Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
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-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UVSP | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,664,157 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 48,821 | $ 48,757 |
Interest-earning deposits with other banks | 12,236 | 9,068 |
Investment securities held-to-maturity (fair value $43,737 and $24,871 at June 30, 2017 and December 31, 2016, respectively) | 43,717 | 24,881 |
Investment securities available-for-sale | 425,590 | 443,637 |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 31,506 | 24,869 |
Loans held for sale | 2,259 | 5,890 |
Loans and leases held for investment | 3,510,170 | 3,285,886 |
Less: Reserve for loan and lease losses | (20,910) | (17,499) |
Net loans and leases held for investment | 3,489,260 | 3,268,387 |
Premises and equipment, net | 65,581 | 63,638 |
Goodwill | 172,559 | 172,559 |
Other intangibles, net of accumulated amortization and fair value adjustments of $19,743 and $17,597 at June 30, 2017 and December 31, 2016, respectively | 15,235 | 16,651 |
Bank owned life insurance | 99,437 | 99,948 |
Accrued interest receivable and other assets | 47,326 | 52,243 |
Total assets | 4,453,527 | 4,230,528 |
LIABILITIES | ||
Noninterest-bearing deposits | 963,790 | 918,337 |
Interest-bearing deposits: | ||
Demand deposits | 990,930 | 909,963 |
Savings deposits | 846,522 | 803,078 |
Time deposits | 546,838 | 626,189 |
Total deposits | 3,348,080 | 3,257,567 |
Short-term borrowings | 231,726 | 196,171 |
Long-term debt | 216,610 | 127,522 |
Subordinated notes | 94,209 | 94,087 |
Accrued interest payable and other liabilities | 41,596 | 49,972 |
Total liabilities | 3,932,221 | 3,725,319 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $5 par value: 48,000,000 shares authorized at June 30, 2017 and December 31, 2016; 28,911,799 shares issued at June 30, 2017 and December 31, 2016; 26,667,991 and 26,589,353 shares outstanding at June 30, 2017 and December 31, 2016, respectively | 144,559 | 144,559 |
Additional paid-in capital | 231,289 | 230,494 |
Retained earnings | 206,498 | 194,516 |
Accumulated other comprehensive loss, net of tax benefit | (17,182) | (19,454) |
Treasury stock, at cost; 2,243,808 and 2,322,446 shares at June 30, 2017 and December 31, 2016, respectively | (43,858) | (44,906) |
Total shareholders’ equity | 521,306 | 505,209 |
Total liabilities and shareholders’ equity | $ 4,453,527 | $ 4,230,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities Held-to-Maturity, Fair Value | $ 43,737 | $ 24,871 |
Accumulated amortization and fair value adjustments on other intangibles | $ 19,743 | $ 17,597 |
Common stock, par value | $ 5 | $ 5 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 28,911,799 | 28,911,799 |
Common stock, shares outstanding | 26,667,991 | 26,589,353 |
Treasury stock, shares | 2,243,808 | 2,322,446 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and fees on loans and leases: | ||||
Taxable | $ 35,102 | $ 22,311 | $ 68,802 | $ 44,161 |
Exempt from federal income taxes | 2,084 | 1,774 | 4,119 | 3,490 |
Total interest and fees on loans and leases | 37,186 | 24,085 | 72,921 | 47,651 |
Interest and dividends on investment securities: | ||||
Taxable | 1,833 | 1,188 | 3,521 | 2,462 |
Exempt from federal income taxes | 576 | 710 | 1,175 | 1,444 |
Interest on deposits with other banks | 38 | 9 | 55 | 37 |
Interest and dividends on other earning assets | 397 | 120 | 754 | 252 |
Total interest income | 40,030 | 26,112 | 78,426 | 51,846 |
Interest expense | ||||
Interest on deposits | 2,461 | 1,458 | 4,652 | 2,991 |
Interest on short-term borrowings | 325 | 320 | 587 | 323 |
Interest on long-term debt and subordinated notes | 1,944 | 673 | 3,604 | 1,348 |
Total interest expense | 4,730 | 2,451 | 8,843 | 4,662 |
Net interest income | 35,300 | 23,661 | 69,583 | 47,184 |
Provision for loan and lease losses | 2,766 | 830 | 5,211 | 1,156 |
Net interest income after provision for loan and lease losses | 32,534 | 22,831 | 64,372 | 46,028 |
Noninterest income | ||||
Trust fee income | 2,016 | 1,997 | 3,923 | 3,862 |
Service charges on deposit accounts | 1,313 | 1,056 | 2,556 | 2,054 |
Investment advisory commission and fee income | 3,333 | 2,776 | 6,514 | 5,447 |
Insurance commission and fee income | 3,628 | 3,503 | 8,038 | 8,061 |
Other service fee income | 2,245 | 1,931 | 4,232 | 3,762 |
Bank owned life insurance income | 1,622 | 535 | 2,405 | 1,005 |
Net gain on sales of investment securities | 21 | 413 | 36 | 457 |
Net gain on mortgage banking activities | 1,537 | 1,711 | 2,650 | 2,929 |
Other income | 294 | 79 | 625 | 255 |
Total noninterest income | 16,009 | 14,001 | 30,979 | 27,832 |
Noninterest expense | ||||
Salaries and benefits | 16,353 | 14,080 | 33,010 | 28,262 |
Commissions | 2,374 | 2,363 | 4,424 | 4,258 |
Net occupancy | 2,684 | 2,096 | 5,349 | 4,196 |
Equipment | 1,031 | 750 | 2,024 | 1,526 |
Data processing | 2,081 | 1,530 | 4,139 | 2,811 |
Professional fees | 1,248 | 947 | 2,487 | 1,967 |
Marketing and advertising | 475 | 513 | 854 | 1,051 |
Deposit insurance premiums | 451 | 418 | 853 | 865 |
Intangible expenses | 446 | 991 | 1,205 | 1,757 |
Acquisition-related costs | 0 | 1,158 | 0 | 1,372 |
Integration costs | 0 | 27 | 0 | 33 |
Other expense | 5,405 | 4,673 | 10,233 | 8,387 |
Total noninterest expense | 32,548 | 29,546 | 64,578 | 56,485 |
Income before income taxes | 15,995 | 7,286 | 30,773 | 17,375 |
Income taxes | 4,217 | 2,046 | 8,139 | 4,846 |
Net income | $ 11,778 | $ 5,240 | $ 22,634 | $ 12,529 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.44 | $ 0.27 | $ 0.85 | $ 0.64 |
Diluted (in dollars per share) | 0.44 | 0.27 | 0.85 | 0.64 |
Dividends declared (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Before Tax Amount | |||||
(Loss) income, Before Tax Amount | $ 15,995 | $ 7,286 | $ 30,773 | $ 17,375 | |
Net unrealized gains (losses) on available-for-sale investment securities, Before Tax Amount | |||||
Net unrealized holding gains arising during the period | 2,632 | 2,084 | 3,052 | 4,302 | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (21) | (413) | (36) | (457) |
Total net unrealized gains on available-for-sale investment securities | 2,611 | 1,671 | 3,016 | 3,845 | |
Cash flow hedge derivative, Before Tax Amount | |||||
Net unrealized holding losses arising during the period | (92) | (300) | (85) | (926) | |
Less: reclassification adjustment for net losses realized in net income | [2] | 36 | 80 | 107 | 161 |
Total net unrealized losses on interest rate swaps used in cash flow hedges | (56) | (220) | 22 | (765) | |
Defined benefit pension plans, Before Tax Amount | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 299 | 329 | 598 | 658 |
Accretion of prior service cost included in net periodic pension costs | [3] | (71) | (70) | (141) | (141) |
Total defined benefit pension plans | 228 | 259 | 457 | 517 | |
Other comprehensive income, Before Tax Amount | 2,783 | 1,710 | 3,495 | 3,597 | |
Total comprehensive income, Before Tax Amount | 18,778 | 8,996 | 34,268 | 20,972 | |
Tax Expense (Benefit) | |||||
Income taxes | 4,217 | 2,046 | 8,139 | 4,846 | |
Net unrealized gains (losses) on available-for-sale investment securities, Tax Expense (Benefit) | |||||
Net unrealized holding gains arising during the period | 921 | 730 | 1,068 | 1,506 | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (8) | (145) | (13) | (160) |
Total net unrealized gains on available-for-sale investment securities | 913 | 585 | 1,055 | 1,346 | |
Net unrealized losses on interest rate swaps used in cash flow hedges, Tax Expense (Benefit) | |||||
Net unrealized holding losses arising during the period | (31) | (105) | (29) | (324) | |
Less: reclassification adjustment for net losses realized in net income | [2] | 12 | 28 | 37 | 56 |
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | (19) | (77) | 8 | (268) | |
Defined benefit pension plans, Tax Expense (Benefit) | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 104 | 115 | 209 | 230 |
Accretion of prior service cost included in net periodic pension costs | [3] | (25) | (24) | (49) | (49) |
Total defined benefit pension plans | 79 | 91 | 160 | 181 | |
Other comprehensive income, Tax Expense (Benefit) | 973 | 599 | 1,223 | 1,259 | |
Total comprehensive income, Tax Expense (Benefit) | 5,190 | 2,645 | 9,362 | 6,105 | |
Net of Tax Amount | |||||
Net income | 11,778 | 5,240 | 22,634 | 12,529 | |
Net unrealized gains (losses) on available-for-sale investment securities, Net of Tax Amount | |||||
Net unrealized holding gains arising during the period | 1,711 | 1,354 | 1,984 | 2,796 | |
Less: reclassification adjustment for net gains on sales realized in net income | [1] | (13) | (268) | (23) | (297) |
Total net unrealized gains on available-for-sale investment securities | 1,698 | 1,086 | 1,961 | 2,499 | |
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges, Net of Tax Amount | |||||
Net unrealized holding losses arising during the period | (61) | (195) | (56) | (602) | |
Less: reclassification adjustment for net losses realized in net income | [2] | 24 | 52 | 70 | 105 |
Total net unrealized losses on interest rate swaps used in cash flow hedges | (37) | (143) | 14 | (497) | |
Defined benefit pension plans, Net of Tax Amount | |||||
Amortization of net actuarial loss included in net periodic pension costs | [3] | 195 | 214 | 389 | 428 |
Accretion of prior service cost included in net periodic pension costs | [3] | (46) | (46) | (92) | (92) |
Total defined benefit pension plans | 149 | 168 | 297 | 336 | |
Other comprehensive income, Net of Tax Amount | 1,810 | 1,111 | 2,272 | 2,338 | |
Total comprehensive income, Net of Tax Amount | $ 13,588 | $ 6,351 | $ 24,906 | $ 14,867 | |
[1] | Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount). | ||||
[2] | Included in interest expense on deposits on the consolidated statements of income (before tax amount). | ||||
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 7—Retirement Plans and Other Postretirement Benefits for additional details. |
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, 2015 | $ 361,574 | $ 110,271 | $ 121,280 | $ 193,446 | $ (16,708) | $ (46,715) |
Beginning balance, shares at Dec. 31, 2015 | 19,530,930 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,529 | $ 0 | 0 | 12,529 | 0 | 0 |
Other comprehensive income, net of income tax | 2,338 | 0 | 0 | 0 | 2,338 | 0 |
Cash dividends declared ($0.40 per share) | (7,819) | 0 | 0 | (7,819) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,231 | $ 0 | 25 | 0 | 0 | 1,206 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 61,281 | |||||
Exercise of stock options | 414 | $ 0 | (8) | 0 | 0 | 422 |
Exercise of stock options, shares | 22,667 | |||||
Repurchase of cancelled restricted stock awards | 0 | $ 0 | 241 | 0 | 0 | (241) |
Repurchase of cancelled restricted stock awards, shares | (14,250) | |||||
Stock-based compensation | 944 | $ 0 | 944 | 0 | 0 | 0 |
Purchases of treasury stock | (2,051) | $ 0 | 0 | 0 | 0 | (2,051) |
Purchases of treasury stock, shares | (101,250) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,083) | 0 | 0 | 1,083 |
Restricted stock awards granted, shares | 58,580 | |||||
Ending balance at Jun. 30, 2016 | 369,160 | $ 110,271 | 121,399 | 198,156 | (14,370) | (46,296) |
Ending balance, shares at Jun. 30, 2016 | 19,557,958 | |||||
Beginning balance at Dec. 31, 2016 | 505,209 | $ 144,559 | 230,494 | 194,516 | (19,454) | (44,906) |
Beginning balance, shares at Dec. 31, 2016 | 26,589,353 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 22,634 | $ 0 | 0 | 22,634 | 0 | 0 |
Other comprehensive income, net of income tax | 2,272 | 0 | 0 | 0 | 2,272 | 0 |
Cash dividends declared ($0.40 per share) | (10,652) | 0 | 0 | (10,652) | 0 | 0 |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,229 | $ 0 | 72 | 0 | 0 | 1,157 |
Stock issued under dividend reinvestment and employee stock purchase plans, shares | 43,415 | |||||
Exercise of stock options | $ 1,328 | $ 0 | (105) | 0 | 0 | 1,433 |
Exercise of stock options, shares | 73,870 | 73,870 | ||||
Repurchase of cancelled restricted stock awards | $ 0 | $ 0 | 271 | 0 | 0 | (271) |
Repurchase of cancelled restricted stock awards, shares | (14,000) | |||||
Stock-based compensation | 1,708 | $ 0 | 1,708 | 0 | 0 | 0 |
Purchases of treasury stock | (2,422) | $ 0 | 0 | 0 | 0 | (2,422) |
Purchases of treasury stock, shares | (83,970) | |||||
Restricted stock awards granted | 0 | $ 0 | (1,151) | 0 | 0 | 1,151 |
Restricted stock awards granted, shares | 59,323 | |||||
Ending balance at Jun. 30, 2017 | $ 521,306 | $ 144,559 | $ 231,289 | $ 206,498 | $ (17,182) | $ (43,858) |
Ending balance, shares at Jun. 30, 2017 | 26,667,991 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared, per share | $ 0.20 | $ 0.20 | $ 0.40 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 22,634 | $ 12,529 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 5,211 | 1,156 |
Depreciation of premises and equipment | 2,730 | 1,912 |
Net amortization of investment securities premiums and discounts | 959 | 582 |
Net gain on sales of investment securities | (36) | (457) |
Net gain on mortgage banking activities | (2,650) | (2,929) |
Bank owned life insurance income | (2,405) | (1,005) |
Net accretion of acquisition accounting fair value adjustments | (1,508) | (303) |
Stock-based compensation | 1,708 | 944 |
Intangible expenses | 1,205 | 1,757 |
Other adjustments to reconcile net income to cash provided by operating activities | (293) | 218 |
Deferred tax (benefit) expense | (39) | 1,619 |
Originations of loans held for sale | (64,035) | (104,668) |
Proceeds from the sale of loans held for sale | 69,847 | 106,685 |
Contributions to pension and other postretirement benefit plans | (138) | (121) |
Decrease (increase) in accrued interest receivable and other assets | 1,340 | (4,249) |
(Decrease) increase in accrued interest payable and other liabilities | (1,926) | 1,784 |
Net cash provided by operating activities | 32,604 | 15,454 |
Cash flows from investing activities: | ||
Funds advanced for merger settlement | 0 | (98,885) |
Net capital expenditures | (4,622) | (4,195) |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 10,595 | 8,000 |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 41,623 | 54,156 |
Proceeds from sales of securities available-for-sale | 3,032 | 73,991 |
Purchases of investment securities held-to-maturity | (29,498) | 0 |
Purchases of investment securities available-for-sale | (25,244) | (48,647) |
Net increase in other investments | (6,637) | (7,283) |
Net increase in loans and leases | (225,682) | (169,417) |
Net (increase) decrease in interest-earning deposits | (3,168) | 20,157 |
Proceeds from sales of other real estate owned | 3,612 | 0 |
Net decrease in federal funds sold | 0 | (48,500) |
Proceeds from bank owned life insurance | 2,916 | 0 |
Net cash used in investing activities | (233,073) | (220,623) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 90,796 | (17,162) |
Net increase in short-term borrowings | 35,555 | 235,752 |
Proceeds from issuance of long-term debt | 95,000 | 0 |
Repayment of long-term debt | (5,000) | 0 |
Payment of contingent consideration on acquisitions | (5,317) | (1,160) |
Purchases of treasury stock | (2,422) | (2,051) |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,229 | 1,231 |
Proceeds from exercise of stock options | 1,328 | 414 |
Cash dividends paid | (10,636) | (7,807) |
Net cash provided by financing activities | 200,533 | 209,217 |
Net increase in cash and due from banks | 64 | 4,048 |
Cash and due from banks at beginning of year | 48,757 | 32,356 |
Cash and due from banks at end of period | 48,821 | 36,404 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 9,685 | 5,033 |
Cash paid for income taxes, net of refunds | 5,942 | 4,348 |
Non cash transactions: | ||
Transfer of loans to other real estate owned | $ 653 | $ 1,952 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Corporation of Pennsylvania (the Corporation or Univest) and its wholly owned subsidiaries; the Corporation’s primary subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three and six -month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017 . It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 , which was filed with the SEC on March 3, 2017 . Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with 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, servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting." This ASU provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. The ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, or January 1, 2018 for the Corporation. Early adoption is permitted, including an interim period. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. This ASU is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption.The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require that an employer that sponsors defined benefit pension plans and other postretirement plans present the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments also allow only the service cost component to be eligible for capitalization, when applicable. This ASU is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. This ASU should be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. Disclosure that the practical expedient was used is required. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business – inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output, and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. The amendments in this ASU should be applied prospectively on or after the effective date. The Corporation does not anticipate the adoption of this ASU will have a material impact on the Corporation's financial statements. In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified-retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 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 that the allowance will increase upon adoption of CECL and that the increased allowance level will decrease shareholders' equity and regulatory capital and ratios. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" to revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The ASU is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019, with early adoption permitted. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, the adoption of this ASU will impact the balance sheet for the recording of assets and liabilities for operating leases; any initial or continued impact of the recording of assets will have a negative impact on risk-based capital ratios under current regulatory guidance and possibly equity ratios. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The ASU will require equity investments to be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, minus impairment, plus or minus any change in the investment’s observable price. The ASU will simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. A valuation allowance on a deferred tax asset related to available-for-sale securities will need to be included. For financial liabilities that are measured at fair value, the ASU requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument-specific credit risk. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The amendments in this ASU are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017 or January 1, 2018 for the Corporation. At June 30, 2017, the Corporation's equity portfolio had a carrying value of $978 thousand which included an unrealized net gain of $568 thousand . This unrealized net gain, net of income taxes, amounted to $369 thousand and was recorded in accumulated other comprehensive income. Upon implementation using the prospective approach, the balance in accumulated other comprehensive income will be reclassed to retained earnings. The carrying value of the equity securities, upon implementation, will not change; however, any future increases or decreases in fair value will be recorded as an increase or decrease to the carrying value and recognized in non-interest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU 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 March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross Versus Net),” which instructs the participants in the sale to determine whether they control the good or service and are entitled to the gross amount of the transaction or are acting as an agent and should collect only a fee or commission for arranging the sale. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing" to provide clarification on these areas. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients” providing some limited improvements and practical expedients. The original effective date of the guidance relating to revenue from contracts with customers was deferred by one year as a result of the issuance of ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which was issued by the FASB in August 2015. This guidance is 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 of the recognition of revenue. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2017 | |
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: Three Months Ended Six Months Ended (Dollars and shares in thousands, except per share data) 2017 2016 2017 2016 Numerator: Net income $ 11,778 $ 5,240 $ 22,634 $ 12,529 Net income allocated to unvested restricted stock (122 ) (40 ) (234 ) (98 ) Net income allocated to common shares $ 11,656 $ 5,200 $ 22,400 $ 12,431 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 26,380 19,434 26,363 19,418 Effect of dilutive securities—employee stock options 97 35 100 33 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 26,477 19,469 26,463 19,451 Basic earnings per share $ 0.44 $ 0.27 $ 0.85 $ 0.64 Diluted earnings per share $ 0.44 $ 0.27 $ 0.85 $ 0.64 Average anti-dilutive options and awards excluded from computation of diluted earnings per share 302 619 272 603 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 , by contractual maturity within each type: At June 30, 2017 At December 31, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 5,000 $ 1 $ — $ 5,001 $ — $ — $ — $ — 5,000 1 — 5,001 — — — — Residential mortgage-backed securities: After 5 years to 10 years 9,849 — (10 ) 9,839 — — — — Over 10 years 18,868 50 (19 ) 18,899 5,071 — (3 ) 5,068 28,717 50 (29 ) 28,738 5,071 — (3 ) 5,068 Corporate bonds: Within 1 year 10,000 — (2 ) 9,998 19,810 2 (9 ) 19,803 10,000 — (2 ) 9,998 19,810 2 (9 ) 19,803 Total $ 43,717 $ 51 $ (31 ) $ 43,737 $ 24,881 $ 2 $ (12 ) $ 24,871 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 11,498 $ 1 $ (4 ) $ 11,495 $ 15,000 $ 20 $ — $ 15,020 After 1 year to 5 years 15,679 — (27 ) 15,652 17,265 — (19 ) 17,246 27,177 1 (31 ) 27,147 32,265 20 (19 ) 32,266 State and political subdivisions: Within 1 year 1,560 — — 1,560 964 — (1 ) 963 After 1 year to 5 years 18,115 63 (23 ) 18,155 18,705 38 (75 ) 18,668 After 5 years to 10 years 52,312 1,076 (39 ) 53,349 55,541 829 (426 ) 55,944 Over 10 years 8,533 201 (20 ) 8,714 12,663 226 (114 ) 12,775 80,520 1,340 (82 ) 81,778 87,873 1,093 (616 ) 88,350 Residential mortgage-backed securities: After 1 year to 5 years 5,214 14 (15 ) 5,213 6,086 — (66 ) 6,020 After 5 years to 10 years 51,520 6 (774 ) 50,752 23,479 — (622 ) 22,857 Over 10 years 129,141 108 (2,253 ) 126,996 174,388 99 (4,794 ) 169,693 185,875 128 (3,042 ) 182,961 203,953 99 (5,482 ) 198,570 Collateralized mortgage obligations: Over 10 years 4,123 — (62 ) 4,061 4,659 — (105 ) 4,554 4,123 — (62 ) 4,061 4,659 — (105 ) 4,554 Corporate bonds: Within 1 year 9,027 — (14 ) 9,013 250 — — 250 After 1 year to 5 years 32,402 79 (94 ) 32,387 35,923 34 (241 ) 35,716 After 5 years to 10 years 15,182 — (223 ) 14,959 15,193 — (516 ) 14,677 Over 10 years 60,000 — (3,226 ) 56,774 60,000 27 (2,472 ) 57,555 116,611 79 (3,557 ) 113,133 111,366 61 (3,229 ) 108,198 Money market mutual funds: No stated maturity 15,532 — — 15,532 10,784 — — 10,784 15,532 — — 15,532 10,784 — — 10,784 Equity securities: No stated maturity 410 569 (1 ) 978 411 504 — 915 410 569 (1 ) 978 411 504 — 915 Total $ 430,248 $ 2,117 $ (6,775 ) $ 425,590 $ 451,311 $ 1,777 $ (9,451 ) $ 443,637 Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due. Unrealized losses in investment securities at June 30, 2017 and December 31, 2016 do not represent other-than-temporary impairments in management's judgment. Securities with a carrying value of $354.0 million and $356.7 million at June 30, 2017 and December 31, 2016 , respectively, were pledged to secure public deposits and other contractual obligations. In addition, securities of $1.3 million and $1.4 million were pledged to secure credit derivatives and interest rate swaps at June 30, 2017 and December 31, 2016 , respectively. See Note 10, "Derivative Instruments and Hedging Activities" for additional information. The following table presents information related to sales of securities available-for-sale during the six months ended June 30, 2017 and 2016 : Six Months Ended June 30, (Dollars in thousands) 2017 2016 Securities available-for-sale: Proceeds from sales $ 3,032 $ 73,991 Gross realized gains on sales 36 539 Gross realized losses on sales — 82 Tax expense related to net realized gains on sales 13 160 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 credit rating of each security. 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 Corporation did not recognize any other-than-temporary impairment charges on debt securities for the six months ended June 30, 2017 and 2016 . At June 30, 2017 and December 31, 2016 , 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 June 30, 2017 and December 31, 2016 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investment before a recovery of carrying value. