $ 41,437 |
Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 | The following table provides a reconciliation of the beginning and ending balances for measurements in hierarchy Level 3 at December 31, 2015 and 2014 : (Dollars in thousands) Balance at December 31, 2014 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2015 Certificates of deposit $ 4,035 $ — $ — $ 1,805 $ (1,085 ) $ 4,755 Total Level 3 assets $ 4,035 $ — $ — $ 1,805 $ (1,085 ) $ 4,755 (Dollars in thousands) Balance at December 31, 2013 Total Unrealized (Losses) or Gains Total Realized Gains or (Losses) Purchases Maturities/ Redemptions Balance at December 31, 2014 Certificates of deposit $ 4,339 $ — $ — $ 595 $ (899 ) $ 4,035 Total Level 3 assets $ 4,339 $ — $ — $ 595 $ (899 ) $ 4,035 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Status of Options Granted Under Long-Term Incentive Plan | The following table is a summary of the status of options under the Corporation’s long-term incentive plans: (Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at December 31, 2015 Outstanding at December 31, 2014 673,216 $ 19.46 Granted 114,500 18.52 Expired (80,550 ) 24.26 Forfeited (10,500 ) 17.83 Exercised (27,999 ) 16.44 Outstanding at December 31, 2015 668,667 18.88 5.4 $ 1,546 Exercisable at December 31, 2015 369,502 19.64 3.3 671 |
Aggregated Assumptions Used to Estimate Fair Value of Options Granted | The following aggregated assumptions were used to estimate the fair value of options granted for the periods indicated: For the Years Ended December 31, 2015 2014 2013 Expected option life in years 8.0 8.2 8.9 Risk free interest rate 1.64 % 2.51 % 1.99 % Expected dividend yield 4.32 % 4.26 % 4.74 % Expected volatility 49.38 % 50.16 % 49.30 % Fair value of options $ 6.07 $ 6.53 $ 5.32 |
Summary of Nonvested Restricted Stock Awards | Following is a summary of nonvested restricted stock awards at December 31, 2015 including changes during the year: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2014 176,978 $ 17.02 Granted 65,755 18.62 Vested (39,215 ) 15.68 Forfeited (19,934 ) 15.97 Nonvested share awards at December 31, 2015 183,584 18.00 |
Certain Information Regarding Restricted Stock | The fair value of restricted stock is equivalent to the fair value on the date of grant and is amortized over the vesting period. Certain information regarding restricted stock is summarized below for the periods indicated: (Dollars in thousands, except per share data) For the Years Ended December 31, 2015 2014 2013 Shares granted 65,755 74,304 70,041 Weighted average grant date fair value $ 18.62 $ 18.63 $ 16.76 Intrinsic value of awards vested $ 749 $ 735 $ 505 |
Compensation Expense Related to Stock Incentive Plans Recognized | The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Stock-based compensation expense: Stock options $ 528 $ 463 $ 517 Restricted stock awards 893 679 461 Employee stock purchase plan 53 46 38 Total $ 1,474 $ 1,188 $ 1,016 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 339 $ 244 $ 162 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Scheduled Maturities of Time Deposits over $100 Thousand | At December 31, 2015 , the scheduled maturities of time deposits in denominations of $100 thousand or more are as follows: (Dollars in thousands) Due in 2016 $ 240,042 Due in 2017 22,603 Due in 2018 8,142 Due in 2019 2,456 Due in 2020 2,103 Thereafter 1,924 Total $ 277,270 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Customer Repurchase Agreements | The following table details key information pertaining to customer repurchase agreements on an overnight basis for the periods indicated: (Dollars in thousands) 2015 2014 2013 Balance at December 31 $ 24,211 $ 41,974 $ 37,256 Weighted average interest rate at year end 0.05 % 0.06 % 0.07 % Maximum amount outstanding at any month's end $ 43,161 $ 43,266 $ 110,228 Average amount outstanding during the year 30,720 41,048 72,211 Weighted average interest rate during the year 0.05 % 0.06 % 0.06 % Subordinated Debt On March 30, 2015 , the Corporation completed the issuance of $50 million in aggregate principal amount of fixed-to-floating rate subordinated notes (the "Notes") due 2025 in a private placement transaction to institutional accredited investors. The net proceeds of the offering, which approximated $49 million , increased regulatory capital and will be used for general corporate purposes and to support both organic growth as well as acquisitions, should such opportunities arise. The debt issuance costs are included as a direct deduction from the debt liability and the costs are amortized to interest expense using the effective interest method. The Notes bear interest at an annual fixed rate of 5.10% from the date of issuance until March 30, 2020 , or any early redemption date, with the first interest payment on the Notes occurring on September 30, 2015 and semi-annually thereafter each March 30 and September 30 until March 30, 2020. Thereafter, the Notes will bear interest at an annual rate equal to the three-month LIBOR rate plus 3.544% until March 30, 2025 , or any early redemption date, payable quarterly on each March 30, June 30, September 30 and December 30. Beginning with the interest payment date of March 30, 2020 , the Corporation has the option, subject to approval of the Federal Reserve Board, to redeem the Notes in whole or in part at a redemption price equal to 100% of the principal amount of the redeemed Notes, plus accrued and unpaid interest to the date of the redemption. In conjunction with the issuance, the Corporation requested that Kroll Bond Rating Agency (“KBRA”) assign a senior unsecured debt rating, a subordinated debt rating and a short-term rating to the Corporation and a deposit rating and short-term rating to the Bank. As such, KBRA assigned the Corporation a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB and a short-term rating of K2. In addition, KBRA assigned a deposit rating of A- and a short-term rating of K2 to the Bank. The outlook on all ratings is stable. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: For the Years Ended December 31, (Dollars and shares in thousands) 2015 2014 2013 Numerator: Net income $ 27,268 $ 22,231 $ 21,189 Net income allocated to unvested restricted stock (204 ) (245 ) (237 ) Net income allocated to common shares $ 27,064 $ 21,986 $ 20,952 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 19,491 16,056 16,420 Effect of dilutive securities—employee stock options 31 23 6 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 19,522 16,079 16,426 Basic earnings per share $ 1.39 $ 1.37 $ 1.28 Diluted earnings per share $ 1.39 $ 1.37 $ 1.28 Average anti-dilutive options and awards excluded from computation of diluted earnings per share 558 559 600 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive loss, net of tax benefit, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2012 $ 8,344 $ (1,241 ) $ (14,023 ) $ (6,920 ) Net Change (9,816 ) 1,241 5,540 (3,035 ) Balance, December 31, 2013 (1,472 ) — (8,483 ) (9,955 ) Net Change 3,183 (157 ) (7,533 ) (4,507 ) Balance, December 31, 2014 1,711 (157 ) (16,016 ) (14,462 ) Net Change (2,303 ) (128 ) 185 (2,246 ) Balance, December 31, 2015 $ (592 ) $ (285 ) $ (15,831 ) $ (16,708 ) |
Amounts Reclassified Out of Each Component of Accumulated Comprehensive (Loss) Income | The following table illustrates the amounts reclassified out of each component of accumulated comprehensive loss for the periods presented: Details about Accumulated Other Amount Reclassified from Accumulated Affected Line Item in the For the years ended December 31, (Dollars in thousands) 2015 2014 2013 Net unrealized holding gains on available-for-sale investment securities: $ 1,265 $ 635 $ 3,389 Net gain on sales of investment securities (5 ) — — Other-than-temporary impairment on equity securities 1,260 635 3,389 Total before tax (441 ) (222 ) (1,186 ) Tax expense $ 819 $ 413 $ 2,203 Net of tax Cash flow hedge derivative: $ — $ — $ (1,866 ) Net loss on interest rate swap — — (1,866 ) Total before tax — — 653 Tax benefit $ — $ — $ (1,213 ) Net of tax Defined benefit pension plans: Amortization of net loss included in net periodic pension costs* $ (1,362 ) $ (666 ) $ (1,282 ) Accretion of prior service cost included in net periodic pension costs* 280 288 255 (1,082 ) (378 ) (1,027 ) Total before tax 379 132 360 Tax benefit $ (703 ) $ (246 ) $ (667 ) Net of tax * These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. (See Note 10—Retirement Plans and Other Postretirement Benefits for additional details.) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-balance Sheet Financial Instruments | The following schedule summarizes the Corporation’s off-balance sheet financial instruments at December 31, 2015 : (Dollars in thousands) Contract/Notional Amount Financial instruments representing credit risk: Commitments to extend credit $ 700,986 Performance letters of credit 25,854 Financial standby letters of credit 31,754 Other letters of credit 15 |
Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases Net of Related Sublease Revenue | A summary of the future minimum rental commitments under non-cancelable operating leases with original or remaining terms greater than one year is as follows: (Dollars in thousands) Year Amount 2016 $ 2,739 2017 2,759 2018 2,733 2019 2,204 2020 2,234 Thereafter 34,822 Total $ 47,491 |
Summary of Rental Expense Charged to Operations | The following table summarizes rental expense charged to operations for the periods indicated: For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Rental expense $ 3,167 $ 2,732 $ 2,304 Sublease rental income (195 ) (238 ) (278 ) Net rental expense $ 2,972 $ 2,494 $ 2,026 |
Derivative Instruments and He49
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Values of Derivatives Not Designated as Hedging Instruments | he following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2015 and 2014 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2015 Interest rate locks with customers $ 34,450 Other assets $ 1,089 $ — Forward loan sale commitments 39,545 — Other liabilities 102 Total $ 73,995 $ 1,089 $ 102 At December 31, 2014 Interest rate locks with customers $ 27,007 Other assets $ 788 $ — Forward loan sale commitments 30,537 — Other Liabilities 112 Total $ 57,544 $ 788 $ 112 |
Notional Amounts and Fair Values of Derivatives Designated as Hedging Instruments | he following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2015 and 2014 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At December 31, 2015 Interest rate swap - cash flow hedge $ 19,269 $ — Other liabilities $ 438 Total $ 19,269 $ — $ 438 At December 31, 2014 Interest rate swap - cash flow hedge $ 19,945 $ — Other Liabilities $ 241 Total $ 19,945 $ — $ 241 |
Income for Derivatives Not Designated as Hedging Instruments | he following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest rate locks with customers Net gain (loss) on mortgage banking activities $ 301 $ 467 $ (1,226 ) Forward loan sale commitments Net gain (loss) on mortgage banking activities 10 (137 ) 79 Total $ 311 $ 330 $ (1,147 ) |
Income for Derivatives Designated as Hedging Instruments | he following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income Classification For the Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 377 $ 66 $ 124 Interest rate swap—cash flow hedge—loss on termination Net loss on termination of interest rate swap — — (1,866 ) Net loss $ (377 ) $ (66 ) $ (1,990 ) |
Amounts Included in Accumulated Other Comprehensive (Loss) Income for Derivatives Designated as Hedging Instruments | he following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2015 and 2014 : Accumulated Other At December 31, (Dollars in thousands) 2015 2014 Interest rate swap—cash flow hedge Fair value, net of taxes $ (285 ) $ (157 ) Total $ (285 ) $ (157 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the assets and liabilities measured at fair value on a recurring basis at December 31, 2015 and 2014 , classified using the fair value hierarchy: At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. treasuries $ 4,887 $ — $ — $ 4,887 U.S. government corporations and agencies — 102,156 — 102,156 State and political subdivisions — 102,032 — 102,032 Residential mortgage-backed securities — 13,354 — 13,354 Collateralized mortgage obligations — 3,133 — 3,133 Corporate bonds — — — — Money market mutual funds 16,726 86,675 — 103,401 Equity securities 807 — — 807 Total available-for-sale securities 22,420 307,350 — 329,770 Interest rate locks with customers — 1,089 — 1,089 Total assets $ 22,420 $ 308,439 $ — $ 330,859 Liabilities: Contingent consideration liability $ — $ — $ 5,577 $ 5,577 Interest rate swap — 438 — 438 Forward loan sale commitments — 102 — 102 Total liabilities $ — $ 540 $ 5,577 $ 6,117 At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. treasuries $ 4,845 $ — $ — $ 4,845 U.S. government corporations and agencies — 121,844 — 121,844 State and political subdivisions — 102,774 — 102,774 Residential mortgage-backed securities — 13,643 — 13,643 Collateralized mortgage obligations — 3,725 — 3,725 Corporate bonds — 54,440 — 54,440 Money market mutual funds 11,675 — — 11,675 Equity securities 1,337 — — 1,337 Total available-for-sale securities 17,857 296,426 — 314,283 Interest rate locks with customers — 788 — 788 Total assets $ 17,857 $ 297,214 $ — $ 315,071 Liabilities: Contingent consideration liability $ — $ — $ 6,541 $ 6,541 Interest rate swap — 241 — 241 Forward loan sale commitments — 112 — 112 Total liabilities $ — $ 353 $ 6,541 $ 6,894 At December 31, 2015 and December 31, 2014 , the Corporation had no assets measured at fair value on a recurring basis utilizing Level 3 inputs. |
Contingent Consideration Liability Change in Amount | The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2015 and 2014 : For the Year Ended December 31, 2015 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2015 Sterner Insurance Associates $ 680 $ 1,525 $ (1,751 ) $ 690 $ 1,144 Girard Partners 5,503 — (620 ) (642 ) 4,241 John T. Fretz Insurance Agency 358 — (260 ) 94 192 Total contingent consideration liability $ 6,541 $ 1,525 $ (2,631 ) $ 142 $ 5,577 *Includes adjustments during the measurement period in accordance with ASC Topic 805. For the Year Ended December 31, 2014 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at December 31, 2014 Sterner Insurance Associates $ — $ 635 $ — $ 45 $ 680 Girard Partners — 5,470 — 33 5,503 John T. Fretz Insurance Agency 501 — (310 ) 167 358 Total contingent consideration liability $ 501 $ 6,105 $ (310 ) $ 245 $ 6,541 |
Assets Measured at Fair Value on Non-Recurring Basis | The following table represents assets measured at fair value on a non-recurring basis at December 31, 2015 and 2014 : At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Impaired loans held for investment $ — $ — $ 48,611 $ 48,611 Total $ — $ — $ 48,611 $ 48,611 At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/Liabilities at Impaired loans held for investment $ — $ — $ 55,193 $ 55,193 Total $ — $ — $ 55,193 $ 55,193 |
Assets, Liabilities and Off-Balance Sheet Items Not Measured at Fair Value | The following table presents assets and liabilities and off-balance sheet items not measured at fair value on a recurring or non-recurring basis in the Corporation’s consolidated balance sheets but for which the fair value is required to be disclosed at December 31, 2015 and 2014 . The disclosed fair values are classified using the fair value hierarchy. At December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 60,799 $ — $ — $ 60,799 $ 60,799 Held-to-maturity securities — 41,061 — 41,061 40,990 Loans held for sale — 4,708 — 4,708 4,680 Net loans and leases held for investment — — 2,099,082 2,099,082 2,112,774 Mortgage servicing rights — — 8,047 8,047 5,877 Other real estate owned — 1,276 — 1,276 1,276 Total assets $ 60,799 $ 47,045 $ 2,107,129 $ 2,214,973 $ 2,226,396 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 1,939,954 $ — $ — $ 1,939,954 $ 1,939,954 Time deposits — 455,527 — 455,527 454,406 Total deposits 1,939,954 455,527 — 2,395,481 2,394,360 Short-term borrowings — 22,302 — 22,302 24,211 Subordinated notes — 50,375 — 50,375 49,377 Total liabilities $ 1,939,954 $ 528,204 $ — $ 2,468,158 $ 2,467,948 Off-Balance-Sheet: Commitments to extend credit $ — $ (1,788 ) $ — $ (1,788 ) $ — At December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 38,565 $ — $ — $ 38,565 $ 38,565 Held-to-maturity securities — 54,765 — 54,765 54,347 Loans held for sale — 3,374 — 3,374 3,302 Net loans and leases held for investment — — 1,555,033 1,555,033 1,550,770 Mortgage servicing rights — — 6,941 6,941 5,509 Other real estate owned — 955 — 955 955 Total assets $ 38,565 $ 59,094 $ 1,561,974 $ 1,659,633 $ 1,653,448 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 1,608,748 $ — $ — $ 1,608,748 $ 1,608,748 Time deposits — 254,224 — 254,224 252,593 Total deposits 1,608,748 254,224 — 1,862,972 1,861,341 Short-term borrowings — 38,631 — 38,631 41,974 Total liabilities $ 1,608,748 $ 292,855 $ — $ 1,901,603 $ 1,903,315 Off-Balance-Sheet: Commitments to extend credit $ — $ (1,420 ) $ — $ (1,420 ) $ — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Roll Forward of Accrued Restructuring Expense | A roll-forward of the accrued restructuring expense is as follows: (Dollars in thousands) Severance expenses Write-downs and retirements of fixed assets Lease cancellations Total Accrued at January 1, 2015 $ — $ — $ — $ — Restructuring charges 73 607 962 1,642 Payments (73 ) — (128 ) (201 ) Accelerated depreciation — (379 ) — (379 ) Accrued at December 31, 2015 $ — $ 228 $ 834 $ 1,062 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined), or leverage ratio. In July 2013, the federal bank regulatory agencies adopted final rules revising the agencies’ capital adequacy guidelines and prompt corrective action rules, designed to enhance such requirements and implement the revised standards of the Basel Committee on Banking Supervision, commonly referred to as Basel III. The July 2013 final rules generally implement higher minimum capital requirements, add a new common equity Tier 1 capital requirement, and establish criteria that instruments must meet to be considered common equity Tier 1 capital, additional Tier 1 capital or Tier 2 capital. The new minimum capital to risk-adjusted assets requirements include a common equity Tier 1 capital ratio of 4.5% ( 6.5% to be considered “well capitalized”) and a Tier 1 capital ratio of 6.0% , increased from 4.0% (and increased from 6.0% to 8.0% to be considered “well capitalized”); the total capital ratio remains at 8.0% under the new rules ( 10.0% to be considered “well capitalized”). Under the new rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.5% of total risk-weighted assets. The final rules permit institutions, other than certain large institutions, to elect to continue to treat most components of accumulated other comprehensive income as permitted under the current general risk-based capital rules, and not reflect these items in common equity Tier 1 calculations (such as unrealized gains and losses on available-for-sale securities, amounts recorded in accumulated other