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At June 30, 2017 Securities Held-to-Maturity Residential mortgage-backed securities $ 12,820 $ (29 ) $ — $ — $ 12,820 $ (29 ) Corporate bonds 9,998 (2 ) — — 9,998 (2 ) Total $ 22,818 $ (31 ) $ — $ — $ 22,818 $ (31 ) Securities Available-for-Sale U.S. government corporations and agencies $ 22,146 $ (31 ) $ — $ — $ 22,146 $ (31 ) State and political subdivisions 13,306 (74 ) 1,706 (8 ) 15,012 (82 ) Residential mortgage-backed securities 169,466 (3,042 ) — — 169,466 (3,042 ) Collateralized mortgage obligations 1,763 (1 ) 2,298 (61 ) 4,061 (62 ) Corporate bonds 67,448 (1,675 ) 33,118 (1,882 ) 100,566 (3,557 ) Equity securities 3 (1 ) — — 3 (1 ) Total $ 274,132 $ (4,824 ) $ 37,122 $ (1,951 ) $ 311,254 $ (6,775 ) At December 31, 2016 Securities Held-to-Maturity Residential mortgage-backed securities $ 5,068 $ (3 ) $ — $ — $ 5,068 $ (3 ) Corporate bonds 9,779 (9 ) — — 9,779 (9 ) Total $ 14,847 $ (12 ) $ — $ — $ 14,847 $ (12 ) Securities Available-for-Sale U.S. government corporations and agencies $ 11,850 $ (19 ) $ — $ — $ 11,850 $ (19 ) State and political subdivisions 40,771 (610 ) 423 (6 ) 41,194 (616 ) Residential mortgage-backed securities 192,782 (5,482 ) — — 192,782 (5,482 ) Collateralized mortgage obligations 2,012 (26 ) 2,542 (79 ) 4,554 (105 ) Corporate bonds 58,535 (1,333 ) 33,104 (1,896 ) 91,639 (3,229 ) Total $ 305,950 $ (7,470 ) $ 36,069 $ (1,981 ) $ 342,019 $ (9,451 ) |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Summary of Major Loan and Lease Categories At June 30, 2017 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 819,487 $ 85,680 $ 905,167 Real estate-commercial 1,128,602 375,122 1,503,724 Real estate-construction 162,323 8,476 170,799 Real estate-residential secured for business purpose 194,369 99,734 294,103 Real estate-residential secured for personal purpose 235,782 70,599 306,381 Real estate-home equity secured for personal purpose 159,868 12,386 172,254 Loans to individuals 27,442 146 27,588 Lease financings 130,154 — 130,154 Total loans and leases held for investment, net of deferred income $ 2,858,027 $ 652,143 $ 3,510,170 Unearned lease income, included in the above table $ (15,224 ) $ — $ (15,224 ) Net deferred costs, included in the above table 4,389 — 4,389 Overdraft deposits included in the above table 68 — 68 At December 31, 2016 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 663,221 $ 160,045 $ 823,266 Real estate-commercial 909,581 465,368 1,374,949 Real estate-construction 142,891 31,953 174,844 Real estate-residential secured for business purpose 151,931 142,137 294,068 Real estate-residential secured for personal purpose 210,377 80,431 290,808 Real estate-home equity secured for personal purpose 147,982 14,857 162,839 Loans to individuals 30,110 263 30,373 Lease financings 134,739 — 134,739 Total loans and leases held for investment, net of deferred income $ 2,390,832 $ 895,054 $ 3,285,886 Unearned lease income, included in the above table $ (15,970 ) $ — $ (15,970 ) Net deferred costs, included in the above table 4,503 — 4,503 Overdraft deposits included in the above table 84 — 84 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 June 30, 2017 totaled $652.1 million , including $510.8 million of loans from the Fox Chase acquisition and $141.3 million from the Valley Green Bank acquisition. At June 30, 2017 , loans acquired with deteriorated credit quality, or acquired credit impaired loans, totaled $6.5 million representing $5.7 million from the Fox Chase acquisition and $789 thousand from the Valley Green Bank acquisition. Acquired credit impaired loans are accounted for in accordance with Accounting Standards Codification (ASC) Topic 310-30. The outstanding principal balance and carrying amount for acquired credit impaired loans at June 30, 2017 and December 31, 2016 were as follows: (Dollars in thousands) At June 30, 2017 At December 31, 2016 Outstanding principal balance $ 7,811 $ 8,993 Carrying amount 6,485 7,352 Allowance for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Beginning of period $ 50 $ 144 Reclassification from nonaccretable discount 279 133 Accretable discount amortized to interest income (297 ) (184 ) Disposals (4 ) (34 ) End of period $ 28 $ 59 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 June 30, 2017 and December 31, 2016 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At June 30, 2017 Commercial, financial and agricultural $ 987 $ 652 $ 1,741 $ 3,380 $ 901,285 $ 502 $ 905,167 $ — Real estate—commercial real estate and construction: Commercial real estate 2,332 557 1,956 4,845 1,493,694 5,185 1,503,724 — Construction — — 365 365 170,434 — 170,799 — Real estate—residential and home equity: Residential secured for business purpose 1,378 245 1,635 3,258 290,262 583 294,103 — Residential secured for personal purpose 1,661 310 285 2,256 303,910 215 306,381 271 Home equity secured for personal purpose 308 100 104 512 171,742 — 172,254 35 Loans to individuals 215 106 130 451 27,137 — 27,588 130 Lease financings 534 277 5,797 6,608 123,546 — 130,154 136 Total $ 7,415 $ 2,247 $ 12,013 $ 21,675 $ 3,482,010 $ 6,485 $ 3,510,170 $ 572 At December 31, 2016 Commercial, financial and agricultural $ 1,536 $ 256 $ 1,335 $ 3,127 $ 819,550 $ 589 $ 823,266 $ — Real estate—commercial real estate and construction: Commercial real estate 1,482 1,560 2,591 5,633 1,363,606 5,710 1,374,949 — Construction 202 — — 202 174,642 — 174,844 — Real estate—residential and home equity: Residential secured for business purpose 1,390 428 1,539 3,357 289,927 784 294,068 — Residential secured for personal purpose 3,243 905 879 5,027 285,512 269 290,808 481 Home equity secured for personal purpose 717 142 521 1,380 161,459 — 162,839 171 Loans to individuals 324 95 142 561 29,812 — 30,373 142 Lease financings 1,731 1,418 729 3,878 130,861 — 134,739 193 Total $ 10,625 $ 4,804 $ 7,736 $ 23,165 $ 3,255,369 $ 7,352 $ 3,285,886 $ 987 Non-Performing Loans and Leases The following presents, by class of loans and leases, non-performing loans and leases at June 30, 2017 and December 31, 2016 : At June 30, 2017 At December 31, 2016 (Dollars in thousands) Nonaccrual Accruing Loans and Total Non- Nonaccrual Accruing Loans and Total Non- Commercial, financial and agricultural $ 5,002 $ 942 $ — $ 5,944 $ 5,746 $ 967 $ — $ 6,713 Real estate—commercial real estate and construction: Commercial real estate 4,681 10,257 — 14,938 5,651 1,519 — 7,170 Construction 365 — — 365 — — — — Real estate—residential and home equity: Residential secured for business purpose 3,540 229 — 3,769 4,898 766 — 5,664 Residential secured for personal purpose 662 42 271 975 560 — 481 1,041 Home equity secured for personal purpose 263 — 35 298 525 — 171 696 Loans to individuals — — 130 130 — — 142 142 Lease financings 5,661 — 136 5,797 536 — 193 729 Total $ 20,174 $ 11,470 $ 572 $ 32,216 $ 17,916 $ 3,252 $ 987 $ 22,155 * Includes nonaccrual troubled debt restructured loans and lease modifications of $1.8 million and $1.8 million at June 30, 2017 and December 31, 2016 , respectively. The increase in nonaccrual lease financings represents software leases totaling $5.0 million under a vendor referral program. These leases are personally guaranteed by high net worth individuals. During the first quarter of 2017, the lessees stopped making payments due to disputes with the vendor, and Univest Capital, Inc., a subsidiary of the Corporation, filed legal complaints to pursue collection of all amounts owed. A complaint was subsequently filed against Univest Capital Inc. and certain other defendants on March 28, 2017 by one of the lessees in federal court in Texas seeking, among other things, class action certification and a declaration that the contracts and related guarantees are null and void. Univest Capital, Inc. has not been served with the complaint, and the plaintiff has been directed to file an amended complaint on or before August 7, 2017. As of the filing date, the outcome of the matter is neither probable nor estimable. Credit Quality Indicators The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at June 30, 2017 and December 31, 2016 . 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. 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 June 30, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 1,755 $ — $ 18,890 $ — $ 20,645 3. Strong 13,329 1,976 — — 15,305 4. Satisfactory 26,506 38,637 — 354 65,497 5. Acceptable 586,849 862,417 89,804 169,678 1,708,748 6. Pre-watch 160,548 180,794 52,380 16,437 410,159 7. Special Mention 3,949 11,860 884 2,205 18,898 8. Substandard 26,551 32,918 365 5,695 65,529 9. Doubtful — — — — — 10.Loss — — — — — Total $ 819,487 $ 1,128,602 $ 162,323 $ 194,369 $ 2,304,781 At December 31, 2016 Grade: 1. Cash secured/ 2. Fully secured $ 272 $ — $ 13,714 $ 162 $ 14,148 3. Strong 14,980 2,045 — — 17,025 4. Satisfactory 35,529 38,861 — 367 74,757 5. Acceptable 465,675 676,212 110,650 133,716 1,386,253 6. Pre-watch 113,499 128,646 18,213 12,025 272,383 7. Special Mention 8,820 22,439 314 1,199 32,772 8. Substandard 24,446 41,378 — 4,462 70,286 9. Doubtful — — — — — 10.Loss — — — — — Total $ 663,221 $ 909,581 $ 142,891 $ 151,931 $ 1,867,624 The following table presents classifications for acquired loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At June 30, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 1,110 $ — $ — $ — $ 1,110 3. Strong — — — — — 4. Satisfactory 139 676 — — 815 5. Acceptable 71,674 226,616 689 79,192 378,171 6. Pre-watch 6,770 132,194 7,787 16,071 162,822 7. Special Mention — 2,153 — 1,920 4,073 8. Substandard 5,987 13,483 — 2,551 22,021 9. Doubtful — — — — — 10.Loss — — — — — Total $ 85,680 $ 375,122 $ 8,476 $ 99,734 $ 569,012 December 31, 2016 Grade: 1. Cash secured/ 2. Fully secured $ 583 $ — $ — $ — $ 583 3. Strong — — — — — 4. Satisfactory 4,399 1,018 — — 5,417 5. Acceptable 113,512 282,199 20,565 117,322 533,598 6. Pre-watch 31,697 163,623 11,388 14,405 221,113 7. Special Mention 73 7,705 — 6,245 14,023 8. Substandard 9,781 10,823 — 4,165 24,769 9. Doubtful — — — — — 10.Loss — — — — — Total $ 160,045 $ 465,368 $ 31,953 $ 142,137 $ 799,503 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 and leases 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. The following table presents classifications for originated loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At June 30, 2017 Performing $ 235,330 $ 159,570 $ 27,312 $ 124,357 $ 546,569 Nonperforming 452 298 130 5,797 6,677 Total $ 235,782 $ 159,868 $ 27,442 $ 130,154 $ 553,246 At December 31, 2016 Performing $ 210,208 $ 147,286 $ 29,968 $ 134,010 $ 521,472 Nonperforming 169 696 142 729 1,736 Total $ 210,377 $ 147,982 $ 30,110 $ 134,739 $ 523,208 The following table presents classifications for acquired loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At June 30, 2017 Performing $ 70,076 $ 12,386 $ 146 $ — $ 82,608 Nonperforming 523 — — — 523 Total $ 70,599 $ 12,386 $ 146 $ — $ 83,131 At December 31, 2016 Performing $ 79,559 $ 14,857 $ 263 $ — $ 94,679 Nonperforming 872 — — — 872 Total $ 80,431 $ 14,857 $ 263 $ — $ 95,551 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, 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 for the three and six months ended June 30, 2017 and 2016 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total Three Months Ended June 30, 2017 Reserve for loan and lease losses: Beginning balance $ 7,890 $ 7,624 $ 1,345 $ 1,001 $ 335 $ 1,329 $ 4 $ 19,528 Charge-offs (108 ) (30 ) (1,139 ) — (114 ) (327 ) N/A (1,718 ) Recoveries 210 — 8 4 46 66 N/A 334 Provision (recovery of provision) 321 874 915 (30 ) 62 592 33 2,767 Recovery of provision for acquired credit impaired loans — — — (1 ) — — — (1 ) Ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Three Months Ended June 30, 2016 Reserve for loan and lease losses: Beginning balance $ 5,630 $ 6,471 $ 747 $ 1,312 $ 356 $ 922 $ 1,014 $ 16,452 Charge-offs (346 ) (179 ) (27 ) (10 ) (108 ) (160 ) N/A (830 ) Recoveries 515 9 34 34 30 79 N/A 701 (Recovery of provision) provision (11 ) 1,070 (698 ) (34 ) 133 280 (87 ) 653 Provision (recovery of provision) for acquired credit impaired loans — 178 — (1 ) — — — 177 Ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 Six Months Ended June 30, 2017 Reserve for loan and lease losses: Beginning balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Charge-offs (286 ) (30 ) (1,181 ) (94 ) (240 ) (584 ) N/A (2,415 ) Recoveries 397 3 18 21 81 95 N/A 615 Provision (recovery of provision) 1,165 990 1,518 52 124 1,361 (1 ) 5,209 Provision for acquired credit impaired loans — — — 2 — — — 2 Ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Six Months Ended June 30, 2016 Reserve for loan and lease losses: Beginning balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Charge-offs (1,827 ) (205 ) (265 ) (56 ) (184 ) (365 ) N/A (2,902 ) Recoveries 965 16 53 51 63 123 N/A 1,271 Provision (recovery of provision) 232 988 (495 ) (267 ) 186 321 15 980 Provision (recovery of provision) for acquired credit impaired loans — 178 — (2 ) — — — 176 Ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 N/A – Not applicable (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At June 30, 2017 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 10 $ 59 $ 37 $ 25 $ — $ 886 N/A $ 1,017 Ending balance: collectively evaluated for impairment 8,303 8,409 1,092 949 329 774 37 19,893 Total ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 9,794 $ 20,735 $ 5,196 $ 967 $ — $ 5,021 $ 41,713 Ending balance: collectively evaluated for impairment 809,693 1,268,132 189,173 394,683 27,442 125,133 2,814,256 Loans measured at fair value — 2,058 — — — — 2,058 Acquired non-credit impaired loans 85,178 378,413 99,151 82,770 146 — 645,658 Acquired credit impaired loans 502 5,185 583 215 — — 6,485 Total ending balance $ 905,167 $ 1,674,523 $ 294,103 $ 478,635 $ 27,588 $ 130,154 $ 3,510,170 At June 30, 2016 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 390 $ 4 $ 16 $ — $ — $ — N/A $ 410 Ending balance: collectively evaluated for impairment 5,398 7,545 40 1,301 411 1,121 927 16,743 Total ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 12,472 $ 26,761 $ 3,772 $ 1,029 $ — $ — $ 44,034 Ending balance: collectively evaluated for impairment 546,892 885,131 118,601 333,887 30,880 128,796 2,044,187 Acquired non-credit impaired loans 20,096 114,965 107,087 13,420 306 — 255,874 Acquired credit impaired loans — 180 762 — — — 942 Total ending balance $ 579,460 $ 1,027,037 $ 230,222 $ 348,336 $ 31,186 $ 128,796 $ 2,345,037 N/A – Not applicable The Corporation records a provision for loan loss for the acquired non-impaired loans only when additional deterioration of the portfolio is identified over the projections utilized in the initial fair value analysis. After the acquisition measurement period, the present value of any decreases in expected cash flows of acquired credit 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 a reserve for credit losses and the amounts for which there is a reserve for credit losses at June 30, 2017 and December 31, 2016 . The impaired loans exclude acquired credit impaired loans. At June 30, 2017 At December 31, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 9,629 $ 10,947 $ 10,911 $ 12,561 Real estate—commercial real estate 19,164 20,029 24,469 25,342 Real estate—construction 365 365 — — Real estate—residential secured for business purpose 4,655 5,673 5,704 6,253 Real estate—residential secured for personal purpose 703 764 560 594 Real estate—home equity secured for personal purpose 238 244 525 528 Total impaired loans with no related reserve recorded $ 34,754 $ 38,022 $ 42,169 $ 45,278 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 165 $ 166 $ 10 $ 166 $ 166 $ 19 Real estate—commercial real estate 1,206 1,206 59 597 597 25 Real estate—residential secured for business purpose 541 542 37 983 1,105 191 Real estate—residential secured for personal purpose 26 26 25 — — — Total impaired loans with a reserve recorded $ 1,938 $ 1,940 $ 131 $ 1,746 $ 1,868 $ 235 At June 30, 2017 At December 31, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Total impaired loans: Commercial, financial and agricultural $ 9,794 $ 11,113 $ 10 $ 11,077 $ 12,727 $ 19 Real estate—commercial real estate 20,370 21,235 59 25,066 25,939 25 Real estate—construction 365 365 — — — — Real estate—residential secured for business purpose 5,196 6,215 37 6,687 7,358 191 Real estate—residential secured for personal purpose 729 790 25 560 594 — Real estate—home equity secured for personal purpose 238 244 — 525 528 — Total impaired loans $ 36,692 $ 39,962 $ 131 $ 43,915 $ 47,146 $ 235 Impaired loans include nonaccrual loans, accruing troubled debt restructured loans 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 include other accruing impaired loans of $10.7 million and $23.3 million at June 30, 2017 and December 31, 2016 , respectively. Specific reserves on other accruing impaired loans were $95 thousand and $84 thousand at June 30, 2017 and December 31, 2016 , 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. Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 11,470 $ 64 $ 86 $ 13,387 $ 74 $ 78 Real estate—commercial real estate 20,777 184 81 27,691 281 58 Real estate—construction 274 — 10 — — — Real estate—residential secured for business purpose 4,184 21 61 3,740 9 60 Real estate—residential secured for personal purpose 699 1 15 392 — 5 Real estate—home equity secured for personal purpose 354 — 5 431 — 9 Total $ 37,758 $ 270 $ 258 $ 45,641 $ 364 $ 210 * Includes interest income recognized on a cash basis for nonaccrual loans of $3 thousand and $0 thousand for the three months ended June 30, 2017 and 2016 , respectively and interest income recognized on the accrual method for accruing impaired loans of $268 thousand and $364 thousand for the three months ended June 30, 2017 and 2016 , respectively. Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 11,506 $ 110 $ 171 $ 13,421 $ 142 $ 173 Real estate—commercial real estate 22,464 417 154 28,389 586 128 Real estate—construction 156 — 10 — — — Real estate—residential secured for business purpose 4,302 37 105 4,120 36 107 Real estate—residential secured for personal purpose 636 1 23 496 2 9 Real estate—home equity secured for personal purpose 431 — 10 329 — 11 Total $ 39,495 $ 565 $ 473 $ 46,755 $ 766 $ 428 * Includes interest income recognized on a cash basis for nonaccrual loans of $4 thousand and $7 thousand for the six months ended June 30, 2017 and 2016 , respectively and interest income recognized on the accrual method for accruing impaired loans of $561 thousand and $759 thousand for the six months ended June 30, 2017 and 2016 , respectively. Impaired Leases The Corporation had impaired leases of $5.0 million with related reserves of $886 thousand at June 30, 2017 . The Corporation had no impaired leases at December 31, 2016 . See discussion in Non-Performing Loans and Leases. Troubled Debt Restructured Loans The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate 3 $ 9,206 $ 9,206 $ — — $ — $ — $ — Real estate—residential secured for business purpose — — — — 1 415 415 — Total 3 $ 9,206 $ 9,206 $ — 1 $ 415 $ 415 $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 1 $ 328 $ 328 $ — — $ — $ — $ — Total 1 $ 328 $ 328 $ — — $ — $ — $ — Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — $ — $ — 1 $ 1,545 $ 1,545 $ — Real estate—commercial real estate 3 9,206 9,206 — — — — — Real estate—residential secured for business purpose — — — — 1 415 415 — Total 3 $ 9,206 $ 9,206 $ — 2 $ 1,960 $ 1,960 $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 1 $ 328 $ 328 $ — — $ — $ — $ — Total 1 $ 328 $ 328 $ — — $ — $ — $ — 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 three and six months ended June 30, 2017 and 2016 . Interest Only Term Maturity Date Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount No. of Amount Three Months Ended June 30, 2017 Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — — $ — 3 $ 9,206 3 $ 9,206 Total — $ — — $ — 3 $ 9,206 3 $ 9,206 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 328 — $ — 1 $ 328 Real estate—residential secured for personal purpose — — — — — — — — Total — $ — 1 $ 328 — $ — 1 $ 328 Three Months Ended June 30, 2016 Accruing Troubled Debt Restructured Loans: Real estate—residential secured for business purpose 1 $ 415 — $ — — $ — 1 $ 415 Total 1 $ 415 — $ — — $ — 1 $ 415 Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Six Months Ended June 30, 2017 Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — — $ — 3 $ 9,206 3 $ 9,206 Total — $ — — $ — 3 $ 9,206 3 $ 9,206 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 328 — $ — 1 $ 328 Total — $ — 1 $ 328 — $ — 1 $ 328 Six Months Ended June 30, 2016 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — 1 $ 1,545 1 $ 1,545 Real estate—residential secured for business purpose 1 415 — — — — 1 415 Total 1 $ 415 — $ — 1 $ 1,545 2 $ 1,960 Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — 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: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Number Recorded Number Recorded Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — — $ — 1 $ 50 Total — $ — — $ — — $ — 1 $ 50 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 June 30, 2017 and December 31, 2016 : (Dollars in thousands) At June 30, 2017 At December 31, 2016 Real estate-home equity secured for personal purpose $ — $ 180 Total $ — $ 180 The Corporation held no foreclosed consumer residential real estate property at June 30, 2017 and December 31, 2016 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Corporation has covenants not to compete, core deposit and customer-related intangibles and 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 Corporation also has goodwill which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the six months ended June 30, 2017 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2016 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at June 30, 2017 $ 138,476 $ 15,434 $ 18,649 $ 172,559 The following table reflects the components of intangible assets at the dates indicated: At June 30, 2017 At December 31, 2016 (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: Covenants not to compete $ 710 $ 409 $ 301 $ 710 $ 205 $ 505 Core deposit intangibles 6,788 1,593 5,195 6,788 1,004 5,784 Customer related intangibles 12,381 9,190 3,191 12,381 8,504 3,877 Servicing rights 15,099 8,551 6,548 14,369 7,884 6,485 Total amortized intangible assets $ 34,978 $ 19,743 $ 15,235 $ 34,248 $ 17,597 $ 16,651 The estimated aggregate amortization expense for covenants not to compete and core deposit and customer related intangibles for the remainder of 2017 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2017 $ 1,350 2018 2,114 2019 1,565 2020 1,200 2021 924 Thereafter 1,534 The Corporation has originated mortgage servicing rights which are included in other intangible assets on the consolidated balance sheets. 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 $9.6 million and $9.5 million at June 30, 2017 and December 31, 2016 , respectively. The fair value of mortgage servicing rights was determined using a discount rate of 10.0% at June 30, 2017 and December 31, 2016 . The Corporation also records servicing rights on small business administration (SBA) loans. The value of these servicing rights was $17 thousand at June 30, 2017 . Changes in the servicing rights balance are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Beginning of period $ 6,502 $ 5,839 $ 6,485 $ 5,877 Servicing rights capitalized 387 466 730 777 Amortization of servicing rights (341 ) (409 ) (667 ) (758 ) Changes in valuation allowance — — — — End of period $ 6,548 $ 5,896 $ 6,548 $ 5,896 Residential mortgage and SBA loans serviced for others $ 984,846 $ 889,639 $ 984,846 $ 889,639 There was no activity in the valuation allowance for the three and six months ended June 30, 2017 and June 30, 2016 . The estimated amortization expense of servicing rights for the remainder of 2017 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2017 $ 955 2018 833 2019 722 2020 624 2021 538 Thereafter 2,876 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization, from the Fox Chase acquisition. At June 30, 2017 At December 31, 2016 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: FHLB borrowings $ 124,500 1.24 % $ 91,300 0.74 % Federal funds purchased 85,000 1.31 80,000 0.81 Customer repurchase agreements 22,226 0.05 24,871 0.05 Long-term debt: FHLB advances $ 185,577 1.45 % $ 96,248 0.94 % Security repurchase agreements 31,033 1.26 31,274 0.91 Subordinated notes $ 94,209 5.35 % $ 94,087 5.36 % The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (FHLB) with a maximum borrowing capacity of approximately $1.3 billion . 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 June 30, 2017 and December 31, 2016 , the Bank had outstanding short-term letters of credit with the FHLB totaling $104.9 million and $148.5 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. The Corporation, through the Bank, maintains uncommitted federal fund credit lines with several correspondent banks totaling $367.0 million and $302.0 million at June 30, 2017 and December 31, 2016 , respectively. 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 which was collateralized by investment securities totaling $55.5 million and $55.7 million at June 30, 2017 and December 31, 2016 , respectively. At June 30, 2017 and December 31, 2016 , the Corporation had no outstanding borrowings from this line. The Corporation has a $10.0 million line of credit with a correspondent bank. At June 30, 2017 , the Corporation had no outstanding borrowings under this line. Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of June 30, 2017 Weighted Average Rate Remainder of 2017 $ 60,509 0.86 % 2018 10,068 0.69 2019 10,000 1.35 2020 40,000 1.70 2021 55,000 1.94 Thereafter 10,000 2.09 Total $ 185,577 1.45 % FHLB borrowings totaling $50.5 million that mature in the fourth quarter of 2017 have a "Call Date"; if the borrowing is called, the Corporation has the option to either pay off the borrowing without penalty or the fixed rate borrowing resets to a variable three-month LIBOR based rate. Subsequent to the call date, the borrowings are callable by the FHLB quarterly. Accordingly, the contractual maturities may differ from actual maturities. Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of June 30, 2017 Weighted Average Rate Remainder of 2017 $ — — % 2018 10,298 0.97 2019 10,342 1.40 2020 10,393 1.41 2021 — — Thereafter — — Total $ 31,033 1.26 % Long-term debt under security repurchase agreements totaling $25.8 million are variable based on the one-month LIBOR rate plus a spread; one borrowing for $5.2 million has a fixed interest rate and may be called by the lender based on the underlying agreement. On April 25, 2017, Kroll Bond Rating Agency ("KBRA") reaffirmed its credit ratings for the Corporation and the Bank with a stable outlook. Specifically, KBRA reaffirmed the Corporation's senior unsecured debt rating of BBB+, subordinated debt rating of BBB and short-term rating of K2. With regard to the Bank, KBRA reaffirmed the Bank's deposit rating of A-, short-term debt rating of K2 and short-term deposit rating of K2 while also assigning the Bank a senior unsecured debt rating of A-. Additionally, on April 25, 2017, KBRA initiated the Bank's subordinated debt rating of BBB+. |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [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 executive 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. Information on these benefits is reported under “Other Postretirement Benefits” within this footnote. The Corporation sponsors a Supplemental Non-Qualified Pension Plan 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. Components of net periodic benefit cost (income) were as follows: Three Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 124 $ 170 $ 12 $ 11 Interest cost 487 519 30 33 Expected return on plan assets (748 ) (753 ) — — Amortization of net actuarial loss 289 322 10 7 Accretion of prior service cost (71 ) (70 ) — — Net periodic benefit cost $ 81 $ 188 $ 52 $ 51 Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 275 $ 341 $ 24 $ 23 Interest cost 952 1,037 59 66 Expected return on plan assets (1,501 ) (1,507 ) — — Amortization of net actuarial loss 577 645 21 13 Accretion of prior service cost (141 ) (141 ) — — Net periodic benefit cost $ 162 $ 375 $ 104 $ 102 The Corporation made a contribution of $2.0 million to its qualified retirement plan on July 24, 2017. The Corporation previously disclosed in its financial statements for the year ended December 31, 2016 , that it expected to make contributions of $160 thousand to its non-qualified retirement plans and $121 thousand to its other postretirement benefit plans in 2017 . During the six months ended June 30, 2017 , the Corporation contributed $80 thousand to its non-qualified retirement plans and $58 thousand to its other postretirement plans. During the six months ended June 30, 2017 , $1.3 million was paid to participants from the retirement plans and $58 thousand was paid to participants from the other postretirement plans. |