comprehensive income attributed to defined benefit retirement plans resulting from the initial and subsequent application of the relevant U.S. GAAP standards and accumulated net gains and losses on cash flow hedges related to items that are reported on the balance sheet at fair value.) The new minimum capital requirements were effective on January 1, 2015 . The capital conservation buffer requirements phase in over a three -year period beginning January 1, 2016. The Corporation will continue to analyze the impact of the new rules as it grows and as the capital conservation buffer requirements are phased in. The Corporation adopted the new Basel III regulatory capital rules during the first quarter of 2015 under the transition rules, primarily relating to regulatory deductions and adjustments impacting common equity tier 1 capital and tier 1 capital, to be phased in over a three-year period beginning January 1, 2015. Additionally under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. Total risk-based capital at December 31, 2015 under Basel III was 13.35% for the Corporation and 12.09% for the Bank, well in excess of the regulatory minimum for well-capitalized status of 10% . The Corporation's and Bank's actual and required capital ratios as of December 31, 2015 and December 31, 2014 were as follows. Ratios at December 31, 2015 are under BASEL III regulatory capital rules. Ratios at December 31, 2014 are under BASEL I regulatory capital rules. (Dollars in thousands) Actual For Capital Adequacy To Be Well-Capitalized Amount Ratio Amount Ratio Amount Ratio At December 31, 2015 Total Capital (to Risk-Weighted Assets): Corporation $ 334,757 13.35 % $ 200,613 8.00 % $ 250,766 10.00 % Bank 300,527 12.09 198,816 8.00 248,521 10.00 Tier 1 Capital (to Risk-Weighted Assets): Corporation 267,098 10.65 150,460 6.00 200,613 8.00 Bank 282,245 11.36 149,112 6.00 198,816 8.00 Tier 1 Common Capital (to Risk-Weighted Assets): Corporation 267,098 10.65 112,845 4.50 162,998 6.50 Bank 282,245 11.36 111,834 4.50 161,538 6.50 Tier 1 Capital (to Average Assets): Corporation 267,098 9.69 110,227 4.00 137,783 5.00 Bank 282,245 10.31 109,480 4.00 136,850 5.00 At December 31, 2014 Total Capital (to Risk-Weighted Assets): Corporation $ 249,388 12.91 % $ 154,589 8.00 % $ 193,237 10.00 % Bank 232,080 12.15 152,796 8.00 % 190,995 10.00 % Tier 1 Capital (to Risk-Weighted Assets): Corporation 227,907 11.79 77,295 4.00 % 115,942 6.00 % Bank 210,816 11.04 76,398 4.00 % 114,597 6.00 % Tier 1 Capital (to Average Assets): Corporation 227,907 10.55 86,371 4.00 % 107,964 5.00 % Bank 210,816 9.80 86,005 4.00 % 107,506 5.00 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Activity for Loans to Related Parties | The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2015 : (Dollars in thousands) Balance at January 1, 2015 $ 30,685 Additions 42,107 Amounts collected and other reductions (6,415 ) Balance at December 31, 2015 $ 66,377 |
Summary of Transactions with Related Parties | The following table provides additional information regarding transactions with Related Parties: (Dollars in thousands) At December 31, 2015 Commitments to extend credit $ 23,797 Standby and commercial letters of credits 3,234 Deposits received 15,402 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2015 , 2014 and 2013 . (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated For the Year Ended December 31, 2015 Interest income $ 101,426 $ 1 $ — $ 32 $ 101,459 Interest expense 8,065 — — — 8,065 Net interest income 93,361 1 — 32 93,394 Provision for loan and lease losses 3,802 — — — 3,802 Noninterest income 19,458 18,874 14,396 221 52,949 Intangible expenses 293 410 1,864 — 2,567 Other noninterest expense 78,091 12,276 10,849 1,732 102,948 Intersegment (revenue) expense* (2,115 ) 867 1,248 — — Income (expense) before income taxes 32,748 5,322 435 (1,479 ) 37,026 Income tax expense (benefit) 7,693 2,054 164 (153 ) 9,758 Net income (loss) $ 25,055 $ 3,268 $ 271 $ (1,326 ) $ 27,268 Total assets $ 2,797,746 $ 33,950 $ 24,436 $ 23,319 $ 2,879,451 Capital expenditures $ 5,003 $ 19 $ 58 $ 1,650 $ 6,730 For the Year Ended December 31, 2014 Interest income $ 75,850 $ 1 $ — $ 34 $ 75,885 Interest expense 3,998 — — (2 ) 3,996 Net interest income 71,852 1 — 36 71,889 Provision for loan and lease losses 3,607 — — — 3,607 Noninterest income 16,170 19,918 12,038 525 48,651 Intangible expenses 19 1,138 1,010 — 2,167 Other noninterest expense 65,293 11,752 9,198 (1,156 ) 85,087 Intersegment (revenue) expense* (2,192 ) 965 1,227 — — Income before income taxes 21,295 6,064 603 1,717 29,679 Income taxes 4,043 2,269 256 880 7,448 Net income $ 17,252 $ 3,795 $ 347 $ 837 $ 22,231 Total assets $ 2,154,485 $ 34,195 $ 22,930 $ 23,711 $ 2,235,321 Capital expenditures $ 5,607 $ 73 $ 116 $ 144 $ 5,940 For the Year Ended December 31, 2013 Interest income $ 77,517 $ 1 $ — $ 61 $ 77,579 Interest expense 5,124 — — (7 ) 5,117 Net interest income 72,393 1 — 68 72,462 Provision for loan and lease losses 11,228 — — — 11,228 Noninterest income 22,053 14,938 9,959 (166 ) 46,784 Intangible expenses 22 326 (191 ) — 157 Other noninterest expense 61,986 9,018 7,943 2,029 80,976 Intersegment (revenue) expense* (1,732 ) 735 997 — — Income (expense) before income taxes 22,942 4,860 1,210 (2,127 ) 26,885 Income tax expense (benefit) 4,255 1,850 497 (906 ) 5,696 Net income (loss) $ 18,687 $ 3,010 $ 713 $ (1,221 ) $ 21,189 Capital expenditures $ 3,079 $ 13 $ 46 $ 713 $ 3,851 *Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. Generally speaking, these expenses are allocated based upon number of employees and square footage utilized. |
Condensed Financial Informati55
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed financial statements of the Corporation, parent company only, follow: (Dollars in thousands) At December 31, Balance Sheets 2015 2014 Assets: Cash and due from banks $ 17,096 $ 3,120 Investments in securities 807 1,336 Investments in subsidiaries, at equity in net assets: Bank 392,304 283,166 Non-banks — — Other assets 24,950 21,115 Total assets $ 435,157 $ 308,737 Liabilities: Dividends payable $ 3,905 $ 3,243 Subordinated notes 49,377 — Other liabilities 20,301 20,940 Total liabilities 73,583 24,183 Shareholders' equity: 361,574 284,554 Total liabilities and shareholders' equity $ 435,157 $ 308,737 The Corporation’s condensed Balance Sheet at December 31, 2015 reflects the issuance of common stock valued at approximately $77 million related to the acquisition of Valley Green Bank on January 1, 2015 and the push down to the Bank subsidiary. |
Schedule of Condensed Income Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Income 2015 2014 2013 Dividends from Bank $ 26,523 $ 12,482 $ 18,482 Dividends from non-bank — — — Net gain on sales of securities 285 306 644 Loss on termination of interest rate swap — — (1,866 ) Other income 18,428 18,334 18,306 Total operating income 45,236 31,122 35,566 Operating expenses 21,833 16,924 19,203 Income before income tax (benefit) expense and equity in undistributed income (loss) of subsidiaries 23,403 14,198 16,363 Income tax (benefit) expense (728 ) 880 (903 ) Income before equity in undistributed income (loss) of subsidiaries 24,131 13,318 17,266 Equity in undistributed income (loss) of subsidiaries: Bank 3,137 8,913 3,929 Non-banks — — (6 ) Net income $ 27,268 $ 22,231 $ 21,189 |
Schedule of Condensed Cash Flow Statement | (Dollars in thousands) For the Years Ended December 31, Statements of Cash Flows 2015 2014 2013 Cash flows from operating activities: Net income $ 27,268 $ 22,231 $ 21,189 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net (income) loss of subsidiaries (3,137 ) (8,913 ) (3,923 ) Net gain on sales of securities (285 ) (306 ) (644 ) Loss on termination of interest rate swap — — 1,866 Bank owned life insurance income (5 ) (238 ) (1,070 ) Depreciation of premises and equipment 275 364 344 Stock based compensation 1,421 1,141 978 Contributions to pension and other postretirement benefit plans (2,271 ) (254 ) (2,243 ) (Increase) decrease in other assets (4,268 ) 714 671 Increase (decrease) in other liabilities 2,027 (639 ) (2,426 ) Net cash provided by operating activities 21,025 14,100 14,742 Cash flow from investing activities: Investments in subsidiaries (30,000 ) — — Proceeds from sales of securities 708 1,131 1,244 Liquidation of subsidiary, net of cash acquired — — 15,011 Proceeds from bank owned life insurance — — 772 Other, net (1,640 ) (281 ) (713 ) Net cash (used in) provided by investing activities (30,932 ) 850 16,314 Cash flows from financing activities: Proceeds from issuance of subordinated notes 49,267 — — Repayment of long-term debt — — (375 ) Payment for repurchase of trust preferred securities — — (20,619 ) Purchases of treasury stock (13,342 ) (4,605 ) (12,012 ) Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans 2,434 2,462 2,422 Proceeds from exercise of stock options, including excess tax benefits 534 310 — Cash dividends paid (15,010 ) (12,996 ) (10,029 ) Net cash provided by (used in) financing activities 23,883 (14,829 ) (40,613 ) Net increase (decrease) in cash and due from financial institutions 13,976 121 (9,557 ) Cash and due from financial institutions at beginning of year 3,120 2,999 12,556 Cash and due from financial institutions at end of year $ 17,096 $ 3,120 $ 2,999 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 1,275 $ 2 $ 754 Income tax, net of refunds received 1,770 5,300 5,017 |
Quarterly Financial Data (una56
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The unaudited results of operations for the quarters for the years ended December 31, 2015 and 2014 were as follows: (Dollars in thousands, except per share data) 2015 Quarterly Financial Data: Fourth Third Second First Interest income $ 25,623 $ 25,585 $ 25,513 $ 24,738 Interest expense 2,278 2,220 2,133 1,434 Net interest income 23,345 23,365 23,380 23,304 Provision for loan and lease losses 917 670 1,141 1,074 Net interest income after provision for loan and lease losses 22,428 22,695 22,239 22,230 Noninterest income 13,312 12,855 13,351 13,431 Noninterest expense 26,029 25,243 26,832 27,411 Income before income taxes 9,711 10,307 8,758 8,250 Income taxes 2,553 2,779 2,292 2,134 Net income $ 7,158 $ 7,528 $ 6,466 $ 6,116 Per share data: Basic $ 0.37 $ 0.39 $ 0.33 $ 0.31 Diluted $ 0.37 $ 0.39 $ 0.33 $ 0.31 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2014 Quarterly Financial Data: Fourth Third Second First Interest income $ 18,995 $ 19,219 $ 18,725 $ 18,946 Interest expense 1,039 978 981 998 Net interest income 17,956 18,241 17,744 17,948 Provision for loan and lease losses 648 233 1,251 1,475 Net interest income after provision for loan and lease losses 17,308 18,008 16,493 16,473 Noninterest income 12,076 12,510 11,924 12,141 Noninterest expense 22,562 22,019 21,790 20,883 Income before income taxes 6,822 8,499 6,627 7,731 Income taxes 1,632 2,264 1,547 2,005 Net income $ 5,190 $ 6,235 $ 5,080 $ 5,726 Per share data: Basic $ 0.32 $ 0.38 $ 0.31 $ 0.35 Diluted $ 0.32 $ 0.38 $ 0.31 $ 0.35 Dividends per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015segmentcommunityOfficeshares | Dec. 31, 2014shares | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of reportable segments (in segments) | segment | 3 | |
Number of banking offices (in offices) | Office | 29 | |
Number of retirement communities with banking and trust services (in communities) | community | 12 | |
Number of days loan or lease past due for nonaccrual of interest status | 90 days | |
Maximum stock issuable under Univest Dividend Reinvestment Plan | 1,968,750 | |
Stock issued under Univest dividend reinvestment plan | 87,946 | 82,922 |
Shares available for future purchase under Univest dividend reinvestment plan | 464,235 | |
Maximum stock issuable under employees stock purchase plan | 2,473,483 | |
Nineteen Ninety Six Employee Stock Purchase Plan [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Maximum stock issuable under employees stock purchase plan | 984,375 | |
Minimum employees contributions to the purchase plan | 2.00% | |
Maximum employees contributions to the purchase plan | 10.00% | |
Employee Stock Purchase Plan, Percentage of Purchase Price of Stock Based on closing price on Last Trading Day of Each Quarter End | 90.00% | |
Maximum discount from fair value to recognize compensation expense for employee stock purchase plan | 5.00% | |
Stock issued under employee stock purchase plans | 26,440 | 23,271 |
Shares available for future purchase under employee stock purchase plans | 706,184 | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Period Optioned Shares Begin To Become Exercisable | 3 years | |
Minimum [Member] | Customer Related [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 5 years | |
Minimum [Member] | Noncompete Agreements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 3 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Period Optioned Shares Begin To Become Exercisable | 10 years | |
Maximum [Member] | Core Deposits and Other Intangible Assets [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 15 years | |
Maximum [Member] | Customer Related [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 12 years | |
Maximum [Member] | Noncompete Agreements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Intangibles and other identified intangibles with finite useful lives | 5 years | |
Building [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Premises and Equipment estimated useful lives | 40 years | |
Building [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Premises and Equipment estimated useful lives | 40 years | |
Land Improvements [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Premises and Equipment estimated useful lives | 15 years | |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Premises and Equipment estimated useful lives | 3 years | |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Premises and Equipment estimated useful lives | 10 years | |
Restricted Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Period Optioned Shares Begin To Become Exercisable | 3 years |
Restrictions on Cash and Due 58
Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Reserve requirement at Federal Reserve Bank | $ 4,200 | $ 2,500 |
Average balances at Federal Reserve Bank | 36,500 | 31,500 |
Pledging requirement for risk participation agreements and SWAP agreements | $ 460 | $ 670 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2015USD ($)communityOffice$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares |
Business Acquisition [Line Items] | ||||
Common stock, par value | $ / shares | $ 5 | $ 5 | $ 5 | |
Deposits | $ 2,394,360 | $ 1,861,341 | ||
Interest component of expected cash flows (accretable difference) | 144 | $ 0 | ||
Fox Chase Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Integration and acquisition-related costs, gross | 540 | |||
Fox Chase Bank [Member] | Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 239,300 | |||
Assets acquired | 1,100,000 | |||
Loans acquired | 767,700 | |||
Deposits acquired | $ 765,000 | |||
Cash paid per share at acquisition | $ / shares | $ 21 | |||
Number of shares per common stock, exchange ratio | 97.31% | |||
Allocation provision, cash consideration | 40.00% | |||
Allocation provision, stock consideration | 60.00% | |||
Valley Green Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 78,906 | |||
Assets acquired | 425,185 | |||
Loans acquired | $ 1,813 | |||
Number of banking offices operated in greater Philadelphia marketplace (in offices) | community | 3 | |||
Number of loan production offices in Philadelphia marketplace | Office | 2 | |||
Merger agreement aggregate value | $ 77,000 | |||
Exchange ratio | 135.41% | |||
Univest shares issued | shares | 3,787,866 | |||
Outstanding stock options prior to exchange | shares | 122,377 | |||
Cash and related payroll taxes exchanged for employee stock options | $ 2,200 | |||
Purchase price assigned to cash in lieu of fractional shares | 3 | |||
Loans held for investment | 380,924 | |||
Deposits | 385,900 | |||
Loans receivable without evidence of credit quality deterioration, current fair value | 379,200 | |||
Fair value premium | 4,400 | |||
Fair value discount | $ 5,500 | |||
Fair value adjustment, period of amortization | 10 years | |||
Acquired impaired loans | $ 1,700 | |||
Contractual cash flows not expected to be collected (nonaccretable difference) | 5,344 | |||
Interest component of expected cash flows (accretable difference) | 305 | |||
Customer related intangibles | $ 1,520 | |||
Useful life of intangible asset | 10 years | |||
Fair value premium | $ 686 | |||
Integration and acquisition-related costs, gross | $ 2,000 |
Acquisition - Summary of Consid
Acquisition - Summary of Consideration Paid (Details) - Valley Green Bank [Member] - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2015 | Dec. 31, 2014 |
Purchase price consideration in common stock: | ||
Valley Green common shares outstanding | 2,797,454 | |
Exchange ratio | 135.41% | |
Univest shares issued | 3,787,866 | |
Univest closing stock price at December 31, 2014 | $ 20.24 | |
Purchase price assigned to Valley Green common shares exchanged for Univest stock | $ 76,667 | |
Purchase price assigned to cash in lieu of fractional shares | 3 | |
Purchase price assigned to Valley Green options settled for cash | 2,236 | |
Total purchase price | 78,906 | |
Fair value of assets acquired: | ||
Cash and due from banks | 4,919 | |
Federal funds sold | 17,442 | |
Investment securities available-for-sale | 12,766 | |
Loans held for investment | 380,924 | |
Premises and equipment, net | 2,973 | |
Core deposit intangible | 1,520 | |
Accrued interest receivable and other assets | 4,641 | |
Total identifiable assets | 425,185 | |
Fair value of liabilities assumed: | ||
Deposits - noninterest bearing | 49,102 | |
Deposits - interest bearing | 336,810 | |
Change in control accrued payments | 2,070 | |
Accrued interest payable and other liabilities | 1,813 | |
Total liabilities | 389,795 | |
Identifiable net assets | 35,390 | |
Goodwill resulting from merger | $ 43,516 |
Acquisition - Summary of Acquir
Acquisition - Summary of Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Interest component of expected cash flows (accretable difference) | $ (144) | $ 0 | |
Valley Green Bank [Member] | |||
Business Acquisition [Line Items] | |||
Contractually required principal and interest payments | $ 7,377 | ||
Contractual cash flows not expected to be collected (nonaccretable difference) | (5,344) | ||
Cash flows expected to be collected | 2,033 | ||
Interest component of expected cash flows (accretable difference) | (305) | ||
Fair value of loans acquired with a deterioration of credit quality | $ 1,728 |
Acquisition - Supplemental Pro
Acquisition - Supplemental Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per share | |||
Restructuring charges | $ 1,642 | $ 0 | $ 534 |
Branch optimization plan, restructuring charges, net of tax | $ 1,100 | ||
Branch optimization plan, restructuring charges, earnings per share, diluted | $ 0.05 | ||
Valley Green Bank [Member] | |||
Business Acquisition [Line Items] | |||
Net interest income | $ 93,394 | 92,240 | |
Noninterest income | 52,949 | 49,325 | |
Noninterest expense | 105,515 | 98,729 | |
Net income | $ 27,268 | $ 27,468 | |
Earnings per share | |||
Basic (in dollars per share) | $ 1.39 | $ 1.37 | |
Diluted (in dollars per share) | $ 1.39 | $ 1.37 | |
Integration and acquisition-related costs, gross | $ 2,000 | ||
Integration and acquisition-related costs, net of tax | $ 1,300 | ||
Integration and acquisition-related costs, earnings per share, diluted | $ 0.07 | ||
Fox Chase Bank [Member] | |||
Earnings per share | |||
Integration and acquisition-related costs, gross | $ 540 | ||
Integration and acquisition-related costs, net of tax | $ 493 | ||
Integration and acquisition-related costs, earnings per share, diluted | $ 0.03 |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 40,990 | $ 54,347 |
Securities Held-to-Maturity, Gross Unrealized Gains | 135 | 470 |
Securities Held-to-Maturity, Gross Unrealized Losses | (64) | (52) |
Securities Held-to-Maturity, Fair Value | 41,061 | 54,765 |
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 330,681 | 311,651 |
Securities Available-for-Sale, Gross Unrealized Gains | 2,937 | 4,160 |
Securities Available-for-Sale, Gross Unrealized Losses | (3,848) | (1,528) |
Securities Available-for-Sale, Fair Value | 329,770 | 314,283 |
U.S. Treasuries [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 4,978 | 4,972 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (91) | (127) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 4,887 | 4,845 |
Securities Available-for-Sale, Amortized Cost | 4,978 | 4,972 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (91) | (127) |
Securities Available-for-Sale, Fair Value | 4,887 | 4,845 |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 10,389 | 0 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (29) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 10,360 | 0 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 92,148 | 122,328 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 26 | 48 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (378) | (532) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 91,796 | 121,844 |
Securities Available-for-Sale, Amortized Cost | 102,537 | 122,328 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 26 | 48 |
Securities Available-for-Sale, Gross Unrealized Losses | (407) | (532) |
Securities Available-for-Sale, Fair Value | 102,156 | 121,844 |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 0 | 600 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 2 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 0 | 602 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 17,362 | 12,326 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 80 | 17 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (29) | (59) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 17,413 | 12,284 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 47,969 | 49,554 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 1,188 | 1,616 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (32) | (77) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 49,125 | 51,093 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 34,334 | 37,004 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 1,160 | 1,792 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | (1) |
Securities Available-for-Sale, Fair Value, Over 10 years | 35,494 | 38,795 |
Securities Available-for-Sale, Amortized Cost | 99,665 | 99,484 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,428 | 3,427 |
Securities Available-for-Sale, Gross Unrealized Losses | (61) | (137) |
Securities Available-for-Sale, Fair Value | 102,032 | 102,774 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 9,713 | 5,066 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 12 | 17 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (13) | 0 |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 9,712 | 5,083 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 60 | 4,856 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | 0 | (32) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 60 | 4,824 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 3,517 | 3,661 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 65 | 75 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Fair Value, Over 10 years | 3,582 | 3,736 |
Securities Available-for-Sale, Amortized Cost | 13,290 | 13,583 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 77 | 92 |
Securities Available-for-Sale, Gross Unrealized Losses | (13) | (32) |
Securities Available-for-Sale, Fair Value | 13,354 | 13,643 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 3,215 | 3,810 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (82) | (85) |
Securities Available-for-Sale, Fair Value, Over 10 years | 3,133 | 3,725 |
Securities Available-for-Sale, Amortized Cost | 3,215 | 3,810 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (82) | (85) |
Securities Available-for-Sale, Fair Value | 3,133 | 3,725 |
Corporate Bonds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 250 | 4,998 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 22 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 250 | 5,020 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 19,446 | 29,505 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 25 | 88 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (158) | (244) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 19,313 | 29,349 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 10,148 | 20,442 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (266) | (371) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 9,882 | 20,071 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 0 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (2,770) | 0 |
Securities Available-for-Sale, Fair Value, Over 10 years | 57,230 | 0 |
Securities Available-for-Sale, Amortized Cost | 89,844 | 54,945 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 25 | 110 |
Securities Available-for-Sale, Gross Unrealized Losses | (3,194) | (615) |
Securities Available-for-Sale, Fair Value | 86,675 | 54,440 |
Money Market Mutual Funds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 16,726 | 11,675 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Fair Value | 16,726 | 11,675 |
Equity Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Equity Securities Available-for-Sale, Amortized Cost | 426 | 854 |
Equity Securities Available-for-Sale, Gross Unrealized Gains | 381 | 483 |
Equity Securities Available-for-Sale, Gross Unrealized Loss | 0 | 0 |
Equity Securities Available-for-Sale, Fair Value | 807 | 1,337 |
Corporate Bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, Within 1 year | 21,047 | 13,088 |
Securities Held-to-Maturity, Gross Unrealized Gains, Within 1 year | 134 | 82 |
Securities Held-to-Maturity, Gross Unrealized Losses, Within 1 year | 0 | 0 |
Securities Held-to-Maturity, Fair Value, Within 1 year | 21,181 | 13,170 |
Securities Held-to-Maturity, Amortized Cost, After 1 year to 5 years | 19,943 | 41,259 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 1 | 388 |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | (64) | (52) |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 19,880 | 41,595 |
Securities Held-to-Maturity, Amortized Cost | 40,990 | 54,347 |
Securities Held-to-Maturity, Gross Unrealized Gains | 135 | 470 |
Securities Held-to-Maturity, Gross Unrealized Losses | (64) | (52) |
Securities Held-to-Maturity, Fair Value | $ 41,061 | $ 54,765 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($)Investment |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits and for other purposes as required by law | $ | $ 210.1 | $ 230.9 |
Number of investments in non-federal issuer representing more than 10% of shareholders' equity | Investment | 0 | 0 |
Maximum investment in any single non-federal issuer representing shareholders' equity | 10.00% | 10.00% |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Securities available-for-sale: | |||
Proceeds from sales | $ 77,308 | $ 32,967 | $ 76,361 |
Gross realized gains on sales | 1,295 | 635 | 3,396 |
Gross realized losses on sales | 30 | 0 | 7 |
Tax expense related to net realized gains on sales | $ 443 | $ 222 | $ 1,186 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 12,078 | $ 15,036 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (27) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,953 | 4,987 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (55) | (25) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 17,031 | 20,023 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (64) | (52) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 159,393 | 76,626 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,382) | (471) |
Twelve Months or Longer, Fair Value | 24,996 | 95,818 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (466) | (1,057) |
Total, Fair Value | 184,389 | 172,444 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,848) | (1,528) |
Corporate Bonds [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,078 | 15,036 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (27) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,953 | 4,987 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (55) | (25) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 17,031 | 20,023 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (64) | (52) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 72,234 | 21,949 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,941) | (328) |
Twelve Months or Longer, Fair Value | 10,669 | 15,805 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (253) | (287) |
Total, Fair Value | 82,903 | 37,754 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,194) | (615) |
U.S. Treasuries [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 4,887 | 4,845 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (91) | (127) |
Total, Fair Value | 4,887 | 4,845 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (91) | (127) |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 72,157 | 39,607 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (379) | (80) |
Twelve Months or Longer, Fair Value | 4,972 | 62,140 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (28) | (452) |
Total, Fair Value | 77,129 | 101,747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (407) | (532) |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 10,251 | 10,246 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (49) | (31) |
Twelve Months or Longer, Fair Value | 1,335 | 9,303 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12) | (106) |
Total, Fair Value | 11,586 | 19,549 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (61) | (137) |
Residential Mortgage-Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 4,751 | 4,824 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13) | (32) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 4,751 | 4,824 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (13) | (32) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Twelve Months or Longer, Fair Value | 3,133 | 3,725 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (82) | (85) |
Total, Fair Value | 3,133 | 3,725 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (82) | $ (85) |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Acquired | $ 295,450 | |
Carrying amount | $ 1,253 | $ 0 |
Measure taken to reduce the risk of difference in actual value and residual value of the leased assets at maturity | The Corporation greatly reduces this risk primarily by using $1.00 buyout leases, in which the entire cost of the leased equipment is included in the contractual payments, leaving no residual payment at the end of the lease term. | |
Other accruing impaired loans | $ 30,000 | 33,800 |
Specific reserves for other accruing impaired loans | $ 186 | $ 476 |
Maximum modification period on short-term basis | up to one year | |
Restructured loan past due period | less than ninety days past due | |
Minimum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amount of loan relationship with risk ratings of grade 1-5 reviewed quarterly | $ 2,500 | |
Amount of loan relationship with risk ratings of grade 1-5 reviewed annually | 500 | |
Amount of loan relationship due for review after 60 or more past due days | $ 500 | |
Aging period due of reviewing loans rated 1 through 6 | 60 days | |
Amount of loan relationship with risk ratings of grade six reviewed quarterly | $ 2,000 | |
Amount of loan relationship with risk ratings of grade six reviewed annually | $ 500 | |
Loan-to-value ratio for residential mortgage loans with private mortgage insurance | 80.00% | |
Maximum [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Amount of loan relationship with risk ratings of grade 1-5 reviewed annually | $ 2,500 | |
Amount of loan relationship due for review after 60 or more past due days | 500 | |
Amount of loan relationship with risk ratings of grade six reviewed annually | $ 2,000 | |
Loan-to-value ratio for residential mortgage loans without private mortgage insurance | 80.00% | |
Combined loan-to-value ratio for home equity loans without private mortgage insurance | 80.00% | |
Combined loan-to-value ratio for home equity loans without private mortgage insurance for corporations strongest profile borrower | 85.00% | |
Valley Green Bank [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying amount | $ 1,253 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 1,883,563 | $ 1,626,625 |
Total Loans and Leases Held for Investment, Acquired | 295,450 | |
Total Loans and Leases Held for Investment | 2,179,013 | 1,626,625 |
Unearned Lease Income, Originated | (13,829) | (14,131) |
Unearned Lease Income, Acquired | 0 | |
Unearned lease income, included in the above table | (13,829) | |
Net deferred costs, Originated | 4,244 | 3,218 |
Net deferred costs, Acquired | 0 | |
Net deferred costs, included in the above table | 4,244 | |
Overdraft Deposits, Originated | 35 | 50 |
Overdraft Deposits, Acquired | 0 | |
Overdraft Deposits | 35 | |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 479,980 | 457,827 |
Total Loans and Leases Held for Investment, Acquired | 24,535 | |
Total Loans and Leases Held for Investment | 504,515 | 457,827 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 759,342 | 628,478 |
Total Loans and Leases Held for Investment, Acquired | 126,550 | |
Total Loans and Leases Held for Investment | 885,892 | 628,478 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 91,904 | 79,887 |
Total Loans and Leases Held for Investment, Acquired | 4,637 | |
Total Loans and Leases Held for Investment | 96,541 | 79,887 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 94,280 | 36,932 |
Total Loans and Leases Held for Investment, Acquired | 124,503 | |
Total Loans and Leases Held for Investment | 218,783 | 36,932 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 177,850 | 166,850 |
Total Loans and Leases Held for Investment, Acquired | 3,305 | |
Total Loans and Leases Held for Investment | 181,155 | 166,850 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,361 | 108,250 |
Total Loans and Leases Held for Investment, Acquired | 11,594 | |
Total Loans and Leases Held for Investment | 136,955 | 108,250 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 29,406 | 29,941 |
Total Loans and Leases Held for Investment, Acquired | 326 | |
Total Loans and Leases Held for Investment | 29,732 | 29,941 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,440 | 118,460 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Total Loans and Leases Held for Investment | $ 125,440 | $ 118,460 |
Loans and Leases - Acquired Cre
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Outstanding principal balance | $ 3,551 | |
Carrying amount | 1,253 | $ 0 |
Allowance for loan losses | 8 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning of period | 0 | |
Acquisition of credit impaired loans | 305 | |
Reclassification from nonaccretable difference | 574 | |
Accretable yield amortized to interest income | (717) | |
Disposals | (18) | |
End of period | $ 144 |
Loans and Leases - Lease Paymen
Loans and Leases - Lease Payments Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Within 1 year | $ 54,093 | $ 50,340 |
After 1 year through 2 years | 40,250 | 38,084 |
After 2 years through 3 years | 25,940 | 25,888 |
After 3 years through 4 years | 13,914 | 13,667 |
After 4 years through 5 years | 4,853 | 4,312 |
Thereafter | 219 | 300 |
Total future minimum lease payments receivable | 139,269 | 132,591 |
Less: Unearned income | (13,829) | (14,131) |
Total lease financing receivables, net of unearned income | $ 125,440 | $ 118,460 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 28,566 | $ 17,644 |
Current | 2,149,194 | 1,608,981 |
Carrying amount | 1,253 | 0 |
Loans and leases held for investment | 2,179,013 | 1,626,625 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 379 | 451 |
Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 1,253 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 17,632 | 3,405 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3,524 | 3,196 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 7,410 | 11,043 |
Commercial, Financial and Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 5,441 | 3,459 |
Current | 498,757 | 454,368 |
Carrying amount | 0 | |
Loans and leases held for investment | 504,515 | 457,827 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 317 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 864 | 145 |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 298 | 747 |
Commercial, Financial and Agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,279 | 2,567 |
Real Estate-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 13,205 | 2,437 |
Current | 872,174 | 626,041 |
Carrying amount | 0 | |
Loans and leases held for investment | 885,892 | 628,478 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Real Estate-Commercial [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 513 | |
Real Estate-Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 12,103 | 361 |
Real Estate-Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 913 |
Real Estate-Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,102 | 1,163 |
Real Estate-Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 5,930 |
Current | 96,541 | 73,957 |
Carrying amount | 0 | |
Loans and leases held for investment | 96,541 | 79,887 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Real Estate-Construction [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 0 | |
Real Estate-Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 0 |
Real Estate-Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 405 |
Real Estate-Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 0 | 5,525 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4,489 | 936 |
Current | 213,871 | 35,996 |
Carrying amount | 0 | |
Loans and leases held for investment | 218,783 | 36,932 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 423 | |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,406 | 167 |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,356 | 56 |