Stock-Based Incentive Plan
Stock-Based Incentive Plan | 6 Months Ended |
Jun. 30, 2017 | |
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 3,355,786 shares of common stock, which includes 857,191 shares as a result of the completion of the acquisition of Fox Chase on July 1, 2016 and 473,483 shares as a result of the completion of the acquisition of Valley Green Bank on January 1, 2015. The following is a summary of the Corporation's stock option activity and related information for the six months ended June 30, 2017 : (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 June 30, 2017 Outstanding at December 31, 2016 504,908 $ 19.06 Granted 191,297 28.15 Expired (73,000 ) 22.70 Forfeited (6,500 ) 23.34 Exercised (73,870 ) 17.97 Outstanding at June 30 , 2017 542,835 21.84 7.8 $ 4,403 Exercisable at June 30, 2017 177,025 17.87 5.9 2,138 The following is a summary of nonvested stock options at June 30, 2017 including changes during the six months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2016 308,940 $ 6.15 Granted 191,297 6.72 Vested (127,927 ) 6.08 Forfeited (6,500 ) 6.47 Nonvested stock options at June 30, 2017 365,810 6.46 The following aggregated assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2017 and 2016 : Six months ended June 30, 2017 2016 Actual Range Weighted Average Expected option life in years 6.9 7.9 - 8.2 7.9 Risk free interest rate 2.30 % 1.81% - 1.89% 1.89 % Expected dividend yield 2.84 % 4.07% - 4.19% 4.07 % Expected volatility 29.75 % 46.13% - 46.22% 46.13 % Fair value of options $ 6.72 $5.98 - $6.27 $ 6.26 The following is a summary of nonvested restricted stock awards at June 30, 2017 including changes during the six months then ended: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2016 285,158 $ 19.74 Granted 61,823 28.08 Vested (48,289 ) 18.38 Forfeited (14,000 ) 19.37 Nonvested share awards at June 30, 2017 284,692 21.80 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: Six months ended June 30, (Dollars in thousands, except per share data) 2017 2016 Shares granted 61,823 58,580 Weighted average grant date fair value $ 28.08 $ 19.68 Intrinsic value of awards vested $ 1,367 $ 971 The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards at June 30, 2017 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 1,807 2.1 Restricted stock awards 3,612 1.7 $ 5,419 1.9 The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated: Six months ended June 30, (Dollars in thousands) 2017 2016 Stock-based compensation expense: Stock options $ 454 $ 338 Restricted stock awards 1,254 606 Employee stock purchase plan 32 33 Total $ 1,740 $ 977 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 828 $ 270 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2016 $ (4,988 ) $ (141 ) $ (14,325 ) $ (19,454 ) Net Change 1,961 14 297 2,272 Balance, June 30, 2017 $ (3,027 ) $ (127 ) $ (14,028 ) $ (17,182 ) Balance, December 31, 2015 $ (592 ) $ (285 ) $ (15,831 ) $ (16,708 ) Net Change 2,499 (497 ) 336 2,338 Balance, June 30, 2016 $ 1,907 $ (782 ) $ (15,495 ) $ (14,370 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Interest Rate Swaps 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. In 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 of one-month LIBOR . The swap matures in November 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. At June 30, 2017 , approximately $138 thousand in net deferred losses, net of tax, recorded in accumulated other comprehensive loss are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2017 . At June 30, 2017 , the notional amount of the interest rate swap was $18.2 million , with a negative fair value of $195 thousand . The Corporation has an interest rate swap classified as a fair value hedge with a current notional amount of $1.4 million to hedge a 10 -year fixed rate loan that is earning interest at 5.83% . The Corporation pays a fixed rate of 5.83% and receives a floating rate based on the one-month LIBOR plus 350 basis points. The swap matures in October 2021. The difference between changes in the fair values of the interest rate swap agreement and the hedged loan represents hedge ineffectiveness and is recorded in other noninterest income in the consolidated statements of operations. The Corporation has an interest rate swap with a current notional amount of $574 thousand , for a 15 -year fixed rate loan that is earning interest at 7.43% . The Corporation pays a fixed rate of 7.43% and receives a floating rate based on the one-month LIBOR plus 224 basis points. The swap matures in April 2022. The interest rate swap is carried at fair value in accordance with FASB ASC 815 "Derivatives and Hedging." The loan is carried at fair value under the fair value option as permitted by FASB ASC 825 "Financial Instruments." Credit Derivatives The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts and foreign currency swap contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows the Corporation to provide access to interest rate and foreign currency swap transactions for customers without creating the swap. The Corporation records the fair value of credit derivatives in other liabilities on the consolidated balance sheets. The Corporation recognizes changes in the fair value of credit derivatives, net of any fees received, in other noninterest income in the consolidated statements of income. At June 30, 2017 , the Corporation has fourteen variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $66.6 million , and remaining maturities ranging from one to 10 years. At June 30, 2017 , the fair value of the swaps to the customers was a liability of $157 thousand and all swaps were in paying positions to the third-party financial institution. At June 30, 2017 , there were no foreign currency swap transactions between the third-party institution and loan customers. The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and exchange rates, and the agreement does not provide for a limitation of the maximum potential payment amount. Mortgage Banking Derivatives 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. Derivatives Tables The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at June 30, 2017 and December 31, 2016 . The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At June 30, 2017 Interest rate swap - cash flow hedge $ 18,204 $ — Other liabilities $ 195 Interest rate swap - fair value hedge 1,408 — Other liabilities 31 Total $ 19,612 $ — $ 226 At December 31, 2016 Interest rate swap - cash flow hedge $ 18,566 $ — Other liabilities $ 217 Interest rate swap - fair value hedge 1,427 — Other liabilities 37 Total $ 19,993 $ — $ 254 The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at June 30, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At June 30, 2017 Interest rate swap $ 574 $ — Other liabilities $ 52 Credit derivatives 66,599 — Other liabilities 157 Interest rate locks with customers 42,955 Other assets 1,363 — Forward loan sale commitments 45,168 Other assets 164 — Total $ 155,296 $ 1,527 $ 209 At December 31, 2016 Interest rate swap $ 622 $ — Other liabilities $ 65 Credit derivatives 27,919 — Other liabilities 9 Interest rate locks with customers 36,541 Other assets 801 — Forward loan sale commitments 42,366 Other assets 257 — Total $ 107,448 $ 1,058 $ 74 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 Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 36 $ 80 $ 107 $ 161 Interest rate swap—fair value hedge—ineffectiveness Other noninterest income 2 — 5 — Net loss $ (34 ) $ (80 ) $ (102 ) $ (161 ) 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 Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Credit derivatives Other noninterest income $ 53 $ — $ 124 $ — Interest rate locks with customers Net gain on mortgage banking activities 155 711 562 1,343 Forward loan sale commitments Net loss on mortgage banking activities 162 (267 ) (92 ) (408 ) Total $ 370 $ 444 $ 594 $ 935 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at June 30, 2017 and December 31, 2016 : (Dollars in thousands) Accumulated Other At June 30, 2017 At December 31, 2016 Interest rate swap—cash flow hedge Fair value, net of taxes $ (127 ) $ (141 ) Total $ (127 ) $ (141 ) |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
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 not have 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. Certain corporate securities owned by the Corporation are classified as Level 3 as they are not traded in active markets. The fair value of each security is estimated by benchmarking similar transactions of structure, yield and credit which are owned by the Corporation and are actively traded in the market. 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. 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 the 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, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at June 30, 2017 . 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. Interest rate swaps and mortgage banking derivative financial instruments are classified within Level 2 of the valuation hierarchy. Credit derivatives are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore classified in Level 3 of the valuation hierarchy. Two commercial loans, associated with interest rate swaps are classified in Level 3 of the valuation hierarchy since lending credit risk is not an observable input for these loans. The unrealized gain on the two loans was $84 thousand at June 30, 2017 . 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 conclusion for the earn-out period ending June 30, 2017 resulted in a reversal of a prior noninterest expense accrual of $303 thousand during the second quarter of 2017. The following table presents the assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016 , classified using the fair value hierarchy: At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 27,147 $ — $ 27,147 State and political subdivisions — 81,778 — 81,778 Residential mortgage-backed securities — 182,961 — 182,961 Collateralized mortgage obligations — 4,061 — 4,061 Corporate bonds — 84,746 28,387 113,133 Money market mutual funds 15,532 — — 15,532 Equity securities 978 — — 978 Total available-for-sale securities 16,510 380,693 28,387 425,590 Loans* — — 2,058 2,058 Interest rate locks with customers* — 1,363 — 1,363 Forward loan sale commitments* — 164 — 164 Total assets $ 16,510 $ 382,220 $ 30,445 $ 429,175 Liabilities: Contingent consideration liability $ — $ — $ 407 $ 407 Interest rate swaps* — 278 — 278 Credit derivatives* — — 157 157 Total liabilities $ — $ 278 $ 564 $ 842 At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 32,266 $ — $ 32,266 State and political subdivisions — 88,350 — 88,350 Residential mortgage-backed securities — 198,570 — 198,570 Collateralized mortgage obligations — 4,554 — 4,554 Corporate bonds — 79,420 28,778 108,198 Money market mutual funds 10,784 — — 10,784 Equity securities 915 — — 915 Total available-for-sale securities 11,699 403,160 28,778 443,637 Loans* — — 2,138 2,138 Interest rate locks with customers* — 801 — 801 Forward loan sale commitments* — 257 — 257 Total assets $ 11,699 $ 404,218 $ 30,916 $ 446,833 Liabilities: Contingent consideration liability $ — $ — $ 5,999 $ 5,999 Interest rate swaps* — 319 — 319 Credit derivatives* — — 9 9 Total liabilities $ — $ 319 $ 6,008 $ 6,327 * Such financial instruments are recorded at fair value as further described in Note 10 - Derivative Instruments. The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the six months ended June 30, 2017 . Six Months Ended June 30, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at June 30, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (391 ) $ 28,387 Loans 2,138 — — (67 ) — (13 ) 2,058 Credit derivatives (9 ) (272 ) — — — 124 (157 ) Net total $ 30,907 $ (272 ) $ — $ (67 ) $ — $ (280 ) $ 30,288 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 six months ended June 30, 2017 and 2016 : Six Months Ended June 30, 2017 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at June 30, 2017 Sterner Insurance Associates $ 331 $ — $ — $ (303 ) $ 28 Girard Partners 5,668 — 5,317 28 379 Total contingent consideration liability $ 5,999 $ — $ 5,317 $ (275 ) $ 407 Six Months Ended June 30, 2016 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at June 30, 2016 Sterner Insurance Associates $ 1,144 $ — $ — $ 490 $ 1,634 Girard Partners 4,241 $ — $ 900 $ 238 3,579 John T. Fretz Insurance Agency 192 — 260 68 — Total contingent consideration liability $ 5,577 $ — $ 1,160 $ 796 $ 5,213 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 June 30, 2017 and December 31, 2016 : At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 36,561 $ 36,561 Impaired leases held for investment — — 4,135 4,135 Other real estate owned — — 2,202 2,202 Total $ — $ — $ 42,898 $ 42,898 At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 43,680 $ 43,680 Other real estate owned — — 4,969 4,969 Total $ — $ — $ 48,649 $ 48,649 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 June 30, 2017 and December 31, 2016 . The disclosed fair values are classified using the fair value hierarchy. At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 61,057 $ — $ — $ 61,057 $ 61,057 Held-to-maturity securities — 43,737 — 43,737 43,717 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 31,506 Loans held for sale — 2,315 — 2,315 2,259 Net loans and leases held for investment — — 3,469,648 3,469,648 3,446,506 Servicing rights — — 9,666 9,666 6,548 Total assets $ 61,057 $ 46,052 $ 3,479,314 $ 3,586,423 $ 3,591,593 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,801,242 $ — $ — $ 2,801,242 $ 2,801,242 Time deposits — 546,457 — 546,457 546,838 Total deposits 2,801,242 546,457 — 3,347,699 3,348,080 Short-term borrowings — 231,726 — 231,726 231,726 Long-term debt — 217,376 — 217,376 216,610 Subordinated notes — 96,900 — 96,900 94,209 Total liabilities $ 2,801,242 $ 1,092,459 $ — $ 3,893,701 $ 3,890,625 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,317 ) $ — $ (2,317 ) $ — At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 57,825 $ — $ — $ 57,825 $ 57,825 Held-to-maturity securities — 24,871 — 24,871 24,881 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 24,869 Loans held for sale — 5,943 — 5,943 5,890 Net loans and leases held for investment — — 3,193,886 3,193,886 3,222,569 Servicing rights — — 9,548 9,548 6,485 Total assets $ 57,825 $ 30,814 $ 3,203,434 $ 3,292,073 $ 3,342,519 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,631,378 $ — $ — $ 2,631,378 $ 2,631,378 Time deposits — 628,096 — 628,096 626,189 Total deposits 2,631,378 628,096 — 3,259,474 3,257,567 Short-term borrowings — 195,572 — 195,572 196,171 Long-term debt — 130,157 — 130,157 127,522 Subordinated notes — 95,188 — 95,188 94,087 Total liabilities $ 2,631,378 $ 1,049,013 $ — $ 3,680,391 $ 3,675,347 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,218 ) $ — $ (2,218 ) $ — 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, federal funds sold and other short-term investments is their stated value. 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. Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability. 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. There were no valuation adjustments for loans held for sale at June 30, 2017 and December 31, 2016 . 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 and leases held for investment: For impaired loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At June 30, 2017 , impaired loans held for investment had a carrying amount of $36.7 million with a valuation allowance of $131 thousand . At December 31, 2016 , impaired loans held for investment had a carrying amount of $43.9 million with a valuation allowance of $235 thousand . The Corporation had impaired leases of $5.0 million with related reserves of $886 thousand at June 30, 2017 . The Corporation had no impaired leases at December 31, 2016 . 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. The Corporation also records servicing rights on SBA loans. At June 30, 2017 and December 31, 2016 , servicing rights had a carrying amount of $6.5 million with no valuation allowance. 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. During the six months ended June 30, 2017 , there were no triggering events that required valuation of goodwill and other identifiable intangible assets. Other real estate owned: The fair value of other real estate owned (OREO) is originally estimated based upon the appraised value less estimated costs to sell. The fair value less cost to sell becomes the "original cost" of the OREO asset. Subsequently, OREO is reported as the lower of the original cost and the current the fair value less cost to sell. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset; however, the capitalized expenses may not increase the OREO asset's recorded value to an amount greater than the asset's fair value after improvements and less cost to sell. During 2017, two properties had write-downs totaling $199 thousand which were included in other noninterest income in the statement of income. New appraisals are generally obtained on an annual basis. Other real estate owned is classified within Level 3 of the valuation hierarchy due to the unique characteristics of the collateral for each loan. 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 short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy. Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy. Subordinated notes: The fair value of the 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. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting At June 30, 2017 , 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. The parent holding company and intercompany eliminations are included in the "Other" segment. 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 following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At June 30, 2017 At December 31, 2016 At June 30, 2016 Banking $ 4,366,362 $ 4,137,873 $ 2,925,285 Wealth Management 32,806 35,061 31,392 Insurance 25,241 24,472 25,309 Other 29,118 33,122 125,631 Consolidated assets $ 4,453,527 $ 4,230,528 $ 3,107,617 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and six months ended June 30, 2017 and 2016 . Three Months Ended June 30, 2017 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 40,022 $ 1 $ — $ 7 $ 40,030 Interest expense 4,730 — — — 4,730 Net interest income 35,292 1 — 7 35,300 Provision for loan and lease losses 2,766 — — — 2,766 Noninterest income 6,790 5,399 3,746 74 16,009 Intangible expenses 398 168 (120 ) — 446 Other noninterest expense 22,949 3,462 2,846 2,845 32,102 Intersegment (revenue) expense* (491 ) 195 296 — — Income (expense) before income taxes 16,460 1,575 724 (2,764 ) 15,995 Income tax expense (benefit) 4,279 627 305 (994 ) 4,217 Net income (loss) $ 12,181 $ 948 $ 419 $ (1,770 ) $ 11,778 Capital expenditures $ 2,019 $ 11 $ 192 $ 34 $ 2,256 Three Months Ended June 30, 2016 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 26,104 $ 1 $ — $ 7 $ 26,112 Interest expense 2,163 — — 288 2,451 Net interest income 23,941 1 — (281 ) 23,661 Provision for loan and lease losses 830 — — — 830 Noninterest income 5,492 4,812 3,620 77 14,001 Intangible expenses 61 304 626 — 991 Acquisition-related and integration costs 38 — — 1,147 1,185 Other noninterest expense 19,700 3,247 2,937 1,486 27,370 Intersegment (revenue) expense* (479 ) 211 268 — — Income (expense) before income taxes 9,283 1,051 (211 ) (2,837 ) 7,286 Income tax expense (benefit) 2,291 395 (81 ) (559 ) 2,046 Net income (loss) $ 6,992 $ 656 $ (130 ) $ (2,278 ) $ 5,240 Capital expenditures $ 1,481 $ 9 $ 11 $ 515 $ 2,016 Six Months Ended June 30, 2017 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 78,414 $ 2 $ — $ 10 $ 78,426 Interest expense 8,843 — — — 8,843 Net interest income 69,571 2 — 10 69,583 Provision for loan and lease losses 5,211 — — — 5,211 Noninterest income 11,952 10,537 8,293 197 30,979 Intangible expenses 794 338 73 — 1,205 Other noninterest expense 46,694 6,932 5,915 3,832 63,373 Intersegment (revenue) expense* (1,058 ) 432 626 — — Income (expense) before income taxes 29,882 2,837 1,679 (3,625 ) 30,773 Income tax expense (benefit) 7,920 1,127 709 (1,617 ) 8,139 Net income (loss) $ 21,962 $ 1,710 $ 970 $ (2,008 ) $ 22,634 Capital expenditures $ 6,339 $ 22 $ 199 $ 84 $ 6,644 Six Months Ended June 30, 2016 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 51,829 $ 3 $ — $ 14 $ 51,846 Interest expense 4,374 — — 288 4,662 Net interest income 47,455 3 — (274 ) 47,184 Provision for loan and lease losses 1,156 — — — 1,156 Noninterest income 10,040 9,384 8,340 68 27,832 Intangible expenses 124 607 1,026 — 1,757 Acquisition-related and integration costs and restructuring charges 48 — — 1,357 1,405 Other noninterest expense 38,436 6,305 6,056 2,526 53,323 Intersegment (revenue) expense* (990 ) 430 560 — — Income (expense) before income taxes 18,721 2,045 698 (4,089 ) 17,375 Income tax expense (benefit) 4,648 778 296 (876 ) 4,846 Net income (loss) $ 14,073 $ 1,267 $ 402 $ (3,213 ) $ 12,529 Capital expenditures $ 3,320 $ 24 $ 21 $ 829 $ 4,194 * Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During 2015 and 2016, the Corporation exited five financial centers, a lease for a new financial center and two administrative offices, and reduced staff due to rationalization; resulting in accrued expenses totaling $3.4 million , primarily related to the Banking business segment. A roll-forward of the remaining accrued restructuring expense for the six months ended June 30, 2017 is as follows: (Dollars in thousands) Severance expenses Write-downs and retirements of fixed assets Lease cancellations Total Accrued at January 1, 2017 $ 901 $ 228 $ 81 $ 1,210 Payments (713 ) — (44 ) (757 ) Accrued at June 30, 2017 $ 188 $ 228 $ 37 $ 453 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure | Contingencies The Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows. As discussed in Note 4, during the first quarter of 2017, certain lessees stopped making payments and Univest Capital, Inc., a subsidiary of the Corporation, filed legal complaints to pursue collection of all amounts owed. A complaint was subsequently filed against Univest Capital, Inc. and certain other defendants on March 28, 2017 by one of the lessees in federal court in Texas seeking, among other things, class action certification and a declaration that the contracts and related guarantees are null and void. Univest Capital, Inc. has not been served with the complaint, and the plaintiff has been directed to file an amended complaint on or before August 7, 2017. As of the filing date, the outcome of the matter is neither probable nor estimable. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Univest Corporation of Pennsylvania (the Corporation or Univest) and its wholly owned subsidiaries; the Corporation’s primary subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current-year presentation. Operating results for the three and six -month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017 . It is suggested that these unaudited consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto included in the registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 , which was filed with the SEC on March 3, 2017 . |
Use of Estimates | Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with 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, servicing rights, deferred tax assets and liabilities, benefit plans and stock-based compensation expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting." This ASU provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. The ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, or January 1, 2018 for the Corporation. Early adoption is permitted, including an interim period. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, or January 1, 2019 for the Corporation. Early adoption is permitted, including an interim period. This ASU is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption.The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require that an employer that sponsors defined benefit pension plans and other postretirement plans present the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments also allow only the service cost component to be eligible for capitalization, when applicable. This ASU is effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. This ASU should be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. Disclosure that the practical expedient was used is required. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This ASU eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are SEC filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, or for the Corporation's goodwill impairment test in 2020. Early adoption is permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business – inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output, and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, or January 1, 2018 for the Corporation. The amendments in this ASU should be applied prospectively on or after the effective date. The Corporation does not anticipate the adoption of this ASU will have a material impact on the Corporation's financial statements. In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU requires businesses and other organizations to measure the current expected credit losses (CECL) on financial assets, such as loans, net investments in leases, certain debt securities, bond insurance and other receivables. The amendments affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. Current GAAP requires an incurred loss methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The amendments in this ASU replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonableness and supportable information to inform credit loss estimates. An entity should apply the amendments through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (modified-retrospective approach). Acquired credit impaired loans for which the guidance in Accounting Standards Codification (ASC) Topic 310-30 has been previously applied should prospectively apply the guidance in this ASU. A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those years for public business entities that are SEC filers, or January 1, 2020 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 that the allowance will increase upon adoption of CECL and that the increased allowance level will decrease shareholders' equity and regulatory capital and ratios. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" to revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The ASU is effective for the first interim period within annual periods beginning after December 15, 2018, or January 1, 2019, with early adoption permitted. The Corporation is in the process of evaluating the impact of the adoption of this guidance on the Corporation's financial statements; however, the adoption of this ASU will impact the balance sheet for the recording of assets and liabilities for operating leases; any initial or continued impact of the recording of assets will have a negative impact on risk-based capital ratios under current regulatory guidance and possibly equity ratios. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The ASU will require equity investments to be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, minus impairment, plus or minus any change in the investment’s observable price. The ASU will simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. A valuation allowance on a deferred tax asset related to available-for-sale securities will need to be included. For financial liabilities that are measured at fair value, the ASU requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument-specific credit risk. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. The amendments in this ASU are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017 or January 1, 2018 for the Corporation. At June 30, 2017, the Corporation's equity portfolio had a carrying value of $978 thousand which included an unrealized net gain of $568 thousand . This unrealized net gain, net of income taxes, amounted to $369 thousand and was recorded in accumulated other comprehensive income. Upon implementation using the prospective approach, the balance in accumulated other comprehensive income will be reclassed to retained earnings. The carrying value of the equity securities, upon implementation, will not change; however, any future increases or decreases in fair value will be recorded as an increase or decrease to the carrying value and recognized in non-interest income. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU 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 March 2016, the FASB issued ASU No. 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross Versus Net),” which instructs the participants in the sale to determine whether they control the good or service and are entitled to the gross amount of the transaction or are acting as an agent and should collect only a fee or commission for arranging the sale. In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing" to provide clarification on these areas. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients” providing some limited improvements and practical expedients. The original effective date of the guidance relating to revenue from contracts with customers was deferred by one year as a result of the issuance of ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which was issued by the FASB in August 2015. This guidance is 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 of the recognition of revenue. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Summary of Computation for Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (Dollars and shares in thousands, except per share data) 2017 2016 2017 2016 Numerator: Net income $ 11,778 $ 5,240 $ 22,634 $ 12,529 Net income allocated to unvested restricted stock (122 ) (40 ) (234 ) (98 ) Net income allocated to common shares $ 11,656 $ 5,200 $ 22,400 $ 12,431 Denominator: Denominator for basic earnings per share— weighted-average shares outstanding 26,380 19,434 26,363 19,418 Effect of dilutive securities—employee stock options 97 35 100 33 Denominator for diluted earnings per share— adjusted weighted-average shares outstanding 26,477 19,469 26,463 19,451 Basic earnings per share $ 0.44 $ 0.27 $ 0.85 $ 0.64 Diluted earnings per share $ 0.44 $ 0.27 $ 0.85 $ 0.64 Average anti-dilutive options and awards excluded from computation of diluted earnings per share 302 619 272 603 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 , by contractual maturity within each type: At June 30, 2017 At December 31, 2016 (Dollars in thousands) Amortized Gross Gross Fair Value Amortized Gross Gross Fair Value Securities Held-to-Maturity U.S. government corporations and agencies: After 1 year to 5 years $ 5,000 $ 1 $ — $ 5,001 $ — $ — $ — $ — 5,000 1 — 5,001 — — — — Residential mortgage-backed securities: After 5 years to 10 years 9,849 — (10 ) 9,839 — — — — Over 10 years 18,868 50 (19 ) 18,899 5,071 — (3 ) 5,068 28,717 50 (29 ) 28,738 5,071 — (3 ) 5,068 Corporate bonds: Within 1 year 10,000 — (2 ) 9,998 19,810 2 (9 ) 19,803 10,000 — (2 ) 9,998 19,810 2 (9 ) 19,803 Total $ 43,717 $ 51 $ (31 ) $ 43,737 $ 24,881 $ 2 $ (12 ) $ 24,871 Securities Available-for-Sale U.S. government corporations and agencies: Within 1 year $ 11,498 $ 1 $ (4 ) $ 11,495 $ 15,000 $ 20 $ — $ 15,020 After 1 year to 5 years 15,679 — (27 ) 15,652 17,265 — (19 ) 17,246 27,177 1 (31 ) 27,147 32,265 20 (19 ) 32,266 State and political subdivisions: Within 1 year 1,560 — — 1,560 964 — (1 ) 963 After 1 year to 5 years 18,115 63 (23 ) 18,155 18,705 38 (75 ) 18,668 After 5 years to 10 years 52,312 1,076 (39 ) 53,349 55,541 829 (426 ) 55,944 Over 10 years 8,533 201 (20 ) 8,714 12,663 226 (114 ) 12,775 80,520 1,340 (82 ) 81,778 87,873 1,093 (616 ) 88,350 Residential mortgage-backed securities: After 1 year to 5 years 5,214 14 (15 ) 5,213 6,086 — (66 ) 6,020 After 5 years to 10 years 51,520 6 (774 ) 50,752 23,479 — (622 ) 22,857 Over 10 years 129,141 108 (2,253 ) 126,996 174,388 99 (4,794 ) 169,693 185,875 128 (3,042 ) 182,961 203,953 99 (5,482 ) 198,570 Collateralized mortgage obligations: Over 10 years 4,123 — (62 ) 4,061 4,659 — (105 ) 4,554 4,123 — (62 ) 4,061 4,659 — (105 ) 4,554 Corporate bonds: Within 1 year 9,027 — (14 ) 9,013 250 — — 250 After 1 year to 5 years 32,402 79 (94 ) 32,387 35,923 34 (241 ) 35,716 After 5 years to 10 years 15,182 — (223 ) 14,959 15,193 — (516 ) 14,677 Over 10 years 60,000 — (3,226 ) 56,774 60,000 27 (2,472 ) 57,555 116,611 79 (3,557 ) 113,133 111,366 61 (3,229 ) 108,198 Money market mutual funds: No stated maturity 15,532 — — 15,532 10,784 — — 10,784 15,532 — — 15,532 10,784 — — 10,784 Equity securities: No stated maturity 410 569 (1 ) 978 411 504 — 915 410 569 (1 ) 978 411 504 — 915 Total $ 430,248 $ 2,117 $ (6,775 ) $ 425,590 $ 451,311 $ 1,777 $ (9,451 ) $ 443,637 |
Information Related to Sales of Securities Available-for-Sale | The following table presents information related to sales of securities available-for-sale during the six months ended June 30, 2017 and 2016 : Six Months Ended June 30, (Dollars in thousands) 2017 2016 Securities available-for-sale: Proceeds from sales $ 3,032 $ 73,991 Gross realized gains on sales 36 539 Gross realized losses on sales — 82 Tax expense related to net realized gains on sales 13 160 |
Amount of Securities in Unrealized Loss Position | The following table shows the fair value of securities that were in an unrealized loss position at June 30, 2017 and December 31, 2016 by the length of time those securities were in a continuous loss position. For the investment securities in an unrealized loss position, the Corporation has concluded, based on its analysis, that the unrealized losses are primarily caused by the movement of interest rates and current market conditions. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. It is more likely than not that the Corporation will not be required to sell the investment before a recovery of carrying value. Less than Twelve Months Total (Dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized At June 30, 2017 Securities Held-to-Maturity Residential mortgage-backed securities $ 12,820 $ (29 ) $ — $ — $ 12,820 $ (29 ) Corporate bonds 9,998 (2 ) — — 9,998 (2 ) Total $ 22,818 $ (31 ) $ — $ — $ 22,818 $ (31 ) Securities Available-for-Sale U.S. government corporations and agencies $ 22,146 $ (31 ) $ — $ — $ 22,146 $ (31 ) State and political subdivisions 13,306 (74 ) 1,706 (8 ) 15,012 (82 ) Residential mortgage-backed securities 169,466 (3,042 ) — — 169,466 (3,042 ) Collateralized mortgage obligations 1,763 (1 ) 2,298 (61 ) 4,061 (62 ) Corporate bonds 67,448 (1,675 ) 33,118 (1,882 ) 100,566 (3,557 ) Equity securities 3 (1 ) — — 3 (1 ) Total $ 274,132 $ (4,824 ) $ 37,122 $ (1,951 ) $ 311,254 $ (6,775 ) At December 31, 2016 Securities Held-to-Maturity Residential mortgage-backed securities $ 5,068 $ (3 ) $ — $ — $ 5,068 $ (3 ) Corporate bonds 9,779 (9 ) — — 9,779 (9 ) Total $ 14,847 $ (12 ) $ — $ — $ 14,847 $ (12 ) Securities Available-for-Sale U.S. government corporations and agencies $ 11,850 $ (19 ) $ — $ — $ 11,850 $ (19 ) State and political subdivisions 40,771 (610 ) 423 (6 ) 41,194 (616 ) Residential mortgage-backed securities 192,782 (5,482 ) — — 192,782 (5,482 ) Collateralized mortgage obligations 2,012 (26 ) 2,542 (79 ) 4,554 (105 ) Corporate bonds 58,535 (1,333 ) 33,104 (1,896 ) 91,639 (3,229 ) Total $ 305,950 $ (7,470 ) $ 36,069 $ (1,981 ) $ 342,019 $ (9,451 ) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of Major Loan and Lease Categories | At June 30, 2017 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 819,487 $ 85,680 $ 905,167 Real estate-commercial 1,128,602 375,122 1,503,724 Real estate-construction 162,323 8,476 170,799 Real estate-residential secured for business purpose 194,369 99,734 294,103 Real estate-residential secured for personal purpose 235,782 70,599 306,381 Real estate-home equity secured for personal purpose 159,868 12,386 172,254 Loans to individuals 27,442 146 27,588 Lease financings 130,154 — 130,154 Total loans and leases held for investment, net of deferred income $ 2,858,027 $ 652,143 $ 3,510,170 Unearned lease income, included in the above table $ (15,224 ) $ — $ (15,224 ) Net deferred costs, included in the above table 4,389 — 4,389 Overdraft deposits included in the above table 68 — 68 At December 31, 2016 (Dollars in thousands) Originated Acquired Total Commercial, financial and agricultural $ 663,221 $ 160,045 $ 823,266 Real estate-commercial 909,581 465,368 1,374,949 Real estate-construction 142,891 31,953 174,844 Real estate-residential secured for business purpose 151,931 142,137 294,068 Real estate-residential secured for personal purpose 210,377 80,431 290,808 Real estate-home equity secured for personal purpose 147,982 14,857 162,839 Loans to individuals 30,110 263 30,373 Lease financings 134,739 — 134,739 Total loans and leases held for investment, net of deferred income $ 2,390,832 $ 895,054 $ 3,285,886 Unearned lease income, included in the above table $ (15,970 ) $ — $ (15,970 ) Net deferred costs, included in the above table 4,503 — 4,503 Overdraft deposits included in the above table 84 — 84 |
Schedule of Impaired Loans | The outstanding principal balance and carrying amount for acquired credit impaired loans at June 30, 2017 and December 31, 2016 were as follows: (Dollars in thousands) At June 30, 2017 At December 31, 2016 Outstanding principal balance $ 7,811 $ 8,993 Carrying amount 6,485 7,352 Allowance for loan losses — — The following table presents the changes in accretable yield on acquired credit impaired loans: Six Months Ended June 30, (Dollars in thousands) 2017 2016 Beginning of period $ 50 $ 144 Reclassification from nonaccretable discount 279 133 Accretable discount amortized to interest income (297 ) (184 ) Disposals (4 ) (34 ) End of period $ 28 $ 59 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 a reserve for credit losses and the amounts for which there is a reserve for credit losses at June 30, 2017 and December 31, 2016 . The impaired loans exclude acquired credit impaired loans. At June 30, 2017 At December 31, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Impaired loans with no related reserve recorded: Commercial, financial and agricultural $ 9,629 $ 10,947 $ 10,911 $ 12,561 Real estate—commercial real estate 19,164 20,029 24,469 25,342 Real estate—construction 365 365 — — Real estate—residential secured for business purpose 4,655 5,673 5,704 6,253 Real estate—residential secured for personal purpose 703 764 560 594 Real estate—home equity secured for personal purpose 238 244 525 528 Total impaired loans with no related reserve recorded $ 34,754 $ 38,022 $ 42,169 $ 45,278 Impaired loans with a reserve recorded: Commercial, financial and agricultural $ 165 $ 166 $ 10 $ 166 $ 166 $ 19 Real estate—commercial real estate 1,206 1,206 59 597 597 25 Real estate—residential secured for business purpose 541 542 37 983 1,105 191 Real estate—residential secured for personal purpose 26 26 25 — — — Total impaired loans with a reserve recorded $ 1,938 $ 1,940 $ 131 $ 1,746 $ 1,868 $ 235 At June 30, 2017 At December 31, 2016 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related Total impaired loans: Commercial, financial and agricultural $ 9,794 $ 11,113 $ 10 $ 11,077 $ 12,727 $ 19 Real estate—commercial real estate 20,370 21,235 59 25,066 25,939 25 Real estate—construction 365 365 — — — — Real estate—residential secured for business purpose 5,196 6,215 37 6,687 7,358 191 Real estate—residential secured for personal purpose 729 790 25 560 594 — Real estate—home equity secured for personal purpose 238 244 — 525 528 — Total impaired loans $ 36,692 $ 39,962 $ 131 $ 43,915 $ 47,146 $ 235 |
Schedule of 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 June 30, 2017 and December 31, 2016 : (Dollars in thousands) 30-59 60-89 90 Days Total Current Acquired Credit Impaired Total Loans Recorded At June 30, 2017 Commercial, financial and agricultural $ 987 $ 652 $ 1,741 $ 3,380 $ 901,285 $ 502 $ 905,167 $ — Real estate—commercial real estate and construction: Commercial real estate 2,332 557 1,956 4,845 1,493,694 5,185 1,503,724 — Construction — — 365 365 170,434 — 170,799 — Real estate—residential and home equity: Residential secured for business purpose 1,378 245 1,635 3,258 290,262 583 294,103 — Residential secured for personal purpose 1,661 310 285 2,256 303,910 215 306,381 271 Home equity secured for personal purpose 308 100 104 512 171,742 — 172,254 35 Loans to individuals 215 106 130 451 27,137 — 27,588 130 Lease financings 534 277 5,797 6,608 123,546 — 130,154 136 Total $ 7,415 $ 2,247 $ 12,013 $ 21,675 $ 3,482,010 $ 6,485 $ 3,510,170 $ 572 At December 31, 2016 Commercial, financial and agricultural $ 1,536 $ 256 $ 1,335 $ 3,127 $ 819,550 $ 589 $ 823,266 $ — Real estate—commercial real estate and construction: Commercial real estate 1,482 1,560 2,591 5,633 1,363,606 5,710 1,374,949 — Construction 202 — — 202 174,642 — 174,844 — Real estate—residential and home equity: Residential secured for business purpose 1,390 428 1,539 3,357 289,927 784 294,068 — Residential secured for personal purpose 3,243 905 879 5,027 285,512 269 290,808 481 Home equity secured for personal purpose 717 142 521 1,380 161,459 — 162,839 171 Loans to individuals 324 95 142 561 29,812 — 30,373 142 Lease financings 1,731 1,418 729 3,878 130,861 — 134,739 193 Total $ 10,625 $ 4,804 $ 7,736 $ 23,165 $ 3,255,369 $ 7,352 $ 3,285,886 $ 987 |
Schedule of Nonperforming Loans and Leases | The following presents, by class of loans and leases, non-performing loans and leases at June 30, 2017 and December 31, 2016 : At June 30, 2017 At December 31, 2016 (Dollars in thousands) Nonaccrual Accruing Loans and Total Non- Nonaccrual Accruing Loans and Total Non- Commercial, financial and agricultural $ 5,002 $ 942 $ — $ 5,944 $ 5,746 $ 967 $ — $ 6,713 Real estate—commercial real estate and construction: Commercial real estate 4,681 10,257 — 14,938 5,651 1,519 — 7,170 Construction 365 — — 365 — — — — Real estate—residential and home equity: Residential secured for business purpose 3,540 229 — 3,769 4,898 766 — 5,664 Residential secured for personal purpose 662 42 271 975 560 — 481 1,041 Home equity secured for personal purpose 263 — 35 298 525 — 171 696 Loans to individuals — — 130 130 — — 142 142 Lease financings 5,661 — 136 5,797 536 — 193 729 Total $ 20,174 $ 11,470 $ 572 $ 32,216 $ 17,916 $ 3,252 $ 987 $ 22,155 * Includes nonaccrual troubled debt restructured loans and lease modifications of $1.8 million and $1.8 million at June 30, 2017 and December 31, 2016 , respectively. |
Summary of Credit Quality Indicators | The following table presents classifications for originated loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At June 30, 2017 Performing $ 235,330 $ 159,570 $ 27,312 $ 124,357 $ 546,569 Nonperforming 452 298 130 5,797 6,677 Total $ 235,782 $ 159,868 $ 27,442 $ 130,154 $ 553,246 At December 31, 2016 Performing $ 210,208 $ 147,286 $ 29,968 $ 134,010 $ 521,472 Nonperforming 169 696 142 729 1,736 Total $ 210,377 $ 147,982 $ 30,110 $ 134,739 $ 523,208 The following table presents classifications for acquired loans: (Dollars in thousands) Real Estate— Real Estate— Loans to Lease Total At June 30, 2017 Performing $ 70,076 $ 12,386 $ 146 $ — $ 82,608 Nonperforming 523 — — — 523 Total $ 70,599 $ 12,386 $ 146 $ — $ 83,131 At December 31, 2016 Performing $ 79,559 $ 14,857 $ 263 $ — $ 94,679 Nonperforming 872 — — — 872 Total $ 80,431 $ 14,857 $ 263 $ — $ 95,551 The following tables present by class, the recorded investment in loans and leases held for investment by credit quality indicator at June 30, 2017 and December 31, 2016 . 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. 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 June 30, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 1,755 $ — $ 18,890 $ — $ 20,645 3. Strong 13,329 1,976 — — 15,305 4. Satisfactory 26,506 38,637 — 354 65,497 5. Acceptable 586,849 862,417 89,804 169,678 1,708,748 6. Pre-watch 160,548 180,794 52,380 16,437 410,159 7. Special Mention 3,949 11,860 884 2,205 18,898 8. Substandard 26,551 32,918 365 5,695 65,529 9. Doubtful — — — — — 10.Loss — — — — — Total $ 819,487 $ 1,128,602 $ 162,323 $ 194,369 $ 2,304,781 At December 31, 2016 Grade: 1. Cash secured/ 2. Fully secured $ 272 $ — $ 13,714 $ 162 $ 14,148 3. Strong 14,980 2,045 — — 17,025 4. Satisfactory 35,529 38,861 — 367 74,757 5. Acceptable 465,675 676,212 110,650 133,716 1,386,253 6. Pre-watch 113,499 128,646 18,213 12,025 272,383 7. Special Mention 8,820 22,439 314 1,199 32,772 8. Substandard 24,446 41,378 — 4,462 70,286 9. Doubtful — — — — — 10.Loss — — — — — Total $ 663,221 $ 909,581 $ 142,891 $ 151,931 $ 1,867,624 The following table presents classifications for acquired loans: (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Total At June 30, 2017 Grade: 1. Cash secured/ 2. Fully secured $ 1,110 $ — $ — $ — $ 1,110 3. Strong — — — — — 4. Satisfactory 139 676 — — 815 5. Acceptable 71,674 226,616 689 79,192 378,171 6. Pre-watch 6,770 132,194 7,787 16,071 162,822 7. Special Mention — 2,153 — 1,920 4,073 8. Substandard 5,987 13,483 — 2,551 22,021 9. Doubtful — — — — — 10.Loss — — — — — Total $ 85,680 $ 375,122 $ 8,476 $ 99,734 $ 569,012 December 31, 2016 Grade: 1. Cash secured/ 2. Fully secured $ 583 $ — $ — $ — $ 583 3. Strong — — — — — 4. Satisfactory 4,399 1,018 — — 5,417 5. Acceptable 113,512 282,199 20,565 117,322 533,598 6. Pre-watch 31,697 163,623 11,388 14,405 221,113 7. Special Mention 73 7,705 — 6,245 14,023 8. Substandard 9,781 10,823 — 4,165 24,769 9. Doubtful — — — — — 10.Loss — — — — — Total $ 160,045 $ 465,368 $ 31,953 $ 142,137 $ 799,503 |
Summary of Activity in the Reserve for Loan and Lease Losses | eserve 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, 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 for the three and six months ended June 30, 2017 and 2016 : (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total Three Months Ended June 30, 2017 Reserve for loan and lease losses: Beginning balance $ 7,890 $ 7,624 $ 1,345 $ 1,001 $ 335 $ 1,329 $ 4 $ 19,528 Charge-offs (108 ) (30 ) (1,139 ) — (114 ) (327 ) N/A (1,718 ) Recoveries 210 — 8 4 46 66 N/A 334 Provision (recovery of provision) 321 874 915 (30 ) 62 592 33 2,767 Recovery of provision for acquired credit impaired loans — — — (1 ) — — — (1 ) Ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Three Months Ended June 30, 2016 Reserve for loan and lease losses: Beginning balance $ 5,630 $ 6,471 $ 747 $ 1,312 $ 356 $ 922 $ 1,014 $ 16,452 Charge-offs (346 ) (179 ) (27 ) (10 ) (108 ) (160 ) N/A (830 ) Recoveries 515 9 34 34 30 79 N/A 701 (Recovery of provision) provision (11 ) 1,070 (698 ) (34 ) 133 280 (87 ) 653 Provision (recovery of provision) for acquired credit impaired loans — 178 — (1 ) — — — 177 Ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 Six Months Ended June 30, 2017 Reserve for loan and lease losses: Beginning balance $ 7,037 $ 7,505 $ 774 $ 993 $ 364 $ 788 $ 38 $ 17,499 Charge-offs (286 ) (30 ) (1,181 ) (94 ) (240 ) (584 ) N/A (2,415 ) Recoveries 397 3 18 21 81 95 N/A 615 Provision (recovery of provision) 1,165 990 1,518 52 124 1,361 (1 ) 5,209 Provision for acquired credit impaired loans — — — 2 — — — 2 Ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Six Months Ended June 30, 2016 Reserve for loan and lease losses: Beginning balance $ 6,418 $ 6,572 $ 763 $ 1,575 $ 346 $ 1,042 $ 912 $ 17,628 Charge-offs (1,827 ) (205 ) (265 ) (56 ) (184 ) (365 ) N/A (2,902 ) Recoveries 965 16 53 51 63 123 N/A 1,271 Provision (recovery of provision) 232 988 (495 ) (267 ) 186 321 15 980 Provision (recovery of provision) for acquired credit impaired loans — 178 — (2 ) — — — 176 Ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 N/A – Not applicable (Dollars in thousands) Commercial, Real Estate— Real Estate— Real Estate— Loans to Lease Unallocated Total At June 30, 2017 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 10 $ 59 $ 37 $ 25 $ — $ 886 N/A $ 1,017 Ending balance: collectively evaluated for impairment 8,303 8,409 1,092 949 329 774 37 19,893 Total ending balance $ 8,313 $ 8,468 $ 1,129 $ 974 $ 329 $ 1,660 $ 37 $ 20,910 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 9,794 $ 20,735 $ 5,196 $ 967 $ — $ 5,021 $ 41,713 Ending balance: collectively evaluated for impairment 809,693 1,268,132 189,173 394,683 27,442 125,133 2,814,256 Loans measured at fair value — 2,058 — — — — 2,058 Acquired non-credit impaired loans 85,178 378,413 99,151 82,770 146 — 645,658 Acquired credit impaired loans 502 5,185 583 215 — — 6,485 Total ending balance $ 905,167 $ 1,674,523 $ 294,103 $ 478,635 $ 27,588 $ 130,154 $ 3,510,170 At June 30, 2016 Reserve for loan and lease losses: Ending balance: individually evaluated for impairment $ 390 $ 4 $ 16 $ — $ — $ — N/A $ 410 Ending balance: collectively evaluated for impairment 5,398 7,545 40 1,301 411 1,121 927 16,743 Total ending balance $ 5,788 $ 7,549 $ 56 $ 1,301 $ 411 $ 1,121 $ 927 $ 17,153 Loans and leases held for investment: Ending balance: individually evaluated for impairment $ 12,472 $ 26,761 $ 3,772 $ 1,029 $ — $ — $ 44,034 Ending balance: collectively evaluated for impairment 546,892 885,131 118,601 333,887 30,880 128,796 2,044,187 Acquired non-credit impaired loans 20,096 114,965 107,087 13,420 306 — 255,874 Acquired credit impaired loans — 180 762 — — — 942 Total ending balance $ 579,460 $ 1,027,037 $ 230,222 $ 348,336 $ 31,186 $ 128,796 $ 2,345,037 |
Summary of 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. Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 11,470 $ 64 $ 86 $ 13,387 $ 74 $ 78 Real estate—commercial real estate 20,777 184 81 27,691 281 58 Real estate—construction 274 — 10 — — — Real estate—residential secured for business purpose 4,184 21 61 3,740 9 60 Real estate—residential secured for personal purpose 699 1 15 392 — 5 Real estate—home equity secured for personal purpose 354 — 5 431 — 9 Total $ 37,758 $ 270 $ 258 $ 45,641 $ 364 $ 210 * Includes interest income recognized on a cash basis for nonaccrual loans of $3 thousand and $0 thousand for the three months ended June 30, 2017 and 2016 , respectively and interest income recognized on the accrual method for accruing impaired loans of $268 thousand and $364 thousand for the three months ended June 30, 2017 and 2016 , respectively. Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (Dollars in thousands) Average Interest Additional Average Interest Additional Commercial, financial and agricultural $ 11,506 $ 110 $ 171 $ 13,421 $ 142 $ 173 Real estate—commercial real estate 22,464 417 154 28,389 586 128 Real estate—construction 156 — 10 — — — Real estate—residential secured for business purpose 4,302 37 105 4,120 36 107 Real estate—residential secured for personal purpose 636 1 23 496 2 9 Real estate—home equity secured for personal purpose 431 — 10 329 — 11 Total $ 39,495 $ 565 $ 473 $ 46,755 $ 766 $ 428 |
Schedule of Troubled Debt Restructured Loans | The Corporation held no foreclosed consumer residential real estate property at June 30, 2017 and December 31, 2016 . 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 June 30, 2017 and December 31, 2016 : (Dollars in thousands) At June 30, 2017 At December 31, 2016 Real estate-home equity secured for personal purpose $ — $ 180 Total $ — $ 180 The following presents, by class of loans, information regarding accruing and nonaccrual loans that were restructured: Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate 3 $ 9,206 $ 9,206 $ — — $ — $ — $ — Real estate—residential secured for business purpose — — — — 1 415 415 — Total 3 $ 9,206 $ 9,206 $ — 1 $ 415 $ 415 $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 1 $ 328 $ 328 $ — — $ — $ — $ — Total 1 $ 328 $ 328 $ — — $ — $ — $ — Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (Dollars in thousands) Number Pre- Post- Related Number Pre- Post- Related Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — $ — $ — 1 $ 1,545 $ 1,545 $ — Real estate—commercial real estate 3 9,206 9,206 — — — — — Real estate—residential secured for business purpose — — — — 1 415 415 — Total 3 $ 9,206 $ 9,206 $ — 2 $ 1,960 $ 1,960 $ — Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate 1 $ 328 $ 328 $ — — $ — $ — $ — Total 1 $ 328 $ 328 $ — — $ — $ — $ — |
Summary of Concessions Granted on Restructured Loans | The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and six months ended June 30, 2017 and 2016 . Interest Only Term Maturity Date Amortization Period Extension Total Concessions (Dollars in thousands) No. of Amount No. of Amount No. of Amount No. of Amount Three Months Ended June 30, 2017 Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — — $ — 3 $ 9,206 3 $ 9,206 Total — $ — — $ — 3 $ 9,206 3 $ 9,206 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 328 — $ — 1 $ 328 Real estate—residential secured for personal purpose — — — — — — — — Total — $ — 1 $ 328 — $ — 1 $ 328 Three Months Ended June 30, 2016 Accruing Troubled Debt Restructured Loans: Real estate—residential secured for business purpose 1 $ 415 — $ — — $ — 1 $ 415 Total 1 $ 415 — $ — — $ — 1 $ 415 Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Six Months Ended June 30, 2017 Accruing Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — — $ — 3 $ 9,206 3 $ 9,206 Total — $ — — $ — 3 $ 9,206 3 $ 9,206 Nonaccrual Troubled Debt Restructured Loans: Real estate—commercial real estate — $ — 1 $ 328 — $ — 1 $ 328 Total — $ — 1 $ 328 — $ — 1 $ 328 Six Months Ended June 30, 2016 Accruing Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — 1 $ 1,545 1 $ 1,545 Real estate—residential secured for business purpose 1 415 — — — — 1 415 Total 1 $ 415 — $ — 1 $ 1,545 2 $ 1,960 Nonaccrual Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — |
Schedule of Accruing and Nonaccruing Troubled Debt Restructured Loans | 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: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Number Recorded Number Recorded Number Recorded Number Recorded Accruing Troubled Debt Restructured Loans: Total — $ — — $ — — $ — — $ — Nonaccrual Troubled Debt Restructured Loans: Commercial, financial and agricultural — $ — — $ — — $ — 1 $ 50 Total — $ — — $ — — $ — 1 $ 50 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 were as follows: (Dollars in thousands) Banking Wealth Management Insurance Consolidated Balance at December 31, 2016 $ 138,476 $ 15,434 $ 18,649 $ 172,559 Addition to goodwill from acquisitions — — — — Balance at June 30, 2017 $ 138,476 $ 15,434 $ 18,649 $ 172,559 |