Real Estate-Residential Secured for Business Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 727 | 713 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,368 | 1,073 |
Current | 179,787 | 165,777 |
Carrying amount | 0 | |
Loans and leases held for investment | 181,155 | 166,850 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 0 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 990 | 409 |
Real Estate-Residential Secured for Personal Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 69 | 604 |
Real Estate-Residential Secured for Personal Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 309 | 60 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,003 | 563 |
Current | 135,952 | 107,687 |
Carrying amount | 0 | |
Loans and leases held for investment | 136,955 | 108,250 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 31 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 0 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 777 | 348 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 52 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 174 | 215 |
Loans to Individuals [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 468 | 795 |
Current | 29,264 | 29,146 |
Carrying amount | 0 | |
Loans and leases held for investment | 29,732 | 29,941 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 173 | 365 |
Loans to Individuals [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 0 | |
Loans to Individuals [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 198 | 365 |
Loans to Individuals [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 97 | 65 |
Loans to Individuals [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 173 | 365 |
Lease Financings [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,592 | 2,451 |
Current | 122,848 | 116,009 |
Carrying amount | 0 | |
Loans and leases held for investment | 125,440 | 118,460 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 206 | 55 |
Lease Financings [Member] | Valley Green Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | 0 | |
Lease Financings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,294 | 1,610 |
Lease Financings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 652 | 406 |
Lease Financings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 646 | $ 435 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | $ 14,183 | $ 17,337 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 5,245 | 5,469 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 379 | 451 |
Total Non- Performing Loans and Leases | 19,807 | 23,257 |
Nonaccrual Troubled Debt Restructured Loans And Lease Modifications | 93 | 3,100 |
Commercial, Financial and Agricultural [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 6,915 | 5,002 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 1,602 | 2,851 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non- Performing Loans and Leases | 8,517 | 7,853 |
Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 4,314 | 4,413 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 2,449 | 2,618 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non- Performing Loans and Leases | 6,763 | 7,031 |
Real Estate-Construction [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 0 | 5,931 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non- Performing Loans and Leases | 0 | 5,931 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 1,863 | 915 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 763 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non- Performing Loans and Leases | 2,626 | 915 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 376 | 512 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 421 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non- Performing Loans and Leases | 797 | 512 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 275 | 184 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 0 | 31 |
Total Non- Performing Loans and Leases | 275 | 215 |
Loans to Individuals [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 0 | 0 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 0 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 173 | 365 |
Total Non- Performing Loans and Leases | 173 | 365 |
Lease Financings [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 440 | 380 |
Accruing Troubled Debt Restructured Loans and Lease Modifications | 10 | 0 |
Loans and Leases 90 Days or more Past Due and Accruing Interest | 206 | 55 |
Total Non- Performing Loans and Leases | $ 656 | $ 435 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 1,883,563 | $ 1,626,625 |
Total Loans and Leases Held for Investment, Acquired | 295,450 | |
Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,385 | 5,510 |
Total Loans and Leases Held for Investment, Acquired | 1,411 | |
Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 28,205 | 26,414 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 73,179 | 63,588 |
Total Loans and Leases Held for Investment, Acquired | 5,350 | |
Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,010,195 | 783,790 |
Total Loans and Leases Held for Investment, Acquired | 238,207 | |
Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 200,638 | 199,462 |
Total Loans and Leases Held for Investment, Acquired | 20,791 | |
Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 28,707 | 25,975 |
Total Loans and Leases Held for Investment, Acquired | 9,637 | |
Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 78,197 | 98,385 |
Total Loans and Leases Held for Investment, Acquired | 4,829 | |
Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,425,506 | 1,203,124 |
Total Loans and Leases Held for Investment, Acquired | 280,225 | |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 456,156 | 421,974 |
Total Loans and Leases Held for Investment, Acquired | 15,225 | |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,901 | 1,527 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 458,057 | 423,501 |
Total Loans and Leases Held for Investment, Acquired | 15,225 | |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 479,980 | 457,827 |
Total Loans and Leases Held for Investment, Acquired | 24,535 | |
Commercial, Financial and Agricultural [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 968 | 4,248 |
Total Loans and Leases Held for Investment, Acquired | 1,411 | |
Commercial, Financial and Agricultural [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 17,328 | 14,013 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Commercial, Financial and Agricultural [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 36,697 | 23,931 |
Total Loans and Leases Held for Investment, Acquired | 1,181 | |
Commercial, Financial and Agricultural [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 328,140 | 301,425 |
Total Loans and Leases Held for Investment, Acquired | 18,446 | |
Commercial, Financial and Agricultural [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 61,098 | 65,993 |
Total Loans and Leases Held for Investment, Acquired | 2,273 | |
Commercial, Financial and Agricultural [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,074 | 7,166 |
Total Loans and Leases Held for Investment, Acquired | 417 | |
Commercial, Financial and Agricultural [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 29,675 | 41,051 |
Total Loans and Leases Held for Investment, Acquired | 807 | |
Commercial, Financial and Agricultural [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Commercial, Financial and Agricultural [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Commercial, Financial and Agricultural [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 479,980 | 457,827 |
Total Loans and Leases Held for Investment, Acquired | 24,535 | |
Real Estate-Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 759,342 | 628,478 |
Total Loans and Leases Held for Investment, Acquired | 126,550 | |
Real Estate-Commercial [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Commercial [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 10,877 | 8,504 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Commercial [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 36,023 | 30,587 |
Total Loans and Leases Held for Investment, Acquired | 3,561 | |
Real Estate-Commercial [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 530,766 | 402,719 |
Total Loans and Leases Held for Investment, Acquired | 102,122 | |
Real Estate-Commercial [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 119,117 | 123,129 |
Total Loans and Leases Held for Investment, Acquired | 10,365 | |
Real Estate-Commercial [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 20,286 | 17,505 |
Total Loans and Leases Held for Investment, Acquired | 8,853 | |
Real Estate-Commercial [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 42,273 | 46,034 |
Total Loans and Leases Held for Investment, Acquired | 1,649 | |
Real Estate-Commercial [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Commercial [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Commercial [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 759,342 | 628,478 |
Total Loans and Leases Held for Investment, Acquired | 126,550 | |
Real Estate-Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 91,904 | 79,887 |
Total Loans and Leases Held for Investment, Acquired | 4,637 | |
Real Estate-Construction [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 5,417 | 1,262 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 3,897 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 450 | 8,731 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 72,630 | 55,111 |
Total Loans and Leases Held for Investment, Acquired | 4,637 | |
Real Estate-Construction [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 13,262 | 4,956 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 145 | 5,930 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Construction [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 91,904 | 79,887 |
Total Loans and Leases Held for Investment, Acquired | 4,637 | |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 94,280 | 36,932 |
Total Loans and Leases Held for Investment, Acquired | 124,503 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 9 | 339 |
Total Loans and Leases Held for Investment, Acquired | 608 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 78,659 | 24,535 |
Total Loans and Leases Held for Investment, Acquired | 113,002 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 7,161 | 5,384 |
Total Loans and Leases Held for Investment, Acquired | 8,153 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,347 | 1,304 |
Total Loans and Leases Held for Investment, Acquired | 367 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,104 | 5,370 |
Total Loans and Leases Held for Investment, Acquired | 2,373 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 9. Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Grade: 10. Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 0 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 94,280 | 36,932 |
Total Loans and Leases Held for Investment, Acquired | 124,503 | |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 177,850 | 166,850 |
Total Loans and Leases Held for Investment, Acquired | 3,305 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 177,053 | 166,338 |
Total Loans and Leases Held for Investment, Acquired | 3,305 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 797 | 512 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Residential Secured for Personal Purpose [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 177,850 | 166,850 |
Total Loans and Leases Held for Investment, Acquired | 3,305 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,361 | 108,250 |
Total Loans and Leases Held for Investment, Acquired | 11,594 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,086 | 108,035 |
Total Loans and Leases Held for Investment, Acquired | 11,594 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 275 | 215 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,361 | 108,250 |
Total Loans and Leases Held for Investment, Acquired | 11,594 | |
Loans to Individuals [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 29,406 | 29,941 |
Total Loans and Leases Held for Investment, Acquired | 326 | |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 29,233 | 29,576 |
Total Loans and Leases Held for Investment, Acquired | 326 | |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 173 | 365 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Loans to Individuals [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 29,406 | 29,941 |
Total Loans and Leases Held for Investment, Acquired | 326 | |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,440 | 118,460 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Lease Financings [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 124,784 | 118,025 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Lease Financings [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 656 | 435 |
Total Loans and Leases Held for Investment, Acquired | 0 | |
Lease Financings [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 125,440 | $ 118,460 |
Total Loans and Leases Held for Investment, Acquired | $ 0 |
Loans and Leases - Reserve for
Loans and Leases - Reserve for Loan and Lease Losses Roll Forward (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)loanborrowers | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 20,662 | $ 24,494 | $ 24,746 | |
Charge-offs | (8,496) | (8,850) | (13,619) | |
Recoveries | 1,660 | 1,411 | 2,139 | |
Provision (recovery of provision) | 3,623 | 3,607 | 11,228 | |
Provision for acquired credit impaired loans | 179 | |||
Ending balance | 17,628 | 20,662 | 24,494 | |
Commercial, Financial and Agricultural [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 6,920 | 9,789 | 11,594 | |
Charge-offs | (4,793) | (2,834) | (3,213) | |
Recoveries | 1,032 | 247 | 320 | |
Provision (recovery of provision) | 3,259 | (282) | 1,088 | |
Provision for acquired credit impaired loans | 0 | |||
Ending balance | 6,418 | 6,920 | 9,789 | |
Real Estate-Commercial and Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 8,943 | 8,780 | 7,507 | |
Charge-offs | (1,895) | (4,363) | (8,667) | |
Recoveries | 200 | 524 | 1,104 | |
Provision (recovery of provision) | (684) | 4,002 | 8,836 | |
Provision for acquired credit impaired loans | 8 | |||
Ending balance | 6,572 | 8,943 | 8,780 | |
Amount of Loans Charged Off Prior to Being Transferred to Loans Held for Sale | $ 1,300 | |||
Number of Loans Charged Off Prior to Being Transferred to Loans Held for Sale | loan | 2 | |||
Number of Borrowers, Loans Charged Off Prior to Being Transferred to Loans Held for Sale | borrowers | 1 | |||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 763 | 1,062 | 639 | |
Charge-offs | (179) | (140) | (112) | |
Recoveries | 28 | 60 | 13 | |
Provision (recovery of provision) | 43 | (219) | 522 | |
Provision for acquired credit impaired loans | 108 | |||
Ending balance | 763 | 763 | 1,062 | |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,124 | 1,284 | 980 | |
Charge-offs | (279) | (141) | (195) | |
Recoveries | 10 | 34 | 13 | |
Provision (recovery of provision) | 657 | (53) | 486 | |
Provision for acquired credit impaired loans | 63 | |||
Ending balance | 1,575 | 1,124 | 1,284 | |
Loans to Individuals [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 360 | 694 | 679 | |
Charge-offs | (549) | (796) | (641) | |
Recoveries | 176 | 265 | 174 | |
Provision (recovery of provision) | 359 | 197 | 482 | |
Provision for acquired credit impaired loans | 0 | |||
Ending balance | 346 | 360 | 694 | |
Lease Financings [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 985 | 1,285 | 1,326 | |
Charge-offs | (801) | (576) | (791) | |
Recoveries | 214 | 281 | 515 | |
Provision (recovery of provision) | 644 | (5) | 235 | |
Provision for acquired credit impaired loans | 0 | |||
Ending balance | 1,042 | 985 | 1,285 | |
Unallocated [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,567 | 1,600 | 2,021 | |
Provision (recovery of provision) | (655) | (33) | (421) | |
Provision for acquired credit impaired loans | 0 | |||
Ending balance | $ 912 | $ 1,567 | $ 1,600 |
Loans and Leases - Reserve fo75
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | $ 322 | $ 998 | ||
Ending balance: collectively evaluated for impairment | 17,298 | 19,664 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 8 | |||
Total ending balance | 17,628 | 20,662 | $ 24,494 | $ 24,746 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 48,933 | 56,191 | ||
Ending balance: collectively evaluated for impairment | 1,834,630 | 1,570,434 | ||
Acquired non-credit impaired loans | 294,197 | |||
Acquired credit impaired loans | 1,253 | |||
Total Loans and Leases Held for Investment | 2,179,013 | 1,626,625 | ||
Commercial, Financial and Agricultural [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 208 | 920 | ||
Ending balance: collectively evaluated for impairment | 6,210 | 6,000 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 6,418 | 6,920 | 9,789 | 11,594 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 12,881 | 16,561 | ||
Ending balance: collectively evaluated for impairment | 467,099 | 441,266 | ||
Acquired non-credit impaired loans | 24,218 | |||
Acquired credit impaired loans | 317 | |||
Total Loans and Leases Held for Investment | 504,515 | 457,827 | ||
Real Estate-Commercial and Construction [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 78 | ||
Ending balance: collectively evaluated for impairment | 6,564 | 8,865 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 8 | |||
Total ending balance | 6,572 | 8,943 | 8,780 | 7,507 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 30,088 | 35,926 | ||
Ending balance: collectively evaluated for impairment | 821,158 | 672,439 | ||
Acquired non-credit impaired loans | 130,674 | |||
Acquired credit impaired loans | 513 | |||
Total Loans and Leases Held for Investment | 982,433 | 708,365 | ||
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 45 | 0 | ||
Ending balance: collectively evaluated for impairment | 718 | 763 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 763 | 763 | 1,062 | 639 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 4,892 | 3,008 | ||
Ending balance: collectively evaluated for impairment | 89,388 | 33,924 | ||
Acquired non-credit impaired loans | 124,080 | |||
Acquired credit impaired loans | 423 | |||
Total Loans and Leases Held for Investment | 218,783 | 36,932 | ||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 69 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,506 | 1,124 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,575 | 1,124 | 1,284 | 980 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 1,072 | 696 | ||
Ending balance: collectively evaluated for impairment | 302,139 | 274,404 | ||
Acquired non-credit impaired loans | 14,899 | |||
Acquired credit impaired loans | 0 | |||
Total Loans and Leases Held for Investment | 318,110 | 275,100 | ||
Loans to Individuals [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 346 | 360 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 346 | 360 | 694 | 679 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 29,406 | 29,941 | ||
Acquired non-credit impaired loans | 326 | |||
Acquired credit impaired loans | 0 | |||
Total Loans and Leases Held for Investment | 29,732 | 29,941 | ||
Lease Financings [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 1,042 | 985 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | 1,042 | 985 | 1,285 | 1,326 |
Loans and leases held for investment: | ||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||
Ending balance: collectively evaluated for impairment | 125,440 | 118,460 | ||
Acquired non-credit impaired loans | 0 | |||
Acquired credit impaired loans | 0 | |||
Total Loans and Leases Held for Investment | 125,440 | 118,460 | ||
Unallocated [Member] | ||||
Reserve for loan and lease losses: | ||||
Ending balance: collectively evaluated for impairment | 912 | 1,567 | ||
Ending balance: acquired credit impaired loans evaluated for impairment | 0 | |||
Total ending balance | $ 912 | $ 1,567 | $ 1,600 | $ 2,021 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 45,737 | $ 52,042 |
Impaired loans with an allowance recorded, Recorded Investment | 3,196 | 4,149 |
Impaired loans with no related allowance, Unpaid Principal Balance | 49,755 | 54,109 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 3,196 | 4,151 |
Total impaired loans, Recorded Investment | 48,933 | |
Total impaired loans, Unpaid Principal Balance | 52,951 | 58,260 |
Total impaired loans, Related Allowance | 322 | 998 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 10,337 | 12,628 |
Impaired loans with an allowance recorded, Recorded Investment | 2,544 | 3,933 |
Impaired loans with no related allowance, Unpaid Principal Balance | 13,318 | 13,050 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 2,544 | 3,935 |
Total impaired loans, Recorded Investment | 12,881 | 16,561 |
Total impaired loans, Unpaid Principal Balance | 15,862 | 16,985 |
Total impaired loans, Related Allowance | 208 | 920 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 30,088 | 29,779 |
Impaired loans with an allowance recorded, Recorded Investment | 0 | 216 |
Impaired loans with no related allowance, Unpaid Principal Balance | 30,996 | 30,810 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 0 | 216 |
Total impaired loans, Recorded Investment | 30,088 | 29,995 |
Total impaired loans, Unpaid Principal Balance | 30,996 | 31,026 |
Total impaired loans, Related Allowance | 0 | 78 |
Real Estate-Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 0 | 5,931 |
Impaired loans with no related allowance, Unpaid Principal Balance | 0 | 6,474 |
Total impaired loans, Recorded Investment | 0 | 5,931 |
Total impaired loans, Unpaid Principal Balance | 0 | 6,474 |
Total impaired loans, Related Allowance | 0 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 4,597 | 3,008 |
Impaired loans with an allowance recorded, Recorded Investment | 295 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 4,717 | 3,044 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 295 | 0 |
Total impaired loans, Recorded Investment | 4,892 | 3,008 |
Total impaired loans, Unpaid Principal Balance | 5,012 | 3,044 |
Total impaired loans, Related Allowance | 45 | 0 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 545 | 512 |
Impaired loans with an allowance recorded, Recorded Investment | 252 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 554 | 547 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 252 | 0 |
Total impaired loans, Recorded Investment | 797 | 512 |
Total impaired loans, Unpaid Principal Balance | 806 | 547 |
Total impaired loans, Related Allowance | 16 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 170 | 184 |
Impaired loans with an allowance recorded, Recorded Investment | 105 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 170 | 184 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 105 | 0 |
Total impaired loans, Recorded Investment | 275 | 184 |
Total impaired loans, Unpaid Principal Balance | 275 | 184 |
Total impaired loans, Related Allowance | $ 53 | $ 0 |
Loans and Leases - Tables for I
Loans and Leases - Tables for Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 48,789 | $ 55,761 | $ 48,241 |
Interest Income Recognized | 1,565 | 1,863 | 1,156 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 1,298 | 1,164 | 1,652 |
Loans Held For Sale [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,832 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 110 | 0 | 0 |
Commercial, Financial and Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 15,383 | 15,334 | 6,412 |
Interest Income Recognized | 423 | 540 | 172 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 481 | 258 | 200 |
Real Estate-Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 23,692 | 26,662 | 25,728 |
Interest Income Recognized | 996 | 1,143 | 837 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 330 | 323 | 717 |
Real Estate-Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 3,164 | 10,412 | 14,621 |
Interest Income Recognized | 0 | 103 | 124 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 162 | 463 | 680 |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 3,805 | 2,524 | 672 |
Interest Income Recognized | 144 | 77 | 19 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 161 | 61 | 10 |
Real Estate-Residential Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 729 | 719 | 760 |
Interest Income Recognized | 2 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 43 | 49 | 45 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 184 | 106 | 8 |
Interest Income Recognized | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 11 | 10 | 0 |
Loans to Individuals [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 4 | 40 |
Interest Income Recognized | 0 | 0 | 4 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | $ 0 | $ 0 | $ 0 |
Loans and Leases - Narrative fo
Loans and Leases - Narrative for Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Interest income recognized on a cash basis for nonaccrual loans | $ 37 | $ 23 | $ 6 |
Interest income recognized on accrual method for accruing impaired loans | 1,500 | 1,800 | $ 1,200 |
Reserve for uncollected interest | 0 | 1 | |
Off-balance Sheet Risks, Amount, Liability | $ 381 | $ 338 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 6 | 7 |
Pre- Restructuring Outstanding Recorded Investment | $ 1,898 | $ 2,824 |
Post- Restructuring Outstanding Recorded Investment | 1,898 | 2,824 |
Related Allowance | $ 0 | $ 507 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 3 |
Pre- Restructuring Outstanding Recorded Investment | $ 122 | $ 738 |
Post- Restructuring Outstanding Recorded Investment | 122 | 738 |
Related Allowance | $ 22 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 4 | 6 |
Pre- Restructuring Outstanding Recorded Investment | $ 1,140 | $ 1,824 |
Post- Restructuring Outstanding Recorded Investment | 1,140 | 1,824 |
Related Allowance | $ 0 | $ 507 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 122 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 122 | 0 |
Related Allowance | $ 22 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 405 | $ 1,000 |
Post- Restructuring Outstanding Recorded Investment | 405 | 1,000 |
Related Allowance | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 50 |
Post- Restructuring Outstanding Recorded Investment | 0 | 50 |
Related Allowance | $ 0 | $ 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 353 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 353 | 0 |
Related Allowance | $ 0 | $ 0 |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 2 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 688 |
Post- Restructuring Outstanding Recorded Investment | 0 | 688 |
Related Allowance | $ 0 | $ 0 |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 6 | 7 |
Amount | $ | $ 1,898 | $ 2,824 |
Accrual Troubled Debt Restructuring Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | 0 |
Amount | $ | $ 496 | $ 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 6 |
Amount | $ | $ 500 | $ 2,699 |
Accrual Troubled Debt Restructuring Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 125 |
Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 3 | 0 |
Amount | $ | $ 902 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 3 |
Amount | $ | $ 122 | $ 738 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 122 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 2 |
Amount | $ | $ 0 | $ 105 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 633 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 4 | 6 |
Amount | $ | $ 1,140 | $ 1,824 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 143 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 5 |
Amount | $ | $ 500 | $ 1,699 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 125 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 2 | 0 |
Amount | $ | $ 497 | $ 0 |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 122 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 122 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Commercial, Financial and Agricultural [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 1 |
Amount | $ | $ 405 | $ 1,000 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 0 | $ 1,000 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 0 |
Amount | $ | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 405 | $ 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 1 |
Amount | $ | $ 50 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 50 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | 0 |
Amount | $ | $ 353 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 353 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | 2 |
Amount | $ | $ 688 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Temporary Payment Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Interest Rate Reduction [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 55 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Maturity Date Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 1 | |
Amount | $ | $ 633 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Payments Suspended [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Nonaccrual Troubled Debt Restructured Loans [Member] | Amortization Period Extension [Member] | ||
Concessions granted on accruing and non-accrual loans restructured | ||
No. of Loans | loan | 0 | |
Amount | $ | $ 0 |
Loans and Leases - Accruing and
Loans and Leases - Accruing and Nonaccrual Troubled Debt Restructured Loans with Payment Defaults (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment | $ | $ 143 | $ 0 |
Nonaccrual Troubled Debt Restructured Loans [Member] | Commercial, Financial and Agricultural [Member] | ||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment | $ | $ 143 | $ 0 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in the Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 373 | $ 62 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | 313 | 62 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 60 | $ 0 |
Premises and Equipment - Compon
Premises and Equipment - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 78,919 | $ 72,227 |
Less: accumulated depreciation | (36,763) | (35,218) |
Net book value | 42,156 | 37,009 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 11,527 | 10,576 |
Premises and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 40,936 | 37,348 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 26,456 | $ 24,303 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Jan. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 3,600,000 | $ 3,300,000 | $ 2,300,000 | |
Goodwill | 112,657,000 | 67,717,000 | 57,517,000 | |
Additional goodwill | 44,940,000 | 10,200,000 | ||
Goodwill impairment | 0 | 0 | 0 | |
Material impairments to identifiable intangible assets | 0 | 0 | 0 | |
Aggregate fair value of mortgage servicing rights | $ 8,000,000 | $ 6,900,000 | ||
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% | ||
Valley Green Bank [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Additional goodwill | $ 43,500,000 | |||
Customer Related Intangibles [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Impairment on customer related intangibles | $ 0 | $ 31,000 | $ 83,000 | |
Core Deposits [Member] | Valley Green Bank [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Core deposit intangibles | $ 1,500,000 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 67,717 | $ 57,517 |
Goodwill, Acquired During Period | 44,940 | 10,200 |
Goodwill, Ending Balance | 112,657 | 67,717 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 35,058 | 35,058 |
Goodwill, Acquired During Period | 43,516 | 0 |
Goodwill, Ending Balance | 78,574 | 35,058 |
Wealth Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 15,434 | 8,625 |
Goodwill, Acquired During Period | 0 | 6,809 |
Goodwill, Ending Balance | 15,434 | 15,434 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 17,225 | 13,834 |
Goodwill, Acquired During Period | 1,424 | 3,391 |
Goodwill, Ending Balance | $ 18,649 | $ 17,225 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 27,980 | $ 23,956 |
Accumulated Amortization and Fair Value Adjustments | 15,360 | 11,776 |
Net Carrying Amount | 12,620 | 12,180 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,520 | 0 |
Accumulated Amortization and Fair Value Adjustments | 276 | 0 |
Net Carrying Amount | 1,244 | 0 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,227 | 13,397 |
Accumulated Amortization and Fair Value Adjustments | 8,728 | 6,726 |
Net Carrying Amount | 5,499 | 6,671 |
Mortgage Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,233 | 10,559 |
Accumulated Amortization and Fair Value Adjustments | 6,356 | 5,050 |
Net Carrying Amount | $ 5,877 | $ 5,509 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Core Deposit and Customer Related Intangibles (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 1,871 |
2,017 | 1,544 |
2,018 | 1,170 |
2,019 | 847 |
2,020 | 577 |
Thereafter | $ 734 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets - Changes in Mortgage Servicing Rights (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning of period | $ 5,509 | $ 5,519 | $ 4,152 |
Servicing rights capitalized | 1,674 | 1,118 | 2,485 |
Amortization of servicing rights | (1,306) | (1,378) | (1,365) |
Changes in valuation allowance | 0 | 250 | 247 |
End of period | 5,877 | 5,509 | 5,519 |
Mortgage loans serviced for others | $ 863,947 | $ 796,835 | $ 751,891 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets - Activity in Valuation Allowance for Mortgage Servicing Rights (Detail) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowance, beginning of period | $ 0 | $ (250) | $ (497) |
Additions | 0 | 0 | 0 |
Reductions | 0 | 250 | 247 |
Direct write-downs | 0 | 0 | 0 |
Valuation allowance, end of period | $ 0 | $ 0 | $ (250) |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Mortgage Servicing Rights (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 1,871 |
2,017 | 1,544 |
2,018 | 1,170 |
2,019 | 847 |
2,020 | 577 |
Thereafter | 734 |
Mortgage Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | 902 |
2,017 | 783 |
2,018 | 672 |
2,019 | 574 |
2,020 | 489 |
Thereafter | $ 2,457 |
Accrued Interest Receivable a91
Accrued Interest Receivable and Other Assets - Details of Accrued Interest Receivable and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Receivable and Other Assets [Abstract] | ||
Other real estate owned | $ 1,276 | $ 955 |
Accrued interest receivable | 7,463 | 6,086 |
Accrued income and other receivables | 2,725 | 2,655 |
Fair market value of derivative financial instruments | 1,089 | 788 |
Other prepaid expenses | 10,880 | 13,963 |
Federal Reserve Bank stock, Federal Home Loan Bank stock and other not readily marketable equity securities | 8,880 | 4,487 |
Net federal deferred tax assets | 10,521 | 10,756 |
Total accrued interest and other assets | $ 42,834 | $ 39,690 |
Accrued Interest Receivable a92
Accrued Interest Receivable and Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Receivable and Other Assets [Abstract] | |||
Federal Reserve Bank stock | $ 6,600 | $ 3,300 | |
Additional Federal Reserve Bank Stock purchased | $ 2,300 | ||
FHLB Stock | 2,200 | $ 1,100 | |
Other-than-temporary impairment of equity securities | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||
Excess tax benefit | $ 73,000 | $ 0 |
Unrecognized Tax Benefits | 0 | |
Deferred Tax Assets Reversed | 42,000 | 2,000 |
Accrued Interest Or Penalties | 0 | $ 0 |
State and Local Jurisdiction [Member] | ||
Income Tax Contingency [Line Items] | ||
Operating Loss Carryforwards | $ 30,600,000 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2018 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax years | 2,012 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Open tax years | 2,014 | |
Valley Green Bank [Member] | ||
Income Tax Contingency [Line Items] | ||
Business combination, deferred tax assets | $ 2,500,000 |
Income Taxes - Provision for Fe
Income Taxes - Provision for Federal and State Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 5,113 | $ 2,509 | $ 4,172 | ||||||||
State | 829 | 777 | 591 | ||||||||
Deferred: | |||||||||||
Federal | 3,877 | 4,027 | 922 | ||||||||
State | (61) | 135 | 11 | ||||||||
Provision for federal and state income taxes, total | $ 2,553 | $ 2,779 | $ 2,292 | $ 2,134 | $ 1,632 | $ 2,264 | $ 1,547 | $ 2,005 | $ 9,758 | $ 7,448 | $ 5,696 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Differences from Expected Statutory Provision (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Expected provision at statutory rate | 35.00% | 35.00% | 35.00% |
Difference resulting from: | |||
Tax exempt interest income | (9.50%) | (11.20%) | (11.70%) |
Increase in value of bank owned life insurance assets | (1.20%) | (1.90%) | (3.90%) |
Effective income tax rate reconciliation retirement plans | 1.90% | 0.00% | 2.60% |
Other, including state income taxes, valuation allowances and rate differentials | 0.20% | 3.20% | 0.80% |
Provision for income taxes - effective income tax rate | 26.40% | 25.10% | 22.80% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Loan and lease loss | $ 6,012 | $ 7,358 |
Deferred compensation | 2,483 | 2,492 |
Actuarial adjustments on retirement benefits | 8,525 | 8,625 |
State net operating losses | 1,986 | 1,621 |
Other-than-temporary impairments on equity securities | 317 | 577 |
Alternative minimum tax credits | 2,156 | 1,067 |
Net unrealized holding losses on securities available-for-sale and swaps | 472 | 0 |
Other | 1,150 | 1,125 |
Gross deferred tax assets | 23,101 | 22,865 |
Valuation allowance | (1,609) | (1,461) |
Total deferred tax assets, net of valuation allowance | 21,492 | 21,404 |
Deferred tax liabilities: | ||
Market discount | 2,481 | 2,224 |
Retirement plans | 7,169 | 5,700 |
Intangible assets | 1,663 | 2,308 |
Net unrealized holding gains on securities available-for-sale and swaps | 0 | 837 |
Total deferred tax liabilities | 11,313 | 11,069 |
Net deferred tax assets | $ 10,179 | $ 10,335 |
Retirement Plans and Other Po97