Components of Intangible Assets | The following table reflects the components of intangible assets at the dates indicated: At June 30, 2017 At December 31, 2016 (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: Covenants not to compete $ 710 $ 409 $ 301 $ 710 $ 205 $ 505 Core deposit intangibles 6,788 1,593 5,195 6,788 1,004 5,784 Customer related intangibles 12,381 9,190 3,191 12,381 8,504 3,877 Servicing rights 15,099 8,551 6,548 14,369 7,884 6,485 Total amortized intangible assets $ 34,978 $ 19,743 $ 15,235 $ 34,248 $ 17,597 $ 16,651 |
Estimated Aggregate Amortization Expense | The estimated aggregate amortization expense for covenants not to compete and core deposit and customer related intangibles for the remainder of 2017 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2017 $ 1,350 2018 2,114 2019 1,565 2020 1,200 2021 924 Thereafter 1,534 The estimated amortization expense of servicing rights for the remainder of 2017 and the succeeding fiscal years is as follows: Year (Dollars in thousands) Amount Remainder of 2017 $ 955 2018 833 2019 722 2020 624 2021 538 Thereafter 2,876 |
Changes in Mortgage Servicing Rights | Changes in the servicing rights balance are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Beginning of period $ 6,502 $ 5,839 $ 6,485 $ 5,877 Servicing rights capitalized 387 466 730 777 Amortization of servicing rights (341 ) (409 ) (667 ) (758 ) Changes in valuation allowance — — — — End of period $ 6,548 $ 5,896 $ 6,548 $ 5,896 Residential mortgage and SBA loans serviced for others $ 984,846 $ 889,639 $ 984,846 $ 889,639 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings by Type | The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less. The long-term debt balances and weighted average interest rates include purchase accounting fair value adjustments, net of related amortization, from the Fox Chase acquisition. At June 30, 2017 At December 31, 2016 (Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period Short-term borrowings: FHLB borrowings $ 124,500 1.24 % $ 91,300 0.74 % Federal funds purchased 85,000 1.31 80,000 0.81 Customer repurchase agreements 22,226 0.05 24,871 0.05 Long-term debt: FHLB advances $ 185,577 1.45 % $ 96,248 0.94 % Security repurchase agreements 31,033 1.26 31,274 0.91 Subordinated notes $ 94,209 5.35 % $ 94,087 5.36 % |
Schedule of Maturities of Long-term FHLB Advances | Long-term advances with the FHLB of Pittsburgh mature as follows: (Dollars in thousands) As of June 30, 2017 Weighted Average Rate Remainder of 2017 $ 60,509 0.86 % 2018 10,068 0.69 2019 10,000 1.35 2020 40,000 1.70 2021 55,000 1.94 Thereafter 10,000 2.09 Total $ 185,577 1.45 % |
Schedule of Maturities of Other Long-term Borrowings | Long-term debt under security repurchase agreements with large commercial banks mature as follows: (Dollars in thousands) As of June 30, 2017 Weighted Average Rate Remainder of 2017 $ — — % 2018 10,298 0.97 2019 10,342 1.40 2020 10,393 1.41 2021 — — Thereafter — — Total $ 31,033 1.26 % |
Retirement Plans and Other Po29
Retirement Plans and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Income) | Components of net periodic benefit cost (income) were as follows: Three Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 124 $ 170 $ 12 $ 11 Interest cost 487 519 30 33 Expected return on plan assets (748 ) (753 ) — — Amortization of net actuarial loss 289 322 10 7 Accretion of prior service cost (71 ) (70 ) — — Net periodic benefit cost $ 81 $ 188 $ 52 $ 51 Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Retirement Plans Other Post Retirement Service cost $ 275 $ 341 $ 24 $ 23 Interest cost 952 1,037 59 66 Expected return on plan assets (1,501 ) (1,507 ) — — Amortization of net actuarial loss 577 645 21 13 Accretion of prior service cost (141 ) (141 ) — — Net periodic benefit cost $ 162 $ 375 $ 104 $ 102 |
Stock-Based Incentive Plan (Tab
Stock-Based Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Status of Options Granted Under Long-Term Incentive Plan | The following is a summary of the Corporation's stock option activity and related information for the six months ended June 30, 2017 : (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 June 30, 2017 Outstanding at December 31, 2016 504,908 $ 19.06 Granted 191,297 28.15 Expired (73,000 ) 22.70 Forfeited (6,500 ) 23.34 Exercised (73,870 ) 17.97 Outstanding at June 30 , 2017 542,835 21.84 7.8 $ 4,403 Exercisable at June 30, 2017 177,025 17.87 5.9 2,138 |
Summary of Nonvested Stock Options | The following is a summary of nonvested stock options at June 30, 2017 including changes during the six months then ended: (Dollars in thousands, except per share data) Nonvested Stock Options Weighted Average Grant Date Fair Value Nonvested stock options at December 31, 2016 308,940 $ 6.15 Granted 191,297 6.72 Vested (127,927 ) 6.08 Forfeited (6,500 ) 6.47 Nonvested stock options at June 30, 2017 365,810 6.46 |
Aggregated Assumptions Used to Estimate Fair Value of Options Granted | The following aggregated assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2017 and 2016 : Six months ended June 30, 2017 2016 Actual Range Weighted Average Expected option life in years 6.9 7.9 - 8.2 7.9 Risk free interest rate 2.30 % 1.81% - 1.89% 1.89 % Expected dividend yield 2.84 % 4.07% - 4.19% 4.07 % Expected volatility 29.75 % 46.13% - 46.22% 46.13 % Fair value of options $ 6.72 $5.98 - $6.27 $ 6.26 |
Summary of Nonvested Restricted Stock Awards | The following is a summary of nonvested restricted stock awards at June 30, 2017 including changes during the six months then ended: (Dollars in thousands, except per share data) Nonvested Share Awards Weighted Average Grant Date Fair Value Nonvested share awards at December 31, 2016 285,158 $ 19.74 Granted 61,823 28.08 Vested (48,289 ) 18.38 Forfeited (14,000 ) 19.37 Nonvested share awards at June 30, 2017 284,692 21.80 |
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: Six months ended June 30, (Dollars in thousands, except per share data) 2017 2016 Shares granted 61,823 58,580 Weighted average grant date fair value $ 28.08 $ 19.68 Intrinsic value of awards vested $ 1,367 $ 971 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested stock options and nonvested restricted stock awards at June 30, 2017 is presented below: (Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years) Stock options $ 1,807 2.1 Restricted stock awards 3,612 1.7 $ 5,419 1.9 |
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: Six months ended June 30, (Dollars in thousands) 2017 2016 Stock-based compensation expense: Stock options $ 454 $ 338 Restricted stock awards 1,254 606 Employee stock purchase plan 32 33 Total $ 1,740 $ 977 Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options $ 828 $ 270 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented: (Dollars in thousands) Net Unrealized Net Change Net Change Accumulated Balance, December 31, 2016 $ (4,988 ) $ (141 ) $ (14,325 ) $ (19,454 ) Net Change 1,961 14 297 2,272 Balance, June 30, 2017 $ (3,027 ) $ (127 ) $ (14,028 ) $ (17,182 ) Balance, December 31, 2015 $ (592 ) $ (285 ) $ (15,831 ) $ (16,708 ) Net Change 2,499 (497 ) 336 2,338 Balance, June 30, 2016 $ 1,907 $ (782 ) $ (15,495 ) $ (14,370 ) |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Value of Derivatives Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at June 30, 2017 and December 31, 2016 . The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts. Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At June 30, 2017 Interest rate swap - cash flow hedge $ 18,204 $ — Other liabilities $ 195 Interest rate swap - fair value hedge 1,408 — Other liabilities 31 Total $ 19,612 $ — $ 226 At December 31, 2016 Interest rate swap - cash flow hedge $ 18,566 $ — Other liabilities $ 217 Interest rate swap - fair value hedge 1,427 — Other liabilities 37 Total $ 19,993 $ — $ 254 |
Notional Amounts and Fair Values of Derivatives Not Designated as Hedging Instruments | The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at June 30, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities (Dollars in thousands) Notional Balance Sheet Fair Balance Sheet Fair At June 30, 2017 Interest rate swap $ 574 $ — Other liabilities $ 52 Credit derivatives 66,599 — Other liabilities 157 Interest rate locks with customers 42,955 Other assets 1,363 — Forward loan sale commitments 45,168 Other assets 164 — Total $ 155,296 $ 1,527 $ 209 At December 31, 2016 Interest rate swap $ 622 $ — Other liabilities $ 65 Credit derivatives 27,919 — Other liabilities 9 Interest rate locks with customers 36,541 Other assets 801 — Forward loan sale commitments 42,366 Other assets 257 — Total $ 107,448 $ 1,058 $ 74 |
Income for Derivatives Designated as Hedging Instruments | 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 Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Interest rate swap—cash flow hedge—net interest payments Interest expense $ 36 $ 80 $ 107 $ 161 Interest rate swap—fair value hedge—ineffectiveness Other noninterest income 2 — 5 — Net loss $ (34 ) $ (80 ) $ (102 ) $ (161 ) |
Income for Derivatives Not Designated as Hedging Instruments | Statement of Income Classification Three Months Ended Six Months Ended (Dollars in thousands) 2017 2016 2017 2016 Credit derivatives Other noninterest income $ 53 $ — $ 124 $ — Interest rate locks with customers Net gain on mortgage banking activities 155 711 562 1,343 Forward loan sale commitments Net loss on mortgage banking activities 162 (267 ) (92 ) (408 ) Total $ 370 $ 444 $ 594 $ 935 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at June 30, 2017 and December 31, 2016 : (Dollars in thousands) Accumulated Other At June 30, 2017 At December 31, 2016 Interest rate swap—cash flow hedge Fair value, net of taxes $ (127 ) $ (141 ) Total $ (127 ) $ (141 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 , classified using the fair value hierarchy: At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 27,147 $ — $ 27,147 State and political subdivisions — 81,778 — 81,778 Residential mortgage-backed securities — 182,961 — 182,961 Collateralized mortgage obligations — 4,061 — 4,061 Corporate bonds — 84,746 28,387 113,133 Money market mutual funds 15,532 — — 15,532 Equity securities 978 — — 978 Total available-for-sale securities 16,510 380,693 28,387 425,590 Loans* — — 2,058 2,058 Interest rate locks with customers* — 1,363 — 1,363 Forward loan sale commitments* — 164 — 164 Total assets $ 16,510 $ 382,220 $ 30,445 $ 429,175 Liabilities: Contingent consideration liability $ — $ — $ 407 $ 407 Interest rate swaps* — 278 — 278 Credit derivatives* — — 157 157 Total liabilities $ — $ 278 $ 564 $ 842 At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Assets/ Assets: Available-for-sale securities: U.S. government corporations and agencies $ — $ 32,266 $ — $ 32,266 State and political subdivisions — 88,350 — 88,350 Residential mortgage-backed securities — 198,570 — 198,570 Collateralized mortgage obligations — 4,554 — 4,554 Corporate bonds — 79,420 28,778 108,198 Money market mutual funds 10,784 — — 10,784 Equity securities 915 — — 915 Total available-for-sale securities 11,699 403,160 28,778 443,637 Loans* — — 2,138 2,138 Interest rate locks with customers* — 801 — 801 Forward loan sale commitments* — 257 — 257 Total assets $ 11,699 $ 404,218 $ 30,916 $ 446,833 Liabilities: Contingent consideration liability $ — $ — $ 5,999 $ 5,999 Interest rate swaps* — 319 — 319 Credit derivatives* — — 9 9 Total liabilities $ — $ 319 $ 6,008 $ 6,327 * Such financial instruments are recorded at fair value as further described in Note 10 - Derivative Instruments. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the six months ended June 30, 2017 . Six Months Ended June 30, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at June 30, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (391 ) $ 28,387 Loans 2,138 — — (67 ) — (13 ) 2,058 Credit derivatives (9 ) (272 ) — — — 124 (157 ) Net total $ 30,907 $ (272 ) $ — $ (67 ) $ — $ (280 ) $ 30,288 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table includes a rollfoward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the six months ended June 30, 2017 . Six Months Ended June 30, 2017 (Dollars in thousands) Balance at Purchases/additions Sales Payments received Premium amortization, net (Decrease) increase in value Balance at June 30, 2017 Corporate bonds $ 28,778 $ — $ — $ — $ — $ (391 ) $ 28,387 Loans 2,138 — — (67 ) — (13 ) 2,058 Credit derivatives (9 ) (272 ) — — — 124 (157 ) Net total $ 30,907 $ (272 ) $ — $ (67 ) $ — $ (280 ) $ 30,288 |
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 six months ended June 30, 2017 and 2016 : Six Months Ended June 30, 2017 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at June 30, 2017 Sterner Insurance Associates $ 331 $ — $ — $ (303 ) $ 28 Girard Partners 5,668 — 5,317 28 379 Total contingent consideration liability $ 5,999 $ — $ 5,317 $ (275 ) $ 407 Six Months Ended June 30, 2016 (Dollars in thousands) Balance at Contingent Payment of Adjustment Balance at June 30, 2016 Sterner Insurance Associates $ 1,144 $ — $ — $ 490 $ 1,634 Girard Partners 4,241 $ — $ 900 $ 238 3,579 John T. Fretz Insurance Agency 192 — 260 68 — Total contingent consideration liability $ 5,577 $ — $ 1,160 $ 796 $ 5,213 |
Assets Measured at Fair Value on Non-Recurring Basis | The following table represents assets measured at fair value on a non-recurring basis at June 30, 2017 and December 31, 2016 : At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 36,561 $ 36,561 Impaired leases held for investment — — 4,135 4,135 Other real estate owned — — 2,202 2,202 Total $ — $ — $ 42,898 $ 42,898 At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Assets at Impaired loans held for investment $ — $ — $ 43,680 $ 43,680 Other real estate owned — — 4,969 4,969 Total $ — $ — $ 48,649 $ 48,649 |
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 June 30, 2017 and December 31, 2016 . The disclosed fair values are classified using the fair value hierarchy. At June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 61,057 $ — $ — $ 61,057 $ 61,057 Held-to-maturity securities — 43,737 — 43,737 43,717 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 31,506 Loans held for sale — 2,315 — 2,315 2,259 Net loans and leases held for investment — — 3,469,648 3,469,648 3,446,506 Servicing rights — — 9,666 9,666 6,548 Total assets $ 61,057 $ 46,052 $ 3,479,314 $ 3,586,423 $ 3,591,593 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,801,242 $ — $ — $ 2,801,242 $ 2,801,242 Time deposits — 546,457 — 546,457 546,838 Total deposits 2,801,242 546,457 — 3,347,699 3,348,080 Short-term borrowings — 231,726 — 231,726 231,726 Long-term debt — 217,376 — 217,376 216,610 Subordinated notes — 96,900 — 96,900 94,209 Total liabilities $ 2,801,242 $ 1,092,459 $ — $ 3,893,701 $ 3,890,625 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,317 ) $ — $ (2,317 ) $ — At December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Fair Carrying Assets: Cash and short-term interest-earning assets $ 57,825 $ — $ — $ 57,825 $ 57,825 Held-to-maturity securities — 24,871 — 24,871 24,881 Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 24,869 Loans held for sale — 5,943 — 5,943 5,890 Net loans and leases held for investment — — 3,193,886 3,193,886 3,222,569 Servicing rights — — 9,548 9,548 6,485 Total assets $ 57,825 $ 30,814 $ 3,203,434 $ 3,292,073 $ 3,342,519 Liabilities: Deposits: Demand and savings deposits, non-maturity $ 2,631,378 $ — $ — $ 2,631,378 $ 2,631,378 Time deposits — 628,096 — 628,096 626,189 Total deposits 2,631,378 628,096 — 3,259,474 3,257,567 Short-term borrowings — 195,572 — 195,572 196,171 Long-term debt — 130,157 — 130,157 127,522 Subordinated notes — 95,188 — 95,188 94,087 Total liabilities $ 2,631,378 $ 1,049,013 $ — $ 3,680,391 $ 3,675,347 Off-Balance-Sheet: Commitments to extend credit $ — $ (2,218 ) $ — $ (2,218 ) $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table provides total assets by reportable business segment as of the dates indicated. (Dollars in thousands) At June 30, 2017 At December 31, 2016 At June 30, 2016 Banking $ 4,366,362 $ 4,137,873 $ 2,925,285 Wealth Management 32,806 35,061 31,392 Insurance 25,241 24,472 25,309 Other 29,118 33,122 125,631 Consolidated assets $ 4,453,527 $ 4,230,528 $ 3,107,617 The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and six months ended June 30, 2017 and 2016 . Three Months Ended June 30, 2017 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 40,022 $ 1 $ — $ 7 $ 40,030 Interest expense 4,730 — — — 4,730 Net interest income 35,292 1 — 7 35,300 Provision for loan and lease losses 2,766 — — — 2,766 Noninterest income 6,790 5,399 3,746 74 16,009 Intangible expenses 398 168 (120 ) — 446 Other noninterest expense 22,949 3,462 2,846 2,845 32,102 Intersegment (revenue) expense* (491 ) 195 296 — — Income (expense) before income taxes 16,460 1,575 724 (2,764 ) 15,995 Income tax expense (benefit) 4,279 627 305 (994 ) 4,217 Net income (loss) $ 12,181 $ 948 $ 419 $ (1,770 ) $ 11,778 Capital expenditures $ 2,019 $ 11 $ 192 $ 34 $ 2,256 Three Months Ended June 30, 2016 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 26,104 $ 1 $ — $ 7 $ 26,112 Interest expense 2,163 — — 288 2,451 Net interest income 23,941 1 — (281 ) 23,661 Provision for loan and lease losses 830 — — — 830 Noninterest income 5,492 4,812 3,620 77 14,001 Intangible expenses 61 304 626 — 991 Acquisition-related and integration costs 38 — — 1,147 1,185 Other noninterest expense 19,700 3,247 2,937 1,486 27,370 Intersegment (revenue) expense* (479 ) 211 268 — — Income (expense) before income taxes 9,283 1,051 (211 ) (2,837 ) 7,286 Income tax expense (benefit) 2,291 395 (81 ) (559 ) 2,046 Net income (loss) $ 6,992 $ 656 $ (130 ) $ (2,278 ) $ 5,240 Capital expenditures $ 1,481 $ 9 $ 11 $ 515 $ 2,016 Six Months Ended June 30, 2017 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 78,414 $ 2 $ — $ 10 $ 78,426 Interest expense 8,843 — — — 8,843 Net interest income 69,571 2 — 10 69,583 Provision for loan and lease losses 5,211 — — — 5,211 Noninterest income 11,952 10,537 8,293 197 30,979 Intangible expenses 794 338 73 — 1,205 Other noninterest expense 46,694 6,932 5,915 3,832 63,373 Intersegment (revenue) expense* (1,058 ) 432 626 — — Income (expense) before income taxes 29,882 2,837 1,679 (3,625 ) 30,773 Income tax expense (benefit) 7,920 1,127 709 (1,617 ) 8,139 Net income (loss) $ 21,962 $ 1,710 $ 970 $ (2,008 ) $ 22,634 Capital expenditures $ 6,339 $ 22 $ 199 $ 84 $ 6,644 Six Months Ended June 30, 2016 (Dollars in thousands) Banking Wealth Management Insurance Other Consolidated Interest income $ 51,829 $ 3 $ — $ 14 $ 51,846 Interest expense 4,374 — — 288 4,662 Net interest income 47,455 3 — (274 ) 47,184 Provision for loan and lease losses 1,156 — — — 1,156 Noninterest income 10,040 9,384 8,340 68 27,832 Intangible expenses 124 607 1,026 — 1,757 Acquisition-related and integration costs and restructuring charges 48 — — 1,357 1,405 Other noninterest expense 38,436 6,305 6,056 2,526 53,323 Intersegment (revenue) expense* (990 ) 430 560 — — Income (expense) before income taxes 18,721 2,045 698 (4,089 ) 17,375 Income tax expense (benefit) 4,648 778 296 (876 ) 4,846 Net income (loss) $ 14,073 $ 1,267 $ 402 $ (3,213 ) $ 12,529 Capital expenditures $ 3,320 $ 24 $ 21 $ 829 $ 4,194 * Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized. |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Roll-Forward of Accrued Restructuring Expense | A roll-forward of the remaining accrued restructuring expense for the six months ended June 30, 2017 is as follows: (Dollars in thousands) Severance expenses Write-downs and retirements of fixed assets Lease cancellations Total Accrued at January 1, 2017 $ 901 $ 228 $ 81 $ 1,210 Payments (713 ) — (44 ) (757 ) Accrued at June 30, 2017 $ 188 $ 228 $ 37 $ 453 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Details) - Equity Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies [Line Items] | ||
Equity Securities Available-for-Sale, Fair Value | $ 978 | $ 915 |
Equity Securities Available-for-Sale, Unrealized net gain | 568 | |
Available-for-sale Securities, Accumulated Net Gain Net of Income Taxes | $ 369 |
Earnings per Share - Basic and
Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 11,778 | $ 5,240 | $ 22,634 | $ 12,529 |
Net income allocated to unvested restricted stock | (122) | (40) | (234) | (98) |
Net income allocated to common shares | $ 11,656 | $ 5,200 | $ 22,400 | $ 12,431 |
Denominator for basic earnings per share—weighted-average shares outstanding | 26,380 | 19,434 | 26,363 | 19,418 |
Effect of dilutive securities—employee stock options | 97 | 35 | 100 | 33 |
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding | 26,477 | 19,469 | 26,463 | 19,451 |
Basic earnings per share | $ 0.44 | $ 0.27 | $ 0.85 | $ 0.64 |
Diluted earnings per share | $ 0.44 | $ 0.27 | $ 0.85 | $ 0.64 |
Average anti-dilutive options and awards excluded from computation of diluted earnings per share | 302 | 619 | 272 | 603 |
Investment Securities - Narrati
Investment Securities - Narrative (Detail) $ in Millions | Jun. 30, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits and for other purposes as required by law | $ 354 | $ 356.7 |
Pledging requirements for credit derivatives and SWAP agreements - securities | $ 1.3 | $ 1.4 |
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 - Held-to
Investment Securities - Held-to-Maturity and Available-for-Sale, Scheduled Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | $ 43,717 | $ 24,881 |
Securities Held-to-Maturity, Gross Unrealized Gains | 51 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | (31) | (12) |
Securities Held-to-Maturity, Fair Value | 43,737 | 24,871 |
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 430,248 | 451,311 |
Securities Available-for-Sale, Gross Unrealized Gain | 2,117 | 1,777 |
Securities Available-for-Sale, Gross Unrealized Loss | (6,775) | (9,451) |
Securities Available-for-Sale, Fair Value | 425,590 | 443,637 |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 11,498 | 15,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 1 | 20 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (4) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 11,495 | 15,020 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 15,679 | 17,265 |
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 | (27) | (19) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 15,652 | 17,246 |
Securities Available-for-Sale, Amortized Cost | 27,177 | 32,265 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 1 | 20 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (31) | (19) |
Securities Available-for-Sale, Debt Securities, Fair Value | 27,147 | 32,266 |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 1,560 | 964 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | 0 | (1) |
Securities Available-for-Sale, Fair Value, Within 1 year | 1,560 | 963 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 18,115 | 18,705 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 63 | 38 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (23) | (75) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 18,155 | 18,668 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 52,312 | 55,541 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 1,076 | 829 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (39) | (426) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 53,349 | 55,944 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 8,533 | 12,663 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 201 | 226 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (20) | (114) |
Securities Available-for-Sale, Fair Value, Over 10 years | 8,714 | 12,775 |
Securities Available-for-Sale, Amortized Cost | 80,520 | 87,873 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 1,340 | 1,093 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (82) | (616) |
Securities Available-for-Sale, Debt Securities, Fair Value | 81,778 | 88,350 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 5,214 | 6,086 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 14 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (15) | (66) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 5,213 | 6,020 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 51,520 | 23,479 |
Securities Available-for-Sale, Gross Unrealized Gains, After 5 years to 10 years | 6 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, After 5 years to 10 years | (774) | (622) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 50,752 | 22,857 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 129,141 | 174,388 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 108 | 99 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (2,253) | (4,794) |
Securities Available-for-Sale, Fair Value, Over 10 years | 126,996 | 169,693 |
Securities Available-for-Sale, Amortized Cost | 185,875 | 203,953 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 128 | 99 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (3,042) | (5,482) |
Securities Available-for-Sale, Debt Securities, Fair Value | 182,961 | 198,570 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Over 10 years | 4,123 | 4,659 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (62) | (105) |
Securities Available-for-Sale, Fair Value, Over 10 years | 4,061 | 4,554 |
Securities Available-for-Sale, Amortized Cost | 4,123 | 4,659 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (62) | (105) |
Securities Available-for-Sale, Debt Securities, Fair Value | 4,061 | 4,554 |
Corporate Bonds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost, Within 1 year | 9,027 | 250 |
Securities Available-for-Sale, Gross Unrealized Gains, Within 1 year | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses, Within 1 year | (14) | 0 |
Securities Available-for-Sale, Fair Value, Within 1 year | 9,013 | 250 |
Securities Available-for-Sale, Amortized Cost, After 1 year to 5 years | 32,402 | 35,923 |
Securities Available-for-Sale, Gross Unrealized Gains, After 1 year to 5 years | 79 | 34 |
Securities Available-for-Sale, Gross Unrealized Losses, After 1 year to 5 years | (94) | (241) |
Securities Available-for-Sale, Fair Value, After 1 year to 5 years | 32,387 | 35,716 |
Securities Available-for-Sale, Amortized Cost, After 5 years to 10 years | 15,182 | 15,193 |
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 | (223) | (516) |
Securities Available-for-Sale, Fair Value, After 5 years to 10 years | 14,959 | 14,677 |
Securities Available-for-Sale, Amortized Cost, Over 10 years | 60,000 | 60,000 |
Securities Available-for-Sale, Gross Unrealized Gains, Over 10 years | 0 | 27 |
Securities Available-for-Sale, Gross Unrealized Losses, Over 10 years | (3,226) | (2,472) |
Securities Available-for-Sale, Fair Value, Over 10 years | 56,774 | 57,555 |
Securities Available-for-Sale, Amortized Cost | 116,611 | 111,366 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 79 | 61 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | (3,557) | (3,229) |
Securities Available-for-Sale, Debt Securities, Fair Value | 113,133 | 108,198 |
Money Market Mutual Funds [Member] | ||
Available-for-sale Securities [Abstract] | ||
Securities Available-for-Sale, Amortized Cost | 15,532 | 10,784 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Gain | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Gross Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Debt Securities, Fair Value | 15,532 | 10,784 |
Equity Securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Equity Securities Available-for-Sale, Amortized Cost | 410 | 411 |
Equity Securities Available-for-Sale, Gross Unrealized Gains | 569 | 504 |