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee hire date no longer eligible for noncontributory retirement plan | Dec. 8, 2009 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.50% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity Period Of Fixed Income Investments | 1 year | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maturity Period Of Fixed Income Investments | 10 years | ||
Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | ||
Debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 285 | $ (44) | $ 661 |
Assumed discount rate | 4.90% | 4.00% | |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 3.90% | 4.90% | |
Expected employer contributions for next fiscal year | $ 160 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 7.50% | 7.50% | |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate | 3.90% | 4.90% | |
Expected employer contributions for next fiscal year | $ 117 | ||
Defined Benefit Plan, Expected Long-Term Rate of Return | 0.00% | 0.00% | |
Deferred Salary Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 1,000 | $ 836 | $ 765 |
Retirement Plans and Other Po98
Retirement Plans and Other Postretirement Benefits - Summary of Retirement Plans and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 41,437 | ||
Fair value of plan assets at end of year | 41,490 | $ 41,437 | |
Retirement Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 51,390 | 39,593 | |
Service cost | 756 | 528 | $ 621 |
Interest cost | 1,953 | 1,900 | 1,712 |
Actuarial loss (gain) | (1,915) | 11,462 | |
Benefits paid | (2,374) | (2,093) | |
Benefit obligation at end of year | 49,810 | 51,390 | 39,593 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 41,437 | 40,547 | |
Actual return on plan assets | 246 | 2,821 | |
Benefits paid | (2,374) | (2,093) | |
Employer contribution and non-qualified benefit payments | 2,181 | 162 | |
Fair value of plan assets at end of year | 41,490 | 41,437 | 40,547 |
Funded status | (8,320) | (9,953) | |
Unrecognized net actuarial loss | 24,628 | 25,010 | |
Unrecognized prior service costs | (1,029) | (1,309) | |
Net amount recognized | 15,279 | 13,748 | |
Other Post Retirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,896 | 2,330 | |
Service cost | 59 | 75 | 86 |
Interest cost | 110 | 128 | 118 |
Actuarial loss (gain) | (141) | 455 | |
Benefits paid | (90) | (92) | |
Benefit obligation at end of year | 2,834 | 2,896 | 2,330 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Benefits paid | (90) | (92) | |
Employer contribution and non-qualified benefit payments | 90 | 92 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status | (2,834) | (2,896) | |
Unrecognized net actuarial loss | 756 | 950 | |
Unrecognized prior service costs | 0 | 0 | |
Net amount recognized | $ (2,078) | $ (1,946) |
Retirement Plans and Other Po99
Retirement Plans and Other Postretirement Benefits - Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 47,543 | $ 48,928 |
Accumulated benefit obligation | 44,125 | 45,003 |
Fair value of plan assets | $ 41,490 | $ 41,437 |
Retirement Plans and Other P100
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 756 | $ 528 | $ 621 |
Interest cost | 1,953 | 1,900 | 1,712 |
Expected return on plan assets | (3,100) | (2,929) | (2,527) |
Amortization of net actuarial loss | 1,308 | 649 | 1,259 |
Accretion of prior service cost | (280) | (281) | (235) |
Net periodic benefit (income) cost | 637 | (133) | 830 |
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 59 | 75 | 86 |
Interest cost | 110 | 128 | 118 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 54 | 17 | 23 |
Accretion of prior service cost | 0 | (7) | (20) |
Net periodic benefit (income) cost | $ 223 | $ 213 | $ 207 |
Retirement Plans and Other P101
Retirement Plans and Other Postretirement Benefits - Expected Amortization Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | $ 1,389 |
Accretion of prior service cost | (282) |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial loss | 204 |
Accretion of prior service cost | $ 0 |
Retirement Plans and Other P102
Retirement Plans and Other Postretirement Benefits - Summary of Benefit Payments Expected to be Paid (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 2,470 |
2,017 | 2,512 |
2,018 | 2,543 |
2,019 | 2,589 |
2,020 | 2,590 |
Years 2021-2025 | 13,859 |
Other Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 117 |
2,017 | 119 |
2,018 | 122 |
2,019 | 127 |
2,020 | 132 |
Years 2021-2025 | $ 746 |
Retirement Plans and Other P103
Retirement Plans and Other Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed long-term rate of investment return | 7.50% | |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 4.30% | 3.90% |
Assumed salary increase rate | 3.00% | 3.00% |
Assumed discount rate | 3.90% | 4.90% |
Assumed long-term rate of investment return | 7.50% | 7.50% |
Assumed salary increase rate | 3.00% | 3.00% |
Other Post Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed discount rate | 4.30% | 3.90% |
Assumed salary increase rate | 0.00% | 0.00% |
Assumed discount rate | 3.90% | 4.90% |
Assumed long-term rate of investment return | 0.00% | 0.00% |
Assumed salary increase rate | 0.00% | 0.00% |
Retirement Plans and Other P104
Retirement Plans and Other Postretirement Benefits - Summary of Corporation's Pension Plan Asset Allocation (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 59.00% | 65.00% |
Debt Securities [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 40.00% | 34.00% |
Other [Member] | ||
Summary of corporation's pension plan asset allocation | ||
Assets Category, Total | 1.00% | 1.00% |
Retirement Plans and Other P105
Retirement Plans and Other Postretirement Benefits - Major Categories of Assets in Corporation's Pension Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 41,490 | $ 41,437 |
Mutual Fund [Member] | Level 1 [Member] | U.S. Large Cap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 15,901 | 17,482 |
Mutual Fund [Member] | Level 1 [Member] | U.S. Mid Cap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 1,865 | 2,218 |
Mutual Fund [Member] | Level 1 [Member] | U.S. Small Cap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 1,876 | 2,290 |
Mutual Fund [Member] | Level 1 [Member] | International [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 4,499 | 4,961 |
Mutual Fund [Member] | Level 1 [Member] | Income [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 1,409 | 972 |
Short-term Investments [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 622 | 585 |
U.S. Government Obligations [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 4,811 | 3,273 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | 5,752 | 5,621 |
Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of plan assets | $ 4,755 | $ 4,035 |
Retirement Plans and Other P106
Retirement Plans and Other Postretirement Benefits - Reconciliation of Beginning and Ending Balances for Measurements in Hierarchy Level 3 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | $ 4,035 | $ 4,339 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 1,805 | 595 |
Maturities/ Redemptions | (1,085) | (899) |
Ending Balance | 4,755 | 4,035 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Beginning Balance | 4,035 | 4,339 |
Total Unrealized (Losses) or Gains | 0 | 0 |
Total Realized Gains or (Losses) | 0 | 0 |
Purchases | 1,805 | 595 |
Maturities/ Redemptions | (1,085) | (899) |
Ending Balance | $ 4,755 | $ 4,035 |
Stock-Based Incentive Plan - Ad
Stock-Based Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share awards authorized for issuance | 2,473,483 | |||
Purchase price of common shares as a percentage of fair market value | 100.00% | |||
Contractual term | 10 years | |||
Period optioned shares become 100% exercisable | 2 years | |||
Percent of optioned shares become exercisable each year from three to five years | 33.30% | |||
Options to purchase common stock outstanding | 668,667 | 673,216 | ||
Unvested restricted stock awards outstanding under the plan | 183,584 | 176,978 | ||
Total intrinsic value of options exercised | $ 103 | $ 47 | $ 0 | |
Stock options exercised | 27,999 | |||
Total unrecognized compensation expense related to nonvested share-based compensation arrangements | $ 1,500 | |||
Unrecognized compensation expense expected to be recognized over weighted average period | 2 years 1 month | |||
2013 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards available for future grant | 2,136,273 | |||
2003 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock awards outstanding under the plan | 183,584 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period optioned shares begin to become exercisable | 3 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period optioned shares begin to become exercisable | 10 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price of common shares as a percentage of fair market value | 100.00% | |||
Period optioned shares begin to become exercisable | 3 years | |||
Valley Green Bank [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 473,483 |
Stock-Based Incentive Plan - St
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Shares Under Option | |
Shares Under Option, Outstanding, Beginning balance | shares | 673,216 |
Shares Under Option, Granted | shares | 114,500 |
Shares Under Option, Expired | shares | (80,550) |
Shares Under Option, Forfeited | shares | (10,500) |
Shares Under Option, Exercised | shares | (27,999) |
Share Under Option, Outstanding, Ending balance | shares | 668,667 |
Shares Under Options, Exercisable at December 31 | shares | 369,502 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 19.46 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 18.52 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 24.26 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 17.83 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 16.44 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 18.88 |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2014 | $ / shares | $ 19.64 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2014 | 5 years 5 months |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2014 | 3 years 3 months |
Aggregate Intrinsic Value, Outstanding at December 31, 2014 | $ | $ 1,546 |
Aggregate Intrinsic Value, Exercisable at December 31, 2014 | $ | $ 671 |
Stock-Based Incentive Plan - Ag
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected option life in years | 8 years | 8 years 2 months | 8 years 10 months 24 days |
Risk free interest rate | 1.64% | 2.51% | 1.99% |
Expected dividend yield | 4.32% | 4.26% | 4.74% |
Expected volatility | 49.38% | 50.16% | 49.30% |
Fair value of options | $ 6.07 | $ 6.53 | $ 5.32 |
Stock-Based Incentive Plan - Su
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested Share Awards, Beginning balance | shares | 176,978 |
Nonvested Share Awards, Granted | shares | 65,755 |
Nonvested Share Awards, Vested | shares | (39,215) |
Nonvested Share Awards, Forfeited | shares | (19,934) |
Nonvested Share awards, Ending balance | shares | 183,584 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 17.02 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 18.62 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 15.68 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 15.97 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 18 |
Stock-Based Incentive Plan - Ce
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 65,755 | ||
Weighted average grant date fair value | $ 18.62 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 65,755 | 74,304 | 70,041 |
Weighted average grant date fair value | $ 18.62 | $ 18.63 | $ 16.76 |
Intrinsic value of awards vested | $ 749 | $ 735 | $ 505 |
Stock-Based Incentive Plan - Co
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation expense: | |||
Total Expense | $ 1,474 | $ 1,188 | $ 1,016 |
Tax benefit on nonqualified stock option expense and restricted stock awards | 339 | 244 | 162 |
Stock Options [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 528 | 463 | 517 |
Restricted Stock Awards [Member] | |||
Stock-based compensation expense: | |||
Total Expense | 893 | 679 | 461 |
Employee Stock Purchase Plan [Member] | |||
Stock-based compensation expense: | |||
Total Expense | $ 53 | $ 46 | $ 38 |
Time Deposits - Additional Info
Time Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | ||
Aggregate amount of time deposits in denominations of $100 thousand or more | $ 277,270 | $ 76,800 |
Interest expense on time deposits $100 thousand or more | $ 2,000 | $ 891 |
Time Deposits - Scheduled Matur
Time Deposits - Scheduled Maturities of Time Deposits over $100 Thousand (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Due in 2016 | $ 240,042 | |
Due in 2017 | 22,603 | |
Due in 2018 | 8,142 | |
Due in 2019 | 2,456 | |
Due in 2020 | 2,103 | |
Thereafter | 1,924 | |
Total | $ 277,270 | $ 76,800 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Mar. 30, 2015 | Mar. 30, 2025 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 792,200,000 | |||
Outstanding borrowings with FHLB | 0 | $ 0 | ||
Outstanding short term letters of credit | 170,200,000 | 55,000,000 | ||
Amount of maintained line of credit with correspondent bank - parent company | 10,000,000 | |||
Amount of line of credit with correspondent bank - parent company | 0 | |||
Amount of maintained federal fund lines of credit with correspondent banks | 122,000,000 | 82,000,000 | ||
Amount of federal fund lines of credit with correspondent banks | 0 | 0 | ||
Amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | $ 0 | $ 0 | ||
Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount of debt | $ 50,000,000 | |||
Net proceeds of debt | $ 49,000,000 | |||
Annual fixed rate of interest | 5.10% | |||
Redemption price percentage of principal amount of redeemed debt | 100.00% | |||
Scenario, Forecast [Member] | Fixed-to-Floating Rate, Subordinated Debt, Due in 2025 [Member] | Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread of interest rate (LIBOR) | 3.544% |
Borrowings - Customer Repurchas
Borrowings - Customer Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | |||
Customer repurchase agreements | $ 24,211 | $ 41,974 | $ 37,256 |
Weighted average interest rate at year end | 0.05% | 0.06% | 0.07% |
Maximum amount outstanding at any month's end | $ 43,161 | $ 43,266 | $ 110,228 |
Average amount outstanding during the year | $ 30,720 | $ 41,048 | $ 72,211 |
Weighted average interest rate during the year | 0.05% | 0.06% | 0.06% |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net income | $ 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | $ 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | $ 27,268 | $ 22,231 | $ 21,189 |
Net income allocated to unvested restricted stock | (204) | (245) | (237) | ||||||||
Net income allocated to common shares | $ 27,064 | $ 21,986 | $ 20,952 | ||||||||
Denominator for basic earnings per share—weighted-average shares outstanding | 19,491 | 16,056 | 16,420 | ||||||||
Effect of dilutive securities—employee stock options | 31 | 23 | 6 | ||||||||
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 19,522 | 16,079 | 16,426 | ||||||||
Basic earnings per share | $ 0.37 | $ 0.39 | $ 0.33 | $ 0.31 | $ 0.32 | $ 0.38 | $ 0.31 | $ 0.35 | $ 1.39 | $ 1.37 | $ 1.28 |
Diluted earnings per share | $ 0.37 | $ 0.39 | $ 0.33 | $ 0.31 | $ 0.32 | $ 0.38 | $ 0.31 | $ 0.35 | $ 1.39 | $ 1.37 | $ 1.28 |
Average anti-dilutive options and awards excluded from computation of diluted earnings per share | 558 | 559 | 600 |
Accumulated Other Comprehens118
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | $ (14,462) | $ (9,955) | $ (6,920) |
Net Change | (2,246) | (4,507) | (3,035) |
Ending balance | (16,708) | (14,462) | (9,955) |
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | 1,711 | (1,472) | 8,344 |
Net Change | (2,303) | 3,183 | (9,816) |
Ending balance | (592) | 1,711 | (1,472) |
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | (157) | 0 | (1,241) |
Net Change | (128) | (157) | 1,241 |
Ending balance | (285) | (157) | 0 |
Net Change Related to Defined Benefit Pension Plan [Member] | |||
Accumulated Other Comprehensive (Loss) Income [Line Items] | |||
Beginning balance | (16,016) | (8,483) | (14,023) |
Net Change | 185 | (7,533) | 5,540 |
Ending balance | $ (15,831) | $ (16,016) | $ (8,483) |
Accumulated Other Comprehens119
Accumulated Other Comprehensive Loss - Amounts Reclassified Out of Each Component of Accumulated Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gain on sales of investment securities | $ 1,265 | $ 635 | $ 3,389 | ||||||||
Other-than-temporary impairment on equity securities | 0 | ||||||||||
Amortization of net loss included in net periodic pension costs | 1,362 | 666 | 1,282 | ||||||||
Accretion of prior service cost included in net periodic pension costs | (280) | (288) | (255) | ||||||||
Income before income taxes | $ 9,711 | $ 10,307 | $ 8,758 | $ 8,250 | $ 6,822 | $ 8,499 | $ 6,627 | $ 7,731 | 37,026 | 29,679 | 26,885 |
Tax (expense) benefit | (2,553) | (2,779) | (2,292) | (2,134) | (1,632) | (2,264) | (1,547) | (2,005) | (9,758) | (7,448) | (5,696) |
Net income | $ 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | $ 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | 27,268 | 22,231 | 21,189 |
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income [Member] | Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gain on sales of investment securities | 1,265 | 635 | 3,389 | ||||||||
Other-than-temporary impairment on equity securities | (5) | 0 | 0 | ||||||||
Income before income taxes | 1,260 | 635 | 3,389 | ||||||||
Tax (expense) benefit | (441) | (222) | (1,186) | ||||||||
Net income | 819 | 413 | 2,203 | ||||||||
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income [Member] | Net Change Related to Derivative Used for Cash Flow Hedge [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net loss on interest rate swap | 0 | 0 | (1,866) | ||||||||
Income before income taxes | 0 | 0 | (1,866) | ||||||||
Tax (expense) benefit | 0 | 0 | 653 | ||||||||
Net income | 0 | 0 | (1,213) | ||||||||
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income [Member] | Net Change Related to Defined Benefit Pension Plan [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of net loss included in net periodic pension costs | (1,362) | (666) | (1,282) | ||||||||
Accretion of prior service cost included in net periodic pension costs | 280 | 288 | 255 | ||||||||
Income before income taxes | (1,082) | (378) | (1,027) | ||||||||
Tax (expense) benefit | 379 | 132 | 360 | ||||||||
Net income | $ (703) | $ (246) | $ (667) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 381 | $ 338 |
Reserve for sold mortgages | 273 | |
Notional amount of RPAs | 12,000 | |
Negative fair value of RPAs | 965 | |
Interest-earning deposit accounts pledged for Risk Participation Agreements | 10 | |
Approximate payment required in event of default of RPAs | 965 | |
Fair value of risk participation agreement guarantee | 68 | |
Future Rental Income Receivable Under Subleases | 149 | |
Letter of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Current carrying amount of the contingent obligation | $ 450 | |
Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Term of letter of credit | 1 year | |
Terms of the underlying swaps | 10 years | |
Maximum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Term of letter of credit | 5 years | |
Terms of the underlying swaps | 13 years | |
Maximum [Member] | Letter of Credit [Member] | ||
Commitments And Contingencies [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 57,600 |
Commitments and Contingencie121
Commitments and Contingencies - Off-balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 381 | $ 338 |
Commitments to Extend Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 700,986 | |
Performance Letters Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 25,854 | |
Standby Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | 31,754 | |
Other Letters Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Off-balance Sheet Risks, Amount, Liability | $ 15 |
Commitments and Contingencie122
Commitments and Contingencies - Summary of Future Minimum Rental Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,739 |
2,017 | 2,759 |
2,018 | 2,733 |
2,019 | 2,204 |
2,020 | 2,234 |
Thereafter | 34,822 |
Total | $ 47,491 |
Commitments and Contingencie123
Commitments and Contingencies - Summary of Rental Expense Charged to Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Rental expense | $ 3,167 | $ 2,732 | $ 2,304 |
Sublease rental income | (195) | (238) | (278) |
Net rental expense | $ 2,972 | $ 2,494 | $ 2,026 |
Derivative Instruments and H124
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 24, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 23, 2008 |
Derivatives, Fair Value [Line Items] | ||||
Loans Receivable with Fixed Rates of Interest, Pool, Maturity Period | 10 years | |||
Loans Receivable with Fixed Rates of Interest | $ 29,100 | |||
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $ 19,269 | $ 19,945 | ||
Derivative Liabilities, Fair Value | 438 | 241 | ||
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Notional Amount | $ 20,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Notional Amount | $ 20,000 | |||
Derivative, Fixed Interest Rate | 2.10% | 2.65% | ||
Derivative, Collateral, Right to Reclaim Cash | 450 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 19,269 | 19,945 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liabilities, Fair Value | $ 438 | $ 241 |
Derivative Instruments and H125
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 73,995 | $ 57,544 | |
Derivative Assets, Fair Value | 1,089 | 788 | |
Derivative Liabilities, Fair Value | 102 | 112 | |
Income for derivatives not designated as hedging instruments | 311 | 330 | $ (1,147) |
Interest Rate Locks with Customers [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 34,450 | 27,007 | |
Interest Rate Locks with Customers [Member] | Net (Gain) Loss on Mortgage Banking Activities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income for derivatives not designated as hedging instruments | 301 | 467 | (1,226) |
Interest Rate Locks with Customers [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets, Fair Value | 1,089 | 788 | |
Interest Rate Locks with Customers [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities, Fair Value | 0 | 0 | |
Forward Loan Sale Commitments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 39,545 | 30,537 | |
Forward Loan Sale Commitments [Member] | Net (Gain) Loss on Mortgage Banking Activities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income for derivatives not designated as hedging instruments | 10 | (137) | $ 79 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets, Fair Value | 0 | 0 | |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities, Fair Value | $ 102 | $ 112 |
Derivative Instruments and H126
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 19,269 | $ 19,945 | |
Derivative Assets, Fair Value | 0 | 0 | |
Derivative Liabilities, Fair Value | 438 | 241 | |
Net loss | (377) | (66) | $ (1,990) |
Accumulated Other Comprehensive (Loss) Income, fair value, net of taxes | (285) | (157) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 19,269 | 19,945 | |
Derivative Assets, Fair Value | 0 | 0 | |
Accumulated Other Comprehensive (Loss) Income, fair value, net of taxes | (285) | (157) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate swap—cash flow hedge—net interest payments | 377 | 66 | 124 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Net Loss on Termination of Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate swap—cash flow hedge—loss on termination | 0 | 0 | $ (1,866) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities, Fair Value | $ 438 | $ 241 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | Jul. 01, 2014USD ($) | Jan. 27, 2014USD ($) | May. 01, 2013USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2014 | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)loanborrowers |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Contingent Consideration from New Acquisition | $ 1,525,000 | $ 6,105,000 | $ 454,000 | |||||||
Valuation adjustments for loans held for sale | 0 | 0 | ||||||||
Carrying value of impaired loans held for investment | $ 48,933,000 | 48,933,000 | ||||||||
Valuation allowance of impaired loans held for investment | 322,000 | 322,000 | 998,000 | |||||||
Mortgage Servicing Rights Carrying Amount Before Valuation Allowance | 5,900,000 | 5,900,000 | 5,500,000 | |||||||
Mortgage Servicing Rights Valuation Allowance | 0 | 0 | 0 | |||||||
Goodwill impairment | 0 | 0 | $ 0 | |||||||
Impairment of intangible assets | 0 | |||||||||
Sterner Insurance Associates Inc [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Potential cash payments from contingent consideration, minimum | $ 0 | |||||||||
Potential cash payments from contingent consideration, maximum | $ 3,900,000 | |||||||||
Potential cash payments from contingent consideration, period of measurement (in years) | 2 years | |||||||||
Potential cash payments from contingent consideration, end date | Jun. 30, 2017 | |||||||||
Contingent Consideration from New Acquisition | 1,525,000 | 635,000 | ||||||||
Girard Partners [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Potential cash payments from contingent consideration, minimum | $ 0 | |||||||||
Potential cash payments from contingent consideration, maximum | $ 13,800,000 | |||||||||
Potential cash payments from contingent consideration, period of measurement (in years) | 4 years | |||||||||
Potential cash payments from contingent consideration, end date | Dec. 31, 2018 | |||||||||
Contingent Consideration from New Acquisition | 0 | 5,470,000 | ||||||||
Reduction of other noninterest expense | 550,000 | |||||||||
John T Fretz Insurance Agency [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Potential cash payments from contingent consideration, minimum | $ 0 | |||||||||
Potential cash payments from contingent consideration, maximum | $ 360,000 | |||||||||
Potential cash payments from contingent consideration, end date | Apr. 30, 2016 | |||||||||
Contingent Consideration from New Acquisition | 0 | 0 | ||||||||
Remaining potential cash payments from contingent consideration, period of measurement (in years) | 1 year | |||||||||
Javers Group [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Potential cash payments from contingent consideration, period of measurement (in years) | 3 years | |||||||||
Potential cash payments from contingent consideration, end date | Jun. 30, 2015 | |||||||||
Reduction of other noninterest expense | $ 959,000 | |||||||||
Fair value of contingent consideration liability | 0 | 0 | ||||||||
Original potential cash payments from contingent consideration, minimum | 0 | |||||||||
Original potential cash payments from contingent consideration, maximum | $ 1,700,000 | |||||||||
Real Estate-Construction [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Nonaccrual Loans Held for Sale, Number of Loans | loan | 2 | |||||||||
Nonaccrual Loans Held for Sale, Number or Borrowers | borrowers | 1 | |||||||||
Amount of Nonaccrual Loans Transferred to Loans Held for Sale | $ 4,000,000 | |||||||||
Amount of Held for Sale Nonaccrual Loans Sold | 4,000,000 | |||||||||
Carrying value of impaired loans held for investment | 0 | 0 | 5,931,000 | |||||||
Valuation allowance of impaired loans held for investment | 0 | 0 | 0 | |||||||
Held for Investment [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Carrying value of impaired loans held for investment | $ 48,900,000 | $ 48,900,000 | $ 56,200,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Total available-for-sale securities | $ 329,770,000 | $ 314,283,000 |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Total available-for-sale securities | 329,770,000 | 314,283,000 |
Total assets | 330,859,000 | 315,071,000 |
Liabilities: | ||
Total liabilities | 6,117,000 | 6,894,000 |
Fair Value Measured on Recurring Basis [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,887,000 | 4,845,000 |
Fair Value Measured on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 102,156,000 | 121,844,000 |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 102,032,000 | 102,774,000 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 13,354,000 | 13,643,000 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 3,133,000 | 3,725,000 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 54,440,000 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 103,401,000 | 11,675,000 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 807,000 | 1,337,000 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Interest rate locks with customers | 1,089,000 | 788,000 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 5,577,000 | 6,541,000 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 438,000 | 241,000 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 102,000 | 112,000 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Total available-for-sale securities | 22,420,000 | 17,857,000 |
Total assets | 22,420,000 | 17,857,000 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,887,000 | 4,845,000 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 16,726,000 | 11,675,000 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 807,000 | 1,337,000 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Interest rate locks with customers | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Total available-for-sale securities | 307,350,000 | 296,426,000 |
Total assets | 308,439,000 | 297,214,000 |
Liabilities: | ||
Total liabilities | 540,000 | 353,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 102,156,000 | 121,844,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 102,032,000 | 102,774,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 13,354,000 | 13,643,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 3,133,000 | 3,725,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 54,440,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 86,675,000 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Interest rate locks with customers | 1,089,000 | 788,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 438,000 | 241,000 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 102,000 | 112,000 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 5,577,000 | 6,541,000 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | U.S. Treasuries [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Interest rate locks with customers | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 5,577,000 | 6,541,000 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Disclosures - Contin
Fair Value Disclosures - Contingent Consideration Liability Change in Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | $ 6,541 | $ 501 | |
Contingent Consideration from New Acquisition | 1,525 | 6,105 | $ 454 |
Payment of Contingent Consideration | (2,631) | (310) | 0 |
Adjustment of Contingent Consideration | 142 | 245 | |
Ending Balance | 5,577 | 6,541 | 501 |
Sterner Insurance Associates Inc [Member] | |||
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | 680 | 0 | |
Contingent Consideration from New Acquisition | 1,525 | 635 | |
Payment of Contingent Consideration | (1,751) | 0 | |
Adjustment of Contingent Consideration | 690 | 45 | |
Ending Balance | 1,144 | 680 | 0 |
Girard Partners [Member] | |||
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | 5,503 | 0 | |
Contingent Consideration from New Acquisition | 0 | 5,470 | |
Payment of Contingent Consideration | (620) | 0 | |
Adjustment of Contingent Consideration | (642) | 33 | |
Ending Balance | 4,241 | 5,503 | 0 |
John T Fretz Insurance Agency [Member] | |||
Change in Contingent Consideration Liability [Roll Forward] | |||
Beginning Balance | 358 | 501 | |
Contingent Consideration from New Acquisition | 0 | 0 | |
Payment of Contingent Consideration | (260) | (310) | |
Adjustment of Contingent Consideration | 94 | 167 | |
Ending Balance | $ 192 | $ 358 | $ 501 |
Fair Value Disclosures - Ass130
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | $ 48,611 | $ 55,193 |
Total assets | 48,611 | 55,193 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Total assets | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Total assets | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 48,611 | 55,193 |
Total assets | $ 48,611 | $ 55,193 |
Fair Value Disclosures - Ass131
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Held-to-maturity securities | $ 41,061 | $ 54,765 |
Deposits: | ||
Time deposits | 454,406 | 252,593 |
Subordinated notes | 49,377 | 0 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 60,799 | 38,565 |
Held-to-maturity securities | 41,061 | 54,765 |
Loans held for sale | 4,708 | 3,374 |
Net loans and leases held for investment | 2,099,082 | 1,555,033 |
Mortgage servicing rights | 8,047 | 6,941 |
Other real estate owned | 1,276 | 955 |
Total assets | 2,214,973 | 1,659,633 |
Deposits: | ||
Demand and savings deposits, non-maturity | 1,939,954 | 1,608,748 |
Time deposits | 455,527 | 254,224 |
Total deposits | 2,395,481 | 1,862,972 |
Short-term borrowings | 22,302 | 38,631 |
Subordinated notes | 50,375 | |
Total liabilities | 2,468,158 | 1,901,603 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (1,788) | (1,420) |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 60,799 | 38,565 |
Held-to-maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans and leases held for investment | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other real estate owned | 0 | 0 |
Total assets | 60,799 | 38,565 |
Deposits: | ||
Demand and savings deposits, non-maturity | 1,939,954 | 1,608,748 |
Time deposits | 0 | 0 |
Total deposits | 1,939,954 | 1,608,748 |
Short-term borrowings | 0 | 0 |
Subordinated notes | 0 | |
Total liabilities | 1,939,954 | 1,608,748 |
Off-Balance-Sheet: | ||
Commitments to extend credit | 0 | 0 |
Fair Value [Member] | Level 2 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 41,061 | 54,765 |
Loans held for sale | 4,708 | 3,374 |
Net loans and leases held for investment | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other real estate owned | 1,276 | 955 |
Total assets | 47,045 | 59,094 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 455,527 | 254,224 |
Total deposits | 455,527 | 254,224 |
Short-term borrowings | 22,302 | 38,631 |
Subordinated notes | 50,375 | |
Total liabilities | 528,204 | 292,855 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (1,788) | (1,420) |
Fair Value [Member] | Level 3 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans and leases held for investment | 2,099,082 | 1,555,033 |
Mortgage servicing rights | 8,047 | 6,941 |
Other real estate owned | 0 | 0 |
Total assets | 2,107,129 | 1,561,974 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Subordinated notes | 0 | |
Total liabilities | 0 | 0 |
Off-Balance-Sheet: | ||
Commitments to extend credit | 0 | 0 |
Carrying Amount [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 60,799 | 38,565 |
Held-to-maturity securities | 40,990 | 54,347 |
Loans held for sale | 4,680 | 3,302 |
Net loans and leases held for investment | 2,112,774 | 1,550,770 |
Mortgage servicing rights | 5,877 | 5,509 |
Other real estate owned | 1,276 | 955 |
Total assets | 2,226,396 | 1,653,448 |
Deposits: | ||
Demand and savings deposits, non-maturity | 1,939,954 | 1,608,748 |
Time deposits | 454,406 | 252,593 |
Total deposits | 2,394,360 | 1,861,341 |
Short-term borrowings | 24,211 | 41,974 |
Subordinated notes | 49,377 | |
Total liabilities | 2,467,948 | 1,903,315 |
Off-Balance-Sheet: | ||
Commitments to extend credit | $ 0 | $ 0 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,642 | $ 0 | $ 534 |
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,600 |
Restructuring Charges - Roll Fo
Restructuring Charges - Roll Forward of Accrued Restructuring Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2015 | $ 0 | ||
Restructuring charges | 1,642 | $ 0 | $ 534 |
Payments | (201) | ||
Accelerated depreciation | (379) | ||
Accrued at December 31, 2015 | 1,062 | 0 | |
Severance expenses | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2015 | 0 | ||
Restructuring charges | 73 | ||
Payments | (73) | ||
Accelerated depreciation | 0 | ||
Accrued at December 31, 2015 | 0 | ||
Write-downs and retirements of fixed assets | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2015 | 0 | ||
Restructuring charges | 607 | ||
Payments | 0 | ||
Accelerated depreciation | (379) | ||
Accrued at December 31, 2015 | 228 | 0 | |
Lease cancellations | |||
Restructuring Reserve [Roll Forward] | |||
Accrued at January 1, 2015 | 0 | ||
Restructuring charges | 962 | ||
Payments | (128) | ||
Accelerated depreciation | 0 | ||
Accrued at December 31, 2015 | $ 834 | $ 0 |
Share Repurchase Plan - Additi
Share Repurchase Plan - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | May. 27, 2015 | Oct. 23, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Shares repurchased during period, shares | 608,757 | ||||
Shares Repurchase Plan, Share repurchased during period, cost | $ 12 | ||||
Stock Repurchase Plan, Remaining number of shares authorized to be repurchased | 1,080,246 | ||||
Shares, Outstanding | 19,530,930 | ||||
2007 Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Shares repurchased during period, shares | 540,285 | ||||
Shares Repurchase Plan, Share repurchased during period, cost | $ 9.9 | ||||
2007 Plan [Member] | Maximum [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 643,782 | ||||
2013 Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 1,000,000 | ||||
Share Repurchase Plan, Percentage of shares authorized to be repurchased | 5.00% | 5.00% | |||
Share Repurchase Plan, Shares repurchased during period, shares | 110,997 | ||||
Shares Repurchase Plan, Share repurchased during period, cost | $ 2 | ||||
2013 Plan [Member] | Maximum [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share Repurchase Plan, Number of shares authorized to be repurchased | 800,000 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 |
Total Capital (to Risk-Weighted Assets): | |||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 334,757 | $ 249,388 | |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 13.35% | 12.91% | |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 200,613 | $ 154,589 | |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% | |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 250,766 | $ 193,237 | |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% | |