Equity Securities Available-for-Sale, Gross Unrealized Loss | (1) | 0 |
Equity Securities Available-for-Sale, Fair Value | 978 | 915 |
U.S. Government Corporations and Agencies [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 1 year to 5 years | 5,000 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 1 year to 5 years | 1 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, After 1 year to 5 years | 0 | 0 |
Securities Held-to-Maturity, Fair Value, After 1 year to 5 years | 5,001 | 0 |
Securities Held-to-Maturity, Amortized Cost | 5,000 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains | 1 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Fair Value | 5,001 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, After 5 years to 10 years | 9,849 | 0 |
Securities Held-to-Maturity, Gross Unrealized Gains, After 5 years to 10 years | 0 | 0 |
Securities Held-to-Maturity, Gross Unrecognized Losses, After 5 years to 10 years | (10) | 0 |
Securities Held-to-Maturity, Fair Value, After 5 years to 10 years | 9,839 | 0 |
Securities Held-to-Maturity, Amortized Cost, Over 10 years | 18,868 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gain, Over 10 years | 50 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses, Over 10 years | (19) | (3) |
Securities Held-to-Maturity, Fair Value, After 10 Years | 18,899 | 5,068 |
Securities Held-to-Maturity, Amortized Cost | 28,717 | 5,071 |
Securities Held-to-Maturity, Gross Unrealized Gains | 50 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (29) | (3) |
Securities Held-to-Maturity, Fair Value | 28,738 | 5,068 |
Corporate Bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost, Within 1 year | 10,000 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains, Within 1 year | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses, Within 1 year | (2) | (9) |
Securities Held-to-Maturity, Fair Value, Within 1 year | 9,998 | 19,803 |
Securities Held-to-Maturity, Amortized Cost | 10,000 | 19,810 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 2 |
Securities Held-to-Maturity, Gross Unrealized Losses | (2) | (9) |
Securities Held-to-Maturity, Fair Value | $ 9,998 | $ 19,803 |
Investment Securities - Informa
Investment Securities - Information Related to Sales of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Securities available-for-sale: | ||
Proceeds from sales | $ 3,032 | $ 73,991 |
Gross realized gains on sales | 36 | 539 |
Gross realized losses on sales | 0 | 82 |
Tax expense related to net realized gains on sales | $ 13 | $ 160 |
Investment Securities - Amount
Investment Securities - Amount of Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | $ 22,818 | $ 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) | (12) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 22,818 | 14,847 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (31) | (12) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 274,132 | 305,950 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,824) | (7,470) |
Twelve Months or Longer, Fair Value | 37,122 | 36,069 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,951) | (1,981) |
Total, Fair Value | 311,254 | 342,019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (6,775) | (9,451) |
U.S. Government Corporations and Agencies [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 22,146 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (31) | (19) |
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 | 22,146 | 11,850 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (31) | (19) |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 13,306 | 40,771 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (74) | (610) |
Twelve Months or Longer, Fair Value | 1,706 | 423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (8) | (6) |
Total, Fair Value | 15,012 | 41,194 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (82) | (616) |
Residential Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 12,820 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (29) | (3) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 12,820 | 5,068 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (29) | (3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 169,466 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,042) | (5,482) |
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 | 169,466 | 192,782 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,042) | (5,482) |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 1,763 | 2,012 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | (26) |
Twelve Months or Longer, Fair Value | 2,298 | 2,542 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (61) | (79) |
Total, Fair Value | 4,061 | 4,554 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (62) | (105) |
Corporate Bonds [Member] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 9,998 | 9,779 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (9) |
Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total, Fair Value | 9,998 | 9,779 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2) | (9) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 67,448 | 58,535 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,675) | (1,333) |
Twelve Months or Longer, Fair Value | 33,118 | 33,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,882) | (1,896) |
Total, Fair Value | 100,566 | 91,639 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,557) | $ (3,229) |
Equity Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than Twelve Months, Fair Value | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Total, Fair Value | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | $ 652,143,000 | $ 895,054,000 |
Carrying amount | 6,485,000 | 7,352,000 |
Nonaccrual Loans and Leases | 20,174,000 | 17,916,000 |
Other accruing impaired loans | 10,700,000 | 23,300,000 |
Specific reserves for other accruing impaired loans | 95,000 | 84,000 |
Impaired Financing Receivable, Recorded Investment | 36,692,000 | |
Impaired Financing Receivable, Related Allowance | $ 131,000 | 235,000 |
Maximum modification period on short-term basis | 1 year | |
Restructured loan past due period | 90 days | |
Software Lease [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual Loans and Leases | $ 5,000,000 | |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 0 | 0 |
Nonaccrual Loans and Leases | 5,661,000 | 536,000 |
Impaired Financing Receivable, Recorded Investment | 5,000,000 | $ 0 |
Impaired Financing Receivable, Related Allowance | 886,000 | |
Fox Chase Bank [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 510,800,000 | |
Carrying amount | 5,700,000 | |
Valley Green Bank [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income, Acquired | 141,300,000 | |
Carrying amount | $ 789,000 |
Loans and Leases - Summary of M
Loans and Leases - Summary of Major Loan and Lease Categories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | $ 2,858,027 | $ 2,390,832 | |
Total Loans and Leases Held for Investment, Acquired | 652,143 | 895,054 | |
Total Loans and Leases Held for Investment | 3,510,170 | 3,285,886 | $ 2,345,037 |
Unearned Lease Income, Originated | (15,224) | (15,970) | |
Unearned Lease Income, Acquired | 0 | 0 | |
Unearned lease income, included in the above table | (15,224) | (15,970) | |
Net deferred costs, Originated | 4,389 | 4,503 | |
Net deferred costs, Acquired | 0 | 0 | |
Net deferred costs, included in the above table | 4,389 | 4,503 | |
Overdraft Deposits, Originated | 68 | 84 | |
Overdraft Deposits, Acquired | 0 | 0 | |
Overdraft deposits included in the above table | 68 | 84 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 819,487 | 663,221 | |
Total Loans and Leases Held for Investment, Acquired | 85,680 | 160,045 | |
Total Loans and Leases Held for Investment | 905,167 | 823,266 | 579,460 |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 1,128,602 | 909,581 | |
Total Loans and Leases Held for Investment, Acquired | 375,122 | 465,368 | |
Total Loans and Leases Held for Investment | 1,503,724 | 1,374,949 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 162,323 | 142,891 | |
Total Loans and Leases Held for Investment, Acquired | 8,476 | 31,953 | |
Total Loans and Leases Held for Investment | 170,799 | 174,844 | |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 194,369 | 151,931 | |
Total Loans and Leases Held for Investment, Acquired | 99,734 | 142,137 | |
Total Loans and Leases Held for Investment | 294,103 | 294,068 | 230,222 |
Real Estate Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 235,782 | 210,377 | |
Total Loans and Leases Held for Investment, Acquired | 70,599 | 80,431 | |
Total Loans and Leases Held for Investment | 306,381 | 290,808 | |
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 | 159,868 | 147,982 | |
Total Loans and Leases Held for Investment, Acquired | 12,386 | 14,857 | |
Total Loans and Leases Held for Investment | 172,254 | 162,839 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 27,442 | 30,110 | |
Total Loans and Leases Held for Investment, Acquired | 146 | 263 | |
Total Loans and Leases Held for Investment | 27,588 | 30,373 | 31,186 |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans and Leases Held for Investment, Originated | 130,154 | 134,739 | |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 | |
Total Loans and Leases Held for Investment | $ 130,154 | $ 134,739 | $ 128,796 |
Loans and Leases - Acquired Cre
Loans and Leases - Acquired Credit Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Outstanding principal balance | $ 7,811 | $ 8,993 | |
Carrying amount | 6,485 | 7,352 | |
Allowance for loan losses | 0 | $ 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Beginning of period | 50 | $ 144 | |
Reclassification from nonaccretable discount | 279 | 133 | |
Accretable discount amortized to interest income | (297) | (184) | |
Disposals | (4) | (34) | |
End of period | $ 28 | $ 59 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 21,675 | $ 23,165 | |
Current | 3,482,010 | 3,255,369 | |
Acquired Credit Impaired | 6,485 | 7,352 | |
Loans and leases held for investment | 3,510,170 | 3,285,886 | $ 2,345,037 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 572 | 987 | |
Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 6,485 | 7,352 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 7,415 | 10,625 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,247 | 4,804 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 12,013 | 7,736 | |
Commercial, Financial and Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,380 | 3,127 | |
Current | 901,285 | 819,550 | |
Loans and leases held for investment | 905,167 | 823,266 | 579,460 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Commercial, Financial and Agricultural [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 502 | 589 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 987 | 1,536 | |
Commercial, Financial and Agricultural [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 652 | 256 | |
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 | 1,741 | 1,335 | |
Real Estate-Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 4,845 | 5,633 | |
Current | 1,493,694 | 1,363,606 | |
Loans and leases held for investment | 1,503,724 | 1,374,949 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Commercial [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 5,185 | 5,710 | |
Real Estate-Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,332 | 1,482 | |
Real Estate-Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 557 | 1,560 | |
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 | 1,956 | 2,591 | |
Real Estate-Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 365 | 202 | |
Current | 170,434 | 174,642 | |
Loans and leases held for investment | 170,799 | 174,844 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Construction [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 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 | 202 | |
Real Estate-Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 0 | 0 | |
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 | 365 | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 3,258 | 3,357 | |
Current | 290,262 | 289,927 | |
Loans and leases held for investment | 294,103 | 294,068 | 230,222 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 | |
Real Estate-Residential Secured for Business Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 583 | 784 | |
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 | 1,378 | 1,390 | |
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 | 245 | 428 | |
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 | 1,635 | 1,539 | |
Real Estate Residential Secured For Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 2,256 | 5,027 | |
Current | 303,910 | 285,512 | |
Loans and leases held for investment | 306,381 | 290,808 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 271 | 481 | |
Real Estate Residential Secured For Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 215 | 269 | |
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 | 1,661 | 3,243 | |
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 | 310 | 905 | |
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 | 285 | 879 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 512 | 1,380 | |
Current | 171,742 | 161,459 | |
Loans and leases held for investment | 172,254 | 162,839 | |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 35 | 171 | |
Real Estate-Home Equity Secured for Personal Purpose [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 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 | 308 | 717 | |
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 | 100 | 142 | |
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 | 104 | 521 | |
Loans to Individuals [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 451 | 561 | |
Current | 27,137 | 29,812 | |
Loans and leases held for investment | 27,588 | 30,373 | 31,186 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 130 | 142 | |
Loans to Individuals [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Loans to Individuals [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 215 | 324 | |
Loans to Individuals [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 106 | 95 | |
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 | 130 | 142 | |
Lease Financings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 6,608 | 3,878 | |
Current | 123,546 | 130,861 | |
Loans and leases held for investment | 130,154 | 134,739 | $ 128,796 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 136 | 193 | |
Lease Financings [Member] | Valley Green Bank and Fox Chase Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired Credit Impaired | 0 | 0 | |
Lease Financings [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 534 | 1,731 | |
Lease Financings [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | 277 | 1,418 | |
Lease Financings [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Past Due | $ 5,797 | $ 729 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | $ 20,174 | $ 17,916 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 11,470 | 3,252 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 572 | 987 |
Total Non-Performing Loans and Leases | 32,216 | 22,155 |
Nonaccrual Troubled Debt Restructured Loans And Lease Modifications | 1,800 | 1,800 |
Commercial, Financial and Agricultural [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 5,002 | 5,746 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 942 | 967 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 5,944 | 6,713 |
Real Estate-Commercial [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 4,681 | 5,651 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 10,257 | 1,519 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 14,938 | 7,170 |
Real Estate-Construction [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 365 | 0 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 365 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 3,540 | 4,898 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 229 | 766 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 0 | 0 |
Total Non-Performing Loans and Leases | 3,769 | 5,664 |
Real Estate-Residential Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 662 | 560 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 42 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 271 | 481 |
Total Non-Performing Loans and Leases | 975 | 1,041 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 263 | 525 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 35 | 171 |
Total Non-Performing Loans and Leases | 298 | 696 |
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 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 130 | 142 |
Total Non-Performing Loans and Leases | 130 | 142 |
Lease Financings [Member] | ||
Non-Performing Loans and Leases [Line Items] | ||
Nonaccrual Loans and Leases | 5,661 | 536 |
Accruing Troubled Debt Restructured Loans And Lease Modifications | 0 | 0 |
Recorded Investment 90 Days or more Past Due and Accruing Interest | 136 | 193 |
Total Non-Performing Loans and Leases | $ 5,797 | $ 729 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | $ 2,858,027 | $ 2,390,832 |
Total Loans and Leases Held for Investment, Acquired | 652,143 | 895,054 |
Grade: 1. Cash secured/ 2. Fully secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 20,645 | 14,148 |
Total Loans and Leases Held for Investment, Acquired | 1,110 | 583 |
Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 15,305 | 17,025 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 65,497 | 74,757 |
Total Loans and Leases Held for Investment, Acquired | 815 | 5,417 |
Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,708,748 | 1,386,253 |
Total Loans and Leases Held for Investment, Acquired | 378,171 | 533,598 |
Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 410,159 | 272,383 |
Total Loans and Leases Held for Investment, Acquired | 162,822 | 221,113 |
Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 18,898 | 32,772 |
Total Loans and Leases Held for Investment, Acquired | 4,073 | 14,023 |
Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 65,529 | 70,286 |
Total Loans and Leases Held for Investment, Acquired | 22,021 | 24,769 |
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 | 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 | 0 |
Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 2,304,781 | 1,867,624 |
Total Loans and Leases Held for Investment, Acquired | 569,012 | 799,503 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 546,569 | 521,472 |
Total Loans and Leases Held for Investment, Acquired | 82,608 | 94,679 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 6,677 | 1,736 |
Total Loans and Leases Held for Investment, Acquired | 523 | 872 |
Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 553,246 | 523,208 |
Total Loans and Leases Held for Investment, Acquired | 83,131 | 95,551 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 819,487 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 85,680 | 160,045 |
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 | 1,755 | 272 |
Total Loans and Leases Held for Investment, Acquired | 1,110 | 583 |
Commercial, Financial and Agricultural [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 13,329 | 14,980 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 26,506 | 35,529 |
Total Loans and Leases Held for Investment, Acquired | 139 | 4,399 |
Commercial, Financial and Agricultural [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 586,849 | 465,675 |
Total Loans and Leases Held for Investment, Acquired | 71,674 | 113,512 |
Commercial, Financial and Agricultural [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 160,548 | 113,499 |
Total Loans and Leases Held for Investment, Acquired | 6,770 | 31,697 |
Commercial, Financial and Agricultural [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 3,949 | 8,820 |
Total Loans and Leases Held for Investment, Acquired | 0 | 73 |
Commercial, Financial and Agricultural [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 26,551 | 24,446 |
Total Loans and Leases Held for Investment, Acquired | 5,987 | 9,781 |
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 | 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 | 0 |
Commercial, Financial and Agricultural [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 819,487 | 663,221 |
Total Loans and Leases Held for Investment, Acquired | 85,680 | 160,045 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,128,602 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 375,122 | 465,368 |
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 | 0 |
Real Estate-Commercial [Member] | Grade: 3. Strong [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,976 | 2,045 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Commercial [Member] | Grade: 4. Satisfactory [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 38,637 | 38,861 |
Total Loans and Leases Held for Investment, Acquired | 676 | 1,018 |
Real Estate-Commercial [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 862,417 | 676,212 |
Total Loans and Leases Held for Investment, Acquired | 226,616 | 282,199 |
Real Estate-Commercial [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 180,794 | 128,646 |
Total Loans and Leases Held for Investment, Acquired | 132,194 | 163,623 |
Real Estate-Commercial [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 11,860 | 22,439 |
Total Loans and Leases Held for Investment, Acquired | 2,153 | 7,705 |
Real Estate-Commercial [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 32,918 | 41,378 |
Total Loans and Leases Held for Investment, Acquired | 13,483 | 10,823 |
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 | 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 | 0 |
Real Estate-Commercial [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 1,128,602 | 909,581 |
Total Loans and Leases Held for Investment, Acquired | 375,122 | 465,368 |
Real Estate-Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 162,323 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 8,476 | 31,953 |
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 | 18,890 | 13,714 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [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 | 0 |
Real Estate-Construction [Member] | Grade: 4. Satisfactory [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 | 0 |
Real Estate-Construction [Member] | Grade: 5. Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 89,804 | 110,650 |
Total Loans and Leases Held for Investment, Acquired | 689 | 20,565 |
Real Estate-Construction [Member] | Grade: 6. Pre-watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 52,380 | 18,213 |
Total Loans and Leases Held for Investment, Acquired | 7,787 | 11,388 |
Real Estate-Construction [Member] | Grade: 7. Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 884 | 314 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Real Estate-Construction [Member] | Grade: 8. Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 365 | 0 |
Total Loans and Leases Held for Investment, Acquired | 0 | 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 | 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 | 0 |
Real Estate-Construction [Member] | Internally Assigned Grades [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 162,323 | 142,891 |
Total Loans and Leases Held for Investment, Acquired | 8,476 | 31,953 |
Real Estate-Residential Secured for Business Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 194,369 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 99,734 | 142,137 |
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 | 162 |
Total Loans and Leases Held for Investment, Acquired | 0 | 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 | 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 | 354 | 367 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
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 | 169,678 | 133,716 |
Total Loans and Leases Held for Investment, Acquired | 79,192 | 117,322 |
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 | 16,437 | 12,025 |
Total Loans and Leases Held for Investment, Acquired | 16,071 | 14,405 |
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 | 2,205 | 1,199 |
Total Loans and Leases Held for Investment, Acquired | 1,920 | 6,245 |
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 | 5,695 | 4,462 |
Total Loans and Leases Held for Investment, Acquired | 2,551 | 4,165 |
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 | 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 | 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 | 194,369 | 151,931 |
Total Loans and Leases Held for Investment, Acquired | 99,734 | 142,137 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 235,782 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 70,599 | 80,431 |
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 | 235,330 | 210,208 |
Total Loans and Leases Held for Investment, Acquired | 70,076 | 79,559 |
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 | 452 | 169 |
Total Loans and Leases Held for Investment, Acquired | 523 | 872 |
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 | 235,782 | 210,377 |
Total Loans and Leases Held for Investment, Acquired | 70,599 | 80,431 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 159,868 | 147,982 |
Total Loans and Leases Held for Investment, Acquired | 12,386 | 14,857 |
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 | 159,570 | 147,286 |
Total Loans and Leases Held for Investment, Acquired | 12,386 | 14,857 |
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 | 298 | 696 |
Total Loans and Leases Held for Investment, Acquired | 0 | 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 | 159,868 | 147,982 |
Total Loans and Leases Held for Investment, Acquired | 12,386 | 14,857 |
Loans to Individuals [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,442 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 146 | 263 |
Loans to Individuals [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,312 | 29,968 |
Total Loans and Leases Held for Investment, Acquired | 146 | 263 |
Loans to Individuals [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 130 | 142 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Loans to Individuals [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 27,442 | 30,110 |
Total Loans and Leases Held for Investment, Acquired | 146 | 263 |
Lease Financings [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 130,154 | 134,739 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 124,357 | 134,010 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 5,797 | 729 |
Total Loans and Leases Held for Investment, Acquired | 0 | 0 |
Lease Financings [Member] | Performing and Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans and Leases Held for Investment, Originated | 130,154 | 134,739 |
Total Loans and Leases Held for Investment, Acquired | $ 0 | $ 0 |
Loans and Leases - Reserve for
Loans and Leases - Reserve for Loan and Lease Losses Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 19,528 | $ 16,452 | $ 17,499 | $ 17,628 |
Charge-offs | (1,718) | (830) | (2,415) | (2,902) |
Recoveries | 334 | 701 | 615 | 1,271 |