Tier 1 Capital (to Risk-Weighted Assets): | |||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 267,098 | $ 227,907 | |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 10.65% | 11.79% | |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 150,460 | $ 77,295 | |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 4.00% | 4.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 200,613 | $ 115,942 | |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% | 6.00% |
Tier One Common Risk Based Capital [Abstract] | |||
Tier One Common Risk Based Capital | $ 267,098 | ||
Tier One Common Risk Based Capital To Risk Weighted Assets | 10.65% | ||
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 112,845 | ||
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | ||
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 162,998 | ||
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ||
Tier 1 Capital (to Average Assets): | |||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 267,098 | $ 227,907 | |
Tier 1 Capital (to Average Assets) Actual, Ratio | 9.69% | 10.55% | |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 110,227 | $ 86,371 | |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 137,783 | $ 107,964 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% | |
Bank [Member] | |||
Total Capital (to Risk-Weighted Assets): | |||
Total Capital (to Risk-Weighted Assets) Actual, Amount | $ 300,527 | $ 232,080 | |
Total Capital (to Risk-Weighted Assets) Actual, Ratio | 12.09% | 12.15% | |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Amount | $ 198,816 | $ 152,796 | |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% | |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 248,521 | $ 190,995 | |
Total Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% | |
Tier 1 Capital (to Risk-Weighted Assets): | |||
Tier 1 Capital (to Risk-Weighted Assets) Actual, Amount | $ 282,245 | $ 210,816 | |
Tier 1 Capital (to Risk-Weighted Assets) Actual, Ratio | 11.36% | 11.04% | |
Tier 1 Capital (to Risk - Weighed Assets) For Capital Adequacy, Amount | $ 149,112 | $ 76,398 | |
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 4.00% | |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 198,816 | $ 114,597 | |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% | |
Tier One Common Risk Based Capital [Abstract] | |||
Tier One Common Risk Based Capital | $ 282,245 | ||
Tier One Common Risk Based Capital To Risk Weighted Assets | 11.36% | ||
Tier One Common Risk Based Capital Required For Capital Adequacy | $ 111,834 | ||
Tier One Common Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | ||
Tier One Common Risk Based Capital Required To Be Well Capitalized | $ 161,538 | ||
Tier One Common Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ||
Tier 1 Capital (to Average Assets): | |||
Tier 1 Capital (to Average Assets) Actual, Amount | $ 282,245 | $ 210,816 | |
Tier 1 Capital (to Average Assets) Actual, Ratio | 10.31% | 9.80% | |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Amount | $ 109,480 | $ 86,005 | |
Tier 1 Capital (to Average Assets) For Capital Adequacy, Ratio | 4.00% | 4.00% | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 136,850 | $ 107,506 | |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | 4.00% | 4.00% |
Tier 1 Capital (to Risk-Weighted Assets) To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% | 6.00% |
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | 8.00% | |
Total Capital (to Risk-Weighted Assets) To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% | |
Amount available for dividend distribution without prior approval from Regulatory Agency | $ 12.1 | ||
Percentage of Bank's capital and surplus of which extensions of credit to a single affiliate are limited | 10.00% | ||
Percentage of Bank's capital and surplus of which extensions of credit to all affiliates are limited | 20.00% | ||
Basel III New Requirements [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common Equity Tier 1 Capital | 4.50% | ||
Common Equity Tier 1 Capital To Be Well-Capitalized Under Prompt Corrective Action | 6.50% | ||
Tier 1 Capital (to Risk - Weighted Assets) For Capital Adequacy, Ratio | 6.00% | ||
Tier 1 Capital (to Risk-Weighted Assets) To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | ||
Total Capital (to Risk-Weighted Assets) For Capital Adequacy, Ratio | 8.00% | ||
Total Capital (to Risk-Weighted Assets) To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | ||
Common Equity Tier 1 capital minimum buffer percent | 2.50% | ||
Minimum capital requirements effective date | Jan. 1, 2015 | ||
Capital conservation buffer requirement phase in period in years | 3 years |
Related Party Transactions - Su
Related Party Transactions - Summary of Activity for Loans to Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Related Party Transactions [Roll Forward] | |
Beginning Balance | $ 30,685 |
Additions | 42,107 |
Amounts collected and other reductions | (6,415) |
Ending Balance | $ 66,377 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Penn Foundation Inc. [Member] | |
Schedule of Other Related Party Transactions [Line Items] | |
Employee Assistance Program, Expenses | $ 17 |
Related Party Transactions -139
Related Party Transactions - Summary of Transactions with Related Parties (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Standby and Commercial Letters of Credits [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 3,234 |
Commitments to Extend Credit [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | 23,797 |
Deposits Received [Member] | |
Related Party Transaction [Line Items] | |
Amount of transactions with related parties | $ 15,402 |
Segment Reporting Schedule of S
Segment Reporting Schedule of Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 25,623 | $ 25,585 | $ 25,513 | $ 24,738 | $ 18,995 | $ 19,219 | $ 18,725 | $ 18,946 | $ 101,459 | $ 75,885 | $ 77,579 |
Interest expense | 2,278 | 2,220 | 2,133 | 1,434 | 1,039 | 978 | 981 | 998 | 8,065 | 3,996 | 5,117 |
Net interest income | 23,345 | 23,365 | 23,380 | 23,304 | 17,956 | 18,241 | 17,744 | 17,948 | 93,394 | 71,889 | 72,462 |
Provision for loan and lease losses | 917 | 670 | 1,141 | 1,074 | 648 | 233 | 1,251 | 1,475 | 3,802 | 3,607 | 11,228 |
Noninterest income | 13,312 | 12,855 | 13,351 | 13,431 | 12,076 | 12,510 | 11,924 | 12,141 | 52,949 | 48,651 | 46,784 |
Intangible expenses | 2,567 | 2,167 | 157 | ||||||||
Other noninterest expense | 102,948 | 85,087 | 80,976 | ||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||
Income before income taxes | 9,711 | 10,307 | 8,758 | 8,250 | 6,822 | 8,499 | 6,627 | 7,731 | 37,026 | 29,679 | 26,885 |
Income taxes | 2,553 | 2,779 | 2,292 | 2,134 | 1,632 | 2,264 | 1,547 | 2,005 | 9,758 | 7,448 | 5,696 |
Net income | 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | 27,268 | 22,231 | 21,189 |
Total assets | 2,879,451 | 2,235,321 | 2,879,451 | 2,235,321 | |||||||
Capital expenditures | 6,730 | 5,940 | 3,851 | ||||||||
Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 101,426 | 75,850 | 77,517 | ||||||||
Interest expense | 8,065 | 3,998 | 5,124 | ||||||||
Net interest income | 93,361 | 71,852 | 72,393 | ||||||||
Provision for loan and lease losses | 3,802 | 3,607 | 11,228 | ||||||||
Noninterest income | 19,458 | 16,170 | 22,053 | ||||||||
Intangible expenses | 293 | 19 | 22 | ||||||||
Other noninterest expense | 78,091 | 65,293 | 61,986 | ||||||||
Intersegment (revenue) expense | (2,115) | (2,192) | (1,732) | ||||||||
Income before income taxes | 32,748 | 21,295 | 22,942 | ||||||||
Income taxes | 7,693 | 4,043 | 4,255 | ||||||||
Net income | 25,055 | 17,252 | 18,687 | ||||||||
Total assets | 2,797,746 | 2,154,485 | 2,797,746 | 2,154,485 | |||||||
Capital expenditures | 5,003 | 5,607 | 3,079 | ||||||||
Wealth Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 1 | 1 | 1 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net interest income | 1 | 1 | 1 | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 18,874 | 19,918 | 14,938 | ||||||||
Intangible expenses | 410 | 1,138 | 326 | ||||||||
Other noninterest expense | 12,276 | 11,752 | 9,018 | ||||||||
Intersegment (revenue) expense | 867 | 965 | 735 | ||||||||
Income before income taxes | 5,322 | 6,064 | 4,860 | ||||||||
Income taxes | 2,054 | 2,269 | 1,850 | ||||||||
Net income | 3,268 | 3,795 | 3,010 | ||||||||
Total assets | 33,950 | 34,195 | 33,950 | 34,195 | |||||||
Capital expenditures | 19 | 73 | 13 | ||||||||
Insurance [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net interest income | 0 | 0 | 0 | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 14,396 | 12,038 | 9,959 | ||||||||
Intangible expenses | 1,864 | 1,010 | (191) | ||||||||
Other noninterest expense | 10,849 | 9,198 | 7,943 | ||||||||
Intersegment (revenue) expense | 1,248 | 1,227 | 997 | ||||||||
Income before income taxes | 435 | 603 | 1,210 | ||||||||
Income taxes | 164 | 256 | 497 | ||||||||
Net income | 271 | 347 | 713 | ||||||||
Total assets | 24,436 | 22,930 | 24,436 | 22,930 | |||||||
Capital expenditures | 58 | 116 | 46 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 32 | 34 | 61 | ||||||||
Interest expense | 0 | (2) | (7) | ||||||||
Net interest income | 32 | 36 | 68 | ||||||||
Provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Noninterest income | 221 | 525 | (166) | ||||||||
Intangible expenses | 0 | 0 | 0 | ||||||||
Other noninterest expense | 1,732 | (1,156) | 2,029 | ||||||||
Intersegment (revenue) expense | 0 | 0 | 0 | ||||||||
Income before income taxes | (1,479) | 1,717 | (2,127) | ||||||||
Income taxes | (153) | 880 | (906) | ||||||||
Net income | (1,326) | 837 | (1,221) | ||||||||
Total assets | $ 23,319 | $ 23,711 | 23,319 | 23,711 | |||||||
Capital expenditures | $ 1,650 | $ 144 | $ 713 |
Condensed Financial Informat141
Condensed Financial Information - Parent Company Only - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||||
Cash and due from banks | $ 32,356 | $ 31,995 | $ 32,646 | $ 98,399 | |
Investments in subsidiaries, at equity in net assets: | |||||
Total assets | 2,879,451 | 2,235,321 | |||
Liabilities: | |||||
Subordinated notes | 49,377 | 0 | |||
Other liabilities | 49,929 | 47,452 | |||
Total liabilities | 2,517,877 | 1,950,767 | |||
Shareholders' equity: | 361,574 | 284,554 | 280,506 | 284,277 | |
Total liabilities and shareholders’ equity | 2,879,451 | 2,235,321 | |||
Common Stock, Value, Issued acquisition of Valley Green | 110,271 | 91,332 | |||
Parent Company [Member] | |||||
Assets: | |||||
Cash and due from banks | 17,096 | 3,120 | $ 2,999 | $ 12,556 | |
Investments in securities | 807 | 1,336 | |||
Investments in subsidiaries, at equity in net assets: | |||||
Bank | 392,304 | 283,166 | |||
Non-banks | 0 | 0 | |||
Other assets | 24,950 | 21,115 | |||
Total assets | 435,157 | 308,737 | |||
Liabilities: | |||||
Dividends payable | 3,905 | 3,243 | |||
Subordinated notes | 49,377 | 0 | |||
Other liabilities | 20,301 | 20,940 | |||
Total liabilities | 73,583 | 24,183 | |||
Shareholders' equity: | 361,574 | 284,554 | |||
Total liabilities and shareholders’ equity | $ 435,157 | $ 308,737 | |||
Valley Green Bank [Member] | Parent Company [Member] | |||||
Liabilities: | |||||
Common Stock, Value, Issued acquisition of Valley Green | $ 77,000 |
Condensed Financial Informat142
Condensed Financial Information - Parent Company Only - Schedule of Condensed Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statements of Income | |||||||||||
Net gain on sales of investment securities | $ 1,265 | $ 635 | $ 3,389 | ||||||||
Loss on termination of interest rate swap | 0 | 0 | (1,866) | ||||||||
Income before income taxes | $ 9,711 | $ 10,307 | $ 8,758 | $ 8,250 | $ 6,822 | $ 8,499 | $ 6,627 | $ 7,731 | 37,026 | 29,679 | 26,885 |
Income taxes | 2,553 | 2,779 | 2,292 | 2,134 | 1,632 | 2,264 | 1,547 | 2,005 | 9,758 | 7,448 | 5,696 |
Equity in undistributed income (loss) of subsidiaries: | |||||||||||
Net income | $ 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | $ 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | 27,268 | 22,231 | 21,189 |
Parent Company [Member] | |||||||||||
Statements of Income | |||||||||||
Dividends from Bank | 26,523 | 12,482 | 18,482 | ||||||||
Dividends from non-bank | 0 | 0 | 0 | ||||||||
Net gain on sales of investment securities | 285 | 306 | 644 | ||||||||
Loss on termination of interest rate swap | 0 | 0 | (1,866) | ||||||||
Other income | 18,428 | 18,334 | 18,306 | ||||||||
Total operating income | 45,236 | 31,122 | 35,566 | ||||||||
Operating expenses | 21,833 | 16,924 | 19,203 | ||||||||
Income before income taxes | 23,403 | 14,198 | 16,363 | ||||||||
Income taxes | (728) | 880 | (903) | ||||||||
Income before equity in undistributed income (loss) of subsidiaries | 24,131 | 13,318 | 17,266 | ||||||||
Equity in undistributed income (loss) of subsidiaries: | |||||||||||
Bank | 3,137 | 8,913 | 3,929 | ||||||||
Non-banks | 0 | 0 | (6) | ||||||||
Net income | $ 27,268 | $ 22,231 | $ 21,189 |
Condensed Financial Informat143
Condensed Financial Information - Parent Company Only - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | $ 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | $ 27,268 | $ 22,231 | $ 21,189 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net gain on sales of investment securities | (1,265) | (635) | (3,389) | ||||||||
Loss on termination of interest rate swap | 0 | 0 | 1,866 | ||||||||
Bank owned life insurance income | (1,295) | (1,628) | (2,968) | ||||||||
Depreciation of premises and equipment | 3,757 | 3,243 | 2,927 | ||||||||
Stock-based compensation | 1,421 | 1,141 | 978 | ||||||||
Contributions to pension and other postretirement benefit plans | (2,271) | (254) | (2,243) | ||||||||
(Increase) decrease in other assets | (663) | (1,093) | (2,873) | ||||||||
Increase (decrease) in accrued interest payable and other liabilities | 1,442 | (587) | 1,101 | ||||||||
Net cash provided by operating activities | 35,625 | 31,867 | 32,806 | ||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from bank owned life insurance | 0 | 0 | 3,540 | ||||||||
Net cash (used in) provided by investing activities | (186,324) | (38,439) | 21,595 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of subordinated notes | 49,267 | 0 | 0 | ||||||||
Payment for repurchase of trust preferred securities | 0 | 0 | (20,619) | ||||||||
Purchases of treasury stock | (13,342) | (4,605) | (12,012) | ||||||||
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,434 | 2,462 | 2,422 | ||||||||
Cash dividends paid | (15,011) | (12,996) | (10,029) | ||||||||
Net cash provided by (used in) financing activities | 151,060 | 5,921 | (120,154) | ||||||||
Net increase (decrease) in cash and due from financial institutions | 361 | (651) | (65,753) | ||||||||
Cash and due from banks at beginning of year | 31,995 | 32,646 | 31,995 | 32,646 | 98,399 | ||||||
Cash and due from banks at end of period | 32,356 | 31,995 | 32,356 | 31,995 | 32,646 | ||||||
Cash paid during the year for: | |||||||||||
Interest | 8,099 | 4,118 | 5,997 | ||||||||
Income tax, net of refunds received | 2,142 | 5,899 | 5,352 | ||||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 27,268 | 22,231 | 21,189 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net (income) loss of subsidiaries | (3,137) | (8,913) | (3,923) | ||||||||
Net gain on sales of investment securities | (285) | (306) | (644) | ||||||||
Loss on termination of interest rate swap | 0 | 0 | 1,866 | ||||||||
Bank owned life insurance income | (5) | (238) | (1,070) | ||||||||
Depreciation of premises and equipment | 275 | 364 | 344 | ||||||||
Stock-based compensation | 1,421 | 1,141 | 978 | ||||||||
Contributions to pension and other postretirement benefit plans | (2,271) | (254) | (2,243) | ||||||||
(Increase) decrease in other assets | (4,268) | 714 | 671 | ||||||||
Increase (decrease) in accrued interest payable and other liabilities | 2,027 | (639) | (2,426) | ||||||||
Net cash provided by operating activities | 21,025 | 14,100 | 14,742 | ||||||||
Cash flows from investing activities: | |||||||||||
Investments in subsidiaries | (30,000) | 0 | 0 | ||||||||
Proceeds from sales of securities | 708 | 1,131 | 1,244 | ||||||||
Liquidation of subsidiary, net of cash acquired | 0 | 0 | 15,011 | ||||||||
Proceeds from bank owned life insurance | 0 | 0 | 772 | ||||||||
Other, net | (1,640) | (281) | (713) | ||||||||
Net cash (used in) provided by investing activities | (30,932) | 850 | 16,314 | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of subordinated notes | 49,267 | 0 | 0 | ||||||||
Repayment of long-term debt | 0 | 0 | (375) | ||||||||
Payment for repurchase of trust preferred securities | 0 | 0 | (20,619) | ||||||||
Purchases of treasury stock | (13,342) | (4,605) | (12,012) | ||||||||
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit programs | 2,434 | 2,462 | 2,422 | ||||||||
Proceeds from exercise of stock options | 534 | 310 | 0 | ||||||||
Cash dividends paid | (15,010) | (12,996) | (10,029) | ||||||||
Net cash provided by (used in) financing activities | 23,883 | (14,829) | (40,613) | ||||||||
Net increase (decrease) in cash and due from financial institutions | 13,976 | 121 | (9,557) | ||||||||
Cash and due from banks at beginning of year | $ 3,120 | $ 2,999 | 3,120 | 2,999 | 12,556 | ||||||
Cash and due from banks at end of period | $ 17,096 | $ 3,120 | 17,096 | 3,120 | 2,999 | ||||||
Cash paid during the year for: | |||||||||||
Interest | 1,275 | 2 | 754 | ||||||||
Income tax, net of refunds received | $ 1,770 | $ 5,300 | $ 5,017 |
Quarterly Financial Data (un144
Quarterly Financial Data (unaudited) - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 25,623 | $ 25,585 | $ 25,513 | $ 24,738 | $ 18,995 | $ 19,219 | $ 18,725 | $ 18,946 | $ 101,459 | $ 75,885 | $ 77,579 |
Interest expense | 2,278 | 2,220 | 2,133 | 1,434 | 1,039 | 978 | 981 | 998 | 8,065 | 3,996 | 5,117 |
Net interest income | 23,345 | 23,365 | 23,380 | 23,304 | 17,956 | 18,241 | 17,744 | 17,948 | 93,394 | 71,889 | 72,462 |
Provision for loan and lease losses | 917 | 670 | 1,141 | 1,074 | 648 | 233 | 1,251 | 1,475 | 3,802 | 3,607 | 11,228 |
Net interest income after provision for loan and lease losses | 22,428 | 22,695 | 22,239 | 22,230 | 17,308 | 18,008 | 16,493 | 16,473 | 89,592 | 68,282 | 61,234 |
Noninterest income | 13,312 | 12,855 | 13,351 | 13,431 | 12,076 | 12,510 | 11,924 | 12,141 | 52,949 | 48,651 | 46,784 |
Total noninterest expense | 26,029 | 25,243 | 26,832 | 27,411 | 22,562 | 22,019 | 21,790 | 20,883 | 105,515 | 87,254 | 81,133 |
Income before income taxes | 9,711 | 10,307 | 8,758 | 8,250 | 6,822 | 8,499 | 6,627 | 7,731 | 37,026 | 29,679 | 26,885 |
Income taxes | 2,553 | 2,779 | 2,292 | 2,134 | 1,632 | 2,264 | 1,547 | 2,005 | 9,758 | 7,448 | 5,696 |
Net income | $ 7,158 | $ 7,528 | $ 6,466 | $ 6,116 | $ 5,190 | $ 6,235 | $ 5,080 | $ 5,726 | $ 27,268 | $ 22,231 | $ 21,189 |
Net income per share: | |||||||||||
Basic (in dollars per share) | $ 0.37 | $ 0.39 | $ 0.33 | $ 0.31 | $ 0.32 | $ 0.38 | $ 0.31 | $ 0.35 | $ 1.39 | $ 1.37 | $ 1.28 |
Diluted (in dollars per share) | 0.37 | 0.39 | 0.33 | 0.31 | 0.32 | 0.38 | 0.31 | 0.35 | 1.39 | 1.37 | 1.28 |
Dividends per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | $ 0.80 |