Provision (recovery of provision) | 2,767 | 653 | 5,209 | 980 |
Provision for acquired credit impaired loans | (1) | 177 | 2 | 176 |
Ending balance | 20,910 | 17,153 | 20,910 | 17,153 |
Commercial, Financial and Agricultural [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 7,890 | 5,630 | 7,037 | 6,418 |
Charge-offs | (108) | (346) | (286) | (1,827) |
Recoveries | 210 | 515 | 397 | 965 |
Provision (recovery of provision) | 321 | (11) | 1,165 | 232 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 8,313 | 5,788 | 8,313 | 5,788 |
Real Estate-Commercial and Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 7,624 | 6,471 | 7,505 | 6,572 |
Charge-offs | (30) | (179) | (30) | (205) |
Recoveries | 0 | 9 | 3 | 16 |
Provision (recovery of provision) | 874 | 1,070 | 990 | 988 |
Provision for acquired credit impaired loans | 0 | 178 | 0 | 178 |
Ending balance | 8,468 | 7,549 | 8,468 | 7,549 |
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,345 | 747 | 774 | 763 |
Charge-offs | (1,139) | (27) | (1,181) | (265) |
Recoveries | 8 | 34 | 18 | 53 |
Provision (recovery of provision) | 915 | (698) | 1,518 | (495) |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 1,129 | 56 | 1,129 | 56 |
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,001 | 1,312 | 993 | 1,575 |
Charge-offs | 0 | (10) | (94) | (56) |
Recoveries | 4 | 34 | 21 | 51 |
Provision (recovery of provision) | (30) | (34) | 52 | (267) |
Provision for acquired credit impaired loans | (1) | (1) | 2 | (2) |
Ending balance | 974 | 1,301 | 974 | 1,301 |
Loans to Individuals [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 335 | 356 | 364 | 346 |
Charge-offs | (114) | (108) | (240) | (184) |
Recoveries | 46 | 30 | 81 | 63 |
Provision (recovery of provision) | 62 | 133 | 124 | 186 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 329 | 411 | 329 | 411 |
Lease Financings [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,329 | 922 | 788 | 1,042 |
Charge-offs | (327) | (160) | (584) | (365) |
Recoveries | 66 | 79 | 95 | 123 |
Provision (recovery of provision) | 592 | 280 | 1,361 | 321 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | 1,660 | 1,121 | 1,660 | 1,121 |
Unallocated Financing Receivables [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 4 | 1,014 | 38 | 912 |
Provision (recovery of provision) | 33 | (87) | (1) | 15 |
Provision for acquired credit impaired loans | 0 | 0 | 0 | 0 |
Ending balance | $ 37 | $ 927 | $ 37 | $ 927 |
Loans and Leases - Reserve fo49
Loans and Leases - Reserve for Loan and Lease Losses and Recorded Investment in Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | $ 1,017 | $ 410 | ||||
Ending balance: collectively evaluated for impairment | 19,893 | 16,743 | ||||
Total ending balance | 20,910 | $ 19,528 | $ 17,499 | 17,153 | $ 16,452 | $ 17,628 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 41,713 | 44,034 | ||||
Ending balance: collectively evaluated for impairment | 2,814,256 | 2,044,187 | ||||
Loans measured at fair value | 2,058 | |||||
Acquired non-credit impaired loans | 645,658 | 255,874 | ||||
Acquired credit impaired loans | 6,485 | 942 | ||||
Total Loans and Leases Held for Investment | 3,510,170 | 3,285,886 | 2,345,037 | |||
Commercial, Financial and Agricultural [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 10 | 390 | ||||
Ending balance: collectively evaluated for impairment | 8,303 | 5,398 | ||||
Total ending balance | 8,313 | 7,890 | 7,037 | 5,788 | 5,630 | 6,418 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 9,794 | 12,472 | ||||
Ending balance: collectively evaluated for impairment | 809,693 | 546,892 | ||||
Loans measured at fair value | 0 | |||||
Acquired non-credit impaired loans | 85,178 | 20,096 | ||||
Acquired credit impaired loans | 502 | 0 | ||||
Total Loans and Leases Held for Investment | 905,167 | 823,266 | 579,460 | |||
Real Estate-Commercial and Construction [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 59 | 4 | ||||
Ending balance: collectively evaluated for impairment | 8,409 | 7,545 | ||||
Total ending balance | 8,468 | 7,624 | 7,505 | 7,549 | 6,471 | 6,572 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 20,735 | 26,761 | ||||
Ending balance: collectively evaluated for impairment | 1,268,132 | 885,131 | ||||
Loans measured at fair value | 2,058 | |||||
Acquired non-credit impaired loans | 378,413 | 114,965 | ||||
Acquired credit impaired loans | 5,185 | 180 | ||||
Total Loans and Leases Held for Investment | 1,674,523 | 1,027,037 | ||||
Real Estate-Residential Secured for Business Purpose [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 37 | 16 | ||||
Ending balance: collectively evaluated for impairment | 1,092 | 40 | ||||
Total ending balance | 1,129 | 1,345 | 774 | 56 | 747 | 763 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 5,196 | 3,772 | ||||
Ending balance: collectively evaluated for impairment | 189,173 | 118,601 | ||||
Loans measured at fair value | 0 | |||||
Acquired non-credit impaired loans | 99,151 | 107,087 | ||||
Acquired credit impaired loans | 583 | 762 | ||||
Total Loans and Leases Held for Investment | 294,103 | 294,068 | 230,222 | |||
Real Estate-Residential and Home Equity Secured for Personal Purpose [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 25 | 0 | ||||
Ending balance: collectively evaluated for impairment | 949 | 1,301 | ||||
Total ending balance | 974 | 1,001 | 993 | 1,301 | 1,312 | 1,575 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 967 | 1,029 | ||||
Ending balance: collectively evaluated for impairment | 394,683 | 333,887 | ||||
Loans measured at fair value | 0 | |||||
Acquired non-credit impaired loans | 82,770 | 13,420 | ||||
Acquired credit impaired loans | 215 | 0 | ||||
Total Loans and Leases Held for Investment | 478,635 | 348,336 | ||||
Loans to Individuals [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||||
Ending balance: collectively evaluated for impairment | 329 | 411 | ||||
Total ending balance | 329 | 335 | 364 | 411 | 356 | 346 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | ||||
Ending balance: collectively evaluated for impairment | 27,442 | 30,880 | ||||
Loans measured at fair value | 0 | |||||
Acquired non-credit impaired loans | 146 | 306 | ||||
Acquired credit impaired loans | 0 | 0 | ||||
Total Loans and Leases Held for Investment | 27,588 | 30,373 | 31,186 | |||
Lease Financings [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: individually evaluated for impairment | 886 | 0 | ||||
Ending balance: collectively evaluated for impairment | 774 | 1,121 | ||||
Total ending balance | 1,660 | 1,329 | 788 | 1,121 | 922 | 1,042 |
Loans and leases held for investment: | ||||||
Ending balance: individually evaluated for impairment | 5,021 | 0 | ||||
Ending balance: collectively evaluated for impairment | 125,133 | 128,796 | ||||
Loans measured at fair value | 0 | |||||
Acquired non-credit impaired loans | 0 | 0 | ||||
Acquired credit impaired loans | 0 | 0 | ||||
Total Loans and Leases Held for Investment | 130,154 | 134,739 | 128,796 | |||
Unallocated Financing Receivables [Member] | ||||||
Reserve for loan and lease losses: | ||||||
Ending balance: collectively evaluated for impairment | 37 | 927 | ||||
Total ending balance | $ 37 | $ 4 | $ 38 | $ 927 | $ 1,014 | $ 912 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | $ 34,754 | $ 42,169 |
Impaired loans with an allowance recorded, Recorded Investment | 1,938 | 1,746 |
Impaired loans with no related allowance, Unpaid Principal Balance | 38,022 | 45,278 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 1,940 | 1,868 |
Total impaired loans, Recorded Investment | 36,692 | |
Total impaired loans, Unpaid Principal Balance | 39,962 | 47,146 |
Impaired Financing Receivable, Related Allowance | 131 | 235 |
Commercial, Financial and Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 9,629 | 10,911 |
Impaired loans with an allowance recorded, Recorded Investment | 165 | 166 |
Impaired loans with no related allowance, Unpaid Principal Balance | 10,947 | 12,561 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 166 | 166 |
Total impaired loans, Recorded Investment | 9,794 | 11,077 |
Total impaired loans, Unpaid Principal Balance | 11,113 | 12,727 |
Impaired Financing Receivable, Related Allowance | 10 | 19 |
Real Estate-Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 19,164 | 24,469 |
Impaired loans with an allowance recorded, Recorded Investment | 1,206 | 597 |
Impaired loans with no related allowance, Unpaid Principal Balance | 20,029 | 25,342 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 1,206 | 597 |
Total impaired loans, Recorded Investment | 20,370 | 25,066 |
Total impaired loans, Unpaid Principal Balance | 21,235 | 25,939 |
Impaired Financing Receivable, Related Allowance | 59 | 25 |
Real Estate-Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 365 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 365 | 0 |
Total impaired loans, Recorded Investment | 365 | 0 |
Total impaired loans, Unpaid Principal Balance | 365 | 0 |
Impaired Financing Receivable, 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 | 4,655 | 5,704 |
Impaired loans with an allowance recorded, Recorded Investment | 541 | 983 |
Impaired loans with no related allowance, Unpaid Principal Balance | 5,673 | 6,253 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 542 | 1,105 |
Total impaired loans, Recorded Investment | 5,196 | 6,687 |
Total impaired loans, Unpaid Principal Balance | 6,215 | 7,358 |
Impaired Financing Receivable, Related Allowance | 37 | 191 |
Real Estate Residential Secured For Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 703 | 560 |
Impaired loans with an allowance recorded, Recorded Investment | 26 | 0 |
Impaired loans with no related allowance, Unpaid Principal Balance | 764 | 594 |
Impaired loans with an allowance recorded, Unpaid Principal Balance | 26 | 0 |
Total impaired loans, Recorded Investment | 729 | 560 |
Total impaired loans, Unpaid Principal Balance | 790 | 594 |
Impaired Financing Receivable, Related Allowance | 25 | 0 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance, Recorded Investment | 238 | 525 |
Impaired loans with no related allowance, Unpaid Principal Balance | 244 | 528 |
Total impaired loans, Recorded Investment | 238 | 525 |
Total impaired loans, Unpaid Principal Balance | 244 | 528 |
Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 |
Loans and Leases - Average Reco
Loans and Leases - Average Recorded Investment in Impaired Loans and Leases and Analysis of Interest on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 37,758 | $ 45,641 | $ 39,495 | $ 46,755 |
Interest Income Recognized | 270 | 364 | 565 | 766 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 258 | 210 | 473 | 428 |
Interest income, cash basis for nonaccrual loans | 3 | 0 | 4 | 7 |
Interest income, accrual method | 268 | 364 | 561 | 759 |
Commercial, Financial and Agricultural [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 11,470 | 13,387 | 11,506 | 13,421 |
Interest Income Recognized | 64 | 74 | 110 | 142 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 86 | 78 | 171 | 173 |
Real Estate-Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 20,777 | 27,691 | 22,464 | 28,389 |
Interest Income Recognized | 184 | 281 | 417 | 586 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 81 | 58 | 154 | 128 |
Real Estate-Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 274 | 0 | 156 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 10 | 0 | 10 | 0 |
Real Estate-Residential Secured for Business Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,184 | 3,740 | 4,302 | 4,120 |
Interest Income Recognized | 21 | 9 | 37 | 36 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 61 | 60 | 105 | 107 |
Real Estate Residential Secured For Personal Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 699 | 392 | 636 | 496 |
Interest Income Recognized | 1 | 0 | 1 | 2 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | 15 | 5 | 23 | 9 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 354 | 431 | 431 | 329 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Additional Interest Income That Would Have Been Recognized Under Original Terms | $ 5 | $ 9 | $ 10 | $ 11 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructured Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 3 | 1 | 3 | 2 |
Pre- Restructuring Outstanding Recorded Investment | $ 9,206 | $ 415 | $ 9,206 | $ 1,960 |
Post- Restructuring Outstanding Recorded Investment | 9,206 | 415 | 9,206 | 1,960 |
Related Reserve | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 328 | $ 0 | $ 328 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 328 | 0 | 328 | 0 |
Related Reserve | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 1,545 | ||
Post- Restructuring Outstanding Recorded Investment | 0 | 1,545 | ||
Related Reserve | $ 0 | $ 0 | ||
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 3 | 0 | 3 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 9,206 | $ 0 | $ 9,206 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 9,206 | 0 | 9,206 | 0 |
Related Reserve | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 1 | 0 |
Pre- Restructuring Outstanding Recorded Investment | $ 328 | $ 0 | $ 328 | $ 0 |
Post- Restructuring Outstanding Recorded Investment | 328 | 0 | 328 | 0 |
Related Reserve | $ 0 | $ 0 | $ 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 | 0 | 1 | 0 | 1 |
Pre- Restructuring Outstanding Recorded Investment | $ 0 | $ 415 | $ 0 | $ 415 |
Post- Restructuring Outstanding Recorded Investment | 0 | 415 | 0 | 415 |
Related Reserve | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Leases - Concessions
Loans and Leases - Concessions Granted on Accruing and Nonaccrual Loans Restructured (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 3 | 1 | 3 | 2 |
Amount | $ | $ 9,206 | $ 415 | $ 9,206 | $ 1,960 |
Accrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 1 | 0 | 1 |
Amount | $ | $ 0 | $ 415 | $ 0 | $ 415 |
Accrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | 0 | 0 |
Amount | $ | $ 0 | $ 0 | $ 0 | $ 0 |
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 | 3 | 1 |
Amount | $ | $ 9,206 | $ 0 | $ 9,206 | $ 1,545 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 1 | 0 | 1 | 0 |
Amount | $ | $ 328 | $ 0 | $ 328 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | 0 | 0 |
Amount | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 1 | 0 | 1 | 0 |
Amount | $ | $ 328 | $ 0 | $ 328 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | 0 | 0 |
Amount | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 3 | 0 | 3 | 0 |
Amount | $ | $ 9,206 | $ 9,206 | ||
Real Estate-Commercial [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [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] | Extended Maturity [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 | 3 | 3 | ||
Amount | $ | $ 9,206 | $ 9,206 | ||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 1 | 0 | 1 | 0 |
Amount | $ | $ 328 | $ 328 | ||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | ||
Amount | $ | $ 0 | $ 0 | ||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 1 | 1 | ||
Amount | $ | $ 328 | $ 328 | ||
Real Estate-Commercial [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Amortization Period Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | ||
Amount | $ | $ 0 | $ 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 | 0 | 1 | 0 | 1 |
Amount | $ | $ 415 | $ 415 | ||
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 1 | 1 | ||
Amount | $ | $ 415 | $ 415 | ||
Real Estate-Residential Secured for Business Purpose [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | 0 | ||
Amount | $ | $ 0 | $ 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 | 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 | 0 | 1 | ||
Amount | $ | $ 1,545 | |||
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | |||
Amount | $ | $ 0 | |||
Commercial, Financial and Agricultural [Member] | Accrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | |||
Amount | $ | $ 0 | |||
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 | 1 | |||
Amount | $ | $ 1,545 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | |||
Amount | $ | $ 0 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Interest Only Terms Extension [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | |||
Amount | $ | $ 0 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual Troubled Debt Restructuring Loans [Member] | Extended Maturity [Member] | ||||
Concessions granted on accruing and non-accrual loans restructured | ||||
No. of Loans | loan | 0 | |||
Amount | $ | $ 0 | |||
Real Estate Residential Secured For Personal Purpose [Member] | Nonaccrual 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 |
Loans and Leases - Accruing and
Loans and Leases - Accruing and Nonaccruing Troubled Debt Restructured Loans with Payment Defaults (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | |
Accrual Troubled Debt Restructuring Loans [Member] | ||||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||||
Number of Loans | loan | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | ||||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||||
Number of Loans | loan | 0 | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 50 |
Nonaccrual Troubled Debt Restructuring Loans [Member] | Commercial, Financial and Agricultural [Member] | ||||
Accruing and nonaccrual troubled debt restructured loans with payment default | ||||
Number of Loans | loan | 0 | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 50 |
Loans and Leases - Mortgages in
Loans and Leases - Mortgages in Process of Foreclosure (Details) - Residential Real Estate [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 180 |
Real Estate-Home Equity Secured for Personal Purpose [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 180 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Range of discount rates used for valuation of mortgage servicing rights | 10.00% | 10.00% |
Mortgage Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 9,600 | $ 9,500 |
SBA Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Aggregate fair value of servicing rights | $ 17 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 172,559 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 172,559 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 138,476 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 138,476 |
Wealth Management [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 15,434 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 15,434 |
Insurance [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 18,649 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | $ 18,649 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 34,978 | $ 34,248 |
Accumulated Amortization and Fair Value Adjustments | 19,743 | 17,597 |
Net Carrying Amount | 15,235 | 16,651 |
Covenants Not To Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 710 | 710 |
Accumulated Amortization and Fair Value Adjustments | 409 | 205 |
Net Carrying Amount | 301 | 505 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,788 | 6,788 |
Accumulated Amortization and Fair Value Adjustments | 1,593 | 1,004 |
Net Carrying Amount | 5,195 | 5,784 |
Customer Related Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,381 | 12,381 |
Accumulated Amortization and Fair Value Adjustments | 9,190 | 8,504 |
Net Carrying Amount | 3,191 | 3,877 |
Servicing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15,099 | 14,369 |
Accumulated Amortization and Fair Value Adjustments | 8,551 | 7,884 |
Net Carrying Amount | $ 6,548 | $ 6,485 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets - Estimated Amortization Expense for Covenants Not To Compete and Core Deposit and Customer Related Intangibles (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 1,350 |
2,018 | 2,114 |
2,019 | 1,565 |
2,020 | 1,200 |
2,021 | 924 |
Thereafter | $ 1,534 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Changes in Servicing Rights (Details) - Servicing Rights [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
Beginning of period | $ 6,502 | $ 5,839 | $ 6,485 | $ 5,877 |
Servicing rights capitalized | 387 | 466 | 730 | 777 |
Amortization of servicing rights | (341) | (409) | (667) | (758) |
Changes in valuation allowance | 0 | 0 | 0 | 0 |
End of period | 6,548 | 5,896 | 6,548 | 5,896 |
Residential mortgage and SBA loans serviced for others | $ 984,846 | $ 889,639 | $ 984,846 | $ 889,639 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Estimated Amortization Expense of Servicing Rights (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | $ 1,350 |
2,018 | 2,114 |
2,019 | 1,565 |
2,020 | 1,200 |
2,021 | 924 |
Thereafter | 1,534 |
Servicing Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Remainder of 2017 | 955 |
2,018 | 833 |
2,019 | 722 |
2,020 | 624 |
2,021 | 538 |
Thereafter | $ 2,876 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,300,000,000 | |
Outstanding short term letters of credit | 104,900,000 | $ 148,500,000 |
Amount of maintained federal fund lines of credit with correspondent banks | 367,000,000 | 302,000,000 |
Investment securities collateral for Federal Reserve Bank line of credit | 55,500,000 | 55,700,000 |
Outstanding amount of federal fund line of credit with Federal Reserve Bank of Philadelphia | 0 | $ 0 |
Amount of maintained line of credit with correspondent bank - parent company | 10,000,000 | |
Outstanding amount of line of credit with correspondent bank - parent company | 0 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with call option | 50,500,000 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with fixed interest rate | 5,200,000 | |
Securities Sold under Agreements to Repurchase [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt with variable interest rate | $ 25,800,000 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings By Type (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 231,726 | $ 196,171 |
Balance at End of Period | 216,610 | 127,522 |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 185,577 | $ 96,248 |
Weighted Average Interest Rate | 1.45% | 0.94% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 31,033 | $ 31,274 |
Weighted Average Interest Rate | 1.26% | 0.91% |
Subordinated Debt [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 94,209 | $ 94,087 |
Weighted Average Interest Rate | 5.35% | 5.36% |
Federal Home Loan Bank Advances [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 124,500 | $ 91,300 |
Weighted Average Interest Rate | 1.24% | 0.74% |
Federal Funds Purchased [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 85,000 | $ 80,000 |
Weighted Average Interest Rate | 1.31% | 0.81% |
Securities Sold under Agreements to Repurchase [Member] | ||
Schedule of Borrowings [Line Items] | ||
Balance at End of Period | $ 22,226 | $ 24,871 |
Weighted Average Interest Rate | 0.05% | 0.05% |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Long-term FHLB Advances (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |
Remainder of 2017 | $ 60,509 |
2,018 | 10,068 |
2,019 | 10,000 |
2,020 | 40,000 |
2,021 | 55,000 |
Thereafter | 10,000 |
Total Advances | $ 185,577 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |
Remainder of 2017 Weighted average interest rate | 0.86% |
2018 Weighted average interest rate | 0.69% |
2019 Weighted average interest rate | 1.35% |
2020 Weighted average interest rate | 1.70% |
2021 Weighted average interest rate | 1.94% |
Thereafter Weighted average interest rate | 2.09% |
Weighted average interest rate | 1.45% |
Borrowings - Schedule of Matu65
Borrowings - Schedule of Maturities of Other Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Balance at End of Period | $ 216,610 | $ 127,522 |
Securities Sold under Agreements to Repurchase [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 | 0 | |
2,018 | 10,298 | |
2,019 | 10,342 | |
2,020 | 10,393 | |
2,021 | 0 | |
Thereafter | 0 | |
Balance at End of Period | $ 31,033 | $ 31,274 |
Long-term Debt, Other Disclosures [Abstract] | ||
Remainder of 2017 Weighted average interest rate | 0.00% | |
2018 Weighted average interest rate | 0.97% | |
2019 Weighted average interest rate | 1.40% | |
2020 Weighted average interest rate | 1.41% | |
2021 Weighted average interest rate | 0.00% | |
Thereafter Weighted average interest rate | 0.00% | |
Weighted average interest rate | 1.26% | 0.91% |
Retirement Plans and Other Po66
Retirement Plans and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands | Jul. 24, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee hire date no longer eligible for noncontributory retirement plan | Dec. 8, 2009 | ||
Other Post Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions for next fiscal year | $ 121 | ||
Defined benefit plan, contributions by employer | $ 58 | ||
Defined benefit plan, benefits paid | 58 | ||
Nonqualified Plan [Member] | Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions for next fiscal year | $ 160 | ||
Defined benefit plan, contributions by employer | 80 | ||
Defined benefit plan, benefits paid | $ 1,300 | ||
Subsequent Event [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, contributions by employer | $ 2,000 |
Retirement Plans and Other Po67
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 124 | $ 170 | $ 275 | $ 341 |
Interest cost | 487 | 519 | 952 | 1,037 |
Expected return on plan assets | (748) | (753) | (1,501) | (1,507) |
Amortization of net actuarial loss | 289 | 322 | 577 | 645 |
Accretion of prior service cost | (71) | (70) | (141) | (141) |
Net periodic benefit cost | 81 | 188 | 162 | 375 |
Other Post Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 12 | 11 | 24 | 23 |
Interest cost | 30 | 33 | 59 | 66 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 10 | 7 | 21 | 13 |
Accretion of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 52 | $ 51 | $ 104 | $ 102 |
Stock-Based Incentive Plan - A
Stock-Based Incentive Plan - Additional Information (Detail) - shares | Jul. 01, 2016 | Jan. 01, 2015 | Jun. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards authorized for issuance | 3,355,786 | ||
Fox Chase 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 | 857,191 | ||
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 - S
Stock-Based Incentive Plan - Status of Options Granted Under Long-Term Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Shares Under Option | |
Shares Under Option, Outstanding, Beginning balance | shares | 504,908 |
Shares Under Option, Granted | shares | 191,297 |
Shares Under Option, Expired | shares | (73,000) |
Shares Under Option, Forfeited | shares | (6,500) |
Shares Under Option, Exercised | shares | (73,870) |
Share Under Option, Outstanding, Ending balance | shares | 542,835 |
Shares Under Options, Exercisable at June 30, 2017 | shares | 177,025 |
Weighted Average Exercise Price Per Share [Abstract] | |
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ / shares | $ 19.06 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 28.15 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 22.70 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 23.34 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 17.97 |
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares | 21.84 |
Weighted Average Exercise Price Per Share, Exercisable at June 30, 2017 | $ / shares | $ 17.87 |
Weighted Average Remaining Contractual Life, Outstanding at June 30, 2017 | 7 years 9 months 18 days |
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2017 | 5 years 10 months 24 days |
Aggregate Intrinsic Value, Outstanding at June 30, 2017 | $ | $ 4,403 |
Aggregate Intrinsic Value, Exercisable at June 30, 2017 | $ | $ 2,138 |
Stock-Based Incentive Plan -70
Stock-Based Incentive Plan - Summary of Nonvested Stock Options (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested Stock Options, Beginning balance | 308,940 | |
Nonvested Stock Options, Granted | 191,297 | |
Nonvested Stock Options, Vested | (127,927) | |
Nonvested Stock Options, Forfeited | (6,500) | |
Nonvested Stock Options, Ending balance | 365,810 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value, Beginning balance | $ 6.15 | |
Weighted Average Grant Date Fair Value, Granted | 6.72 | $ 6.26 |
Weighted Average Grant Date Fair Value, Vested | 6.08 | |
Weighted Average Grant Date Fair Value, Forfeited | 6.47 | |
Weighted Average Grant Date Fair Value, Ending balance | $ 6.46 |
Stock-Based Incentive Plan -71
Stock-Based Incentive Plan - Aggregated Assumptions Used to Estimate Fair Value of Options Granted (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 6 years 10 months 24 days | |
Expected option life in years - weighted average | 7 years 10 months 24 days | |
Risk free interest rate | 2.30% | |
Risk free interest rate - weighted average | 1.89% | |
Expected dividend yield | 2.84% | |
Expected dividend yield - weighted average | 4.07% | |
Expected volatility | 29.75% | |
Expected volatility - weighted average | 46.13% | |
Fair value of options | $ 6.72 | $ 6.26 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 7 years 10 months 24 days | |
Risk free interest rate | 1.81% | |
Expected dividend yield | 4.07% | |
Expected volatility | 46.13% | |
Fair value of options | $ 5.98 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life in years | 8 years 2 months 12 days | |
Risk free interest rate | 1.89% | |
Expected dividend yield | 4.19% | |
Expected volatility | 46.22% | |
Fair value of options | $ 6.27 |
Stock-Based Incentive Plan -72
Stock-Based Incentive Plan - Summary of Nonvested Restricted Stock Awards (Detail) | 6 Months Ended |
Jun. 30, 2017$ / 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 | 285,158 |
Nonvested Share Awards, Granted | shares | 61,823 |
Nonvested Share Awards, Vested | shares | (48,289) |
Nonvested Share Awards, Forfeited | shares | (14,000) |
Nonvested Share awards, Ending balance | shares | 284,692 |
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 | $ 19.74 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 28.08 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 18.38 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 19.37 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 21.80 |
Stock-Based Incentive Plan - C
Stock-Based Incentive Plan - Certain Information Regarding Restricted Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 61,823 | |
Weighted average grant date fair value | $ 28.08 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | 61,823 | 58,580 |
Weighted average grant date fair value | $ 28.08 | $ 19.68 |
Intrinsic value of awards vested | $ 1,367 | $ 971 |
Stock-Based Incentive Plan -74
Stock-Based Incentive Plan - Schedule of Unrecognized Compensation Cost, Nonvested Awards (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 5,419 |
Weighted-Average Period Remaining (Years) | 1 year 10 months 24 days |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 1,807 |
Weighted-Average Period Remaining (Years) | 2 years 1 month 6 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 3,612 |
Weighted-Average Period Remaining (Years) | 1 year 8 months 12 days |
Stock-Based Incentive Plan -75
Stock-Based Incentive Plan - Compensation Expense Related to Stock Incentive Plans Recognized (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-based compensation expense: | ||
Total Expense | $ 1,740 | $ 977 |
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options | 828 | 270 |
Stock Options [Member] | ||
Stock-based compensation expense: | ||
Total Expense | 454 | 338 |
Restricted Stock Awards [Member] | ||
Stock-based compensation expense: | ||
Total Expense | 1,254 | 606 |
Employee Stock Purchase Plan [Member] | ||
Stock-based compensation expense: | ||
Total Expense | $ 32 | $ 33 |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Beginning balance | $ (19,454) | $ (16,708) | ||
Net Change | $ 1,810 | $ 1,111 | 2,272 | 2,338 |
Ending balance | (17,182) | (14,370) | (17,182) | (14,370) |
Net Unrealized Holding (Losses) Gains on Available-for-Sale Investment Securities [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Beginning balance | (4,988) | (592) | ||
Net Change | 1,961 | 2,499 | ||
Ending balance | (3,027) | 1,907 | (3,027) | 1,907 |
Net Change Related to Derivative Used for Cash Flow Hedge [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Beginning balance | (141) | (285) | ||
Net Change | 14 | (497) | ||
Ending balance | (127) | (782) | (127) | (782) |
Net Change Related to Defined Benefit Pension Plan [Member] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||
Beginning balance | (14,325) | (15,831) | ||
Net Change | 297 | 336 | ||
Ending balance | $ (14,028) | $ (15,495) | $ (14,028) | $ (15,495) |
Derivative Instruments and He77
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)instrument | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Loans receivable with fixed rates | $ 29,100 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 19,612 | $ 19,993 | |
Derivative Liabilities | 226 | 254 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 155,296 | 107,448 | |
Derivative Liabilities | $ 209 | 74 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 15 years | ||
Derivative fixed interest rate | 7.43% | ||
Notional Amount | $ 574 | 622 | |
Loans receivable fixed interest rate (percentage) | 7.43% | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 52 | 65 | |
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | $ 66,599 | 27,919 | |
Derivative number of instruments held | instrument | 14 | ||
Underlying derivative at fair value | $ 157 | ||
Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | 157 | 9 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative asset notional amount | $ 20,000 | ||
Derivative fixed interest rate | 2.10% | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 138 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional Amount | 18,204 | 18,566 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 195 | 217 | |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Loans receivable with fixed rates of interest maturity period | 10 years | ||
Derivative fixed interest rate | 5.83% | ||
Notional Amount | $ 1,408 | 1,427 | |
Loans receivable fixed interest rate (percentage) | 5.83% | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liabilities | $ 31 | $ 37 | |
Minimum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 1 year | ||
Maximum [Member] | Credit Risk Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative remaining maturity | 10 years | ||
One-Month LIBOR [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 2.24% | ||
One-Month LIBOR [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable rate | 3.50% |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional Amount | $ 19,612 | $ 19,612 | $ 19,993 | ||
Derivative Assets | 0 | 0 | 0 | ||
Derivative Liabilities | 226 | 226 | 254 | ||
Net loss | (34) | $ (80) | (102) | $ (161) | |
Gain (loss) recognized in other comprehensive income (loss) | (127) | (141) | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional Amount | 18,204 | 18,204 | 18,566 | ||
Gain (loss) recognized in other comprehensive income (loss) | (127) | (141) | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net loss | 36 | 80 | 107 | 161 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liabilities | 195 | 195 | 217 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional Amount | 1,408 | 1,408 | 1,427 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Noninterest Income [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net loss | 2 | $ 0 | 5 | $ 0 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Liabilities | $ 31 | $ 31 | $ 37 |
Derivative Instruments and He79
Derivative Instruments and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional Amount | $ 155,296 | $ 155,296 | $ 107,448 | ||
Derivative Assets | 1,527 | 1,527 | 1,058 | ||
Derivative Liabilities | 209 | 209 | 74 | ||
Derivative instruments not designated as hedging instruments gain (loss), net | 370 | $ 444 | 594 | $ 935 | |
Interest Rate Swap [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional Amount | 574 | 574 | 622 | ||
Interest Rate Swap [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Liabilities | 52 | 52 | 65 | ||
Credit Risk Contract [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional Amount | 66,599 | 66,599 | 27,919 | ||
Credit Risk Contract [Member] | Other Noninterest Income [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative instruments not designated as hedging instruments gain (loss), net | 53 | 0 | 124 | 0 | |
Credit Risk Contract [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Assets | 0 | 0 | 0 | ||
Credit Risk Contract [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Liabilities | 157 | 157 | 9 | ||
Interest Rate Locks with Customers [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional Amount | 42,955 | 42,955 | 36,541 | ||
Interest Rate Locks with Customers [Member] | Mortgage Banking Activities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative instruments not designated as hedging instruments gain (loss), net | 155 | 711 | 562 | 1,343 | |
Interest Rate Locks with Customers [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Assets | 1,363 | 1,363 | 801 | ||
Interest Rate Locks with Customers [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Liabilities | 0 | 0 | 0 | ||
Forward Loan Sale Commitments [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Notional Amount | 45,168 | 45,168 | 42,366 | ||
Forward Loan Sale Commitments [Member] | Mortgage Banking Activities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative instruments not designated as hedging instruments gain (loss), net | 162 | $ (267) | (92) | $ (408) | |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Assets | 164 | 164 | 257 | ||
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | |||||
Derivative Notional Amount And Fair Value By Balance Sheet Not Designated As Hedging Instrument [Line Items] | |||||
Derivative Liabilities | $ 0 | $ 0 | $ 0 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)loanproperty | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Reversal of other noninterest expense | $ 303,000 | ||
Adjustment of Contingent Consideration | (275,000) | $ 796,000 | |
Valuation adjustments for loans held for sale | 0 | $ 0 | |
Carrying value of impaired loans and leases held for investment | 36,692,000 | ||
Valuation allowance of impaired loans held for investment | 131,000 | 235,000 | |
Servicing rights carrying amount before valuation allowance | 6,500,000 | 6,500,000 | |
Servicing rights valuation allowance | $ 0 | 0 | |
Number of properties written-down | property | 2 | ||
OREO write-downs | $ 199,000 | ||
Sterner Insurance Associates Inc [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Adjustment of Contingent Consideration | (303,000) | 490,000 | |
Girard Partners [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Adjustment of Contingent Consideration | 28,000 | 238,000 | |
John T. Fretz Insurance Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Adjustment of Contingent Consideration | $ 68,000 | ||
Held for Investment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying value of impaired loans and leases held for investment | 36,700,000 | 43,915,000 | |
Valuation allowance of impaired loans held for investment | 131,000 | 235,000 | |
Lease Financings [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Carrying value of impaired loans and leases held for investment | 5,000,000 | $ 0 | |
Valuation allowance of impaired loans held for investment | $ 886,000 | ||
Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of loans with unrealized gain | loan | 2 | ||
Unrealized gain on loans | $ 84,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Total available-for-sale securities | $ 425,590 | $ 443,637 |
Total assets | 2,058 | |
Fair Value Measured on Recurring Basis [Member] | ||
Assets: | ||
Total available-for-sale securities | 425,590 | 443,637 |
Loans | 2,058 | 2,138 |
Total assets | 429,175 | 446,833 |
Liabilities: | ||
Total liabilities | 842 | 6,327 |
Fair Value Measured on Recurring Basis [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 407 | 5,999 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Derivative liabilities | 278 | 319 |
Fair Value Measured on Recurring Basis [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 157 | 9 |
Fair Value Measured on Recurring Basis [Member] | U.S. Government Corporations and Agencies [Member] | ||
Assets: | ||
Total available-for-sale securities | 27,147 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 81,778 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 182,961 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,061 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 113,133 | 108,198 |
Fair Value Measured on Recurring Basis [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 15,532 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 978 | 915 |
Fair Value Measured on Recurring Basis [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 1,363 | 801 |
Fair Value Measured on Recurring Basis [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 164 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Total available-for-sale securities | 16,510 | 11,699 |
Loans | 0 | 0 |
Total assets | 16,510 | 11,699 |
Liabilities: | ||
Total liabilities | 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] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | 0 |
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 | 15,532 | 10,784 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 978 | 915 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Interest Rate Locks with Customers [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 1 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Total available-for-sale securities | 380,693 | 403,160 |
Loans | 0 | 0 |
Total assets | 382,220 | 404,218 |
Liabilities: | ||
Total liabilities | 278 | 319 |
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 | 278 | 319 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 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 | 27,147 | 32,266 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Assets: | ||
Total available-for-sale securities | 81,778 | 88,350 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | ||
Assets: | ||
Total available-for-sale securities | 182,961 | 198,570 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Assets: | ||
Total available-for-sale securities | 4,061 | 4,554 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total available-for-sale securities | 84,746 | 79,420 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Money Market Mutual Funds [Member] | ||
Assets: | ||
Total available-for-sale securities | 0 | 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: | ||
Derivative assets | 1,363 | 801 |
Fair Value Measured on Recurring Basis [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | 164 | 257 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | ||
Assets: | ||
Total available-for-sale securities | 28,387 | 28,778 |
Loans | 2,058 | 2,138 |
Total assets | 30,445 | 30,916 |
Liabilities: | ||
Total liabilities | 564 | 6,008 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Contingent Consideration Liability [Member] | ||
Liabilities: | ||
Derivative liabilities | 407 | 5,999 |
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] | Credit Risk Contract [Member] | ||
Liabilities: | ||
Derivative liabilities | 157 | 9 |
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 | 28,387 | 28,778 |
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: | ||
Derivative assets | 0 | 0 |
Fair Value Measured on Recurring Basis [Member] | Level 3 [Member] | Forward Loan Sale Commitments [Member] | ||
Assets: | ||
Derivative assets | $ 0 | $ 0 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Roll Forward (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Net Asset (Liability) Value [Roll Forward] | |
Balance at December 31, 2016 | $ 30,907 |
Purchases/additions | (272) |
Sales | 0 |
Payments received | (67) |
Premium amortization, net | 0 |
(Decrease) increase in value | (280) |
Balance at June 30, 2017 | 30,288 |
Derivative Financial Instruments, Liabilities [Member] | Credit Risk Contract [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | (9) |
Purchases/additions | (272) |
Sales | 0 |
Payments received | 0 |
Premium amortization, net | 0 |
(Decrease) increase in value | 124 |
Balance at June 30, 2017 | (157) |
Corporate Debt Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | 28,778 |
Purchases/additions | 0 |
Sales | 0 |
Payments received | 0 |
Premium amortization, net | 0 |
(Decrease) increase in value | (391) |
Balance at June 30, 2017 | 28,387 |
Loans [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2016 | 2,138 |
Purchases/additions | 0 |
Sales | 0 |
Payments received | (67) |
Premium amortization, net | 0 |
(Decrease) increase in value | (13) |
Balance at June 30, 2017 | $ 2,058 |
Fair Value Disclosures - Change
Fair Value Disclosures - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | $ 5,999 | $ 5,577 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 5,317 | 1,160 |
Adjustment of Contingent Consideration | (275) | 796 |
Ending Balance | 407 | 5,213 |
Sterner Insurance Associates Inc [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 331 | 1,144 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 0 | 0 |
Adjustment of Contingent Consideration | (303) | 490 |
Ending Balance | 28 | 1,634 |
Girard Partners [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 5,668 | 4,241 |
Contingent Consideration from New Acquisition | 0 | 0 |
Payment of Contingent Consideration | 5,317 | 900 |
Adjustment of Contingent Consideration | 28 | 238 |
Ending Balance | $ 379 | 3,579 |
John T. Fretz Insurance Agency [Member] | ||
Change in Contingent Consideration Liability [Roll Forward] | ||
Beginning Balance | 192 | |
Contingent Consideration from New Acquisition | 0 | |
Payment of Contingent Consideration | 260 | |
Adjustment of Contingent Consideration | 68 | |
Ending Balance | $ 0 |
Fair Value Disclosures - Asse84
Fair Value Disclosures - Assets Measured at Fair Value on Non-recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 2,058 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 36,561 | $ 43,680 |
Impaired leases held for investment | 4,135 | |
Other real estate owned | 2,202 | 4,969 |
Total assets | 42,898 | 48,649 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Impaired leases held for investment | 0 | |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 0 | 0 |
Impaired leases held for investment | 0 | |
Other real estate owned | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans held for investment | 36,561 | 43,680 |
Impaired leases held for investment | 4,135 | |
Other real estate owned | 2,202 | 4,969 |
Total assets | $ 42,898 | $ 48,649 |
Fair Value Disclosures - Asse85
Fair Value Disclosures - Assets, Liabilities and Off-balance Sheet Items Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Held-to-maturity securities | $ 43,737 | $ 24,871 |
Total assets | 2,058 | |
Deposits: | ||
Time deposits | 546,838 | 626,189 |
Subordinated notes | 94,209 | 94,087 |
Fair Value [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 61,057 | 57,825 |
Held-to-maturity securities | 43,737 | 24,871 |
Loans held for sale | 2,315 | 5,943 |
Net loans and leases held for investment | 3,469,648 | 3,193,886 |
Servicing rights | 9,666 | 9,548 |
Total assets | 3,586,423 | 3,292,073 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,801,242 | 2,631,378 |
Time deposits | 546,457 | 628,096 |
Total deposits | 3,347,699 | 3,259,474 |
Short-term borrowings | 231,726 | 195,572 |
Long-term debt | 217,376 | 130,157 |
Subordinated notes | 96,900 | 95,188 |
Total liabilities | 3,893,701 | 3,680,391 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,317) | (2,218) |
Fair Value [Member] | Level 1 [Member] | ||
Assets: | ||
Cash and short-term interest-earning assets | 61,057 | 57,825 |
Held-to-maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 61,057 | 57,825 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,801,242 | 2,631,378 |
Time deposits | 0 | 0 |
Total deposits | 2,801,242 | 2,631,378 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 0 |
Total liabilities | 2,801,242 | 2,631,378 |
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 | 43,737 | 24,871 |
Loans held for sale | 2,315 | 5,943 |
Net loans and leases held for investment | 0 | 0 |
Servicing rights | 0 | 0 |
Total assets | 46,052 | 30,814 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 546,457 | 628,096 |
Total deposits | 546,457 | 628,096 |
Short-term borrowings | 231,726 | 195,572 |
Long-term debt | 217,376 | 130,157 |
Subordinated notes | 96,900 | 95,188 |
Total liabilities | 1,092,459 | 1,049,013 |
Off-Balance-Sheet: | ||
Commitments to extend credit | (2,317) | (2,218) |
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 | 3,469,648 | 3,193,886 |
Servicing rights | 9,666 | 9,548 |
Total assets | 3,479,314 | 3,203,434 |
Deposits: | ||
Demand and savings deposits, non-maturity | 0 | 0 |
Time deposits | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated notes | 0 | 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 | 61,057 | 57,825 |
Held-to-maturity securities | 43,717 | 24,881 |
Federal Home Loan Bank, Federal Reserve Bank and other stock | 31,506 | 24,869 |
Loans held for sale | 2,259 | 5,890 |
Net loans and leases held for investment | 3,446,506 | 3,222,569 |
Servicing rights | 6,548 | 6,485 |
Total assets | 3,591,593 | 3,342,519 |
Deposits: | ||
Demand and savings deposits, non-maturity | 2,801,242 | 2,631,378 |
Time deposits | 546,838 | 626,189 |
Total deposits | 3,348,080 | 3,257,567 |
Short-term borrowings | 231,726 | 196,171 |
Long-term debt | 216,610 | 127,522 |
Subordinated notes | 94,209 | 94,087 |
Total liabilities | 3,890,625 | 3,675,347 |
Off-Balance-Sheet: | ||
Commitments to extend credit | $ 0 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total assets | $ 4,453,527 | $ 3,107,617 | $ 4,453,527 | $ 3,107,617 | $ 4,230,528 |
Interest income | 40,030 | 26,112 | 78,426 | 51,846 | |
Interest expense | 4,730 | 2,451 | 8,843 | 4,662 | |
Net interest income | 35,300 | 23,661 | 69,583 | 47,184 | |
Provision for loan and lease losses | 2,766 | 830 | 5,211 | 1,156 | |
Noninterest income | 16,009 | 14,001 | 30,979 | 27,832 | |
Intangible expenses | 446 | 991 | 1,205 | 1,757 | |
Acquisition-related and integration costs and restructuring charges | 1,185 | 1,405 | |||
Other noninterest expense | 32,102 | 27,370 | 63,373 | 53,323 | |
Intersegment (revenue) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | 15,995 | 7,286 | 30,773 | 17,375 | |
Income taxes | 4,217 | 2,046 | 8,139 | 4,846 | |
Net income | 11,778 | 5,240 | 22,634 | 12,529 | |
Capital expenditures | 2,256 | 2,016 | 6,644 | 4,194 | |
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 4,366,362 | 2,925,285 | 4,366,362 | 2,925,285 | 4,137,873 |
Interest income | 40,022 | 26,104 | 78,414 | 51,829 | |
Interest expense | 4,730 | 2,163 | 8,843 | 4,374 | |
Net interest income | 35,292 | 23,941 | 69,571 | 47,455 | |
Provision for loan and lease losses | 2,766 | 830 | 5,211 | 1,156 | |
Noninterest income | 6,790 | 5,492 | 11,952 | 10,040 | |
Intangible expenses | 398 | 61 | 794 | 124 | |
Acquisition-related and integration costs and restructuring charges | 38 | 48 | |||
Other noninterest expense | 22,949 | 19,700 | 46,694 | 38,436 | |
Intersegment (revenue) expense | (491) | (479) | (1,058) | (990) | |
Income before income taxes | 16,460 | 9,283 | 29,882 | 18,721 | |
Income taxes | 4,279 | 2,291 | 7,920 | 4,648 | |
Net income | 12,181 | 6,992 | 21,962 | 14,073 | |
Capital expenditures | 2,019 | 1,481 | 6,339 | 3,320 | |
Wealth Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 32,806 | 31,392 | 32,806 | 31,392 | 35,061 |
Interest income | 1 | 1 | 2 | 3 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 1 | 1 | 2 | 3 | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 5,399 | 4,812 | 10,537 | 9,384 | |
Intangible expenses | 168 | 304 | 338 | 607 | |
Acquisition-related and integration costs and restructuring charges | 0 | 0 | |||
Other noninterest expense | 3,462 | 3,247 | 6,932 | 6,305 | |
Intersegment (revenue) expense | 195 | 211 | 432 | 430 | |
Income before income taxes | 1,575 | 1,051 | 2,837 | 2,045 | |
Income taxes | 627 | 395 | 1,127 | 778 | |
Net income | 948 | 656 | 1,710 | 1,267 | |
Capital expenditures | 11 | 9 | 22 | 24 | |
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 25,241 | 25,309 | 25,241 | 25,309 | 24,472 |
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 3,746 | 3,620 | 8,293 | 8,340 | |
Intangible expenses | (120) | 626 | 73 | 1,026 | |
Acquisition-related and integration costs and restructuring charges | 0 | 0 | |||
Other noninterest expense | 2,846 | 2,937 | 5,915 | 6,056 | |
Intersegment (revenue) expense | 296 | 268 | 626 | 560 | |
Income before income taxes | 724 | (211) | 1,679 | 698 | |
Income taxes | 305 | (81) | 709 | 296 | |
Net income | 419 | (130) | 970 | 402 | |
Capital expenditures | 192 | 11 | 199 | 21 | |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 29,118 | 125,631 | 29,118 | 125,631 | $ 33,122 |
Interest income | 7 | 7 | 10 | 14 | |
Interest expense | 0 | 288 | 0 | 288 | |
Net interest income | 7 | (281) | 10 | (274) | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Noninterest income | 74 | 77 | 197 | 68 | |
Intangible expenses | 0 | 0 | 0 | 0 | |
Acquisition-related and integration costs and restructuring charges | 1,147 | 1,357 | |||
Other noninterest expense | 2,845 | 1,486 | 3,832 | 2,526 | |
Intersegment (revenue) expense | 0 | 0 | 0 | 0 | |
Income before income taxes | (2,764) | (2,837) | (3,625) | (4,089) | |
Income taxes | (994) | (559) | (1,617) | (876) | |
Net income | (1,770) | (2,278) | (2,008) | (3,213) | |
Capital expenditures | $ 34 | $ 515 | $ 84 | $ 829 |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Millions | 24 Months Ended |
Dec. 31, 2016USD ($)center | |
Facility closing [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of financial centers closed | center | 5 |
Banking [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ | $ 3.4 |
Restructuring Charges - Roll-Fo
Restructuring Charges - Roll-Forward of Accrued Restructuring Expense (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | $ 1,210 |
Payments | (757) |
Accrued at June 30, 2017 | 453 |
Severance expenses [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 901 |
Payments | (713) |
Accrued at June 30, 2017 | 188 |
Write-downs and retirements of fixed assets [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 228 |
Payments | 0 |
Accrued at June 30, 2017 | 228 |
Lease cancellations [Member] | |
Restructuring Reserve [Roll Forward] | |
Accrued at January 1, 2017 | 81 |
Payments | (44) |
Accrued at June 30, 2017 | $ 37 |